Income Tax Articles
![Section 194J - TDS on Professional or Technical Fees [Updated for FY 2021-22]](/img/previewthumb/custom/20210324085850_checklist.jpg "Section 194J - TDS on Professional or Technical Fees [Updated for FY 2021-22]")
Section 194J - TDS on Professional or Technical Fees [Updated for FY 2021-22]
The tax has to be deducted in case the payment is greater than ₹ 30,000 during the year. Such ₹30,000 is the maximum limit that is applicable to each item or payment independently.
New Income Tax Portal - Issue in E-Verification of ITR, Refund Re-issue, Form 15CA / 15CB and Several Others
The Income Tax Department launched the new income tax portal with the assurance of a convenient, modern, and seamless experience. However, the reality is a far cry from the intended.
TDS on salary Section 192 Income Tax Act
Section 192 of the Income Tax Act contains provisions with respect to TDS on Salary. Any employer who pays income to his/her employee under the head salary is liable to deduct TDS on salary under section 192.
New Income Tax Portal - Kabhi Khushi Kabhi Gham
After the launch of the new portal, due to technical glitches, the functioning of the portal was affected. Various problems are being faced by the taxpayers, professionals, and other stakeholders.
Re-Registration u/s 12AB for Trust/Institution
All the existing trusts and institutions registered u/s 12AA shall re-register themselves u/s 12AB w.e.f. 01.04.2021. Registration granted u/s 12AB shall remain valid for 5 years.
![Section 194C - TDS on Payment to Contractor [Updated for FY 2021-22]](/img/previewthumb/custom/20210222052148_gstannual.jpg "Section 194C - TDS on Payment to Contractor [Updated for FY 2021-22]")
Section 194C - TDS on Payment to Contractor [Updated for FY 2021-22]
Any specified person responsible for paying any sum to any resident-contractor for carrying out any work in pursuance of a contract is responsible to deduct TDS u/s 194C.
Income Tax (CBDT) Due Date Further Extended on 3rd August 2021
CBDT has issued circular w.r.t. Extension of timelines for electronic filing of various Forms under the Income-tax Act, 1961 to provide relief to taxpayers in view of the severe pandemic and spike in COVID-19 cases.
Surprise Extensions under the Income Tax Act
Most of the extensions are granted 3 days, 2 days,1 day before the scheduled date. There are more surprises sometimes when extensions come before 8 hours, 5 hours, 2 hours on the last date.
Do You Receive Gifts From Clients As A Result Of Good Work?
The value of any benefit or perquisite, whether convertible into money or not, arising from business or the exercise of a profession shall be chargeable to income-tax under the head "Profits & gains of business or profession."
Form 15CA & CB | CA Certificate | Foreign Remittance
If any payment is made by any person to an NRI then form No. 15CA 15CB is to be furnished. Earlier only income chargeable to income tax in India had to be reported but now all payments are covered.
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