194R TDS on benefit or perquisite in respect of business or profession

By: Mr. Shashank Mundle - 20th June, 2022

The Central Board of Direct Taxes under the Income Tax department has notified fresh guidelines in connection with the applicability of a new TDS provision related to receiving benefits in a business or profession.

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By: Mr. Mohit Shetty - 2nd June, 2022

Section 139AA of the Income Tax Act states that every person who has been allotted and who is eligible to obtain Aadhaar number shall link his PAN with Aadhaar.

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Certificate in Form 10BE for Claiming Deduction u/s 80G

By: Mr. Prasanna Ravikant Bhat - 27th May, 2022

All trusts/institutions registered u/s 80G and research institutes registered u/s 35 of The Income Tax Act are now mandated to file Form 10BD (providing therein complete details of donations received by them during the financial year in the prescribed format) from FY2021-22 onwards.

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Synopsis- Seventh Proviso to section 139(1)

By: Mr. Prasanna Ravikant Bhat - 25th April, 2022

Finance (No. 2) Act, 2019 had inserted a new seventh proviso to section 139(1) of the Income Tax Act, 1961 (‘the IT Act’) w.e.f. 01-04-2020 for mandatory filing of ITR for those people who have certain prescribed transactions even though that person is otherwise not required to file a return of income due to the fact that total income is below the minimum liable to tax.

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By: Mr. Vipul J Oza - 16th February, 2022

An opportunity to correct an error has been proposed in income tax return whereby a taxpayer can update his/her return within 2 years from the end of the relevant assessment year on payment of applicable interest and penalty.

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