Section 194P

TDS Rate Chart for FY 2021-22 / AY 2022-23 – Updated

Income Tax - Income Tax TDS Rate Chart for for Financial Year (FY) 2021-22 / Assessment Year (AY) 2022-23 The term ‘TDS’ refers to ‘Tax Deduction at source’. It is a mechanism wherein a person responsible to pay a sum of specified nature shall deduct an amount towards TDS and pay it to the credit of Central Government. […]...

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Section 194P Tax deduction in case of a specified senior citizen

Income Tax - Section 194P to the Income Tax Act, 1961 is inserted vide the Finance Act, 2021. Provisions of section 194P provide conditional relaxation to the specified senior citizen from filing of an Income Tax Return. The entire provisions of the newly introduced section 194P are briefly explained in the present article. Meaning of term ‘specifie...

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Income Tax TDS/TCS Amendments vide Finance Act, 2021

Income Tax - Amendments in TDS/TCS as notified vide Finance Act, 2021 as passed by Lok Sabha/Rajya Sabha and Assented by Hon’ble President on 28th March 2021: Hello readers, AS we know TDS /TCS proposals in Finance Bill 2021 notified on 23.03.2021. Let us understand in very simplified manner- Amendment in Section 194 – Exemption from TDS on [&...

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Roles & Responsibilities of Banks Increased by Income Tax Departments

Income Tax - MAJOR INCOME TAX COMPLIANCE LIABILITIES ON BANKS- 1. REPORTING OF HIGH VALUE TRANSACTIONS- High Value transactions are transactions which are incurred in high denominations. Banks are required to intimate about following high value transactions to Director of Income-tax (Intelligence and Criminal Investigation) by filing Form 61A called S...

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Section 194P Exemption from filing tax returns for Senior Citizens aged 75 years or more

Income Tax - Union Finance Bill 2021–Budget 2021 inserted new section 194P conditional relaxation for senior citizen who are the age 75 years or above from filing Income Tax Return. The provisions of Section 139 shall not apply to a specified senior citizen for the Assessment Year relevant to the previous year in which tax is deducted. Section [...

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Recent Posts in "Section 194P"

TDS Rate Chart for FY 2021-22 / AY 2022-23 – Updated

Income Tax TDS Rate Chart for for Financial Year (FY) 2021-22 / Assessment Year (AY) 2022-23 The term ‘TDS’ refers to ‘Tax Deduction at source’. It is a mechanism wherein a person responsible to pay a sum of specified nature shall deduct an amount towards TDS and pay it to the credit of Central Government. […]...

Read More
Posted Under: Income Tax | ,

Section 194P Tax deduction in case of a specified senior citizen

Section 194P to the Income Tax Act, 1961 is inserted vide the Finance Act, 2021. Provisions of section 194P provide conditional relaxation to the specified senior citizen from filing of an Income Tax Return. The entire provisions of the newly introduced section 194P are briefly explained in the present article. Meaning of term ‘specifie...

Read More
Posted Under: Income Tax |

Income Tax TDS/TCS Amendments vide Finance Act, 2021

Amendments in TDS/TCS as notified vide Finance Act, 2021 as passed by Lok Sabha/Rajya Sabha and Assented by Hon’ble President on 28th March 2021: Hello readers, AS we know TDS /TCS proposals in Finance Bill 2021 notified on 23.03.2021. Let us understand in very simplified manner- Amendment in Section 194 – Exemption from TDS on [&...

Read More
Posted Under: Income Tax |

Roles & Responsibilities of Banks Increased by Income Tax Departments

MAJOR INCOME TAX COMPLIANCE LIABILITIES ON BANKS- 1. REPORTING OF HIGH VALUE TRANSACTIONS- High Value transactions are transactions which are incurred in high denominations. Banks are required to intimate about following high value transactions to Director of Income-tax (Intelligence and Criminal Investigation) by filing Form 61A called S...

Read More
Posted Under: Income Tax |

Section 194P Exemption from filing tax returns for Senior Citizens aged 75 years or more

Union Finance Bill 2021–Budget 2021 inserted new section 194P conditional relaxation for senior citizen who are the age 75 years or above from filing Income Tax Return. The provisions of Section 139 shall not apply to a specified senior citizen for the Assessment Year relevant to the previous year in which tax is deducted. Section [...

Read More
Posted Under: Income Tax |

Section 194P Return filing exemption for Senior Citizen aged 75 Year or more

Section 194P Conditional Relaxation for senior citizens who are of the age of 75 year or above from filing return of income-tax under Union Finance Bill 2021/ Budget 2021. Section 139 of the Act provides for filing of return of income. Sub-section (1) of the section provides that every person being an individual, if his […]...

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Posted Under: Income Tax |

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