As per a CBDT’s notification, the date for payment of tax without additional interest under VSV remains unchanged at 30 April, 2021
As per a CBDT’s notification, the date for payment of tax without additional interest under VSV remains unchanged at 30 April, 2021
Due to the presence of so many components, the 80C limit gets exhausted quickly and taxpayers couldn’t get benefits on many other tax-saving investments.
“CBDT issues refunds of over Rs 1,95,736 crore to more than 1.93 crore taxpayers between 1st April, 2020 to 22nd February, 2021,” the I-T Department tweeted.
Experts divided over the interpretation
How to save Income Tax: All of us want to save money as much as we can, provided it is legally correct.
Employees opt for VPF to earn a safe and tax-free return on their additional contributions.
Income tax experts emphasise on the importance of income tax benefits available under Section 80C, often considered one of the most popular ways to save money among salaried individuals
While the government expects the move will simplify tax administration, ease compliance and reduce litigation, tax experts claim any non-compliance would have severe cost and penalty implications.
© 2018 CA Chandan Agarwal. All rights reserved.