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Steps to Update Details on Pan Card - TaxHelpdesk. Clubbing of Income under Section 64 - TaxHelpdesk. Steps to apply for Change or Correction in PAN Card Details. Steps to register for MSME Udyam Online in India. 10 things you should know about Presumptive Taxation Scheme. The Income Tax Act, 1961 mandates that every person engaged in business or profession is required to maintain regular books of account and get these books of accounts audited.
However, in order to give relief to small taxpayers, the Act has provided for provisions of presumptive taxation scheme under Section 44AD, Section 44ADA and Section 44AE. Double TDS on Non Filing of Income Tax Return- TaxHelpdesk. Know These Differences between Current & Faceless Assessment Scheme - TaxHelpdesk. Budget 2021: TDS On Purchase Of Goods Under Section 194Q. Important due dates for the GST & Income Tax Returns in February 2021. A responsible citizen is the one who pays his taxes on time as well as comply with the due dates of filing which are notified by the Government of India from time.
If an individual fails to comply with filings of Income Tax, Goods and Services Tax, Tax Deducted at Source and other related filings, then he shall have to face heavy penalties. Abiding by these compliances not only helps government in keeping track of the tax collection by it but also helps individuals from saving themselves from huge fines. We, at TaxHelpdesk are aware that it is humanly impossible to remember all the important due dates of compliances each month. How To Register GST Online In India? Goods and Services Tax, also known as GST came into effect from July 1, 2017.
It is applicable on all service providers (including freelancers), traders and manufactures. It has subsumed the majority of the indirect taxes like Service Tax, Excise Duty, CST and state taxes like Entertainment Tax, Luxury Tax, Octroi, and VAT. 11 Major Indirect Proposals in Union Budget of 2021. The Union Budget for the financial year 2021-2022 was presented by our Finance Minister Smt.
Nirmala Sitharaman on 1st February, 2021 in the Parliament. Thich is the first budget of this new decade and also first ever digital budget in the backdrop of unprecedented COVID-19 crisis. Laying down the foundation of Atmanirbhar Bharat, this year’s Union Budget has been based on 6 pillars namely:– Health and Well being, – Physical and Financial – Capital and Infrastructure,– Inclusive Development for Aspirational India, – Reinvigorating Human Capital, – Innovation and R&D, and – Minimum Government, Maximum Governance. Various proposals to Direct Tax and Indirect Tax were also made. 12 Major Direct Proposals in Union Budget of 2021. The Union Budget for the financial year 2021-2022 was presented by our Finance Minister Smt.
Nirmala Sitharaman on 1st February, 2021 in the Parliament. Thich is the first budget of this new decade and also first ever digital budget in the backdrop of unprecedented COVID-19 crisis. Laying down the foundation of Atmanirbhar Bharat, this year’s Union Budget has been based on 6 pillars namely:– Health and Well being, – Physical and Financial – Capital and Infrastructure,– Inclusive Development for Aspirational India, – Reinvigorating Human Capital, – Innovation and R&D, and – Minimum Government, Maximum Governance. Important Links of Union Budget 2021. Income Tax In India. Direct Tax is a one on one tax.
High End Value Transactions Tracked by Income Tax Department. Who can report High Value Transactions?
Following can report High Value Transactions:– Banks: Private, public and co-operative banks,– Post Master General of Post office,– Non-Banking Financial Companies,– Broking companies issuing shares, debenture, and mutual funds– Credit Card companies These parties need to file their Form 61A also called as Annual Information Return. This is mandated as per section 285 BA of Income Tax Act, 1961. This document contains information about transaction including a name of the person and PAN card number. 13 High Value Transactions tracked by Income Tax Department. All About The National Pension Scheme - TaxHelpdesk.
National Pension Scheme or NPS was introduced in January, 2004 and is regulated by Pension Fund Regulatory and Development Authority(PFRDA).
It was initially applicable to government employees but in the year 2009, it was opened to all the classes of the employees apart from the armed forces. Income Tax Return Filing Due Date Extended for FY 2019-20. As per the Income Tax Act, the last date for filing TDS returns for an employer is 31st May of each financial year and Form 16 has to be issued latest by 15th June of that financial year, unless the date is extended by the government.
Due to the current situation of the economy and lockdown caused due to the pandemic COVID-19, the Government of India on 13th May, 2020 announced the extension of period in filing of income tax return. The date of filing income tax returns for the Financial Year 2019-2020 was extended from 1st July, 2020 to 1st November, 2020 and now again, it has been extended to 31st December, 2020. Myths vs Facts of CGST Notification- GST Updates. In order to curb fake invoicing and malpractices by taxpayers to evade tax or claim more Input Tax Credit on GST, the Central Board of Indirect Taxes and Customs had issued CGST (Fourteenth Amendment) Rules 2020, Notification No. 94/2020 dated 22.12.2020.
There have been numerous myths been circulated by people on social media which has led to confusion in the minds of genuine taxpayers. Therefore, CBIC has issued the Myths and Facts as follows: Myth 1: No opportunity of being heard will be given if proper officer believes that registration is liable to be cancelled.FACT 1: The GST laws passed by the Parliament and state legislatures provide that GST registration is liable to be cancelled for those who have not filed 6 or more returns.
It is therefore wrong to say that the cancellation will be done without reasons. To protect the interest of revenue, this provision has been put in the law so that fraudsters do not run way with GST collected from their customers. Important due dates for the GST & Income Tax Returns in January 2021. Know all about E-invoicing under GST - TaxHelpdesk.
Special Allowances in India under Income Tax Return (ITR)- TaxHelpdesk. Allowances are like incentives given by the employer to its employees apart from the salary. The majority of the exemptions provided by the employer is exempted from tax as per the provisions of the Income Tax Act, 1961. Special Allowance has been mentioned under Section 10(14) of the Income Tax Act. The section reads as follows: “(i) any such special allowance or benefit, not being in the nature of a perquisite within the meaning of clause (2) of section 17, specifically granted to meet expenses wholly, necessarily and exclusively incurred in the performance of the duties of an office or employment of profit, as may be prescribed, to the extent to which such expenses are actually incurred for that purpose ; Categories of Special Allowance– Transport AllowanceUnder this allowance, Rs. 3,200 per month granted to an employee, who is blind or deaf and dumb or orthopedically handicapped with disability of lower extremities and Rs. 1600 per month to other employees.