Income Tax Articles
Old V/s New Tax Regime for FY 2020-21 - Choose Right Option?
New section 115BAC is inserted in Income Tax Act by the Finance Act 2020 and it is applicable w.e.f 1st April 2020 and will be applicable on Individuals and HUFs for the assessment year 2021-22 and subsequent assessment years.Under this section taxpayers i.e Individuals and HUFs has an option to pay the tax on the basis of concessional slab rates subject to some conditions.
Corporate Tax rates and eligible deduction under PM cares Fund
Sec 115BA provides for a reduced tax rate of 25% in case of all domestic manufacturing companies incorporated on or after Mar1, 2016, Sec 115BAA has been inserted to provide for a reduced tax rate of 22% for all domestic companies.
Income Tax slab rates for AY 2020-21
Know the Income Tax Slab Rates for the Assessment Year 2020-21.
PF| New PPF rules
Due to lockdown, the government has relaxed a few rules on PPF and small saving schemes like 5 year National saving certificate, Kisan Vikas Patra, Sukanya Samridhi Yojana, etc.
Section 271AAD: Fair Interpretation and applicability
Section 271AAD is for a penalty on false entry, etc. in books of account.Under the Head "H. PREVENTING TAX ABUSE", explanation and need for insertion of Section 271AAD have been given.
Section 6 of the Income Tax Act
Section 6 of the Income Tax Act contains provisions related to the residential status of an assessee. The Finance Act 2020 amends provisions related to the residential status of the non-resident.
What is Salary | How to Calculate TDS on Salary
TDS on salary is computed on Salary under section 192. TDS on salary is computed on the estimated annual salary of the employee at the rates in force in the FY
Amendment to TDS Provisions in Income Tax Act
The Finance Act 2020 has made various amendments to the TDS Provisions. TDS Section 194O has been introduced in the Income Tax Act through Finance Act 2020.
No deduction if return not filed
There may be some hope for relief from the courts based on the 1955 circular of CBDT and the decision of the Supreme court in Goetze case but it appears to be very risky. Therefore the author would advise all the entities to file the return immediately before 31-10-2019 without going for risky adventurous legal battle.
Amendments in Income Tax Act for AY 2020-2021
The Amendments made to the Income Tax Act in respect of Individual, HUF, Domestic Companies for AY 20-21, PY 19-20 by way of Finance Act
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