New TDS Rules Will Be Instated From July 1st, Check Now

TDS

CBDT has effectively pre-arranged a rundown of citizens who should pay higher TDS and TCS from tomorrow (July 1). The rundown incorporates the names of all citizens who neglected to record their annual assessment forms for FY19 and F20. The new personal duty rules are scheduled to happen from April 1 as declared by Union Finance Minister Nirmala Sitharaman in the Union Budget 2021. AXIS MULTICAP Duty Deducted at Source (TDS) – FM Sitharaman had proposed higher TDS (charge deducted at source) or TCS (charge gathered at source) rates in Union…

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The Case for Higher Standard Deduction from the Union Budget 2021

Union Budget 2021

January 27, 2021: In July 2019, the finance minister Nirmala Sitharaman had presented her union budget, which was the first Budget of the Second term of the NDA. She had raised the standard deduction of paid employees from to 50,000 from 40,000. What is this standard deduction and why is it important? This deduction is a fixed amount that is deducted from an individual’s taxable income.  It can be done by the government in order to hand more money to the taxpayer, especially after the Covid-related lockdowns, and a significant increase in this…

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Government set to sell 25 percent stakes of LIC.

LIC

As Prime Minister Modi is looking for resources to bridge the widening gap in the budget, authorities are now seeking cabinet’s approval to sell 25 percent of the nation’s largest life insurer, Life Insurance Corporation (LIC). To prepare the sale of the insurance body, the government plans to amend the act of the parliament under which the Life Insurance Corporation was set up. The sale of the insurance body will be conducted in phases and depending on the market conditions, the timing of the insurer’s initial public offer will be…

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Nirmala Sitharaman speaks about a special meeting to be held in July to discuss State compensation.

Nirmala Sitharaman

There is no denying the fact that these are uncertain times and the government is feeling the heat as the national economy takes a dramatic hit. To palliate the blow faced by the economy, Nirmala Sitharaman, Union Finance Minister said on Friday that there will be a meeting held next month. The agenda of this meeting is to mainly discuss the compensation to states.  Sitharaman said that the Goods and Services Tax (GST) council will discuss borrowing to compensate states and ideally who will pay it back.  The minister said,…

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