Background & Facts: Section 197 of the Income Tax Act, 1961 provides for the facility of NIL deduction of tax at source or at a deduction at a Lower rate of tax. To avail of this benefit the assessee whose TDS is likely to be deducted on certain receipts should make an application before the TDS Assessing […]

Introduction and Legislative History of Section-14A – Section 14A is a disallowance provision. This section provides that while computing the total income of any assessee, no deduction will be permitted in respect of any expense incurred in relation to any income which is exempt from income tax. Position prior to the introduction of Section 14A: Prior […]

Research and Analysis on reporting of certain transactions in as envisaged u/s 40A(2)(b) of the Income Tax Act, 1961. Section 40A(2) of Income Tax Act, 1961 deals with payments to relatives and associated persons. It provides that where the assessee incurs any expenditure in respect of which payment is to be made to a specified person […]

Research and Analysis on applicability of GST on gifts, rewards and recognition by Employer to Employees: The taxability and availability of Input Tax Credit on Gifts has always been a matter of discussion and confusion. With the implementation of GST, the term gift has become a buzzword. The gifts are provided by the company for the purpose […]

Research and Analysis on Generation of IRN and QR Code after the date of InvoiceEver since the concept of E-invoicing was approved by the GST council, the buzz around Einvoicing has gained importance among the business community. In the 37th meeting, GST council approved a standard E-invoice which was held on 20/09/2019 and accordingly a […]