Income Tax Articles

Changes in taxation amid Covid 19

Anirban Sinha 22 May 2020 at 11:43

The FM lately announced some changes in Direct Tax in the wake of COVID-19. The TDS and TCS rates were reduced by 25%. Various relaxations were also given in GST and Customs some time back.

Amended TDS Regime for FY 2020-21

Taxolawgy 22 May 2020 at 11:43

TDS is Tax Deducted at Source. It is an indirect way for India's government to raise income tax at source. Union Finance Bill 2020 was presented by India's Finance Minister Nirmala Sitharaman which introduced various amendments for various income tax and the new tax regime for FY 2020-21.

Analysis of Direct Tax changes introduced by the FM -CCI Talk

CCI Team 21 May 2020 at 11:20

The Finance Minister recently announced various changes to Direct Tax while giving the details of the Economic Package. Various relaxations were given to the taxpayers in the form of extension of the statutory due dates, and reduction in the TDS and TCS rates. After the relaxations were announced by the FM people had several questions about the implications of such changes

All about PPF Account

Priyanka Sah 19 May 2020 at 09:29

The Public Provident Fund is a savings-cum-tax-saving instrument in India, introduced by the National Savings Institute of the Ministry of Finance in 1968. The aim of the scheme is to mobilize small savings by offering an investment with reasonable returns combined with income tax benefits backed by the Centra

Formation of Gratuity Trust

CA, CS & DISA VIVEK KHANDELWAL 18 May 2020 at 10:41

Gratuity fund which has been and continues to be approved by the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner in accordance with the rules contained in Part C of the Fourth Schedule.

Section 206C(1H) New Provisions of TCS on Sale of Goods

CA Harshawardhan Nigade 18 May 2020 at 10:41

As per Section 206C(1H), such section applies to Seller of whose total sales, gross receipts or turnover from the business carried on by him exceed ten crore rupees during the financial year immediately preceding the financial year in which the sale of goods is carried out.