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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...

In a notification released last week, the Central Board of Indirect Taxes and Customs (CBIC) has said that 9 Provisions of Finance Act, 2020 will be officially effective from 1 January 2021. In other words, 1 January, 2021 has been finalized as the date from which the provisions of sections 119, 120, 121, 122, 123, 124, 126, 127 and 131 of the Finance Act, 2020 shall be enforced by the board. 9 Provisions of The Finance Act, 2020 The provision of Section 119 intends to add the words “or services” after the words “or goods” in section 10 of the CGST Act. The provision pertaining to Section 120 will omit the words “invoicing relating to such” from section 16(4) of the Act. The provision of Section 121 says that a taxable person is no longer mandatorily required to register under section 22 or section 24 and can opt out of voluntary registration made under sub-section (3) of section 25. Section 122 provision has been introduced to make an amendment in section 30 of the CGST Act, “Provided...

If the payment is more than the specified threshold then a company and the individual furnishing the payment is needed to deduct tax at source as per the income tax act. Tax Deducted at Source (TDS) has to be cut down at the price estimated by the tax department. The deductor is said to be the person or the company that files the payment while on the other side the term deductee is said to be the one a company/person who takes the payment. It is the responsibility of the deductor to cut out the TDS and should deposit it in the specific account of the government.  You can save your salary from getting deducted through investment in tax-saving schemes. under Section 80C you must attempt and claim for tax advantages as much as possible.  There are various ways so to get avoid paying the TDS through PPF investment (Public Provident Fund), NPS (National Pension System), ULIP (Unit-linked Insurance Plans), Sukanya Samriddhi Yojana, Tax Saving FDs, ELSS Equity Funds. Your child’s pa...

Did you furnish the income tax return ITR in FY 2019-20? If not then December 31 is the last date for filing the same. The Income-tax department has again prolonged the last date to file the ITR so as for a simpler filing procedure for the taxpayer seeking the pandemic. It means that the people have the time till the finish of this year to furnish their return on the earned income between April 1, 2019, and March 31, 2020, rather than November 30. July 31 is the due date for filing the ITR for all the taxpayers whose accounts are not needed to be audited. Income Tax Return (ITR) Filing: Important Dates At A Glance The prolongation of the date is for the sake of the assessee that there will be more and more time given to them so that they can furnish their due ITR as per the  Central Board of Direct Taxes (CBDT), the highest policy body made by the income tax department.  January 31, 2020, is the prolonged date to file the ITR for the assessee whose accounts need to be investi...