Cost inflation index for FY 2021-22 notified 317.
Income tax department makes it mandatory to link your PAN with Aadhaar by 30th June, 2021. If not linked, the PAN will become invalid. This will attract higher TDS rate and may impact your financial transaction. Link your PAN with Aadhaar.
Direct tax collection for the first quarter of the current financial year has surpassed the mop-up in the corresponding period of FY19-20. the total direct tax collection for FY 21-22 as on June 14 stood at Rs 1.68 lakh crore up by 66 percent from Rs 1.01 lakh crore in FY19-20, the year before the Covid-19 pandemic. This number is likely to increase as the advance tax payment will end only by midnight today, said sources.
The Finance Minister on 1 February 2021 has introduced new Section 206AB vide Finance Act 2021. This Section is applicable for FY 2021-22 w.e.f. 1 July 2021. This amendment has been introduced to ensure filing of return of income by those persons who are required to file return of income but are willfully not filing return of income.
As per the amendment, in case, the person has not filed the return of income for past two financial years wherein timelines prescribed for filing return of income has expired (i.e. FY 2018-19 and FY 2019-20), then the TDS shall be deducted at the higher rate as prescribed under section 206AB of the Income-tax Act, 1961 (‘the Act’).
Apart from the above, by virtue of Section 139AA(2) of the Act linking of Aadhar with PAN within the prescribed timelines is mandatory. In case of non-linking the existing PAN issued shall be considered as inoperative and TDS shall be deducted at the higher rate as applicable in case of person who does not have PAN i.e. @ 20%.
MCA allows Board meetings to be held via video conference on restricted matters. MCA has omitted Rule 4 of the Companies (Meetings of Board and its Powers) Rules, 2014 to relax the requirement of holding Board meetings with physical presence of directors in respect of the following matters:
approval of the annual financial statements;
approval of the Board’s report;
approval of the prospectus;
approval of the matter relating to amalgamation, merger, demerger, acquisition and takeover.
Now, these businesses can be transacted in Board meetings held through video conferencing or other audio-visual means by duly ensuring compliance of rule 3 of the Companies (MBP) Rules, 2014. Earlier, MCA had given such relaxation through a circular till 30th June, 2021.
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GST - Constitutionality of section 13(8)(b) of the Integrated Goods and Services Tax Act, 2017 - While as per one opinion (opinion of Justice Ujjal Bhuyan) the provision of section 13(8)(b) is unconstitutional, whereas Justice Abhay Ahuja has expressed his disagreement and upheld the validity of Section 13(8)(b) of the IGST Act - In view of difference in opinion, Registry to place the matters before Hon’ble the Chief Justice on the administrative side for doing the needful
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⚫US Federal Reserve held interest rates near zero but signaled they expect two increases by the end of 2023.
⚫The advance tax collection in the first quarter grew 146% over last year, while overall net direct taxes doubled during this period compared to 2020.
⚫India's exports rose by 46.43% to $14.06 billion during June 1-14 on account of healthy growth in shipments in sectors such as engineering, gems and jewellery and petroleum products.Imports too rose by 98.33% to $19.59 billion during the period.
⚫SEBI decided to bring listed cos' promoters and directors' dealings in listed debt securities under the purview of system driven disclosures.
⚫Written representation are invited regarding the issues/ glitches on the new Income Tax Portal on the email address fmo@nic.in.
⚫A study on a cohort of over 31,000 vaccinated healthcare workers spanning across the country, has found that Covid vaccine provided protection against infection in 95% of the beneficiaries.
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👉🏻SEBI issues new guidelines on settlement of running accounts
(Under the guidelines, retention of any amount towards administrative or operational difficulties in settling the accounts of regular trading clients (active clients), will be discontinued)
👇🏻 👇🏻 👇🏻
https://bit.ly/2Swj5PP
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🗣️Tax Update in Hindi
👉🏻 वर्ष 2021 के बजट में वित्त मंत्री निर्मला सीतारमन जी ने एक नया इनकम टैक्स सेक्शन 194Q बजट में प्रस्तावित किया जिसके तहत वह व्यापारी जिसका टर्नओवर पिछले वर्ष में ₹10 करोड़ से ज्यादा है उस व्यापारी को अपने सेलर अर्थात जिनसे उन्होंने माल खरीदा है उन्हें पेमेंट करते वक्त TDS के रूप में कुछ राशि कटना पड़ेगा और सरकार TDS जमा करना पड़ेगा..
❓ किसको काटना है..खरीददार को (जिसका टर्नओवर 10 करोड़ से ज्यादा हो)!
❓ कब काटना है..जब सेलर को सिंगल पेमेंट या साल भर का टोटल पेमेंट 50 लाख से ज्यादा हो जाए!
❓ कितना काटना है.. 50 लाख के ऊपर जितना भी पेमेंट हुआ है उसका 0.10%
(अगर कुल पेमेंट 80 लाख हुआ है तो 80- 50 = 30 लाख का 0.10% i.e. 3000/-)
❓ काटने के बाद करना क्या है.. जितना अमाउंट आपने TDS काटा है उसे चालान के माध्यम से बैंक में जमा करना पड़ेगा। साथ ही जिस प्रकार आप अपना व्यक्तिगत इनकम टैक्स रिटर्न भरते हैं उसी प्रकार आपको TDS रिटर्न जमा करना पड़ेगा और सेलर का पैन नंबर अपलोड करना पड़ेगा!
❓ सेलर मना नही करेगा क्या.. सेलर की मजबूरी है, नियम के तहत वह बंधा हुआ है मगर आप जो उनका TDS काटेंगे वह उनके पैन में पहले से जमा हो जाएगा और जब वह अपना साल के अंत में टैक्स जमा करेंगे तो आपने जो राशि काट ली है उसे उन्हें जमा नहीं करना पड़ेगा (यह एक प्रकार का एडवांस टैक्स होगा सेलर के लिए)!
❓ अन्य सवाल..
🔶 क्या सेलर का भी टर्नओवर 10 करोड़ से ज्यादा होना चाहिए ??
👉🏻 नहीं सेलर का टर्नओवर 51 लाख हो तब भी आपको काटना है!!
🔶अगर सेलर पैन नंबर नहीं दे रहा है तो..
👉🏻 आपको 5% टैक्स काटना है!
🔶यह नियम कब से चालू होगा..
👉🏻 1 जुलाई 2021 से!
🔶अगर मैंने टीडीएस नहीं काटा तो..
👉🏻पेनाल्टी लगेगी, वैसे सेलर आप को काटने के लिए नहीं बोलेगा, परंतु TDS काटने की जिम्मेदारी आपकी है तो पेनल्टी भी आपको ही लगेगी सेलर को नही।
आशा करता हूं ऊपर दी गई जानकारी काफी सरल भाषा में थी और आपके समझ में आई होगी।🤗
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