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Income Tax Compliance307th Issue of Tax Connect
Tax Calendar Due date Form/Return/Challan Reporting Period Description 18th July 2021 CMP-08 April to June 2021 Quarterly return for a registered person opting for composition levy 20th July 2021 GSTR – 5A June 2021 OIDAR – Details of supplies of online information and database access
Income Tax ComplianceA Handy Checklist of Various Compliances to Be Completed Till 31 July 2021
Due to the disastrous second wave of the Covid-19 pandemic, in order to reduce the compliance burden, the Income Tax Department, in accordance with the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 (TLA Act, 2020) has extended various due dates
Income Tax Compliance9 Investment Options to Save Income Tax
There are many sections in the Income-tax act that give exemptions and deductions to encourage people to invest in different assets and various financial schemes. This gives financial and social security to the taxpayers and helps the government in arranging funds for various infrastructural
Income Tax ComplianceFaceless Assessment and Appeal
Budget Speech For Introducing Faceless Proceedings • Budget 2018-19 – “We had introduced e-assessment in 2016 on a pilot basis and in 2017, extended it to 102 cities with the objective of reducing the interface between the department and the taxpayers. With the experience
Income Tax Compliance306th Issue of Tax Connect
Tax Calendar Due date Form/Return/Challan Reporting Period Description 11th July 2021 GSTR-1 June 2021 For the month of June 2021 ( For other than taxpayers under the QRMP scheme) 13th July 2021 GSTR-1 June 2021 For April to June 2021 (who opted QRMP) 13th July
Income Tax ComplianceApplicability Of Section 194Q
This section would be applicable from 1st July 2021. CBDT issued its clarifications regarding this section just in the nick of time. According to circular No 13 of 2021 dated 30.06.2021; 1)Transactions through recognized stock exchange Transactions in securities and commodities made
Income Tax Compliance15 Reasons Why We Should File an ITR
An income tax return is an assessment of the income of a taxpayer. This is an annual statement. All incomes during the year and deductible expenses and losses are declared in this return. It is mandatory for some taxpayers. But in any case filing, ITR
Income Tax ComplianceBest Salary Structure to Save Income Tax
Most of the salaried people are envious of the self-employed because they receive their salary after deduction of TDS and they can do nothing about it. Today we are going to tell salaried people about legitimate ways to reduce their income tax by fine-tuning
Income Tax ComplianceLatest TDS/TCS Related Amendments
Taxation is the price that civilized communities pay for the opportunity of remaining civilized! Section 194Q Deduction of tax at source on payment of a certain sum for the purchase of goods. 194Q. (1) Any person, being a buyer who is responsible for paying
Income Tax ComplianceCBDT Notified Rule 8AB
Notification No. 76/2021 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 2nd July 2021 G.S.R. 470(E).—In exercise of the powers conferred by section 48 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central
Income Tax Compliance305th issue of Tax Connect
Tax Calendar Due date Form/Return/Challan Reporting Period Description 7th July 2021 Form No. 27C Submission of declaration for no TCS u/s 206C(1A) obtained from manufacturer to the Commissioner/Chief Commissioner of Income Tax as the case may be. 7th July 2021 Form No. Challan Form ITNS
Income Tax ComplianceNew Regime of Income Tax Search and Seizure Assessments – Glaring Implications
Introduction:- The Hon’ble Union Finance Minister Nirmala Sitharaman had presented the Union Budget 2021 of India on the 1st of February, 2021. In significant changes to the taxation process, among other tax measures, the Hon’ble Finance Minister recommend paradigm changes to the provisions relating to