When purchasing a property from an NRI, the TDS deduction has to be made before making the payment to the NRI seller. […]
The Stranded NRI – Tax Residency Status
The rapid spread of the COVID-19 pandemic has forced all airports to be closed. The Government has been operating repatriation flights to return foreign nationals to their home country, and bring back Indian citizens from abroad to India. NRIs […]
Self-Assessment Tax dues to be paid by July 31, 2020
As per a press release from the Central Board of Direct Taxes on June 24, 2020, no extension has been granted to individuals having self-assessment tax liability of over Rs 1 lakh for FY 2019-20. Further, delayed tax payments would attract penal inte […]
EPF Relief for Businesses and Employees until August 2020
The Central Government of India has approved the extension of government support on EPF contributions (both employer & employee) until August 2020. This will provide immense relief to small & medium businesses severely impacted owing to the C […]
Update to TDS Rules to Encourage Digital Transactions
Have you not filed income tax returns for the past three years? Then, per the latest amendment to the scope of Sec 194-N of the Income Tax Act, any cash withdrawal from your savings / current bank account exceeding Rs. 20 lakhs in a financial year wi […]
Six recent changes in the Income-tax compliance requirements
There have been some key changes in the income-tax compliance requirements made by the Government of India to provide compliance relief for individuals and businesses in the midst of the on-going COVID-19 crisis. […]
Making Sense of the Amended EPF Norms-2020
The amended EPF norms-2020 will provide relief to the employers, employees, and PF members under duress owing to the COVID-19 pandemic. […]
FY 2020-21: New Income Tax Return Forms Notified by CBDT
The New Income Tax return forms for AY 2020-21 have seen some important changes per the notification from the Finance Ministry in the last week of May. The Finance Ministry has now issued ITR 1 (Sahaj), ITR 2, ITR 3, ITR 4 (Sugam), ITR 5, ITR 6, ITR […]