Budget 2021 Will Not Introduce Any New Tax Deduction: Taxmann

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 impacted severely by the pandemic. Thus, it is not likely that the government may increase the basic threshold limit or announce any new tax deduction in the upcoming budget,” in its pre-budget recommendations to the government.

In last year's Union Budget, the government announced a new and simplified personal tax regime consisting of revised income tax slabs rates. As per the new tax structure, People earning up to ₹ 5 lakh yearly will not have to pay any tax, whereas people earning ₹ 5-7.5 lakh will have to pay only 10% tax.

Comments

GST Collection of August 2024 Reaches INR 1.75 Lakh Crore

Concerning the financial front, gross GST collections for August 2024 show a strong 10% growth, reaching approximately ₹1.75 lakh crore. This surge, driven by robust domestic consumption, led to a 9.2% increase in GST revenues from domestic transactions to approximately ₹1.25 lakh crore. Revenue from imported goods also saw a substantial rise of 12.1%, totalling ₹49,976 crores. Despite the overall growth, there was a slight decrease from the ₹1.82 lakh crore collected in July 2024 when compared month-on-month. However, industry experts remain optimistic. They point out that the 10% year-on-year increase at the commencement of the festive season is a strong indicator of sustained and potentially growing consumption in the upcoming months. The government's ongoing efforts to simplify the GST process, especially through measures such as adjusting rates to lower working capital expenses, have been positively acknowledged. This dedication is also evident in the ₹...

GST: Assessees Must E-file Their Tax Returns by 30th Nov 2024 to Claim Pending ITC

If you are a GST-registered assessee you need to consider the due date to avail of any due Input tax credit or revised errors/omissions for the FY 2023-24 is November 30, 2024, via submitting the appropriate GST forms. Missing the due date can produce an outcome of a financial loss as the unclaimed ITC could not be used to offset your output tax obligation. What is the Method to Claim the Due ITC or Revised GST Errors for the FY 2023-24 It was stressed by the tax experts that the GST law specifies the procedure to claim the due ITC via GSTR-3B and amend errors in GSTR-1. Filing GSTR-1: Errors induced in GSTR-1 can be rectified by making amendments in the following GSTR-1 filings. Filing GSTR-3B: Via the GSTR-3B return the obligated ITC can merely be claimed. November 11, 2024, was the due date to submit the GSTR-1, and November 20, 2024, is for GSTR-3B without any penalty. Both the outcomes can be provided till November 30, 2024, as per the late fees. R...

Gen Online Payroll Software for Small Business in India

In today's digital world, every person and businessperson works very hard to manage data manually, which can be a time-consuming and labour-intensive task, particularly when information needs to be constantly updated and verified. Likewise, managing large volumes of employee-related data can be a challenging and overwhelming task for HR professionals. Therefore, to address the workload and complexity of these tasks, the IT sector has developed Payroll software. In recent years, we have seen a huge growth in the number of Payroll software options. Yes, there are many types of HR Payroll software available in the Indian market at present. If you're looking for a reliable and popular payroll software option, you can choose Gen Online Payroll software, brought to you by SAG Infotech. Whether the business is medium or small, Gen Payroll software can make managing numerous important tasks of a human resources manager hassle-free. The Online Payroll software assigns a unique ID t...

SAG Infotech: Need Tax Software (Call 0141-4072000)

Search This Blog