Income Tax Articles

Compilation of Notifications & Circulars issued by CBDT in the month of August 2020

SAGAR MALHOTRA 22 September 2020 at 16:26

1. Non-applicability of Section 206AA to non-residents to whom Section 139A does not apply on account of Rule 114AAB: Section 206AA provides that any perso..

TCS on Sales of Goods under Income Tax w.e.f 1st Oct 2020 - FAQs and Key Points

CA Umesh Sharma 22 September 2020 at 12:09

Amendment made in Section 206C (1H) of the Income Tax Act regarding the liability to collect TCS @ 0.1%, on the sale value exceeding Rs. 50 lakh for each buyer...

Taxability of Gifts: Sec 56(2)(X) of IT Act, 1961

CA Santhosh Gupta Kethepalli 21 September 2020 at 09:41

To prevent the practice of receiving a sum of money or the property without consideration or for inadequate consideration, section 56(2)(x) brings to tax any sum of money or the value of any property received by any person without consideration or the value of any property received for inadequate consideration.

Important Income Tax (Direct Tax) Amendments (since 2019)

CS Lalit Rajput 18 September 2020 at 10:46

The government has announced several measures to promote growth, investment and create new employment opportunities through the amendments in the Income-tax Act, 1961, and the Finance Act (No. 2), 2019.

ITR Filing Tips Financial Year 2019-2020

MOHAN ARYA 14 September 2020 at 09:13

Finance (No. 2) Act, 2019 has inserted a new seventh proviso to section 139(1) to provide for mandatory filing of return of income for undertaking certain high-value transactions even though the person is otherwise not required to file a return of income due to the fact that total income is below the basic exemption limit.

Lower or No Tax certificate under Income tax- Procedure

CMA Ramesh Krishnan 12 September 2020 at 10:55

The concept of TDS under Income tax act is a common procedure and the object of TDS is to collect tax from the very source of income.

How should the e-TDS/TCS return be prepared?

Mita Basak 11 September 2020 at 09:31

e-TDS/TCS return has to be prepared in the data format issued by e-Filing Administrator. This is available on the Income Tax Department website and NSDL-TIN website

Form 49A : PAN Application Form Download

Puneet Taneja 10 September 2020 at 15:44

Form 49A is the PAN Card application form for allotment of Permanent Account Number for Residents of India. Any Individual who wishes to apply for PAN should fill Form 49A.

Basic Questions on Computation of Income Tax

Subodh Jain 08 September 2020 at 09:44

The taxes on income can be finalized only on the completion of the previous year. However, to enable a regular flow of funds and for easing the process of collection of taxes, Income-tax Act has provisions for payment of taxes in advance during the year of earning itself or before completion of the previous year.