An Overview Of Section 206C(1H)

By: Gauri Sham Deshpande - 24th September, 2020


Every person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, other than the goods being exported out of India or goods covered in sub-section (1) or sub-section (1F) or sub-section (1G) shall, at the time of receipt of such amount, collect from the buyer, a sum equal to 0.1 per cent of the sale consideration exceeding fifty lakh rupees as income-tax.

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General FAQs on Income Tax

By: Mr. Shashank Mundle - 25th February, 2020


It is a tax levied by the Government of India on the income of every person. The provisions governing the Income-tax are covered in the Income-tax Act, 1961.

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Using file systems to enhance performance of Income Tax Business Application (ITBA)

By: Mr. Deepak Gupta - 17th December, 2019


When files are uploaded by assessee in the ITBA it is stored in the ITBA database with limitations on number and size of files uploaded.

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E Assessment Scheme 2019

By: Mr. Deepak Gupta - 6th December, 2019


The Union Budget 2019 proposed the introduction of a scheme of faceless e-assessment. The purpose of the proposed scheme was to eliminate the human interface between the taxpayer and the income tax department.

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Income Tax Compounding Fees - 276CC Offences - Nonfiling of returns

By: Mr. Shashank Mundle - 13th November, 2019


Prior to the issuance of the revised guidelines the compounding fees for compounding an offence u/s 276CC was calculated @ 2% per month on the net tax payable from the due date of the return till the completion of the assessment.

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