Section 115BBDA is removed from AY 2021‐22 onwards, hence corresponding dropdowns are removed from sl. No. 2c, 2d and 2e of schedule OS and respective changes are done in sl.no.10(i).
Form 26AS is the most important statement while filing an ITR. One should always match the details with it for avoiding any notices and intimations from the department.
The allowable difference between the full value of consideration u/s. 50C and value of property as per stamp authority has been increased from 1.05 times to 1.10 times.
Presumptive taxation for businesses is covered under section 44AD of the income tax act. Any business which has a turnover of less than Rs 2 crore can opt to be taxed presumptively.
With the amendment in Finance Act, 2020 section 194N was amended by substituting 83A which imposes 2% TDS on withdrawal of sum exceeding Rs.1 crore. This section has come into effect from 1st July 2020.
A gratuitous loan given by a company to a shareholder would come u/s 2(22)(e ) but not in case where the loan or advance is given in return to an advantage conferred by such a shareholder.
Section 40(a)(ia) is applicable only in case of interest, commission, rent, royalty, fees for professional or technical services etc. Amount taxable in the hands of recipient u/s 28(va) is not covered.
Section 68 is a charging section, thus, if it is applicable, the assessee will not only be liable to pay the taxes but also penalty under section 271(1) (c) of the Income Tax Act, 1961.
Section 115QA provides that a domestic company distributing its income through buy back of shares will have to pay income tax/distribution tax @20% (surcharge @12% and education chess @4%).
A Special Economic Zone (SEZ) is a zone wherein businesses enjoy simpler tax and easier legal difficulties. It is located in a country’s national borders only, but they are treated as foreign territory for tax purpose.
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