Income Tax Articles

Section 194N: TDS on cash withdrawal exceeding INR 1 Crore

Posted by CA Nayan Goyal 24 July 2020 45439 Views

TDS at the rate of 2% would be deducted by banking companies, cooperative societies engaged in the business of banking, or post office, “if the cumulative withdrawals from all accounts with one bank, exceeds INR 1 crore

FAQs on e-campaign compliance portal

Posted by Sanchit Aggarwal 24 July 2020 12811 Views

Under e-Campaign tab of Compliance Portal, information received from various sources related to the taxpayer shall be displayed for seeking feedback. The taxpayer is required to submit response on each information item to complete the process of submission of response.

TDS & Tax Provisions for FY 2018-19

Posted by Sandeep Rawat 24 July 2020 73110 Views

TDS Rates & Provisions for F.Y.2018-19 TDS stands for tax deducted at source. As per the Income Tax Act, any company or person making a payment is required

Section 194N| TDS on Cash Withdrawal

Posted by CA Alexandar Gazi 22 July 2020 3823 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.

Faceless e-assessment: Procedures, Difficulties and Role of Professional

Posted by CA PIYUSH KAPOOR 21 July 2020 12012 Views

The income tax department on October 7, 2019 launched its faceless e-assessment scheme for taxpayers. Under the scheme, there would be no physical interface between an assessing officer and an Assessee.

Section 44AD of Income Tax Act - Few Technical Aspects

Posted by CA Mehul Thakker 20 July 2020 6672 Views

One of the salient features of section 44AD is that the deduction under section 30 to 38 shall be deemed to have been allowed.

Honest assessee caught in the web of section 269 cash deposit

Posted by Dilip K Raina 19 July 2020 21150 Views

Let us examine this situation from the perspective of the honest assessee and the law being followed by the income tax department.

Which ITR form to be filed by Individuals to file their taxes?

Posted by Ajay Kumar Maggidi 14 July 2020 8849 Views

Income Tax Return (ITR) is a declaration of incomes and taxes thereon by tax payers. It is required to be filed in each assessment year for the incomes in earned in previous year. You had earned incomes and paid taxes (TDS/Advance tax) in previous year.

Tax Saving Investment Options & Deductions under Income Tax for Individual and HUF

Posted by CA Rahul Mittal 13 July 2020 13012 Views

To claim a deduction in any year, it is necessary to invest in that year. Due to COVID Pandemic, Govt. has extended the date to 31.07.2020 for the financial year 2019-2020 to make an investment for deduction under chapter VI-A and section 54 to section 54GB.