Income Tax Articles

Enabling ITR Rectification on the portal for the AY 2020-21

Posted by CA Sapna Ghelani 30 January 2021 5442 Views

A rectification request under section 154(1) of the Income Tax Act,1961 is allowed by the Income Tax Department for correcting mistakes when there is a mistake in your Income Tax Return.Rectification can be filled if any error of fact or an arithmetic mistake is made.

Popular tax saving deductions and tips to look out for in FY 19-20

Posted by mariam mulla 27 January 2021 3522 Views

Discussing Deductions u/s 80C, 80CCC, 80CCD(1), 80CCD(2), 80D, 80DD, 80DDB, 80E, 80EE, 80EEA, 80EEB, 80G, 80GG, 80GGA, 80GGB, 80GGC, 80TTA, 80TTB, 80U of the Income Tax Act and how they can help you in saving taxes.

Section 206C(1H) - New Provisions and its applicability w.e.f 01.10.2020

Posted by Saloni Gandhi 27 January 2021 2284 Views

The Finance Act, 2020 inserted sub-section (1H) u/s 206C w.e.f 01.10.2020 which requires a seller to collect TCS from the buyer for the amount received as consideration for the sale of goods if it exceeds Rs. 50 lakhs in any previous year.

Section 194IA | TDS on Purchase of Immovable Property

Posted by CA.R.S.KALRA 25 January 2021 5050 Views

Discussing Section 194IA of the Income Tax Act, which deals with the TDS on Purchase of Immovable Property including its meaning, rate of TDS, exceptions and practical illustrations.

International Taxation: Relief from double taxation

Posted by CA Mehul Thakker 23 January 2021 4181 Views

Double taxation generally means taxation of same income of a person in more than one country. The main reason behind double taxation is that countries across the world different rules for taxing income.

Section 194IB | TDS on Rent of Property

Posted by CA.R.S.KALRA 23 January 2021 10284 Views

Discussing Section 194IB of the Income Tax Act, which deals with the TDS on Rent of Property including its meaning, persons responsible to deduct tax, rate of TDS and practical illustrations on the same.

How to Calculate the Taxable Income on Salary?

Posted by M Venkat 22 January 2021 11869 Views

Discussing Section 15 and 17(1) of the Income Tax Act which lays down provisions for calculation of taxable income on salary in the new and old tax regime.

Section 194I | TDS on Rent

Posted by CA.R.S.KALRA 22 January 2021 11721 Views

Discussing Section 194I of the Income Tax Act, which lays down provisions for TDS on Rent, including its meaning, payment covered, rate of tax and exemptions to the provision.

Section 194H | TDS on Commission and Brokerage

Posted by CA.R.S.KALRA 22 January 2021 4376 Views

In this article, we discuss Section 194H of the Income Tax Act which deals with TDS on Commission and Brokerage including its applicability, rate of TDS, and major judicial pronouncements.