08 July 2021 at 09:37
Discussing the Compliance Calendar for July 2021 in two parts i.e. Important Statutory due dates for the GST Returns and Important due dates for the Income Tax Compliance / PF / ESI Returns.
While calculating income from house property, deductions are allowed out of Net Annual Value. Discussing deductions under Section 24 which are allowed while calculating House Property Income.
Finance Act 2020 has made major amendments to the taxation of dividends. With these amendments, the general notion that dividends are exempt is no longer the same. Let us understand the taxability of dividends.
The IT Department has introduced a new section 206AB effective from 01.07.2021 that ensures a higher deduction of TDS for the payees who have defaulted in filing their ITR for the preceding 2 years.
The term annual value has been defined under Section 23(1) of the Income-tax Act, as "the sum for which the property might reasonably be expected to let from year to year".
The guidelines were issued to give transparency on the methods to be followed while determining the tax liability. These changes are applicable from Assessment Year 2021-22.
Many banks interpret the term 'total income' concerning declaration in 15G/H, as any non-professional would and due to lack of proper understanding, reject the order in Form 15G or 15H.
Section 194Q of the IT Act, which has been effective since 1st July 2021 has created a lot of confusion among taxpayers and professionals. Let us understand the guidelines for the applicability of the section.
Under section 10 of the Income-tax Act, 1961 certain incomes from house property are exempted from tax. These incomes are not to be included in the total income of the assessee.
Analysing the reading of Second Proviso to Section 206C(1H) and Section 194Q(5) and fetching answers after a harmonious reading of both the sections against different situations.
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)
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