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Section 43B (h) of Income Tax Act, 1961
Section 194IA is inserted by Finance act 2013 and it is applicable from 01st of June, 2013.
Union Budget 2022, a new TDS section 194R, has been proposed in the Finance Bill 2022, w.e.f. 01st July 2022.
The government introduced the concept of updated return in income tax in the Union Budget 2022. The new provision allows the taxpayers to update their ITRs within two years of filing, on payment of additional taxes, in case of errors or omissions.
A new Section 80EEA has been inserted by government to allow for an interest deduction from AY 2020-21 (FY 2019-20).
A new section 80EEB of Income Tax Act, 1961 has been introduced allowing a deduction for interest paid on loan taken for the purchase of electric vehicles from the AY 2020-21.
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.
According to Section 194O, an e-Commerce operator is required to deduct TDS for facilitating any sale of goods or providing services through an e-Commerce participant. Know more about the section here.
It becomes important to understand the legal provisions under GST law while finalizing books of accounts and preparation of Balance Sheet.
Section 194N - TDS on Cash withdrawal over and above Rs. 1 crore
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