Income Tax Articles

Compliance Check Functionality for Section 206AB & 206CCA

Posted by Ishita Ramani 22 July 2021 6325 Views

A new tax rule relating to TDS and TCS has come into force from 01.07.2021 under which, taxpayers who have not filed their ITRs for the past two FYs shall have to pay a higher tax.

In-depth analysis of Section 115BAC & Form 10-IE

Posted by CS Tanveer Singh Saluja 21 July 2021 14626 Views

The introduction of a new tax regime is the biggest development and point of confusion for taxpayers. The FM announced a new set of tax slab rates for individuals, HUFs and co-operative societies.

Relaxation in filing of form 15CA & 15CB

Posted by CS Tanveer Singh Saluja 21 July 2021 3329 Views

CBDT has granted relaxation in the filing of forms 15CA & 15CB in view of the difficulties faced by the taxpayers in filing the said forms on the new Income Tax portal. The same can now be filed till 15th August 2021.

TCS Rate Chart for FY 2021-22

Posted by CA.R.S.KALRA 20 July 2021 260257 Views

Tax Collected at Source is the tax payable by a seller which he collects from the buyer at the time of sale. In this article, we will discuss the TCS Rates applicable for FY 2021-22.

Rule 8AC of Income Tax Rules

Posted by Neethi V. Kannanth 20 July 2021 9319 Views

Rule 8AC deals with the computation of short term capital gains and written down value under section 50 of the Income Tax Act, 1961, where depreciation on Goodwill has been obtained.

Issues of Re-Assessment Proceedings u/s 148 of Income Tax Act

Posted by CA Umesh Sharma 20 July 2021 2326 Views

The validity of notices issued after 31.3.2021 has been challenged as these were issued under the old provisions, even though the provisions of section 148 were substituted by the Finance Act, 2021 w.e.f. 01-04-2021.

TDS Rate Chart applicable for FY 2021-22

Posted by CA.R.S.KALRA 19 July 2021 37125 Views

Discussing the rate of TDS for FY 2021-22 and AY 2022-23. The TDS rate chart has been updated with all the latest amendments as per the Finance Act 2021.

Section 194P: TDS in case of specified senior citizen - Relaxation from filing ITR

Posted by CS Tanveer Singh Saluja 19 July 2021 9361 Views

Section 194P of the Income Tax Act was introduced in Union Budget 2021 to provide conditional relief to senior citizens above the age of 75 years from filing an ITR.

Tax Deducted at Source: Provisions for TDS on Purchase of Goods

Posted by Ishita Ramani 18 July 2021 8005 Views

From 1st July 2021, apart from the current scope of TDS deduction applicable on the notified nature of payment of expenses, businesses are required to deduct TDS on the purchase of goods as well.

Revalidation of Registration u/s 12A and 80G

Posted by Neethi V. Kannanth 17 July 2021 13008 Views

There are certain tax exemptions and benefits available to Charitable Institutions in India. These exemptions and benefits are dealt in sections 12A/12AA and 80G of the Income Tax Act,1961.