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Income Tax Articles

From 01.07.2020, if cash payment by banks exceed rupees 20 lakhs and the recipient has not submitted his ITR for all three AY as per section 139(1), the bank will deduct TDS @ 2%.

Posted in Income Tax  4 comments |   1044 Views

In this article, we understand Section 194-IB of the IT Act including the basics, together with its compliance requirements, correction on the TRACES Portal, and steps to obtain a TDS Certificate.

Posted in Income Tax  1 comments |   244 Views

Cash to the economy is like what blood is to the human body. The government can introduce various ways to restrict its usage, but it cannot pull it out of the system.

Posted in Income Tax |   272 Views

Sec 194-O: TDS by e-Commerce operator

  CA S K MISHRA    25 November 2020 at 14:43

U/s 194-O w.e.f from 1st Oct 2020, an e-Commerce operator is required to deduct TDS for facilitating any sale of goods or providing services through an e-Commerce participant,

Posted in Income Tax  7 comments |   2903 Views

In this article, we discuss the extrapolation technique in the Income Tax Search and Seizure Assessments and how there is no universal application regarding it...

Posted in Income Tax |   268 Views

Finance Act, 2020 has made changes with respect to the provisions related to Trusts and NGOs claiming exemption u/s 11 or u/s 12 of the Income Tax Act, 1961. Let us understand those changes.

Posted in Income Tax |   706 Views

Form 16 Vs. Form 16A Vs. Form 16B

  Shweta    24 November 2020 at 10:06

Under the Income Tax Act, Form 16, 16A, and 16B refer to TDS certificates issued by the deductor to the deductee, which certify that tax has been deducted.

Posted in Income Tax |   3574 Views

When taxpayers are involved in making payments to Non-Residents, they shall comply with the provisions of income tax which requires the taxpayers to file Form 15CA and 15CB as applicable.

Posted in Income Tax |   2149 Views

In the following article, we explain all the steps required to calculate tax returns and the basics of income tax, from a beginner's perspective.

Posted in Income Tax  5 comments |   1863 Views

One can now buy a house at a rate of 20% lower than the circle rate. This new norm is for residential units up to Rs. 2 Cr. and will be effective till 30th June 2021.

Posted in Income Tax  1 comments |   1208 Views

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