Income Tax Articles

No TDS u/s 194J on Payments for Software Purchase

CA AMIT KUMAR SHARMA 14 July 2021 at 09:26

As Per notification no. 21/2012 dated 13.06.2012 no deduction of tax shall be made on certain payments by a person for the acquisition of software from another person.

Some Gold Glitters More - Sovereign Gold Bonds and its Taxation Decoded

CA Nitesh Buddhadev 14 July 2021 at 09:23

India’s Gold Reserve is the ninth highest in the world. Gold has always been an attractive investment for centuries. The Government of India issues Sovereign Gold Bonds through RBI.

Allowable Deductions While Computing Business Or Professional Income

Ritik Chopra 13 July 2021 at 09:06

There are various types of expenses varying from business to business and according to the nature of the unit. The admissibility of an item of expenditure is governed by certain general principles.

TCS On sale of Goods - New Income Tax Compliance w.e.f 1st October 2020

Ishita Ramani 13 July 2021 at 09:06

Every seller who has received any amount as sale consideration above Rs. 50 lakhs (limit to calculate from 1st April 2020) has to collect 0.075% of bill amount from such buyer, collect PAN and pay TCS every month.

All You Need to Know About Section 194P of the Income Tax Act, 1961

CA Rajesh Pilleda 12 July 2021 at 09:08

Section 194P of the Income Tax Act, 1961 is inserted vide Finance Act, 2021. Provisions of section 194P provide conditional relaxation to a specified senior citizen from filing an Income Tax Return.

Whether provisions of Section 194Q will be applicable on transfer of unlisted shares

FCS Deepak Pratap Singh 10 July 2021 at 09:26

Section 194Q provides that a purchaser of goods/services shall deduct TDS @0.1% from the amount paid to a seller if the total purchases during the year exceed Rs. 50 lakhs and the turnover in the immediately preceding PY exceeds Rs. 10 crores.

Tax Compliance and Statutory due dates for the month of July, 2021

Ishita Ramani 08 July 2021 at 09:37

Discussing the Compliance Calendar for July 2021 in two parts i.e. Important Statutory due dates for the GST Returns and Important due dates for the Income Tax Compliance / PF / ESI Returns.

Section 24: Deductions Allowed While Calculating House Property Income

Ritik Chopra 07 July 2021 at 19:16

While calculating income from house property, deductions are allowed out of Net Annual Value. Discussing deductions under Section 24 which are allowed while calculating House Property Income.

Taxation of Dividend Income - Complete Guide

CA Sufiyan Ganodwala 07 July 2021 at 09:37

Finance Act 2020 has made major amendments to the taxation of dividends. With these amendments, the general notion that dividends are exempt is no longer the same. Let us understand the taxability of dividends.

Higher TDS for Income Tax Return Defaulters w.e.f. 1st July 2021 - Decoding section 206AB

Manish Gupta 07 July 2021 at 09:36

The IT Department has introduced a new section 206AB effective from 01.07.2021 that ensures a higher deduction of TDS for the payees who have defaulted in filing their ITR for the preceding 2 years.