Claim Foreign Tax Credit under Employee Stock Option Scheme (ESOS) – Avoid Double Taxation of Income

Since the ITR filing due dates are not far, we all have started working on our ITR filings. We all should keep this important aspect in mind while filing our returns if we are getting the benefit of stock options as a part of our CTC in our annually generated Form 16. Many of us … Read more Claim Foreign Tax Credit under Employee Stock Option Scheme (ESOS) – Avoid Double Taxation of Income

Income tax TCS provisions applicable from 1st October 2020

Quick view on the New income tax provisions applicable from 1st October 2020. As all aware of the Amendment  made in the  section 206C in the budget 2020 by inserting subsections. 1. insertion of subsection – 206(1G) 2. insertion of subsection – 206(1H) Insertion of subsection – 206(1G)  Section read as follows  (I) after sub-section (1F), … Read more Income tax TCS provisions applicable from 1st October 2020

TDS – How to deposit TDS challan online? Step-wise Images

In this blog, we have explained detailed procedure to deposit TDS online. The tax liability of a person chargeable to tax is determined according to the provisions of the Income Tax Act. Such tax is determined on the total income of a person on an annual basis. Further, the person can discharge his tax liability … Read more TDS – How to deposit TDS challan online? Step-wise Images

TDS levy on cash withdrawal of over Rs 20 lakh from bank account if you haven’t done this

As per the amended law, if an individual withdraws cash exceeding Rs 20 lakh in an FY from his/her bank account and has not filed ITR during the last three financial years then TDS will be leviable at the rate of 2 percent on the amount of cash withdrawn. If an individual has not filed … Read more TDS levy on cash withdrawal of over Rs 20 lakh from bank account if you haven’t done this

Centre extended various Income Tax related deadlines for Individuals

* Due dates for Income tax return deadlines extended. Here are the new dates. * In the wake of Covid-19, the Central Government has extended various Income tax related deadlines. Today, the Central government has decided to extend Income tax related deadlines further. The due date for filing ITR for F.Y. 2018-19 was 30th June … Read more Centre extended various Income Tax related deadlines for Individuals

New disclosures in ITR forms_F.Y. 2019-20 (A.Y. 2020-21)

The CBDT has notified the Income Tax Returns for the F.Y. 2019-2020 (A.Y. 2020-2021) on 29th May, 2020 which became effective from 30th May, 2020. Some of the new changes or disclosures asked in the new ITR forms are as follows: Joint House Ownership: Individual Taxpayers who are joint owners of house property cannot file … Read more New disclosures in ITR forms_F.Y. 2019-20 (A.Y. 2020-21)

All about new Form 26AS (Annual Statement)

All about new Form 26AS (Annual Statement) We all have seen Form 26AS where we check the details of the tax deducted by our employer or by our clients in various sections. Form 26AS shows all the tax deducted from our income or collected on our income. TDS deducted on interest income received on FDs … Read more All about new Form 26AS (Annual Statement)

Tax Collected at Source (TCS) – Payment, Exemption, and Rates

Tax collected at source (TCS) is the tax payable by a seller which he collects from the buyer at the time of sale. Section 206C of the Income-tax act governs the goods on which the seller has to collect tax from the purchasers. Most of these transactions are trading or business in nature. It does not affect the common man. 1. … Read more Tax Collected at Source (TCS) – Payment, Exemption, and Rates

What is PAN – Permanent Account Number? Know everything about PAN.

A permanent account number (PAN) is a ten-character alphanumeric identifier, issued in the form of a laminated “PAN card”, by the Indian Income Tax Department, to any “person” who applies for it or to whom the department allots the number without an application. A PAN is a unique identifier issued to all judicial entities identifiable under the Indian Income … Read more What is PAN – Permanent Account Number? Know everything about PAN.