Tax deduction at higher rate in case of certain non-filers (specified persons)
Tax deduction under section 206AB or tax collection section 206CCA at higher rate in case of certain non-filers (specified persons) with respect to tax deductions (other than under sections 192, 192A, 194B, 194BB, 194LBC and 194N) and tax collections. The higher rate is twice the prescribed rate or 5%, whichever is higher. A specified person […]
Computation of Fair Market Value (FMV) of Capital Assets for the purposes of Slump Sale under section 50B of the Income Tax Act, 1961
In simple words, ‘slump sale’ is nothing but a transfer of a whole or part of a business concern as a going concern. As per section 2(42C) of Income -tax Act 1961, ‘slump sale’ means the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values […]
Extension of time limits of certain Direct Tax compliances to provide relief to taxpayers
Dear Readers, Considering the present situation and difficulties faced by the taxpayers, the government has provided the following relief with respect to Direct Tax compliances. The Statement of Financial Transactions (SFT) for the Financial Year 202021, required to be furnished on or before 315tMay 2021 under Rule 114E of the Income-tax Rules, 1962 (hereinafter referred to […]
Recent Updates & Compliance Calendar – Direct and Indirect Tax
DIRECT TAXES RECENT UPDATES Extending time for payment under VSV (Vivad Se Vishwas Scheme) to 30.06.2021 including timelines for assessment (Notification No. 39/2021 & 38/2021) Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Interest income and Dividend Income (Notification No. 1 & 2 of 2021-DGIT ) CBDT notifies new Provisions of […]