Articles by CA.R.S.KALRA

Reporting High Value Cash Transactions

CA.R.S.KALRA 06 June 2022 at 08:32

If a person who is required to furnish a statement of financial transaction or reportable account under section 285BA fails to furnish such statement within the time prescribed, the prescribed income-tax authority may direct that such person shall pay, by way of penalty

Maintenance of Books of Accounts

CA.R.S.KALRA 10 November 2021 at 10:07

Section 44AA(1) prescribes compulsory maintenance of such books of accounts and other documents which will enable the AO to compute the total income in accordance with the provisions of the Income Tax Act.

Section 206AB and 206CCA - Special Provision for Deduction/Collection of TDS/TCS for non-filers of ITR

CA.R.S.KALRA 09 November 2021 at 16:10

The new sections 206AB and 206CCA are inserted via Finance Act, 2021 which provides for a higher rate of TDS/TCS to be applied if the transactions are done with the non-filers of the Income Tax Return.

Section 194Q - Tax Deduction on the Purchase of Goods

CA.R.S.KALRA 08 November 2021 at 15:42

Deduction of tax at source on payment of certain sum for purchase of goods

Section 194P - Tax Deduction in case of a Specified Senior Citizen

CA.R.S.KALRA 07 November 2021 at 10:07

If a resident senior citizen is earning exempt income, like, interest on PPF, agriculture income, the share of profit from the partnership firm, etc. he should not be treated as ineligible for this provision.

Penalty for failure to get accounts Audited Section 271B

CA.R.S.KALRA 07 November 2021 at 10:07

If any person fails to get his accounts audited in respect of any previous year or years relevant to an assessment year or furnish a report of such audit as required under section 44AB, the Assessing Officer may direct that such person shall pay, by way of penalty