Section 194-IA 1 % TDS rate applicable on Sale of Real estate transactions with Form 26QB and Form 16B application Basic key takeaways things Regarding Form 26QB: TDS relates to the sale of real estate/property according to the Finance Bill of 2013, where the cost of sale is equal to or greater than Rs 50,00,000. …
New Turnover Threshold for the Purposes of Tax deducted at Source (TDS) Applicability as per the Finance Act 2020. TDS was applicable to individuals and to HUF if their accounts were subject to audit in Section 44AB of the preceding year. The Finance Act 2020 specifies that All individuals & HUF will be liable …
Basic Understanding on TDS on Payments to Resident Contractors & Professionals: Section 194M, Form 26QD and FORM 16D TDS on Payments to Resident Contractors A new section 194 M has been introduced by the Finance Act, 2019. Pursuant to this clause, if the individual makes payments to contractors and practitioners above Rs. 50 Lakhs, Individual …
New Revise TDS / TCS return filing & Payment due date Complete Chart of TDS Rates of TDS Section Nature of Income Rate of TDS applicable for the period Threshold Limit for deduction tax 01-04-2020 to 13-05-2020 14-05-2020 to 31-03- 2021 193 Interest on Securities 10% 7.50% – 194 Dividend 10% 7.50% Rs. …
Mentioned below are some of the most common tax filing errors that you need to prevent. Anyone with taxable income is expected to file their return. Furthermore, those with income over Rs 5 lakh are obligated to e-file their return from the 2019-20 assessment year. Filing error-free Income Tax returns is very important to …
The income tax Due date for filing returns for the Financial year 2018-2019 is 31 July 2019. So, Provide all required Documents for filling your Income-tax Return AY 19-20 as soon As possible. the penalty of Rs 5,000 will be charged for returns filed after the due date but before 31st December. If returns are …
CBIC has issued 41 Clarifications on FAQs/ Issues relating to new GST rate structure notified for Real Estate sector applicable from 1 April 2019. Goods and Services Tax regime in India is not likely to reduce the deficits of state governments significantly, amid large and growing expenditure mandates for the social sector as well …
Direct Tax Updates: CBDT said that every CIT has to file 10 prosecution cases for default in the filing of return of income. Considering the Rs 60,000 crore shortfall in direct tax collection in the last fiscal. CBDT wants all IT commissioners to ensure that each AO disposes off at least 25 domestic cases or …
Corporate and Professional Updates on 7th May 2019 Direct Tax Updates: The finance ministry on Monday said there was growth of 19 per cent in income-tax returns (ITRs) electronically filed for the assessment year 2018-19 (AY19), compared to those in 2017-18 (AY18).The ministry said a total of 66.8 million returns were e-filed in FY19, which included …
Corporate and Professional Updates on 6th May 2019 Indirect Tax Updates: The Delhi High Court has directed the Goods and Services Tax Council to review the tax structure for solar power projects. The decision was in response to a writ filed by the Solar Power Development Association, which had challenged the latest tax formulation for …