No disallowance u/s 40A(3) if ultimate payments made to labourers were below threshold limit: ITAT
0 Facts of the Case Assessee filed a return of income, and his case was selected for scrutiny. During assessment proceedings, Assessing Officer (AO) found that assessee had made a payment of Rs. 18,00,000 to labourers in cash. Consequently, AO made disallowances under Section 40A(3). Aggrieved by order of AO, assessee preferred an appeal before … Read more No disallowance u/s 40A(3) if ultimate payments made to labourers were below threshold limit: ITAT
Confusion over person liable to deduct tax u/s. 194Q
0 Finance Act, 2021 inserted Section 194Q in the Income Tax Act, 1961 requiring a buyer to deduct a certain sum from payment or credit of any sum to a seller, w.e.f 1.7.21. An Explanation to sub-section (1) of the said section stipulates that a ‘buyer” means a person whose “total sales, gross receipts or … Read more Confusion over person liable to deduct tax u/s. 194Q
CBDT issues guidelines to clarify provisions related to TDS u/s 194Q on purchase of goods
0 GUIDELINES UNDER SECTION 194Q OF THE INCOME-TAX ACT, 1961 CIRCULAR NO. 13 OF 2021 [F. NO. 370142/26/2021-TPL], DATED 30-6-2021 Followings are the points covered under provision of TDS u/s 194Q: 1. Finance Act, 2021 inserted a new section 194Q in the Income-tax Act, 1961 (hereinafter referred to as “the Act”) which takes effect from 1st … Read more CBDT issues guidelines to clarify provisions related to TDS u/s 194Q on purchase of goods
Crypto Bill is ready to be presented in Monsoon Session: FM
0 Finance Minister Nirmala Sitharaman in a recent interview with a leading newspaper publication has revealed that India’s crypto bill is now ready to be presented during the Parliament Monsoon Session. The bill was originally expected in the Budget session. The Union Finance Minister (‘FM’) recently said that the new Crypto bill is on its … Read more Crypto Bill is ready to be presented in Monsoon Session: FM
Amendment by the Finance Act 2012, to include HUF within the scope of Section 54B (relief) of the Income Tax Act, 1961 is clarificatory in nature: ITAT
0 Judiciary and Counsel Details Laliet Kumar | Judicial Member & Dr. Mitha Lal Meena | Accountant Member Sunil Bajpai | CIT-DRfor the Respondent Facts of the Case Assessee, being a Hindu Undivided Family (HUF), filed its return of income declaring nil income. However, during assessment proceedings, Assessing Officer (AO) noted that assessee had declared … Read more Amendment by the Finance Act 2012, to include HUF within the scope of Section 54B (relief) of the Income Tax Act, 1961 is clarificatory in nature: ITAT
