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Income Tax ComplianceG7 minimum tax proposal
On 5.6.2021, OECD Secretary-General Mathias Cormann said the consensus among the G7 Finance Ministers, including on a minimum level of global taxation, is a landmark step toward the global consensus necessary to reform the international tax system and it will be a game-changer. It is just
Income Tax ComplianceCalculation Of Income Tax And Filing Of ITR On Income Tax Portal
Just a decade ago filing an ITR was considered a herculean task for the normal taxpayer It was some kind of rocket science to be performed by a few professionals. Undoubtedly, with the advent of income tax return filing software and utilities provided by the
Income Tax ComplianceCBDT has extended the time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic
Circular No 12 of 2021 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, Dated 25 June 2021 Subject: Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic·
Income Tax Compliance304th Issue of Tax Connect
Tax Calendar Due date Form/Return/Challan Reporting Period Description 30th June 2021 Form 26QB May 2021 Challan-cum-statement in respect of tax deducted under section 194-IA. 30th June 2021 Form 26QC May 2021 Challan-cum-statement in respect of tax deducted under section 194-IB. 30th June 2021 Form
Income Tax Compliance194 Q Vs. 206(C) (1H): – The Real Story & Course of Action
1st July 2021 is going to be a big day as far as TDS and TCS under the Income Tax Law are Concerned. A new Section 194Q – The TDS on Purchases of Goods will be there and further another new section 206AB and
Income Tax ComplianceStep by Step Process to Follow the Compliances for Section 206AB & 206AA
Finance Act 2021, Section 206AB, and 206CCA are inserted in the Income-tax Act,1961 (effective from 1st July 2021). The government inserted these sections to trigger ITR filling among the defaulters. Section 206AB is applicable on transactions with persons who have not filed ITR immediately preceding
Income Tax Compliance3 Big Changes in TDS / TCS Provisions w.e.f 1st July, 2021
A) Introduction of TDS on Purchase of Goods @ 0.1% a. A new Section 194Q is introduced in Finance Bill 2021 requiring a person to deduct tax at source an amount equal to 0.10 percent for paying any sum to any resident (hereafter in
Income Tax ComplianceCBDT issues Circular regarding use of functionality under Section 206AB and 206CCA of the Income-tax Act, 1961
CBDT issued a circular regarding the use of functionality under Section 206AB and 206CCA of the Income-tax Act, 1961. Two new sections are introduced, Section 206AB (Tax Deduction) and 206CCA (Tax Collection). By the introduction of this new functionality, the compliance of the Tax Deduction
Income Tax ComplianceFAQ’s on section 206AB and 206CCA on TDS
Section 206AB and 206CCA are inserted in the income tax Act. These sections belong to TDS. Some more taxpayers will fall under the TDS provisions. It is introduced to increase tax compliance. Many taxpayers skip filing their ITR’s. This provision will prompt them to
CA Shafaly Girdharwal
Income Tax ComplianceNew TDS Provisions
New TDS Provisions introduces w.e.f 1st July 2021 New Section 194Q – Deduction of tax at source on payment of a certain sum for the purchase of goods, was proposed to be inserted in Budget 2021. The same has been notified to be inserted w.e.f
Income Tax ComplianceSlump Sale Under Income Tax Act Along with Recent Amendments
Introduction of Slump Sale • The clause 42C of section 2 of the Income Tax Act was introduced via Finance Act 1999, Prior to the insertion Courts have held that slump sale is a sale of a business on a going concern basis where
Income Tax ComplianceRelaxation in electronic filing of Income Tax Forms 15CA / 15CB: CBDT
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 14th June 2021 PRESS RELEASE Relaxation in electronic filing of Income Tax Forms 15CA / 15CB As per the Income-tax Act, 1961, there is a requirement to furnish Form