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Search results for: tax deduction

Income Tax Notification No. 99 /2021 for Senior Citizen

Senior Citizen: Analysis Notification No. 99 /2021 Related to Section 194P

Inside the union budget 2021, the finance minister Nirmala Sitharaman stated that the senior citizens whose age is more than 75 years and their income source is only the pension and interest and will get privileged from furnishing the ITR. In the budget speech, Sitharaman stated, “In the 75th year of Independence of our country, […]

E-filing Process of Form 26Q via Gen TDS Software

Easy Guide to File Form 26Q via Gen TDS e-Filing Software

Gen TDS is a leading TDS filing software from SAG Infotech and has been giving complete TDS filing solutions to taxpayers and companies for more than a decade. The Gen TDS is also authorized by the government department on the TDS official portal and it has ranked top TDS filing solution in the FY 2012-13 […]

GST Myths in Real Estate Industry

Check Out GST Myths Before Investment in Real Estate Industry

Real estate is a never-ending option for investment and thousands of people every year invest in residential properties for a good return. Earlier in the pre GST period, there were multiple taxes applicable such as stamp duty, VAT, service tax, registration charges and that too with different rates for different states every time. However after […]

2 Percent Equalisation Levy from October 2021

2% Equalisation Levy for Google Advertisers W.E.F. October 2021

This is surprising and complicated too specifically for advertisers of Google. The digital giant Google shall pass on ‘India’s 2% Equalisation levy’ that was initiated in April 2020 applicable to those clients of Google whose advertisements are being visible in India effective from the month of October of this year. More importantly, this levy is […]

New Scheme Under Section 147 for Re-assessment

Provision for Re-assessment Under Section 147 of I-T Act

Details Need by AO for Reopening Not Reasons to Believe If any income taxable for the case of the taxpayer has gone without assessment for any assessment year. The assessing officer might be liable to the act under sections 148 to 153 to assess or re-assess this income or re-complete the loss or depreciation allowance […]

Form 16 Generation Guide By Gen TDS Software

Easy Guide to Download/Generate Form 16 via Gen TDS Software

What is TDS (Tax Deducted at Source)? The objective of levying Tax Deducted at Source is to collect the tax from the point or source where the income is generated. The tax is deducted by the payer in advance from the amount payable to the income receiver, and the same is deposited in the account […]

TDS on INR 50 Lakh Transactions by Buyer and Seller

Buyer & Seller to Pay TDS on above INR 50Lakh Transaction U/S 194Q

The Central Board of Direct Taxes (CBDT) on this Wednesday pinpointed that buyers of goods or services shall have to deduct TDS at the source and at 0.1% of the amount that is greater than Rs 50 lakhs when credited or paid to a resident seller on the transactions that have occurred after July 1, […]

Technical Errors on New Income Tax Web Portal

Most Common Technical Errors on New ITR e-Filing 2.0 Portal

The income tax department launched the new website of Income Tax on June 7th, 2021. The website is having various technical problems since its launch. One of these is the problem related to ITR, Let’s know it in detail here. Various Errors Related to ITR People were excited about the new Income Tax website but […]

e-TDS & TCS New Features for Taxpayers

New Features for Preparing e-TDS/TCS Returns Available on NSDL Portal

National Securities Depository Limited, an Indian central securities depository, released the new features in e-TDS and TCS. The NSDL has amended and updated the e-TDS TCS RPU utility for the purpose of preparing TDS or TCS returns. NSDL has enabled the e-TDS/TCS File validation utility (FVU) versions 2.167 up to Financial Year 2009-10 and Version […]

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