Income Tax Articles
Equalisation Levy - Aggressive Move to Trap Digital Economy by India
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.
New Form 26AS introduced by CBDT
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
The new Form 26AS will give all the information of the Annual Information Return as well. It will benefit the honest taxpayers.
Taxability Of Gift Received By Individual Or HUF
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
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
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
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.
New Income Tax Regime or Old Regime: What should a Salaried Taxpayer choose?
In the Union budget 2020, the Finance Minister proposed a New Tax Regime as an alternative to the existing Old Tax Regime.
Decoding the New Rules of Penalty Shoot-out: Faceless Penalty Scheme 2021!!
In this Taxalogue, we have decoded and explained the newly inserted rules of penalty shoot-out i.e. the newly legislated Faceless Penalty Scheme, 2021 and its provisions.
Ways to ascertain the points required in Form 3CD from Tally ERP 9
Among the softwares that are used for the preparation of books of accounts, Tally Software is widely used. In this article, we ascertain some relevant points in Form 3CD from Tally ERP 9 while doing Tax Audit.
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