The Faceless Appeal Scheme, 2020 came into effect via a notification dated 25.09.20. Know all about the scheme here.
House Rent Allowance (HRA) is the second component that is found in each payslip after the basic salary. There are numerous doubts regarding this provision. Some of the popular questions have been answered in our article.
As per section 32 of the Income Tax Act, 1961, depreciation is allowed on tangible assets and intangible assets owned, wholly or partly, by the assessee and used for the purposes of business or profession.
TCS on Goods u/s 206C (1H) is applicable w.e.f 1st Oct. 2020. Let us decode the provision.
The Finance (No. 2) Act, 2019 has inserted a new seventh provision to section 139(1) to provide for mandatory filing of return of income for undertaking certain high-value transactions even though the person is otherwise not required to file a return of income.
1. Non-applicability of Section 206AA to non-residents to whom Section 139A does not apply on account of Rule 114AAB: Section 206AA provides that any perso..
Amendment made in Section 206C (1H) of the Income Tax Act regarding the liability to collect TCS @ 0.1%, on the sale value exceeding Rs. 50 lakh for each buyer...
To prevent the practice of receiving a sum of money or the property without consideration or for inadequate consideration, section 56(2)(x) brings to tax any sum of money or the value of any property received by any person without consideration or the value of any property received for inadequate consideration.
The government has announced several measures to promote growth, investment and create new employment opportunities through the amendments in the Income-tax Act, 1961, and the Finance Act (No. 2), 2019.
Finance (No. 2) Act, 2019 has inserted a new seventh proviso to section 139(1) to provide for mandatory filing of return of income for undertaking certain high-value transactions even though the person is otherwise not required to file a return of income due to the fact that total income is below the basic exemption limit.