Category Archives: Income Tax

New TCS u/s 206C on foreign remittance ,selling of overseas tour package & TCS on sale of goods over a limit.

By | February 3, 2020

Widening the scope of section 206C to include TCS on foreign remittance through Liberalised Remittance Scheme (LRS) and on selling of overseas tour package as well as TCS on sale of goods over a limit. Source Union Budget 2020 Download Section 206C of the Act provides for the collection of tax at source (TCS) on business… Read More »

Form 26AS to show more Entries to Taxpayer : Union Budget 2020

By | February 1, 2020

Rationalisation of provision relating to Form 26AS Source Union Budget 2020 Download Section 203AA of the Act, inter-alia, requires the prescribed income-tax authority or the person authorised by such authority referred to in sub-section (3) of section 200, to prepare and deliver a statement in Form 26AS to every person from whose income, the tax has… Read More »

No Tax Audit in Income Tax : Union Budget 2020

By | February 1, 2020

Rationalisation of provisions relating to tax audit in certain cases. Source Union Budget 2020 Download Under section 44AB of the Act, every person carrying on business is required to get his accounts audited, if his total sales, turnover or gross receipts, in business exceed or exceeds one crore rupees in any previous year. In case of… Read More »

Section 194O : Income Tax TDS on E-commerce transactions

By | February 1, 2020

Income Tax TDS on E-commerce transactions Insertion of new section 194-O. Payment of certain sums by e-commerce operator to e-commerce participant. Source Union Budget 2020 Download 84. After section 194N of the Income-tax Act, the following section shall be inserted, namely:–– ‘194-O. (1) Notwithstanding anything to the contrary contained in any of the provisions of Part… Read More »

Summary of Union Budget 2020-21

By | February 1, 2020

Ministry of Finance Summary of Union Budget 2020-21 Source Union Budget 2020 Download Posted On: 01 FEB 2020  PART-A Presenting the first Union Budget of the third decade of the 21st century, Finance Minister Smt. Nirmala Sitharaman, today unveiled a series of far-reaching reforms, aimed at energizing the Indian economy through a combination of short-term, medium-term, and… Read More »

New Section 115BAC Income Tax Act : Proposed by Union Budget 2020

By | February 1, 2020

Insertion of new sections 115BAC Source Union Budget 2020 Download Tax on income of individuals and Hindu undivided family. 53. After section 115BAB of the Income-tax Act, the following sections shall be inserted with effect from the 1st day of April, 2021, namely:– 115BAC. (1) Notwithstanding anything contained in this Act but subject to the provisions… Read More »