Income Tax Slab for AY 2021-22 | All That You Need to Know

Income Tax Slab for Ay 2021-22

The income tax slab for AY 2021-22 below applies to individuals (resident or non-resident), HUF, Association of Person or Body of Individual, companies, partnership firms and companies. The income tax rate depends on the income slab that your income falls under and whether you opt for New or Old tax regime.

We have provided the tax slabs under the existing tax regime and the new tax regime to help you choose a suitable tax regime. Also, you may use the income tax calculator to find out your total tax liability.

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Income Tax Return Filing Due Date 2021- Last Date Extended

Income Tax Return Filing 2021 Last Date Extended

CBDT further extends the income tax return filing due date for FY 2020-21 from 31st Dec 2021 to 15th March 2022 for individuals whose accounts do not require an audit. This extension comes in light of the difficulties faced by taxpayers due to the COVID-19 pandemic.

Initially, due to the difficulties faced by the taxpayers in the electronic filing of income tax returns on the new portal.

Earlier, CBDT had extended the Income Tax Return filing date for individuals whose accounts do not require an audit to 30th September 2021 from the original due date, 31st July 2021 due to the COVID-19 pandemic.

As per the CBDT Notification on 9th September, the last date for filing income tax return for AY 2021-22 is extended for Salaried employees and Pensioners from the original 31st July 2021 to 31st December 2021.

Also, the income tax return due date for FY 2020-21 for companies which was extended from 31st October 2021 to 30th November 2021 is further extended to 15th February 2022. Again, it is extended to 15th March 2022.

Almost all the categories of taxpayers have been given extensions in the income tax return filing due date.

Let’s get into the details.

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Depreciation As Per Companies Act 2013| Everything You Need to Know!

Depreciation as per Companies Act

Depreciation as per companies act 2013 is applicable for assets purchased on or after 1st April 2014. It only prescribes the useful life of different assets and does not provide any specific depreciation rates.

You can use the depreciation formula and the useful life given in Schedule II of Companies Act, 2013 to calculate the rate of depreciation as per companies act. Besides, we have calculated and given the mca depreciation rates under Depreciation Rates as per companies act 2013 for AY 2020-21.

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Director Identification Number (DIN) | Know All About it

director identification number (DIN)

What is DIN number?

Director Identification Number or DIN is a unique eight-digit number provided by the central government to the director of a company or the individuals who intend to be the company’s director. Each director will have a unique DIN. And DIN has lifetime validity. You can have only one DIN and be the Director of two or more companies. In this article, we shall see how to get DIN number, Importance of Director Identification Number, check your DIN status , and more.

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Section 80TTA | How to Claim Deduction on Interest

Claim 80TTA Deduction for AY 2020-21

Section 80TTA provides a deduction of Rs 10,000 on interest earned on the Savings account. However, only individuals and HUFs can claim deduction under this section.

So, Senior citizens can claim deduction under section 80TTB, with has a higher deduction limit of Rs 50,000. Furthermore, you cannot claim an 80TTA deduction for interest earned on time deposits such as fixed deposits or recurring deposits.

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