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  TDS on payment of salary, remuneration, interest, bonus or commission by partnership firm to partners Presently there is no provision for deduction of tax at source (TDS) on payment of salary, remuneration, interest, bonus, or commission to partners by the partnership firm. The Finance Bill, 2024 proposes to insert a new TDS section 194T to bring payments such as salary, remuneration, commission, bonus and interest to any account (including capital account) of the partner of the firm under the purview of TDS. However, no such TDS will be required to be made if the aggregate amount does not exceed Rs 20,000 in the financial year. The proposed section 194T is extracted as follows: : "194T. (1) Any person, being a firm, responsible for paying any sum in the nature of alary, remuneration, commission, bonus or interest to a partner of the firm, shall, at the time of credit of such sum to the account of the partner(including the capital account) or at the time of payment thereof, whic...

  I. Increase in limit of remuneration to working partners of a firm allowed as deduction With effect from Assessment Year 2010-11, Sub-clause (v) of clause (b) of section 40 of the Income Tax Act, 1961 ("the Act") prescribed a limit on allowable deduction to working partners of a partnership firm subject to the conditions prescribed therein. Over the past few years, certain domestic companies, individuals, Hindu undivided families, resident co-operative societies, new manufacturing co-operative societies are subjected to a lower rate of tax by virtue of provisions contained in sections like 115BA, 115BAA, 115BAC, 115BAD and 115BAE. In pre-budget memorandums and expectations from Union Budget 2024, the taxpayers desired that similar benefit be extended to partnership firms. Although the budget proposals do not propose any such relief to the firms directly, it proposes to increase the limit of allowable deductions from the firm's income in respect of remuneration payable t...

  Finance minister Nirmala Sitharaman has rejigged income tax slabs under the new tax regime and also raised the standard deduction under the new tax regime to Rs 75,000 from Rs 50,000, bringing cheer to salaried tax-payers as well as the pensioners. The deduction, however, will remain unchanged at Rs 50,000 under the old tax regime. For family pensioners, the deduction will go up from Rs 15,000 to Rs 25,000 under the new regime. This move will benefit four crore salaried individuals and pensioners, she said during her  Budget 2024  speech. As a result, a salaried individual in the new tax regime stands to save Rs 17,500 in income tax," she said, adding that the government will have to forego revenue of Rs 29,000 crore in direct taxes.

 Income Tax Department has notified 7 various forms up till now i.e. Form ITR 1 to ITR 7 for filing Income Tax Return for different types of income and different types of entities. It is important that every taxpayer should file his/her Income Tax Return on or before the specified due date. In this article, we have mentioned all the Important ITR Filing Due dates for individual, companies, LLPs and Firms, and HUFs for the FY 2021-22 (AY 2022-23).  Income Tax Return or ITR as we may call it is a form where all the taxpayers has to declare their taxable incomes from all the sources. Not only this but the taxpayer shall also have to mention all the eligible deductions and tax payments if any, in the IT Return Form. Filing of this form with the Income Tax Department is call ITR Filing or Income Tax Return filing. Irrespective of the Accounting Year adopted by a taxpayer, he/she needs to file an Income Tax Return for a particular Financial Year (i.e. April to March). Due dates for ...

 Eyes express the real feeling better than touch. touch shows the care better than words. But words, if used properly can wet the eyes and touch the heart. Relationships are not Exams to Pass or Fail and not a Competition to Win or Lose, but it's a Feeling in which you Care for Someone than Yourself.  CBDT provides relief to taxpayers who were eligible to file application for settlement as on 31.01.2021 before ITSC, but could not, due to cessation of ITSC vide Finance Act,2021.  Such applications can be filed by 30.09.2021 before the Interim Board. Government has amended Income Tax Rules, 1962, to provide that electronic records submitted through registered account of the taxpayers in the Income Tax Department’s portal would be deemed to have been authenticated by the taxpayer by electronic verification code (EVC).  MCA:  w.e.f. 1/4/2021 new format of Schedule III - Div I, II & III is applicable. Further, note in Instructions to Balance Sheet - point no. (m) wh...

 Namaste ▶️ Due Date Calender for the month of December 07/12/2020 - Payment of TDS/TCS deducted /collected in November. 10/12/2020 - GSTR-7 Monthly Return by Tax Deductors for November. 10/12/2020 - GSTR-8 Monthly Return by e-commerce operators for November. 11/12/2020 - GSTR-1 Monthly return of Outward Supplies for Nov (Turnover exceeding 1.5 Cr.in previous year). 13/12/2020 - GSTR-6 Monthly Return of Input Service Distributor for November. 15/12/2020 - E-payment of PF and ESI for November 2020.  15/12/2020 - Deposit of Third Instalment of Advance Tax (75%) by all assesses (other than 44AD & 44ADA cases). 20/12/2020 - GSTR-5 & 5A Monthly Return by Non-resident taxable person for November. 20/12/2020 - GSTR-3B Summary Return cum Payment of Tax for Nov by taxpayers having an aggregate turnover of more than Rs. 5 cr in previous financial year. 22/12/2020 - GSTR-3B Summary Return cum Payment of Tax for Nov by taxpayer with turnover upto 5 cr.in Chhattisgarh, Madhya Prade...