CBDT notifies Rule 11UD prescribing thresholds for determining ‘Significant Economic Presence’ in India CBDT has set revenue & user base threshold limits for determining ‘Significant Economic Presence’ in Notification No. 41 dated May 2021. Legislators have established circumstances in which foreign corporations are regarded to have a “business tie” in India, bringing their operations in …
Central Board of Direct Taxes extends deadline for electronic filing of various Forms under the Income-tax Act, 1961 :PIB Delhi The Central Board of Direct Taxes has decided to extend the deadline for electronic filing of certain Forms under the provisions of the I Tax act read with the Income-tax Rules of 1962 (Rules) due …
THE DEDUCTIONS U/S 80CCC, 80CCD & 80D BRIEF INTRODUCTION Section 80 Deductions For financial year 2019-20 (Including Budget 2020 amendments). Income tax department, in order to encourage savings and investments amongst the taxpayers, introduced and provided various deductions under chapter VI A, in order to reduce their taxable income and would thereby reduce their tax payment. 80C …
TAXATION OF DIVIDEND W.E.F FY 2020-21 Up till Assessment Year 2020-21, shareholders were not taxed in respect of the dividend received by them from an Indian Company, up to an amount of Rs 10 lacs, and the respective company paying dividend shall pay the tax in the form of Dividend Distribution Tax to the government …
All the Important Due Dates and Limits applicable FY 2023 Income Tax Slab for Assessment Year 2021-22 As we already know, in India there is a progressive rate of tax, meaning that persons with higher income, are taxed at higher rate. The main motive behind such a taxation system is to have equal distribution of …
NEW INCOME TAX E-FILING PORTAL TO BE LAUNCHED FROM JUNE 7- NEW UPDATES The IT department is in communication with the Government, to launch their new e-filing portal www.incometax.gov.in, and the same be operational from 7th June 2021. The existing portal will be non-operational or Taxpayers and government between June 1-6. The aim of the new …
The Faceless Penalty Scheme 2021 introduces by Income Tax Department Income Tax dept. presents Faceless Penalty Scheme 2021. On the date of its publication in the Official Gazette, it shall accept into force. In an additional step to significantly reduce the physical interface between taxpayers and tax authority, the income-tax dept has arrived out with …
Taxes on Income received to blogging under income tax Blogging has been one of the market’s trending occupations in today’s generation trending. The income-generating potential of this profession is one of the main reasons behind it. It can earn lakhs of rupees per month, but they are unaware of the tax impact on their income …
Tax Planning Tips towards availing Tax-saving/Benefits www.carajput.com; Save Income Tax Tax Planning Tips towards availing Tax-saving/Benefits Right now that most of us don’t start earning, we’re all wondering why someone needs to hear about the tax-savings mess. But when we get our first salaries and see the amount of tax reduced, we know how much …
What is Form 26AS? A consolidated tax statement is Form 26AS. It contains information about the taxpayer’s tax deductions from various sources of income. Details such as tax deducted at source (TDS), tax collected at source (TCS), advance tax or self-assessment tax paid, regular tax, and refund are included, for example. Form 26AS can also …