Any buyer who is responsible for paying any sum to any resident seller for the purchase of any goods of the value or aggregate of such value exceeding Rs. 50 lakh in any PY, is required to deduct TDS u/s 194Q w.e.f July 1, 2021.
Budget 2020 introduced a new scheme of taxation u/s 115BAC for individuals and HUF, which they can choose from FY 2020-21. Let us compare the Income Tax on Salary under the New Scheme and the Old Scheme.
Numerous amendments have been made in the provisions of the Income Tax Act, 1961 with the enactment of Finance Act, 2021. Let's walk through some of those crucial changes.
Sometimes the employer does not provide rent-free accommodation but instead helps the employee in paying rent by providing an allowance. The amount of cash paid is known as House Rent Allowance.
As per Section 194Q, a buyer is supposed to deduct 0.1% TDS on the purchase of goods from a resident seller, the value of which exceeds Rs. 50 lakhs in any PY.
Income from capital gains is classified as 'Short Term Capital Gains' and 'Long Term Capital Gains'. Let us understand the 'Grandfathering Concept' in relation to the Long Term Capital Gains.
Forex Transactions refer to transferring funds from one country to another. Let us understand the tax implications, mechanism for paying the tax and Liberalized Remittance Scheme in this regard.
Slump sale means the transfer of one or more undertaking, by any means, for a lump sum consideration without values being assigned to the individual assets and liabilities in such sales.
Section 206AB and 206CCA were introduced in the Finance Bill 2021. They provide for a higher deduction of TDS and TCS respectively, if certain conditions are met.
Generally, salary is considered as a fixed payment from an employer to an employee. However, the term 'salary' has a larger scope. Let us discuss the term 'salary' in this article.
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