3rd January, 2021 To, 1. Smt. Nirmala Sitharaman, Hon'ble Finance Minister, Government of India,North Block, Delhi - 110 001 2. Shri Ajay Bhushan Prasad Pandey Hon'ble Revenue Secretary, Central Board of Direct Taxes, North Block, Delhi - 110 001 3. Shri Pramod Chandra Mody Chairman, Central Board of Direct Taxes, North Block, Delhi - 110 001 Respected Madam / Sirs, Sub: Extension of various due dates for compliances under the Income-tax Act, 1961 (‘The..
Income Tax is a tax levied directly on the income or wealth of a person, it is a direct tax. The person who pays Income Tax to the Government cannot recover it from somebody else i.e. the burden of income tax cannot be shifted. Section 4 of the Income Tax Act, 1961 defines Income Tax as a tax levied on the total income of the previous year of every person. A person includes an individual, Hindu Undivided Family (HUF), Association of Persons (AOP), Body of Individuals (BOI), a firm, a company, et..
How to download Form 16B from TRACES portal? What is Form 16B? In simple words, Form 16B is a certificate for tax deducted at source under section 3 of the Income Tax Act on the sale of Immovable Properties. TDS is deducted on the sale of immovable property under TDS Section 194IA @ 1% if the sale consideration of the property is more than or equal to Rs 50,00,000. TDS is to be paid by the purchaser/buyer of the property at the time of making payment. At the time of making payment the b..
Update: Vide notification dated 30th September 2020, the due date to file Income Tax Return(ITR) for FY 18-19 has been further extended to the 30th November 2020 from 30th September 2020 due to the outbreak of COVID-19. The due date to file ITR for FY 19-20 falls due on the 30th of November 2020. A step by step guide on how to file ITR (Income Tax Return) on the Income Tax Department Portal? With Financial Year 2019-2020 almost coming to an end, many taxpayers wil..
Sometimes navigating and uploading a TDS return on the TRACES portal can be difficult for some of the taxpayers. Complying with the data procedure too has been found tedious by many. Therefore to make it quite easy, I am describing step by step procedure of filing TDS Return using the utility available on NSDL. The procedure is as follows: 1- The very first step is Registration on Traces and E-filing. First of all, you need to register your TAN number on Traces. But you cannot register on ..
U/s 17(1) 'Salary' includes the value of any perquisite allowed or amenity provided by employer to employee. The world 'perquisite' has not been defined under Income-tax Act 1961. Perquisite simply means any casual emolument attached to an office. It can also be defined as "any casual emolument, fee or profit attached to an office or position, in addition to salary or wages". Perquisites may be given in a variety of forms. Value of perquisites is chargeable to tax under..
As per the Income-tax Act, 1961, there is a requirement to furnish Form 15CA/15CB electronically. Presently, taxpayers upload the Form 15CA, along with the Chartered Accountant Certificate in Form 15CB, wherever applicable, on the e-filing portal, before submitting the copy to the authorized dealer for any foreign remittance. In view of the difficulties reported by taxpayers in electronic filing of Income Tax Forms 15CA/15CB on the portal www.incometax.gov.in, it has been decid..
The Finance Act 2021 has introduced a new section called Section 206AB of the Income Tax Act 1961, which mandates the person paying the amount to deduct TDS in case of non-filing of an income tax return by the specified person. In this article, the following things are covered Provisions of section 206AB Exemption available under section 206AB Rate of TDS deduction Applicability of Section 206AB with Section 206AA The meaning of the term specified person Effective date of prov..
The Income Tax Department of India inaugurated its new income tax e-filing platform (www.incometax.gov.in on 7th June 2021) , which has several innovative features and is meant to provide taxpayers with a faster and better Income Tax Return (ITR) filing interface What is Form 26AS? Form 26AS is an annual information statement that shows the tax credit history (one's tax passbook) that is amount of tax levied against a taxpayer. This statement exhibits the amount of tax deposited on you..
Interest income is one of the most common source of income for general public. Let us discuss exempt interest incomes in this article. The following interest incomes due to an assessee are exempt from tax: Income by way of interest, premium on redemption or other payments on such securities, bonds, annuity certificates, savings certificates, other certificates issued by the Central Government shall be exempted if such notification is issued by Central Government in Official Gazette and sha..
Direct Tax levied on the income of a corporate can be a considerable amount of money that has to be paid by the assessee to the government every year. But if the business is conducted keeping in mind various exemptions and deductions available for corporates under the Income Tax Act, 1961, the tax liability of the business can be reduced significantly. Some of such tax-saving strategies are listed below: 1. Tax Rates applicable for Corporates i. 15% (Section 115BAB) Domestic manufacturi..
Did you know the fact that certain taxpayers may have to pay double TDS from July? Check what Finance Act 2021 says There are certain rules about to change from July 1, 2021 in accordance with the announcements made in the Union Budget and as per Finance Act 2021. One of the important changes that will come into effect from next month is related to your income tax returns filing. From July 1, you may have to pay double Tax Deducted Source (TDS) in case you have failed to file your ITR fo..