TDS on Benefit in Respect of Business or Profession – Section 194R
TDS on Benefit or Perquisite in Respect of Business or Profession (Section 194R) [As per Circular No. 12 of 2022]Need to Introduce Section 194R• As per Section 28(iv), the value of any perquisite or benefit arising from business or profession is to be charged as business income in the hands of recipients.• However, in many […]
Section 194O: TDS on E-Commerce Transactions – Applicability, Exemptions & Circular Updates
Section 194O: TDS on E-Commerce Transactions – Applicability, Exemptions & Circular Updates With the rise of e-commerce platforms like Flipkart, Meesho, and Ola, tax compliance has become essential for sellers and service providers. Section 194O mandates Tax Deducted at Source (TDS) on payments made through these platforms. This article explains the applicability, exemptions, and key […]
Section 43B(h) – Sum Payable to MSE
Section 43B(h) – Sum Payable to MSE Tax Impact on Payment to MSE [Amendment in Section 43B(h)]Income of Business and ProfessionObjective: To promote timely payment to Micro and Small Enterprises (MSE) [Not covered: Medium Enterprises]. Any sum payable to MSE is allowed as a deduction on a payment basis if paid after the time limit […]
Income Tax Penalties & Prosecutions | Lists of Income Tax Sections
Income Tax Penalties & Prosecutions | List of Income Tax Sections Navigating India’s income tax laws is crucial for individuals and businesses to stay compliant and avoid hefty penalties. The Income Tax Department imposes various penalties and prosecutions for non-compliance, including late filings, inaccurate disclosures, tax evasion, and non-payment of dues. Understanding these consequences helps […]
Taxability of Gift Under Income Tax Act 1961
Taxability of Gift Under Income Tax Act 1961 Gift tax in India applies to individuals receiving gifts in cash, property, or specified assets. Understanding the taxation rules on gifts is essential to ensure compliance with the Income Tax Act, 1961. This blog will discuss about Income Tax on Gift provisions related to gift taxation and […]