Corona-virus outbreak ,Govt of India suspends all tourist visas until April 15

The health ministry said all travelers, including Indians who visited China, Italy, Iran, Republic of Korea, France, Spain and Germany, and arrived in India after February 15 shall be quarantined for a minimum 14-day period. Therefore, the government said on March 11 that it will suspend all tourist visas in a sweeping attempt to prevent the spread of corona virus as cases across India continued to rise. “In other words, all existing visas, except diplomatic, official, U.N./international organizations, employment, project visas, stand suspended till 15th April 2020,” the health ministry…

Income tax Arrears Relief Calculator U/s 89(1) From the F.Y.2000-01 to F.Y.2020-2021 With U/s 115BAC in the Budget 2020 With New Tax Regime or Old – What should you pick?

Introduce new Section 115BAC in 2020 budget In the 2020 budget, Finance Minister Nirmala Sitraman announced a new tax system to further reduce tariffs and tax rates. It has long been claimed by most taxpayers, but it took up the issue of removing all available exemptions and exemptions. To add to this confusion, the finance minister gave taxpayers a choice between the new system of government and the existing government and left it up to them to decide which one to choose. Instead of simplifying tax laws by combining all…

New Income Tax Regime Vs Old Tax Regime: Which is better for you? With Automated Income Tax House Rent Exemption Calculator in Excel

Union Budget 2020 offers individuals the choice of paying tax under the new regime of lower income tax rates by forgoing the tax exemptions/deductions or continue to pay tax under the existing income tax laws by claiming the applicable exemptions and deductions. Essentially, the more exemptions an individual claims, the less likely he/she is to benefit from the new optional tax regime however which regime is beneficial will vary on a case to case basis. Calculations show that salaried individual. An individual with gross salary up to Rs 12.5 lakh…

Download Automated Excel Based Income Tax Deposit Challan 280 FY 2019-20 AY 2020-21

Excel Challan 280 FY 2019-20 AY 2020-21. Download Income Tax payment Challan No. ITNS 280  in Excel. This excel Challan 280 for payment of Income Tax should be used for making payment of income tax on companies (corporation tax) or income tax other than companies.   Please note that Finance Act, 2013 w.e.f. 01/06/2013, had inserted  Clause (aa) of Explanation to sub-section (9) of the section 139 providing that a return of income shall be regarded as defective unless the self-assessment tax together with interest, if any, payable in accordance with…

Coronavirus: MP allowances, pensions slashed by 30% for a year, President, PM, governors to take salary cut

The Union Cabinet has approved an ordinance slashing the pension and allowances of members of the Parliament by 30 per cent for a year. The Union Cabinet has approved an ordinance slashing the pension and allowances of members of the Parliament by 30 per cent for a year, Union minister Prakash Javadekar said on Monday. The ordinance – an amendment to Members of Parliament Act, 1954, will reduce the allowances and pension by 30 per cent with effect from April 1, 2020. The reduction will be applicable for a year.…

No extension of Financial Year clarifies Finance Minister of India

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…

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.