Income tax return filing in chennai

New provision – TCS on Goods Sold (Tax On Purchase)

The Finance Act,2020 has introduced a new provision for Tax Collection at Source (TCS) u/s. 206C(1H) of the Income tax act,1961. This is w.e.f. 1st Oct 2020. As per this provision, Tax has to be Collected at source (TCS) in respect of Sale of Goods @ 0.1% on the consideration received on sale of such …

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New Corporate Income tax rate 22%- Should Proprietory/Partnership/LLP consider to convert themselves?

The announcement of the finance minister regarding the reduction of rate of Income-tax in respect of Domestic Companies to 22% has created lot of interest amongst all entrepreneurs to go into corporate form of business considering the tax benefits. The below table is a comparison of tax liability for various types of Organisations for different …

New Corporate Income tax rate 22%- Should Proprietory/Partnership/LLP consider to convert themselves? Read More »

Time limit for linking Aadhaar & PAN extended to 31st March 2018

As per Section 139 AA of the Income-tax Act,1961 , all the taxpayers are mandatorily required to link their PAN with their Aadhaar Numbers. The earlier due date was 31st August 2017, which was extended to 31st December 2017. In view of the representations received and also on account of the difficulties faced by the …

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