Online CA Services - Taxgoal

The policy of TDS (Tax Deducted at Source) was proposed to deduct certain tax amount from the income of the taxpayers just as he receives such income from a particular source. This was done to simplify tax compliances for the taxpayers.TDS is deducted on different income sources of the taxpayer like Fixed deposit interest income, share trading income, commission income, brokerage income, etc.. In most cases, the taxpayer’s TDS is deducted more than his applicable income tax slab for which he has to claim a refund of TDS deducted. For Instance, the tax slab applicable on the taxpayer is 5% and TDS deducted on his income is 10%, if the actual tax amount is less than the TDS deductions, then the taxpayer has to claim the additional taxes paid to the government as per the difference of his tax slab applicable and file the required tax amount to the government. There are certain investment avenues and policies which can help a taxpayer to save most of his taxes and claim the maximum of hi...

With relaxation in compliance norms for the corporate sector, the Government of India did announce for some effective policy measures for individuals and corporate entities to keep their business going and balance their compliance obligations during this time of the pandemic.  In respite of the COVID-19 pandemic, the Finance Minister Nirmala Sitharaman in April 2020 announced to extend the due date for filing Income Tax Return for the AY 2020 -21 to 30 th November 2020 which was to be filed on 31 st July 2020. Due Date for Filling Income Tax Return for AY 2020-2021 (FY – 2019-2020)   Particular Due Date For all taxpayers on whom audit provisions are not applied 30 th November 2020 For all taxpayers (inc. companies) on whom audit provisions are applicable 31 st October 2020 To file a return of Income tax is the responsibility of every Indian citizen. It is obligatory for both individua...