Income Tax Articles

Tax Compliance and Statutory due dates for the month of July, 2021

Posted by Ishita Ramani 21 July 2021 5216 Views

Discussing the Compliance Calendar for July 2021 in two parts i.e. Important Statutory due dates for the GST Returns and Important due dates for the Income Tax Compliance / PF / ESI Returns.

TCS Rate Chart for FY 2021-22

Posted by CA.R.S.KALRA 21 July 2021 260257 Views

Tax Collected at Source is the tax payable by a seller which he collects from the buyer at the time of sale. In this article, we will discuss the TCS Rates applicable for FY 2021-22.

Exceptions to Restriction on Cash Payments under Section 40A(3) of the Income Tax Act, 1961

Posted by Ritik Chopra 21 July 2021 11300 Views

Rule 6DD provides certain cases under which no disallowance u/s 40A(3) shall be made where any payment of sum exceeding 10,000 or 35,000 is made otherwise than by a crossed cheque or a crossed bank draft.

Tax Deducted at Source: Provisions for TDS on Purchase of Goods

Posted by Ishita Ramani 21 July 2021 8006 Views

From 1st July 2021, apart from the current scope of TDS deduction applicable on the notified nature of payment of expenses, businesses are required to deduct TDS on the purchase of goods as well.

Section 194P: TDS in case of specified senior citizen - Relaxation from filing ITR

Posted by CS Tanveer Singh Saluja 21 July 2021 9361 Views

Section 194P of the Income Tax Act was introduced in Union Budget 2021 to provide conditional relief to senior citizens above the age of 75 years from filing an ITR.

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 19695 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.