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TCS under Section 206C of the Income Tax Act
Read moreThis article provides a detailed overview of the Tax Collection at Source (TCS) provisions under Section 206C of the Income Tax Act, 1961. It covers:
– The applicable TCS rates for various categories of goods.
– The TCS rate applied when a Permanent Account Number (PAN) is not provided or is inoperative.
– The TCS rate applicable to specified persons, particularly non-filers of income tax returns.By reading this article, you will gain valuable insights into the key TCS regulations, ensuring you remain compliant and well-informed in your professional dealings.
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What is the rule related to showing foreign assets and foreign income in the income tax return? Are there any penalty applicable if this is not shown?
Read moreIt is the duty of a Resident Individual under Income Tax rules to disclose his Foreign Assets & income earned abroad while filing the return. It is also important here that even if this income is not taxable in India, it has to be disclosed.
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RE-ASSESSMENT PROCESS IN INCOME TAX ACT(Section 147, 148, 149)
Read moreNavigating the intricate landscape of reassessment processes in income Tax can be a complex journey. In this article, we break down the intricacies of the reassessment process, unraveling its complexities in simple language accessible to all.
From the types of cases scrutinized to the recent changes in rules, we aim to demystify the world of income tax reassessment. -
Section 206AB of Income Tax Act
Read moreThe Finance Bill 2021 introduced section 206AB for a higher deduction of TDS. Before the Finance Bill, 2021 a higher deduction of TDS was covered in section 206AA for not furnishing PAN to the deductor of TDS. With the introduction of section 206AB, the Income Tax Act, 1961 covers a situation wherein a higher deduction of TDS is mandatory for a specified taxpayer.
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What is LEI Number ?
Read moreWhat is Trade Legal Entity Identifier?
LEI is an additional identification number apart of PAN / GST / Udyog Aadhar / CIN of Company. -
Top 5 SaaS Finance Terms
Read moreUnderstanding SaaS finance terminologies is important for a company’s success. They let you measure how well your SaaS business is earning profit and give you in-depth insights to create a robust SaaS strategy.
In this post, I have discussed the Top 5 SaaS Finance terms that every newbie must know.
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NGO Darpan Registration/ Darpan ID
Read moreAs we all know from past few years the Government departments are collecting many information from each entity/NGOs, so that a reliable database can be maintained. In this step, Niti Aayog department has
launched NGO Darpan portal to maintain a centralized database of NGOs working in India.
