Income Tax Articles

Cases when Rental Income from Building is not treated as House Property Income

Ritik Chopra 03 July 2021 at 14:30

There are many instances where rental income from a building is not treated as house property income. Four of such instances have been discussed in this article.

Analysis of Section 194Q - TDS on purchase of Goods

CA Robin Garg 03 July 2021 at 08:48

Finance act, 2021 has introduced a new section 194Q w.e.f. 01.07.2021 which requires a specified buyer to deduct TDS w.r.t. purchase of goods from a resident seller.

House Property Income

Ritik Chopra 02 July 2021 at 12:06

One of the common sources of income is rental income from house. The income from houses, buildings, godowns etc. is to be computed and assessed to tax under the head "Income from house property".

CBDT issues guidelines under Section 194Q of the Income Tax Act, 1961

CS Tanveer Singh Saluja 02 July 2021 at 09:09

The CBDT on 30th June, 2021, has issued a set of guidelines in regards to the application of Section 194Q w.e.f. 1st July, 2021 vide Circular No. 12/2021.

New Regime of Income Tax Search and Seizure Assessments - Glaring Implications

CA.Mohit Gupta 02 July 2021 at 09:07

Highlighting the significant changes brought in by the virtue of the Finance Act 2021 in context to the Income Tax assessments to be made in pursuance to an Income Tax Search and Seizure Action conducted u/s 132.

Section 194Q of the Income Tax Act, 1961

CA Vibhor Kalamkar 30 June 2021 at 10:19

The section provides a threshold limit of Rs. 50 Lakh for a particular FY. This means tax is required to be deducted when the purchase of goods by a buyer from a seller exceeds Rs. 50 Lakh during any FY.

10 Reasons Why You Should File an ITR

Sujal Chheda Kapadia 29 June 2021 at 09:36

CBDT has been conducting various to make citizens realise the importance of filing Income Tax Returns. In this article, the author lists 10 reasons why you should file an ITR and how it can benefit you.

Section 194Q of the Income tax Act 1961

Divyam Agarwal 28 June 2021 at 18:50

The Finance Act, 2021 has introduced a new section called Section 194Q of the Income Tax Act 1961, which mandates the specified buyer to deduct TDS on the purchase of goods from the resident seller.

Understanding New TDS Provisions on Purchase of Goods u/s 194Q with Practical Examples

Mayank Mohanka 28 June 2021 at 09:25

In this Taxalogue, the new provisions of TDS on purchase of goods, contained in section 194Q, applicable w.e.f. 1.7.2021, is being explained with the help of some easy to understand practical illustrations.

Income Tax (CBDT) Due Date Extended beyond June, 2021

CS Lalit Rajput 26 June 2021 at 09:58

Government grants further extension in timelines of 18 compliances. Also announces tax exemption for expenditure on COVID-19 treatment and ex-gratia received on death due to COVID-19.