Income Tax Articles

Income Tax Updates: Extension of timelines dated 29th August 2021

CS Tanveer Singh Saluja 30 August 2021 at 09:31

CBDT has announced an extension in the electronic filing of various forms under the Income Tax Act on 29th August 2021. Same has been discussed in a tabular format in this article.

Section 194Q and 206C(1H) - Lets resolve the confusion

Shivani Dundlodia 26 August 2021 at 09:50

Primarily both the sections seem similar. However, whenever Section 194Q becomes applicable, Section 206C(1H) will not be applicable. Section 194Q is a priority section over Section 206C(1H).

Common Mistakes while Filing an ITR

Neethi V. Kannanth 26 August 2021 at 09:39

Owing to various complexities, people tend to make many mistakes while filing their Income Tax Return which can be easily avoided if proceeded with more caution.

Section 44AD: Computation of Income on presumptive Basis

Ritik Chopra 26 August 2021 at 09:39

Under Section 44AD, small taxpayers with less than 2 crores of turnover are not required to maintain books of accounts and their profits are presumed to be 8% of their turnover.

Special benefits on contribution by corporates under NPS

CA. Heet Shah 26 August 2021 at 09:38

National Pension Scheme is a scheme introduced to cultivate a habit to save money for pension. It is available to any person between the age group of 18-65 years.

TDS on purchase of Goods - 194Q

Shivani Dundlodia 25 August 2021 at 09:26

Under Section 194Q the buyer deducts an amount equal to 0.1% of such sum exceeding Rs 50 lakhs in case the supplier of goods provides the buyer with its valid PAN details.

Section 234D - Levy of Interest when Excess Refund is Returned to the Government

Neethi V. Kannanth 24 August 2021 at 12:31

The taxpayer is liable to pay simple interest @0.5% on the amount so refunded for every month or part of a month comprised in the period from the date of grant of refund to the date of regular assessment.

How to Calculate Relief u/s 89(1) of the Income Tax Act?

CA Deepanshu Sharma 24 August 2021 at 09:20

Under Section 89(1), relief is provided by the income tax department in relation to the amount received in advance or in arrears in the form of salary which is related to any other FY.

Points To Be Checked Before Filing Your ITR FY 2020-21

FCS Deepak Pratap Singh 21 August 2021 at 09:55

Discussing 7 important points that must be checked before filing your ITR for FY 2020-21. These include linking your PAN with Aadhaar, Bank Account with PAN, Downloading Form 26AS etc.

Section 194D: TDS On Payment Of Commission By Insurance Companies

FCS Deepak Pratap Singh 21 August 2021 at 09:55

TDS must be deducted by the entity who makes the payment to the resident person, as remuneration/rewards, by the way of commission or for soliciting insurance business or for renewal of insurance policies.