Circular No. 16/2021 of Income Tax
Extension of time lines for electronic filing of various forms under the Income Tax Act, 1961
A New Route of Tax Knowledge
Income Tax
Extension of time lines for electronic filing of various forms under the Income Tax Act, 1961
Guidelines U/s 9B and Sub-section (4) of Section 45 of the Income Tax Act, 1961
CBDT has notified all the Income Tax Return Forms for the AY 2021-22 with minimum changes in ITR form 1 to ITR form 7
To calculate the current value of long-term capital assets, the indexation benefits are applied to “Cost of acquisition” i.e purchase price of the capital assets, then it becomes “Indexed cost of acquisition”.
Section 80G of the Income Tax Act provides benefits for both donor and donee.
Form no. 16A is also a TDS certificate, it is applicable for TDS on income other than salary.
Form 16 is a salary TDS certificate, which is issued to a salaried employee, whose salary is liable for TDS deduction every year.
Form 26Q is a quarterly statement of deduction of tax under section 200 (3) of the Act. This form is filed in respect of non-salary payments e.g. TDS on interest, TDS on contract, TDS on professional fees, etc.