The I-T Dept has amended tax Rules providing relief to taxpayers in claiming Foreign Tax Credit (FTC). The FTC can now be claimed even when filing an updated Income return, provided Form - 67 is furnished before filing such return. It's big relief for tax payers and augment ease of doing business in India.
Under the Income Tax Law of India, a person — except for senior citizens without any professional income — with a tax liability of over Rs 10,000 is liable to pay advance tax in four instalments -- before July 15, September 15, December 15 and March 15. The deadline for linking your PAN card with Aadhaar is March 31 and the PAN card may become defunct if it isn't linked with Aadhaar before the deadline. Under the Centre's Vivad se Vishwas scheme, the last date to make a declaration has been extended to March 31, 2021.
Form 26AS for any taxpayer, from now onwards, will display in part E of the Form, different fields such as type of transaction, name of SFT filer, date of transaction. It will also display single/joint party transaction, number of parties, amount, mode of payment and remarks etc. This would help the honest taxpayers with updated financial transactions while filing their returns.