Income Tax Articles

New ITR (Income Tax Return) Forms for AY 20-21 | Details of changes made

Posted by Ritika Agarwal 22 July 2020 24646 Views

CBDT has notified some key changes in ITR forms for AY 2020-21. The major changes made this year in all ITR seek certain questions to be answered by the taxpayers, questions related to deposits made over Rs 1 crore

Equalisation Levy - Aggressive Move to Trap Digital Economy by India

Posted by CA Harshal Sevak 22 July 2020 2187 Views

Equalisation Levy is to be charged at the rate of six per cent of the amount of consideration received or receivable by a non-resident.

Section 194N| TDS on Cash Withdrawal

Posted by CA Alexandar Gazi 22 July 2020 3818 Views

TDS Section 194N was introduced in the union budget of 2019 by the Finance Minister, Nirmala Sitharaman. The section has been further amended in Budget 2020.

New Form 26AS introduced by CBDT

Posted by CS Lalit Rajput 20 July 2020 8216 Views

Information being received by the Income Tax Department from the filers of Statement of Financial Transactions (SFTs) now being shown in Part E of Form 26AS

Form 26AS - Key changes made in the form

Posted by CA Rahul Mittal 20 July 2020 12711 Views

The new Form 26AS will give all the information of the Annual Information Return as well. It will benefit the honest taxpayers.

How to file a revised TDS return on TRACES Portal?

Posted by Ritika Agarwal 20 July 2020 55786 Views

TDS Return might have to be revised due to reasons like incorrect challan details or PAN not provided or incorrect PAN provided, short deduction or short payment.

Taxability Of Gift Received By Individual Or HUF

Posted by CA Rahul Mittal 20 July 2020 3520 Views

Gift received from relatives is exempt. Gift received on other occasions (e.g. gifts on birthday, etc.) from the non-specified person shall be taxable under the head income from other sources.

Section 44 AD: Special Provisions For Computing Profits And Gains of Business On Presumptive Basis

Posted by CA CMA Piyush Taurani 20 July 2020 3916 Views

The presumptive Taxation scheme under Section 44AD covers all small businesses with total turnover/gross receipts of up to Rs. 200 Lakh (Except the business of plying, hiring and leasing goods carriages covered under section 44 AE).

TDS Section 194N| TDS on cash withdrawal

Posted by CA Chanchal Jain 20 July 2020 2791 Views

Section 194N specifies that a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies, co-operative society engaged in the business of banking, or a post office shall deduct TDS @ 2% of a sum exceeding one crore rupees that a person (recipient) withdraws from one or more of these accounts.

Tax Implications on income of non-resident

Posted by Venkat Raj 20 July 2020 2588 Views

Non-resident Individuals irrespective of age Limit the basic exemption limit is RS 2,50,000. There is no concept of a senior citizen or a super senior citizen.