EASY GUIDE TO ADVANCE TAX WITH PAYMENT CALCULATION & DUE DATES
[vc_row][vc_column][vc_column_text]WHAT IS ADVANCE TAX? Advance tax under Income Tax Act, 1961, otherwise called ‘pay-as-u-earn scheme’, refers to the payment of tax before the end of the financial year. The purpose or objective behind the implementation of advance tax provision was that the scheme ensures a constant flow of tax revenue throughout the year for meeting […]
Equalization Levy
[vc_row][vc_column][vc_column_text]Are you tax compliant while making online payments towards Advertisement cost for your entity? Read to understand more about Equalization levy applicable on online payments What is Equalization Levy (EL) Equalization levy is a direct tax that required the service receipt to withhold tax while making payment to service recipient who do not have a […]
Recent Income Tax Relief for New Residential Homes
The Union Finance Minister, Nirmala Sitharaman on November 12th 2020 unveiled a new incentive scheme to developers and home buyers to boost demand for the housing sector by doubling the differential between Circle Rate (Stamp duty Value) and Transaction value from 10% to 20%. This relief is applicable for primary sale of residential units, the […]
NEW TCS PROVISION “TCS ON SALE OF GOODS” APPLICABLE FROM 1st OCTOBER 2020
Applicable Income tax Section 206C (1H) Effective date of application of this Section: 1st October 2020 Content of the Provision SELLER of GOODS shall collect from the BUYER at the rate prescribed U/s 206C (1H) if he receives any amount as consideration for sale of goods of the value (or aggregate of such value) exceeding […]
Prohibition of certain cash transactions under IT Act
[vc_row][vc_column][vc_column_text]This article is intended to discuss the salient features of Section 269 SS, 269 ST and 269 T of the Income Tax Act which prohibit certain cash transactions. Legislative Intent of the Sections – The very purpose of the introduction of these sections is to counteract evasion of tax as is evident from the heading […]