Tax on Cash Withdrawal above Rs 1 Crore

In order to promote digital financial transactions and curb cash transactions, the government has introduced Section 194N in the Union Budget of 2019. This section is further amended by the Finance Act 2020, where tax has been imposed in the form of TDS on cash withdrawal above Rs 1 crore by any taxpayer.

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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 under Income Tax Department

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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Deduction under section 80DDB of Income Tax Act

rule80ddb
The Income Tax Act has a section that allows a deduction from income, in respect of any expenditure incurred by an assessee towards treatment any disease or ailment which is specified under Rule 11DD. Thus where a resident assessee has incurred any expenditure for medical treatment of specified disease, for himself or a dependant, such assessee shall be allowed a deduction, under section 80DDB, in the year in which such amount was paid.

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Reduction in the rates of TDS & TCS from 2020 to 2021

As the world is going through major health risks due to the corona pandemic, it is also facing economic risks in parallel due to lockdown in many countries because of the corona pandemic. As the entire country has come to a standstill, it has affected the earnings of many people thus leaving them with concerns for their future.

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Advance Tax – Dates, Penalty and Interest

All about Advance Tax for Taxpayers

What is Advance Tax?

As it can be easily understood, it is payment of the taxes in advance instead of lump sum payment at the end of the year. A taxpayer is liable to pay taxes in advance i.e. before the end of the year. Any taxpayer whose tax liability for the year is Rs. 10,000/- and more shall be liable to pay advance tax. It is popularly known as ‘pay as you earn’ scheme.

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KNOW WHEN TO DEDUCT TDS?

In the budget of 2017, the government inserted a new section 194IB. Under this section, any individual or HUF, who pays a rent of Rs 50,000 or above per month, will have to deduct TDS at the rate of 5% per annum.  This new section has become effective from 1st June 2017.

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LAST MINUTE TAX SAVING OPTIONS!!

As we are in the mid of March which is last month of the financial year, many of us are concerned as to where and how much to invest to save tax. As one can claim a set limit deduction from his / her income under the Income Tax Act, one must be very careful about the amount of investment.

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TAX IMPLICATIONS FOR NRI’s – Property Selling

It is a primary responsibility of the buyer to make sure that before purchasing a property from a resident or a nonresident, an appropriate amount of TDS as applicable as per Income Tax act is deducted and paid to the government well within time.

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