Phoenix Auditing

How Budget 2021 will impact my tax planning for FY 2021-22

If you are looking for an informed and wise tax planning in view of the Budget 2021 proposals, here is some help. The most important aspect of the Budget 2021 is that there is not any tax hike. Major changes proposed are in ULIP and PF taxation. ULIP is...

Compilation of CBDT Notifications & Circulars of January 2021

1. Amount of remuneration prescribed u/s 9A(3)(m) of the Income–tax Act, 1961: CBDT vide Circular No. 1 dated 15th January 2021, clarified that remuneration to be paid by an eligible investment fund u/s 9A (activities of which shall not constitute business connection in India) to an eligible fund manager in respect of...

No ITR for those of 75 years and above if pension, FD interest in same bank

Senior citizens of 75 years and above having pension income and interest from fixed deposit in the same bank would not be required to file income tax returns for the financial year beginning April 1. In the Budget Speech 2021-22, Finance Minister Nirmala Sitharaman said that in the 75th year of Independence of our country,...

How to track your income tax refund status online

It is mandatory to file your income tax return (ITR) for various reasons, especially if you have a tax refund to claim. Once you file your ITR, the income tax department does the assessment and refund, if any, gets credited directly into your pre-validated bank account. When does a tax refund become...

How these EPFO members lose money via EPF passbook balance claim

PF Withdrawal Status: The Employees’ Provident Fund Organisation (EPFO) provides Provident Fund (PF) account for the central and state government employees and EPS account for private sector employees. For many government and private sector employees, the money in their EPF passbook balance is the only amount that they can use...

Latest Official Tax (Income Tax + TDS) Updates by CBDT of India

Income Tax Is the tax levied by the government on the income earned by an individual in any given previous year. Income tax is charged as a price for utilizing the services provided by the government and to maintain the same. It is the main source of revenue for...

Taxes, housing, and income: How does the Budget work for your money

Expectations from Union Budget 2021 were high. Given the hardships that people have endured over the past year, it was expected that there would be relief in some form or the other for the middle-class. At the same time, given the fact that the government has suffered loss of...

Budget 2021 highlights: Check key points of Union Budget 2021-22

Union Finance Minister Nirmala Sitharaman on Monday (February 1) announced a package of Totaling Rs. 27.1 lakh to deal with COVID-19 pandemic under Atmanirbhar Package while presenting the Union Budget 2021 in the lower house of Parliament. This is the first paperless budget in the history of independent India....