Income Tax Articles
CBDT Issues Rules for Taxing Partnerships in India
The guidelines were issued to give transparency on the methods to be followed while determining the tax liability. These changes are applicable from Assessment Year 2021-22.
House Property Income
One of the common sources of income is rental income from house. The income from houses, buildings, godowns etc. is to be computed and assessed to tax under the head "Income from house property".
Understanding New TDS Provisions on Purchase of Goods u/s 194Q with Practical Examples
In this Taxalogue, the new provisions of TDS on purchase of goods, contained in section 194Q, applicable w.e.f. 1.7.2021, is being explained with the help of some easy to understand practical illustrations.
Section 194Q of the Income tax Act 1961
The Finance Act, 2021 has introduced a new section called Section 194Q of the Income Tax Act 1961, which mandates the specified buyer to deduct TDS on the purchase of goods from the resident seller.
10 Reasons Why You Should File an ITR
CBDT has been conducting various to make citizens realise the importance of filing Income Tax Returns. In this article, the author lists 10 reasons why you should file an ITR and how it can benefit you.
Section 194Q of the Income Tax Act, 1961
The section provides a threshold limit of Rs. 50 Lakh for a particular FY. This means tax is required to be deducted when the purchase of goods by a buyer from a seller exceeds Rs. 50 Lakh during any FY.
Income Tax under the head Salary
Understanding Income Tax Chargeable on Income from Salary, including Tax Saving Methods that salaried individuals can adopt to lower their taxable income.
Income Tax (CBDT) Due Date Extended beyond June, 2021
Government grants further extension in timelines of 18 compliances. Also announces tax exemption for expenditure on COVID-19 treatment and ex-gratia received on death due to COVID-19.
Major Changes in new Income Tax Returns for AY 2021-22
CBDT has notified the Income Tax Returns for AY 2021-22 on 31st March 2021. Let us understand the Major Changes in these Returns and the impact of COVID-19 on the overall changes made by CBDT.
TDS on Purchase of Goods in Income Tax w.e.f 1st July 2021
Section 194Q - A purchaser will be liable to deduct TDS if his turnover during the last year exceeds Rs.10 crores and he purchases goods of value exceeding Rs.50 lacs in the current year from a seller.
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