Income tax due date extension- FY 2020-21

Please find the below press note released on 11th January 2021:






Popular posts from this blog

Form 15CA in excel format

Image
On 14th June, 2021 the CBDT has provided relaxation regarding submission of form 15CA & 15CB in manual format to authorised dealer till 30th June, 2021. In this reference, we are providing herewith copy of Form 15CA in Excel Format for making compliance easier. You can download the same by clicking the below given link: Form 15CA in Excel Format:  Click here Form 15CA in PDF as per ITD:  Click here Also, below is the link of our earlier article wherein we have provided update regarding the details of Press Relaese whereby such relaxation is provided: Press release details:  Click here If you have any query related to the article please reach us via mail:-mrinkblog@gmail.com  Advisory: Information relates to the law prevailing in the year of publication as indicated. The above article is only to enable public to have a quick and an easy understanding. Viewers are advised to ascertain the correct position/prevailing law before relying upon any document.
Read more

Relief u/s. 89 of the Income Tax Act, 1961

Image
  Relief u/s. 89 is nothing but the tax relief available due to receipt of Salary arrears/ advances, so let's understand what is it and how and how to claim it. 1. Scenario in which Relief u/s. 89 is available : We all know that the income received as salary is taxable on receipt basis, which may also includes s alary arrears/  a dvance . Now, due to receipt of such arrears/ advance, the taxable salary of current year  might get assessed at a rate higher than that at which it would otherwise have been assessed and due to which one may have to pay higher taxes. To avoid this unreasonable tax incidents, the relief has been granted u/s. 89 of the Income Tax Act, 1961 for the amount of  difference in the tax liability arose due to receipt of arrears/ advances. Further, it is important to note that  relief is available only if tax liability for current year is getting higher due to receipt of such arrears/ advances but in case, if there is no extra tax liabili...
Read more

Manage your home loan and take control of your finance like a Pro!

Image
Just two days back at office, I was discussing with one of my colleagues regarding increased rate of interest and its impact on country’s economy and individual’s finances and in that discussion, I come to know from my colleague that from his home loan’s EMI of ~₹30k, credit towards principal portion is only ~ ₹700...!!!!!  Being a finance person, I got furious that how come this possible and going further deep in discussion with him I have perused from his loan amortization schedule that tenure of loan also has got extended from 30 years to around 42 years along with increase in EMI from ~₹25k to ~₹30k (for outstanding loan amount of ~ ₹35lacs). The reason behind such abnormality, was hike in rate of interest from ~7% (applicable rate at the time when loan sanction) to ~9.5% (currently applicable rate of interest).  This might be the situation for most of the people who has borrowed for forming his/her dream home and many of you have also taken the right actions on time by ma...
Read more