Applicability of TDS on Cash Withdrawals

CBDT introduced a new section in the Income Tax Act, w.e.f.1st September 2019, to bring in transactions of cash withdrawals under the tax net. According to Section 194N, all the Banks to which Banking Regulation Act applies, a Co-operative Society and a post office shall be responsible to deduct TDS, if any person withdraws cash from the account/s maintained with them, being the amount or aggregate of amounts exceeding rupees one crore during the financial year.

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Tax Benefits for Disabled Individuals

Tax Benefits for Disabled Individuals

Whenever we come across an individual who is suffering from disabilities, the first reaction of most people is to pity them. However, it should not be the case. There are many stories of individuals who, despite suffering from disabilities, have soared the heights of success.

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Penalty for Late Filing of Income Tax Return for AY 2020-21

Income Tax Act has a provision to impose penalty in case of default in furnishing the return of income for any assessment year commencing on or after 1st April 2018.

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Interest Liability under Income Tax

Every person who earns income chargeable to tax should file its income tax return with the Income-tax Department before the due date and pay the taxes as applicable for the financial year. If any person fails to do so, such person shall be liable to pay interest as imposed by the Income Tax Act. Under the Income Tax Act, interest is imposed under three subsections of Section 234, viz., 234A, 234B, and 234C.

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GST on Remuneration paid to Directors

gst-director-salary

When the Goods and Service Tax Act was introduced, there were many doubts and clarifications were raised by industries as to what falls within the ambit of GST and what does not? GST is levied and applicable to the supply of goods and services.

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DIR-3 KYC Compliance

kyc-verification-for-alloted-din

Ministry of Corporate Affairs has introduced DIR-3 e-KYC to conduct KYC verification for all the persons who have been allotted DIN (Director Identification Number). DIN is a unique 8 digit number allotted to a person who wishes to become a director of a company. Thus any person who holds a DIN is mandatorily required to file DIR-3 KYC with MCA.

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Tax Benefit related to Interest paid on Education Loan

Section 80E

In today’s times, getting a higher education has become a point of concern where the fees for such education are touching the sky. As they say, the only thing costlier than education is ignorance.

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One Time Relaxation for Verification of Past ITRs

Central Board of Direct Taxes announces an open window for one time to complete verification of ITRs filed electronically in the past years but is pending for verification.

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Donation to PM CARES Fund

The donors shall be eligible to claim 100% of the amount of donation as a deduction under section 80G of the Income Tax Act while filing their income tax returns.

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Instant e-PAN

Our finance minister had announced in the Union Budget that a facility for an instant e-PAN shall be launched. Accordingly, this facility has been launched and available where taxpayers can apply for PAN basis the Adhaar they hold. Through this facility, applicants can apply and get PAN immediately and free of cost.

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