Income Tax Articles
Taxability of Business Perquisites under Income Tax Act
Any benefit or perquisite arising from exercise of business or profession shall be taxed under the head “Profits and Gains from Business or Profession”(PGBP).
Overview of Section 194N of Income tax Act
The Finance Act, 2020, amended section194N with an intention of curb black money and to track people having huge cash withdrawal from bank and who haven't filed their return of income as per the requirement under income tax act.
Section 195 | TDS on Non-Resident Payments
Discussing the meaning, rate of TDS, nature of payment and threshold limit etc. of Section 195 of the Income Tax Act - TDS on Non-Resident Payments.
Section 115BAD | New Tax Regime for Resident Co-Operative Societies
Section 115BAD was introduced to provide the benefit of a lower tax rate to Resident Cooperative Societies. It is applicable for any PY relevant to the AY beginning on or after 01.04.2021.
Section 194N | TDS on cash withdrawal from banks/post offices
Discussing Section 194N of the Income Tax Act, which deals with the TDS on cash withdrawal from banks/post offices, including its meaning, rate of TDS, exemptions etc.
ITR Not Processed Yet? Try these 4 Things!
In case, due to any reason your ITR is not processed, the concerned authorities may ask you to explain further or correct your mistakes. Discussing four reasons why your ITR hasn't been processed and how you can resolve this issue.
Taxation Due Dates Extended under Income Tax (Penalty & Assessment / Re-assessment) and Benami Act
The Central Board of Direct Taxes has extended various due dates of Assessment and Re-Assessment under the Income Tax Act, together with due dates under the Benami Act.
Seven Reporting Clauses in Tax Audit Report causing Hardship to Tax Auditor & Auditee if the due date does not extend
In this Taxalogue, I am discussing at least 7 Reporting Clauses in the Tax Audit Report (Annexure Form 3CD), which requires reporting by the Tax Auditor on certain specified compliances by the tax auditee up till the due date of filing of ITR u/s 139(1) of the Income Tax Act.
TDS u/s 194Q on purchase of goods
Discussing Section 194Q (TDS on payment of a certain sum for purchase of Goods) of the Income Tax Act, which has been introduced by the Finance Minister in Union Budget 2021.
CBDT Extends Vivad se Vishwas Dates Yet Again!!
CBDT vide its Notification No. 9/2021 dated February 26, 2021, has further extended the Due Dates under the Direct Tax Vivad se Vishwas Act, 2020.
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