Income Tax Alert for salaried! Higher TDS may be deducted if you fail to select tax regime on time

New Income Tax rules

To facilitate the employer to deduct tax at source (TDS) from salary, employees need to declare their tax-saving investments in the beginning of every financial year. To facilitate the employer to deduct tax at source (TDS) from salary, employees need to declare their tax-saving investments in the beginning of every financial year, i.e. in April. But this year, the nationwide lockdown, that has been imposed in the third week of March 2020 to contain the spread of highly contagious Novel Coronavirus COVID-19, has caused delay in submitting the investment declaration.…

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Indian taxman will watch your big transactions!

Taxes on Big Transactions

In an attempt to achieve the projected growth rate of 12.7% for FY21, the Income Tax department of India is devising ways and means to make the tax collection system more efficient and to increase the number of taxpayers.  Recently, the Chairman of the Central Board of Direct Taxes, Mr. P.C. Mody has said that now the department will be closely monitoring high-value transactions made by the taxpayers. This step will also curb the tax evaders and help CBDT in achieving its goal of higher tax collection.  Increased use of…

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India’s first tax fall in two decades

Indian Tax

As recently claimed by many tax officers, the country’s income tax and corporate tax collection for 2019–2020 is highly to hit its first fall, which will be the first tax fall in the last two decades. Prime Minister Narendra Modi and the BJP government were aiming for direct tax collection of over Rs. 13.5 trillion (nearly $189 billion). For the financial year of 2019 to 2020, the government was targeting nearly 17% increase on the total collection of Rs. 11.5 trillion collected for the previous financial year. However, India is…

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