Tag: Income tax
Income Tax on sale of listed shares in short term : Capital gain
Short term capital gain is applicable on capital gain on sale of shares within the range from 1 day to 12 months. Income Tax Rate for sale of listed stocks/ equity under short term is 15% of the profit if the transactions (buy/ sells) are executed on recognized stock exchanges where STT (Security transaction tax) […]
Read moreIncome Tax Form 15CA/ 15CB due date extended: CBDT
As per section 195 of the Income Tax Act, on making payment or remitting any money to non-resident, tax is required to be deducted for any sum which is taxable under the Income Tax Act, 1961. The bank has the responsibility to check whether the tax was paid or not. If TDS is not deducted or […]
Read moreEmployee on a salary? In 2021, these payments, investments, and incomes will provide you with tax benefits
Income Tax Deductions for AY 2021-22: The filing season for income tax returns (ITRs) has begun. In light of the second wave of the Covid-19 outbreak and the resulting difficulties faced by taxpayers, the Central Government recently extended the deadline for reporting ITRs for the assessment year 2021-22 from July 31 to September 30, 2021. […]
Read moreCBDT: On the new platform, over 24,000 answers have been filed under e-proceedings, and 40,000 ITRs have been filed daily
The Central Board of Direct Taxes (CBDT) has received 24,781 answers on the e-proceedings functionality, and over 40,000 ITRs are filed daily on the new I-T portal, according to the CBDT, which is addressing the technical issues with the new site on a war footing. Users are reporting issues related to non-availability of Income Tax […]
Read moreI-T department :The processing of income tax refunds is being delayed due to website issues
The Income Tax Department said it has issued refunds totaling Rs 37,050 crore to nearly 17.92 lakh taxpayers this fiscal year, but technological issues with the newly built website are delaying the processing of returns that have been filed. Personal income tax refunds totaled Rs 10,408 crore, while corporate refunds totaled Rs 26,642 crore. “CBDT […]
Read moreIncome Tax Return: TDS Rules Have Changed This Month,Everything You Should Know
The finance ministry announced a new rule in the Union Budget 2021 to deduct Tax Deducted At Source (TDS) at higher rates for non-filers. “In Budget 2021, a new Section 206AB was introduced to deduct TDS at a higher rate on cases with certain nature of income,” said by one expert. If you fall into a […]
Read moreCBDT further extended timelines of Income Tax Compliances
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Dated- 25th June, 2021 PRESS RELEASE Government grants further extension in timelines of compliances. Also announces tax exemption for expenditure on Covid treatment and ex-gratia received on death due to Covid A. Tax exemption Many taxpayers have received financial help from […]
Read moreStringent Provisions Section 194Q, 206AB & 206CCA Under the Income Tax Act, 1961
The Finance Act, 2021 introduced following stringent provisions under Income Tax Act, applicable from 1stof July, 2021. TDS ON PURCHASE OF GOODS [SECTION 194Q] (We can check out difference between corresponding section 206C(1H) – W.E.F 01st-Oct-2020) TDS FOR NON-FILERS OF INCOME TAX RETURNS [SECTION 206AB](Refer already discussed, you may refer my earlier article or you […]
Read moreFAQs on Compliance Check for Section 206AB & 206CCA
Legal Framework 1.What is the legal framework of ‘Compliance Check for Section 206AB & 206CCA’ functionality? Via Finance Act 2021, Section 206AB and 206CCA are inserted in the Income-tax Act,1961 (effective from 1st July 2021). These sections impose a higher TDS/TCS rate on the “Specified Persons”, as defined in the these sections. In view of […]
Read moreCBDT Clarification for use of functionality under section 206AB & 206CCA
Clarification for use of functionality under section 206AB and 206CCA of the Income-tax Act, 1961 Finance Act, 2021 inserted two new sections 206AB and 206CCA in the Income-tax Act 1961 which takes effect from 1st day of July, 2021. These sections mandate tax deduction or tax collection at higher rate in case of certain non-filers (specified […]
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