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2022

TDS on Payment of Dividend on Mutual Fund [Section 194K]:

 

Budget 2020 introduced Section 194K which proposes a tax deduction on the amount paid on the units of mutual funds, without a limit, to any resident individual. Earlier such income was exempt from Income Tax under section 10(35). Hence,this new section abolished the older section 10(35) of the Income-tax Act, 1961.This section has come into effect from 1st April 2020.

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2022

E-commerce has transformed the way business is done in India.Much of the growth for the industry has been triggered by an increase in internet and smartphone penetration. The customers are quickly shifting from retail market to online Platforms like Flipcart, Amazon, Snapdeal etc. for their purchase requirements. Similarly, the retail businesses are also shifting from retail market to online platforms. This article discusses about compliances required by entities engaged in e-commerce market.

2022

 

The Goods and Services Tax (GST) Council’s 47th meeting was held on June 28-29, 2022 under the chairmanship of the Finance Minister Nirmala Sitharaman and made several recommendations to implement changes to the GST regime.

2022

Income tax in India is levied on the basis of a slab system in case of Individual and HUF. Slab system means different tax rates are prescribed for different ranges of income. It means the tax rates keep increasing with an increase in the income of the taxpayer. This type of taxation enables progressive and fair tax systems in the country. These slab rates are different for different categories of taxpayers. In case of other type of tax payers flat tax rate is applicable on the total income. However, applicability of slab and rate of tax may differ depends on the type of person. Finance Minister has kept the income-tax rates unchanged with minute changes in surcharge rates.

 

2022

A Brief Note on Annual Information statement

Income Tax Department has rolled out the new Annual Information Statement (AIS) on the Compliance Portal which provides a comprehensive view of information to a taxpayer with a facility to capture online feedback. The new AIS can be accessed by clicking on the link “Annual Information Statement (AIS)” under the “Services” tab on the new Income tax e-filing portal (https://www.incometax.gov.in) The display of Form 26AS on TRACES portal will also continue in parallel till the new AIS is validated and completely operational.

The new AIS includes additional information relating to interest, dividend, securities transactions, mutual fund transactions, foreign remittance information etc. The reported information has been processed to remove duplicate information. Taxpayer will be able to download AIS information in PDF, JSON, CSV formats.

2022

 Provisions of TDS on Income earned by Non Residents in India Blog Post

TDS on Payments to Non-Residents [Section 195]:

Applicability of the Section:

  • Section 195 of the Income Tax Act, 1961 lays down provisions for tax deductions from payments made to Non-Resident Indians (NRIs).
  • This section focuses on tax rates and deductions on daily business transactions with a non-resident.
  • Any amount generated through these business transactions is chargeable under Income Tax Act, 1961. Such amount may or may not be income or profits. The certificate for remittance is compulsory.

Financial Management