Section 115BAD provides the benefit of a lower tax rate to Resident Cooperative Societies. It allows them to pay tax at 22% and is applicable for any PY relevant to the AY beginning on or after 01.04.2021.
As per Section 139(1) of the Income Tax Act, 1961, it is compulsory for companies and firms to file a return of income for every previous year on or before the due date in the prescribed form.
Where tax is required to be deducted on any sum or income or amount paid under Chapter VIIB, TDS shall be deducted at higher of (i) at twice the rate in relevant provisions (ii) at twice the rate in force (iii) at 5%.
01 May 2021
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This article brings out the practical difficulties as well as a probable solution to the difficulties faced by Small and Medium Enterprise while implementing section 206C(1H) and 194Q.
Section 54G provides for an exemption from capital gain arising on transfer of a capital asset, being plant or machinery or land or building or any rights in building or land used for the purpose of business in an industrial undertaking situated in an urban area.
Section 54GA provides for an exemption from capital gain arising on the transfer of a capital asset used for the purpose of business in an industrial undertaking situated in an urban area to an industrial undertaking situated in any SEZ.
Presentation of e-filing is a big relief for taxpayers. In this article, we discuss some significant advantages that taxpayers enjoy by filing their returns online.
If a taxpayer files TDS details in ITR only with Form 26AS details before 31st May, then there is a chance of mistakes. Thus, it is important to wait for Form 16 or Form 16A certificates.
Here, we have prepared a Compliance Calendar in three parts, Compliance Calendar for GST Returns, Income Tax/PF/ESI Returns and LLP Annual Filing compliances lying in the month of May 2021.
The government though has offered lowered tax rates on one hand but has also taken away certain deductions and allowances on the other hand. So taxpayers will have to choose accordingly.
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