Category: Income Tax

Greetings from Classic Associates! Tuticorin Due Date for file Income Tax Return with late fee: Non-Audit-cases The common due date of filing the Income Tax Return by Assessee whose Books of Account are not required to be audited is 31st July 2020. CBDT has extended income tax due dates for non-audit cases till 10th January 2021 Audit Cases The general due date for filing the Income Tax Return for the audit cases is 31st October 2020 but the finance ministry has extended it till 15th February 2021. File Tax Returns for A.Y. 2020-21 before 31st March with  Penalty The income tax department notified the taxpayers for late filing of tax returns for A.Y. 2020-21, along with a penalty of INR 5000 (on

Greetings from Classic Associates ! Tuticorin Advantages of filing ITR: Loans        Documenting the ITR will help people, when they need to apply for a vehicle loan (2-wheeler or 4-wheeler), house loan, etc. All major banks can request a copy of their tax returns. Claim Tax Refund If you have a discount due from the Income Tax Department, you should document an Income Tax Return to guarantee the discount. To carry forward losses If you file a return within the due date, you will be able to carry forward losses for subsequent years, which may be used to offset against income for subsequent years. A long-term capital loss in one year can be carried forward for eight consecutive years immediately succeeding

Greetings from Classic Associates! Tuticorin The Finance minister, in her speech on Budget 2021, did not announce any change in the rate of income tax. This year, there is no shift in income tax slabs. However, some measures have been announced to make filing a tax return even easier for small taxpayers. For senior citizens, 75 years or above, with only pension and interest income are exempted from filing the tax returns. Tax audit limit for NRI has been increased from 5 crores to 10 crores. The government has also proposed to constitute a dispute resolution committee to improve transparency, accountability for small taxpayers. Income tax slabs announced in Budget 2021: 1. 0 – 2.5 lakh – Exempted 2. Rs

Greetings from Classic Associates ! #Tuticorin At Classic Associates, we provide Virtual Accounting Services: Virtual accounting system in which our qualified professional provides accounting services virtually, rather than physically working at the client’s office. Virtual accounting offers all of the same benefits of hiring an accountant for your business, the cost is very less expensive and allows more flexibility for your business. Why you need a Virtual Accountant for your company (or) start-ups (or) business: Pay only for work done Focus on your core business Cost effective solution Time Saving As a virtual accounting firm, we love helping companies to meet their unique financial goals with our personalized business accounting services. Contact us at: www.classicassociate.com | support@classicassociate.com | 93444 17156