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TDS Provisions under Income Tax Act, 1961 for FY 2019-20
TDS Provisions under Income Tax Act, 1961 for FY 2019-20 TDS stands for tax deducted at source. As per income tax act, any specified person making a specified payment is required to deduct tax at specified rates, if the payment exceeds a certain threshold. The
TCS on Sales & Overseas Tour Program to be Effective from 01.10.2020
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 24th July 2020 INCOME-TAX G.S.R. 464(E).—In exercise of the powers conferred by section 197 and 206C read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central
Notification of Sovereign Wealth Fund under the section to(23FE) of the Income-tax Act, 1961
Circular No. 15 of 2020 Notification of Sovereign Wealth Fund under the section to(23FE) of the Income-tax Act, 1961 The Finance Act, 2020, inter alia, inserted clause (23FE) in section 10 the Income-tax Act, 1961 (the Act) to provide for exemption to the income of
Circular No. 14/2020
Circular No. 14/2020 Subject: Clarification in relation to a notification issued under clause (v) of the proviso to section 194N of the Income-tax Act, 1961 (the Act) prior to its amendment by Finance Act, 2020 (FA, 2020)-Reg. Section 194N of the Act as inserted by
IT Department to Share Data with The Ministry of MSME
Notification No.48/2020 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 14th July 2020 S.O. 2345(E).—In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of Section 138 of the Income-tax Act,1961, the Central Government hereby specifies Additional
Income Tax Deductions – Individuals and HUF (FY 2019-20)
Income Tax Deductions – Individuals,HUF (FY 2019-20) Income Tax Deductions – Individuals,HUF. Income Tax Deduction is an investment/expenditure that helps in reducing the tax payable. The income tax deduction reduces gross total income (means the income on which tax has to be paid). Thereby, reducing the tax
Withdrawing cash and not filing ITR?
Withdrawing cash and not filing ITR? Now pay TDS on cash withdrawals above Rs 20 lakh: The Income Tax Department has facilitated a new functionality for banks and post offices through which they can ascertain the TDS applicability rates on cash withdrawals above Rs 20
How to compute 5% cash transactions limit for tax audit u/s 44AB
5 percent cash transactions limit – Tax audit u/s 44AB This write up explains how to compute the limit of 5% of the aggregate of transactions for the purpose of tax audit u/s 44AB. As we are all aware that this is an amendment brought
Income Tax ComplianceDeductions under section 80C of Income tax Act for FY 2019-20
What are the deductions under section 80C of the Income-tax Act 1961? Deductions under section 80C are relevant for every person filing an ITR. Section 80C of the income tax act describes the deduction which helps to reduce the tax liability. This section contains two
New TDS Return 01.07.2020
New TDS Return 01.07.2020 1. In the Income-tax Rules, 1962 in rule 31A, in sub-rule (4): As per the amendment under rule 31A (4) (viii) of the Income-tax Act, the word ‘not deducted’ now shall be inserted with ‘not deducted or deducted at a lower
Circular No. 13 /2020
Circular No. 13 /2020 F. No. 225/59/2020/ITA-II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, dated the 13th of July 2020 Subject: – One-time relaxation for Verification of tax-returns for the Assessment years 201S-16, 2016-17, 2017-18, 2018-19
[Stayed by Calcutta HC] TDS on Cash Withdrawal u/s 194N wef 1st July 2020
Calcutta high court stayed this section- The section is challanged in Calcutta high court. It is celled ultra vires of the parliament. Considering the above facts, Justice Md. Nizamuddin granted an interim order restraining the respondent’s authorities concerned from deducting tax on the source on