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Ca Aravind Jayaraman

Latest Posts by Ca Aravind Jayaraman

No filed Tax Audit Report Before Due Date – Need to worry?

September 21, 2020 29886 Views 1 comment Print

Article explains Tax audit under section 44 AB of the Income Tax Act, 1961 and its due date and implications if not completed within the due date.

TCS on sale of Goods- Section 206C(1H) w.e.f. from 01.10.2020

September 21, 2020 171306 Views 32 comments Print

​All about TCS on sale of Goods [newly inserted Section 206C(1H)] effective from 01.10.2020 Introduction to TCS (Tax collection at source) Tax Collected at Source (TCS) is the tax payable by a seller which he bills on to the from the buyer at the time of sale and is payable into the Government Treasury on receipt of money from the buyer. […]

Section 80D Tax deduction for Mediclaim Insurance & Medical expenditure

April 29, 2020 67053 Views 7 comments Print

Taking medical insurance has become extremely relevant in the current days and medical expenditures for purchase of medicines for life style diseases have also started becoming a regular expenditure especially for senior citizens. Medical expenditure can cover even the  hospitalization expenses also of the senior citizen. The Income Tax Act, 1961 has given tax benefits […]

Disability based deductions under Section 80DD & Section 80U

April 29, 2020 6522 Views 0 comment Print

Article explains Deduction under Section 80DD: Expenses for Dependent Relative or Provision for the Same (Depends On Expenses Incurred / Contribution Made) and under Section 80U: For Disability of the Assessee Herself or Himself (Does Not Depend On Expenses Incurred/ Contribution Made). 1. Section 80DD: Expenses for Dependent Relative or Provision for the Same (Depends […]

How to pay no Income tax despite earning Rs. 7.25 Lacs a year?

April 24, 2020 8931 Views 6 comments Print

The Finance Bill, 2020 has come up with a lot of benefits for small and medium taxpayers in such a way that, even those earning Rs. 7.25 Lacs a year need not shell out a single rupee of tax provided they make some eligible investments.

Changes in TCS Compliance for Authorized Dealers & Tour Operators

April 11, 2020 3267 Views 0 comment Print

Changes In Compliance For Authorized Dealers And Tour Operators As Passed In The Finance Act, 2020. Introduction: The Finance Bill, 2020 which has been passed in the Lok Sabha has come up with a plethora of amendments in the Income Tax act, 1961. Additional compliance have been put on tour operators as well as authorized […]

Extension of validity of Lower or Nil Tax Deduction/Collection Certificate

April 4, 2020 22665 Views 8 comments Print

A quick analysis of the CBDT notification dated 31.03.2020 extending the validity of Lower Or Nil Tax Deduction/Collection Certificate for FY 2019-20 Introduction: Due to COVID-19 pandemic, all establishments including the income tax office are not working to full capacity and hence the income tax officers were unable to issue certificates u/s. 197 of the […]

What should NRI (Non resident Indians) take from Budget 2020?

April 2, 2020 2949 Views 0 comment Print

Finance Act, 2020 has come up with some landmark amendments in the Income Tax Act, 1961 in relation to taxation of income for Non-resident Indians making it more difficult for such people to maintain their ‘Non-resident’ tag so as to keep their foreign income out of the Indian Income Tax applicability. Indian citizens having a […]

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