Income Tax Articles
Interplay of Sec 44AA, 44AB and 44AD of the Income Tax Act, 1961
There are various monetary limits u/s Sec 44AA, 44AB and Sec 44AD relating to maintenance of books of accounts and audit. These provisions have created ambiguity among taxpayers and professionals.
What is Standard Deduction for Salaried Individuals?
A standard deduction of flat INR 50,000 is available to the taxpayers. From FY 2020-21 the Standard Deduction can be claimed if the salaried individual does not opt for concessional Tax Rates in the New Tax Regime.
What is Form-16 for salaried Individuals?
Form 16 can't be downloaded by an employee, it can only be issued by your employer. Form 16 is a TDS Certificate and it is to be issued by your employer only.
TDS on purchase of Goods - 194Q
Under Section 194Q the buyer deducts an amount equal to 0.1% of such sum exceeding Rs 50 lakhs in case the supplier of goods provides the buyer with its valid PAN details.
Special benefits on contribution by corporates under NPS
National Pension Scheme is a scheme introduced to cultivate a habit to save money for pension. It is available to any person between the age group of 18-65 years.
Section 44AD: Computation of Income on presumptive Basis
Under Section 44AD, small taxpayers with less than 2 crores of turnover are not required to maintain books of accounts and their profits are presumed to be 8% of their turnover.
Common Mistakes while Filing an ITR
Owing to various complexities, people tend to make many mistakes while filing their Income Tax Return which can be easily avoided if proceeded with more caution.
How to Calculate Relief u/s 89(1) of the Income Tax Act?
Under Section 89(1), relief is provided by the income tax department in relation to the amount received in advance or in arrears in the form of salary which is related to any other FY.
Section 234D - Levy of Interest when Excess Refund is Returned to the Government
The taxpayer is liable to pay simple interest @0.5% on the amount so refunded for every month or part of a month comprised in the period from the date of grant of refund to the date of regular assessment.
Difference between Statutory provisions & The Social Security Code 2020 to be effective from 1st April 2021
This article is an attempt to elaborate the difference between Statutory provisions applicable to Companies under Existing Payment of Gratuity Act 1972 (Amended) & The Social Security Code 2020 effective from 01.04.2021.
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