Forex Transactions indicate the sale and purchase of foreign currencies. It is an agreement of exchanging currency of one country for the currency of the other at an agreed exchange rate on a pre-determined date.
GoI has recently made an amendment in the Finance Act 2021 by inserting a new Section 206AB which prescribes a higher rate of TDS for those Vendors/ Suppliers who have not filed their ITR for the last 2 years.
The new e-filing portal is aimed to give ease, a modern and smooth interface to taxpayers. It is another initiative for providing ease of compliance to taxpayers and other stakeholders.
Employees are encouraged to travel anywhere in India along with their families and to help the employee the travel expenses are given by the employer which is exempt u/s 10(5).
With effect from July 1, 2021, a person will have to pay TDS/TCS at a higher TDS/TCS rate if he/she has not filed Income Tax Returns for the last two years and has aggregate TDS/TCS credit of Rs. 50,000 or more in each of the two years.
Section 206C(1H)/194Q states that sellers/buyers must collect TCS/TDS for the sale of any goods of the value or aggregate of such value exceeding INR 50 lakhs in any PY from the buyer/seller.
Any buyer who is responsible for paying any sum to any resident seller for the purchase of any goods of the value or aggregate of such value exceeding Rs. 50 lakh in any PY, is required to deduct TDS u/s 194Q w.e.f July 1, 2021.
Budget 2020 introduced a new scheme of taxation u/s 115BAC for individuals and HUF, which they can choose from FY 2020-21. Let us compare the Income Tax on Salary under the New Scheme and the Old Scheme.
Numerous amendments have been made in the provisions of the Income Tax Act, 1961 with the enactment of Finance Act, 2021. Let's walk through some of those crucial changes.
Sometimes the employer does not provide rent-free accommodation but instead helps the employee in paying rent by providing an allowance. The amount of cash paid is known as House Rent Allowance.
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