Income Tax Articles
TCS On sale of Goods - New Income Tax Compliance w.e.f 1st October 2020
Every seller who has received any amount as sale consideration above Rs. 50 lakhs (limit to calculate from 1st April 2020) has to collect 0.075% of bill amount from such buyer, collect PAN and pay TCS every month.
Allowable Deductions While Computing Business Or Professional Income
There are various types of expenses varying from business to business and according to the nature of the unit. The admissibility of an item of expenditure is governed by certain general principles.
TCS on Sales of Goods under Income Tax w.e.f 1st Oct 2020 - FAQs and Key Points
Amendment made in Section 206C (1H) of the Income Tax Act regarding the liability to collect TCS @ 0.1%, on the sale value exceeding Rs. 50 lakh for each buyer....
New Regime of Income Tax Search and Seizure Assessments - Glaring Implications
Highlighting the significant changes brought in by the virtue of the Finance Act 2021 in context to the Income Tax assessments to be made in pursuance to an Income Tax Search and Seizure Action conducted u/s 132.
Cases when Rental Income from Building is not treated as House Property Income
There are many instances where rental income from a building is not treated as house property income. Four of such instances have been discussed in this article.
PGBP Additions and Deductions
Discussing the things to be added or deducted from the Net Profit as per books under the head Profits and Gains of Business or Profession.
Is last Para of Income Tax Circular No. 13 of Year 2021 consistent with legal provisions?
Analysing the reading of Second Proviso to Section 206C(1H) and Section 194Q(5) and fetching answers after a harmonious reading of both the sections against different situations.
Exempted Incomes From House Property
Under section 10 of the Income-tax Act, 1961 certain incomes from house property are exempted from tax. These incomes are not to be included in the total income of the assessee.
Guidelines for applicability of Section 194Q
Section 194Q of the IT Act, which has been effective since 1st July 2021 has created a lot of confusion among taxpayers and professionals. Let us understand the guidelines for the applicability of the section.
You can submit Form 15G/H even if your Gross Interest Income exceeds your Tax-Exempt Slab
Many banks interpret the term 'total income' concerning declaration in 15G/H, as any non-professional would and due to lack of proper understanding, reject the order in Form 15G or 15H.
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