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
Reporting 401k rollover on tax return
NEW DELHI: India needs to implement an intelligent lockdown exit strategy to prevent irreversible growth collapse, SBI said in a research report on Saturday. India's economic growth slipped to an 11-year low of 4.2 per cent in 2019-20 and to 3.1 per cent in January-March, the lowest in the last 40 quarters. The nation-wide lockdown to prevent spread of coranavirus with effect from March 25 has hit economic activities. The fourth phase of the lockdown is set to expire on Sunday. "We now believe that we should implement an intelligent lockdown exit strategy as the discussion has moved from debate between lives and livelihood to also between lives and lives as an elongated lockdown will only prolong irreversible growth collapse," SBI's research report 'Ecowrap' said. Going by past experience, recovery from recession often tends to be slow and takes five to ten years to reach the former peak levels of economic activity, it said. Commenting on the GDP data released on Friday, the … [Read more...] about India needs intelligent lockdown exit strategy: SBI report
In early April, I came up with the logic and now it is fully supported by science in other countries that universal mask wearing enforced for every man, woman and child outside home is better than lockdown. That should have been our immediate strategy, but then making people wear masks, convincing people...the technical answer to that is we have a lot of asymptomatic people who are spreading the infection. If they wear a mask, they are blocking the respiratory droplets. But we don’t know who they are. If everyone wears a mask, then they [the asymptomatic] do too. In spite of wearing a mask, infectious people could spread some infection, because a mask is not 100% foolproof, tiny droplets may escape, fomite transmission [by objects getting contaminated] may take place. But that’s where the uninfected wearing masks may reduce the possibility of picking up the infection. With universal mask wearing you don’t have to be strict about all socio-economic activities coming to … [Read more...] about Can India’s workforce have a safe return to business?
To fulfill the tasks assigned under the government work report, the meeting instructed State Council departments and all relevant agencies to designate persons-in-charge, and formulate timetables and phased deliverables, and keep track of progress on a regular basis. All the work must be open to public oversight and deliver concrete benefits to the people. … [Read more...] about Effective delivery of all policies introduced in Report urged by State Council
"While real investment is still needed, what's more important is to create an enabling environment that helps to preserve the tax base. Reform holds the key to overcoming difficulties and boosting development. Unwarranted restrictions must be lifted to further unlock market vitality and social creativity. Greater opening up will help further expand China's market," Li said. … [Read more...] about Cabinet meeting lays out tasks for work report