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Income Tax - Page 5

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

TDS in respect of software payments now more tedious

July 18, 2012
The CBDT has issued a Notification No. SO 1323 (E), dated 13-06-2012, that no deduction of tax at source shall be made from payment made for acquisition of software if the stipulated conditions are satisfied. I. When benefit of notification would be available – As per the aforesaid Notification, TDS
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CBDT Instruction On Grant Of TDS Credit For AY 2011-12

May 28, 2012
Instruction No. 4/2012 [F. No. 225/34/2011-ITA.II], dated 25-5-2012 The Board has decided to withdraw Instruction no. 01/2012 issued on 2nd February, 2012 on the subject above with immediate effect. The following decisions have been taken in this regard:   (i) In all returns (ITR-1 to ITR-6), where the difference between
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The grand SEZ dream on deathbed

December 29, 2011
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Calculations seem to have gone offtrack along the way; the initiators blame policy confusion and lack of comprehension in coordination. The Special Economic Zone (SEZ) policy was launched with considerable hype in India in 2006, when the economy was booming and investors around the world were looking at the country
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FREDDIE helps IT Department to unearth digital data

February 2, 2011
The income tax (I-T) sleuths who carried out searches at the premises of Bollywood actresses Priyanka Chopra and Katrina Kaif, were aided by ‘hero’, a small yellow suitcase which copied voluminous data from the actor’s computers. The recently procured mobile portable forensic lab of the department, fondly called ‘hero’, looks
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