Tax Implication on Gifts Under Section 56(2)(VI) of Income Tax Act, 1961
Income Tax Act defines taxable gifts as under “gift means property which is a capital asset of the assessee (i.e., recipient), namely, Money, Immovable property...
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TDS on the sale of property : Section 194-IA
Provisions of section 194-IA of the Income Tax Act deal with the requirement of deduction of tax at source (TDS) by the buyer at the...
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Lower Deduction Certificate for TDS on sale of property by Non Resident Indian
Lower Deduction Certificate (LDC) for TDS on sale of property by Non Resident Indian (NRI) Are you an NRI who is selling his/her property in...
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Section 45(4) Applicability to a Real Estate Developer Firm
The amendment to section 45(4) of the Income Tax Act, 1961 with effect from 01/04/2021 (FY 2020-21) has raised more issues than solved any. The...
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Section 194S of the Income Tax Act
Summary of Section 194S Section 194S: TDS @ 1% on Purchase Consideration of Virtual Digital Asset In line with the existing TDS section 194IA requiring...
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Section 194R of the Income Tax Act
Summary of Section 194R Section 194R: TDS @ 10% on Benefits or Perquisites arising out of Business or Profession Section 194R is applicable from 01-07-2022....
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All about New TDS Section 194R and Section 194S
The Finance Bill 2022 has proposed two completely new TDS sections, 194R and 194S, in the Income Tax Act, to be made effective from 1.7.2022....
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PROCEDURE FOR DISTRAINT BY ASSESSING OFFICER OR TAX RECOVERY OFFICER
Distraint and sale Where any distraint and sale of movable property are to be effected by any Assessing Officer or Tax Recovery Officer authorised for...
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Taxation of Life Insurance Business
A.—Life insurance business Profits of life insurance business to be computed separately 1. In the case of a person who carries on or at any time...
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Income Tax Provision for insurance business
A.—Life insurance business Profits of life insurance business to be computed separately 1. In the case of a person who carries on or at any time...