Simplified Laws Guide to Taxation and Legal Concern

As a part of e-governance initiative to facilitate compliance, a taxpayer friendly measure in the form of a scheme for E assessment through e-mail has been introduced in seven cities of Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata and Mumbai. Income tax department has already started seeking consent for use of …

The purchase and sale of immovable property in India is subject to Tax Deduction at Source (popularly known as TDS) provisions under Income Tax Act. The buyer of the property is required to deduct tax (TDS) from the consideration payable to the seller. How much TDS is to be done? …

The Income Tax Department has been receiving information about large value transactions through Annual Information Return (AIR) without a valid PAN. In order to bring tax evaders under the tax net, the Income Tax department has sent  letters request for linking of large value transactions to a valid PAN. These …