2% TDS on cash withdrawals from banks/post offices with effect from 01.09.2019-New Section 194N In order to further discourage cash transactions and move towards less cash economy, the Union Budget 2019-20 has proposed to insert a new section 194N. Section 194N – Payment of certain amounts in cash …

Consequence of not linking PAN with Aadhaar-Validity of transactions previously carried out through such PAN The existing proviso to the sub-section (2) of section 139AA, provides that the PAN allotted to a person shall be deemed to be invalid, in case the person fails to intimate the Aadhaar …

Inter-changeability of PAN & Aadhaar and mandatory quoting in prescribed transactions. Existing sub-section (1) of section 139A of the Act, inter alia, provides that every person specified therein, who has not been allotted a PAN, shall apply to the Assessing Officer for allotment of PAN. It has been …

Return of 1/6 Scheme for compulsory filing of returns on entering high value transactions Finance Act, 2005, had introduced one by six scheme requiring  compulsory filing of return on meeting any of the six criterion. However, the Presently, a person (ither than a company/firm) entering into certain high …

For TDS u/s 194IA consideration to include charges for all amenities Section 194-IA of the Act relates to payment on transfer of certain immovable property other than agricultural land and provides for levy of TDS at the rate of one per cent. on the amount of consideration paid …

TDS to be deducted by Individual/HUF u/s 194M on payment exceeding 50 lakhs to contractors and professionals even for personal work w.e.f. 01.09.2019 At present, under Income Tax Act, there is no provision placing a liability on an individual or Hindu undivided family (HUF) to deduct tax at …