Income Tax Articles

Valuation of Perquisite of Motor Car or any other Automotive Conveyance

Ritik Chopra 18 June 2021 at 15:11

In case employer had provided a car or any other vehicle for the private use of the employee or any other member of his family, it is a perquisite which is taxable in the hands of the employee provided he/she is an employee of a specified category.

TDS and TCS on purchase and sale of goods

CA. Arpan Jain 18 June 2021 at 09:47

TDS u/s 194Q, which was introduced via Finance 2021 has a stark similarity to Section 206C (1H) which was introduced in Finance Act 2020. Let us understand the difference between the two.

MSME Relaxation: Extension of Validity of UAMs till 31st Dec 2021

CS Lalit Rajput 18 June 2021 at 09:47

This will help EM Part-II and UAMs certificate holders to avail benefits of the provisions under various existing schemes and incentives including Priority Sector Lending benefits of MSME.

An Analysis of TDS u/s 194Q

CA Sudhir Halakhandi 17 June 2021 at 14:26

TDS at the rate of 0.1% is to be deducted on the amount exceeding Rs. 50 lakhs in any one FY from one seller from whom the buyer has purchased goods worth more than Rs. 50 lakhs.

What is Cost Inflation Index?

Neethi V. Kannanth 17 June 2021 at 10:13

Cost Inflation Index means an index, having regard to seventy-five percent of average rise in the Consumer Price Index (urban) for the immediately preceding PY to such PY.

Comparative Analysis of Section 194Q & Section 206C(1H)

CA Harshal Jain 16 June 2021 at 14:29

Section 194Q is similar to Section 206C(1H) which was introduced by Finance Act 2020, requiring seller to collect tax at source on transactions between a buyer and a seller.

Major Changes in new Income Tax Returns for AY 2021-22

CA Sapna Ghelani 16 June 2021 at 09:35

CBDT has notified the Income Tax Returns for AY 2021-22 on 31st March 2021. Let us understand the Major Changes in these Returns and the impact of COVID-19 on the overall changes made by CBDT.

Income Tax E-filing 2.0 New Portal - A bunch of problems & Few solutions

Soumya Laha 16 June 2021 at 09:35

The Income Tax Department has totally disappointed us after launching the new E-filing 2.0 website. Some issues and observations regarding the New Portal have been highlighted in this article.

Taxability on Rent Free Accommodation

Ritik Chopra 15 June 2021 at 09:52

Discussing all about Rent Free Accommodation including its meaning, meaning of salary for this purpose, Hotel Accommodation, exempt cases and calculation for furnished and unfurnished accommodation.

Section 206AB of the Income Tax Act, 1961

Divyam Agarwal 14 June 2021 at 17:05

Discussing the provisions of section 206AB, exemption available under the section, rate of TDS, applicability of the section with section 206AA, meaning of the term 'specified person' and effective date of the section.