Income Tax & TDS: Updates

The budget has taken away some of the tax-free havens widely used by high-income earners and HNIs. The interest earned by the Provident Fund (PF) contributions above Rs 2.5 lakh a year will now be taxed at the normal rates. This will only apply to the employee’s contribution and not that of the employer. It […]

In a relief to senior citizens, finance minister Nirmala Sitharaman announced that no income tax filing required for seniors citizens above 75 years of age and have income only from pension and interest income. The aim is to reduce the compliance burden on the elderly people, finance minister mentioned. There was no major changes in

The year 2020 ended with hope for a better 2021 in all facets of our lives – economic, social and health. The novel coronavirus pandemic hit the Indian economy adversely impacting almost all sectors be it agriculture, aviation, manufacturing or the service sector. All eyes are now set on Budget 2021 with the hope that taxpayers will

As per income tax rules, every employer must issue Form 16 to employees with income subject to TDS. But there can be instances of Form 16 not issued, such as when income is below basic exemption, or a taxpayer has switched jobs and not received Form 16 or, an employer is winding up business. The

New Delhi: Days ahead of the last date for filing Income Tax Return (ITR), the Income Tax department launched a new initiative to make the experience better for taxpayers. It launched the ‘Jhatpat processing’ feature for seamless ITR filing process. The I-T department announced the ‘jhatpat processing’ feature on Twitter earlier. It said the feature has

The last date for filing income tax return (ITR) is fast approaching, and it is important for taxpayers to check the details mentioned in Form 26AS when filing ITR. Also known as annual information statement, Form 26AS carries the details of tax deducted at source (TDS) and refunds claimed, among others, against a permanent account

New Delhi: As we near the last quarter of 2020/21, here’s a look at how best to review your tax savings and take steps, if needed, to add that extra bit of money in your pocket.  Contributions made to certain relief funds and charitable institutions can be claimed as a deduction under Section 80G of the

New Delhi: The Central Board of Direct Taxes (CBDT) has extended the last date for filing ITR for FY 2019-20 to December 31 in view of the pandemic. Usually, the taxpayers are supposed to file ITR by July 31 but an exception was made this year due to the pandemic. So, if you’re running late, you

The forthcoming Budget will be a vibrant one that will ensure economy’s sustainable growth, according to Finance Minister Nirmala Sitharaman. She also said that the disinvestment process will gather momentum. “We shall definitely sustain the momentum of public spending in infrastructure as that is one way by which we assure that the multipliers will work