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Income Tax - Page 6

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

Direct Taxes: Recent News Snippets

August 26, 2009
New Draft Direct Taxes Code released As promised by the finance minister in his Budget Day speech in July, the New Draft Direct Taxes Code was released for public discussion on August 12. The stated intent is to fulfil the long-standing and ambitious plan of simplifying the country’s complex direct
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Procedure for all remittances to non-residents w.e.f. 1-Jul-09

June 30, 2009
Section 195 of the Income-tax Act, 1961 mandates deduction of income tax from payments made or credit given to non-residents at the rates in force. For any remittance to non-resident, except in the case of certain personal remittances which have been specifically exempted by RBI, the following revised procedure will
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New Scheme of TDS/TCS deferred

June 30, 2009
In a Press Release dtd.30-Jun-09, CBDT has indefinitely deferred the implementation of the new Rules for TDS/TCS that were introduced vide Notification No.31/2009 dtd.25-Mar-09. Resultantly – Taxpayers filing their income tax returns for assessment year (AY) 2009-10, or any other earlier AY, may continue to file their returns without mentioning
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Pre-Budget `09 Whispers

June 24, 2009
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When the FM presents his full Budget on 6th July `09, his priorities will be clear – Bridge the fiscal deficit Garner funding for infrastructure Put economy back on high growth trajectory Promote Equitable Growth Inflation – Even as WPI falls, consumer price index is very high Need for simplified,
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Clarity on LLP tax issue only next year

June 16, 2009
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Corporate Affairs Minister Salman Khursheed has said, contrary to expectation, the Budget will not address the taxation issue related to limited liability partnerships (LLPs). The issue will be clarified only next year, he added. “It is too short a time for us to sort out the issue, but it is
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ANALYSIS OF NEW SCHEME FOR TDS / TCS

June 5, 2009
(as on 5-Jun-2009) Background Income Tax Department has introduced a new scheme for centralized processing of annual income-tax returns which envisages no interface with the tax payer and processing of returns to be done in an automated jurisdiction-less manner. Implementation of such scheme requires having a robust system for information
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Tax commissioners worldwide join hands to tackle evasion

June 4, 2009
Tax authorities from around the world have agreed on a new co-operation plan to encourage compliance and to counter evasion and abusive avoidance, with special focus on wealthy individuals and offshore activities. The pact comes at a time when governments, facing soaring budget deficits, seek to combat the global economic
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Implementation of New TDS Challan No. 17 Deferred

May 13, 2009
Income Tax Department had amended the rules relating the Payment of TDS /TCS vide Notification No.31/2009 dated 25.3.2009 making it mandatory for all to deposit the such taxes through E-payment only from 01.04.2009 onwards.  Further, the challan to deposit the TDS /TCS is also changed by introducing a New Challan
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RECENT CHANGES IN THE PROVISIONS REGARDING TDS & TCS

April 28, 2009
This article examines the impact of the amendments made by the Income-tax (Sixth Amendment) Rules, 2009, Income-tax (Seventh Amendment) Rules, 2009 and Income-tax (Eighth Amendment) Rules, 2009 in respect of the provisions relating to tax deducted at source and tax collected at source. INTRODUCTION 1. Various amendments have been made
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