Income Tax Articles

TCS on Sale of Overseas Tour Package

Harshit Panjwani 17 April 2020 at 10:34

TCS on Sale of Overseas Tour Package was proposed in Budget 2020. As per TCS provision on sale of overseas tour package. every Seller of an Overseas Tour Programme Package is required to Collect Tax from the Buyer of such Overseas Tour Programme Package.

Section 206(1H): Applicability of TCS on Export & Import of goods

Divyang 16 April 2020 at 10:57

Section 206(1h) - Applicability of TCS on Export & Import of goods as per Finance Act, 2020 and Applicable Date Clarity

Role of commerce management during lockdown

CMA SIVAKUMAR A,ACMA. 15 April 2020 at 10:53

Commerce and Management faces unprecedented setbacks due to the COVID-19.

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.