Income Tax Articles

New TDS sections inserted by Union Finance Bill 2021 and audit implications

shweta v. agrawal 22 June 2021 at 09:39

The Finance Bill 2021 has introduced Section 194Q, Section 206AB and Section 194 P of the Income Tax Act which will be effective from 1st July 2021 onwards. Let us discuss them.

TDS on Purchase of Goods in Income Tax w.e.f 1st July 2021

CA Umesh Sharma 22 June 2021 at 09:39

Section 194Q - A purchaser will be liable to deduct TDS if his turnover during the last year exceeds Rs.10 crores and he purchases goods of value exceeding Rs.50 lacs in the current year from a seller.

All About Advance Income Tax

CCI Team 21 June 2021 at 09:39

Advance tax can also be called ‘pay-as-you-earn scheme. This helps taxpayers in helping the government and also themselves by not finding it hard to pay the whole tax at one go at the end.

Taxation of development agreement in parity with stamp duty valuations

CA Nitesh Mukadam 21 June 2021 at 09:39

The structure of the development agreement and consideration involves two flows of consideration. Stamp duty valuation is done for the maximum available potential FSI transferred by a landowner to a developer.

Applicability of New Sections w.e.f 1st July 2021

Kowsalya 21 June 2021 at 09:39

Discussing Section 194Q of the Income Tax Act which deals with TDS on purchase of goods and Section 206AB of the Income Tax Act which is a special provision for the deduction of TDS for Non filers of ITR.

Stringent Provisions under the Income Tax Act w.e.f 1st July 2021

CAJayprakash Pandey 21 June 2021 at 09:38

Discussing 3 stringent Income Tax provisions applicable w.e.f 1st July 2021 i.e. Section 194Q, Section 206AB, and Section 206CCA of the Income Tax Act.

Decoding Section 194Q of the Income Tax Act, 1961 in 35 FAQs

Ajay 21 June 2021 at 09:37

Section 194Q, which will be effective from 1st July 2021 states that TDS is to be deducted at 0.1% if the aggregate amount of purchases by buyer exceed Rs 50 lakh.

Representation to FM on Remedial Measures for Glitches in New E-Filing Portal

Mayank Mohanka 19 June 2021 at 11:04

In this representation, the author has made an honest and sincere attempt to practically demonstrate the technical glitches and currently non-functioning functionalities of the new e-Filing portal.

TDS Under Section 194Q v/s TCS under section 206C(1H)

CA CMA Piyush Taurani 19 June 2021 at 11:04

Section 194Q/206C(1H) states that TDS/TCS @ 0.1% shall be deducted when the aggregate value of purchase/sale of goods during the year exceeds Rs. 50 lakhs.

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.