Section 194P - Conditional Relaxation for a senior citizen who is the age of 75 years or more from filing return of Income Tax under Union Finance Bill 2021/Budget 2021.
Discussing Section 194K of the Income Tax Act, which deals with the TDS on Income in Respect of Units of Mutual Fund, including its meaning, liability to deduct TDS, threshold limit, rate of TDS, and Non-Applicability etc.
Discussing Section 194J of the Income Tax Act, which deals with the TDS on Professional or Technical Fees, including its meaning, threshold limit, rate of TDS, etc.
Analysis of Section 194Q of the Income Tax Act, which will deal with the TDS on purchase of goods w.e.f 1st July 2021. This section has been inserted in the Finance Bill 2021.
TDS is only required to be deducted by those buyers whose total sales, gross receipts or turnover from the business carried on by him exceed 10 crore rupees during the Preceding FY.
In the Finance bill 2021, there are two proposed amendments in respect of the transfer of Immovable property below the Stamp Duty Valuation (SDV) that will impact directly to the real estate sector.
Discussing the Incentives to Encourage Cashless Business Transactions as per the Income Tax Act w.r.t the Presumptive Rate of Income together with a combined study of Section 44AB with 44AD.
The Finance Bill, 2021 has introduced section 194Q – TDS on purchase of goods which is having a resemblance to section 206C(1H)- TCS on Sale of Goods brought in by Finance Bill, 2020.
The Finance bill 2021, proposes to insert two new sections i.e. Sec.206AB and Sec.206CCA to enable deduction and collection of TDS and TCS at higher rates for those who have not filed their income tax returns.
Discussing Sections 145, 145A and 145B of the Income Tax Act 1961, including the applicability of Income Computation and Disclosure Standards (ICDS) .