Tax Audithas been a contentious issue, especially for investors and traders. To put it very simply, under tax audit a practising Chartered Accountant examines and reviews books of accounts of a taxpayer and reports the required information in the Tax Audit Report. The auditor then submits the t...
4. TDS (Tax Deducted at Source) Applicability The buyer must deduct 1% TDS under Section 194-IA if property value exceeds ₹50 lakh For non-resident sellers, the TDS rate is 20% 5. Tax Implications for Non-Residents Capital Gains from property sale by non-residents are subject to TDS:...
View Tax Applicability Rule Allows viewing of tax rules to determine the taxes that apply to a given transaction. Tax Configuration Inquiry Views main tax entities, such as tax regimes and taxes. View Tax Calculation Formula Allows viewing of tax formulas where the tax amount is other than...
Create Tax Applicability Rule Allows creation of tax rules to determine the taxes that apply to a given transaction. Tax Administration Sets up transaction tax content including regime to rate configuration, rules, tax determinants, configuration options and party tax profiles. Create Tax Calculation...
Although FinCEN has, to date, issued no formal acknowledgment or interpretation with regard to the applicability of the above “revenue prong” specifically in the DRE context, for the reasons outlined above, a reasoned and supported proposition in the DRE situation may be that the “filed Federal...
IRS Defers Applicability Date for Foreign Currency Regs October 21, 2021 Publications IRS Issues Final Regs on Corporate Distributions of Property October 13, 2021 Publications IRS Updates Countries to Whom Certain NRA Interest Reporting is Required October 6, 2021 Publications IRS Releases Dra...
The law introduced new VAT exemptions with the right to deduct in the medical sector, with applicability from 12 June 2023. However, it was established that these VAT exemptions will apply under the conditions set out in the methodological norms, norms that were not available at the entry into...
Applicability of payment of bonus act, 1965... (1) Itc on goods received for business promotion or marketing expenses... (3) Deposit amount for appeal in the tribunal(4) Three personal hearings under gst law(11) Itc credit claime on import of machine(13) ...
5. Clarity on Applicability of Tax Audit under Section 44AB Section 44AB of the Income-tax Act mandates the audit of books of account for an assessee engaged in business or profession. The audit report under Section 44AB must be furnished in Form No. 3CA/3CB-3CD. A pertinent questio...
The amount of the excess over the annual exemption level reduces both the lifetime gift tax exemption and the estate tax exemption on a dollar-for-dollar basis. The applicability of the gift tax to average taxpayers is limited because of these high exemption levels. ...