Furnishing of Form 24G
Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of July, 2021 is 15th August, 2021
tds
Rate Chart of TDS for FY 2021-22 AY 2022-23
The TDS rates varies from type of taxpayer and the income bracket. The rates of TDS for FY 2021-22 | AY 2022-23 are as follows:
Which Section is applicable – Section 194Q or Section 206C(1H)?
Through the Union Budget, 2021, a new section namely Section 194Q was inserted in the Income Tax Act and this section is similar to the provisions of Section 206C(1H) of the Act. This is so because both of these sections deals with same transaction of sales/purchases above Rs. 50 lacs from party whose turnover whose turnover is previous year exceeds Rs. 10 crore. Further, Section 194Q talks about deducting TDS and Section 206(1H) talks about collecting tax.
Compliances Due Dates: Income Tax, August 2021
Income Tax due dates are notified by Central Board of Direct Taxes for each month. Non-compliance of the various filing can lead to heavy penalties. The due date for compliances in August, 2021 are as follows:
Section 194-IA Statement
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of July, 2021 is 30th August, 2021
Income Tax Compliance Calendar: July, 2021
Due to the pandemic COVID-19, various dates of compliances related to Income Tax has been extended. All the due dates in of July, 2021 are:
Section 194-IA Statement
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of June, 2021 is 30th July, 2021
Extension of due dates due to COVID-19
Many taxpayers have received financial help from their employers and well-wishers for meeting their expenses incurred for treatment of COVID-19. In order to ensure that no income tax liability arises on this account, it has been decided to provide income-tax exemption to the amount received by a taxpayer for medical treatment from employer or from any person for treatment of COVID-19 during FY 2019-20 and subsequent years.
Section 194-IA Statement
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of May, 2021 is 30th June, 2021
Furnishing of Form 24G
Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of May, 2021 is 15th June, 2021