Income Tax Blog

TDS on cash withdrawal

TDS on Cash Withdrawal (Section 194N) (Expert Guide)

The Union Budget, 2020 amended Section 194N related to TDS on cash withdrawal from savings/current bank account. As per this amended Section, if an assessee has not filed Income Tax Return (ITR) for the last three financial years, then cash withdrawal from his/her savings or current bank account will attract TDS if the total amount withdrawn in a financial year exceeds Rs 20 lakh / Rs. 1 crore

Deductions under Section 80C & its allied sections

Deduction under Section 80C & its allied sections

Section 80C and its allied sections allow a maximum deduction of up to Rs. 1.5 lacs every year from the taxpayer’s total income and an additional deduction amount of Rs. 50,000 can be claimed under Section 80CCD(1b).

Extended Due Dates of Income Tax AY 2021-22

Extended Due Dates of Income Tax: AY 2021-22

On consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of audit for the Financial Year 2020-21 | Assessment Year 2021-22 under the Income-tax Act, 1961, Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22.

Section 80U Deduction in case of Disability

Section 80U: Deduction in case of disability

Section 80U is a deduction meant for the disabled person. This section provides a flat deduction on the gross total income of the individual on the basis of severity of disability of the disabled person. Further, this deduction is not dependent on the amount of the expenditure.