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Tag: income tax return preparer in chennai

List of the important changes in Schedule-III of the Companies Act is applicable from 1-4-2021

YOUR DIVISION-1- AS- Compliant Companies 1- It is now necessary to round the figures. Earlier it was optional Your Balance Sheet PART-I 2- Some changes to Balance Sheet items 3- In a share capital schedule – Holders of promoters must be disclosed 4- The ageing of the trade payable must be disclosed 5- The ageing…
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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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Taxes on Property Purchases-A Few Points to Consider When Purchasing Real Estate

Everyone wants to earn money to buy a property. Buyers invest their hard-earned money in purchasing property and often find themselves in a difficult situation because while everyone is aware that tax must be paid when selling a property, few are aware that investing in a house will require the buyer to pay tax as…
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10 Commonly Asked Questions (FAQs) on Salary and Income Tax

01. What is the No. 16 Form? The employer deducts any amount of salary as income tax (Tax Deducted at Source or TDS) while paying salaries to you and deposits this amount to the government on your behalf. Your employer will send you the declaration of your wage, all other income and tax savings in…
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Income Tax in India : Guide, IT Returns, E-filing Process 2021

Budget 2021 will be announced on 1st February 2021 addressed by FM Nirmala Sitharaman New Income Tax Slabs for individuals under the new tax regime. Applicable to FY 2020-21 (AY 2021-22) Update on Budget 2021: It has been suggested to exclude senior citizens from filing income tax returns if their only source of annual income…
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Business Tax Returns Filing: Types of Business Tax Returns, Business Taxes

What is a business tax return? Basically, a business tax return is an income tax return. The return is a declaration of the company’s revenue and expenses. In this return, any tax to be charged on the income earned by you is also declared. The return provides descriptions of the assets and liabilities held by…
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Tax Planning Tips for Salaried Employees

Are you averse to the thought of paying taxes on a substantial portion of your revenue? If so, you’re not on your own. Although paying taxes every year, most people feel the pinch. There have been some changes in the income tax rates in the newly imposed tax slab for AY 2020-21. Taxes are, however,…
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unlink Aadhaar from the bank account and SIM cards?

How to unlink Aadhaar from the bank account and SIM cards? How to unlink Aadhaar On Wednesday, the Supreme Court handed down a ruling on Delink Aadhaar, that linking Aadhaar to his bank account or SIM card is no longer mandatory and forcing anyone to do so to be considered unconstitutional. For those who have…
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