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Latest TDS Rates Chart for FY 2021-22 (AY 2022-23)   What is the latest TDS Rates Chart for FY 2021-22 (AY 2022-23) applicable? Whethere there are any changes in rates due to Covid 19 like how the TDS rates were reduced for last year? When we receive income through different ways like Salary, Dividend income from mutual funds or stocks, commission, rent, interest on Bank Fixed Deposits / Securities etc., the providers of this income like Bank or your employer deduct the tax before transferring you such income. TDS or tax deducted at source is a process of collecting Income Tax at the source. It is a process of deducting the tax from the original source of income.   TDS is calculated and levied on the basis of a certain threshold limit, which is the maximum level of income after which TDS will be deducted from your future income/payments. It is deducted as per the Indian Income Tax Act, 1961. As I told earlier, apart from salary income and Bank FD earning, there are m...

  The 43rd GST Council has recommended the Self-Certification of GSTR-9C instead of Certification by Chartered Accountant ( CA  ).  The Finance Minister Nirmala Sitharaman Said that, Annual return filing will be simplified and the GST Council has recommended amending the CGST Act to allow for self-certification of reconciliation statements, instead of getting it certified by Chartered Accountants.  Amendments in section 35 and 44 of CGST Act made through Finance Act, 2021 to be notified.  This would ease the compliance requirement in furnishing reconciliation statement in FORM GSTR-9C, as taxpayers would be able to self-certify the reconciliation statement, instead of getting it certified by chartered accountants.  This change will apply for Annual Return for FY 2020-21. The filing of annual return in FORM GSTR-9 / 9A for FY 2020-21 to be optional for taxpayers having aggregate annual turnover upto Rs 2 Crore.  The reconciliation statement in FORM GSTR...

The Institute of Chartered Accountants of India (ICAI) has announced that the CA Intermediate and Final exams shall be started from 5th July 2021. The Institute will announce the schedule of the exam soon. The CA exams were postponed due to the current pandemic situation in India.  “In continuation to the Announcement dated 27′ April, 2021, it is hereby announced for general information that the Chartered Accountants Intermediate (IPC) {Under Old Scheme}, Intermediate {Under New Scheme}, Final {Under Old & New Scheme} and Post Qualification Course, viz., : Insurance and Risk Management (IRM) Technical Examination and International Taxation —Assessment Test (INTT — AT) of May 2021 Examinations shall now commence from Monday, 5th July, 2021 across the globe.  The detailed Schedule / Notifications for the said Examinations will be announced shortly,” the Institute stated in a press release. “The Candidates are advised to note the above and stay in touch with the website of th...

  Generation of GSTR-2B for April 2021 Rule-60(7) of CGST Rules-2017 prescribes for generation of auto-drafted statement containing  the details of input tax credit in FORM GSTR-2B for counter-party recipients. As per Rule-60(8)  of CGST Rules-2017, FORM GSTR-2B shall be made available to the recipients after the Due date  of filing GSTR-1/IFF by the suppliers. Notification No. 12/2021-CT and 13/2021-CT, both dated  1st May 2021 extend the Due date of GSTR-1 and IFF for April 2021, to 26th and 28th May 2021,  respectively. Consequently, GSTR-2B for April 2021 will be generated after the Due dates, on  29th May 2021. Taxpayers willing to file FORM GSTR-3B for April 2021 before GSTR-2B generation may do so  on self-assessment basis. Notification No. 13/2021-CT dated 01.05.2021 prescribes a cumulative  limit under Rule-36(4) for ITC claimed in periods April & May 2021 Click Below links for articles Everything about Invoice Furnishing Facilit...

  Invoice Furnishing Facility (IFF) allows small taxpayers to upload their invoices every month. The Central Board of Indirect Taxes & Customs (CBIC) had notified the Invoice Furnishing Facility on 10.11.2020 via notification number 82 /2020-Central Tax. 1. What is the Invoice Furnishing Facility? The Invoice Furnishing Facility (IFF) is a facility where quarterly GSTR-1 filers can choose to upload their invoices every month. A quarterly GSTR-1 filer is a small taxpayer with a turnover of up to Rs.1.5 crore. One should keep the following points in mind before utilising the IFF: The IFF can be utilised only for the first two months of a quarter. The invoices relating to the last month of a quarter are to be uploaded in the GSTR-1 return only. There is no requirement to upload invoices in GSTR-1 if the same has been uploaded in the IFF. The total value of invoices that can be uploaded is restricted to Rs.50 lakh per month. The details submitted in IFF will be reflected in the GST...

  Taxpayers can make GST payments through challan every month either by self-assessment of monthly liability or 35 per cent of net cash liability of previous filed GSTR-3B of the quarter. Are you eligible? Taxpayers with an aggregate annual turnover of up to Rs 5 crore in the preceding financial year and have filed their October GSTR-3B (sales) return by November 30, 2020, are eligible for this scheme. The GST Council in its meeting held on October 5, had said that registered person having aggregate turnover up to Rs 5 crore may be allowed to furnish return on quarterly basis along with monthly payment of tax, with effect from January 1, 2021. QRMP scheme With the launch of the QRMP scheme on December 5, taxpayers up to Rs 5 crore turnover have the option to file their GSTR-1 and GSTR-3B returns quarterly beginning January-March period. Taxpayers can make GST payments through challan every month either by self-assessment of monthly liability or 35 per cent of net cash liability of ...

Click to Join Whatsaap Group For FY 2019-20, ITR-1 can be filed only by an ordinarily resident individual whose total income is Rs 50 lakh or less. This ITR form can be used to report income from salary, one house property, residuary income (interest, etc.), and agricultural income up to Rs 5,000. This form cannot be filed by an individual who is a director in a company or who has invested in unlisted equity shares. This year additional columns and schedules have been introduced in the new ITR forms. In the forms, a new Schedule DI has been inserted to seek details of investment, deposits and payments made during the extended period till July 31, 2020 for claiming deduction under Chapter VI-A or for rollover of investment in FY 2019-20. Though the return in ITR Form - 1 can be filed through Excel and Java utilities, it is advisable to use the e-filing platform as it is the easiest way to file the return. Further, various basic information and tax details are pre-filled in the ITR form...