Income Tax Articles

Analysis of Section 194Q of Income Tax Act along with Section 206C(1H)

CA Harshawardhan Nigade 17 May 2021 at 09:38

Section 206C(1H) was introduced in Finance Act 2020 while Section 194Q was introduced in Finance Act 2021. Let's discuss the provisions of Section 194Q and its relation with Section 206C(1H).

Reporting of dividend distribution by companies to the IT department under SFT reporting

CA CMA Sagar Jaiswal 14 May 2021 at 09:42

Section 285BA of the Income Tax Act, 1961 read with Rule 114E of Income Tax Rules, 1962 says certain persons are required to report a statement of financial transaction (SFT) or reportable account to the Income Tax Department.

Interest, Late Fees and Penalty under TDS provision

CAJayprakash Pandey 14 May 2021 at 09:42

Discussing TDS Interest and its different types, together with the late fees for delay in filing of TDS Return and penalty that may be imposed on late filing of TDS Return u/s 271H.

Restriction on Cash Transaction and 10 High value cash Transaction

CAJayprakash Pandey 14 May 2021 at 09:42

This article will help you to solve your problem related to the restriction on cash transaction and the top 10 high value transactions as per the Income Tax Act/GST.

Registration of Trust under Income Tax - Analysis of New Provisions

Manish Harchandani 13 May 2021 at 16:22

The Finance Act, 2020 introduced various amendments related to the registration of Charitable Trust and Religious Trust for availing the exemption u/s 11 and 12 of the Income Tax Act, 1961.

Deductions under Section 37 of the IT Act, 1961

Vidushi Agrawal 13 May 2021 at 11:26

A deduction is an expense that can be subtracted from the taxable income of an assessee to reduce the amount owed as specified in the Income Tax Act, 1961.

New v/s. Old tax scheme under IT act

prerna 12 May 2021 at 17:23

In this article, we have discussed the difference between the New and Old Income Tax Regime under six criteria, in a tabular format.

How to Apply for a Lower Tax Deduction Certificate?

Neethi V. Kannanth 12 May 2021 at 09:45

As per section 197, when the actual tax payable on the income of an assessee is lower than the TDS to be deducted by the payer, then the AO shall grant him a certificate upon the application made by the assessee.

Making the Right Choice between New Tax Regime Vs. Old Tax Regime

CAJayprakash Pandey 11 May 2021 at 10:43

The concept of Old Vs New Tax regime = a dual tax regime was introduced by Finance Act 2020 for FY 2020-21. In this article, we discuss the criteria one should follow while making the right choice between the two regimes.

Relief to Covid Patients only for payment to Hospitals in cash

CA Umesh Sharma 11 May 2021 at 10:04

CBDT has notified all Hospitals, Dispensaries, Nursing Homes, Covid Care Centres, or similar other medical facilities providing Covid treatment to patients for section 269ST so that they can receive cash payments of Rs. 2 lacs or more.