I have purchased land , What Income Tax compliance I have to do for such land purchased?

• Tax is deductible (TDS) when buyer paid consideration exceeding the Rs 50 lakhs at the time of credit of such amount to the seller or at the time of making payment. 
• For the purpose of computation of threshold limit GST will be included.
• Tax deduction rate is .01 percent In case PAN is not available rate will be 5 percent.

• I have sold land and building to a non-resident. Whether I need to report the PAN of buyer in the table A1/B1 in Schedule CG?
  ​​​As mentioned in ITR form, quoting of PAN of buyer is mandatory only if tax is deducted under section 194-IA​ or is mentioned in the documents.
• I am resident and have sold land and building situated outside India. Whether I need to report the details of property and identity of buyer in Schedule CG?
  ​​The details of property and name of buyer should invariably be mentioned. However, quoting of PAN of buyer is mandatory only if tax is deducted under section 194-IA​ or is mentioned in the documents.
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New Requirement in Tax Audit Report and in ITR 6

New Tax regime i.e. "propagated as concessional tax rate" has been introduced in Finance Act which provide options to taxpayer to adopt any one of the two options and pay tax accordingly. A lot of deductions/allowance which were availed earlier by the tax payer shall be forgone. 

Section 115BAA and section 115BAB are introduced for company assessee and section 115BAC and Section 115BAD have been brought for assessee, being an Individual, HUF and Co-operative society. so that tax payer can opt for concessional tax rate regime subject to fulfillment of various conditions given in these sections.

Part-2- Before Filing ITR for Assessment Year 2020-21, Know Important changes in Income Tax Act

 Now Time has come to be ready to file income Tax return for the Assessment Year 2020-21, however there are lot of changes have been made by the Government.

Some changes are more important to know because Income tax Return cannot be filed correctly if are ignorant of these.

I am just making an effort to cover such amendments/changes in a series like what would be Tax Rate for the Assessment year , changes in particular source of income i.e.salary, house property, Business or profession, capital etc.

In first part, we have included the rate of income Tax applicable for the Assessment year 2020-21 (Read Part -1 here) , now we will cover the changes made or brought in  "Exempt income" i.e. INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME  which are applicable for the Assessment year 2020-21 :-

Before Filing ITR for Assessment Year 2020-21, Know Important changes in Income Tax Act

 Now Time has come to be ready to file income Tax return for the Assessment Year 2020-21, however there are lot of changes have been made by the Government.

Some changes are more important to know because Income tax Return cannot be filed correctly if are ignorant of these.

I am just making an effort to cover such amendments/changes in a series like what would be Tax Rate for the Assessment year , changes in particular source of income i.e.salary, house property, Business or profession, capital etc.

First part is on the rate of  tax applicable for the Assessment year 2020-21:-