Save tax for salaried people Includes automatic income tax preparation software in Excel for government and private employees for F.Y.2021-22

NEW TAX PICTURE AY 21-22

Save tax for salaried people, Central Budget 2021 results Therefore, Exemption from ITR filing for senior citizens aged 75 years and above, only pension and interest income. B. Therefore, The Income Tax Department has introduced a pre-filled ITR with additional details to facilitate the return filing process. C. In other words, The deadline for submission of delayed and amended returns have been reduced to 3 months. This means that the IT department has to process the returns and send a notice under section 143 (1) by 31st December.  In other words,…

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TDS on Sale of Property by NRI in 2021 [Complete Guide]

This article covers in detail the applicability of TDS on Sale of Property by NRI in India. In this article, the following topics have been explained in detail. Applicability of TDS on Sale of Property by NRI What is the Rate of TDS on Sale of Property by NRI? Amount on which TDS is required to be deducted TDS Payment, TDS Return & TAN No. Things to be taken care of by the Seller Things to be taken care of by the Buyer How to avoid Double Tax on sale…

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Practical Issues regarding Double TDS

In order to encourage taxpayers to file ITR and discourage non-filers of ITR, new provisions of the Income Tax Act will get applicable from 1st July 2021 under which TDS would get applicable at double rates for specified category of persons. These new provisions were announced in Budget 2021 vide introduction of Section 206AB and will get applicable from 1st July 2021. Applicability of Provisions of Section 206AB The provisions of newly introduced Section 206AB would only be applicable to those persons (including Individuals, Partnership Firms, LLP’s, Companies etc) who…

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Release of seized goods in absence of notice u/s 124 within extended time limit to keep consignments

Indosheel Mould Limited Vs Union of India (Bombay High Court) Conclusion: With respect to seized goods, there was neither any notice under clause (a) of Section 124 issued to assessee within six months of the seizure nor had the period of six months been extended for a further period of six months, therefore, in the absence of there being any notice as required by the first proviso even within the extended period upto one year, the consequence that ought to follow was release of the seized consignments. Held: Assessee invoked…

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Disallowing finance charges, which were allowed in earlier years, needs re-consideration – Matter remanded back to AO

Southern Hills Developers Pvt. Ltd. Vs DCIT (Karnataka High Court) Facts- The Assessing Officer during assessment proceedings noted that the assessee has shown sales on the basis of the recognition of revenue from a project which was jointly executed with a partner. The Assessing Officer opined that finance charges claimed by the assessee were not related to the borrowings used for the said project but may be used in respect of loans raised for work in progress where revenue had not been recognized. Accordingly, the Assessing Officer disallowed the entire…

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