In our country the TDS on Non resident under section 195 is the unique section to identify the tax rates and deductions on our business transaction with non resident day to day basis. In this article I would like to discuss about the Frequently Asked Questions (FAQ) on TDS on Non resident payments under section 195 of Income tax act.
This Article deals with FAQ related to non receipt of Income tax Return due to Change in Address, Bank Details, Home Locked, Wrongs details of bank in ITR etc. In these cases assessee can request for re-issue of Income Tax Refund and procedure for the same is given below.
Question: How to file income tax return in case of profit/loss from F&O trading? Do we get our accounts audited in case of loss from F&O Trading? I will try to answer all questions relating to F&O Trading through this article so that it can be of help to people in filing income tax returns.
Understanding of Notice, Penalty, Late fees and Interest on TDS for Purchase of Immovable Property- As per Finance Act of 2013, TDS is applicable on transfer of Immovable property, wherein the consideration of the property exceeds or is equal to ₹ 50 Lakhs. Sec 194 IA of the Income Tax Act, 1961 read with Rule 30, 31 and 31A of Income Tax Rules states that:
In this Article we have discussed Mode of Refund, How to Know Status of Refund, What to in case of expired refund/ Return of Refund, non-receipt of Refund dispatch, Mistake on Refund Cheque, ECS Failure, Refund Paid but Taxpayer account not credited, Ajustment of Refund Against Demand and whom to contact in case help required.
In this Article we have discussed 28 Most Common Reason for Failure / Return or non-issuance of Income Tax Refund and Solutions for the same. Some of the common issues are Expired Cheque, Incorrect A/C No , House Locked, Party Shifted,Incorrect MICR code/unavailable etc.
What is RBI Monetary Policy 2020? It is the policy formulated by the Reserve Bank of India in 2020 related to money matters of the country. The policy also takes into account the distribution of credit among users as well as the rate of interest on borrowing and lending. Since India is a developing country, […]
Understand the provisions of section 10(2) of the Income Tax Act and the exemption available for co-parceners from Hindu Undivided Family income.
Introduction: Determination of the residential status under Income Tax Act plays a vital role in to determine whether a person comes under the tax net or not. Section 6 of the Income Tax Act deals about the concept of resident for Income tax purposes. Finance Act 2020 dated 23.03.2020 amends Section 6 of the Income […]
It’s the era of e-commerce. Websites like Amazon, Flipkart, and Paytm are much more than just online shopping destinations. They are now powerful advertising platforms and important stops in the consumer journey. Many MSME vendors have registered themselves on such portals and successfully running their businesses. Every vendor has to pay charges such as commission, […]
