GoI has established an Authority named Controller General of Patents, Designs & Trademark who govern the rights of Intellectual property, in order to provide entrepreneurs protection of their brand.
Advance tax can also be called ‘pay-as-you-earn scheme. This helps taxpayers in helping the government and also themselves by not finding it hard to pay the whole tax at one go at the end.
The structure of the development agreement and consideration involves two flows of consideration. Stamp duty valuation is done for the maximum available potential FSI transferred by a landowner to a developer.
Discussing Section 194Q of the Income Tax Act which deals with TDS on purchase of goods and Section 206AB of the Income Tax Act which is a special provision for the deduction of TDS for Non filers of ITR.
Tax evasion is the illegal attempt through which taxpayers try to reduce their tax liability. It has become a major problem for the government of almost every country.
In the 43rd GST Council Meeting held on 28th May 2021, the council had recommended some clarifications to be issued on GST Rate of certain goods and services.
In the Insurance Act, loan/advance on insurance policies of full time employees of the company is allowed, provided that the amount of loan or advance should not exceed the surrender value of the policy at the time of granting loan/advance.
Discussing 3 stringent Income Tax provisions applicable w.e.f 1st July 2021 i.e. Section 194Q, Section 206AB, and Section 206CCA of the Income Tax Act.
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Section 194Q, which will be effective from 1st July 2021 states that TDS is to be deducted at 0.1% if the aggregate amount of purchases by buyer exceed Rs 50 lakh.
FR & Direct Tax (Regular Batch Combo) For May 26 & Onwards