What is the due date to file TDS return and deposit TDS? TDS (Tax Deducted at Source) is a way to recover income tax from an assessee in the Previous Year itself. Any person who is required to deduct TDS and does not deduct such amount...
The present article features the amendment to TDS section 194J of the Income-tax Act, 1961 by the Finance Act, 2020. As per the proposed amendment to TDS section 194J, TDS on fees for technical services (other than professional services) is reduced from 10% to 2% with...
S.No Residential Status Earlier Law Changes Introduced by Finance Bill 2020 1 Residency rule status change to 120 days from 182 days An individual who is citizen of India and is visiting India was considered resident if he visited India for 182 days or more in the financial year The number of...
Gold has traditionally been a major investment product available for the generations upto our parents. Even in the present era where various financial products available, financial planners advise investment of certain percentage in gold for diversification. Indian and specially females, are obsessed with gold, a...
To understand the concept lets us take the definition of “Supply” (a) all forms of supply of goods or services or both such as sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made for a consideration by a person in...
What is National Pension System (NPS)? National Pension System (NPS) is a voluntary, defined contribution retirement savings scheme designed to enable the subscribers to make optimum decisions regarding their future through systematic savings during their working life. Regulatory Authority NPS is administered and regulated by Pension Fund Regulatory...
By enabling section 168A has been inserted in the CGST Act, 2017 empowering the Government to extend due dates for various compliances inter-alia including statement of outward supplies, filing refund claims, filing appeals, etc. specified, prescribed or notified under the Act, on recommendations of the...
In order to enable income taxpayers to avail full benefits of various timeline extensions granted by the Government of India due to Covid-19 pandemic situations, the CBDT is revising the return forms for FY 2019-20 (Assessment Year 2020-21) which shall be notified by the end...
Objectives of Vivad Se Vishwas Scheme 2020 Reduce income tax pending litigation. Generate timely revenues for the Government. Help taxpayers end their tax disputes with the department by paying disputed tax and get waiver from payment of interest and penalty. Also get immunity from prosecution. Direct...
