Tax Updates

  S.N. Particulars Limit (Rs.) 1. Maximum amount not chargeable to tax – Individual, HUF, AOP, BOI or Artificial Judicial Person 2,50,000 2. Maximum amount not chargeable to tax – Resident senior citizen (who is the age of at least 60 years at any time during the previous year but less than 80 years of age on the last day of previous year) 3,00,000 3. Maximum amount not chargeable to tax – Resident super senior citizen (who is the age of at least 80 years at any time during the previous year) 5,00,000 4. Surcharge @10% of income tax if net income is above Rs. 50 lakhs but does not exceed Rs. 1 crore – Individual, HUF, AOP, BOI or Artificial Judicial Person (subject to marginal relief) 50,00,000 5. Surcharge @15% of income tax if net income is above Rs. 1 crore but does not exceed Rs. 2 crore

  Notification No.: 62/2020-Central Tax Effective from 21 st August, 2020 Aadhar Authentication for GST Registration Where an applicant, other than notified u/s 25(6D), opts for authentication for Aadhar number, he shall, while submitting application under sub rule (4), with effect from 21 st August, 2020, undergo authentication of Aadhar number and the date of submission of the application in such cases shall be the date of authentication of the Aadhar number, or fifteen days from the submission of the application in Part-B of Form GST REG-01 under sub-rule (4), whichever is earlier. Where person fails to Aadhar authentication Provided that where a person, other than a person notified u/s 25(6D), fails to undergo authentication of Aadhar number as specified in sub-rule (4A) of rule 8 or does not opt for authentication of Aadhar number, the registration shall be granted only after physical verification of the place of business in the presence of the said person, in the mann