Declaration by GTA under Annexure V

A Goods Transport Agency (GTA) means any person who is engaged in the business of providing services with respect to transportation of goods by road.

Continue Reading

TDS Rate Charts for the FY 2022-23

TDS Rate Charts for the FY 2022-23
Continue Reading

Additional Deduction of Interest on Housing Loan

Any taxpayer who has purchased or constructed a house with a borrowed capital is allowed a deduction with respect to interest paid on such loan under section 24(b) of the Income Tax Act.
Continue Reading

INCOME TAX RATES FOR A.Y 2023-24 (FY 2022-23)

1. Individual (Resident or Resident but not Ordinarily Resident or non-resident) other than Senior Citizen & for HUF:
Continue Reading

Statement of Donation (10BD)

On 26th March, 2021 CBDT, through a notification, has notified (vide notification no 19/2021) that a Statement of Donation shall have to be filed with Income Tax Department, declaring the details of donations received during the year via Form 10BD and also a Certificate shall have to be issued via Form 10BE, to all such donors specified in Form 10BD. This notification has been brought up to ensure the transparency of the donations received and to bring into net all the bogus and fraudulent claims of donations.

Continue Reading

TDS and TCS in Swing mode Transactions Purchase or Sale

Finance Act 2020 introduced Section 206C(1H), where a person who is a seller and receives consideration for the sale of goods of value or aggregate value which exceeds Rs 50 lakhs in the previous year shall, at the time of receipt of money, collect TCS at the rate of 0.1% of the value exceeding Rs 50 lakhs.

Continue Reading

Tax Exemption and Extension in Timelines under Income Tax

Many taxpayers have received financial help from their employers and well-wishers for meeting their expenses incurred for treatment of COVID-19. In order to ensure that no income tax liability arises on this account, it has been decided to provide income-tax exemption to the amount received by a taxpayer for medical treatment from employer or from any person for treatment of COVID-19 during FY 2019-20 and subsequent years.

Continue Reading

Understanding Residential Status from Tax View Point

Income Tax Act, 1961 of India applies to all persons having income earned or accrued in India. However, its applicability differs basis the residential status of a person. The residential status as stated in Income Tax Act should not be considered as a synonym for citizenship of India.

Continue Reading

Relaxation in e-filing of Income Tax Forms 15CA/15CB

For any foreign remittance, taxpayers are required to upload the Form 15CA along with the Certificate from a Chartered Accountant in Form 15CB on the income tax portal before submitting the copy to the authorized dealer.

Continue Reading

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.

Continue Reading