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Ayush Rungta

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Withholding of tax on payment made to YouTube creators by Google

March 12, 2021 5646 Views 0 comment Print

Recently, the search engine giant Google announced that it would begin deducting United States of America (USA) taxes from payments to YouTube creators as early as June 2021 from creators outside of the USA. Earnings from viewers in the USA through ad views, YouTube Premium, Super Chat, Super Stickers, and Channel Memberships will be taxable. […]

Extension of income tax Return Due date for AY 2019-20

July 30, 2020 48204 Views 1 comment Print

On July 29, the Centre extended the deadline for filing of original and revised income tax (I.T.) returns for FY 2018-19 (AY 2019-20) till September 30, 2020 vide Notification No. 56/2020-Income Tax Dated: 29th July, 2020. The IT Department said in a tweet – “In view of the constraints due to the COVID-19 pandemic and […]

Changes in Direct tax and Indirect tax by Budget, 2020

February 2, 2020 20430 Views 0 comment Print

Direct Tax I. Changes in Income Tax Rate Slab for Individual Finance Minister Nirmala Sitharaman introduced new slabs and reduced the tax rate for different slabs for an individual income up to Rs 15 lakh per annum, if a taxpayer opts for foregoing exemptions and deductions. The new tax regime will be optional and the […]

Section 194DA TDS on Sum received under life insurance policy

August 19, 2019 26367 Views 9 comments Print

Under section 194DA of the Act, a person is obliged to deduct TDS, if it pays any sum to a resident under a life insurance policy which is not exempt under sec 10 (10D). At present, TDS is required to be deducted @ 1% on such sum at the time of payment. However, TDS is not deductible if the amount of such payment is less than one lakh rupees.

Rates of Income tax as per Finance act, 2019

August 11, 2019 9834 Views 0 comment Print

Rate of income tax – Surcharge and Tax rate for company I. Rates of income-tax in respect of income liable to tax for the assessment year 2019-20 There is no change in this part. It is same as provided earlier. In respect of income of all categories of assessees liable to tax for the assessment […]

Sec 194M: TDS on payment exceeding Rs 50 lakhs to Contractor or Professional by Individual/HUF

August 10, 2019 16071 Views 0 comment Print

A new section 194M is proposed to be inserted in the Income Tax Act by the Budget 2019 that provides levy of TDS @ 5% on the sum or aggregate of sums, paid or credited in a year on account of contractual work or professional fees by an Individual or Hindu undivided family, not required […]

Changes in TDS provision vide Interim and Final Budget 2019

July 31, 2019 30825 Views 7 comments Print

Changes in TDS provision via Finance bill,2019 as passed by Lok Sabha and Interim Budget, 2019 1. Sec 194M (new section): TDS on payment exceeding Rs 50 lakhs to Contractor or Professional by Individual/HUF (Applicable w.e.f. 01/09/2019) Insertion of New Section after Sec 194LD: (1) Any person, being an individual or a Hindu undivided family […]

IND AS Applicability

July 22, 2019 268146 Views 1 comment Print

Learn about the applicability of IND AS for companies in India. Get insights into the phase-wise implementation and mandatory requirements.

Changes in TDS provision via Finance Bill 2019

July 18, 2019 6843 Views 0 comment Print

Budget 2019: Changes in TDS provision- Related to 1. Section 194M : TDS on payment exceeding Rs 50 lakhs to Contractor or Professional by Individual/HUF, Section 194N: TDS on Cash Withdrawal exceeding Rs 1 crore from banks or cooperative bank or post office, Section 194DA: TDS on sum received under life insurance policy and Section […]

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July 2024