Revised Due Dates under Income Tax & GST
Revised Due Dates under Income Tax & GST Considering the hardships faced by taxpayers due to the outbreak of Novel Corona Virus {COVID-19}. The Government of India has notified [Read More…]
Income Tax
Due Dates of Income Tax and GST
Due Dates of Income Tax and GST Note 1: – Interest u/s 234A shall be charged from the date of the original due date of return if the tax liability [Read More…]
Clarification on TCS on sale of goods
Clarification on TCS on sale of goods Applicability on transactions with various Exchanges Section 206C(1H) shall not be applicable on: – Securities or commodities traded on recognized stock exchanges. Transactions [Read More…]
Accounting Entries for TCS u/s 206C(1H)
Accounting entries if TCS is booked on RECEIPT basis The assumption that receipts have crossed Rs. 50 lakhs from a particular buyer starting 1st April 2020. TCS will be collected [Read More…]
FAQs on TCS – Section 206C(1H)
FAQs on TCS – Section 206C(1H) Section 206C(1H) – TCS on sale of Goods is a new provision that will be applicable from 1st October 2020. In this article will [Read More…]
All about filing of SFT and consequences of non-compliance
All about the filing of SFT and consequences of non-compliance The government is continually trying to keep a tab on black money and high-value transactions undertaken by the taxpayer. In [Read More…]
What to do when your 26AS indicate SFT transactions?
What to do when your 26AS indicates SFT transactions? New 26AS and SFT filing requirements CBDT in May 2020, vide notification 30/2020 notified the revised form 26AS to make it [Read More…]
Sec 271A – Penalty for failure to keep or retain books of accounts, documents
Sec 271A – Penalty for failure to keep or retain books of accounts, documents Applicability of penalty u/s 271A Penalty us/ 271A is applicable only to certain specified persons for [Read More…]
TCS on Sale of Goods – Sec 206C(1H)
TCS on Sale of Goods – Sec 206C(1H) The Finance Act, 2020 has introduced the new section 206C(1H) of the Income Tax Act, 1961 for Tax Collected at Source on [Read More…]
National Pension Scheme
National Pension Scheme What is the National Pension Scheme? This is a scheme which is social security to the scheme holders after retirement. NPS has been made available to all [Read More…]
Deduction under section 80TTB
Deduction under section 80TTB Deduction under section 80TTB in respect of interest income on deposits from a savings bank account for senior citizens was introduced in the Finance Bill, 2018 [Read More…]
Deduction under section 80TTA
Deduction under section 80TTA Deduction under section 80TTA in respect of interest income on deposits from a savings bank account was introduced in the Finance Bill, 2013. This section provides [Read More…]
Taxation of Cooperative Societies
Taxation of Cooperative Societies A co-operative society is a society registered under the Co-operative Societies Act, 1912, or any other law in the State which requires the registration of co-operative [Read More…]