Section of Income Tax Act Archive

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Section 194Q of the Income Tax Act

Section 194Q: Applicability, non-applicability, rate, and example

Last year from 1st July 2020, the government had introduced a new TCS provision u/s 206C(1H). This section was for “seller of goods” on receipts/advance from/for sale of goods, exceeding Rs. 50 Lakhs as a consideration during the financial year. Section
Section 206AB of the Income Tax Act 1961

Section 206AB: Higher Rate of TDS for non-filers of Income Tax Return

Section 206AB and Section 206CCA - Special provision of TDS and TCS for non-filers of Income Tax Return at Higher Rates.
Section 194P of the Income Tax Act

Section 194P- No ITR Filing for Senior Citizen aged above 75 years

Section 194P Conditional Relaxation for senior citizens who are of the age of 75 year or above from filing return of income-tax under Union Finance Bill 2021/ Budget 2021.
Section 80DD of Income Tax Act for AY 2021-22

Deduction Limit, Disabilities Covered and documents required: Section 80DD of Income Tax Act for AY 2021-22

Chapter VIA of the Income Tax Act covered certain deductions that are allowed from the Gross Total Income of the assessee. This chapter also covered deduction under section 80DD, which allows taxpayers to claim a deduction for the medical treatment of
Section 80DDB of Income Tax Act for AY 2021-22

Deduction Limit, Documents & Eligibility: Section 80DDB of The Income Tax Act for AY 2021-22

Chapter VIA of the Income Tax Act covered certain deductions that are allowed from the Gross Total Income of the assessee. This chapter also covered deduction under section 80DDB, which allows taxpayers to claim a deduction for medical treatment of certain
Section 80D of Income Tax Act for AY 2021-22

Deduction Limit: Section 80D of The Income Tax Act for AY 2021-22

Considering the rate at which medical costs are rising it is very important to have medical insurance. In spite of giving benefits in reducing medical costs, it also reduces some burden of tax over assessee, the provision of which covered under
Tax Audit Limit For Partnership Firm AY 2020-21

Section 44AB- Tax Audit Applicability For Partnership Firm AY 2020-21

In this article, we will try to clear all doubts regarding the applicability of the Tax Audit Limit For Partnership Firm AY 2020-21. But before know the applicability of tax audits, everyone should know the Meaning of The Tax Audit. What
Last Date of Section 12AB Registration

Extension of Registration Procedure under section 12AB of The Income Tax Act 1961.

Finance Act 2020, has introduced a new "Section 12AB" for significant changes in compliance and registration procedure of Religious and Charitable Trusts/institutions, etc. Under the new regime, amendments of Section 10(23C), Section 11, Section 12A, Section 12AA, Section 80G, and insertion
Documents required for 12AB Registration

Section 12AB: Registration Procedure and List of Documents

The application for registration under section 12AB of the Income Tax Act can be made by filing Form 10A online on the Income Tax Portal.
Section 40b of Income tax Act- Remuneration & Interest paid to Partners

Section 40b of Income-tax Act- (AY 2020-21) Remuneration and Interest paid to Partners

Under the Income Tax Act, Salary, Bonus, Interest, or Remuneration paid to a working partner is an allowable expense, which is subject to certain limits. If it is paid to a non-working partner, the same shall be disallowed. Under this post,