Section 206AB – Special Provision for Deduction of Tax at Source for Non-filers of Income-Tax Return
Thursday, 10 June 2021
The finance Act 2021 has introduced a new section called Section 206AB of the Income Tax Act 1961, which mandates the person paying the amount to deduct TDS in case of non-filing of an income tax return by the specified person. Specified Person: A person who has not filed the returns of income for both of the
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Section 194 Q: – TDS Deducted on Purchase of Goods.
Thursday, 10 June 2021
The Finance Act, 2021 has introduced new section 194Q which is effective from 1st July 2021. The provisions of new section 194Q require the specified buyer to deduct TDS on the purchase of goods from the resident seller. Let us understand this provision by answering some questions. When is TDS deductible under section 194Q? TDS is deductible if: The buyer
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Kreston OPR Newsletter – June’21 Edition
Thursday, 03 June 2021
Direct Taxation Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic. The Central Board of Direct Taxes, in exercise of its power under section 119 of the Income-tax Act, 1961 (hereinafter referred to as “the Act”) provides relaxation in respect of the following compliances: CBDT extends time limit for assessing
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