Income Tax Articles

TDS Rate Chart applicable for FY 2021-22

Posted by CA.R.S.KALRA 20 July 2021 37125 Views

Discussing the rate of TDS for FY 2021-22 and AY 2022-23. The TDS rate chart has been updated with all the latest amendments as per the Finance Act 2021.

Issues of Re-Assessment Proceedings u/s 148 of Income Tax Act

Posted by CA Umesh Sharma 20 July 2021 2326 Views

The validity of notices issued after 31.3.2021 has been challenged as these were issued under the old provisions, even though the provisions of section 148 were substituted by the Finance Act, 2021 w.e.f. 01-04-2021.

Rule 8AC of Income Tax Rules

Posted by Neethi V. Kannanth 20 July 2021 9319 Views

Rule 8AC deals with the computation of short term capital gains and written down value under section 50 of the Income Tax Act, 1961, where depreciation on Goodwill has been obtained.

Revalidation of Registration u/s 12A and 80G

Posted by Neethi V. Kannanth 17 July 2021 13008 Views

There are certain tax exemptions and benefits available to Charitable Institutions in India. These exemptions and benefits are dealt in sections 12A/12AA and 80G of the Income Tax Act,1961.

Section 194C | TDS on Payment to Contractor

Posted by CA.R.S.KALRA 15 July 2021 19694 Views

Discussing all about Section 194C of the Income Tax Act, which deals with TDS on Payment to Contractor including its meaning, eligibility, TDS Rate, Non-Applicability and Important Case Laws.

How to Calculate the Taxable Income on Salary?

Posted by M Venkat 15 July 2021 11873 Views

Discussing Section 15 and 17(1) of the Income Tax Act which lays down provisions for calculation of taxable income on salary in the new and old tax regime.

Practical Examples on CBDT Circular on TDS on Purchase of Goods u/s 194Q

Posted by Mayank Mohanka 14 July 2021 18477 Views

Explaining all the significant clarifications/guidelines issued by CBDT regarding the implementation of the provisions of section 194Q w.e.f. 1.7.2021 with practical illustrations.

All You Need to Know About Section 194P of the Income Tax Act, 1961

Posted by CA Rajesh Pilleda 14 July 2021 12419 Views

Section 194P of the Income Tax Act, 1961 is inserted vide Finance Act, 2021. Provisions of section 194P provide conditional relaxation to a specified senior citizen from filing an Income Tax Return.

TCS On sale of Goods - New Income Tax Compliance w.e.f 1st October 2020

Posted by Ishita Ramani 14 July 2021 2635 Views

Every seller who has received any amount as sale consideration above Rs. 50 lakhs (limit to calculate from 1st April 2020) has to collect 0.075% of bill amount from such buyer, collect PAN and pay TCS every month.

Allowable Deductions While Computing Business Or Professional Income

Posted by Ritik Chopra 14 July 2021 48722 Views

There are various types of expenses varying from business to business and according to the nature of the unit. The admissibility of an item of expenditure is governed by certain general principles.