The Finance Act 2021 introduced a new section 148A in furtherance to section 148 for starting step of escaped assessment/reassessment u/s 147. As per earlier section 148, before commencing any reassessment, Jurisdictional Assessing officer (JAO) needs to draft his “reasons to believe” to open the assessment/reassessment u/s 147 as a statutory obligation on the it....
Recently the CBDT has come up with a section 206AB to curb the non-filers of Income tax return having huge tax credits in form of withholding taxes. This section was first introduced vide Finance Act 2021 effective July 01st, 2021. Before getting into the intricacies, we hereby reproduce provisions of Section 206AB of the Income...
A key understanding of intricacies of newly introduced section 194-Q relating to withholding tax on purchase of goods and its interplay with Section 206AA/206AB, relating to deduction of TDS at higher rates, is essential for day-to-day compliance by organizations. The said provisions of section 194-Q are applicable from 01st July 2021. As special provision for...
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