Income Tax Articles

Equalisation Levy - Aggressive Move to Trap Digital Economy by India

CA Harshal Sevak 22 July 2020 at 10:02

Equalisation Levy is to be charged at the rate of six per cent of the amount of consideration received or receivable by a non-resident.

Section 194N| TDS on Cash Withdrawal

CA Alexandar Gazi 22 July 2020 at 09:53

TDS Section 194N was introduced in the union budget of 2019 by the Finance Minister, Nirmala Sitharaman. The section has been further amended in Budget 2020.

New Form 26AS introduced by CBDT

CS Lalit Rajput 20 July 2020 at 15:41

Information being received by the Income Tax Department from the filers of Statement of Financial Transactions (SFTs) now being shown in Part E of Form 26AS

Form 26AS - Key changes made in the form

CA Rahul Mittal 20 July 2020 at 14:41

The new Form 26AS will give all the information of the Annual Information Return as well. It will benefit the honest taxpayers.

How to file a revised TDS return on TRACES Portal?

Ritika Agarwal 20 July 2020 at 12:55

TDS Return might have to be revised due to reasons like incorrect challan details or PAN not provided or incorrect PAN provided, short deduction or short payment.

Taxability Of Gift Received By Individual Or HUF

CA Rahul Mittal 20 July 2020 at 09:42

Gift received from relatives is exempt. Gift received on other occasions (e.g. gifts on birthday, etc.) from the non-specified person shall be taxable under the head income from other sources.

Section 44 AD: Special Provisions For Computing Profits And Gains of Business On Presumptive Basis

CA CMA Piyush Taurani 20 July 2020 at 09:42

The presumptive Taxation scheme under Section 44AD covers all small businesses with total turnover/gross receipts of up to Rs. 200 Lakh (Except the business of plying, hiring and leasing goods carriages covered under section 44 AE).

TDS Section 194N| TDS on cash withdrawal

CA Chanchal Jain 20 July 2020 at 09:42

Section 194N specifies that a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies, co-operative society engaged in the business of banking, or a post office shall deduct TDS @ 2% of a sum exceeding one crore rupees that a person (recipient) withdraws from one or more of these accounts.

Tax Implications on income of non-resident

Venkat Raj 20 July 2020 at 09:42

Non-resident Individuals irrespective of age Limit the basic exemption limit is RS 2,50,000. There is no concept of a senior citizen or a super senior citizen.