07 April 2021 at 14:35
Only minimum changes that are required due to amendment in the Income Tax Act have been incorporated in the ITR forms. Some of these changes have been listed in this article.
Section 54EC of the Income Tax Act,1961, provides for exemption from Capital Gains arising on transfer of a long term capital asset, being a land or building or both.
The controversy surrounding the taxation of payments for computer software in international transactions has been a subject matter of extensive litigation for over two decades in India.
The Central Board of Direct Taxes (CBDT) has introduced a new utility named JSON Utility for ITR - 1 and ITR - 4 for Assessment Year 2021-22 and have discontinued the Excel and Java Version of these ITR Utilities.
Entire income shall be offered as income for taxation in the year of actual receipt u/s 145 and section 198 shall be treated as a section inserting deeming fiction to avoid ambiguity in the law.
Deduction u/s 80IC of the Income Tax Act has been provided by the government to set up industries in specified backward states and to provide a push to the economy.
The updated rates for Tax Deducted at Source and Tax Collected at Source which will be applicable from 1st April 2021 have been listed in this article.
The NRI has to fill up and submit Form 15CA (Online Application Form) and Form 15CB (Chartered Accountant Certificate) to the bank branch to transfer money from India to a foreign country.
Discussing Deduction in respect of maintenance including medical treatment of dependent that is a person with disability [Section 80DD] and Deduction in respect of medical treatment, etc. (Section 80DDB).
The income Tax department sends communications specifying High Value Information and seeks further information however communications seem to be partially faulty.
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)
CAclubindia
