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Category: Income Tax

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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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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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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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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Latest Updates FY – 2020-21

Ø  Fitch revises India GDP growth to 12.8% for FY22 Ø  Development forum set up to promote cooperative sectors’ growth Ø  India likely to resume new bankruptcy filings after halt expires Ø  Sebi orders attachment of bank, demat, MF accounts of Rana Kapoor Ø  Hotel investment trading volume in India declines 84% in 2020, says JLL Ø  Privatising two PSBs: India…
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ITR – Income Tax Return & IT Return

ITR (Income Tax Returns) are a type of tax return that is used to declare net tax liability, claim tax deductions, and report gross taxable income. Individuals who receive a certain amount of money are required to file IT Returns. Self-employed or salaried individuals, firms or businesses, Hindu Undivided Families (HUFs), and self-employed or salaried…
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What happens if you don’t file your ITR, by March 2021?

The deadline for filing the Income Tax Return (ITR) for the fiscal year 2020-2021, i.e. assessment year 2020-2021, for the general category of taxpayers, which includes all salaried workers, was July 31, 2020, but it has since been extended until January 10, 2021. What happens if you miss the bus and don’t file your ITR…
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