Income Tax Articles
Section 194D: TDS On Payment Of Commission By Insurance Companies
TDS must be deducted by the entity who makes the payment to the resident person, as remuneration/rewards, by the way of commission or for soliciting insurance business or for renewal of insurance policies.
Points To Be Checked Before Filing Your ITR FY 2020-21
Discussing 7 important points that must be checked before filing your ITR for FY 2020-21. These include linking your PAN with Aadhaar, Bank Account with PAN, Downloading Form 26AS etc.
TDS Section 194A - TDS on interest other than interest on securities
Section 194A covers provisions relating to deduction of TDS on interest other than interest on securities credited or paid by any person other than an individual or HUF to any resident, or an individual or HUF covered u/s 44AB(a)/(b).
Section 35ABB: Expenditure for Obtaining a License to Operate Telecommunication Services
In case any capital expenditure is incurred for acquiring a license to operate telecommunication services and payment has been made, a deduction of an amount equal to the appropriate fraction shall be allowed.
Section 41: Deemed Profits
Any loss of a business incurred during the year in which it ceased to exist and which could not be set off against any other income of that previous year shall be set off against deemed incomes.
Section 194N: TDS on Cash Withdrawal from Banks/Post Offices (Updated for FY 2021-22)
Section 194N is applicable in case of cash withdrawals of more than Rs 1 crore during the FY. This section will apply to all sums of money or an aggregate of sums withdrawn from a particular payer in the FY.
Top 5 Cash Transactions that can Attract IT Notice
Discussing the top 5 cash transactions that can attract IT notice with regard to savings/current account, credit card bill payment, bank FD, mutual fund/stock market/bond/debenture and real estate.
Section 44AA: Maintenance of accounts by certain persons carrying on profession or business
Maintenance of books of accounts is one of the most important tasks for any business or profession. Discussing the provisions u/s 44AA of the Income Tax Act, 1961 related to maintenance of accounts.
What You Can Do Right Now to Make 2021 Your Best Tax Year Ever
Traditional tax planning has always been transactional, and it is not as fruitful as it sounds to us. You ask questions to prepare your taxes and check out what you do in the grim times.
When is the salary of a salaried person taxable?
Salary can be defined as the compensation a person receives for providing services that are implied or explicit. Let us discuss the taxability of salary received by a person.
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