Category: Taxation in India

Income Tax Act, 1961 sets the Rules for Tax Management, Tax Planning & Tax Savings.

Tax Collected at Source (TCS) – Income Tax [Section 206C]

Under section 206C in some cases Tax has to be collected at source as below: Nature of Goods Percentage Rate of Tax Collection at Source(TCS) applicable Category-A (sale of the following) —   A-1. Alcoholic Liquor for Human Consumption(other than Indian Made Foreign Liquor) 1% A-2. Tendu Leaves 5% A-3. Timber […]

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Deduction of Tax at Source (TDS) – Income Tax

Person responsible for making payment of income covered by the Scheme of Tax Deducted at Source (TDS) or Deduction of Tax at Source (TDS) at the prescribed Rates. Tax so Deducted should be deposited within the prescribed Time. Moreover, Returns of TDS (Tax Deducted at Source) should be submitted within […]

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Agricultural Income and its Tax Treatment [Section 2(1A)]

1. Definition of Agricultural Income [Section 2(1A)] Agricultural income including the following:  (i)            Any Rent or Revenue derived from Land; U/s 2(1A) (a) (ii)           Any Income derived from such Land by Agriculture or from Processing of Agricultural Produce; U/s 2(1A) (b) (iii)          any Income from Farm Building. […]

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New GST Return Forms – RET-1, RET-2, RET-3, ANX-I, ANX-II

The GST Council, as per the decision taken at the 39th GST Council Meeting, has introduced a New GST Return Forms System to improvise and simplify the return filing procedure. Under the new mechanism, a taxpayer will have to file only one main called the FORM GST RET-1, which will have […]

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