Background: Before enactment of Finance Act, 2024, there was no provision prevail regarding payments made to partners in respect of Salary, Remuneration, Commission, Interest or Bonus by the partnership firm. Regarding TDS on Salary: Explanation 2 Section 15 of Income Tax Act,1961 payments made to partner in form of Salary, Remuneration, Commission, Interest or...
It may please note that the GST council on its 54th meeting taken place on 09/09/2024 has recommended the: RCM on renting of commercial property by unregistered person to a registered person Accordingly, CBIC has issued the notification no 9/2024 dated 8th Oct 2024 r.w. corrigendum dated 22-10-2024. This amendment shall be applicable w.e.f. 10/10/2024. So, please...
Considering the increase in litigation due to wrong availment of Input tax credit (ITC), here are the below pointers that need to be kept in mind by GST register buyer while availing the ITC. Possession of a tax invoice or debit note: Buyer must have possession of valid tax invoice and debit note, in case...
Reporting of Foreign Assets/Income under Schedule FA in Income tax return Reporting of Foreign Assets/Income under Schedule FA in Income tax return Introduction: Obligation to file the Income-tax return (ITR) before due date in prescribed form with appropriate information is the primary responsibility of tax payer. In case of ITR-2 and ITR-3, reporting of certain information under...
The 53rd GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in New Delhi today. The meeting was also attended by Union Minister of State for Finance Shri Pankaj Chaudhary, Chief Ministers of Goa and Meghalaya; Deputy Chief Ministers of Bihar, Haryana, Madhya Pradesh, and Odisha;...
Trading is essentially the exchange of goods and services between two entities. It is the basic principle which forms the core of all economic societies and financial activities. Trade governs the wheels of progress in any society and allows for wealth creation. A place where any form of trade takes shape is called a market. Depending...
The Income Tax Department has released the Excel Utility and Online & Offline utility for ITR -3 for AY 2024-25. Link to access utility: https://www.incometax.gov.in/iec/foportal//latest-news#126bc907-5c96-4c8f-9c46-0ee35fd08c42
The CBDT With a view to redressing the grievances faced by deductors/collectors who have collected TDS/TCS at normal rate but was required to deduct /collect at double the rate on account of PAN of the deductee being inoperative due to non-linkage of such PAN with Aadhar from 1st April ,2023 has issued a circular...
Considering the increase in litigation due to the wrong availment of Input tax credit (ITC), here are the below pointers that need to be kept in mind by GST register buyers while availing the ITC. Possession of a tax invoice or debit note: Buyer must have possession of tax invoice and debit note. Further...
Due to the rise in Globalisation, many Indian Residents have relocated out of India, but still own their ancestral or personally owned properties in India. For various purposes generally, these persons sell their properties situated in India. As per the Indian Income Tax laws, any capital gain that arises from the sale of immovable...
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