Order u/s 119 of the Income-tax Act, 1961 in relation to TDS u/s 194S of the Act for transactions other than those taking place on or through an Exchange

3 ViewsFinance Act, 2022 inserted a new section 194S in the Act with effect from July 01, 2022. The new section mandates a person, who is responsible for paying to any resident any sum by way of consideration for transfer of a virtual digital asset (VDA), to deduct an amount equal to 1% of such […]

CBDT issued clarification w.r.t. Form No 10AC for conditions of cancellation of registration/approval or provisional registration/approval

15 ViewsThe CBDT vide Circular No. 11 of 2022 dated June 03, 2022 has issued clarification regarding Form No 10AC for conditions of cancellation of registration/approval or provisional registration/approval. Finance Act, 2022 has inserted sub-section (4) in section 12AB of the Income-tax Act, 1961 (the Act) allowing the Principal Commissioner or Commissioner of Income-tax to examine if […]

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