Section: -194-A (TDS on Interest other than “Interest on securities”)
In the finance bill 2020 there has been widened the scope of TDS to be deducted u/s 194A for Co-operative societies & applicable from 01-04-2020...
Month: March 2020
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TCS on foreign remittance and selling of overseas tour package
Section 206C of the income tax Act has been amended by Finance Act 2020. Section 206C deals with TCS. A new Sub Section 1G of...
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Section 271K-Penalty on charitable institution
A new section 271K insert by the finance bill 2020 which impose the penalty on charitable institution. Summary of section 271K of the Income Tax...
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Section 271AAD: Penalty for False entries Or Omitted entries
A new section 271AAD insert by the finance bill 2020 which impose the penalty for false entry, etc. in books of account. Summary of section...
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Important outcomes from Press Conference dated 24th March 2020
Important outcomes from Press Conference dated 24th March 2020 which is as under. GST/Indirect Tax: Last date for filling GSTR-3B return which is due in...
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Section-194C TDS on Payment to Contractors
Sub clause (e) of clause (iv) of the Explanation which describe the definition of the “work” has been amended by finance bill 2020. The new...
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Section 194-IA TDS on immovable property
Section: -194-IA (TDS on Payment on transfer of certain immovable property other than agricultural land) Provision Extract from Section 194IA of the Income Tax Act...
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TDS on Rent Section 194I
Summary of section 194-I of Income Tax Act: – Deductor/ Payer: – Any person (Including Individual/HUF if they are liable to audit u/s 44AB) Deductee/...
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Amendment in Section: -194-J (TDS on Fees for professional or technical services)
Section: -194-J (TDS on Fees for professional or technical services) As per finance bill 2020, the rate of TDS on payment for the fees of...
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Section 194-K (TDS on Income From Mutual Fund)
A new section 194-K was inserted in the Finance Bill 2020 which is as under: – Section: -194-K (TDS on Income from Units) Summary: –...