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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 206CCA of the Income Tax Act 1961

Section 206CCA: Higher Rate of TCS 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 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.
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
Section 206C (1)- TCS on sale of goods

New Provision of TCS on sale of goods- TCS Section 206C (1H)

Under Income Tax, Tax Collection at Source (TCS) has the provision for collecting a certain percentage of tax from the buyer. Finance Act 2020, has amended some of the provision of section 206C by inserting a new subsection (1H). Under this