Income Tax Articles

TDS and TCS on purchase and sale of goods

Posted by CA. Arpan Jain 18 June 2021 12938 Views

TDS u/s 194Q, which was introduced via Finance 2021 has a stark similarity to Section 206C (1H) which was introduced in Finance Act 2020. Let us understand the difference between the two.

MSME Relaxation: Extension of Validity of UAMs till 31st Dec 2021

Posted by CS Lalit Rajput 18 June 2021 2630 Views

This will help EM Part-II and UAMs certificate holders to avail benefits of the provisions under various existing schemes and incentives including Priority Sector Lending benefits of MSME.

An Analysis of TDS u/s 194Q

Posted by CA Sudhir Halakhandi 17 June 2021 18353 Views

TDS at the rate of 0.1% is to be deducted on the amount exceeding Rs. 50 lakhs in any one FY from one seller from whom the buyer has purchased goods worth more than Rs. 50 lakhs.

What is Cost Inflation Index?

Posted by Neethi V. Kannanth 17 June 2021 2493 Views

Cost Inflation Index means an index, having regard to seventy-five percent of average rise in the Consumer Price Index (urban) for the immediately preceding PY to such PY.

Comparative Analysis of Section 194Q & Section 206C(1H)

Posted by CA Harshal Jain 16 June 2021 13502 Views

Section 194Q is similar to Section 206C(1H) which was introduced by Finance Act 2020, requiring seller to collect tax at source on transactions between a buyer and a seller.

Major Changes in new Income Tax Returns for AY 2021-22

Posted by CA Sapna Ghelani 16 June 2021 18011 Views

CBDT has notified the Income Tax Returns for AY 2021-22 on 31st March 2021. Let us understand the Major Changes in these Returns and the impact of COVID-19 on the overall changes made by CBDT.

Income Tax E-filing 2.0 New Portal - A bunch of problems & Few solutions

Posted by Soumya Laha 16 June 2021 14525 Views

The Income Tax Department has totally disappointed us after launching the new E-filing 2.0 website. Some issues and observations regarding the New Portal have been highlighted in this article.

Taxability on Rent Free Accommodation

Posted by Ritik Chopra 15 June 2021 18034 Views

Discussing all about Rent Free Accommodation including its meaning, meaning of salary for this purpose, Hotel Accommodation, exempt cases and calculation for furnished and unfurnished accommodation.

Section 206AB of the Income Tax Act, 1961

Posted by Divyam Agarwal 14 June 2021 17137 Views

Discussing the provisions of section 206AB, exemption available under the section, rate of TDS, applicability of the section with section 206AA, meaning of the term 'specified person' and effective date of the section.