Web2 Jul 2024 · As per Section 2 (9) of the Income Tax Act, 1961, states that assessment year means the 12 month period beginning on the 1st day of April every year. The assessee is required to file the income tax return of the previous year in the assessment year. As per S.2 (34) of Income Tax Act, 1961, unless the context otherwise requires, the term ... Web16 Jul 2024 · However, Income Tax laws (section 192 of the Income Tax Act, 1961, 'Act') in India requires an employer to deduct tax at source at the time of payment of salary to the employee and hence, ambiguity exists in determining and taxable income and TDS mechanism. Therefore, in order to harmonize compliance of law with the terms of …
Insertion of new section 192A - incometaxindia.gov.in
Web9 Dec 2024 · As per section 192(1C) of the Act, a person, being an eligible start-up referred to in section 80- IAC, responsible for paying any income to the assessee being perquisite of the nature specified in sub-clause (vi) of clause (2) of Section 17 in any previous year relevant to Assessment year 2024-22 and thereafter, shall deduct or pay, as the case may … Web29 Jun 2024 · 4203. To expand the realm of TDS, Union Budget 2024-2024 has introduced a new provision Section 194R under the Income Tax Act, 1961 (herein after referred as “The Act”) that provides for deduction of tax (TDS) on benefit or perquisite in respect of business or profession, to be effective from July 1, 2024. Section 194R mandates a person who ... mn triton injector
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Web11 Apr 2024 · Section 192 of the Income Tax Act, 1961 is applicable to all employers who are responsible for deducting tax at source from the salaries of their employees. This … Web1 Jan 2024 · The CBDT has the authority under Section 119 (2) (b) of the Income Tax Act 1961 to authorize any income-tax authority, by way of a general or special order, to … Web16 hours ago · 271D of the Act vide dated 27.05.2024 was issued to the assessee as to why an order imposing a penalty should not be made under section 271D of the Income Tax Act, 1961. In response to the same, the assessee has furnished his reply vide letter dated 16.09.2024 and submitted as under: mn triton intercooler hoses