Everything about SFT
Section 285BA of the Income Tax Act, 1961, governs the requirement for specified persons, assesses, prescribed officers, and authorities to furnish Statement of Financial Transactions (SFT).The concept of SFT was…
Documents to be maintained by NGo or trust
The Central Board of Direct Taxes introduced Rule 17AA through Income Tax Notification No. 94/2022 dated August 10, 2022. This rule outlines the specific books of account and other necessary…
CBDT notifies books & other documents to be maintained
According to the Income-tax Act, regular taxpayers must uphold and audit their books of accounts. Section 44AA outlines the necessity to maintain these accounts. However, the Act does not specifically…
Checklist for Incorporation of Foreign Subsidiary/WOS in India
The following information is necessary for the incorporation of WOS (Wholly Owned Subsidiary).Authorized Share CapitalPaid-up CapitalPer share value (Face value)Number of ShareholdersRegistered Office AddressPhone No. & Mail id of the…
TDS Deduction on rental property owned by NRI
Indian citizens should deduct tax on the rent they pay to their landlords in specific circumstances, deposit to the PAN, and give a form to the property manager stating the…
Section 50 – Capital Gain on sale of depreciable assets
The income derived from selling a capital asset included in the block of assets on which depreciation has been permitted according to the Income Tax Act constitutes a capital gain.The…
Taxation of Charitable/Religious Trust
Taxation of Charitable/Religious Trust
Beneficent/strict trusts are the trusts which are shaped with a target of giving help to poor, instruction, clinical alleviation, safeguarding of climate/landmarks , headway of objects of overall population utility,…
Income Tax Act
Cash Sale Limit under GST / Income Tax Act
Cash transactions (Cash sale limit) are not restricted by the CGST Act of 2017, but the Income Tax Act of 1961 periodically imposes restrictions on cash receipts, payments, and withdrawals…
Short Payment & Short deduction TDS defaults-Problems & solutions
Hello Folks!!In this blog, we are going to discuss about the Short Payment & Short Deduction TDS defaults-Problems & Solutions.These days TDS has become a nightmare both for the assessee…
What MSME should do for recovery of their Delayed Payments?
Harshita: A Character from Fiction Krishna, a lot of suppliers are not paying MSMEs on time, which is putting MSMEs under a lot of stress right now and putting them…
All about taxation of capital gain in India
Hello Folks!!Today, we are going to discuss about the taxation of capital gain in India.What is Capital Gains Tax In India?Any profit earned from the sale of a 'capital asset'…
All about statement of financial transaction and reportable accounts
Searching for the statement of financial transactions & reportable accounts?? Then, you’ve come to the right place!! We have discussed all things below. Basic Provisions (statement of financial transaction) Under…
All about applicability of Income Tax to NRI
Hello Folks!!Today, we are going to discuss about the applicability of Income tax to NRI.So, Let’s begin!In India, the amount of taxes an individual is liable to pay is determined…