Income Tax
New TDS Provision
TDS on purchase of goods (Section 194Q) Provides for deduction of TDS by a person 1. whose turnover exceeds Rs. 10 crores 2. paying any sum to any resident for purchase of any goods of the value exceeding Rs. 50 lakhs in any previous year. 3. TDS at ...
Updates relating to Business and Capital gains
No deduction for employee’s contribution if not deposited before the due date: The deduction under Section 36(va) for contribution received by the employers from his employees towards any welfare fund shall be allowed only if such sum is credited by ...
Return Filing and Assessments:
Senior citizen having an age of more than 75 years with an income of interest and pension exempted from filing of return: FM Reduction in the time limit for filing of belated or revised return by 3 Months If due date is 31.07.2021, Belated or revised ...