Month: June 2020

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Income Tax And Estate Planning Services

Summary Of CBDT Notification Date June 24, 2020 Extending Various Due Dates Under Income Tax Act.

Summary of CBDT Notification date June 24, 2020 extending various due dates under Income tax Act.

Type of compliance Original Due Date Revised Due Date as per Notification
Original Income tax return for AY 2019-20

Non-Corporate Taxpayers

July 31, 2019

Corporate Taxpayer –

October 31, 2019

Tax payers subject to transfer pricing November 31, 2019

 July 31, 2020
Revised or Belated income tax return for AY 2019-20 March 31, 2019 July 31, 2020
Original Income tax return for AY 2020-21

Non-Corporate Taxpayers –

July 31, 2020

Corporate Taxpayers-

October 31,2020

Taxpayers subject to transfer pricing- November 30, 2020

 November 30, 2020
Tax Audit for AY 2020-21

Corporate Taxpayer – Sep 30, 2020

Taxpayers subject to transfer pricing – October 30, 2020

 October 30, 2020
Investment / Payment fir claiming deduction u/s 80C- LIC, PPF etc, 80G-Donations. 80D-Mediclaim etc for FY 2019-20 March 31, 2020 July 31, 2020 for earlier extenuation of June 30. 2020
Investments in new residential house u/s 54 / 54F for capital gain purpose for property sold in FY 2019-20 July 31, 2020 September 30, 2020
Purchase of agricultural land to claim deduction u/s 54B for land sold in FY 2019-20 July 31, 2020 September 30,2002
TDS & TCS Returns for Q1 to Q4 of FY 2019-2020

Q1 – July 31, 2019

Q2 – October 31, 2019

Q3 – January 31, 2020

Q4 – May 31, 2020 (Extended earlier to June 30, 2020)

July 31, 2020

(July 15, 2020 for Government Deductor )
Issuance of Form 16 to employees June 15, 2020 (extended earlier to June 30, 2020) August 15, 2020
Linking Of Aadhar with PAN June 30, 2020 March 31, 2021
Assessment Proceedings Time barring between march 20, 2020 to June 29, 2020 – Earlier extended to June 30, 2020 Time barring between March 20, 2020 to December 30, 2020 – Now Extended to March 31, 2021
Requirement of issuance of any notice due between March 20, 2020 to June 29, 2020 – Earlier extended to June 30, 2020 March 20, 202 to December 30, 2020 – Now extended to March 31, 2021
Latest Date of opting of Vivad Se  Vishwas Scheme without Payment of additional amount June 30, 2020 December 30, 2020
Form 16A June 30, 2020 March 30, 2021
Any Other Compliances (Other than those specifically mentioned above) which are due between March 20, 2020 to December 31, 2020 shall get automatically extended to March 31, 2021
The earlier relaxation given for reduced rate of interest of 9% per annum for delayed payment of taxes, levies etc shall only be for payments made up to June 30, 2020.
Interest under section 234A would be applicable if self-assessment tax liability exceeds Rs. 1 lakh and such tax is paid after due date specified under income tax Act i.e. without considering ordinance.

 

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NRI Services

For U.K. Tax Residents

CONCESSIONAL RATE OF TAX IN INDIA OF 10% ON DIVIDEND INCOMES AND 15% ON INTEREST INCOMES UNDER DTAA. Under Article 11 and Article 12 of the India-UK DTAA (Double Taxation Avoidance Agreement), Notification No. 10/2014 [F.No.505/3/1986-FTD-I], dated 10-2-2014, w.r.e.f. 27-12-2013, there is a concessional rate of 10% on dividend income and 15% on interest income (including NRO bank account interest) respectively, in India for tax residents of U.K. The same shall also be the rate of T.D.S. (withholding tax) in India. A person is a U.K. tax resident if he stays in U.K. for more than 183 days in the U.K. tax year (6th April to 5th April) OR if his only home was in the U.K. where he has spent at least 30 days there in the tax year along with at least 91 days in U.K. The above rates are inclusive of surcharges and cess which is affirmed by the following judicial decisions:
  1. Deputy Director of Income-tax (IT)-1(1), Kolkata v. BOC Group Ltd.
  2. R.A.K. Ceramics, UAE v. Deputy Commissioner of Income Tax, International Taxation (2), Hyderabad
Kindly contact us in case of any clarification. Ashutosh NRI services (A division of Ashutosh Financial Services Pvt. Ltd.) Contact us: +91 70435 93388 / nris2@ashutoshfinserv.com www.ashutoshfinserv.com Disclaimer: The above facts are based on our interpretation of law. The same should not be relied or acted upon without seeking specific professional advice. Follow us using AshutoshFinserv on: FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN.
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NRI Services

For U.S.A. Tax Residents

FOR U.S.A. TAX RESIDENTS CONCESSIONAL RATE OF TAX IN INDIA OF 15% ON INTEREST INCOMES UNDER DTAA. PASS THIS MESSAGE TO ALL YOUR FRIENDS AND RELATIVES IN U.S.A. Under Article 11 of the India-U.S.A. DTAA (Double Taxation Avoidance Agreement), there is a concessional rate of 15% on interest incomes (including NRO bank account interest) in India for tax residents of U.S.A. The same shall also be the rate of T.D.S. (withholding tax) in India. A person is a tax resident of U.S.A. if he stays in U.S.A. for more than 183 days in the calendar year (1st January to 31st December) OR on fulfilment of certain other conditions such as being a U.S.A. citizen or U.S.A. green card holder. The above rates are inclusive of surcharges and cess which is affirmed by the following judicial decisions:
  1. Deputy Director of Income-tax (IT)-1(1), Kolkata v. BOC Group Ltd.
  2. R.A.K. Ceramics, UAE v. Deputy Commissioner of Income Tax, International Taxation (2), Hyderabad
It has come to our notice that several NRIs based in U.S.A. are unaware of this concession. Kindly contact us in case of any clarification. Ashutosh NRI services (A division of Ashutosh Financial Services Pvt. Ltd.) Contact us: +91 70435 93388 / nris2@ashutoshfinserv.com www.ashutoshfinserv.com Disclaimer: The above facts are based on our interpretation of law. The same should not be relied or acted upon without seeking specific professional advice. Follow us using AshutoshFinserv on: FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN.
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NRI Services

For Australian Tax Residents

CONCESSIONAL RATE OF TAX IN INDIA OF 15% ON DIVIDEND INCOMES AS WELL AS INTEREST INCOMES UNDER DTAA. Under Article 10 and Article 11 of the India-Australia DTAA (Double Taxation Avoidance Agreement), there is a concessional rate of 15% on dividend income as well as interest income (including NRO bank account interest) respectively, in India for tax residents of Australia. The same shall also be the rate of T.D.S. (withholding tax) in India. A person is a tax resident of Australia if he stays in Australia for more than 183 days in the Australian tax year (1st July to 30th June) OR on fulfillment of certain other conditions. The above rates are inclusive of surcharges and cess which is affirmed by the following judicial decisions:
  1. Deputy Director of Income-tax (IT)-1(1), Kolkata v. BOC Group Ltd.
  2. R.A.K. Ceramics, UAE v. Deputy Commissioner of Income Tax, International Taxation (2), Hyderabad
Kindly contact us in case of any clarification required. Ashutosh NRI Services (A division of Ashutosh Financial Services Pvt. Ltd.) Contact us: +91 70435 93388 / nris2@ashutoshfinserv.com www.ashutoshfinserv.com Disclaimer: The above facts are based on our interpretation of law. The same should not be relied or acted upon without seeking specific professional advice. Follow us using AshutoshFinserv on: FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN.
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Investment Services Gujarati View Blogs in Gujarati

સોવેરિઅન ગોલ્ડ બોન્ડ સ્કીમ ૨૦૨૦-૨૧, સોનામાં રોકાણ કરી નિયમિત વ્યાજની આવક મેળવો

સોવેરિઅન ગોલ્ડ બોન્ડ સ્કીમ ૨૦૨૦-૨૧, સોનામાં રોકાણ કરી નિયમિત વ્યાજની આવક મેળવો
  • સિરીઝ –IV  તા. ૬ થી ૧૦ જુલાઈ, ૨૦૨૦ ના સમયગાળામાં માં ઉપલબ્ધ થશે.
  • પ્રત્યેક ૧ ગ્રામ ના વજન માં ઉપલબ્ધ છે.
  • વ્યાજનો દર: વાર્ષિક ૨.૫%, વ્યાજની ચુકવણી દર ૬ મહિને કરવામાં આવશે.
  • સમયગાળો :  આ રોકાણનો સમયગાળો ૮ વર્ષ નો છે. (નિયત મુદત પહેલા ૫ વર્ષ પછી ઉપાડ કરવાની પરવાનગી)  આ બોન્ડ સ્ટોક એક્સચેન્જ પર કોઈપણ સમયે વેચી શકાય છે.
કરપાત્રતા : ➡️ આ બોન્ડનું વ્યાજ કરપાત્ર છે. ➡️ ૮ વર્ષ બાદ પાકતી મુદતે મળતી રકમ(મૂડી નફો) સંપૂર્ણપણે કરમુક્ત છે. ➡️ આ બોન્ડ 1 વર્ષ પહેલા બજારમાં વેચવામાં આવે તો ટૂંકા ગાળાનો મૂડી નફો ઉદભવશે. 1 વર્ષ બાદ આ બોન્ડ વેચવામાં આવે તો લાંબા ગાળાનો મૂડી નફા (ઇન્ડેક્સેશન લાભ સહીત) ની જવાબદારી થશે. Ashutosh Investment Advisory A Division of ASHUTOSH FINANCIAL SERVICES PVT. LTD.
  • Investments •Insurance •Funding •Income Tax & Succession Planning •NRI Services
Mob. No. : +91 93773 35959 Email : relationship@ashutoshfinserv.com www.ashutoshfinserv.com Follow us using AshutoshFinserv on: FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN.
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Investment Services Gujarati View Blogs in Gujarati

સોવેરિઅન ગોલ્ડ બોન્ડ સ્કીમ ૨૦૨૦-૨૧, સોનામાં રોકાણ કરી નિયમિત વ્યાજની આવક મેળવો

સોવેરિઅન ગોલ્ડ બોન્ડ સ્કીમ ૨૦૨૦-૨૧, સોનામાં રોકાણ કરી નિયમિત વ્યાજની આવક મેળવો
  • સિરીઝ –III  તા. ૮ થી ૧૨ જૂન, ૨૦૨૦ ના સમયગાળામાં માં ઉપલબ્ધ થશે.
  • પ્રત્યેક ૧ ગ્રામ ના વજન માં ઉપલબ્ધ છે.
  • વ્યાજનો દર: વાર્ષિક ૨.૫%, વ્યાજની ચુકવણી દર ૬ મહિને કરવામાં આવશે.
  • સમયગાળો :  આ રોકાણનો સમયગાળો ૮ વર્ષ નો છે. (નિયત મુદત પહેલા ૫ વર્ષ પછી ઉપાડ કરવાની પરવાનગી)  આ બોન્ડ સ્ટોક એક્સચેન્જ પર કોઈપણ સમયે વેચી શકાય છે.
કરપાત્રતા : ➡️ આ બોન્ડનું વ્યાજ કરપાત્ર છે. ➡️ ૮ વર્ષ બાદ પાકતી મુદતે મળતી રકમ(મૂડી નફો) સંપૂર્ણપણે કરમુક્ત છે. ➡️ આ બોન્ડ 1 વર્ષ પહેલા બજારમાં વેચવામાં આવે તો ટૂંકા ગાળાનો મૂડી નફો ઉદભવશે. 1 વર્ષ બાદ આ બોન્ડ વેચવામાં આવે તો લાંબા ગાળાનો મૂડી નફા (ઇન્ડેક્સેશન લાભ સહીત) ની જવાબદારી થશે. Ashutosh Investment Advisory A Division of ASHUTOSH FINANCIAL SERVICES PVT. LTD.
  • Investments •Insurance •Income Tax & Estate Planning •NRI Services
Mob. No. : +91 93773 35959 Email : relationship@ashutoshfinserv.com www.ashutoshfinserv.com Follow us using AshutoshFinserv on: FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN.
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Investment Services

Sovereign Gold Bond Scheme 2020-21. Investment In Gold With Regular Interest Income

SOVEREIGN GOLD BOND SCHEME 2020-21. INVESTMENT IN GOLD WITH REGULAR INTEREST INCOME
  • Series III available between June 08 to 12, 2020.
  • Available in the multiples of 1 gms each.
  • Interest rate: 2.5% p.a., paid semi-annually.
  • Tenure: 8 years. (Early withdrawal allowed at 5 years).
can also be sold on the stock exchange at any time. Taxation: ➡️   Interest on these bonds is taxable. ➡️   Appreciation (Capital gain) of the amount received on redemption (after 8 years) is tax free. ➡️   Capital gains on sale in the market is liable to Short term Capital Gain (holding below 1 years)/Long term Capital Gain with indexation (holding above 1 years). Ashutosh Investment Advisory A Division of ASHUTOSH FINANCIAL SERVICES PVT. LTD.
  • Investments •Insurance •Income Tax & Estate Planning •NRI Services
Mob. No. : +91 93773 35959 Email : relationship@ashutoshfinserv.com www.ashutoshfinserv.com Follow us using AshutoshFinserv on: FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN.
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NRI Services

For U.A.E. Tax Residents

  • NO CAPITAL GAINS TAX ON SALE OF MUTUAL FUNDS IN INDIA AND OTHER CONCESSIONS UNDER DTAA.
Under Article 13 of the India-UAE DTAA (Double Taxation Avoidance Agreement), capital gains on sale of Mutual Funds (equity oriented or non equity oriented), either short term or long term and also capital gains on sale of bonds shall be completely tax free in India for persons who are UAE Tax Residents (Persons who have stayed in UAE for more than 183 days in the Calendar Year). The above interpretation of the DTAA has been confirmed by the following judicial decisions:
  1. ITO (IT) 2(1) Mumbai vs. Shri Satish Beharilal Raheja ITA NO.4627/Mum/2009
  2. The Dy. Commissioner of Income-tax (International Taxation) Kochi vs. Sri.K.E.Faizal ITA No.423/Coch/2018
  • CONCESSIONAL RATE OF TAX IN INDIA OF 10% ON DIVIDEND INCOMES AND 12.50% ON INTEREST INCOMES UNDER DTAA.
Under Article 10 and Article 11 of the India-U.A.E. DTAA (Double Taxation Avoidance Agreement), there is a concessional rate of 10% on dividend income and 12.50% on interest income (including NRO bank account interest) respectively in India for tax residents of U.A.E. (Persons who have stayed in U.A.E. for more than 183 days in the Calendar Year). The same shall also be the rate of T.D.S. (withholding tax) in India. The above rates are inclusive of all surcharges and cess which is affirmed by the following judicial decisions:
  1. Deputy Director of Income-tax (IT)-1(1), Kolkata v. BOC Group Ltd.
  2. A.K. Ceramics, UAE v. Deputy Commissioner of Income Tax, International Taxation(2), Hyderabad
Kindly contact us in case of any clarification. Ashutosh NRI services (A division of Ashutosh Financial Services Pvt. Ltd.) Contact us: +91 70435 93388 / nris2@ashutoshfinserv.com www.ashutoshfinserv.com Disclaimer: The above facts are based on our interpretation of law. The same should not be relied or acted upon without seeking specific professional advice. Follow us using AshutoshFinserv on: FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN.