Section 132(4) of the act has been put in place by the legislature consciously so as to enable the authorized officer to collect such evidence by recording statements during the course of the search.
In wake of the COVID-19 pandemic and in the interest of taxpayers, CBDT has extended time limits for various compliances. Same has been discussed in this article.
A person who fails to file the TDS/TCS return has to pay late filing fees as provided under section 234E and apart from late filing fees he shall be liable to pay a penalty under section 271H.
The tax deduction is available under section 54EC of the Income Tax Act. 54EC does not allow any tax exemption on short-term capital gain tax.
Under the provisions of the Income Tax Act, various benefits are provided to Individuals and HUF. Through this article, let us understand some basic exemption limits and relief available to them.
CBDT, in exercise of its power under section 119 of the Income-tax Act, 1961, provides relaxation on Income Tax due dates as per Circular 9 of 2021 dated 20th May 2021.
In order to provide further relief to taxpayers in view of the COVID-19 pandemic, CBDT vide circular No. 09/2021 has further extended the time limits of certain compliances.
CBDT has issued a circular w.r.t. extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic and spike in COVID-19 cases.
As per Circular No. 9 of 2021 issued by CBDT, some of the due dates of various compliances such as TDS, TCS, SFT and ITRs have been extended due to the Covid-19 pandemic in the country.
Section 194N has imposed a TDS liability on Payer when any cash payment exceeding Rs. 1 crore is made (individually or in aggregate) during the financial year to Payee.
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