Income Tax Articles

Tax Deducted at Source: Provisions for TDS on Purchase of Goods

Ishita Ramani 18 July 2021 at 09:39

From 1st July 2021, apart from the current scope of TDS deduction applicable on the notified nature of payment of expenses, businesses are required to deduct TDS on the purchase of goods as well.

Revalidation of Registration u/s 12A and 80G

Neethi V. Kannanth 17 July 2021 at 09:10

There are certain tax exemptions and benefits available to Charitable Institutions in India. These exemptions and benefits are dealt in sections 12A/12AA and 80G of the Income Tax Act,1961.

Exceptions to Restriction on Cash Payments under Section 40A(3) of the Income Tax Act, 1961

Ritik Chopra 16 July 2021 at 09:25

Rule 6DD provides certain cases under which no disallowance u/s 40A(3) shall be made where any payment of sum exceeding 10,000 or 35,000 is made otherwise than by a crossed cheque or a crossed bank draft.

Practical Examples on CBDT Circular on TDS on Purchase of Goods u/s 194Q

Mayank Mohanka 14 July 2021 at 09:28

Explaining all the significant clarifications/guidelines issued by CBDT regarding the implementation of the provisions of section 194Q w.e.f. 1.7.2021 with practical illustrations.

No TDS u/s 194J on Payments for Software Purchase

CA AMIT KUMAR SHARMA 14 July 2021 at 09:26

As Per notification no. 21/2012 dated 13.06.2012 no deduction of tax shall be made on certain payments by a person for the acquisition of software from another person.

Some Gold Glitters More - Sovereign Gold Bonds and its Taxation Decoded

CA Nitesh Buddhadev 14 July 2021 at 09:23

India’s Gold Reserve is the ninth highest in the world. Gold has always been an attractive investment for centuries. The Government of India issues Sovereign Gold Bonds through RBI.

Allowable Deductions While Computing Business Or Professional Income

Ritik Chopra 13 July 2021 at 09:06

There are various types of expenses varying from business to business and according to the nature of the unit. The admissibility of an item of expenditure is governed by certain general principles.

TCS On sale of Goods - New Income Tax Compliance w.e.f 1st October 2020

Ishita Ramani 13 July 2021 at 09:06

Every seller who has received any amount as sale consideration above Rs. 50 lakhs (limit to calculate from 1st April 2020) has to collect 0.075% of bill amount from such buyer, collect PAN and pay TCS every month.

All You Need to Know About Section 194P of the Income Tax Act, 1961

CA Rajesh Pilleda 12 July 2021 at 09:08

Section 194P of the Income Tax Act, 1961 is inserted vide Finance Act, 2021. Provisions of section 194P provide conditional relaxation to a specified senior citizen from filing an Income Tax Return.

Whether provisions of Section 194Q will be applicable on transfer of unlisted shares

FCS Deepak Pratap Singh 10 July 2021 at 09:26

Section 194Q provides that a purchaser of goods/services shall deduct TDS @0.1% from the amount paid to a seller if the total purchases during the year exceed Rs. 50 lakhs and the turnover in the immediately preceding PY exceeds Rs. 10 crores.