Application of TDS on supply of manpower Section 393(1) [Table: Sl. No. 6(i)] provides for the tax deduction at source (TDS) in the case of payments made to contractors for carrying out any work. It provides for rate of deduction of 1% when payment is made to individual or HUF and 2% in other cases.… Read More »
Enabling filing of declaration for no deduction to a depository Section 393(6) of the Act provides that tax is not to be deducted at source in certain cases. As per the provisions of the said section, a written declaration is to be filed by the assessee for no deduction of tax at source to the… Read More »
UNION BUDGET 2026-27 OUTLINES THE KARTAVYA OF SAB KA SATH, SAB KA VIKAS TOWARDS A VIKSIT BHARAT TARGETED EFFORTS FOR INCREASING FARMERS’ INCOME, EMPOWERING DIVYANGJAN, EMPOWERING THE VULNERABLE , FOCUS ON THE PURVODAYA STATES AND THE NORTH-EAST REGION COCONUT PROMOTION SCHEME, DEDICATED PROGRAMME FOR INDIAN CASHEW & COCOA, PROMOTING CULTIVATION OF SANDALWOOD AND DEDICATED PROGRAMME… Read More »
EXEMPTION FROM MINIMUM ALTERNATE TAX (MAT) TO ALL NON-RESIDENTS WHO PAY TAX ON PRESUMPTIVE BASIS TAX HOLIDAY TILL 2047 TO ANY FOREIGN COMPANY THAT PROVIDES CLOUD SERVICES TO CUSTOMERS GLOBALLY BY USING DATA CENTRE SERVICES FROM INDIA SAFE HARBOUR OF 15 PERCENT ON COST IN CASE THE COMPANY PROVIDING DATA CENTRE SERVICES FROM INDIA IS… Read More »
Relaxation from requirement to obtain tax deduction and collection account number(TAN) by a resident individual or HUF, where the seller of the immovable property is a non -resident Section 397(1)(a) of the Act provides that every person, deducting or collecting tax shall apply to the Assessing Officer for the allotment of a “tax deduction and… Read More »
EASE OF LIVING BY DIRECT TAX REFORMS : UNION BUDGET 2026-2027 ANY INTEREST AWARDED BY THE MOTOR ACCIDENT CLAIMS TRIBUNAL TO A NATURAL PERSON TO BE EXEMPT FROM INCOME TAX SCHEME FOR SMALL TAXPAYERS TO ENABLE OBTAINING A LOWER OR NIL DEDUCTION CERTIFICATE BY A RULE-BASED AUTOMATED PROCESS TIME AVAILABLE FOR REVISING RETURNS EXTENDED FROM … Read More »
Enabling electronic verification and issuance of certificate for deduction of income-tax at lower rate or no deduction of income-tax Section 395 of the Act pertains to issuance of certificates for deduction of tax at source (TDS) and tax collection at source (TCS) at nil or lower rate. 2. Sub-section (1) of the said section of… Read More »
THE INCOME TAX ACT,2025 TO COME INTO EFFECT FROM 1ST APRIL, 2026 TCS RATE FOR SCRAP AND MINERALS RATIONALIZED TO 2% TCS FOR REMITTANCE UNDER LIBERALISED REMITTANCE SCHEME REDUCED FROM 5% TO 2% FOR EDUCATION AND MEDICAL TREATMENT SHARES BUYBACK TO BE TAXED AS CAPITAL GAINS FOR ALL TYPES OF SHAREHOLDERS Union Budget 2026-27 presented… Read More »
UNION BUDGET 2026-27 ANNOUNCES DIRECT TAX PROPOSALS FOR RATIONALIZING PENALTY AND PROSECUTION ASSESSMENT AND PENALTY PROCEEDINGS TO BE INTEGRATED TO AVOID MULTIPLICITY OF PROCEEDINGS AND FACILITATING EASE OF DOING BUSINESS IMMUNITY FROM PROSECUTION FOR NON-DISCLOSURE OF NON IMMOVABLE FOREIGN ASSETS WITH AGGREGATE VALUE LESS THAN Rs 20 LAKH WITH RETROSPECTIVE EFFECT FROM 01.10.2024 The Union… Read More »
Customs Integrated System will be rolled out in 2 years as a single, integrated and scalable platform Fish catch by an Indian fishing vessel in Exclusive Economic Zone or on the High Seas will be made free of duty The Government will roll out Customs Integrated System (CIS) in 2 years as a single, integrated… Read More »