Knowledge Base

Implication of cash transaction under Income Tax
The government is making all the efforts to promote electronic transactions by providing various tax incentives and discouraging cash transactions by imposing various penalties or increasing tax compliances for cash transactions.
By CA. Kavit Vijay
Last update on September 17,2021
Income Tax Due Dates Extension for AY 2021-22
CBDT has decided to extend the due date of filing of various income tax returns and audit reports for FY 2020-21 (A.Y. 2021-22) vide Circular No. 17/2021 dated 9th September, 2021.
By CA. Kavit Vijay
Last update on September 10,2021
SOP (Standard Operating Procedure) For penalties under Faceless Penalty Scheme-2021
CBDT has prescribed complete Standard Operating Procedures (“SOP”) for penalties under FPS, 2021 vide document issued on 9th August, 2021.
By CA. Kavit Vijay
Last update on September 10,2021
TDS on advertisement charges should be deducted u/s 194C @ 2% and not 194J @ 10%
If payment is made to the advertising agency then TDS should be deducted u/s 194C @ 1%/2% irrespective of written contract.
By CA. Kavit Vijay
Last update on August 17,2021
SOP for Handling Writ Petitions where Assessment has been Made Under the FAS’19 and/or Penalty Passed Under FPS’21
The Central Government observed that National Faceless Assessment Centres (NaFAC) is one of the biggest respondent-litigants in taxation matters. Since NaFAC has no primary role in defending the writ except in cases where the scheme itself is challenged, the Pr. CIT (Jurisdictional) has been appointed as the authority to defend the case before the Hon'ble High Courts.
By CA. Kavit Vijay
Last update on August 7,2021
Implementation of newly inserted/amended TDS & TCS provisions by Finance Act, 2021| 01.07.2021
Major changes in TDS & TCS provisions introduced by the Finance Act, 2021 that are becoming applicable with effect from 1st July 2021.
By CA. Kavit Vijay
Last update on August 7,2021
Approval of Global Corporate Corporate Tax Rate to 15% to counter Tax Havens
G20 Finance Ministers summit was a much anticipated global event before the G20 Global Summit in October, 2021. Italy hosted the G-20 Finance Ministers’ meeting to discuss the fight against COVID-19 and how to speed up the recovery of the global economy.
By CA. Kavit Vijay
Last update on July 27,2021
Specific transactions for which an expatriate will be required to obtain PAN
PAN is an identity provided by the income tax authorities to each taxpaying individual , which is necessary for each one who is needed to file income tax return, and for people who wish to deal in the financial transaction. Expatriates wanting to work in India or to indulge in any business transaction with a company based in India would also need a PAN for such transactions.
By CA. Kavit Vijay
Last update on June 16,2021
No TDS on payment for software purchase from non-resident u/s 195
Payment made by INDIAN residents to either foreign non-resident distributor or manufacturer / supplier for further sale or use of such software through distribution agreements is not a royalty for use of copyright in the computer software. Hence are not liable to TDS under section 195 of Income tax act.
By CA. Kavit Vijay
Last update on April 20,2021
All about new Labour codes
One of the biggest impacts of the new labour law will be on the take-home salaries, which is expected to reduce, owing to the fact that the government is eyeing increasing contributions towards provident fund (PF) and other post-retirement schemes. The new laws are expected to come into play soon, which will force employers to modify their employee compensations
By CA. Sachin Jindal
Last update on April 14,2021



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