FINANCE

When filing Income Tax Return (for FY 2020-21), you have to calculate tax by adding up income from all sources and subtracting deductions under Section 80C/ 80D/ standard deduction, etc. I am a first-time taxpayer with annual income of Rs 8 lakh. My employer deducts TDS of Rs 4,000 every month. How do I claim benefits under Section 80C for PPF, NPS etc? —Deepak Kumar TDS is a ‘pay as you earn’ measure and is only provisional tax. The final tax liability is determined at the end of the financial year. When filing Income Tax Return (for FY 2020-21), you have to calculate tax by adding up income from all sources and subtracting deductions under Section 80C/ 80D/ standard deduction, etc. The TDS deducted by your employer (as reflected in Form 26AS) can then be claimed as credit in the ITR form. Any excess of TDS paid over the final tax liability shall be refunded. However, if you furnish the details of any tax-saving investments/ expenses made in Form 12BB, to your employer, at the beginni...

This leaves taxpayers in a fix - GST notice demands money in 16 decimal points, even though bank systems do not recognise more than 2 decimal points Faced with a revenue crisis of sorts, the government seems to have become penny-wise, especially when it comes to GST collection. The government is sending notices to taxpayers for dues as low as a few paise.However, that puts taxpayers in a jam. The government recently clarified that those filing returns after the due dates should also be paying interest on the taxes due and ordered recovery of Rs 46,000 crore as interest from those who filed their returns after the due dates. Now the taxpayers have been receiving notices asking for payment of interests, which in some cases could be as low as Rs 2 or Rs 6. In one such notice sent to a brokerage firm, the notice reads: "Records indicate that you have filed your GSTR-3B return for the period 2019-20 after due dates, in which you have not calculated and paid your interest liability unde...

Dear Sir/Madam, Late Fee for TDS Payment for March, April, May 2020 is a little different than usual as Finance Minister announced that Interest to be calculated at 9% instead of Regular 18%. This can be well achieved using Excel Formula. But many of customers found it little tricky, we have developed a simple calculation page, where you can Find the Exact Late Payment Calculation with month on month calculation details. Please visit https://officeanywhere.io/incometax/tds_interest_calculator, in case if you want to find TDS Late Payment. Also, don’t hesitate to share links with your contacts in case if you feel, it is helpful.