The deadline for filing IT returns and Audit reports for AY 2021-22 are further extended
CBDT vide Circular No.17/2021 dated 09.09.2021 extended the deadline for filing Income Tax returns till December 31, 2021, given the coronavirus pandemic and persistent technical problems with its website. Earlier in May 2021, the date was extended to September 30, 2021, from the original date end of July 2021 for the same reasons. “On consideration…
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Tax on Contribution to PF and interest exceeding the taxable threshold will not be retrospective: CBDT
In order to provide clarity on the computation of the taxable interest component, CBDT vide its Notification dated 31st August 2021, has provided a mechanism to facilitate the computation of taxable interest for the financial year 2021-22. According to the notification, the mechanism of segregating taxable and non-taxable contributions requires maintenance of separate accounts within…
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Tax savings u/s 80G: Some time your tax benefit can be more than money donated
If you have already exhausted the Rs1.50 lakh limit investment under section 80C, also bought a health insurance policy, made an additional contribution to NPS(u/s 80CCD), you still have ways and means to reduce your tax liability. You can save tax using the deductions available under section 80G of the Income Tax Act. Section 80G…
Read article CBDT introduces two new sections206A &206CCA to identify non-filers of income tax.
In line with the announcements made in the Union Budget 2021, CBDT brought new functionality for compliance checks which mandated that non-filers of income tax returns for past two fiscal years would be subjected to higher tax deducted at source (TDS) and tax collected at source (TCS) rate if such tax deduction was Rs 50,000…
Read article List of incomes that are exempted from income tax under the new tax regime
In the budget 2020, FM Nirmala Sitharaman has introduced a new tax regime along with the old regime. The new regime comes with reduced tax rates of various income slabs as well as the removal of rebates and exemptions. Salaried individuals, who have no business income, will have to choose between the existing and new…
Do you know entire donations to political parties can be claimed as a tax deduction?
Chapter VI A of the Income Tax Act contains various sub-sections of section 80 that allow an assessee to claim deductions from the gross total income on account of various tax-saving investments, permitted expenditures, donations, etc. Such deductions allow an assessee to considerably reduce the tax payable. Donation made to political parties or electoral trust…
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