Section 80TTB of Income Tax Act, 1961
Section 80TTB became a part of the Finance Bill in 2018 and has since been applicable. Under Section 80TTB of Income Tax Act, senior citizens above the age of 60 are eligible to avail tax…
Section 80TTA of Income Tax Act, 1961
Section 80TTA of the Income Tax Act 1961 provides deduction on the interest earned on your savings account with a bank, cooperative society or post office, up to Rs.10,000/-. Allowed Income: From a savings account…
How to Calculate the Age for Senior Citizen / Super Senior Citizen under Income Tax Act, 1961?
CBDT has given clarification vide Circular 28/2016 dated 27/07/2016 regarding Senior Citizen Status at Age 60/ 80. As per the Circular/ Clarification Senior/Very Senior Citizens whose date of birth falls on 1st April shall consider attaining prescribed…
Sovereign Gold Bond Scheme 2021-22 Series V
As per GoI notification F.No.4(5)-B(W&M)/2021 and RBI press release dated May 12, 2021, the Sovereign Gold Bond Scheme 2021-22 - Series V will be open for subscription for the period from August 09 - 13, 2021. Purchase Value:…
Statutory Compliance Calendar for August 2021
S. No.StatuePurposeCompliance PeriodOriginal dateExtended DateEvent Details1Income TaxTDS/TCS Liability DepositJul-2107-Aug-2107-Aug-21Due date of depositing TDS/TCS liabilities for previous month.2Income TaxTDS/TCS Liability DepositJul-2107-Aug-2107-Aug-21Due date of depositing TDS/TCS liabilities for the period April to June for quarterly deposit of…
Compliance burden reduced for GST Taxpayers
Taxpayers having AATO upto Rs.2 crore not required to file Annual Return (Form GSTR-9/9A) for FY 2020-21. CBIC through his Twitter handle announced to reduce the compliance burden for GST Taxpayer who has Average Annual…
Amendment in Annual Return and Reconciliation in GST
The provisions for annual return and GST audit & reconciliation have been amended w.e.f 01.08.2021 As per Notification No. 29/2021-Central Tax dated 30.07.2021 provisions of sections 110 and 111 of the said Act Finance Act,…
New functionality on Annual Aggregate Turnover (AATO)
New functionality on Annual Aggregate Turnover (AATO) deployed on GST Portal for taxpayers GSTN has implemented a new functionality on taxpayers’ dashboards with the following features: The taxpayers can now see the exact Annual Aggregate…
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