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Due date of TDS return and other compliances has been extended

Relaxation of Certain provisions and compliance's under Income Tax Act As we know in view of the spread of pandemic COVID-19, our government has given many relief from time to time to taxpayer’s whether in terms of due date extension, payment of tax, filing of returns and other compliance's for the benefit of taxpayer. In view of this, the government has issued the “THE TAXATION AND OTHER LAWS (RELAXATION OF CERTAIN PROVISIONS) ORDINANCE, 2020” dated 31.03.2020 to give relaxation of certain provision including extension of time limit, in the taxation and other laws. After that, for considering the issues faced by the taxpayer’s the government has issued new Notification-35/2020 date 24.06.2020 to amend the Sub Section (1) of Section 3 of The Taxation and Other Laws (Relaxation Of Certain Provisions) Ordinance, 2020 for further reliefs. Further new Notification 56/2020 dated 29.07.2020 has amend the extended due date of Incom...

Last Date for Furnishing LUT - Export without Payment of Tax (Updated till 27.06.2020)

Export without payment of tax After the introduction the GST in 2017, any “supply” of goods or services or both is taxable subject to some exemption given for specific goods and services. Therefore, the export of goods and services is also taxable, subject to refund that can be reclaimed later against the tax paid. For considering the difficulties faced by the exporter in the process of refund and efforts for taking refund for the goods and services which have been exported, the government has introduced the concept of " Letter of Undertaking (LUT) or Bond". Under the GST Scenario, exporter has two options: Export the goods and services by paying tax and later reclaim by apply refund for the tax paid or, Export the goods and service without paying tax by issuing Letter of undertaking or Bond Under this article, we are explaining the two ways for exporting the goods and services without payment f tax: 1. LUT ( Letter o...

Reduced TDS Rate for the FY 2020-21

As we know that the world is facing the pandemic and everyone got affected by this very badly whether in terms of monetary or non-monetary. Government has taken various steps on time to time to give relief to taxpayer’s whether in terms of reducing rates, relief packages and extension of time limit of various compliances. A press released has been conducted on 13.05.2020 and one of the major announcement has been made by our finance minister for reduction in TDS rates by 25% under income tax act and give liquidity to taxpayer’s. We have summarised only those TDS rates which has been reduced w.e.f 14.05.2020 and these are as under: TDS RATES FOR RESIDENT OF INDIA TDS and Nature of Payment Up to 1 3 .05.2020 Amended w.e.f. 14.05.2020 Section 193 Interest on Securities 10% 7.5% Section 194 Dividend other than Section 115-O) ...