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Mark your calendar if you are excited about the Budget 2021 because on this day Finance Minister Nirmala Sitharaman will present the Union Budget for the Financial Year 2021-22. It is expected that this budget will be focused on how the government plans to revive the contracted economy for the current fiscal year at 7.7 percent. Last year the Union Government introduced several schemes such as Atma Nirbhar Bharat Abhiyan and a production-linked incentive scheme for the manufacturing sector as a part of reviving the economy. However, to fund these schemes, the government has to invest a huge amount in them and even at a time when the revenue collection is really under pressure. In this hard time, research and advisory firm Taxman expect the government not to announce any new tax deduction in this budget. Taxmann said “Where on one hand the government has to incur a huge sum to finance these packages, on the other hand, it has suffered a loss of revenue as some industries have been impa...

GSTR-3B return: to the GST taxpayers the Central Board of Indirect Taxes & Customs has given an alert in context to those people whose average yearly turnover exceeds Rs 5 cr in the FY 2020-21. CBIC has questioned those assessees to furnish their taxes on time so as to avoid the penalty. A late fine will be imposed along with the interest if anyone is found filing a late GSTR-3B. The due date of filing the GSTR-3B return for January 2021 is 20th Fabruary.  The message was indeed retweeted by the finance ministry which was given by the Central Board of Indirect Taxes & Customs       The post is published on Twitter by the finance ministry which reminds the last date of furnishing the GSTR-3B return. " Attention GST Taxpayers whose Aggregate Annual Turnover is more than Rs. 5 crores during FY 2020-21! Remember to file your monthly GSTR-3B Return for January 2021 on or before February 20, 2021." For people who do not have furnished GSTR-3B return for Janua...

Generally in budget peoples keep their eyes on the amendment in the income tax rates as this is concerned to the pocket of common people. The government undertakes taxes from the companies and institutions as well as common people to meet their expenses. The majority of the revenue collected through the government is through taxes. The tax is a mandatory payment that every person furnishes to the government. There are 2 types of taxes such as direct tax and indirect tax . The earning of the government is done through these taxes.  What Do You Mean by Direct and Indirect Taxes? The tax which is charged directly from the people like income tax, corporate tax, tax on income from shares or other assets, property tax, corporate tax, and inheritance tax, etc. the tax which is charged on an individual or on the companies comes under the direct tax. While on the other side the taxes which are not levied from the common people but the burden imposed on the common people is known as indirect...

10th January 2021 is the last date for filing the ITR which reveals that there are only 5 days left for the same. It is better to collect all the documents and furnish ITR which prevents the stress and wrong filing at the last min. It is somewhere not possible to furnish the ITR if an employed person does not have Form-16 with him. As this form revealed the gross salary of the person and the TDS needed to be cut down.  In some situation, if the organizations will not able to hold the business for some cause or any due to some other reason you will not able to get some cause you left your old company by not completing the formalities then you will not receive Form 16 and in such cases, you can furnish the ITR through other credentials such as mentioned below: The Calculation of The Total Income: File income tax without Form 16 is important to determine the income from all the sources in the corresponding fiscal year to file the ITR and for that, it is mandatory to have all the sala...