As the 2019-20 fiscal year ended in the middle of the full lockdown on March 31, 2020, several compliance dates were extended, including the due date for filing ITR for AY 2020-21. Each year, the due date for filing the income tax return (ITR) used to be July 31 of …
Read More »Key tax changes to be implemented today
Starting October 1, several key changes to direct and indirect taxes will take effect that businesses and individual taxpayers need to be aware of. These are provisions intended to collect data on transactions, spending patterns, and the flow of funds across borders as the tax administration becomes increasingly data- and …
Read More »Do you not furnish PAN or Aadhaar? You will not get this last benefit announced by Modi govt
[ad_1] According to the CBDT notice, the TDS on the amount paid or credited during the period from May 14, 2020 to March 31, 2021 will be deducted at the specified reduced rates. Aren’t you supplying PAN / Aadhaar for income tax purposes? The benefit of the last reduction in …
Read More »Why did the markets drop around 3% today despite the liquidity boost for NBFC, MSMEs?
[ad_1] The equity market was under strong selling pressure on Thursday even after Union Finance Minister Nirmala Sitharaman announced on Wednesday a stimulus package of nearly Rs 5.94 trillion to support micro, small and medium-sized enterprises (MSMEs), non-bank financial companies (NBFC) and energy distribution companies. The S&P BSE Sensex fell …
Read More »ITR Due Date Extended: Deadline to file ITRs extended till November 30; 25% cut in TDS / TCS rate for non-salary payments | India Business News
[ad_1] ANI photo NEW DELHI: In a relief to taxpayers, the government on Wednesday extended the deadline for filing of all income tax returns for 2019-20 fiscal till November 30, 2020. Announcing a slew of relief measures for the coronavirus-hit economy, Finance Minister Nirmala Sitharaman also slashed TDS (tax deducted …
Read More »Sitharaman begins the restart of the economy with liquidity boosters for small businesses, fiscal relaxations
[ad_1] Finance Minister Nirmala Sitharaman (Image: Amlan Paliwal) The announcements, described by Sitharaman as the first in a series of tranches to be presented in the coming days, are part of the Rs 20 crore fiscal and monetary package of Rs 20 announced by Prime Minister Modi on Tuesday to …
Read More »Five announcements on EPF and income tax made by FM Nirmala Sitharaman today
[ad_1] Keeping in view PM Modi’s vision of a “self-reliant India”, FM Nirmala Sitharaman announced a slew of personal finance measures to boost demand in the country, which is ravaged by the pandemic. Here are the five announcements made by her: 1) Due date for all income tax returns has …
Read More »Nirmala Sitharaman on measures taken for EPF, TDS rate for non-salaried, tax and real estate sectors
[ad_1] After announcing measures to MSMEs, Finance Minister Nirmala Sitharaman on Wednesday he turned his attention to EPFs, TDS and taxation-relationship issues. The Finance Minister also sought to clarify the environment around the Prime Minister’s call for self-sufficiency, saying that does not mean that India will look only inward and …
Read More »25% TDS cut to benefit individuals
[ad_1] MUMBAI : The government’s move to reduce the rates of tax deduction at source (TDS) and tax collection at source (TCS) by 25% is set to benefit investors and professionals. While this doesn’t bring down the tax liability of taxpayers, it leaves more money in their hands during the …
Read More »TDS, TCS rates cut to put cash in your hand, but your tax liability remains the same
[ad_1] The government has reduced TDS and TCS rates for interest, dividends, and rental payments by 25 percent as of May 14, 2020 for the current fiscal year. Finance Minister Nirmala Sitharaman announced this at a press conference today. The source tax deduction (TDS) and source tax collection (TCS) rates …
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