TAX समाचार (NEWS) ~ Accounting & Tax Consultancy

  (1)  Choose premium according to the budget Many companies in the market are offering health insurance at different premiums.  From these you can choose the premium according to your budget.  For this, you can also compare the policies of different companies by going on the Internet.  Select the one that fits your budget. (2) How many people will be covered? Before getting health insurance, find out well which diseases will be covered in your insurance.  Many companies have different rules about this.  Apart from this, how many people of your family will be covered in your policy.  In today's era, many people are covered in a premium in many insurance policies.  (3) Read the documents of insurance carefully: While taking health insurance, you should read its documents thoroughly, so that you become aware of all the rules.  For this, you can also consult an expert.  You buy the policy only after thorough investigation.  (4) Ch...

S ection 80C of income tax gives a person the benefit of exemption of up to ₹ 1.5 lakh from taxable income.  This is the most popular option.  Under this, there are several ways by which tax exemption can be taken.  (1) PPF Investment  Investing in PPF is not only safe, but also provides full benefits of tax exemption.  Currently, PPF is getting 7.1 % interest.  which is compounded annually.  Deductions up to ₹ 1.5 lakh can be taken on the amount invested in this scheme.  Tax exemption is available on both the interest earned in PPF and the maturity amount. (2) Investment in ELSS  Investments are made in the equity market through ELSS.  There is a lock in period of three years.  ELSS is a tax saving investment instrument.  Investors get big benefit in the form of tax savings with higher returns of ELSS.  Tax exemption can be availed by investing in it for a long time.   (3) Insurance plans The premium paid f...

  Follow these steps 1. First of all visit the official website of the Unique Identification Authority of India (UIDAI) https://uidai.gov.in. 2. Here on the home page you will see the option of Get Aadhaar.  When you click on it, another page will open in front of you.  3. On this page you will see the Download Aadhaar option.  On clicking here, you will see the option of Aadhaar Number, Enrollment ID and Virtual ID.  4. You can enter any one of these three numbers here.  If you enter the Aadhaar number here, then click on Send OTP after captcha verification.  5. After this, an OTP will come on your registered mobile number.  After entering this OTP, a new page will open.  6. After answering some questions here, click on Verify and Download.  After this, a digital copy of your Aadhaar card will be downloaded. 7. When you open it, you will be asked for a password.  If you write the first four letters of your name and the year of birt...

  Central Board of Direct Taxes (  CBDT  ) has recently issued a new notification.  Under this,  people who invest money in  fixed deposits (  FD  ) will have to submit 15G and 15H forms by June 30.  If someone cannot do it on time, then the bank starts cutting money on it. The 15G and 15H forms are directly related to the Fixed Deposit (FD). This helps in saving TDS ( Tax Deduction at Source ). In today's time, people prefer to invest in FD for attractive interest and returns. But you have to pay tax on the returns received on Fixed Deposit (FD). The central bank RBI has set a threshold limit of tax, which TDS is deducted on crossing.

Click to   PDF Link:  circular_9_2021.pdf Compliance Period Due Date Extended till Statement of Financial Transactions (SFT) FY 2020-21 31-05-2021 30-06-2021 TDS Return Q4 FY 2020-21 31-05-2021 30-06-2021 TDS Certificate in Form 16 - 15-06-2021 15-07-2021 Furnish ITR AY 2021-22 31-07-2021 30-09-2021 Filing of Tax Audit Report AY 2021-22 30-09-2021 31-10-2021 Tax Audit ITR AY 2021-22 31-10-2021 30-11-2021 Audit Report u/s 92E AY 2021-22 31-10-2021 30-11-2021 Transfer Pricing ITR AY 2021-22 30-11-2021 31-12-2021 Filing of Belated/Revised ITR AY 2021-22 31-12-2021 31-01-2022 Note:...

→ Meaning:-   Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, a basic savings & deposit accounts, remittance, credit, insurance, pension in an affordable manner. Under the scheme, a basic savings bank deposit (BSBD) account can be opened in any bank branch or Business Correspondent (Bank Mitra) outlet, by persons not having any other account.

(1) Proof of Income & financial document ITR serves as a legal proof of your income and an useful financial document. It is an employment proof also. (2) Avoid Penalties Ensure that you file ITR every year before the due date to avoid unnecessary penalties. (3) Getting Easy Loan Approval Banks may ask your past ITRs at the time of giving loans or credit cards. It helps them evaluate your credit worthiness. Non-availability may reject the loan application. (4) Higher Life Insurance Cover ITR acts as a proof of income and proper compliance of tax laws, which helps you get a higher life insurance cover, whenever required. (5) VISA Processing If you are travelling out of country, income proof would be required. Most embassies & consulates require your tax returns for the past couple of years at the time of the visa application. (6) Claim Tax Refund ITR would help you claim the refunds of the excess TDS deducted on your income and investments. It is compulsory to file ITR to seek re...

CBDT has granted RELAXATION  of monetary  limit u/s 269ST for cash payment above ₹ 2 lakhs  to Hospitals, Dispensaries, Nursing Homes, Covid Care Centres or similar other facilities  providing Covid Treatment to patients for payment received in cash  during 01-04-2021 to 31-05-2021.  However, PAN or Aadhaar of the patient and the payee and the relationship between the patient and the payer has to be provided. Link:  Notification: 56/2021

  Return Type Tax period Due Date Extended till GSTR-1 (Monthly) April, 2021 11-05-2021 26-05-2021 Form IFF April, 2021 13-05-2021 28-05-2021 GSTR-4 FY 2020-21 30-04-2021 31-05-2021 GSTR-5 March/ April, 2021 20th April/ May, 2021 31-05-2021 GSTR-6 April, 2021 13-05-2021 31-05-2021 GSTR-7 April, 2021 10-05-2021 31-05-2021 GSTR-8 April, 2021 10-05-2021 31-05-2021 GSTR 1 → Taxpayers having an aggregate turnover of  more than ₹ 1.50 Crores or opted to file Monthly Return GSTR 1 IFF (QRMP) → GST return for the taxpayers  who opted for QRMP scheme (Optional) GSTR 3B → The due date for GSTR-3B having an  Annual Turnover of more than 5 Crores GSTR 5...

Waiver of interest and late fee to normal taxpayers Form GSTR-3B (Monthly Return) Tax Period Turnover in Preceding FY Due date of filing Reduced Rate of Interest Waiver of   late fee till First 15 days From due date Next 15 days From 31 st   day onwards March, 2021 > Rs. 5 Cr. 20th April 9% 18% 18% 05-05-2021 Up to Rs. 5 Cr 20th April Nil 9% 18% 20-05-2021 April, 2021 > Rs. 5 Cr. 20th May 9% 18% 18% 04-06-2021 Up to Rs. 5 Cr 20th May Nil 9% 18% 19-06-2021