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Income Tax - Page 3

Income Tax deduction for procurements from MSMEs only upon actual payment

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January 24, 2024
By Shaleen Shah | LinkedIn, assisted by Divyansh Jain Introduction This Note is relevant to computation of income under the head ‘Income from business and profession’. Section 43B of the Income Tax Act provides a list of expenses allowed as deduction, on cash basis irrespective of the year of accounting. It lists some expenses that can be claimed as deduction

Foreign companies may be required to file Tax Returns in India

by Nexdigm Private Limited as published on mondaq.com Impact of increase in withholding tax on rates for Fees for Technical Services and Royalty As per Indian Tax laws1, payments made to Non-Residents/Foreign Companies for Fees for Technical Services (FTS) and Royalties were liable to tax at the effective tax rate of

CBDT suggests “Equalisation Levy” of 6-8% on B2B deals

March 22, 2016
A CBDT committee on taxation of e-commerce has suggested a "Equalisation Levy" of 6-8% for business-to-business deals with a view to tax digital transactions. Based on the recommendations of the committee, which had submitted its report to the government in February, Finance Minister Arun Jaitley in his Budget proposed an
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Taxman gets new tech tool to identify, kill duplicate PAN

March 22, 2016
After years of labour, the I-T department has finally got a new technology tool to check duplicate PAN cards, allowing them to ‘kill’ it. An ambitious electronic platform called the Income Tax Business Application-Permanent Account Number (ITBA-PAN) has been operationalised. It will help the taxman and PAN issuing intermediaries identify
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Long-term FMP Investors Face Almost Zero Tax Now

August 29, 2014
Investors in short-term debt funds may be ruing the changes in tax rules but long-term investors have plenty to smile about. They are still eligible for a tax bonanza, thanks to the indexation benefit available on investments of more than three years. If you invested in a three year fixed-maturity
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Withhold TDS when purchasing property from builder

December 23, 2013
When I met my friend Ameya Joshi last weekend over coffee, he excitedly informed me that he had recently booked a four-bedroom apartment in an upcoming scheme of a reputed builder. He went on to explain how good a deal he had bagged, both from the builder and the bank
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