Income Tax : This guide explains the tax deductions, TDS relief, advance tax exemption, and return filing benefits available to senior and supe...
Income Tax : Senior citizens aged 75+ with only pension and bank interest income need not file ITR if a specified bank computes income and dedu...
Income Tax : Updated TDS Rate Chart for FY 2023-24 (AY 2024-25). Find the latest rates for tax deduction at source for various transactions. Ea...
Income Tax : Understand Section 194P of the Income Tax Act, 1961, facilitating easy filing of income tax returns for senior citizens aged 75 an...
Income Tax : TDS Rate Chart for FY 2023-2024 (AY 2024-2025) – Get complete details on Budget 2023 Amendments, Nature of Payment & Threshold L...
Income Tax : For the purpose of Section 194P CBDT notifies specified Bank to mean a banking company which is a scheduled bank and has been appo...
The Finance Bill 2021 has introduced following new sections in relation to Tax Deducted at source (TDS) and Tax Collected at source (TCS): i) Section 194Q- TDS on purchase of goods ii) Section 206AB: Higher rate of TDS for non filers of Income tax return iii) Section 206CCA: Higher rate of TCS for non filers of Income tax return iv) Section 194P: TDS in case of 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 ‘specified senior […]
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 […]
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 Statement of Financial Transaction-
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 […]
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 […]
