We (Indians) love the yellow metal (gold). India’s love affair with gold has been since ages. From times immemorial, gold has been seen as a safe investment, especially when there is an economic crisis. Gold has been preferred by governments also, as a collateral against any crisis. Gold prices in India recently hit a record high. The prices of […]
Tax Planning
AY 2020-21 Income Tax Return Filing Tips | Which ITR Form should you file?
The Central Board of Direct Taxes has recently notified the new ITR Forms for AY 20-21 Income Tax Return Filing (for FY 2019-20). Normally, the last date to file ITR is 31st July. But, due to the outbreak of the novel coronavirus, the due date for AY 2020-21 income tax return filing has been extended to 30th November, 2020. Below infographic gives […]
Clubbing of Income of Spouse & Child : Definition, Scenarios, Examples & Exceptions
Normally, a person is taxed in respect of income earned by him/her only. However, in certain special cases income of other person is clubbed (i.e. included) in the taxable income of the taxpayer and in such a case he will be liable to pay tax in respect of his income (if any) as well as […]
Latest TDS Rates FY 2020-21 | TDS Rate Table for AY 2021-22
We receive income through different ways, it can be your Salary, Dividend income from mutual funds or stocks, commission, rent, interest on your Bank Fixed Deposits / Securities etc., The providers of these incomes (like your company / bank) can deduct a certain percentage of income as TDS (Tax Deducted at source) based on certain […]
AY 2020-21 Income Tax Deadlines you must know about!
The Income Tax (IT) department has recently revised the AY 2020-21 Income Tax deadlines (due dates) for filing tax returns, making tax-saving investments and Aadhaar-PAN linking. This is the third round of extensions announced to alleviate COVID-19 lockdown-induced hardships. AY 2020-21 Income Tax Deadlines Let’s go through the all important tax deadline extensions you must […]
Cost Inflation Index FY 2020-21 / AY 2021-22
The cost of inflation index (CII) for the financial year 2020-21 has been notified by the Ministry of Finance. The ministry has set the Cost Inflation Index FY 2020-21 as 301. For the previous FY 2019-20, CII value was 289. The rate of inflation for indexation purposes is specified by the Indian Government for every […]
