Author: Nirmal Ghorawat
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Transaction Cards Module in TallyPrime – Simplify TDS Compliance
A Walkthrough video / Demo of the TDL is available at https://youtu.be/zrBEYlYDI9E
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Income Tax Query 11: Income Tax in case of Reconstitution of Firm ~ Section 9B & 45(4) of the Income Tax Act, 1961
Scenario M/s A. B. & Co is a Partnership Firm assessed to Income Tax for the last many assessment years. Case (1) The Partnership Firm is Dissolved. Case (2) The…
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Income Tax Query 10 : What is Form 10BD of Income Tax act and its applicability?
🔹Key Points About Form 10BD Purpose:It serves as an annual statement of donations, containing details such as: Applicability: Filing Requirements: Filing Process: Importance of Compliance Filing Form 10BD ensures: Practical…
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Income Tax Query 9: Gross Receipts in ITR is less than as per TDS Claimed in ITR / Form 26AS due to Deductor following Cash System & Assessee following Mercantile System.
Scenario:: In many cases, there is a difference in Accounting Method – Mercantile (or Accrual) or Cash System followed by the Deductor and Assessee (Deductee). In such a Scenario, the…
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Income Tax Query 8: Remuneration Clause in Partnership / LLP Deed.
Scenario M/s A. B. & Co is a Partnership Firm. Query Response Section 40(b)(v) of the Income Tax Act, 1961 deals with the (dis)-allowance of Remuneration to Working Partners of…
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Income Tax Query 7: Whether Gifts received from Maternal Grandparents are Taxable / Exempt?
Amongst the various unsetteled controversies in Income Tax Laws of India, one is with respect to gifts / amounts received without consideration from Maternal Grand Parents (Nana, Nani). There appears…
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New DTC or REVIEW of existing Income Tax Act, 1961
In the Budget Speech, 2024 FM Nirmala Sitharaman has announced a REVIEW of Income Tax Act, 1961. The Participation of Finance Minister in Income Tax Day celebrations, 2024 & comments…
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