Category: Income tax updates for FY 2020-21 (AY 2021-22)

Normal TCS rate for financial year 2020-21 were changed w.e.f 14th may 2020 by reducing normal rates by 25%. But this reduction of tcs rates was not applicable to all type of transactions and some transactions like sale of liquor shall continue to attract normal rate of TCS. Further some new transactions were also brought […]

Normal TDS rate for financial year 2020-21 were changed w.e.f 14th may 2020 by reducing normal TDS rates by 25%. But this reduction of TDS rates was not applicable to all type of transactions and some transactions like salary, PF payments shall continue to attract normal rate of TDS. Further w.e.f 1-4-2020, some new transactions […]

(A) Income tax Rates for Individual & HUF, AOP, BOI & AJP New Income tax slab rate for individual & HUF are introduced w.e.f FY 2020-21 but this new slab is optional for taxpayer, taxpayer may choose to pay tax at old slab rate. If tax payer want to opt for this new slab rate […]

Due Dates of Income tax as applicable for FY 2020-21 (AY 2021-22) (A) Due date for filing Income tax Return Category Sub-Category Original Due date Extended due date Individual & HUF whose accounts are required to be audited u/s 44AB (ITR-3) 31-10-2021 (Audit report is to be filed upto 30-09-2021) 15-03-2022 (Audit report is to […]