Remember the March 31, 2021 Tax Deadlines
March 31 is the last date to link aadhaar with your PAN cards. Nonlinking of this will make your PAN inoperative and it will be assumed that your PAN card was not furnished for important transactions. [...]
Tax Considerations for E-commerce Business Owners
E-Commerce has grown tremendously in India as more Indians are buying and selling items online. In fact, India’s potential for domestic e-commerce has only flourished in COVID times. [...]
A Special Unit in Income Tax Department Created for Probe into Undisclosed Foreign Assets
In the current scenario, we are now in a universal regime where an automatic exchange of tax information is the latest norm. As a matter of fact, more and more countries and jurisdictions are following the international protocols set by the Organisation for Economic Co-operation and Development (OECD). [...]
FLA Returns Due by July 15, 2020
Annual Return on Foreign Liabilities and Assets (FLA) under FEMA Act Which companies are required to submit the FLA Return? The annual return on Foreign Liabilities and Assets (FLA) is required to be submitted directly by all the Indian companies [...]
One Time Return of Outstanding Deposits – DPT 3
Every Company other than Government Company shall file a one time return of outstanding receipt of money/ loan taken by the company but not considered as deposits. [...]
5 reasons to file your income tax returns on time
NEW LAWS AND PENLATY The last date to file your income tax returns (ITR) is usually 31 July, unless it is extended by the income tax department. From the assessment year 2018-19, if you don’t pay your tax on or before the deadline, you will have to pay a penalty of [...]
Budget Says File Your Returns on Time Now!
FEES FOR LATE FILING OF RETURNS Earlier, we were allowed up to two years from the end of a particular year to file returns for that year’s income. If you did not file returns even after the expiry of two years, the tax officer could, at his discretion, levy a [...]
Are You Selling a House or Plot of Land? Ideas to Lower Your Taxes
Every time you sell property — a house or a plot of land — you are liable to pay tax on the capital gain made on the sale. While you can’t always get away with paying capital gains tax, there are certain ways in which you can bring down your [...]
Income Tax Changes From June 1, 2016
Income Tax Provisions Applicable from 1st June 2016 Amendment relating to Advance Tax (The change is effective from financial year 2016-17 onwards) The schedule for payment of Advance Tax by an Individual and other non-corporate assessee has been amended w.e.f. 1st June 2016 as under: Due Date of Installment [...]
Budget 2016 Key Highlights
RELIEF TO SMALL TAX PAYERS Raise the ceiling of tax rebate under section 87A from `2000 to `5000 to lessen tax burden on individuals with income upto `5 laks. Increase the limit of deduction of rent paid under section 80GG from `24000 per annum to `60000, to provide relief [...]