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Section 194O | TDS on E-commerce Operator
Discussing Section 194O of the Income Tax Act, which deals with the TDS on E-commerce Operator including its meaning, rate of TDS, and recent amendments etc.
TDS on E-commerce Operator (including Practical Case Studies)
Any person, being an e-commerce operator facilitating the sale of goods or services of an e-commerce participant through its digital or electronic facility or platform is responsible to deduct TDS u/s 194O.
Presumptive Taxation For Professionals under Section 44ADA
In case of a person adopting the provisions of section 44ADA, income will be computed on a presumptive basis, i.e. @ 50% of the total gross receipts of the profession.
Section 194LBA | TDS on Certain Income from Units of a Business Trust
Discussing Section 194LBA of the Income Tax Act 1961, which deals with the TDS on Certain Income from Units of a Business Trust including its meaning, rate of TDS, eligibility requirements etc.
Reporting High Value Cash Transactions
If a person who is required to furnish a statement of financial transaction or reportable account under section 285BA fails to furnish such statement within the time prescribed, the prescribed income-tax authority may direct that such person shall pay, by way of penalty
Section 194P - Tax Deduction in case of a Specified Senior Citizen
If a resident senior citizen is earning exempt income, like, interest on PPF, agriculture income, the share of profit from the partnership firm, etc. he should not be treated as ineligible for this provision.
Penalty for failure to get accounts Audited Section 271B
If any person fails to get his accounts audited in respect of any previous year or years relevant to an assessment year or furnish a report of such audit as required under section 44AB, the Assessing Officer may direct that such person shall pay, by way of penalty
Audit under Section 44AB of the Act
Provisions of Section 44AB has been explained in this article.
Concept & Meaning of Turnover in Tax Audit
'Turnover', 'Gross Receipts' and 'Sales' are the buzzwords during this Tax Audit season. Incidentally, they are the very starting point of a Tax Audit. They form the qualifying criteria, determine whether a taxpayer is liable to tax audit during a given year.
Section 206AB and 206CCA - Special Provision for Deduction/Collection of TDS/TCS for non-filers of ITR
The new sections 206AB and 206CCA are inserted via Finance Act, 2021 which provides for a higher rate of TDS/TCS to be applied if the transactions are done with the non-filers of the Income Tax Return.
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