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Income Tax ComplianceCbdt Notifies New Rules for Retrospective Tax Disputes Settlement
The CBDT has notified a fresh set of rules(Relaxation of Validation Rules, 2021) to facilitate the settlement of the long-drawn retrospective tax dispute with The British telecom giant Vodafone Plc. “The form and manner of furnishing undertaking under Explanation to the fifth and sixth proviso
Income Tax ComplianceCbdt Extends Due Dates for Filing of Income-Tax Returns and Various Reports of Audit Under the Income Tax Act: Here Are All the Details
The Financial year 2021-22 started with the whole country facing the 2nd wave of Covid-19, Considering all the hardships faced by taxpayers due to the Pandemic the CBDT Extended the due dates for Various ITR forms vide Circular no. 9/2021. On 7th June, the Income
Income Tax ComplianceCTC – Understand What Is Cost to Company and How to Calculate It?
You have given quite a few job interviews and now you are waiting for a call. Luckily, you have been chosen by two companies. The HR manager of the first company says that your CTC would be 15 lakhs per annum and in hand, you
Income Tax ComplianceTax Connect: 310th Issue
Tax Calendar Due date Form/Return/Challan Reporting Period Description 11th August 2021 GSTR – 1 July 2021 Details of outward supplies of goods or services 13th August 2021 IFF July 2021 Details of B2B supplies on the IFF (optional facility for the taxpayers opting
Income Tax ComplianceCircular No. 15/2021: CBDT
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Circular No. 15/2021 New Delhi, Dated 3rd August 2021 Subject: Extension of timelines for electronic filing of various Forms under the Income-tax Act,1961 1. On consideration of difficulties reported by the
Income Tax ComplianceHow to File the Income Tax Return of a Salaried Person in 2021
If you are working in the Private or the Public sector & your total income exceeds the exemption limit, you must file your income tax returns. For an employee, their main source of income is via salary. Such employees need to file their Income-tax
Income Tax CompliancePDF of Finance Act 2021 Passed by the Parliament
New in – Two sections of the Finance Act 2021 are notified from 1st August 2021. Section 110 and 111 of FA 2021 are notified by CBIC. These two sections belong to GST. It contains the removal of section 35(5) of the CGST Act and
Income Tax Compliance308th Issue of Tax Connect
Tax Calendar Due date Form/Return/Challan Reporting Period Description 30th July 2021 Form-27 D April to June 2021 Quarterly issuance of Certificate of collection of tax at source (TCS) 31st July 2021 Form No. 24Q April to June 2021 Quarterly Statement of deduction of tax at
How to Compute 5% Cash Transactions Limit For Tax Audit U/s 44AB
How To Compute 5% Cash Transactions This writes up explains how to compute the limit of five percent of the aggregate of transactions for the purpose of tax audit u/s 44AB. As we are all aware that this is an amendment brought by the finance
Income Tax ComplianceCBDT grants further relaxation in electronic filing of Income Tax Forms 15CA/15CB
As per the Income-tax Act, 1961, there is a requirement to furnish Form 15CA/15CB electronically. Presently, taxpayers upload the Form 15CA, along with the Chartered Accountant Certificate in Form 15CB, wherever applicable, on the e-filing portal, before submitting the copy to the authorized dealer
Income Tax ComplianceTax exemption to ameliorate stress due to COVID-19: PIB
The Government has decided to provide income tax exemption to the amount received by a taxpayer for medical treatment from an employer or from any person for treatment of COVID-19 during the financial year 2019-20 and subsequent years. This was stated by Minister of
Income Tax ComplianceDetailed Analysis of Sec. 194Q and 206C(1H)
Sec. 206C(1F) • Every person, being a seller, who receives any amount as consideration for the sale of a motor vehicle of the value exceeding ten lakh rupees • shall, at the time of receipt of such amount, collect from the buyer, a sum equal