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
Spouses filing separate tax returns
Small companies with thin profit margins are allowed to suspend payments of corporate income tax from May 1 to Dec 31 this year until the first filing period in 2021, once they complete required filing procedures, according to an STA statement. … [Read more...] about China defers income tax payments for small firms, household businesses
The unorganised sector cannot carry on because they have very low income, low savings. They are living in crowded conditions so they cannot practise physical distancing, they don’t have clean water. The imperative of the lockdown was they should have been provided with food wherever they were, allowed to migrate if they wanted to, those left behind should have been decongested to school buildings, tents etc. Unorganised businesses should have been supported so they don’t collapse because of lack of working capital. This is what I call a survival package. Because if half the population - if 200 million lost jobs, that means 800 million people are below the poverty line with zero income. You are in a situation where you have to support the consumption of essentials for 800 million people, decongest them, boost capacity for testing, boost the capacity of hospitals, and prevent businesses from collapsing. As long as you don’t do this, lifting the lockdown would be … [Read more...] about Can India’s workforce have a safe return to business?
Labour economist, K R Shyam Sundar, professor at XLRI - Xavier School of Management in Jamshedpur, said states might err in having more unskilled workers, but the skill mix will change over time. … [Read more...] about Returning migrants: Boon or bane for states?
Praising the former Churchill Brothers' coach, Barreto said, "He's a very experienced and good coach. I know him for a long time and am looking forward to play under him. Being a successful coach, there's obviously a lot of expectation from him (Karim). We've to prove it right," Barreto, who will return to practice in two days, said. … [Read more...] about Barreto returns from Sao Paulo