The government Saturday notified income tax return (ITR) forms for taxpayers for filing returns for assessment year FY 2020-21. Taxpayers including individuals, Hindu undivided family, professionals and businesses, will be able to avail benefits of savings or investments made between April 1 and June 30, following the extension timelines provided by the finance ministry owing to Covid 19 pandemic. Taxpayers will have dedicated space in each of the ITR forms - Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V – to describe investments of expenditures made during the quarter ended June 30, which will get counted in deductions or exemptions. The government has extended several timelines under income tax by a quarter from March 31, to allow taxpayers to make investments, payments or donations for claiming exemptions and deductions, besides the roll over benefit of capital gains. The forms also seek details from taxpayers … [Read more...] about Income tax return forms for FY 2020-21 notified
Grassley trump tax returns
Democratic leaders and Indian- American lawmakers have labelled the tax bill passed by the US Congress as "tax scam", as it robs future of the children, ransacks the middle class and rewards one per cent of corporate America. The entire Democratic party voted against the tax reform bill. The passage of the bill by the Senate and House of Representatives is considered to be the first major legislative victory for President Donald Trump, after coming to power. "The GOP tax scam robs from our children's future and ransacks the middle class in order to reward the top one per cent and corporate America," Democratic leader Nancy Pelosi said reflecting the sentiments of her party members. Trump's Republican Party enjoys majority in both the chambers of the US Congress - House of Representative and the Senate. "Now we know they're popping champagne down Pennsylvania Avenue," Pelosi said referring to the celebrations inside the White House. "There are only two places where America is … [Read more...] about Tax reforms a scam, rewards corporate America: Democrats
Madras High Court declares niece and nephew as Jayalalithaa’s legal heirsThe Madras High Court on Friday ordered removal of the term ‘Class II’ heirs from order passed by it on May 28 declaring former Chief Minister Jayalalithaa’s nephew J. Deepak and niece J. Deepa as her legal heirs. This is because classification of legal heirs as Class I and Class II under the Hindu Succession Act of 1956 would apply only to heirs of a male Hindu who died intestate. … [Read more...] about Morning Digest: Trump says U.S. terminating relationship with WHO over coronavirus, GST council likely to meet in mid-June, and more
“The mass internment and forced labour of Uyghurs is one of the greatest ongoing tragedies of our time. With passage of this bill, the US Congress stated loud and clear that we will hold the CCP and its enablers responsible, pursuant to my Asia Reassurance Initiative Act and other relevant US laws,” he said. … [Read more...] about US to announce ‘certain decisions’ on China on Friday: Trump
Arun Kumar: As Dr. John pointed out, lockdown is needed to slow the pace of increase of the disease. The apex has to be brought down to the capacity that we have and use the time of lockdown to build the capacity for health to cope with the emergency that is going to come. We need testing, more hospitalisation capacity, more doctors etc. Lockdown gave you time only for that. It is not a cure. In the lockdown, production completely stops, demand also correspondingly falls because of income decline. So what you have is a situation where both supply and demand are affected, the economy comes down, and only essentials are produced. In my judgment only 25% of the economy was working, so you had a minus 75% rate of growth, about 200 million people lost work because 94 % of the employment is in the unorganised sector. That completely stopped as they did not have working capital, supplies. So 94% of the workforce has lost employment. Those in agriculture can continue, and in mining and rural … [Read more...] about Can India’s workforce have a safe return to business?