In order to help Taxpayers in the COVID-19 pandemic situation the government has issued the Pending Income Tax Refunds up to Rs 5 lakh. This is applicable for all Individuals and Business Entities including MSME having refund claim up to Rs 5 Lakh. The Central Board of Direct Taxes (CBDT) recently informed that it has already issued over 10.2 lakh refunds totalling to around Rs 4,250 crore as on 14th April 2020.
Our Prime Minister has announced a Special economic and comprehensive package of Rs 20 lakh crores which is equivalent to 10% of India’s GDP under Atmanirbhar Bharat Abhiyan or Self Reliant India Movement. This package is for various sections including cottage industry, MSMEs, labourers, middle class, industries & others. Bold reforms across sectors will drive the country’s push towards self-reliance & it is time to become vocal for our local products and make them global.
As Per The Circular, “An employee, having income other than the income under the head “profit and gains of business or profession” and intending to opt for the concessional rate under section 115BAC of the Act, may intimate the deductor, being his employer, of such intention for each previous year and upon such intimation, the deductor shall compute his total income, and make TDS thereon in accordance with the provisions of section 115BAC of the Act. CA Atul Mangal
If NRI is treated as NOR than he is not required to pay tax in India on his Foreign Income (i.e., Income Accrued Outside India). CA Atul Mangal
In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and regulatory compliance matters across sectors in view of COVID-19 outbreak, the govt has brought in an Ordinance on 31.03.2020 which provides for extension of various time limits under the Taxation and Benami Acts. It also provides for extension of time limits contained in the Rules or Notification which are prescribed/ issued under these Acts. CA Atul Mangal
