Instant e-PAN

Our finance minister had announced in the Union Budget that a facility for an instant e-PAN shall be launched. Accordingly, this facility has been launched and available where taxpayers can apply for PAN basis the Adhaar they hold. Through this facility, applicants can apply and get PAN immediately and free of cost.

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Deduction under section 80DDB of Income Tax Act

rule80ddb
The Income Tax Act has a section that allows a deduction from income, in respect of any expenditure incurred by an assessee towards treatment any disease or ailment which is specified under Rule 11DD. Thus where a resident assessee has incurred any expenditure for medical treatment of specified disease, for himself or a dependant, such assessee shall be allowed a deduction, under section 80DDB, in the year in which such amount was paid.

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Reduction in the rates of TDS & TCS from 14th May 2020 to 31st March 2021

As the world is going through major health risks due to the corona pandemic, it is also facing economic risks in parallel due to lockdown in many countries because of the corona pandemic. As the entire country has come to a standstill, it has affected the earnings of many people thus leaving them with concerns for their future.

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Form PMT-09

Every assessee, to whom GST is applicable, pays the GST in the form of cash/bank transfer. Such a deposit reflects under electronic cash ledger in the account of the assessee on the GST portal. Thus this amount reflecting under electronic cash ledger is used to pay off GST taxes, penalty, interest, or any other amount payable under the GST Act.

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KNOW WHEN TO DEDUCT TDS?

In the budget of 2017, the government inserted a new section 194IB. Under this section, any individual or HUF, who pays a rent of Rs 50,000 or above per month, will have to deduct TDS at the rate of 5% per annum.  This new section has become effective from 1st June 2017.

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LAST MINUTE TAX SAVING OPTIONS!!

As we are in the mid of March which is last month of the financial year, many of us are concerned as to where and how much to invest to save tax. As one can claim a set limit deduction from his / her income under the Income Tax Act, one must be very careful about the amount of investment.

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