Discussing the things to be added or deducted from the Net Profit as per books under the head Profits and Gains of Business or Profession.
There are many instances where rental income from a building is not treated as house property income. Four of such instances have been discussed in this article.
Finance act, 2021 has introduced a new section 194Q w.e.f. 01.07.2021 which requires a specified buyer to deduct TDS w.r.t. purchase of goods from a resident seller.
One of the common sources of income is rental income from house. The income from houses, buildings, godowns etc. is to be computed and assessed to tax under the head "Income from house property".
The CBDT on 30th June, 2021, has issued a set of guidelines in regards to the application of Section 194Q w.e.f. 1st July, 2021 vide Circular No. 12/2021.
Highlighting the significant changes brought in by the virtue of the Finance Act 2021 in context to the Income Tax assessments to be made in pursuance to an Income Tax Search and Seizure Action conducted u/s 132.
The section provides a threshold limit of Rs. 50 Lakh for a particular FY. This means tax is required to be deducted when the purchase of goods by a buyer from a seller exceeds Rs. 50 Lakh during any FY.
CBDT has been conducting various to make citizens realise the importance of filing Income Tax Returns. In this article, the author lists 10 reasons why you should file an ITR and how it can benefit you.
The Finance Act, 2021 has introduced a new section called Section 194Q of the Income Tax Act 1961, which mandates the specified buyer to deduct TDS on the purchase of goods from the resident seller.
In this Taxalogue, the new provisions of TDS on purchase of goods, contained in section 194Q, applicable w.e.f. 1.7.2021, is being explained with the help of some easy to understand practical illustrations.
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)
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