Expert Knowledge,
Straight from Practitioners.
Tax tips, legal guides, and financial advice written by the same verified CAs, Advocates, and Advisors you can consult on ConsultEase.
Amended TDS chart for 14-5-2020 to 31-3-2021
Reduction in rate of Tax Deduction at Source (TDS) & Tax Collection at Source (TCS) Applicability: – The reduction shall be applicable for the remaining F.Y. 2020-2021 i.e. from 14/05/2020 to 31/03/2021. Benefit: – This measure will release liquidity of Rs. 50,000 crore. The object
Section 194I – TDS on Rent under income Tax
What is TDS on Rent u/s 194I? This section is applicable to any person who is responsible for the payment of rent. He is liable to deduct and deposit the TDS on Rent. However, an individual or a HUF who is not liable for audit us
Revised Dates of Various Compliances or Payments under Income Tax Act
Revised Dates of Various Compliances or Payments under Income Tax Act Sr. No. Return/ Payment date Earlier Date Revised Date 1 Last date of Return filing for FY 2018-19 31st March 2020 30th June 2020 2 Investment/ Payments to claim Deduction for FY 2019-20 31st
Clause 30C and 44 of Tax Audit Report kept in abeyance for another year.
Circular No. 10/2020 F. No. 37014219/20 18-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes TPL Division New Delhi, dated 24th April 2020 Order under section 119 of the Income-tax Act, 1961 Section 44AB of the Income-tax Act, 1961
Direct Tax Vivad Se Vishwas Scheme! Policy and Challenges!
Direct Tax Vivad Se Vishwas Scheme! Policy and Challenges! 1. Direct Tax Vivad Se Vishwas Scheme (VSV) 1.1 Whether VSV is notified? The Vivad Se Vishwas Bill, 2020 (now VSV Act) has been passed by the Lok Sabha on 4th March 2020 and by the
FAQs relating to professional Ethics of members pertaining to Bank Assignments: ICAI
FAQs relating to professional Ethics of members pertaining to Bank Assignments Whether a firm of Chartered Accountants can accept Audit of a branch of a bank, while one of the partners of the said Bank has taken a loan from a different branch of the
ICAI allows Use of Electronic Signature for Signing Audit Reports and Certificates
Announcement for Attention of the Members Use of Electronic Signature for Signing Audit Reports and Certificates The attention of the members is invited to paragraph 46 (Signature of the Auditor) of SA 700(Revised), “Forming an Opinion and Reporting on Financial Statements”. The corresponding application guidance
Govt allows employee to submit option to employer and employee will accordingly deduct TDS
Circular C 1 of 2020 Clarification in respect of option under section 115BAC of the Income-tax Act, 1961 Section 115BAC of the Income-tax Act, 1961 (the Act), inserted by the Finance Act, 2020 w.e.f. the assessment year 202 1-22, infer alia, provides that a person,
Tax Deducted at Source (TDS) Rates Applicable from 01st April 2020
Tax Deducted at Source (TDS) Rates Applicable from 01st April 2020 S.No Section Nature of Payment Monetary Limit Rate 1 192 Salaries Slab Rate Slab Rate – Old or New as declared by the employee 2 192-A Premature withdrawal from Employee Provident Fund 50,000
All you need to know about ITR 4 of FY 19-20
What is the ITR 4 Sugam Form? ITR stands for Income Tax Return and ITR 4 Sugam Form is for the taxpayers who are filing return under the presumptive income scheme in Section 44AD, Section 44ADA and Section 44AE of the Income Tax (IT) Act.
Form of ITR 1 for FY 19-20 notified, read FAQs
All you need to know about ITR 1for FY 19-20 also called ITR Sahaj It is time to file the ITR of the current AY. Forms are available on the income tax website. In this article, we have covered the ITR 1 for FY 19-20.
All about Section 194 O of Income Tax Act 1961
All about section 194 O of income tax act 1961 Finance Act 2020 introduces a new section 194O for deducting the TDS of e-commerce participants. This section would be applicable from 01.Oct.2020. Kindly find below detailed analysis of section: Background With the increasing number of