Income Tax Articles
New TDS sections inserted by Union Finance Bill 2021 and audit implications
The Finance Bill 2021 has introduced Section 194Q, Section 206AB and Section 194 P of the Income Tax Act which will be effective from 1st July 2021 onwards. Let us discuss them.
TDS on Immovable Property & Relevance of Lower Deduction Certificate For NRIs
Whenever a property is purchased, the buyer is liable to deduct tax from the sale consideration and pay the balance to the seller. The tax amount to be deducted depends on the residential status of the seller.
Is Income Tax circular regarding use of functionality u/s 206AB and 206CCA consistent with legal provisions?
CBDT has issued a circular regarding the use of functionality under Section 206AB and 206CCA of the Income-tax Act, 1961. Let us decode whether the same is in line with legal provisions or not.
Which Section 194Q or 206C(1H) will be applicable?
Section 194Q is for TDS applicable from 01.07.2021 and Section 206C(1H) is for TCS applicable since 01.10.2020. Let us understand which section will be applicable in practical scenarios.
Weekly Finance and Tax News Bulletin by CAclubindia - 19th Dec to 26th Dec 2020
In this article, we will discuss the major updates from the Finance and Tax Industry between 19th December and 26th December 2020
TDS Under Section 194Q v/s TCS under section 206C(1H)
Section 194Q/206C(1H) states that TDS/TCS @ 0.1% shall be deducted when the aggregate value of purchase/sale of goods during the year exceeds Rs. 50 lakhs.
Representation to FM on Remedial Measures for Glitches in New E-Filing Portal
In this representation, the author has made an honest and sincere attempt to practically demonstrate the technical glitches and currently non-functioning functionalities of the new e-Filing portal.
Decoding Section 194Q of the Income Tax Act, 1961 in 35 FAQs
Section 194Q, which will be effective from 1st July 2021 states that TDS is to be deducted at 0.1% if the aggregate amount of purchases by buyer exceed Rs 50 lakh.
Stringent Provisions under the Income Tax Act w.e.f 1st July 2021
Discussing 3 stringent Income Tax provisions applicable w.e.f 1st July 2021 i.e. Section 194Q, Section 206AB, and Section 206CCA of the Income Tax Act.
Applicability of New Sections w.e.f 1st July 2021
Discussing Section 194Q of the Income Tax Act which deals with TDS on purchase of goods and Section 206AB of the Income Tax Act which is a special provision for the deduction of TDS for Non filers of ITR.
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