Income Tax Articles
Revised TDS and TCS Rates wef 14/05/2020
The new TDS and TCS rates have been reduced by 25% for the period 14/052020 to 31/03/2021. The reduction in TDS is for non-salaried specified payments made to residents.
Revised TDS/TCS Rate Chart from 14.05.2020 to 31.03.2021
The TDS and TCS rates have been reduced by 25% of the existing rates. The revised TDS rates will be effective from the period 14/05/2020 to 31/03/2021.
The New Income Tax Regime - Beneficial for you?
Section 115BAC, introduced by the Finance Act, 2020, provides that, the income-tax payable in respect of the total income of a person, being an individual or a Hindu Undivided Family (HUF), for any previous year beginning on or after the 1st day of April, 2020 shall, at the OPTION of such person, be computed at concessional rates.
Understanding the New Dividend Tax Regime
The dividend distribution tax has been abolished from 1 April 2020. Tax on dividends which was earlier payable by the company is now taxable in the hands of the shareholder.
Draft Format of Engagement letter & Management representation on Tax Audit
The purpose of the Management Representation Letter on various matters is to focus the management's attention on those matters so that the management can specifically address those matters in more detail than would otherwise be the case.
Changes in TDS rates as per Finance Act 2020
TDS/TCS Rates for FY 2020-21 were revised in the Finance Act 2020. The Finance Act 2020 gave effect to the Budget 2020 changes in existing TDS/TCS Rates or addendum new TDS/TCS Rates, A.Y 2021-22
Tax Audit under Income Tax Act after the amendments by Finance Act 2020
Section 44AB, contains provisions of the "TAX AUDIT" under the Income Tax Act 1961. "TAX AUDIT" is an examination of books of accounts of the assessee. The examination is conducted to ensure that the assessee has properly maintained the books of accounts and other records and the tax liability has been computed properly.
Why HUF may not be effective tool for tax planning
The main reason for creating a Hindu undivided family is that the family gets an extra PAN card & file its separate return by splitting family income and thereby resulting in tax saving & reducing the tax liability. This is why CA's advise their clients to create a HUF & save the taxes. However, it is not a very effective way to save taxes.
Thumb Rule of Personal Financial Planning
Personal Financial Planning is very crucial for your Financial well being. Here are 21 thumb rules of Personal Financial Planning.
How to check the authenticity of a notice from Income Tax Department?
If you have received any Income Tax notice, please make sure it carries a document number as now every notice/document/communication issued by the Income Tax Department shall carry a document number. To avoid any miscommunications, it is better to check for its integrity.
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