Income Tax Return New Rule 2021, Tax Benefit for Senior Citizens
Income Tax Return New Rule 2021: The tax department brings a bit of excellent news for senior citizens above 75 years of age. Now they don’t get to file ITR if they meet certain conditions. The Central government in its 2021-22 Budget had added a provision to exempt senior citizens of 75 years and above having pension income and interest from fixed deposits in the same bank from filing income tax returns for the financial year beginning April 1. As per the notice to the Budget 2021, “In order to provide relief to senior citizens who are of the age of 75 years or above and to reduce compliance for them.
What is GST Evasion | GST Evasion Penalties – Taxkundali
What is GST Evasion – Goods and Services Tax (GST) was implemented in the Indian economy from 1st July 2017 to displace the various indirect taxes and surcharges which were levied before 1st July 2017 with one customized tax structure and also to reduce the cascading effects of taxation through the input tax credit mechanism and levy the tax only on the value-added. Main purposes of GST’s implementation, one more general aim of combating evasion in tax structure was also included. Tax evasion has become a serious problem for the government of just about every country which is hard to regulate.
Nirmala Sitharaman Is Going To Approve Cryptocurrency Bill Very Soon
Nirmala Sitharaman is going to approve the Cryptocurrency Bill very soon. Cryptocurrency is growing very fast in India. Now many people in India have started trading in cryptocurrency rapidly. The speed with which cryptocurrency trading is growing is a matter of concern for the government. The Union Cabinet is supposed to take up a bill to control cryptocurrency and its expanding market in India, Finance Minister Nirmala Sitharaman said on August 16, 2021. Finance Minister Nirmala Sitharaman said that the proposed legislation on cryptocurrencies has been postponed before the Cabinet and is awaiting its approval.
ITR Last Date 2021 | ITR Last Date Extended | ITR Related Important Point.
Income Tax Return (ITR) Filing the last date has been extended to 30 September 2021, due to the COVID-19 epidemic. ITR Last Date 2021 the deadline has been declared by the central government for filing ITR for the financial year 2020-21. According to the report, just in case of late in paying the income tax, the taxpayer is expected to pay interest on the outstanding tax, under three sections 234A, 234B, and 234C of the income tax Act 1961. Given the impact of the Covid-19 pandemic, taxpayers are suffering trouble in meeting certain tax compliances and also in filing responses to several notices. To ease the compliance responsibility of taxpayers through this difficult time, reliefs are being provided by the government.
Taxes on Bitcoin in India | Is Bitcoin Legal in India
Taxes on Bitcoin in India: These back-to-back lockdowns made people realize the value of getting a passive income source. In search of a good passive earnings source, we Indians tried some ways to make good money. Some started their own business from home and a few started investing in IPOs and real estate. However, plenty of people prefer to invest in cryptocurrencies. Bitcoin is a cryptocurrency created by Satoshi Nakamoto. you’ll buy or sell bitcoins on a bitcoin exchange. Any bank or government doesn’t regulate the currency. Blockchain is the core technology behind bitcoin and other cryptocurrencies. It’s a public ledger of data that records all bitcoin trades.
5 benefits of filing ITR even if your income is not taxable
5 Benefits of Filing ITR: If you’re an Indian citizen and your gross total income surpasses the tax exemption limit, then you must file your tax returns (ITR). If your gross total income doesn’t exceed the tax exemption limit, then you don’t need to file your ITR. an individual whose gross income is up to Rs 250,000 per annum isn’t required to file ITR. You are also required to file your ITR if your electricity consumption bill exceeds Rs 1 lakh in a year otherwise you have undertaken foreign travel for over Rs 2 lakh
Cabinet Reshuffle India 2021 | How it Will Affect Economy
This Cabinet reshuffle was large and the timing was appropriate. It happened after 15 months of COVID-19 that harmed India and the Indian people. During this era, many are forced into poverty, many have missed jobs and their purchasing capability. Lockdown saved lives but destroyed the economy. Cabinet Reshuffle India 2021 Now, within the next three years, there’s a requirement for a strong economy that will grow at 8-9 percent, create huge jobs, improve the income of citizens, boost consumption, and give people hope. This suggests the Narendra Modi government has got to drive the economic program in a very big way.
Union Budget 2021: How will it Affect on Small Businesses
Indian minister of finance Nirmala Sitharaman unveiled the Union Budget 2021 on 1 February this year. Union Budget 2021: How will it Affect on Small Businesses, The budget possesses a strong specializes in digital transformation and economic growth after the market recession caused by COVID-19. resembling the increasing focus of the state on Indian Startups and SMEs on this year’s budget we will safely call the budget 2021 for small businesses. Nirmala Sitharaman, the union minister of finance, allocated Rs. 15,700 crores to the Micro, Small, and Medium Enterprises (MSME) sector – almost double the past year’s fund allocations of Rs. 7,572 crores.
Tax Audit Limit For AY 2021-22 – Taxkundali
Under section 44AB of the Act, every person leading on business is. As we all know there are several kinds of audits being carried under different laws such as cost audit, company audit or stock audit, etc. Meaning of Tax Audit within the same way tax audit limit for ay 2021-22 is governed by income tax law because the name suggests, a tax audit is an examination or review of accounts of any business or profession administered by taxpayers from a tax point of view.
Tax Advisors in India – Taxkundali
A tax advisor is a financial expert with excellent training and knowledge of tax accounting and tax law. The services of a tax advisor are usually retained to attenuate taxes payable while remaining compliant with the law in complicated financial situations. Tax Advisors in India A taxpaying thing, like an individual, partnership, corporation, trust, etc. that features complicated financial circumstances can seek out the expertise of a tax advisor to assist reduce the quantity of taxes to be paid to the taxing authorities