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TDS: Section 194N Payment of certain amounts in cash

Section 194N Payment of certain amounts in cash. As per section 194N of IT Act, Every person being the bank, Cooperative society engaged in banking business and post office is required to deduct TDS at 2% when they make cash payment of Exceeding Rs. 1 Crore to any person during the previous year. However the […]...

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Posted Under: Income Tax |

Section 44AE – Presumptive Income Provisions for Transporters

SPECIAL PROVISIONS FOR COMPUTING PROFITS AND GAINS OF BUSINESS OF PLYING, HIRING OR LEASING GOODS CARRIAGES [SECTION 44AE] 1. Eligible Business: – Section provides for estimating business income of an owner of goods carriages from the plying, hire or leasing of such goods carriages; 2. Eligible Assesse: – Scheme applies to per...

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Posted Under: Income Tax |

Is there a need to renegotiate APAs in light of the COVID outbreak?

Over the last few months, we have witnessed the profound impact of the COVID-19 outbreak on our day to day lives. The outbreak has led to imposition of lockdown across the globe which in turn restricted global economic activity. Economies and markets have been hit hard by the outbreak which resulted in businesses making desperate [&hellip...

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Posted Under: Income Tax |

Deduction under section 80DD, 80DDB, 80U

Section 80DD: Deduction in respect of maintenance including medical treatment of a Dependent who is person with disability. 1. Eligible Assessee: Resident Individual & HUF 2. Maximum amount of deduction: (Flat deduction irrespective of expenditure) 3. Rs. 75,000 in case of Normal disability*. 4. Rs. 1,25,000 in case of Severe...

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Posted Under: Income Tax |

Key notes on Implementation of Right Claim under Income Tax Act 1961

Key notes under Implementation of Right Claim under Income Tax Act, 1961 in respect of Association under THE CONSTITUTION OF INDIA An Assessee has not claimed and /or overlooked some deductions / exemptions in return of Income before the authority, subsequently the Assessee awarded that additional claim for deductions /exemptions could ha...

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How to save Income tax on sale of residential property?

Many taxpayers are not aware the provision of the income tax act on how to save the tax on the sale of residential property.  They earn profits on the sale of residential property and pay the taxes. They can save the tax. I have brief the methods from which the taxpayers can save the tax. […]...

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Posted Under: Income Tax |

Taxability of gains or losses arising from Intraday Trading

Since the covid-19 pandemic, many people started direct trading in stocks. Even brokerages have seen a surge in the number of new demat accounts after February this year. In this article let’s understand what is a meaning of intraday trading, it’s taxability, where to report them in the income tax return and which ITR form […]...

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Posted Under: Income Tax |

Investment in Penny Stock- Bogus or Cash Credit U/s. 68?

Now-a-days Income Tax department investigates alleged trading/investment in shares and securities with collusion/connivance with any listed companies or with share broker by conducting Search/ Survey or by asking details u/s 133(6) of the Income Tax Act 1961....

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Tax-treatment in respect of receipt on transfer / sale of Transferable Development Rights (TDRs)

Of late, the concept of Transferable Development Rights (TDRs) has been very much in vogue, in regard to the developers and builders engaged in the business of estate development, as also the Central, State Governments or other semi-Government agencies, which are required to provide civic amenities like roads, playgrounds, parks, etc....

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Posted Under: Income Tax |

New Corporate Taxation regime (Section 115BAA) and MAT

Section 115BAA was introduced by way of a mid year budget in FY 2019-20 and is applicable to certain domestic companies from 1st April 2020. The new section gives a one-time option to Domestic Companies to pay tax on their taxable income at 22% (instead of 25%/30%) subject to certain conditions: 1. Deductions for SEZ […]...

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Posted Under: Income Tax |