In order to provide further relief to taxpayers in view of the COVID-19 pandemic, CBDT vide circular No. 09/2021 has further extended the time limits of certain compliances.
CBDT has issued a circular w.r.t. extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic and spike in COVID-19 cases.
As per Circular No. 9 of 2021 issued by CBDT, some of the due dates of various compliances such as TDS, TCS, SFT and ITRs have been extended due to the Covid-19 pandemic in the country.
Section 194N has imposed a TDS liability on Payer when any cash payment exceeding Rs. 1 crore is made (individually or in aggregate) during the financial year to Payee.
As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of "advance tax".
Discussing recent amendments in Finance Act 2021, Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 and Foreign Contribution (Regulation) Amendment Act, 2020 that will impact the functioning of Charitable Trusts.
The new tax regime has reduced tax slabs for individual and HUF taxpayers with a condition to forgo certain tax deductions or exemptions. Let us discuss the new regime in this article.
Advance Ruling means written opinion or authoritative decision by an authority empowered to render it with regard to the tax consequences of a transaction or proposed transaction or an assessment in regard thereto.
Default in filing the Return of Income within the prescribed due date results in a fee or penalty. In this article, we discuss various fees and penalties u/s 234F, 270A, and 276CC.
If there is any loss under any head of income, the assessee can set off losses against income. Discussing the two ways of setting off losses against income i.e. through Intra-head and Inter-head adjustments.
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)
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