The Income-tax Act has prescribed a different threshold limit for deduction of tax at source under various sections. If the expenditure incurred/payment made during the year is below the threshold limit, then there is no requirement to deduct tax at source. The threshold limit for deduction of tax at source under various sections is as …
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Tax is deductible at source at the rates given in table (infra). If PAN of the deductee is not intimated to the deductor, tax will be deducted at source by virtue of section 206AA either at the rate given in the table or at the rate or rates in force or at the rate of 20 per …
Central Govt relaxes provisions of TCS under Section 206C(1G) of Income tax Act,1961 in respect of non-resident individuals visiting India. The provisions shall not apply to an individual who is not a resident in India in terms of Clause 1&1A of Section 6 of the Act. Press Release issued
Every business has Loans and Liabilities and everyone wants to pay it on time. Sometime situation arises where we are not able to repay it. So non-payment of loans and liabilities brings liability of Income Tax because Income Tax act treated it as your income. Let’s take a brief look, how income tax is levy …
Continue reading “Why income tax levy when Loans are waived and Payables are ceased”
