Know everything about TAN About TAN TAN stands for Tax Deduction and Collection Account Number. TAN is a 10-digit alpha numeric number required to be obtained by all persons who are responsible for deducting tax at source or collecting tax at source. It is compulsory
Big tax relief for homebuyers and real estate developers The finance minister Smt. Nirmala Sitharaman on Thursday, 12th Nov. 2020, announced a big tax relief in the form of festival bonanza, for both homebuyers and real estate developers (builders). The purpose of these tax reliefs
Pre-filled ITR forms are now going to be reality The Finance Minister, Nirmala Sitharaman office on Wednesday, tweeted that: "In order to make tax compliance more convenient, pre-filled Income tax Returns (ITR) have been provided to individual taxpayers. The ITR form now contains pre-filled details
Payment of TDS or TCS - Challan 281 To deposit TDS (Tax deducted at source) or TCS (Tax collected at source) Challan 281 is submitted which is also known as ITNS 28!. You can submit this form online of you also submit this form physically
Payment of Income Tax, Wealth Tax & Corporation Tax - Challan 280 To deposit Income Tax in the form of Advance Tax, Self-Assessment Tax and Regular Assessment Tax for Individual or corporate like company, partnership firm, LLP etc. Challan 280 is submitted which is also
Which ITR form is applicable for you: ITR -1 (SAHAJ) Who is eligible to use ITR -1 (SAHAJ) ITR -1 (SAHAJ) is to be used by an individual who is a resident other than not ordinarily resident, whose total income for the Assessment Year 2020-21
Incomes which are chargeable to tax in India: In India income tax is charged on the basis of residential status of Assessee. Below given table explains the taxability of income based on residential status: Location of accrual of Income Residential status ROR (*) RNOR
How to determine the residential status of an Assessee/Taxpayer? 1. Residential status of an INDIVIDUAL To know about the residential status of an individual, First of all, we need to know whether he is resident or non-resident. If an individual is found to be a
Notification No. 88/2020/ F. No. 370142/35/2020-TPL for extension of due dates for filing Income-tax Returns and Tax Audit Reports under the Income-tax Act, 1961 for AY 2020-21 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 29th October, 2020
ESIC Registration, Rate, Returns Benefits, Documents Required, and Applicability. ESI scheme is started mainly for workers. Through this scheme of ESI, workers get benefits like medical, monetary and other. APPLICABILITY OF ESI ESI scheme is applicable on the premises where 10 or more
EPF (Employee Provident Fund) registration, rates, returns and applicability A scheme regulated by central government under ‘The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952′ Effective from 1951. EPF is like an investment method for salaried employee for future certainty. APPLICABILITY OF EPF EPF registration is mandatory
Clubbing of Income: Meaning of clubbing of income In normal circumstances, any assesse is required to pay income tax in respect of income earned by him only. But, in certain special cases income of some other person is included in the taxable income of the
Tax Collection at Source - TCS As per the provisions TCS in income tax, certain persons who deals in sales of some specified goods / some specified business transactions are required to collect a specified percentage of tax from the buyers. Seller of these specified
Tax Deduction at source - TDS Any person paying income to another person in the form of some specified transactions above the threshold limits specified in the Income Tax Act, is responsible to deduct tax at source and needs to deposit that TDS to the
Income Tax Slabs for FY 19-20 (AY 20-21) and New tax regime vs. Old tax regime Income Tax Slabs: In India, different Income Tax rates are applicable for different annual income. And the combination of these income tax rates and annual income is called Income
Advance Tax Applicability - Due Dates, Installments, Interest for delay: As per section 208 of Income Tax Act, every person other than a senior citizen (60 years or above age) not having income from business or profession, whose estimated tax liability for that year is
