Income Tax Articles

Re-Run of the Classical System of Taxing Dividends in the hands of Recipients, like the Re-Run of "Ramayana"

Mayank Mohanka 13 April 2020 at 11:03

The Finance Act 2020 has re-introduced the classical system of taxing dividend income in the hands of recipient shareholders at their respective applicable slab rates and the domestic companies or mutual funds are not required to pay any DDT on such dividend income, w.e.f. AY 2021-22, i.e. w.e.f. 1.4.2020.

TDS Certificates for nil/low TDS rates valid till 30.06.2020

Dinesh Singh 13 April 2020 at 11:03

Clarification issued by CBDT regarding the validity of TDS certificates for lower or nil TDS rates.Nil or Lower TDS/TCS certificate issued for a particular period in FY 2019-20 also valid till June 30, 2020.

TDS Section 194J of the Income Tax Act

Dinesh Singh 11 April 2020 at 11:13

As per the amendment to TDS section 194J of the Income-tax Act, 1961 TDS on technical services will be charged at 2%.TDS Section 194J deals with provisions related to fees on professional and technical services.

New era of taxation for charitable trusts

Deepak Jain 10 April 2020 at 10:36

This year the Taxman has come with a substantial overhaul having regard to the taxation of the Trusts, Societies, NGOs etc. i.e. Charitable Trusts including edu..

Due date to deposit TDS

Vaishali Dhek 09 April 2020 at 18:39

The due date to deposit TDS and file TDS Return is 7th of the succeeding month and last day of the month succeeding the quarter.

New equalisation levy & TDS on e-commerce transactions

Mayank Mohanka 08 April 2020 at 10:47

Equalisation Levy will now be extended to an e-commerce operator on e-commerce supply and services undertaken on or after 1 April, 2020. The scope of equalisation levy was extended to E-commerce operator in Finanace Act 2020.

Donation to PM cares fund 100% deduction under Section 80G

Aishna Kukreja 07 April 2020 at 13:45

Donation to PM CARES Fund is eligible for 100% deduction under 80G of the Income Tax Act, 1961. The donation to PM CARES Fund is also an eligible CSR Activity.

Section 115BAC- Is the new Income Tax Regime beneficial?

Mayank Mohanka 07 April 2020 at 10:36

The new income tax regime u/s 115BAC has come into effect from financial year 2020-21. It is optional to opt for the New Tax Regime. Here is a break-even analysis od the New Income Tax regime.