Know the Income Tax Slab Rates for the Assessment Year 2020-21.
Section 6 of the Income Tax Act contains provisions related to the residential status of an assessee. The Finance Act 2020 amends provisions related to the residential status of the non-resident.
Section 192 of the Income Tax Act contains provisions with respect to TDS on Salary. Any employer who pays income to his/her employee under the head salary is liable to deduct TDS on salary under section 192.
Income Tax Slab Rates for the FY 2020-21 and AY 2021-2022. The taxpayers can pay tax under new or concessional rates in FY 2020-21.
Section 271AAD is for a penalty on false entry, etc. in books of account.Under the Head "H. PREVENTING TAX ABUSE", explanation and need for insertion of Section 271AAD have been given.
Due to lockdown, the government has relaxed a few rules on PPF and small saving schemes like 5 year National saving certificate, Kisan Vikas Patra, Sukanya Samridhi Yojana, etc.
Form 26AS is a tax credit statement maintained by the Department of Income Tax. Form 26AS can viewed and downloaded on the TRACES Portal
The Finance Act 2020 has made various amendments to the TDS Provisions. TDS Section 194O has been introduced in the Income Tax Act through Finance Act 2020.
The Central Board of Direct Taxes(CBDT) issued a further clarification on the Vivad se Vishwas Act 2020. The 55 FAQs on the Vivad se Vishwas Act have been modified.
One of the major changes in the Finance Act, 2020 ('FA, 2020') is with respect to amendments in residential status criteria, which directly impacts the Non Resident Individual (NRI) community.
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