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B Koti Reddy

Latest Posts by B Koti Reddy

Recent Changes in Schedule III Division I applicable from FY 2021-22

June 28, 2022 4881 Views 0 comment Print

Schedule III Division I – Summary of Amendments FY 2021-22 1. (i) Depending upon the Total Income of the company, the figures appearing in the Financial Statements shall be rounded off as given below:— Total Income Rounding off a) less than one hundred crore rupees To the nearest hundreds, thousands, lakhs or millions, or decimals […]

TDS under Section 194Q – Explanations and FAQ’s

June 23, 2021 34938 Views 5 comments Print

Section 194Q: Deduction of tax at source on payment of certain sum for purchase of goods Explanations and FAQ’s 1. From which date the provisions of Sec 1 94Q Applicable? The provision of Sec 194Q notified in Finance Act, 2021 and applicable from 01st July 2021. 2. In which cases and who are liable to […]

Explanations and FAQ’s on Section 206AB and 206CCA

June 23, 2021 7104 Views 6 comments Print

Explanations and FAQ’s on Sec 206AB and Sec 206CCA Section 206AB: Special provision for deduction of tax at source for non-filers of income-tax return and Section 206CCA: Special provision for collection of tax at source for non-filers of income-tax return 1. Who is a Specified person? Specified persons means a person i. who has not […]

Tax on income of certain domestic companies- Section 115BAA

September 25, 2020 8565 Views 0 comment Print

Applicability: Applicable only to Domestic Companies from the Assessment year beginning on or after 1st April, 2020. The provisions under section 115BAA is optional nature not mandatory. Domestic companies once exercised the option of availing the benefit of lower tax rate U/S 115BAA it has to be continued for the subsequent assessment years. Further, as […]

TCS on Sale of Goods Section 206C(1H) – Income Tax Act, 1961

September 19, 2020 7110 Views 0 comment Print

The Finance Act, 2020 has introduced the new section 206C(1H) of the Income Tax Act, 1961 for Tax Collected at Source on sale of goods. The said provisions are applicable from 01.10.2020. Applicability: whose total sales, gross receipts or turnover from the business carried on by him exceed ten crore rupees (>10 Crores) during the financial year […]

Section 194N TDS on Cash Withdrawal from Bank/Post Office

November 30, 2019 5667 Views 1 comment Print

In the Union Budget Sec 194M and Sec 194N of Income Tax Act, 1961 has introduced with a view to encourage digital payments and discourage the practice of making payments in cash, the Union Budget 2019 has introduced Section 194N for deduction of tax at source (TDS) on cash withdrawals exceeding Rs 1 crore. Let’s […]

Section 194M TDS Provisions as applicable From September 1 2019

November 30, 2019 16605 Views 7 comments Print

FM Nirmala Sitharaman has presented her first Union Budget on 5 July 2019.  In the Union Budget Sec 194M and Sec 194N of Income Tax Act, 1961 has introduced with a view to encourage digital payments and discourage the practice of making payments in cash, the Union Budget 2019 has introduced Section 194N for deduction […]

Capital Gain on Transfer of Shares

May 17, 2019 92169 Views 6 comments Print

Profit or gain arising on transfer of shares (considered as an investment not a business by assessee) is chargeable to tax under the head ‘Capital Gains’. Capital gains on shares are divided into two types : – ♣ Short Term Capital Gains ♣  Long Term Capital Gains CAPITAL ASSETS SHORT TERM CAPITAL ASSETS LONG TERM […]

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