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Higher TDS rates for Non-filers of Income-tax

If you have not filed your income tax returns for the last two years, and the total on your tax deductions exceeds Rs 50,000 or more in each of the preceding two years, you will be subject to a higher TDS. Concerned about all the hype around increased TDS deduction? Wondering what it is all…
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Representation for extending dates for furnishing belated/Revised Returns

For filing a belated income tax return u/s 139(4) for the fiscal year 2019-20 (which was originally 31st March 2021 but was extended to 31st May 2021) For the purpose of filing a Revised Return of Income Tax u/s 139(5) for the fiscal year 2019-20 (which was originally 31st March 2021 but was extended to…
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Today’s Tax Update

1. Companies can now hold Board Meetings via video conferencing for any agenda item. MCA Notification GSR 409(E) of 15.6.21. 2. Tax Deduction At Source (TDS) under Section 194Q of The Income Tax Act, 1961 (effective from 01.07.2021) To further extend the tax base, the government has introduced a new section 194Q of the Act…
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The GST compensation amount for FY22 at the Centre should be greater than the anticipated Rs 1.58 lakh crore: Opp-ruled states

Three opposition-ruled states stated on Sunday that the compensation sum guaranteed by the Centre is expected to be more than the Rs 1.58 lakh crore anticipated by the Centre and that a special session of the GST Council will be summoned to debate it. The finance ministers of Kerala, Punjab, and Chhattisgarh claimed during the…
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When does EPF become taxable?

When does EPF become taxable? As per current law, an employee’s own contribution to the EPF account is not taxable. However, effective from April 1, 2020, onwards, the employer’s contribution to the EPF account can become taxable if it exceeds Rs 7.5 lakh in a financial year. Though the biggest USP of the Employees’ Provident…
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GST compensation at the Centre for FY22 should be higher than the expected Rs 1.58 lakh crore: States dominated by the opposition

Three opposition-ruled states stated on Sunday that the compensation sum guaranteed by the Centre is expected to be more than the Rs 1.58 lakh crore anticipated by the Centre and that a special session of the GST Council will be summoned to debate it. The finance ministers of Kerala, Punjab, and Chhattisgarh claimed during the…
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Form 16 has been postponed to July 15, although the deadline for self-assessment tax over Rs 1 lakh is still July 31.

The government has delayed numerous income tax deadlines as a result of the second wave of the coronavirus, including those for filing income tax returns for FY 2020-21, issuing Form 16, and others. However, for those whose tax liability after deduction of TDS and advance tax exceeds Rs 1 lakh, the deadline for filing self-assessment…
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Income tax laws have been relaxed, allowing you to pay in cash for Covid treatment worth Rs 2 lakh or more.

Hospitals, pharmacies, and COVID-19 treatment centres will accept cash payments of more than Rs 2 lakh from patients or their family members until May 31, the government announced on Friday. According to the Central Board of Direct Taxes (CBDT), such entities would be required to obtain the patient’s and payee’s PAN or Aadhaar numbers, as…
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TOP QUESTIONS TO ASK BEFORE APPLYING FOR FSSAI REGISTRATION/LICENSE

Before applying for an FSSAI registration or licence, here are the top 50 questions you should ask yourself. Do you want to start a company in the food industry? It may be catering or home kitchen (or) hotels (or) supermarkets (or) bakeries (or) ice cream parlours (or) juice shops (or) milk companies (or) organic stores,…
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GST and Non-GST Net Indirect Tax Collections Increase by 12% to Rs 10.71 Billion.

Indirect tax revenue (including GST and non-GST) totalled Rs 10.71 lakh crore in FY20, up 12% from real revenue receipts of Rs 9.54 lakh crore the previous fiscal year. Provisional collections account for 108.2 % of the FY21 Revised Estimates of Rs 9.89 lakh crore, according to the finance ministry. As a result of Covid,…
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