Income Tax Articles

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.

Income Tax under the head Salary

CA. Arpan Jain 25 June 2021 at 09:37

Understanding Income Tax Chargeable on Income from Salary, including Tax Saving Methods that salaried individuals can adopt to lower their taxable income.

Which Section 194Q or 206C(1H) will be applicable?

CA Pooja Dhoot 24 June 2021 at 11:44

Section 194Q is for TDS applicable from 01.07.2021 and Section 206C(1H) is for TCS applicable since 01.10.2020. Let us understand which section will be applicable in practical scenarios.

Is Income Tax circular regarding use of functionality u/s 206AB and 206CCA consistent with legal provisions?

CA Tejas Andharia 23 June 2021 at 13:31

CBDT has issued a circular regarding the use of functionality under Section 206AB and 206CCA of the Income-tax Act, 1961. Let us decode whether the same is in line with legal provisions or not.