What is Section 194IA Section 194IA mentions deduction on the sale/purchase of property other than agricultural land. Section 194IA - TDS on Purchase or Sale of Property Rate of Tax under Section 194IA The rate of TDS is to be deducted at 1% on the value of property Sold. Further, during the covid...
What is Section 194I – TDS on Rent? Section 194I contains a provision related to the deduction of tax at source (‘TDS’) from Income by way of Rent. What is the meaning of Rent u/s 194I – TDS on Rent? Rent means any payment by whatever name called, under any lease, sub-lease,...
What is TRACES – TDS Reconciliation Analysis and Correction Enabling System Traces (TDS Reconciliation Analysis and Correction Enabling System) is an online facility provided by the Income Tax Department at www.tdscpc.gov.in. The TDS return processing happens online with dashboard and status of filings and outstanding demand is shown therein. TRACES filings...
Patents (2nd Amendment) Rules, 2020 Dated 4th November 2020 [F. No. P- 24027/4/2020-IPR-III] Dated 4th November 2020 G.S.R. 689(E).—Whereas, the draft of certain rules, further to amend the Patents Rules, 2003 were published as required under sub-section (3) of section 159 of the Patents Act, 1970 (39 of 1970), vide notification...
Definition of LLP A Limited Liability Partnership (‘LLP’) is a limited partnership formed and registered under LLP Act, 2008. A Limited Liability Partnership is popularly known as ‘LLP’. LLP has unique combinate of limited liability of private company and concept of partnership. LLP Annual Compliance Calendar The formation and regulation of...
What is Seventh Proviso to Section 139(1) This article updates on the ITR filing criteria. This provision mandates to file income tax return on high value expenditures / transaction made vis a vis normal requirement to file income tax return once income exceeds threshold criteria. Efforts has been made to...
Depreciation Rates as per Income Tax for FY 2020-21 / AY 2021-22 Depreciation is allowed as deduction under section 32 of Income Tax Act, 1961. In computation of taxable income, the depreciation rate as per income tax act will be allowed as deduction while depreciation as per book profit is...
What is TRACES – TDS Reconciliation Analysis and Correction Enabling System Traces (TDS Reconciliation Analysis and Correction Enabling System) is an online facility provided by the Income Tax Department at www.tdscpc.gov.in. The TDS return processing happens online with dashboard and status of filings and outstanding demand is shown therein. add challan...
Central Government has notified Income Tax Exemption to Abu Dhabi’s Sovereign Wealth Fund under section 10(23FE) vide Notification No. 89/2020/ F. No. 370133/16/2020-TPL Dated 2ND November, 2020. notification-89/2020: exemptions section 10(23fe) EXTRACT OF NOTIFICATION CBDT Notification No. 89/2020: INCOME TAX EXEMPTIONS U/S 10(23FE) S.O. 3952(E).—In exercise of powers conferred by sub-clause (vi)...
Indian Income tax on individuals and HUF is levied basis slab rate depending on the level of income. Indian Income is progressive in nature ie with increase in income, rate of tax payable increases, hence it means tax rate applicable for lower tax bracket is lower than average tax...
