Section 194R TDS of the Income Tax Act

Section 194R TDS of the Income Tax Act Section 194R, introduced in the Union Budget of 2022, is a significant addition to the Income Tax Act 1961. This section deals with Tax Deducted at Source (TDS) on benefits and perquisites…

New provision relating to Restricted Input Tax Credit

New Provision Relating to Restricted Input Tax Credit Seamless flow of ‘Input Tax Credit’ is the main aim behind the implementation of Goods and Services Tax (GST). However, since its inception i.e. 1st July 2017, GST officials have come across…

CBDT amends Compliance Check Functionality for Section 206AB & 206CCA

CBDT amends Compliance Check Functionality for Section 206AB & 206CCA The Central Board of Direct Taxes (CBDT) amends Compliance Check Functionality for Section 206AB & 206CCA vide a Circular No. 10/2022 dated 17th May 2022 to determine the non-filers. To…

New input tax credit availment condition imposed vide Finance Act, 2022

New input tax credit availment condition imposed vide Finance Act, 2022 The registered taxable person, in order to avail of the input tax credit, needs to satisfy several conditions as laid down under provisions of section 16(2) of the Central…