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The income tax department has created a list of persons (called specified persons) for whom this higher rate of TDS, TCS will be applicable. However, there is a way of stopping higher TDS, TCS on incomes. ....
Express News Service NEW DELHI: Hidden in the fine print of the budget is a shocker for salaried people – interest on employees contribution to provident fund beyond Rs 2.5 lakh a year or a tad more than Rs 20,000 a month will no longer be tax free. Most people prefer to save through contributions to the Employees Provident Fund Organisation as this was EEE or Exempt, Exempt, Exempt, a system where the money one saves is exempt of taxes at all three stages when saved, when interest is accumulated on it and when withdrawn. “It is proposed to restrict tax exemption for the interest income earned on the employees’ contribution to various provident funds to the annual contribution of Rs 2.5 lakh. This restriction shall be applicable only for the contribution made on or after April 1, 2021,” the budget document said. ....
Budget 2021: Will govt use EPFO to ease burden on salaried class? Union Budget 2021: Last year, the government had announced a slew of other measures for salaried class when the coronavirus outbreak began in the country. For instance, the Centre decided to pay 24 per cent to EPF account of employees till August 2020 for establishments with up to 100 employees BusinessToday.In | February 1, 2021 | Updated 07:54 IST The salaried individuals are hoping that government may announce more incentives to tide them over the distressful situations The coronavirus pandemic has hit a large number of salaried employees as they faced job losses as well as hefty cuts in their salaries. Well, the crisis may not be the same as before, but many employees are still reeling from the impact of job losses. The salaried individuals are hoping that government may announce more incentives to tide them over the distressful situations. ....
Budget 2021: 5 key expectations of taxpayers from FM Nirmala Sitharaman Experts are expecting tax relief under multiple heads in Budget 2021-22. This despite the Centre staring at a gaping hole on the revenue front in the current financial year due to the pandemic BusinessToday.In | February 1, 2021 | Updated 07:45 IST Individual taxpayers too are eagerly awaiting FM Sitharaman to give them some respite, including tax benefits. Even small reliefs in Budget 2021 can go a long way in helping small taxpayers Finance Minister Nirmala Sitharaman is expected to make announcements to revive the economy adversely impacted by COVID-19 pandemic in her Budget speech today. Almost all sectors, be it agriculture, services, or manufacturing, bore the brunt of the coronavirus-induced lockdowns. Individual taxpayers too are eagerly awaiting FM Sitharaman to give them some respite, including tax benefits. Even small reliefs in Budget 2021 can go a long way in helping small taxpaye ....
Updated Feb 01, 2021 | 19:03 IST FM Sitharaman noted that for the first time Code on Social Security Code 2020 has made provision for universalisation of social security for the entire workforce including gig and platform workers Social security benefit to be extended to gig workers like e-commerce delivery boys, cab drivers New Delhi: A portal will be set up to collect info on gig & platform workers, building & construction workers, among others to provide them benefits like health, credit (easy financing), food and others, Sitharaman said in her budget speech in Lok Sabha. She noted that for the first time Code on Social Security Code 2020 has made provision for universalisation of social security for the entire workforce including gig and platform workers. ....