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Is it mandatory to file Income Tax Return?

Is it mandatory to file your Income Tax Return (FY 2020-21)?

In this article let’s discuss in detail, is it mandatory to file Income Tax Return (ITR) for FY 2020-21 aka AY 2021-22 for Individual tax payers. In addition, we are also going to discuss when you can voluntarily file (though it is not mandatory as per Income Tax Laws) your Income Tax Return. As per general understanding, every individual has to file income tax return (ITR) if their total income…

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Sec 194Q Applicability - Easy Understanding

Sec 194Q Applicability – Easy Understanding

Introduction In this article, let’s understand about the Sec 194Q applicability. Sec 194Q of Income Tax Act inserted by Finance Act, 2021 & it is effective from 1.7.2021. It deals with TDS on purchase of goods. Sec 194Q applicability arises when buyer is purchasing goods worth more than Rs. 50 lakhs (single or multiple transactions) from a Resident seller during any financial year, then either…

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Accounting Cycle | Where it starts & where it ends

Shubham Dharmsktu, a 26 years old young explorer of Uttarakhand walked from Kashmir to Kanaya Kumari by foot in 2018 hoping to shed light on India’s waste management scenario. Kashmir to Kanaya Kumari is a distance of 2,856 kms approx. It represents the distance which starts from Kashmir and ends with Kanaya kumari. Generally to measure the distance there should be the beginning as well as the…

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Income Tax Rates slabs- AY 2021-22 (FY 2020-21) & AY 2022-23 (FY 2021-22)

Income Tax Rates Slabs in India- AY 2021-22 (FY 2020-21) & AY 2022-23 (FY 2021-22) Budget 2020 & Budget 2021 did not specify any changes in the income tax rates slabs applicable for FY 2019-20 and hence there are NO changes in the income tax rates slabs even for FY 2020-21 & FY 2021-22. Income tax rates slabs for computation of tax liability of various assessees i.e. Individuals, HUF, Firms…

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#Income Tax Slab rates #Tax Basics

How to Save capital gain Tax on sale of Residential property?

How to Save capital gain Tax on sale of Residential property in India?

How to save capital gain tax on sale of residential property? Introduction Before going on how to save capital gain tax on sale of residential property in India, let us understand why we need to pay tax even when we sell our own property. To understand this, first we need to have some basic knowledge about the capital gains. In simple words, capital gain is nothing but the gain arising from…

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#capital gains #tax planning

What is Form 16 of Income Tax?

Form 16 of Income Tax is a certificate provided by the employer to the employee in respect of the income tax deducted on the salary income of the employee. Form 16 is basically divided into two parts i.e. Part A & Part B. Let’s understand in detail about the Form 16 of Income Tax. Introduction Every financial year, employer will calculate income tax liability of the employees based on their…

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Accounting Cycle | Where it starts & where it ends

Shubham Dharmsktu, a 26 years old young explorer of Uttarakhand walked from “Kashmir to Kanaya Kumari” by foot in 2018 hoping to shed light on India’s waste management scenario. Kashmir to Kanaya Kumari is a distance of 2,856 kms approx. It represents the distance which starts from Kashmir and ends with Kanaya kumari.

Generally to measure the distance there should be the beginning as well as…

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Income Tax Rates - AY 2020-21 (FY 2019-20)

Income Tax Rates - AY 2020-21 (FY 2019-20) - Quick reference guide

Income Tax Rates – AY 2020-21 (FY 2019-20)

Income tax rates for computation of tax liability of various assessees i.e. Individuals, HUF, Firms (including LLP), Companies, Co-operative societies, AOP, BOI & Artificial Juridical Person for AY 2020-21 (i.e. FY 2019-20) is given below for ready reference:

1. Income Tax Rates for Individuals for FY 2019-20 (AY 2020-21) (a) Individuals…

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#Income Tax Slab rates #Tax Basics

Sec 194N - TDS on Cash Withdrawal

Does your cash withdrawal from Bank attract TDS from 1st July, 2020? (Updated as per Union Budget 2020)

Sec 194N – TDS on cash withdrawal – An easy understanding

Government in the Union Budget 2019 has introduced a new provision sec 194N which deals with TDS on cash withdrawals to discourage the cash transactions and move towards cash less economy.

Though initially it was applicable from 1st September 2019, it was later amended in the Union Budget 2020 and revised provision is effective from

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#TDS

Top 10 Objectives of Financial Accounting

Do you know understanding the objectives of the accounting gives you lot of insights about the financials? Go through the article to know how it works.

Top 10 Objective of Financial Accounting

Today the youngsters are more enthusiastic to become entrepreneurs. Even Flipkart, Uber, Paytm, Swiggy, etc have started their operations in the same way. As you know that the books of accounts for such a big enterprises also will be prepared by the staff like Accountants or Accounting experts. But the question is Why do we prepare accounts and What is…

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Can you claim medical expenses under Sec 80D?

Can you claim medical expenses under Sec 80D? Check out this complete guide on Sec 80D of Income Tax Act.

Can you claim medical expenses under Sec 80D?

Did you know the medical expenses incurred by you also helps in tax saving?

Yes. Not only the medical insurance premium but also medical expenditure incurred makes you eligible for tax saving. Moreover, you can claim an additional deduction for the medical expenses incurred for your parents too under the sec 80D.

Let’s see what all the…

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#Featured #Income Tax Deductions

How to identify Capital Expenditure | Complete guide

Author: ACMA Sravan Kumar

How to Identify Capital expenditure

A startup is a trending business in India in 2020. In India, there are many successful startups like Swiggy, Paytm, Ola, Myntra & Flipkart, etc., and the list goes on. But not all startups have the same success. As per the study, 90 percent of the startups in India fail due to a lack of funds within 5 years.

There are many…

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Sec 80C deductions of Income Tax Act

Save more tax with tax savings options under Sec 80C of Income Tax Act. (Updated as per Finance Act, 2019 - Relevant for FY 2019-20)

Sec 80C deductions of Income Tax Act

(Applicable for FY 2019-20 – Updated as per Finance Act, 2019)

Generally, most of the people invest in the various modes of investments to reduce their tax burden. But do you know incurring certain expenditures also makes you eligible to cut down your taxes?

This article aims to give complete insight into the list of investments that are eligible for…

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#Featured #Income Tax Deductions

how to identify revenue expenditure

In this article we are going to discuss on the topic “How to identify revenue expenditure”. Mrs. Sujana, a Teacher having a Housing loan EMI of Rs.13,711. But she has no enough money. The Owner of the food canteen will throw me out. As I haven’t paid Rent from 4 months. It’s another situation of Hyderabadi Noodles maker Mr.RajuI A 33-Year Old Software employee Mr.Srikanth, who earns Rs.50,000…

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Golden Rules of Accounting - An easy understanding

Golden Rules of Accounting – An easy understanding

Hindus call it as “Mahabharatha” Christians call it as “The Bible” Muslims call it as “Quran” Accountants call it as “Golden rules of Accounting”

Generally, every concept in the universe is defined by certain rules, which helps us in understanding the scope within which it operates.

Similarly, in Accounting also there are certain rules which define its scope and method of application in…

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TDS Payment Due Dates

TDS Payment Due Dates - Detailed analysis on due dates for TDS remittance for different deductors.

TDS Payment due dates

This article deals with due dates for TDS payment by Govt and Non-govt deductors & mode of payment allowed for such remittance.

If you want to understand the complete procedures relating to TDS mechanism, we highly recommend you to read our full article TDS – A Complete Guide before reading this article.

Let’s understand the TDS payment time limit and procedures:

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#TDS

TDS (Tax Deduction at Source) - A Complete guide

TDS Guide - Easy Reference & Detailed TDS guide with complete procedures for TDS mechanism.

TDS (Tax Deduction at Source) – A Complete guide

“Tax Deduction at Source” is generally called as TDS, which means deduction of tax at the point where income is initially generated.

For instance, your annual salary is Rs. 3,60,000 and imagine you don’t have any tax-saving investments, then ideally your employer shall deduct tax from your gross salary before paying it to you. Let us assume…

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#Featured #TDS

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