Income Tax Articles

Liability to deduct tax at source by individual and HUF under Finance Act 2020

CA Mehul Thakker 28 April 2020 at 10:31

Liability to deduct tax at source under section 194A, 194C, 194H, 194I and 194J was first introduced by the Finance Act, 2002 by inserting various proviso to the respective sections.Proviso to section 194A(1), Proviso to Section 194C(1), Second Proviso to 194H(1), Second Proviso to Section 194I(1), Second Proviso to 194J(1) were inserted by Finance Act, 2002 w.e.f. 01-06-2002

The Task FORCE which was never Constituted

Mayank Mohanka 27 April 2020 at 10:50

There is some report circulating on social media regarding suggestions by a few IRS officers on tackling Covid-19 situation. It is unequivocally stated that CBDT never asked IRS Association or these officers to prepare such a report

Corporate Tax rates and eligible deduction under PM cares Fund

Ashwin Jain 27 April 2020 at 10:49

Sec 115BA provides for a reduced tax rate of 25% in case of all domestic manufacturing companies incorporated on or after Mar1, 2016, Sec 115BAA has been inserted to provide for a reduced tax rate of 22% for all domestic companies.

Old V/s New Tax Regime for FY 2020-21 - Choose Right Option?

VIVEK MALAVE 27 April 2020 at 10:49

New section 115BAC is inserted in Income Tax Act by the Finance Act 2020 and it is applicable w.e.f 1st April 2020 and will be applicable on Individuals and HUFs for the assessment year 2021-22 and subsequent assessment years.Under this section taxpayers i.e Individuals and HUFs has an option to pay the tax on the basis of concessional slab rates subject to some conditions.

Income Tax slab rates for AY 2020-21

Simran Saria 27 April 2020 at 10:46

Know the Income Tax Slab Rates for the Assessment Year 2020-21.

Section 6 of the Income Tax Act

Jigar Rajendrabhai Mansatta 25 April 2020 at 10:49

Section 6 of the Income Tax Act contains provisions related to the residential status of an assessee. The Finance Act 2020 amends provisions related to the residential status of the non-resident.

TDS on salary Section 192 Income Tax Act

Vaishali Dhek 24 April 2020 at 13:47

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.

IT slab rates for FY 2020-21

Chandra Sekhar Reddy 24 April 2020 at 10:31

Income Tax Slab Rates for the FY 2020-21 and AY 2021-2022. The taxpayers can pay tax under new or concessional rates in FY 2020-21.

Section 271AAD: Fair Interpretation and applicability

Hemant Kumar Gupta 24 April 2020 at 10:30

Section 271AAD is for a penalty on false entry, etc. in books of account.Under the Head "H. PREVENTING TAX ABUSE", explanation and need for insertion of Section 271AAD have been given.

PF| New PPF rules

FCA surbhi jain 24 April 2020 at 10:30

Due to lockdown, the government has relaxed a few rules on PPF and small saving schemes like 5 year National saving certificate, Kisan Vikas Patra, Sukanya Samridhi Yojana, etc.