Notable changes to Income Tax Rules FY 2020-21 (AY 2021-22)

The Finance Minister has announced various compliance relief measures for individual taxpayers amidst the COVID-19 crisis. Some major changes have been introduced to the Income Tax rules for the Financial Year 2020-21. Budget 2020-New Tax Regime As a...

27 Aug, 2020

Points to Note When Purchasing a Property From an NRI

When purchasing a property from an NRI, the TDS deduction has to be made before making the payment to the NRI seller....

20 Aug, 2020

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 on a...

03 Aug, 2020

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-payment would attract penal inter...

13 Jul, 2020

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...

13 Jul, 2020

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...

13 Jul, 2020

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. ...

07 Jul, 2020