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Highlights of Finance Bill 2021-22
Tax Rates Income tax rates has not changed for AY 2022-23. TDS/TCS relief of 25% provided in FY 2020-21 due to COVID has been withdrawn with effect from 1/4/2021. Thus, now TDS/TCS would be charged at their original rates without any relief of 25%. Section 194Q on TDS on purchase of goods, which is applicable […]
Read moreIncome Tax Rebate: For Income Upto ₹ 5 Lakh Under Section 87A
The government hasn’t changed the basic exemption limit of 2.50 lakh in a long time because it doesn’t want people to fall outside the tax net and avoid filing ITRs. At the same time, successive governments have proposed tax rebates for taxpayers earning up to a certain level of income. Those whose annual income does […]
Read moreIncome Tax, TDS and Advance Tax on Dividend Income
Tax on dividend income: Earlier we were not liable to pay the tax on dividend income, as that was paid by the companies declaring dividend. But as per the prevalent scenario Dividend Distribution Tax (DDT) is removed by the government which has made these incomes liable in the hands of investors. TDS on Dividend Income […]
Read moreSave Income Tax on interest income from PPF account for your Spouse
The Public Provident Fund (PPF) is one of the most common long-term investment options for investors with a low risk tolerance. This investment provides the investor with not only a guaranteed return, but also income tax exemption on investments up to Rs 1.5 lakh in a given financial year. But what about investors who have […]
Read more10 excellent software that professionals can use
In today’s era, its not that we use software, its that we live in Software, then why not to use excellent softwares available to us. For easing the difficulties faced by professionals here are some of the software. That might be helpful for all of us in our work. 1. MS- Office Be it a professional […]
Read moreTDS on Dividend Income: No tax if you don’t have taxable income
After the removal of the Dividend Distribution Tax (DDT), dividend income becomes taxable in the hands of investors, and tax deduction at source (TDS) becomes applicable on dividend payout u/s 194 of the Income Tax Act. Section 194 is applicable from 1st April 2020 i.e. FY 2020-21 onwards. If the investor’s PAN is available, 10% […]
Read moreNew career path for GST practitioners: 5 online certification courses on GST in India
With the implementation of the GST on July 1, 2017, there was a paradigm shift in the indirect tax system, and a new career path for GST practitioners was developed. Here are 5 online GST certification courses to help you start a new career in GST. The Goods and Services Tax (GST) is India’s first […]
Read moreChhattisgarh CM proposed lowering GST on COVID-19 medicines and products
RAIPUR: Chief Minister Bhupesh Baghel of Chhattisgarh urged the Centre on Thursday to provide the necessary stock of COVID-19 vaccines a week ahead of schedule, as well as a reduction in the GST rate on medicines and devices used in the treatment of the infection, according to officials. During the PM meeting, the chief minister […]
Read moreAvoid income tax notices, understand how to report bank FD interest on your ITR
Bank fixed deposits (FDs) give interest that is entirely taxable. Taxpayers have made mistakes with the way they disclose interest income on many occasions, resulting in them receiving warnings from the Income tax department. Many taxpayers recently received notices from the Income tax department informing them the discrepancies between the FD interest income data held […]
Read moreI-T Department starts issuing Reassessment Notices for time-barred FYs
Income tax department has started issuing Income Tax notice of reassessment of tax liability for FYs 2013-14, 2014-15 and 2015-16. In some cases, the notices were given on the basis of questions raised in audit reports, while in others, the reasons were linked to the evasion of taxable income. According to sources, a large number […]
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