Under Section 6 of Foreign Contribution Regulation Act, 2010, it is provided that any organization having a definite cultural / social / educational / religious / economic object shall accept foreign contribution / donations only after…
Form 15CA Any payments made by a resident to a non-resident has to be reported under the Income Tax Act. The idea behind deduction of the taxes at source and their subsequent reporting is to…
Amounts not deductable from “Income from House property” As per Section 25 any annual charge or interest chargeable under this Act which is payable outside India shall be deductible under section 24 if following conditions…
Brief note on provisions of Section 194Q [TDS on Purchase of Goods] The Finance Act, 2021 has introduced new section 194Q which is effective from 1st July 2021. The provisions of new section 194Q require…
Maintenance of accounts by certain persons carrying on profession or business Who is Required to Maintain Books of Account? Every person carrying on the following Professions shall maintain books of accounts:LegalMedicalEngineering Architectural professionThe profession of…
Audit of accounts of certain persons carrying on business or profession Applicability of Section 44AB The following persons are required to perform a tax audit under Section 44AB of Income Tax Act, 1961: A person…
Employees Provident Fund (EPF) is a scheme in which retirement benefits are accumulated. Under the scheme, an employee has to pay a certain contribution towards the scheme and an equal contribution is paid by the…
The online method for modification or surrender of PAN card: Step 1 – Go to the tin-nsdl.com website. Step 2 – Select “PAN” from the services menu. Click on “Apply” under the sub-heading that reads…