Income Tax Articles

Relaxation in filing of form 15CA & 15CB

CS Tanveer Singh Saluja 21 July 2021 at 08:52

CBDT has granted relaxation in the filing of forms 15CA & 15CB in view of the difficulties faced by the taxpayers in filing the said forms on the new Income Tax portal. The same can now be filed till 15th August 2021.

TCS Rate Chart for FY 2021-22

CA.R.S.KALRA 20 July 2021 at 16:21

Tax Collected at Source is the tax payable by a seller which he collects from the buyer at the time of sale. In this article, we will discuss the TCS Rates applicable for FY 2021-22.

Rule 8AC of Income Tax Rules

Neethi V. Kannanth 20 July 2021 at 12:27

Rule 8AC deals with the computation of short term capital gains and written down value under section 50 of the Income Tax Act, 1961, where depreciation on Goodwill has been obtained.

Issues of Re-Assessment Proceedings u/s 148 of Income Tax Act

CA Umesh Sharma 20 July 2021 at 09:21

The validity of notices issued after 31.3.2021 has been challenged as these were issued under the old provisions, even though the provisions of section 148 were substituted by the Finance Act, 2021 w.e.f. 01-04-2021.

TDS Rate Chart applicable for FY 2021-22

CA.R.S.KALRA 19 July 2021 at 14:09

Discussing the rate of TDS for FY 2021-22 and AY 2022-23. The TDS rate chart has been updated with all the latest amendments as per the Finance Act 2021.

Section 194P: TDS in case of specified senior citizen - Relaxation from filing ITR

CS Tanveer Singh Saluja 19 July 2021 at 09:56

Section 194P of the Income Tax Act was introduced in Union Budget 2021 to provide conditional relief to senior citizens above the age of 75 years from filing an ITR.

Tax Deducted at Source: Provisions for TDS on Purchase of Goods

Ishita Ramani 18 July 2021 at 09:39

From 1st July 2021, apart from the current scope of TDS deduction applicable on the notified nature of payment of expenses, businesses are required to deduct TDS on the purchase of goods as well.

Revalidation of Registration u/s 12A and 80G

Neethi V. Kannanth 17 July 2021 at 09:10

There are certain tax exemptions and benefits available to Charitable Institutions in India. These exemptions and benefits are dealt in sections 12A/12AA and 80G of the Income Tax Act,1961.

Exceptions to Restriction on Cash Payments under Section 40A(3) of the Income Tax Act, 1961

Ritik Chopra 16 July 2021 at 09:25

Rule 6DD provides certain cases under which no disallowance u/s 40A(3) shall be made where any payment of sum exceeding 10,000 or 35,000 is made otherwise than by a crossed cheque or a crossed bank draft.

Practical Examples on CBDT Circular on TDS on Purchase of Goods u/s 194Q

Mayank Mohanka 14 July 2021 at 09:28

Explaining all the significant clarifications/guidelines issued by CBDT regarding the implementation of the provisions of section 194Q w.e.f. 1.7.2021 with practical illustrations.