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 – 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 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.

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.

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.

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.

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

We live in a world where no one knows what will happen next, we live with uncertainty, Uncertain danger. After 2019, the world neither knew nor was ready to see how much the corona epidemic will affect everyone’s life. From 2020 to 2021, this epidemic has not left us and it is breaking our back. During this period, the business conditions deteriorated, some were ruined and some went into too much loss. People need Tips for managing the business during Covid-19. People do not understand how to handle business ahead, what should we do and should not do during this pandemic.

When you are the owner of a small business, your responsibility and expenses are very increased. You need to account for every small amount for your business. Often small businessmen have less profit and more expenses and in this situation, it becomes more difficult to pay tax. Now, nobody expects owners to be tax professionals. You have businesses to run, in any case, but it is vital to understand where you’ll manage to take a position that brings cashback to your business. If you want maximum benefit, then you should save tax. But only a good accountant and a CA give you Tax Tips for Small business to maximum tax saving. 

If you earn any sort of income in India, you are inclined to pay income tax as per the IT Act. Income Taxpayer Benefits Once the tax is paid, you are also obliged to file tax returns for the same. If you miss to pay the income tax on time or do not file tax returns, you will be obligated to pay the fine. In some cases, it could also result in pursuance.