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04 Dec 2020
  • By Admin
  • Category Income Tax
  • Views 284
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03 Nov 2020
  • By Admin
  • Category Income Tax
  • Views 315
The Section 143(3A)/(3B)/(3C) of Income Tax Act, 1961 vest power in Central Government to make a scheme by notification to assess to impart greater efficiency, transparency and accountability. This Scheme can cover the assessment under Section 143(3) or Section 144 of the Income Tax Act, 1961.
10 Oct 2020
  • By Admin
  • Category Income Tax
  • Views 316
Section 10(23FE) provides for an exemption to specified income like capital gains, interest, and dividend, arising from investments made by Sovereign Wealth Funds and Pension Funds in specified infrastructure activities. CBDT has prescribed additional conditions to be satisfied by the pension fund for availing the exemption.
09 Oct 2020
  • By Admin
  • Category Income Tax
  • Views 808
There was a report in a specific segment of media that stock traders/day traders are expected to furnish scrip wise details in the ITR for AY 2020-21. The gain from share trading in the case of stock traders or day traders is usually classified as business income or short-term capital gains.

The Central Board of Direct Taxes (CBDT) vide press release dated July12,2020 has facilitated a new functionality for banks and post offices through which they can ascertain the TDS applicability rates on cash withdrawal of

  • Above Rs. 20 lakhs in case of a non-filer of the income-tax return and
  • Above Rs. 1 Crore in case of a filer of the income-tax return

This functionality is available  as “Verification of applicability u/s 194N” on www.incometaxindiaefiling.gov.in since July 1, 2020 is also made available to the Banks through web-services so that the entire process can be automated and be linked to the Bank’s internal core banking solution.

In order to discourage cash transactions, curb black money and move towards less cash economy, the Finance (No.2) Act, 2019 has inserted Section 194N in the Income Tax Act, 1961 w.e.f. 1st September, 2019 to provide for levy of TDS @ 2% on cash withdrawal exceeding Rs. 1 crore from a Bank/Post Office account/s subject to certain exceptions in the previous financial year.

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