Old VS New Tax Regime- Which one to opt for? The Finance Act 2020 announced a new tax regime under Section 115BAC in order to make taxation simpler for people. This new tax regime has given an option to individuals and HUF taxpayers to pay income tax at lower rates. This was long demanded by most taxpayers, however, the option for this concessional tax regime came with a huge cost, it required the taxpayer to forego certain specified deductions. Also, as of now, individuals can choose the new regime where the rates are lower but there are no exemptions or deduction or choose to continue with the regular old regime, where exemptions and rebates can be claimed and applicable tax as per the income slab will be levied. But how does one decide which regime to go for? Let’s find out! How can assessee opt for new or old regime? If an individual/HUF opts for new tax regime for FY 2020-21, then form 10IE has to be filed at the time of filing ITR for FY 2020-21 to info...
FSSAI Stands for “Food Safety and Standard Authority of India. FSSAI is an Independent organization under the Ministry of Health. FSSAI Registration is mandatory for every individuals or entity that is eligible for an FSSAI food safety Registration or License. For Ex. Gol gappa stall, fruits/vegetables vendors, snacks stall, Tea Stall, Samosa, Bread pakoda, retail shops, Temporary Food Stalls like Chinese food stall, South Indian Food etc. Maintaining the food quality levels to ensure safety and providing satisfaction to every consumer is the aim of every Food Business Operator. The food safety and standards authority of India (FSSAI Registration) plays an important role in formulating the controlling procedures. The Zomato and Swiggy are presently online delivery and restaurant discovery applications, supporting people to receive online food from any nearby restaurant. One person can sell Home food online on Zomato and Swiggy, but he must have complie...
T he Board of Direct Taxes, in exercise of its power under section 119 of the Income-tax Act, 1961 (hereinafter referred to as “the Act”) provides relaxation in respect of the following compliances: 1) The Statement of Financial Transactions (SFT) for the Financial Year 2020-21, required to be furnished on or before 31st May 2021 under Rule 114E of the Income-tax Rules, 1962 (hereinafter referred to as “the Rules”) and various notifications issued thereunder, may be furnished on or before 30th June 2021; 2) The Statement of Reportable Account for the calendar year 2020, required to be furnished on or before 31st May 2021 under Rule 114G of the Rules, may be furnished on or before 30th June 2021 ; 3) The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21, required to be furnished on or before 31st May 2021 under Rule 31A of the Rules, may be furnished on or before 30th June 2021; 4) The Certificate of Tax Ded...
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