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During the process of submitting NFRA-1 form, user needs to have following details/documents before proceeding with form filling.In case of Indian Body Corporate:1. PAN of Indian authorized individual...

In Union Budget 2019, finance minister, Nirmala Sitharaman announced the major solution to our environment is to making our country more economy efficient as well as environmental efficient too,“Aimin...

The Budget for each year is essentially a statement of income and expenditure of the Government. However, with the expansion of the Indian economy, it has acquired the role of a policy document. The B...

The Finance Minister Ms. Nirmala Sitharaman during her maiden budget, presented on 5th July, 2019, declared a scheme namely ‘Sabka Vishwas (Legacy Dispute Resolution) Scheme 2019‘.It is aimed to settl...

The effective date of the scheme is not yet notified.All persons are eligible to opt for the scheme. Except the below:who have filed an appeal before the appellate forum and such appeal has been heard...

Interest Payable on Late Payment of GST The Union Budget 2019 has inserted a Proviso to remove the doubt over the interest for late payment of GST that whether the interest would be charged & payable...

Section 9A of the Act provides for a safe harbour in respect of offshore funds. It provides that in the case of an eligible investment fund, the fund management activity carried out through an eligibl...

Budget 2019: Incentives to International Financial Services Centre In order to promote the development of world class financial infrastructure in India, some tax concessions have already been provided...

In order to further discourage cash transactions and move towards less cash economy, it is proposed to insert a new section 194N in the Act to provide for levy of TDS at the rate of two per cent on ca...

Mandating acceptance of payments through prescribed electronic modesIn order to achieve the mission of the Government to move towards a less cash economy to reduce generation and circulation of black...

Consequence of not linking PAN with AadhaarThe existing proviso to the sub-section (2) of section 139AA, provides that the PAN allotted to a person shall be deemed to be invalid, in case the person fa...

Budget 2019 Widens scope of Statement of Financial Transactions (SFT) Existing provisions of section 285BA of the Act, inter alia, provide for furnishing of statement of financial transaction (SFT) or...

Budget 2019: Prescription of other electronic mode of payments There are various provisions in the Act which prohibit cash transactions and allow/encourage payment or receipt only through account paye...

Inter-changeability of PAN & Aadhaar and mandatory quoting in prescribed transactionsExisting sub-section (1) of section 139A of the Act, inter alia, provides that every person specified therein, who...

Currently, a person other than a company or a firm is required to furnish the return of income only if his total income exceeds the maximum amount not chargeable to tax, subject to certain exceptions....

Section 9 of the Act relates to Income deemed to accrue or arise in India. Under the Act, non –residents are taxable in India in respect of income that accrues or arises in India or is received in Ind...

TDS deductible on other payment for Purchase of immovable property Section 194-IA of the Act relates to payment on transfer of certain immovable property other than agricultural land and provides for...

Tax Deduction at Source (TDS) on payment by Individual/HUF to contractors and professionals under new section 194MAt present there is no liability on an individual or Hindu undivided family (HUF) to d...

A dispute resolution cum amnesty scheme called the Sabka Vishwas Legacy Dispute Resolution Scheme is being introduced for resolution and settlement of legacy cases of Central Excise and Service Tax.Th...

Unveiling Budget 2019 by Modi 2.0 Budget 2019 Tax AnalysisModi ji always surprises everyone with his decisions despite of all criticism he faced for responses against it. This time he surprised us by...