To provide relief to businesses grappling with the economic impact of Covid 19, the government on Tuesday said it is extending the filing of Return for the month of March, April and May 2020 and composition returns under GST June 30. To provide relief to businesses grappling with the economic impact of Covid 19, the government on Tuesday said it is extending […]Continue reading
June 30, 2020 Saraswathi Kasturirangan, Partner, Deloitte India says, “Yes, the government has extended the date for filing TDS returns by the employer from May 31, 2020 to June 30, 2020 for the FY 2019-20. Similarly, the last date to issue Form 16 by the employer to employee has also been extended to June 30,Continue reading
In good news and much relief for individuals, the government has decied to extend the deadline for belated income tax return (ITR) and revised tax return for FY 2018-19 from March 31, 2020 to June 30, 2020 Under the income tax laws, the due date to file ITR for a financial year, ends typically on 31 July of the relevant assessment year If you have […]Continue reading
The Income Tax Act (“the Act”) enjoys the dubious distinction of being the law which has witnessed the highest number of amendments being made to it. It must perhaps be the world’s most amended legislation, it having been amended more than 3500 times in 35 years! This makes it a very complicated and haphazard law, […]Continue reading
Yes, if your gross income is well below the basic exemption limit then you can request the person who is responsible for TDS, to not to deduct tax on such income. For doing the same you have to options: 1. Apply to the Assessing officer under whose jurisdiction you fall in Form 13 to get […]Continue reading
TDS 1) What Is TAN and How to apply for TAN? TAN stands for Tax Deduction Account Number. It is 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting or collecting tax. Under Section 203A of the Income Tax Act, 1961, it is mandatory to quote Tax […]Continue reading
The word Income has a very broad and inclusive meaning. In case of a salaried person, all that is received from an employer in cash, kind or as a facility is considered as income. For a businessman, his net profits will constitute income. Income may also flow from investments in the form of Interest, Dividend, […]Continue reading
The total cost to the company is the sum of all the benefits offered plus your salary. Below is an example of components of your CTC that is on your offer letter. CTC Components Amount Basic Salary Rs. 3,00,000 Special Allowance Rs. 1,00,000 HRA Rs. 80,000 Medical Reimbursements Rs. 15,000 Medical Insurance for you and […]Continue reading
2) What is Form 16? Form 16 is a TDS certificate. Your employer is required by the I-T Department to deduct TDS on your salary and deposit it with the government. The Form 16 certificate contains details about the salary you have earned during the year and the TDS amount deducted. It has two parts […]Continue reading
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