KKGPA & Associates LLP

Salaried person thinks, ITR is for claiming refund from income tax..

No my brother, it’s not for claiming refund,
In 90% cases your employer deduct exact Tax,

If you have any additional deduction or tax saving investments that you haven't provided to your employer than only refund possible.

Rest file your ITR wisely.

For Nangloi Office..

We are looking for a Semi qualified CA dropout / graduate / Fresher with 1-3 year of experience for our firm KKGPA and Associates LLP

The interested candidate should have learning attitude and having knowledge of Account finalisation, Tax Audit, GST, TDS and Income tax filings.

Note: Fresher candidate should have basic knowledge of tally and GST.
Note : Salary as per industry standards.

Interested candidates can share their profiles at [email protected]
+91 9990060222 (Whatsapp)

Note: Nearby candidate will be Preffered

New vs old income tax regime: Which one do you need to choose in April?

90% of salaried will still be benefiting from the old tax regime as per our internal survey if they are claiming the same deduction as they have claimed last year!

Salaried guys go for the old regime, at the end of the financial year, compare your tax liability in the old as well as the new tax regime and chose the one in which the tax liability is lowest while filing ITR

For Nangloi Office..

We are looking for a Semi qualified CA dropout / graduate with 1-3 year of experience for our firm KKGPA and Associates LLP

The interested candidate should have learning attitude and having knowledge of Account finalisation, Tax Audit, GST, TDS and Income tax filings.

Note : Salary as per industry standards.

Interested candidates can share their profiles at [email protected]
+91 9990060222 (Whatsapp)

Note: Nearby candidate will be Preffered

Do this asap!
All employees who want to choose the old regime MUST tell their employer by the end of this month, before your employer deducts TDS on the first salary slip of the new financial year. In the absence of a specific choice, the default is new regime. This can mean higher TDS than you would otherwise pay, assuming you are claiming several deductions like 80C, HRA, home loan interest, medical insurance etc.

2) If you don't file your return by the due data (generally 31st July), you are defaulted in the new regime. Even if you've made tax-saving investments on time, they will be of no use. That money will go to waste.

Few PAN holders who have not linked their PAN with their Aadhaar are exploring the option to pay Rs 107/- and get a new PAN or go for E PAN Aadhaar based for free rather than paying 1,000/- as a penalty

Seems they are not aware of a penalty of ₹10,000 and may also be sent to jail for possessing two or more PAN cards

Please do not make additional PAN if you are already holding one, you will be liable to pay the additional penalty and may land up in Jail

The Ministry of Corporate Affairs (MCA) has extended the due date of Audit Trail Applicability till April 1st 2023 under the provisions of the Companies Act, 2013

✅FSSAI Update

Due date alert

CBDT extends the last date for updating UDINs for all IT Forms till January 31, 2022.

Tax Update✔️

Income Tax Update.

Due date alert.

FSSAI update.

E-RUPI: New contact less Digital Payment system.

Declaration under Form 10IE of Income tax is to be filed for choosing new Income tax regime.

Due date for Form 10IE is before the due date of filing of ITR.

Important

Kindly note that all TDS/TCS returns filed at New ITD portal before 3rd July,2021
has been rejected due to incorrect version (5.1) mentioned at ITD website.

ITD has now corrected the version to 7.1
Kindly efile your tds/tcs returns again at ITD portal.

You may ignore this if you have efiled your TDS/TCS returns at NSDL-TIN FC.

Compliance calender for July 2021.

Reality......

As expected CBDT *extends various timelines which were expiring on 30th June 2021 and provides for tax exemption on money received from employers and other persons as relief due to death by COVID-19 -

Exemption (in case of death due to COVID and money received as relief in FY 2019-20 and onwards):

- From Employer - 100% exempt
- From other persons - exempt upto Rs. 10 Lacs

Extensions:
1. Application u/ss 10(23C), 12AB, 35(1) & 80G in Form No. 10A/ Form No.10AB - 31st August, 2021.
2. Investment, deposit, payment, acquisition, purchase, construction etc., for claiming any exemption u/ss 54 to 54GB falling between 1st April, 2021 to 29th September, 2021 - 30th September, 2021.
3. TDS Return 4th quarter of FY 2020-21 - 15th July, 2021.
4. Certificate of TDS in Form No.16 for FY 2020-21 - 31st July, 2021.
5. Uploading Form No. 15G/15H for 1st quarter of FY 2021-22 - 31st August,2021.
6. Linkage of Aadhaar with PAN - 30th September, 2021.
7. Last date of payment of amount under VSVS (without additional amount) - 31st August, 2021.
8. Last date of payment of amount under VSVS (with additional amount) - 31st October, 2021.
9. Time Limit for passing assessment order which was earlier extended to 30th June, 2021 - 30th September, 2021.
10. Time Limit for passing penalty order which was earlier extended to 30th June - 30th September, 2021.
11. Objections to DRP & AO u/s 144C where last date of filing is 1st June, 2021 or thereafter - 31st August, 2021.
12. Statement of Income paid / credited in Form No. 64D for FY 2020-21 - 15th July, 2021.
13. Statement of Income paid or credited in Form No. 64C for FY 2020-21 - 31st July, 2021.
14. Quarterly Statement in Form No. 15CC for 1st quarter of FY 2021-22 - 31st July, 2021.
15. Equalization Levy Statement in Form No. 1 for FY 2020-21 - 31st July, 2021.
16. Annual Statement u/s 9A(5) in Form No. 3CEK for FY 2020-21 - 31st July, 2021.
17. Option to withdraw pending application (before erstwhile IT Settlement Commission) in Form No. 34BB - 31st July, 2021.
18. Time Limit for processing Equalisation Levy returns - 30th September, 2021.