Section 197A provides for any individual, not being a firm or a company, to apply for an exemption of TDS deduction on his/her income from interest on deposits with the banks in India if such income is below the taxable limit.
CBDT fails to recognise that the question is not of the double taxation issue but the probable adverse taxation consequences arising out of an individual's changed residential status due to his/her forced stay of more than 182 days in India, due to COVID.
Section 197 of the Income Tax Act, permits taxpayers a facility of Nil or lower tax rate deduction of TDS or exemption of TDS. The Nil or lower TDS application is valid for the period for which it is issued or until the assessing officer cancels it.
Discussing how advertisements in digital platforms like YouTube, Instagram, and Facebook etc. work and how Taxation at various point of business occurs.
Under Section 196D of the Income Tax Act, TDS is deducted for a Foreign Institutional Investor if the income is in respect of securities referred to in Section 115AD.
Under Section 196C, any income arising by way of interest, dividend, or long term capital gains from foreign currency bonds or GDRs is liable for TDS @ 10%.
Discussing how taxpayers can distribute their income in case of agricultural income and non-agricultural income according to Rules 7, 7A, 7B and 8 of the Income Tax Rules, 1962.
The exemption u/s 54B is available only if capital gain arises on transfer of land used for agricultural purpose is utilized for purchasing another land which will be utilized for the purpose of agriculture.
Discussing the meaning, rate of TDS, nature of payment etc. of Section 196B which deals with TDS on long term capital gains (LTCG) from units referred to in section 115AB.
Discussing the meaning, rate of TDS, nature of payment and threshold limit etc. of Section 195 of the Income Tax Act - TDS on Non-Resident Payments.
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
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