Income Tax Articles

Section 194IB - The most important yet unnoticed section of Income Tax Act 1961

CA Anurag Sharma 25 March 2021 at 09:49

Section 194IB of the Income Tax Act relates to TDS. Many people are not aware of this section as they confuse it with section 194I, so let's talk about some of the pertinent points relating to it.

Key Tax Law Changes 2021 - Top 10 Key Aspects

CS Lalit Rajput 24 March 2021 at 18:04

FY 2020-21 has been a roller coaster for finance and tax professionals. In this article, we discuss the top 10 important tax law changes that have been made throughout the year.

Finance and Tax Checklist to be ticked before 31st March 2021

CA Sapna Ghelani 24 March 2021 at 12:49

31st March 2021 is just around the corner. Thus, in this article, we are discussing ten major things that you must tick off your checklist before year end.

Top 4 strategic yet simple things business/startups urgently need to follow before March 2021 closing!

Kunal R. Sarpal 24 March 2021 at 09:54

The year end milestone is a super important one and needs to be handled smartly. It is important to align the vision of the client with their books of accounts. Discussing 4 tips that will help you achieve the same.

Section 206CC | Mandatory Requirement of Furnishing PAN

CA.R.S.KALRA 24 March 2021 at 09:54

Section 206CC provides that any person whose payments are subject to TCS shall mandatorily furnish his PAN to the collector, failing which, the collector shall collect TCS at the prescribed rate.

Important Income Tax Sections applicable to Milk Co-Operative Societies

Raghavendra Prasad M 24 March 2021 at 09:53

Discussing six important Income Tax provisions and sections that are applicable to Milk Co-Operative Societies.

Income Tax Deductions FY 2020-21 / AY 2021-22

Soumya Laha 23 March 2021 at 09:44

Discussing Income Tax Deductions u/s 80C, 80CCC, 80CCD(1), 80CCD(1b), 80D, 80E, 80EE, 80EEB, 80G, 80GG, 80GGC, 80TTA, 80TTB, 24(b), and 87A that are applicable for FY 2020-21.

Section 206C | Tax Collection at Source

CA.R.S.KALRA 23 March 2021 at 09:44

TCS is the tax payable by a seller which he collects from the buyer at the time of sale. Section 206C of the act governs the goods on which the seller has to collect tax from the purchasers.

Section 36(1)(va) with Section 43B of the Income Tax Act

Anmol 22 March 2021 at 09:39

It is proposed to add another Explanation to section 36(1)(va) clarifying that provision of section 43B does not apply and deemed to never have been applied for the purpose of determining the 'due date”.

FAQ on Section 194Q TDS on purchase of goods

PRIYANKA GUPTA 19 March 2021 at 18:02

Discussing the FAQs about the requirement to deduct TDS on purchase of goods with effect from 01-07-2021 with a distinction between the new Section 194Q and Section 206C(1H).