According to Section 194O, an e-Commerce operator is required to deduct TDS for facilitating any sale of goods or providing services through an e-Commerce participant.
India first introduced an equalisation levy in 2016, when it charged 6% of consideration for online advertisement services, earned by non-residents from an Indian resident carrying on a business.
This article contains compliance requirements for the Month of May 2021 under the Income Tax Act, GST, Companies Act and various other Statutory Laws.
We all know that the government comes up with something new every budget. Let us have a brief overview of some drastic income tax changes which have occurred in the past few budgets.
Due to the COVID-19 pandemic situation in India, CBDT, as well as CBIC, have provided various relaxations in Direct Tax and Indirect Tax. Let us discuss the same.
As per section 35D of the Income Tax Act, 1961, preliminary expenses incurred prior to the commencement of business, extending an existing business, setting up a new unit etc. are eligible to be amortized.
The author has shared one of his cases that lead to an amendment in the Income-tax Act, allowing Power Sector Companies to compute their Book Profits for the purpose of MAT either on the basis of the Electricity Regulatory Act or the Companies Act.
Discussing relaxations provides by MCA on levy of additional fees in filing certain forms under the Companies Act, 2013 and time gap between two consecutive board meetings.
The Finance Bill, 2021 has proposed to amend section 115JB to provide that dividend income and expenses claimed in respect thereof be reduced or added back from the net profit if such income is taxed at lower than MAT rate due to DTAA.
In these ever so challenging times, we appeal everyone to come forward and contribute towards the well being of our nation and our people, who really need your support during this crisis.
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