TAX DEDUCTION AT SOURCE (TDS) In order to ensure better tax compliance and ensuring the timely payment of tax to the Government treasury, a mechanism has been established by making it mandatory for certain persons responsible for making payment of some expenses to deduct tax from such payment and deposit it to the Government account. […]
TCS- The New Move! (detailed analysis with the Budget 2020 and The Finance Act 2020 insertions/amendments) India is a land of diversity with population count of over 135 crores. To run such a colossal nation, government requires a lot of resources. Such resources are collected in form of tax payments that a person makes to […]
DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ Government issues clarification regarding short deduction of TDS / TCS due to increase in rates of Surcharge by Finance Act 2019. (Circular no. 8/2020 dated 13th April 2020)Recent circulars/ notifications/ rules/ clarifications/News ♦ Government issues clarification regarding selection of option under section 115 BAC related to […]
E-commerce is the activity of electronically buying or selling of products on online services or over the Internet. The history of e-commerce begins with the first ever online sale: on the August 11, 1994 a man sold a CD by the band Sting to his friend through his website NetMarket, an American retail platform. This […]
As we all aware that, section 87A is considered as one of the most important section. Since the rebate is very important to reduce the tax Burdon of assessee. But in industry there is always a confusion or doubt faced by professionals on availing the rebate. Hence today I am coverig this topic with in […]
People are always get confused as to who all are require to file Income tax Return mandatorily. Since our assessment year 2020-21 has been started and now all will be geared up for filing their income tax return. Hence today I am covering this topic. Following taxpayers shall file their return of income only through […]
Many times our professional colleagues met an assessee who wants to file their income tax return but they don’t have their PAN registered at Income Tax E filing portal. So in such cases professionals might face some doubts as to what is the exact procedure for register on e-filing portal since it has been changed […]
In Union Budget 2020, it is proposed to widen the scope of TCS (Tax Collection at Source). The Foreign Tour Operator will be liable to collect tax (TCS). This Section will be applicable from 1st April 2020. 1. Who Is Foreign Tour Operator And What Is Overseas Tour Package? Foreign Tour Operator is a person […]
In order to restrict cash transactions, the government has come out with several provisions and related rules to prohibit various types of cash payments in the Finance Acts. The effects of restrictions under provisions of income tax act are as follows: Restrict cash transactions by disallowances of expenses or deduction under chapter VIA of income […]
HRA is covered under Section 10(13A) of Income Tax Act 1961. Salaried Employees who live in a Rented house can claim HRA to lower their taxes – partially or wholly. The decision of how much HRA needs to be paid is made by employer. Part of Salary is apportioned to HRA. 1. CONDITIONS FOR CLAIMING HRA EXEMPTION? – Salaried Individual only can […]
