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The income tax department on Thursday clarified the applicability of TDS liability of e-retailers trading through the government's ONDC initiative. As per the FAQ issued by the Central Board of Direct Taxes (CBDT), a 1% TDS will have to be deducted from the gross sale amount after including convenience/ packaging/shipping fees as charged by ecommerce trading platforms for the order placed on ONDC. As ONDC or Open Network for Digital Commerce is a new initiative of the Department for Promotion of Industry and Internal…

The income tax department on Friday invited comments from stakeholders on rules for valuing non-resident investment in unlisted startups. The Central Board of Direct Taxes (CBDT) has issued a draft notification inviting comments on the draft rule 11UA of Income-tax Rules, 1962, pertaining to the method of computation of fair market value (FMV) of unquoted equity shares for the purposes of section 56(2)(viib) of Income-tax Act, 1961. — IncomeTaxIndia (@IncomeTaxIndia) The rules would be effective from April 1, 2023. The…

India on Friday announced draft valuation rules for overseas investments into startups under the ‘angel tax’ regime, providing foreign investors greater flexibility in determining the fair market value of unquoted equity shares. The rules released for public feedback offer investors the choice of five valuation methods for determining angel tax incidence under Section 56(2)(vii)(b) of the Income Tax Act 1961, which should help reduce valuation disputes common under the cash flow method and net asset value method allowed…

Founders and senior executives of new-age stock investing platforms such as IndMoney, Vested Finance, and Stockal met officials in the finance ministry on Monday to discuss the possible implications of a proposed 20% levy on foreign remittances under the Liberalised Remittance Scheme (LRS) for retail investors investing in US equity instruments, two people aware of the discussions told ET. The stakeholders explained the impact of the levy on retail investors, the sources said. Finance minister Nirmala Sitharaman proposed…

New Delhi: The online…

The Central Board of Direct Taxes Chairperson Sangeeta Singh on Tuesday said that an issue relating to the search functionality and non-accessibility of the e-filing website has come to its notice. "The Income Tax Department is seized of the matter. Infosys has been directed to look into it and Infosys has confirmed that they are resolving the issue on priority," assured CBDT Chairperson Sangeeta Singh while adding that there no breach of data happened."Her remarks came on the sidelines of the release of an e-book titled…