In this article, we will be discussing certain legal ways in which an individual can actually save some chunk of their money and not give it all away as taxes.
We are in the month of March, Hence, it is extremely important to know the tax implication on stock market transactions and actions to take before 31st March 2021 as far as tax planning is concerned.
Section 206AA has been inserted to provide that any person whose receipts are subject to TDS i.e. the deductee, shall mandatorily furnish his PAN to the deductor, failing which the deductor shall deduct TDS at the specified rate.
Under the provisions of section 203A of the Act, every person deducting tax or collecting tax is required to obtain TAN and quote the same for reporting of tax deduction/collection to the Income-tax Department.
As per section 201 of the Income Tax Act, if a deductor fails to deduct TDS or after deducting the same fails to deposit it to the Government's account then he shall be deemed to be an assessee-in-default and liable for consequences discussed in this article.
Discussing Section 200A of the Income Tax Act which lays down the provision for Processing of Statements of TDS and rules on how such a statement is processed. ...
To encourage the assessee to carry the business undertaking, exemption under section 54D of the Income Tax Act, 1961 is provided. Let us understand in detail about section 54D.
The ITAT allowed the appeal of the assessee and held that UISPL should not be treated as a person responsible for paying for the purpose of Section 194C and therefore the provisions of section 194C cannot be made applicable thereon.
Every person deducting tax at source is required as per Section 203 to furnish a certificate to the payee to the effect that tax has been deducted along with certain other particulars.
Discussing Section 200(3) of the Income Tax Act which deals with the Forms And Time Limit For Submitting Quarterly Statement of Tax Deduction (TDS Returns).
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