Compliance Calendar for the month of October 2021
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Category: Income Tax
Rate of TDS for FY 2021-22
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Applicable Threshold limit as effective from 01/04/2021 from the Financial year 2021- 22 is as under: Section under which TDS is applicable Nature of Payment Cut Off Limit above which TDS is applicable Rate of TDS 192 Salary Income Income Tax Slab As per applicable slab according to old or new tax regime opted by […]
TCS u/s 206C (1G) on various commodities
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TCS U/s 206C (1G) on Shares, Commodity contract, Motor Vehicle, Coal, Timber, Road Contract, Electricity, etc TCS is on sale of Goods. If it is not sale of GOODS, then the TCS provision is not at all applicable. TCS is required by the seller whose turnover in the preceding financial year is exceeding Rs. 10 […]
Compliance Calendar: September 2020
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✅ INCOME TAX FY 2018-19 Extended due date of ITR for AY 2019-20 for all assessee : 30th September 2020 The due date for filing of return of income U/s 139 for the AY 2020-21 has been extended to 30/11/2020. FY 2020-21 ▪️07th September 2020- TDS deducted /TCS collected for the month of August, 2020 […]
34 Authorities notified by CBDT for Faceless Assessment
Posted onFaceless Assessment: 34 Authorities notified by CBDT Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi Notification No. 64/2020, Dated: August 13, 2020 S.O. 2756(E).-In pursuance of the powers conferred by sub-sections (1), (2) and (5) of section 120 of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the said […]
Income Tax- Section wise Deductions for A.Y. 2020-21/F.Y. 2019-20
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SectionNature of DeductionWho can claim ? Against Salaries 16(ia)Standard Deduction [Rs. 50,000 or the amount of salary, whichever is lower]Individual – Salaried Employee & Pensioners 16(ii)Entertainment allowance [actual or at the rate of 1/5th of salary, whichever is less] [limited to Rs. 5,000]Government employees 16(iii)Professional Tax upto Rs 2500Salaried assessees Against income from House Property [...]
Order under Section 154 of Income Tax Act, 1961
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Steps: What to do when you receive order under section 154 of Income Tax Act, 1961 Notice u/s 154 under the Income Tax Act is nothing but the rectification order issued by the tax department either in response to a rectification request filed by you or Suo-moto by the tax department when they notice any […]
Clarification on extension of due dates of Capital Gains
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Clarification on extension of due dates of Capital Gains to 30.09.2020 Government has already given various relaxation to the taxpayers vide Taxation & other Laws (Relaxation of certain provisions) Ordinance 2020 issued in the month of March – 2020. Thereafter, the dates of relief is further extended vide Notification No. 35/2020 Dated 24.06.2020. As a […]
Income from renting of commercial property, owned by assessee is ‘Income from house property’ or ‘Business Income’ ?
Posted onOverview: Where assessee was mainly engaged in business of leasing of properties and its substantial income was also from leasing of properties and it was carrying out all the activities, which were relevant for earning the income for those properties by extending various facilities, it could be said that holding of properties and earning income by […]
Section 115BAC: Relief for Salaried employees opting the above section
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During the Budget 2020 speech, the Finance Minister Nirmala Sitharaman announced the insertion of a new section called 115BAC into the Income Tax Act in the Union Budget 2020. Section 115 BAC, effective from FY 2020-21, deals with the new and optional income tax regime for individuals and Hindu Undivided Families (HUFs). Let us understand […]
CBDT notifies Cost Inflation Index for F.Y 2020-21
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CBDT notifies Income Tax Cost Inflation Index for Financial Year 2020-21 or Assessment Year 2021-22 vide Notification No. 32/2020-Income Tax dated 12th June 2020 at 301. Cost Inflation Index helps taxpayer calculation his Long Term Capital Gain on sale of Long Term Capital Assets. MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES)New Delhi Notification No. 32/2020-Income […]
Changes of Reporting/Details required in ITR-1 to ITR-7 along with new ITR-V acknowledgement
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As this year, there were two occasions when the changes were effected, first by Notification No. 01/2020 dated 03rd January, 2020 and thereafter by Notification No. 31/2020 dated 29th May, 2020. With second notification, forms notified earlier were withdrawn. Before having a look at the major changes effected, taxpayers may note that now if the […]
Income Tax Deductions allowed for F.Y 2019-20 & A.Y 2020-21
Posted onMajor Contribution to the tax collection comes from the salaried class. Income tax deductions offers great opportunities for saving tax for the salaried class. With the help of these deductions one could reduce his/her tax substantially. Here we try to list some of the major deductions and allowances which available to the salaried persons, using […]
Section 269SU not applicable to specified person having only B2B transactions
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F.No.370142/3512019-TPLGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes**** Dated: 20th May, 2020 Subject: Clarifications in respect of prescribed electronic modes under section 269SU of the income-tax Act, 1961 — reg. In furtherance to the declared policy objective of the Government to encourage digital transactions and move towards a less-cash economy, a new provision […]
Revised TDS rates w.e.f 14.05.2020
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In order to provide more funds at the disposal of the tax payers for dealing with the economic situation arising out of COVID-19 pandemic, the rates of Tax Deduction at Source (TDS) for the following non- salaried specified payments made to residents has been reduced by 25% for the period from 14th May, 2020 to […]