Income Tax Articles

Whether provisions of Section 194Q will be applicable on transfer of unlisted shares

FCS Deepak Pratap Singh 10 July 2021 at 09:26

Section 194Q provides that a purchaser of goods/services shall deduct TDS @0.1% from the amount paid to a seller if the total purchases during the year exceed Rs. 50 lakhs and the turnover in the immediately preceding PY exceeds Rs. 10 crores.

Tax Compliance and Statutory due dates for the month of July, 2021

Ishita Ramani 08 July 2021 at 09:37

Discussing the Compliance Calendar for July 2021 in two parts i.e. Important Statutory due dates for the GST Returns and Important due dates for the Income Tax Compliance / PF / ESI Returns.

Section 24: Deductions Allowed While Calculating House Property Income

Ritik Chopra 07 July 2021 at 19:16

While calculating income from house property, deductions are allowed out of Net Annual Value. Discussing deductions under Section 24 which are allowed while calculating House Property Income.

Taxation of Dividend Income - Complete Guide

CA Sufiyan Ganodwala 07 July 2021 at 09:37

Finance Act 2020 has made major amendments to the taxation of dividends. With these amendments, the general notion that dividends are exempt is no longer the same. Let us understand the taxability of dividends.

Higher TDS for Income Tax Return Defaulters w.e.f. 1st July 2021 - Decoding section 206AB

Manish Gupta 07 July 2021 at 09:36

The IT Department has introduced a new section 206AB effective from 01.07.2021 that ensures a higher deduction of TDS for the payees who have defaulted in filing their ITR for the preceding 2 years.

What do you mean by Annual Value?

Ritik Chopra 06 July 2021 at 15:00

The term annual value has been defined under Section 23(1) of the Income-tax Act, as "the sum for which the property might reasonably be expected to let from year to year".

CBDT Issues Rules for Taxing Partnerships in India

CA Sapna Ghelani 06 July 2021 at 09:23

The guidelines were issued to give transparency on the methods to be followed while determining the tax liability. These changes are applicable from Assessment Year 2021-22.

You can submit Form 15G/H even if your Gross Interest Income exceeds your Tax-Exempt Slab

Neeta chhatre 05 July 2021 at 15:45

Many banks interpret the term 'total income' concerning declaration in 15G/H, as any non-professional would and due to lack of proper understanding, reject the order in Form 15G or 15H.

Guidelines for applicability of Section 194Q

Sahil Dhingra 05 July 2021 at 14:11

Section 194Q of the IT Act, which has been effective since 1st July 2021 has created a lot of confusion among taxpayers and professionals. Let us understand the guidelines for the applicability of the section.

Exempted Incomes From House Property

Ritik Chopra 05 July 2021 at 12:02

Under section 10 of the Income-tax Act, 1961 certain incomes from house property are exempted from tax. These incomes are not to be included in the total income of the assessee.