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Tag: income tax return chennai

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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Big Changes by Ministry of Company Affairs from 1st April 2021 to enhance transparency

Schedule III of the Companies Act 2013 contains the general instructions for preparation of the Balance Sheet and Statement of Profit and Loss of a Company. Following are the changes made in the financials/ notes to accounts on account of amendments in Schedule III brought about by MCA: 1. Now companies have to round off…
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Latest News – 30 March 2021

Latest News – 30 March 2021 Ø India, US agree to revamp strategic energy partnership Ø Adani, Torrent submit EoIs for South-East UP Power Transmission Company Ø Government not inclined to bear loan moratorium costs Ø Solar installations on pace for biggest growth in five years, IHS Markit says Ø CCI’s WhatsApp probe order a…
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SEBI – Amendments approved at SEBI LODR Regulation Board Meeting

BRR – Substitute Business Responsibility Reporting for Business Responsibility and Sustainability Reporting (BRSR). – BRSR reporting to be applicable to the top 1000 listed companies on a voluntary basis for FY 2021-22 and on a mandatory basis from FY 2022-23. Dividend Distribution Policy – Dividend Distribution Policy Formation was extended to the top 1000 listed…
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Latest Updates – 26 March 2021

Ø BPCL divestment process progressing well, with a sale completed by end of September: DIPAM Secy Ø Reliance Retail tells govt e-commerce players to avoid foreign investment norms Ø Focusing on investment from an odd 1,000 foot including Tesla: secy industries Ø Amazon urges India not to change e-commerce investment rules: Sources Ø Edelweiss Yield…
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