Income Tax Articles

Understanding Forex Transactions with Associated Risks

Manish Gupta 09 June 2021 at 09:32

Forex Transactions indicate the sale and purchase of foreign currencies. It is an agreement of exchanging currency of one country for the currency of the other at an agreed exchange rate on a pre-determined date.

Section 206AB: Higher rate of TDS for non filers of ITR - Template of Mail & Declaration

Ramesh Agrawal (LL.B , CA) 09 June 2021 at 09:31

GoI has recently made an amendment in the Finance Act 2021 by inserting a new Section 206AB which prescribes a higher rate of TDS for those Vendors/ Suppliers who have not filed their ITR for the last 2 years.

New "Taxpayer Friendly" Income Tax E-filing Portal 2.0

CA Umesh Sharma 09 June 2021 at 09:31

The new e-filing portal is aimed to give ease, a modern and smooth interface to taxpayers. It is another initiative for providing ease of compliance to taxpayers and other stakeholders.

Section 10(5): Leave Travel Concession/Assistance

Ritik Chopra 07 June 2021 at 09:20

Employees are encouraged to travel anywhere in India along with their families and to help the employee the travel expenses are given by the employer which is exempt u/s 10(5).

TDS/TCS at higher rates in case of non-filers of ITR: Section-206AB & 206CCA

Vikas Rai 07 June 2021 at 09:20

With effect from July 1, 2021, a person will have to pay TDS/TCS at a higher TDS/TCS rate if he/she has not filed Income Tax Returns for the last two years and has aggregate TDS/TCS credit of Rs. 50,000 or more in each of the two years.

Section 194Q vs Section 206C (1H) of The Income Tax Act, 1961

Ashok Pitroda 07 June 2021 at 09:20

Section 206C(1H)/194Q states that sellers/buyers must collect TCS/TDS for the sale of any goods of the value or aggregate of such value exceeding INR 50 lakhs in any PY from the buyer/seller.

Section 194Q | An analysis

CA Deepak Kumar 07 June 2021 at 09:20

Any buyer who is responsible for paying any sum to any resident seller for the purchase of any goods of the value or aggregate of such value exceeding Rs. 50 lakh in any PY, is required to deduct TDS u/s 194Q w.e.f July 1, 2021.

Income tax on Salary under New income tax Section 115BAC and Old Scheme of taxation

Madhur Gandhi 07 June 2021 at 09:19

Budget 2020 introduced a new scheme of taxation u/s 115BAC for individuals and HUF, which they can choose from FY 2020-21. Let us compare the Income Tax on Salary under the New Scheme and the Old Scheme.

Key Changes in the Provisions of Income Tax Act, 1961 effective from 1st April 2021 and onwards

Manish Gupta 05 June 2021 at 09:35

Numerous amendments have been made in the provisions of the Income Tax Act, 1961 with the enactment of Finance Act, 2021. Let's walk through some of those crucial changes.

How to Calculate House Rent Allowance under the Income Tax Act?

Ritik Chopra 04 June 2021 at 08:57

Sometimes the employer does not provide rent-free accommodation but instead helps the employee in paying rent by providing an allowance. The amount of cash paid is known as House Rent Allowance.