Income Tax Articles
How to file a revised TDS return on TRACES Portal?
Ritika Agarwal 20 July 2020 at 12:55TDS Return might have to be revised due to reasons like incorrect challan details or PAN not provided or incorrect PAN provided, short deduction or short payment.
Taxability Of Gift Received By Individual Or HUF
CA Rahul Mittal 20 July 2020 at 09:42Gift received from relatives is exempt. Gift received on other occasions (e.g. gifts on birthday, etc.) from the non-specified person shall be taxable under the head income from other sources.
Section 44 AD: Special Provisions For Computing Profits And Gains of Business On Presumptive Basis
CA CMA Piyush Taurani 20 July 2020 at 09:42The presumptive Taxation scheme under Section 44AD covers all small businesses with total turnover/gross receipts of up to Rs. 200 Lakh (Except the business of plying, hiring and leasing goods carriages covered under section 44 AE).
TDS Section 194N| TDS on cash withdrawal
CA Chanchal Jain 20 July 2020 at 09:42Section 194N specifies that a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies, co-operative society engaged in the business of banking, or a post office shall deduct TDS @ 2% of a sum exceeding one crore rupees that a person (recipient) withdraws from one or more of these accounts.
Tax Implications on income of non-resident
Venkat Raj 20 July 2020 at 09:42Non-resident Individuals irrespective of age Limit the basic exemption limit is RS 2,50,000. There is no concept of a senior citizen or a super senior citizen.
New Income Tax Regime or Old Regime: What should a Salaried Taxpayer choose?
Abhishek Ranjan Singh 20 July 2020 at 09:42In the Union budget 2020, the Finance Minister proposed a New Tax Regime as an alternative to the existing Old Tax Regime.
Income Tax Savings on Home Loan
Ajay Kumar Maggidi 18 July 2020 at 14:13Income tax act provides tax benefits to borrowers of home loan with respect to principal repayment, interest payment and registration charges
Section 44AD of Income Tax Act - Few Technical Aspects
CA Mehul Thakker 18 July 2020 at 12:30One of the salient features of section 44AD is that the deduction under section 30 to 38 shall be deemed to have been allowed.
Amended Section 194N: TDS on Cash Withdrawals above Rs. 20 lakhs
Paras Jain 17 July 2020 at 09:58In order to discourage cash transactions and move towards less-cash economy, Section 194N was inserted vide Finance Act, 2019
Special provisions for computing profits from plying, hiring or leasing goods carriage
CA Santhosh Gupta Kethepalli 16 July 2020 at 12:56Section 44AE provides for estimating the business income of an owner of goods carriages from the plying, hire or leasing of such goods carriages.
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