Income Tax Benefits on Home Loan

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1. Section 80C: Deduction up to Rs 1.5 lakh on home loan principal repayment. 2. Section 24b: Deduction up to Rs 2 lakh on interest repaid during pre and post construction period. 3. Section 80EEA: Additional...

Extension of last date for submitting application for SEIS claim

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As per the notification the last date for online SEIS claim application (Service Exporter for FY 2018-19 and 2019-20) has been extended till 28th February 2022

FORM 16

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Form 16- Basics Form 16 is a crucial document for a salaried individual, especially if the employer has deducted tax on income. Form 16 is essentially a certificate provided by the employer to the employee...

Updated Due Date Chart of Income Tax Compliance

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Due to COVID-19 pandemic and challenges faced by taxpayers, The Government has extended due dates of Direct Taxes. Chart of Due dates/Extended due dates under Income Tax Act, 1961  Nature of Compliance ...

E-invoice mandatory if Turnover exceeds ₹20 crores wef 01.04.2022

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CBIC made E-invoice under GST mandatory for registered persons having aggregate turnover above ₹20 crore in any of the previous years from 01st April 2022. The existing limit of 50 crores has been reduce...

Income Tax Implications on Freelancers

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- Mandatory ITR if Gross Income exceeds INR 2.5 Lakh - Advance Tax liability if Tax is above INR 10000. - Every professional service rendered by you is subject to 10% TDS. Like every salaried individual,...

Aadhar Authentication Mandatory for GST Registration w.e.f. August 21, 2020

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Notification No. 62/2020 – Central Tax dated August 20, 2020 being issued to bring in change in GST Registration Procedure. The CBIC vide Notification No. 62/2020 – Central Tax dated August 20, 2020 has made certain amendments in...

CBIC further extends the due date for filing Form GSTR 4 for the FY...

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As per the recent tweet of the Central Board of Indirect Taxes and Customs (CBIC), the Last date for filing Form GSTR 4 for the FY 2019-20 has been extended to October 31, 2020. Source:...

Mandatory to file ITR!

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On 21st April Central Board of Direct Tax (CBDT) issued https://www.incometaxindia.gov.in/communications/notification/notification-37-2022.pdf through which Central Government (CG) has introduce Rule 12AB, the Income Tax Rules, 1962 regarding some new conditions for furnishing the Income Tax...

ITR FORMS APPLICABILITY FOR A.Y. 2020-21 / F.Y 2019-20

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Form ITR-1 (Sahaj): This form is for Individuals being a Resident (other than not ordinarily resident) having total income upto Rs. 50 lakhs, having Income from Salaries, one house property, other sources (Interest, etc.), and agricultural income...

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