Article discusses Important Amendments applicable for AY 2020-21 (PY 2019-20) which includes Changes in Rebate under section 87A, Increase in Standard Deduction for Salaried employees, Increase in Tax Audit Limit, Amendment in Section 54 Provisions, Amendment in provisions related to deduction under section 80EEA and section 80EEB, Decrease in MAT rate, New Tax Rates for […]
Sec 80EEA- Deduction in respect of Interest Payable on Loan taken for residential property Assessee is an Individual and taken a loan for purchase of a residential property, here is the benefit on interest payable over and above deduction claimed u/s 24(b). The above Section 80EEA is inserted by Finance Act, 2019 w.e.f 01.04.2019. 1) […]
Applicability, rate of tax & Tome of Deduction for TDS under Section 194IA on Sale of Immovable Properties -Any transferee responsible for paying any sum of consideration to a resident transferor on transfer of immovable property (other than agricultural land) -Need to deduct TDS on such sum. -Rate of Tax – 1% -TDS is need […]
SEC 112A- LTCG ON SALE OF CERTAIN ASSETS (Inserted by Finance Act 2018, w.e.f. 01.04.2019) Concessional rate of tax on transfer of Certain assets: (A) The above section 112A is applicable on the following circumstances (a) Long term capital gain arising from transfer of the following assets (i) an equity share in a company (ii) a […]
SEC-194N- TDS ON CASH WITHDRAWAL (inserted w.e.f. 01.09.2019) Section 194N provides that any person being (Payer) (i) a banking company (ii) a cooperative society carrying on business of banking (iii) a post office who is responsible to pay, in cash, any sum or aggregate of sums exceeding 1 crore rupees during the previous year, to any person (recipient) […]
CIT (Exemptions) Vs Addor Foundation (Gujarat High Court) Effect of Non Passing of order within six months — Non-disposal of an application for registration by granting or refusing registration before expiry of six months as provided u/s 12AA(2) would not result in a demand grant of registration. It was held that deemed registration cannot be […]
