Taxation of Bogus Purchases under Section 69C of Income Tax
Judicial Trends and Compliance Strategies I. Understanding the Issue: What Constitutes a Bogus Purchase? In taxation, one recurring…
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Declaration for deduction of TDS on salary for F.Y. 2023-24
A new scheme of taxation has been introduced by the Finance Act, 2023, by insertion of a new…
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Deduction of Tax on Benefits or Perquisites in Business or Profession u/s. 194R of Income Tax Act 1961
The finance bill has proposed to add Section 194R to the Income Tax Act 1961. This section…
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Reporting of Specified Financial Transactions (SFT) by company under Income Tax Act for FY. 21-22 by 31st May, 2022
Section 285BA of the Income Tax Act, 1961 and Rule 114E of the Income-tax Rules, 1962 require specified reporting…
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Important provisions related to restrictions on cash transactions under Income Tax Act
1. Taking or accepting certain loans, deposits and specified sum [Section 269SS] No person is permitted to accept…
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Provisions regarding issue of fake invoice under Income Tax
Finance Act 2020 introduced a penalty provision to curb malpractices of issuing fake invoice. It introduced Section 271AAD…
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Supreme Court held that no TDS is applicable for amount paid to foreign supplier for use of software through EULA
The Supreme Court held in the case of Engineering Analysis Centre of Excellence Pvt. Ltd. that tax deductible at…
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Whether TDS to be deducted on reimbursement of expenses
1. Answer to question No.30, provided in Circular No.715, dated 8.8.1995, issued by the CBDT [215 ITR…
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Trusts to be re-registered U/S 12AB of Income Tax Act
All existing charitable trusts registered U/S 12A, Section 12AA, Section 10(23C) and Section 80G of the Income Tax…
