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Introduction TDS under section 194R was introduced in the Union Budget 2022, and it was made effective from 1st July 2022. Section 194R was introduced to avoid tax evasion in case of income received in the form of any perks or other non-monetary benefits from the business or profession. Before this section was introduced people
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Introduction: The government has taken steps in transforming its judicial system by going completely faceless and using e-proceedings. Faceless e-proceedings started off as a pilot-based email assessment but has now gone completely faceless. Even the first appellate proceedings as well penalty proceedings have gone faceless with notices and orders being received on a daily basis.
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Introduction Where Compensation is received at the time of voluntary retirement or in case of separation, the income received as compensation is exempt from tax if the following conditions are satisfied- Compensation is required to be received on voluntary retirement or voluntary separation. Compensation is received by an employee from the following undertakings- an authority
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Under this blog we are going to understand a new section inserted by government to cover the transactions of purchase of goods under the purview of TDS provisions. This article covers the briefing of Section 194Q, its applicability, transactions covered under, rates and important due dates, other important points and relative practical examples. The government
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In order to overcome tax evasion measures adopted by taxpayers, Indian Income Tax laws provide for deduction of tax on income of any person or on sum payable to any person at the time of credit or at the time of payment at the rates in force under provisions of Income Tax Act, the concept
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As per the Provisions of Ind-AS-20, government means State government, Central government, Local Government, or an International; government (Foreign government), etc. As per the Provisions of Ind-AS-20, a grant means financial assistance that the government provides to an entity which the government provides to entities in compliance with certain conditions attached to it. As per
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A sovereign wealth fund is a type of investment fund in which the national government owns the majority of the stock. These funds invest in financial products such as bonds, equities, gold, and real estate. Like any investment fund, sovereign wealth funds (SWFs) have their own goals & objectives, risk tolerances, terms, liability matches, and
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A new income tax treaty was signed between India & Thailand on the ninth of June 2015, which came into force on the thirteenth of October 2015 & this has taken place for the avoidance of double taxation & prevention of fiscal evasion concerning taxes on income. The treaty is effective from the first of
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Most risk-averse people prefer to invest in fixed deposits, recurring deposits, or the Public Provident Fund (PPF). This is because these popular investment options generate interest income, largely unaffected by market conditions. Interest income is treated as an extra source of income and, like any other type of income, is taxed according to the country’s
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