Analysis of Section 194Q of the Income Tax Act, which will deal with the TDS on purchase of goods w.e.f 1st July 2021. This section has been inserted in the Finance Bill 2021.
TDS is only required to be deducted by those buyers whose total sales, gross receipts or turnover from the business carried on by him exceed 10 crore rupees during the Preceding FY.
In the Finance bill 2021, there are two proposed amendments in respect of the transfer of Immovable property below the Stamp Duty Valuation (SDV) that will impact directly to the real estate sector.
Discussing the Incentives to Encourage Cashless Business Transactions as per the Income Tax Act w.r.t the Presumptive Rate of Income together with a combined study of Section 44AB with 44AD.
The Finance Bill, 2021 has introduced section 194Q – TDS on purchase of goods which is having a resemblance to section 206C(1H)- TCS on Sale of Goods brought in by Finance Bill, 2020.
The Finance bill 2021, proposes to insert two new sections i.e. Sec.206AB and Sec.206CCA to enable deduction and collection of TDS and TCS at higher rates for those who have not filed their income tax returns.
Discussing Sections 145, 145A and 145B of the Income Tax Act 1961, including the applicability of Income Computation and Disclosure Standards (ICDS) .
This article gives a thorough analysis of Sections 40A(3) and 40A(3A) of the Income Tax Act, which deals with the Restrictions on Expenditure (Capital & Revenue).
Discussing Section 194IC of the Income Tax Act, which deals with the TDS on Payment Made Under Specified Agreement including the provisions for Joint Development Agreement.
Introduction of Equalisation Levy in India was back in 2016, with the intention of taxing the digital transactions i.e. the income accruing to foreign e-commerce companies from India.
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