On 26th March, 2021 CBDT, through a notification, has notified (vide notification no 19/2021) that a Statement of Donation shall have to be filed with Income Tax Department, declaring the details of donations received during the year via Form 10BD and also a Certificate shall have to be issued via Form 10BE, to all such donors specified in Form 10BD. This notification has been brought up to ensure the transparency of the donations received and to bring into net all the bogus and fraudulent claims of donations.
Income Tax Act, 1961 of India applies to all persons having income earned or accrued in India. However, its applicability differs basis the residential status of a person. The residential status as stated in Income Tax Act should not be considered as a synonym for citizenship of India.
CBDT introduced a new section in the Income Tax Act, w.e.f.1st September 2019, to bring in transactions of cash withdrawals under the tax net. According to Section 194N, all the Banks to which Banking Regulation Act applies, a Co-operative Society and a post office shall be responsible to deduct TDS, if any person withdraws cash from the account/s maintained with them, being the amount or aggregate of amounts exceeding rupees one crore during the financial year.
Whenever we come across an individual who is suffering from disabilities, the first reaction of most people is to pity them. However, it should not be the case. There are many stories of individuals who, despite suffering from disabilities, have soared the heights of success.
Income Tax Act has a provision to impose penalty in case of default in furnishing the return of income for any assessment year commencing on or after 1st April 2018.
Every person who earns income chargeable to tax should file its income tax return with the Income-tax Department before the due date and pay the taxes as applicable for the financial year. If any person fails to do so, such person shall be liable to pay interest as imposed by the Income Tax Act. Under the Income Tax Act, interest is imposed under three subsections of Section 234, viz., 234A, 234B, and 234C.
Ministry of Corporate Affairs has introduced DIR-3 e-KYC to conduct KYC verification for all the persons who have been allotted DIN (Director Identification Number). DIN is a unique 8 digit number allotted to a person who wishes to become a director of a company. Thus any person who holds a DIN is mandatorily required to file DIR-3 KYC with MCA.