PAN Card is a valid identity proof that is necessary for all financial transactions. Moreover, it is mandatory if you desire to file your income tax return. You can apply for PAN card either online or offline. This article will see in detail the step by step procedure to apply for PAN Card online through NSDL and UTIITSL.
Income Tax Slab for AY 2021-22 | All That You Need to Know
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.
Section 80TTA – Claim Tax Deduction on Savings Account Interest
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, which 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.
INC 20A | Mandatory Declaration by Companies
INC 20A is a declaration of commencement of business that every company must file if the company’s date of incorporation falls on or after 2nd Nov 2018. Furthermore, the company must file INC-20A within 180 days of the company’s incorporation. And a Company Secretary or a Chartered Accountant or a Cost Accountant in practice shall verify the reform.
Budget 2022 Live Updates
Union Budget 2022 will be presented by Finance Minister Smt. Nirmala Sitaraman on 1st February 2022 at 11.00 AM. Post-Budget 2022 Press conference by Finance Minister will start from 3:45 PM onwards.
Below are the key highlights of the Economic Survey which is presented a day prior to the Budget 2022. Watch this space for Budget 2022 Live Updates tomorrow from 11 am onwards.