Government grants further extension in timelines of 18 compliances. Also announces tax exemption for expenditure on COVID-19 treatment and ex-gratia received on death due to COVID-19.
Understanding Income Tax Chargeable on Income from Salary, including Tax Saving Methods that salaried individuals can adopt to lower their taxable income.
Section 194Q is for TDS applicable from 01.07.2021 and Section 206C(1H) is for TCS applicable since 01.10.2020. Let us understand which section will be applicable in practical scenarios.
CBDT has issued a circular regarding the use of functionality under Section 206AB and 206CCA of the Income-tax Act, 1961. Let us decode whether the same is in line with legal provisions or not.
Whenever a property is purchased, the buyer is liable to deduct tax from the sale consideration and pay the balance to the seller. The tax amount to be deducted depends on the residential status of the seller.
The Finance Bill 2021 has introduced Section 194Q, Section 206AB and Section 194 P of the Income Tax Act which will be effective from 1st July 2021 onwards. Let us discuss them.
22 June 2021 at 09:39
Section 194Q - A purchaser will be liable to deduct TDS if his turnover during the last year exceeds Rs.10 crores and he purchases goods of value exceeding Rs.50 lacs in the current year from a seller.
Advance tax can also be called ‘pay-as-you-earn scheme. This helps taxpayers in helping the government and also themselves by not finding it hard to pay the whole tax at one go at the end.
The structure of the development agreement and consideration involves two flows of consideration. Stamp duty valuation is done for the maximum available potential FSI transferred by a landowner to a developer.
Discussing Section 194Q of the Income Tax Act which deals with TDS on purchase of goods and Section 206AB of the Income Tax Act which is a special provision for the deduction of TDS for Non filers of ITR.
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