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Reduction in rate of Tax Deduction at Source (TDS) & Tax Collection at Source (TCS)- as per press release 13th May, 2020

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In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, the rates of Tax Deduction at Source (TDS) for the following non-salaried specified payments made to residents has been reduced by 25% for the period from 14 th May, 2020 to 31 st March, 2021:-     S. No Section of the Income- tax Act Nature of Payment Existing Rate of TDS Reduced rate from 14/05/2020 to 31/03/2021 1 193 Interest on Securities 10% 7.5% 2 194 Dividend 10% 7.5%   3 194A Interest other than interest on securities 10% 7.5%     4 194C Payment of Contractors and sub-contractors 1% (individ- ual/HUF) 2% (others) 0.75% (indi- vidual/HUF) 1.5% (others) ...
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If Taxpayer fails to file GSTR-3B - EWB facility will be blocked. (15 October, 2020)

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If GSTR-3B fails to file by taxpayer (turnover more than 5 Cr.)  then E-Way Bill facility will be blocked (w.e.f. 15 October 2020) Blocking of E-Way Bill  (EWB) generation facility for taxpayers with AATO over Rs 5 Cr., after 15th October, 2020 In terms of Rule 138 E (b) of the CGST Rules, 2017, the E Way Bill generation facility of a person is liable to be restricted, in case the person fails to file their GSTR-3B returns, for a consecutive period of two months or more. As you might be aware that the GST Council in its last meeting has decided that this provision will be made applicable for the taxpayers whose Aggregate Annual Turn Over (AATO, PAN based) is more than Rs 5 Crores.   Thus, if the GSTIN associated with the respective PAN (with AATO over Rs 5 Cr.) has failed to file their GSTR-3B Return for two or more tax periods, up to the month of tax period of  August, 2020, their EWB generation facility will be blocked on the EWB Portal. Please note that the EWB ge...
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Deduction under section 80DD, 80DDB and 80U

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Section 80DD: Deduction in respect of maintenance including medical treatment of a Dependent who is person with disability. a.       Eligible Assessee: Resident Individual & HUF b.       Maximum amount of deduction: (Flat deduction irrespective of expenditure) 1.       Rs. 75,000 in case of Normal disability* . 2.       Rs. 1,25,000 in case of Severe disability**. c.        Conditions: 1.       Deduction is allowed when assessee should incur expenses on medical treatment or deposit any amount for maintenance of a dependent of taxpayer and not the taxpayer himself. 2.       This deduction is not allowed if dependent relative take deduction u/s 80U. 3.       Relative for Individual: Dependent (spouse, brother, sister, children, mother, father) 4.   ...
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