Income Tax

Sep27 0

Section 35D of the Income Tax Act, 1961, provides for the amortization of certain preliminary expenses incurred by a business or profession. These expenses are incurred before the commencement of the business or profession and include expenses such as legal fees, registration fees, and incorporation fees for claiming deduction assessee has to submit the form 3AF. […]

May31 0

CBDT (Central Board of Direct Taxes) vide its notification S.O. 2276(E) dated the 24th May, 2023 has increased the maximum amount receivable by its employees as cash equivalent of leave salary (leave encashment) in respect of the period of earned leave at their credit at the time of their retirement, whether superannuation or otherwise to […]

Mar22 0

CBDT has introduced another compliance for Corporates wherein they have to deduct TDS at higher rate if a person does not have her Aadhaar-PAN linked by 31st March 2023. Initially the CBDT had prescribed the date for linking Pan and Aadhaar as 30th June, 2022 but have extended this date till 31st March, 2023. Consequences […]

Nov22 0

Section 203. (1) Every person deducting tax in accordance with the foregoing provisions of this Chapter shall, within such period as may be prescribed from the time of credit or payment of the sum, or, as the case may be, from the time of issue of a cheque or warrant for payment of any dividend to […]

Feb17 0

The Budget 2022 is for digital India, a step to boost the start-up in India. Govt has also opened defence sector for industry, 25% R&D budget is for start-ups and academia to enable growth of the defence infrastructure with the help of technology companies. Following amendment proposed in Income Tax Amendment section 14A (relating […]

Aug06 0

When an owner of unquoted equity shares (“Shares”) in a Company transfers the shares to any person, he is required to pay Capital Gain tax on the difference between the sale consideration received by him and the cost of acquisition of such shares (or the inflation indexed cost, wherever applicable). It is important to check […]

May13 2

Procedure, format and standards for issuance of certificate for tax deducted at source in Part B of Form No. 16 in accordance with the provisions of section 203 of the Income-tax Act, 1961 read with the Rule 31 of the Income-tax Rules, 1962 through TRACES- reg. (Form 16 Part B revised Notification 2019) The Central […]

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Tag: Income Tax

Furnishing of a statement in form 3AF for claiming deduction with regard to preliminary expenses incurred under section 35D under income tax act 1961

Tax exemption on Leave Encashment

Deduction of higher TDS in case of non linking of Aadhaar-PAN

Downloading of TDS Certificates from TRACES made mandatory

Key highlights of Budget – 2022

Valuation of unquoted Equity Shares under Income Tax

Part B Annexure of Form 16 and Form 24Q (Salary TDS Certificate) to be issued by CBDT