Income Tax Articles

Is Income Tax circular regarding use of functionality u/s 206AB and 206CCA consistent with legal provisions?

Posted by CA Tejas Andharia 23 June 2021 7189 Views

CBDT has issued a circular regarding the use of functionality under Section 206AB and 206CCA of the Income-tax Act, 1961. Let us decode whether the same is in line with legal provisions or not.

TDS on Immovable Property & Relevance of Lower Deduction Certificate For NRIs

Posted by Manish Gupta 23 June 2021 7529 Views

Whenever a property is purchased, the buyer is liable to deduct tax from the sale consideration and pay the balance to the seller. The tax amount to be deducted depends on the residential status of the seller.

New TDS sections inserted by Union Finance Bill 2021 and audit implications

Posted by shweta v. agrawal 22 June 2021 8288 Views

The Finance Bill 2021 has introduced Section 194Q, Section 206AB and Section 194 P of the Income Tax Act which will be effective from 1st July 2021 onwards. Let us discuss them.

TDS on Purchase of Goods in Income Tax w.e.f 1st July 2021

Posted by CA Umesh Sharma 22 June 2021 4158 Views

Section 194Q - A purchaser will be liable to deduct TDS if his turnover during the last year exceeds Rs.10 crores and he purchases goods of value exceeding Rs.50 lacs in the current year from a seller.

All About Advance Income Tax

Posted by CCI Team 21 June 2021 5620 Views

Advance tax can also be called ‘pay-as-you-earn scheme. This helps taxpayers in helping the government and also themselves by not finding it hard to pay the whole tax at one go at the end.

Taxation of development agreement in parity with stamp duty valuations

Posted by CA Nitesh Mukadam 21 June 2021 2352 Views

The structure of the development agreement and consideration involves two flows of consideration. Stamp duty valuation is done for the maximum available potential FSI transferred by a landowner to a developer.

Applicability of New Sections w.e.f 1st July 2021

Posted by Kowsalya 21 June 2021 4211 Views

Discussing Section 194Q of the Income Tax Act which deals with TDS on purchase of goods and Section 206AB of the Income Tax Act which is a special provision for the deduction of TDS for Non filers of ITR.

Stringent Provisions under the Income Tax Act w.e.f 1st July 2021

Posted by CAJayprakash Pandey 21 June 2021 2642 Views

Discussing 3 stringent Income Tax provisions applicable w.e.f 1st July 2021 i.e. Section 194Q, Section 206AB, and Section 206CCA of the Income Tax Act.

Decoding Section 194Q of the Income Tax Act, 1961 in 35 FAQs

Posted by Ajay 21 June 2021 2957 Views

Section 194Q, which will be effective from 1st July 2021 states that TDS is to be deducted at 0.1% if the aggregate amount of purchases by buyer exceed Rs 50 lakh.

Representation to FM on Remedial Measures for Glitches in New E-Filing Portal

Posted by Mayank Mohanka 19 June 2021 9216 Views

In this representation, the author has made an honest and sincere attempt to practically demonstrate the technical glitches and currently non-functioning functionalities of the new e-Filing portal.