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%.
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.
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.
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,
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...
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.
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.
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.
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.
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.