Income Tax Act

Summary that can disallow your Income tax deduction with Sections-

Section 40A(3): Cash expenses exceeding Rs. 10,000 to a single person in a day, or Rs. 35,000 for goods carriages, may be disallowed. Exceptions are detailed in Rule 6DD. Section 43(1): Expenditure exceeding Rs. 10,000 to a single person in a day for asset acquisition is excluded from actual cost, affecting depreciation claims. Section 80D: …

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Non residents not required to have PAN, can electronically file Form 10F without the need for a PAN number

The non-resident can click on the ‘Register‘ option on the e-filing portal Under the ‘others’ category, there is an option to choose ‘non-residents not having a PAN and not required to have a PAN‘. Certain basic details will need to be entered, like name, date of incorporation, tax identification number, status, and country of residence. The …

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New TCS from 1st October 2023 for various foreign remittances:

However, if the remittance for education exceeds Rs 7 lakhs, a nominal TCS rate of 0.5% comes into effect. It’s important to note that if the remittance for education is not funded by a loan, a slightly higher TCS rate of 5% is charged. This ensures that larger educational expenses exceeding Rs 7 lakhs are …

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CBDT notifies changes to Rule 11UA in respect of ANGEL TAX

The Finance Act, 2023, brought in an amendment to bring the consideration received from non-residents for issue of shares by an unlisted company within the ambit of section 56(2)(viib) of the Income-tax Act, 1961(the Act), which provides that if such consideration for issue of shares exceeds the Fair Market Value (FMV) of the shares, it …

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Introduction of Electronic Credit Reversal and Re-claimed statement- Latest CBIC Advisory dated 31.08.2023

CBIC vide Notification No. 14/2022 Central Tax dated 05.07.2022 has provided for certain changes in FORM GSTR-3B so as to enable the taxpayers in reporting correct information regarding Input Tax Credit (ITC) availed, ITC reversal, ITC re-claimed and ineligible ITC. Currently, the invoices not meeting the necessary conditions for availing ITC shall be reversed in …

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INCOME TAX DEPARTMENT NOTIFIES RULES FOR VALUING RENT-FREE ACCOMMODATION PROVIDED BY EMPLOYERS

Employees drawing substantial salaries and having rent-free accommodation provided by their employers will now be able to save more and get a higher take-home salary as the income tax department has revised norms for valuing such houses. The Central Board of Direct Taxes (CBDT) has notified amendments to the Income Tax Rules which will come …

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