“During the assessment year 1997-98 and 1998-99, several payments were made to foreign parties for the license to use the software. However, no tax has been deducted at source and thus, following section 40(a) these expenses must be disallowed. Therefore, I have reason to believe that income has escaped assessment as the assessee has failed […]
Facebook wants to bring people together. Google wants to make search more friendly. Amazon wants to make available everything at your doorstep. Jio wants everything available under one platform. Newsrooms want to ensure all the best news reach you, sitting at home. Websites and apps want to provide the best information to you, just a […]
Memory is important – whether it’s your laptop, mobile or yourself, especially the last one, because you can easily buy and upgrade the other two. Voters have a fickle memory and governments benefit the most from it. Old memories get erased slowly and steadily as and when new incidents happen in life – it’s a […]
India is diverse and unique in many ways. Many of the economic theories and business models fail to hold in India owing to the unique nature of the economy, the country and the citizens. India is deeply influenced by and believes in its traditions passed on from generation to generation. These traditions are not merely […]
Individuals and HUF (Option A) and AOP, BOI, AJP On the above tax, surcharge is applicable at following rates, based on total income: (flat rates)Up to 50 lakh – Nil, 50 lakh to 1 crore – 10%, above 1 crore – 15% Individuals and HUF (Option B) and AOP, BOI, AJP On the above tax, […]
Reduction in the time limit for completing an assessment The time limit for completion of assessment, reassessment and re-computation and for passing an order under section 143 or 144 commonly referred as ‘Scrutiny assessment’ was earlier 33 months from the end of the relevant financial year, which was curtailed to 30 months for FY 2017-18 […]
No change in rates of taxation There are no changes in respect of income of all categories of assessee liable to tax for the financial year 2021-22. The rates of income shall continue to be the same as applicable for the financial year 2020-21. Similarly, the rates for advance tax, tax deduction at source or […]
No Input Tax Credit if a supplier has not filed returns Section 16 allows taxpayers’ to claim an input tax credit based on GSTR-2A and 2B. However, a new clause (aa) has been inserted in the aforesaid section, adding one more condition to claim of ITC. Henceforth, ITC on invoices and debit notes can be […]
New Agriculture Cess on Petrol and High Speed Diesel Government has introduced a new Agriculture Infrastructure and Development Cess (AIDC) as an additional duty of excise on Petrol and High-speed diesel. The purpose of this cess is to finance the improvement of agriculture infrastructure and other development expenditure. Do note here that any tax collected […]
Decriminalising LLP Act The Government has announced that it shall now take up Limited Liability Partnership Act and decriminalize its various provisions to remove harsh provisions for minor offences and enhance ease of doing business. Earlier, the Government had taken up the Companies Act for decriminalizing and the same has been completed. Definition of Small […]
Amount paid for use of software is not ‘Royalty’.April 11, 2021 - 4:44 am
Your right to privacy is their highest selling productApril 7, 2021 - 6:52 pm
Accountability – How Governments make and break pinky promises, while you pay interest and penalties!March 6, 2021 - 11:39 am
Hindu Undivided Family – A uniquely Indian concept and tax savingsMarch 6, 2021 - 11:29 am