Income Tax Articles

Is PAN Mandatory For Some Transactions in Income Tax?

CA Rahul Mittal 27 July 2020 at 10:06

Every person shall quote his permanent account number (PAN) in all his returns or challans or correspondence with any income-tax authority. Other than this, every person shall quote his PAN in all documents pertaining to the transactions

NRI Bank Accounts Explained in Simple Language

CA for NRI 25 July 2020 at 14:55

NRI Bank Accounts Explained in Simple Language

TDS Under Section 194N- Cash withdrawal

CA Robin Garg 24 July 2020 at 16:41

TDS section 194N applies to Specific entities responsible for paying a sum or aggregate of sum, in cash exceeding Rs. 1 Crore to any person during a year.

FAQs on e-campaign compliance portal

Sanchit Aggarwal 24 July 2020 at 15:10

Under e-Campaign tab of Compliance Portal, information received from various sources related to the taxpayer shall be displayed for seeking feedback. The taxpayer is required to submit response on each information item to complete the process of submission of response.

House Rent Allowance: A Tax Saving Lifeline For Salaried Person

CA Rahul Mittal 23 July 2020 at 09:39

House Rent Allowance (HRA) is generally considered as a part of salary component and is generally added in the salary structure to help the individual to save tax

New ITR (Income Tax Return) Forms for AY 20-21 | Details of changes made

Ritika Agarwal 22 July 2020 at 16:18

CBDT has notified some key changes in ITR forms for AY 2020-21. The major changes made this year in all ITR seek certain questions to be answered by the taxpayers, questions related to deposits made over Rs 1 crore

Equalisation Levy - Aggressive Move to Trap Digital Economy by India

CA Harshal Sevak 22 July 2020 at 10:02

Equalisation Levy is to be charged at the rate of six per cent of the amount of consideration received or receivable by a non-resident.

Section 194N| TDS on Cash Withdrawal

CA Alexandar Gazi 22 July 2020 at 09:53

TDS Section 194N was introduced in the union budget of 2019 by the Finance Minister, Nirmala Sitharaman. The section has been further amended in Budget 2020.

New Form 26AS introduced by CBDT

CS Lalit Rajput 20 July 2020 at 15:41

Information being received by the Income Tax Department from the filers of Statement of Financial Transactions (SFTs) now being shown in Part E of Form 26AS