Income Tax
9 Major Direct Tax Amendments in Budget 2021-22
On 1st February 2021, Finance minister Nirmala Sitharaman introduced the Union Budget for the financial year 2021-22 of which the major Direct tax amendments have been discussed here:
Latest Tax Amendments 2021-22
1. Relief...
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Key Highlights of Union Budget 2021
The Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, presented the first-ever digital budget for 2021-22 on February 1, 2021. The total budget outlay earmarked is 34.83Lakh Crore for the year 2021-22, which...
Income Tax
Section 206C(1H): Area of decision making for company management and business owners for smooth implementation of TCS on sale of goods
TCS provision would apply on all sale consideration (including advance received for sale) received on or after 01- 10-2020 even if the sale was carried out before 01-10-2020.
With effect from 01-10-2020, the Finance Act,...
Income Tax
What is TDS on Dividend Income and Its Impacts on Shareholders?
In the earlier tax regime, after corporate tax of 25% to 30% (effectively 33.99% including surcharge and cess), the Company was also liable to pay Dividend Distribution Tax (commonly known as DDT) to the...
Income Tax
What is TCS Tax? The Amendments of Tax collected at Source.
Introduction to Tax Collected at Source
Tax Collected at Source(TCS) is the concept wherein the seller collects a percentage of tax from the buyer on the sales amount.
The tax collected by the seller is then...
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New National Education Policy 2020: All you need to know
Important News: The Union Cabinet renamed the Ministry of Human Resource Development to the Ministry of Education. Making the announcement, Union Ministers Prakash Javadekar and Ramesh Pokhriyal Nishank said there would be a single...
Income Tax
What is faceless tax assessment or e assessments In Income Tax?
A Modern Generation of TRUST, TRANSPARENCY and TAX
“A lot of things would depend on the discretion of assessing officer in manual assessment. We have completely revamped it. Instead of territorial jurisdiction, we have brought...
Income Tax
Return filing is not easy anymore!
The government has made many changes in Income Tax Returns and reporting of various details are made compulsory since last two years. Also the government wants to link all the details such as bank...
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