1. Further to my article How To File Form 10E in New Tax Portal – Arrears Under Sec 89 dated 21.06.2021, let’s try to understand the calculation of Relief and procedure to file FORM 10E with the help of practical Illustration Form 10 E is enabled on New Income Tax Portal. 2. ILLUSTRATION: Mr. Prasanna […]
1. Finance Act, 2021 inserted a new section 194Q in the Income-tax Act 1961 for deduction of tax at source in case of purchase of goods. The Central Board of Direct Taxes (CBDT) vide circular No. 13 dated 30 June 2021 has issued the guidelines in respect of TDS under Section 194Q of the Income […]
1. A new section 206AB is introduced in the Finance Act 2021 for deduction of tax at source at higher rates to identify non-filers of Income Tax Returns. These defaulters will be identified and higher Tax Deducted at Source (TDS) be levied on them. Section 206AB is applicable w.e.f. 01 July 2021 This section mandated […]
Salaried employees may get arrears payment due to pay revision. In that case, the tax burden for the salaried employee may increase because of the burden of past dues paid in the current year. The Government has made provisions to provide relief to salaried employees in case of salary arrears in a particular year. The […]
Linking of Aadhaar with PAN (Permanent Account Number) is a mandatory requirement under Income Tax Act 1961. If a person fails to link Aadhaar with PAN by the prescribed last date, a penalty of Rs1000 for the non-linkage will be charged, and also, his PAN will become inoperative – Section 234H inserted vide Finance Act […]
1. The Income Tax Department has launched its new e-filing portal https://www.incometax.gov.in On 7th June 2021. 2. The new e-filing portal has a simplified feature to download Form 26 AS. 3. FORM 26AS: Form 26 AS is the most important document required before filing Income Tax Return (ITR). This Form is also known as the […]
Corporate Social Responsibility Benefiting Employees (CSR) Series – Part 1 Corporate Social Responsibility (CSR) activity means an activity undertaken by a company in pursuance of its statutory obligation laid down in Sec 135 of the Companies Act. The Corporate Social Responsibility (CSR) Amendment Rule 2021 vide Rule 2(d)(iv) excludes the activities benefitting employees of the […]
1. Equalization Levy (EL) is a tax leviable on consideration received by a non-resident for specified services. Specified Service means online advertising or provision of digital space for online advertisement or any other service for purpose of online advertising. Equalization Levy is imposed under the Finance Act 2016 and not as a part of the […]
Learn about the right time to file your income tax return for AY 2021-22 and the required documentation for filing. Don’t miss the deadlines!
File your revised/belated Income Tax Return for FY 2019-20 (AY 2020-21) before the extended deadline of 31 May 2021.
