Income Tax (India)

 Budget 2021 update :It has been proposed to exempt the senior citizens from filing income tax returns if pension income and interest income are their only annual income source. Section 194P has been newly inserted to enforce the banks to deduct tax on senior citizens more than 75 years of age who have a pension and interest income from the bank.   Budget 2021 Live Update will be announced on 1st February 2021 addressed by FM Nirmala Sitharaman   Income tax is levied on the income earned by all the individuals, HUF, partnership firms , LLPs and Corporates as per the Income tax Act of India. In the case of individuals, tax is levied as per the slab system if their income is above the minimum threshold limit (known as basic exemption limit ).  Income Tax Slab Rates for F.Y 2020-21 (A.Y 2021-22)     a. Income tax slab rate for new tax regime F.Y 2020-21 - Why it is optional?        In this new tax regime, tax payers...

What is PPF( Public Provident Fund) Account? The Public Provident Fund is a savings-cum-tax-saving instrument in India, introduced by the National Savings Institute of the Ministry of Finance in 1968. The aim of the scheme is to mobilize small savings by offering an investment with reasonable returns combined with income tax benefits to tax payer. Balance in the PPF account are no subject to attachment however the tax authorities & government authorities can attach the account for recovering their tax dues. Though, Finance Minister on May 13th,2020 announced that Government of India will be paying the Employer and employees contribution to EPF account of employees for next 3 months (June to august 2020) and the benefit is for the establishment of upto 100 employees and 90% of those employees are earning less than Rs 15000 per month. Further, reduction in the contribution of statutory provident fund rate from 12% to 10% for next 3 months which will help the net take home salar...

The Article compiles due dates related to GST, Income Tax, ESI, PF Acts which includes compliance related to GSTR-1, GSTR-3B. Due dates for payment of TDS / TCS, Dues date for Payment of Advance Tax, Due date for Issue of TDS/ TCS Certificates, Due date for linking of Aadhaar number with PAN, Due date for payment of PF / ESIC and Due date for PF Return filling  (including pension & Insurance scheme forms). 1. Due dates for Compliances under GST 11/02/2020 - Due date for filling GSTR-1 for the month of April 2020. (Applicable for tax payers with annual Aggregate turnover above Rs.1.50/- (Rs One Crore Fifty Lac only) Crore or opted to file monthly Return. Due date is not extended. No late fee to be leived if GSTR-1 for April 2020 is filed by 30/06/2020. 05/05/2020 - GSRT 3B for the month of March 2020 for tax payers having an aggregate turn over of more than Rs. 5 Crore in the Previous financial year. Pay due tax till this date (i.e Due date + 15 Days of Grace). The due date...

  In order to increase the liquidity in the hands of common people Govt announced various relief measures on 13th May 2020, Wednesday , and among them are the reduction in the rates of TDS/TCS by 25% on Non- Salaried payments. Non Salaried Payments include interest in Fixed Deposits, dividend incomes, etc. The new rates will come into effect from May 14, 2020, and will remain effective till March 31, 2021, i.e., till the end of the financial year 2020-21. TDS Rate Chart for FY 2020-2021(AY 2021-2022) after considering the changes w.e.f 14.05.2020 : Kindly Note amended rates are been given on the basis of PIB Notification dated 13.05.2020 and on the date of Publication of this post no notification in this regard is been notified by the CBDT. Press release can be accessed at the following link-  https://pib.gov.in/PressReleasePage.aspx?PRID=1623745            Section Nature of Payments Threshold Limit TDS effective till May, 13, 2020 TDS ...