CBDT Issues Clarification on Waiver of Interest Under Sections 201(1A)(ii) and 206C(7) of IncomeTax Act Activate to view larger image,

Taxation of Foreign Exchange Fluctuations With globalization, many Indian businesses engage in international transactions involving foreign currencies. These dealings are subject to fluctuations in exchange rates, leading to foreign exchange gains or losses. To bring…

Taxpayers with capital gains in Q1 can go to court if they are charged interest for failing to pay advance tax, as the Cost Inflation Index (CII) was not released before June 15, making it…

Cash Payments under Income Tax Act The Income Tax Act, 1961, promotes digital and transparent financial transactions. Therefore, cash payments beyond certain limits attract disallowance under specific provisions. These rules ensure accountability and prevent tax…

Tax on Dividends, Royalty & Technical Fees for Foreign Companies Section 115A of the Income Tax Act, 1961, provides special tax rates for foreign companies and non-resident individuals earning certain types of income from India.…

Section 139 of the Income Tax Act, 1961 governs the filing of income tax returns (ITR) by different categories of taxpayers in India. It mandates individuals, firms, companies, and other entities to declare their income,…

Section 194J of the Income Tax Act, 1961 mandates Tax Deducted at Source (TDS) on payments made towards certain professional and technical services. It ensures early tax collection and tracking of high-value service income. Applicability…