The Ministry of Finance issued a clarification that the Financial Year has not been extended. The clarification was issued to clear the confusion about the extension of the Financial Year caused after a notification was released by the Government of India about the amendments in the Indian Stamp Act. After the notification was released many people misquoted it and a fake news was circulated on social media regarding the extension of the Financial Year. However, the government later made it clear that the notification is being misquoted and it does…
Category: Corona-Virus
Don’t cancel your IRCTC e-ticket! Full & automatic refunds on cancellation of trains to be provided
Recently, IRCTC which is the official e-ticketing arm of the national transporter issued a statement saying that passengers have raised their doubts regarding the cancellation of e-tickets subsequent to the halting of passenger train services. Cancellation of IRCTC e-tickets: With the cancellation of passenger train services due to the novel Coronavirus pandemic, passengers are now raising concerns over the refunds and cancellation of e-tickets. Recently, the Indian Railway Catering and Tourism Corporation (IRCTC) which is the official e-ticketing arm of the national transporter, issued a statement saying that passengers have…
Banks cut branch timings amid total lockdown.
Several banks have revised their operating times and suspended non-essential banking services because of the rising novel coronavirus (COVID-19) cases in India. Banking services like passbook updates, counter cheque collections have been restricted as the banks promote social distancing. With India under complete lockdown for 21 days to curb the spread of coronavirus, top lenders like State Bank of India (SBI), HDFC Bank, ICICI Bank, Kotak Mahindra Bank are taking steps to ensure the safety of their staff and customers. Banks have reduced staff, changed timings and are promoting social distancing by asking customers to…
ITR-GST RETURNS DUE DATE EXTENDED UP TO 30TH JUNE 20 TO THE TAX PAYERS & RELIEF IN TDS INTEREST RATES
 The Union Finance & Corporate Affairs Minister Smt. Niramla Sitharaman today announced several important relief measures taken by the Government of India in view of COVID-19 outbreak, especially on statutory and regulatory compliance matters related to several sectors. While addressing the press conference through video conferencing here today, Smt. Sitharaman announced much-needed relief measures in areas of Income Tax, GST, Customs & Central Excise, Corporate Affairs, Insolvency & Bankruptcy Code (IBC) Fisheries, Banking Sector and Commerce. The Minister of State for Finance & Corporate Affairs Shri Anurag Singh Thakur was…
Coronavirus: Why next 2 weeks are crucial
 Dr Trupti Gilada, infectious disease specialist at the Unison Medicare and Research Centre, south Mumbai, spoke to earlier this week. Part 1: ‘We are in for a disaster in 2 weeks if we don’t…’ Part 2: ‘Only get out of home for essential things’ “We aren’t extremely well prepared for the epidemic,” Dr Gilada tells Vaihayasi Pande Daniel.
Latest Income Tax Slab Rates FY 2020-21 (AY 2021-22) With Automated Income Tax Master of Form 16 Part B for F.Y. 2019-20 & A.Y. 2020-21
What are the Latest Income Tax Slab Rates FY 2020-21 (AY 2021-22) after Budget 2020? Is there any changes to applicable tax rates for individuals? Let us see the details. Therefore, covered the Budget 2020 related posts and you may refer them for your better understanding. In this post, my concentration is to share with you about the Latest Income Tax Slab Rates FY 2020-21 (AY 2021-22) and applicable Security Transaction Tax (STT). The difference between Gross Income and Total Income or Taxable Income? In other words, jumping into Latest Income Tax Slab…
Relief under section 89(1) for arrears of salary With Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from F.Y.2000-01 to F.Y. 2019-20 in Excel
Did you receive any advance salary or arrears of salary? If yes, Therefore, you might be worried about the tax implications of the same. Do I have to pay taxes on the total amount? What about the tax calculations of the previous year and so on? Taxpayers who have such questions in their mind, here is all that you need to know. In other words, you would have already figured out that income tax is calculated on the total income of a taxpayer for a certain year. The income can either be in…