Section 192A of the Income Tax Act, 1961 Tax is to be deducted by the trustees of Employees‘ Provident Fund Scheme, 1952 or any other person authorized under the scheme to make payment of accumulated sum to employees. Tax deduction to be made on the lump-sum payment which is includable in the total income of …
Exploring Section 192 of the Income Tax Act, 1961 192(1) : Any person responsible for paying any income chargeable under head “Salaries” shall at the time of payment, deduct income tax on the amount payable at the average rate of income-tax computed on the basis of the rates in force for the financial year in …
EXPLORING SECTION 192 OF THE INCOME TAX ACT, 1961 Read More »
CBDT Provides Utility to Ascertain TDS Applicability Rates on Cash Withdrawals Under Section 194N of Income Tax Act CBDT Press Release Dated 12th July, 2020 The Income Tax Department has facilitated a new functionality for Banks and Post offices through which they can ascertain the TDS applicability rates on cash withdrawal of above Rs. 20 …
Article on Section 194IA of the Income Tax Act 1961 Hello everyone, I am presenting my first article on Section 194IA of Income Tax Act, 1961 (TDS Payment on transfer of Immovable property). I have explained here the provisions of the said section with suitable examples and a case law for clear interpretation. I hope …
ARTICLE ON SECTION 194IA OF THE INCOME TAX ACT 1961 Read More »
Roll Out of Annual Information Statement (AIS) in Income Tax Overview : CBDT has notified New Annual Information Statement (AIS) vide Notification No. 30/2020 dated 28.05.2020 which will be in force w.e.f. 1st June, 2020 and thereby replacing Form 26AS. For better understanding, we will look into the following aspects in this article : > …
ROLL OUT OF ANNUAL INFORMATION STATEMENT (AIS) IN INCOME TAX Read More »
Revised Rates of TDS and TCS : As Per “Aatma Nirbhar Economic Package” :- In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, the rates of Tax Deduction at Source (TDS) for the following non-salaried specified payments made to residents has …
REVISED RATES OF TDS AND TCS : AS PER “AATMA NIRBHAR ECONOMIC PACKAGE” Read More »
Highlights of “Aatma Nirbhar Economic Package” : Various measures have been taken to make “Aatma Nirbhar Bharat”. Let’s have a look on all measures : (1.) MSME (2.) EPF (3.) NBFCs : YOU MAY ALSO LIKE : COVID-19 AND INDIAN TAX REGIME RESIDENTIAL STATUS (4.) DISCOMs : (5.) CONTRACTORS : (6.) DIRECT TAX : Thanks …
The finance ministry has clarified that an employer will have to deduct TDS for FY2020-21, from an employee’s salary on the basis of the new lower tax regime if the employee opts for it and informs the employer of the same. It is further clarified that once the regime is opted by an individual at …
FOR TDS FROM SALARY, YOU WILL HAVE TO CHOOSE YOUR TAX REGIME NOW : CBDT CIRCULAR Read More »
Due to the ongoing lockdown in the wake of Coronavirus, the Income Tax Department has extended the period to fill the 15G and 15H forms for the current financial year to June 30 (for individuals). These forms have to be filled at the source of interest income for exemption from tax deduction i.e. TDS. This …
No extension of the Financial Year : There is a fake news circulating in some section of media that the financial year has been extended. A notification issued by Govt of India on 30.03.2020 with respect to some other amendments done in Indian Stamp Act is being misquoted. There is no extension of the financial …
NO EXTENSION OF FINANCIAL YEAR : CLARIFIES FINANCE MINISTRY Read More »
As per Income Tax Act ; TDS is to be deducted when the payment is made or when the amount is credited in the Books, whichever is earlier. So, The TDS Provisions are very clear that if any amount of Expense is charged to Profit & Loss account which attracts TDS deduction, TDS has to …
Section Particulars TDS Rate Individual/ HUF (Indian Resident)(in %) TDS Rate for (NRI) in India (in %) Domestic Company (in %) Other than domestic Company (in %) 192 Payment of salary Normal Slab Rate Normal Slab Rate – – 192A Payment of accumulated balance of Provident fund which is taxable in the hands of an …
ABOUT ARTICLE : This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.” If you think compliance is expensive, try non‐ compliance” COMPLIANCE REQUIREMENT UNDER : Income Tax Act, 1961 Goods & Services Tax Act, 2017 (GST) Other Statutory Laws Foreign Exchange Management Act, 1999 (FEMA) and Important Notifications …
CORPORATE COMPLIANCE CALENDAR FOR THE MONTH OF FEBRUARY, 2020 Read More »
ABOUT THIS ARTICLE : This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance Requirement Under : Income Tax Act, 1961 Goods & Services Tax Act, 2017 (GST) Other Statutory Laws Foreign Exchange Management Act, 1999 (FEMA) SEBI (Listing Obligations And Disclosure Requirements) (LODR) Regulations, 2015 SEBI Takeover …
CORPORATE COMPLIANCE CALENDAR FOR THE MONTH OF JANUARY, 2020 Read More »
CBDT has issued a Press Release (on 30.08.2019) clarifying the “Period” and “Amount” to which section 194N will be applicable as under : (1.) Since section 194N (2% TDS on cash withdrawal exceeding Rs. 1 Crore) is applicable w.e.f. 01.09.2019. Therefore no TDS is to be deducted on cash withdrawal up to 31.08.2019 (2.) However, …
CBDT CLARIFICATION ON APPLICABILITY OF SECTION 194N W.E.F. 01.09.2019 Read More »
