Assessment Year 2021-22: Due Date of Income Tax Return Filing
If the assessee fails to submit an Income Tax Return till the due date then he will be liable to pay Interest and Penalty.
A New Route of Tax Knowledge
If the assessee fails to submit an Income Tax Return till the due date then he will be liable to pay Interest and Penalty.
It will be a first-ever IPO by an online auto classifieds portal,
Section 44AD aims to provide relief to small taxpayers, who conduct any kind of business, with the exception of those businesses as mentioned in section 44AE.
The RTGS system will continue to be operational as usual during this period. Similar technical upgrade for RTGS was completed on April 18, 2021.
Depreciation is the systematic allocation of the depreciable amount of an asset over its useful life, where the depreciable amount of an asset is the cost of an asset or other amount substituted for cost, less its residual value.
In order to boost non-cash-transaction to promote the digital economy and to further reduce the compliance burden of small and medium enterprises, it is proposed to increase the threshold from “Rs. five crores” to “Rs. ten crores” in the cases listed above.
The Income Tax Audit original due date is 30th September of the assessment year.
In order to boost non-cash-transaction to promote the digital economy and to further reduce the compliance burden of small and medium enterprises, it is proposed to increase the threshold from Rs. 5 crores to Rs. 10 crores