Saturday, August 8, 2020

Q & A Corner

Provident Fund withdrawal is taxable if it is done without rendering continuous service for 5 years

Q: I am Savita. Five years ago, my husband has purchased a house in my name. We are going to sell it.I would like to know upon whom the tax liability arise....

Income earned from Gold Monetization Scheme are eligible for Tax exemption

Q. Hi I am Nikita, working as a Manager in a Private Ltd. Company. Recently, I have heard about the Gold Monetization Scheme announced by the Central Government last year. I want to...

Declarants under Income Declaration Scheme can pay interest and penalty in three instalments; CBDT [Read Clarifications]

Government Issues Clarifications in the form of Fourth Set of Frequently Asked Questions (FAQs). The Income Declaration Scheme, 2016 provides an opportunity to persons who have not paid full taxes in the past...

CBDT issues of further clarifications (FAQs) on Income Declaration Scheme, 2016 [Read Circular]

The Income Declaration Scheme, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets. The Scheme came...

Income Declaration Scheme; PAN Mandatory, Scheme open to residents & non residents; CBDT [Read Circular]

The Central board of direct Taxes (CBDT) today issued clarification and a bunch of Frequently Asked Questions (FAQs) to clarify the confusion of the newly introduced income declaration scheme. This is the second...

No TCS if the Cash receipt does not exceed 2Lac; CBDT issues clarification to Amendment in Section 206C of the Income Tax Act

The Central Board of Direct Taxes(CBDT) has issued a clarification regarding Amendment in Section 206C of the Income Tax Act vide Finance Act 2016. Through the Finance Act 2016, Central Government has amended...

1% Tax at Source only on retail sales of Motor Vehicles of the value exceeding 10L₹: CBDT Circular [Read Circular]

In a Clarificatory Circular No 22/2016, dated 8th June 2016, the Central Board of Direct Taxes clarified Amendment in Section 206C vide Finance Act 2016. The one percent tax collection at source introduced...

Clarification on implementation of Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS)

An Inter-Governmental Agreement between India and the USA was signed for implementation of the Foreign Account Tax Compliance Act (FATCA). The Government of India has also joined the Multilateral Competent Authority Agreement...

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