Check These 6 Transactions to Avoid Income Tax Notice for Cash Deposits
Discover 6 Transactions That Can Attract an Income Tax Notice for Cash Deposits.
Income Tax
Read MoreCheck These 6 Transactions to Avoid Income Tax Notice for Cash Deposits
MSME/Udyam Registration Declaration by Vendor/Supplier
Sample declaration format from vendors/suppliers regarding whether they are registered under MSME Act or not.
Letter for Declaration of Registration under MSME Act from Suppliers
Sample request letter format for getting declaration from vendors/suppliers regarding whether they are registered under MSME Act or not.
Cost Inflation Index (CII) – For LTCG Calculation
Cost Inflation Index (CII) is an indication of the increase in prices of assets due to the rise of inflation year by year. Central Board of Direct Taxes i.e. Income Tax Department notified Cost Inflation Index (CII) each year in…
Updated TDS/TCS Rates for FY 2020-21 and AY 2021-20
New TDS and TCS rates applicable for FY 2020-21/AY 2021-22 as announced by Union Finance Minister due to coronavirus pandemic.
Revised income tax return forms will be notified till the end of this month
CBDT in a press release said that to enable taxpayers to avail benefits of various timeline extensions due to coronavirus outbreak, they are revising the income tax return forms for FY 2019-20 (AY 2020-21) and the same will be notified by end of this month.
Meaning of relative under the income tax act
The term relative has been used many times in various sections of the Income Tax Act and meaning to term relative has been given differently according to the need of each section. In this article, we will discuss the meaning of relative as provided under different sections of the Income Tax Act, 1961.
Section 194K: TDS on income from units of mutual funds or UTI
As dividend distribution tax on payment of dividend income by companies is removed, the finance act 2020 has introduced section 194K for deduction of tax at source on income earned from units of mutual funds and unit trust of India.
Section 194N: TDS on cash withdrawal
In order to discourage cash transaction and a move towards less-cash economy, a new section 194N has been introduced for deduction of TDS on cash withdrawal from any account maintained with any bank or post office or co-operative society.
Section 80D: deduction for health insurance premium and health check-up
Section 80D of Income Tax Act, 1961 provides for deduction in respect of payment made for the health insurance premium and preventive health check-ups. This deduction is allowed only to the individual or Hindu undivided family.