Section 194M – TDS on payment to resident contractors and professionals

  • An individual and/or Hindu undivided family (HUF) has to deduct tax at source under Section 194M. Such individuals and HUF must not be required to get their books of accounts audited. Books of Accounts are required to be audited if total turnover or receipts of a business exceed Rs 1 crore or where receipts of a profession exceed Rs 50 lakh.
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Income Declaration Scheme, 2016

Govt. extends time-limit for making tax payments under IDS till 31st January, 2020.

CBDT notifies 31st Jan 2020 as the Last date for payment of pending amount under Income Declaration Scheme (IDS) 2016. Govt. notifies that persons who have made declaration under the Income Declaration Scheme, 2016, but have not made payment of tax, surcharge, penalty payable there under on or before the due dates, may now make the payments on or before the 31st January, 2020, along with interest at the rate of 1% p.m; States that this notification shall be deemed to have come into force with effect from the 1st June, 2016.

It is hereby certified that no person is being adversely affected by giving retrospective effect to this notification.

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Mandatory furnishing of return of income by certain persons (Section 139)

Currently, a person (other than company or firm) is required to furnish the return of income only if his total income exceeds maximum amount not chargeable to tax, subject to certain exceptions.

Therefore, a person entering into certain high value transaction is not necessarily required to filed his return of income.

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