Income Tax Articles

Sec 194P | Relaxation for Senior Citizen for ITR

rajat jain 11 February 2021 at 10:48

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.

Section 194K | TDS on Income in Respect of Units of Mutual Fund

CA.R.S.KALRA 11 February 2021 at 09:43

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.

Section 194J | TDS on Professional or Technical Fees

CA.R.S.KALRA 09 February 2021 at 09:46

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.

Section 194Q

kowsalya 06 February 2021 at 13:33

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.

Section 194Q and 206C(1H)

CA Niyati Soni 06 February 2021 at 11:19

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.

Union Budget 2021 | Amendments impacting Real Estate sector

CMA Ramesh Krishnan 06 February 2021 at 09:48

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.

Incentives to Encourage Cashless Business Transactions

CA.R.S.KALRA 06 February 2021 at 09:48

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.

194Q Vs. 206C(1H) of the Income Tax act, 1961

CA Preksha Choraria 05 February 2021 at 14:40

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.

Not filed Income Tax Returns? Get ready for higher rate of TDS/TCS deduction

CMA Ramesh Krishnan 05 February 2021 at 09:55

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.

Sections 145, 145A and 145B of Income Tax Act, 1961

CA Sapna Ghelani 04 February 2021 at 10:40

Discussing Sections 145, 145A and 145B of the Income Tax Act 1961, including the applicability of Income Computation and Disclosure Standards (ICDS) .