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…
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…
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:…
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…
In order to discourage cash transactions and move towards cash-less economy, a new Section 194N (Introduced via Union Budget 2019) has been inserted under Income-tax Act with effect from September 1, 2019 to provide for…
As per Finance Bill of 2019, "TDS on PAYMENTS TO RESIDENT CONTRACTORS AND PROFESSIONALS" is applicable to Individuals and HUFs (Hindu Undivided Family) making ‘Payments to Resident Contractors and Professional’ value greater than ₹ 50,00,000.…
1. Residential status The taxability of an individual in India depends upon his residential status in India for any particular financial year. The term residential status has been coined under the income tax laws of India…
Income from winnings from Lottery, Game Shows, Puzzle are taxable and TDS is deducted before giving away lottery, game shows, talent shows income. Applicability of TDS on lottery or game show income If the Prize…