Income Tax Articles

CBDT issues guidelines under Section 194Q of the Income Tax Act, 1961

Posted by CS Tanveer Singh Saluja 02 July 2021 4488 Views

The CBDT on 30th June, 2021, has issued a set of guidelines in regards to the application of Section 194Q w.e.f. 1st July, 2021 vide Circular No. 12/2021.

New Regime of Income Tax Search and Seizure Assessments - Glaring Implications

Posted by CA.Mohit Gupta 02 July 2021 4315 Views

Highlighting the significant changes brought in by the virtue of the Finance Act 2021 in context to the Income Tax assessments to be made in pursuance to an Income Tax Search and Seizure Action conducted u/s 132.

Section 194Q of the Income Tax Act, 1961

Posted by CA Vibhor Kalamkar 30 June 2021 12696 Views

The section provides a threshold limit of Rs. 50 Lakh for a particular FY. This means tax is required to be deducted when the purchase of goods by a buyer from a seller exceeds Rs. 50 Lakh during any FY.

10 Reasons Why You Should File an ITR

Posted by Sujal Chheda Kapadia 29 June 2021 9024 Views

CBDT has been conducting various to make citizens realise the importance of filing Income Tax Returns. In this article, the author lists 10 reasons why you should file an ITR and how it can benefit you.

Section 194Q of the Income tax Act 1961

Posted by Divyam Agarwal 28 June 2021 6490 Views

The Finance Act, 2021 has introduced a new section called Section 194Q of the Income Tax Act 1961, which mandates the specified buyer to deduct TDS on the purchase of goods from the resident seller.

Understanding New TDS Provisions on Purchase of Goods u/s 194Q with Practical Examples

Posted by Mayank Mohanka 28 June 2021 8586 Views

In this Taxalogue, the new provisions of TDS on purchase of goods, contained in section 194Q, applicable w.e.f. 1.7.2021, is being explained with the help of some easy to understand practical illustrations.

Income Tax (CBDT) Due Date Extended beyond June, 2021

Posted by CS Lalit Rajput 26 June 2021 22393 Views

Government grants further extension in timelines of 18 compliances. Also announces tax exemption for expenditure on COVID-19 treatment and ex-gratia received on death due to COVID-19.

Income Tax under the head Salary

Posted by CA. Arpan Jain 25 June 2021 11435 Views

Understanding Income Tax Chargeable on Income from Salary, including Tax Saving Methods that salaried individuals can adopt to lower their taxable income.

Which Section 194Q or 206C(1H) will be applicable?

Posted by CA Pooja Dhoot 24 June 2021 19096 Views

Section 194Q is for TDS applicable from 01.07.2021 and Section 206C(1H) is for TCS applicable since 01.10.2020. Let us understand which section will be applicable in practical scenarios.

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.