Taking note of the COVID-19 lockdown, the Central Government has granted relaxations to the criteria for determining ‘residential status’ under Section 6 of the Income Tax Act,1961, for the Financial Year 2019-20. As per Section 6 of Income Tax Act (before 2020 amendment), stay for 182 days or more in India during a financial year […]
HRA is covered under Section 10(13A) of Income Tax Act 1961. Salaried Employees who live in a Rented house can claim HRA to lower their taxes – partially or wholly. The decision of how much HRA needs to be paid is made by employer. Part of Salary is apportioned to HRA. 1. CONDITIONS FOR CLAIMING HRA EXEMPTION? Salaried Individual only can claim
House Rent Allowance (HRA) Exemption Rules & its Tax Benefits Read More »
Government of India vide Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 on 31.03.2020. notified relief measures related to Income Tax return filings, GST compliance, PAN-Aadhar linkage and other statutory and regulatory issues. Income Tax Act 1961 also covers under the Specified Act as per Para 2 of the ordinance. Extension of TDS Return (Q4 )
TDS (Income Tax) Deposit for March 2020 & Filing of Return (Q4) Read More »
The Central Board of Direct Taxes (CBDT), via a circular dated April 13, clarified that employers will have to deduct TDS from salary for FY 2020-21 as per the tax regime – new or old – chosen by the employee. If an employee wants to go for the new tax regime he/she must inform the employer of
How to choose the tax regime for TDS on salary for FY2020-21 Read More »
The Finance bill has been passed by the Lok Sabha, with various key amendments impacting individual taxation, which include relaxation in deemed residency provision, modification to the various TDS sections, etc. The amendment to the residency provision provides that a non-resident who is a Indian citizen or person of Indian origin occasionally visiting India shall
Finance Bill 2020 changes rules on TDS, NRIs and dividends Read More »
The Finance Minister Nirmala Sitharaman while presenting the Union Budget 2020 gave an earning individual two options while filing their income tax return (ITR). Either you forfight all tax exemption benefits and get zero income tax slab on your annual income up to rs 5 lakh or remain in the old income tax slab and
The government is likely to reduce the interest rate on small savings schemes, a senior government official told CNBC-TV18. This move is likely to affect interest rates of Public Provident Fund (PPF), National Savings Certificate (NSC), Senior Citizen Saving Scheme (SCSS) Sukanya Samriddhi Yojana (SSY) and other small savings schemes. “The gap between the repo rate
NEW DELHI: The income tax department is asking companies and individuals engaged in tax disputes to settle cases under the Vivaad Se Vishwas scheme even though the relevant law is yet to be passed by Parliament. Tax experts said that the department is pushing taxpayers, including those based overseas, to settle but the government maintains that it’s only
Taxpayers nudged to opt for “Vivaad Se Vishwas” scheme Read More »
The deadline for linking of PAN and Aadhar has been extended several times and the current deadline ends on 31 March, 2020 Till 27 January, 2020, over 30.75 crore PANs have already been linked to Aadhaar. NEW DELHI : Permanent Account Number (PAN) will become inoperative if it is not linked with Aadhaar by March 31,
