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CBDT announces waiver of pending tax demands upto INR 1,00,000 per taxpayer
- February 13, 2024
- Posted by: CA Sudha G. Bhushan
- Category: Finance & accounting, Income tax
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Amendments of the Income-Tax Act, 1961 carried out through Finance Act, 2023
- January 23, 2024
- Posted by: CA Sudha G. Bhushan
- Category: Finance & accounting, Income tax
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CBDT issues circular for the deduction of tax at source on e-commerce transactions under Section 194-O(4) of the Income-Tax Act.
- December 29, 2023
- Posted by: CA Sudha G. Bhushan
- Category: Finance & accounting, Finance & accounting
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The Central Government hereby approves ‘Indian Institute of Science Education and Research, Tirupati (PAN: AAAAI9820P)’ under the category of ‘University, College or Other Institution’ for ‘Scientific Research’ for the purposes of clause (ii) of SubSection (1) of Section 35 of the Income-tax Act, 1961.
- January 31, 2023
- Posted by: CA Sudha G. Bhushan
- Category: Finance & accounting
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Clarification for the purposes of clause (c) of Section 269ST of the Income-tax Act, 1961 in respect of dealership/distributorship contract in case of Co-operative Societies
- December 30, 2022
- Posted by: CA Sudha G. Bhushan
- Category: Finance & accounting
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Notification on the definition of virtual digital asset, prescribes list of excluded assets and defines non-fungible tokens
- June 30, 2022
- Posted by: CA Sudha G. Bhushan
- Category: Finance & accounting
The CBDT on June 30, 2022 vide Notification no. 75-2022 has specified a token which qualifies to be a virtual digital asset as non fungible token.
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Notification on the definition of virtual digital asset, prescribes list of excluded assets and defines non-fungible tokens
- June 30, 2022
- Posted by: CA Sudha G. Bhushan
- Category: Finance & accounting
The CBDT on June 30, 2022 vide Notification no. 74-2022 has notified following virtual digital assets which shall be excluded from the definition of virtual digital asset.
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Guidelines to remove difficulties for deduction of tax under Section 194R
- June 22, 2022
- Posted by: CA Sudha G. Bhushan
- Category: Finance & accounting
Finance Act 2022 inserted a new section 194S in the Income-tax Act, 1961 (hereinafter referred to as “the Act”) with effect from 1st July 2022.
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Guidelines to remove difficulties for deduction of tax at source on transfer of virtual digital asset
- June 16, 2022
- Posted by: CA Sudha G. Bhushan
- Category: Finance & accounting
Finance Act 2022 inserted a new section 194R in the Income-tax Act, 1961 (hereinafter referred to as “the Act”) with effect from 1st July 2022. The new section mandates a person, who is responsible for providing any benefit or perquisite to a resident, to deduct tax
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Circular regarding use of functionality under section 206AB and 206CCA of the Income-Tax Act
- May 17, 2022
- Posted by: CA Sudha G. Bhushan
- Category: Finance & accounting
The Finance Act, 2021 introduced two new provisions with effect from 1 July 2021 which prescribes tax deduction (Section 206AB) or tax collection (Section 206CCA) at a higher rate
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