Employers will soon start rolling out investment declaration forms, asking employees to indicate their choice of tax regime. The government had introduced a revised tax system in this year’s Budget, wherein taxpayers would be given the option to shift to a new tax regime with lower tax rates, but without the usual tax exemptions and deductions. The Central Board of Direct Taxes issued a circular on April 13, 2020, directing all employers to obtain a declaration from employees if they wish to opt for the new tax regime. Here is what employees should keep in mind.
If you wish to opt for the new tax regime, you will have to inform your employer through the declaration form. The employer will start deducting tax at source (TDS) accordingly for each month.
The Central Government vide Notification No. 20/2020- Customs dated 9th April 2020 has exempted the following goods from whole of the duty of customs leviable thereon under the First Schedule to the said Customs Tariff Act and the whole of health cess leviable thereon under section 141 the said of Finance Act, 2020:
S.No
Chapter or Heading or sub–heading or tariff item
Description of goods
1
9018 or 9019
Artificial respiration or other therapeutic respiration apparatus (Ventilators)
2
63 or any chapter
Face masks and surgical Masks
3
62 or any chapter
Personal protection equipment (PPE)
4
30, 38 or any chapter
Covid-19 testing kits
5
Any Chapter
Inputs for manufacture of items at S. Nos. 1 to 4 above,subject to the condition that the importer follows the procedure set out in the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017.
This notification shall remain in force upto and inclusive of the 30th September, 2020.
Presently value of the goods or software exports made by the exporters is required to be realized fully and repatriated to the country within a period of 9 months from the date of exports. In view of the disruption caused by the COVID-19 pandemic, the time period for realization and repatriation of export proceeds for exports made up to or on July 31, 2020, has been extended to 15 months from the date of export. The measure will enable the exporters to realise their receipts, especially from COVID-19 affected countries within the extended period and also provide greater flexibility to the exporters to negotiate future export contracts with buyers abroad.
As the Covid-19 pandemic forces retail stores to down their shutters, signalling an unprecedented disruption of commerce, a new study has suggested India’s retail sales recovery might kick into gear from the first week of May, if the current lockdown is not extended further.
Taking cognisance of what transpired in China when the epidemic unfolded, and its impact on retailers, the study by SaaS company Capillary Technologies notes the most resilient retailers to survive the epidemic in China were omnichannel retailers. It predicts that Indian brands that invest in enabling a personalised omnichannel shopping experience would be able to experience the fruits of their labour once the lockdown situation eases.
Capillary Technologies conducted the survey to analyse the impact of Covid-19 in the retail industry across India, China, Singapore and the Middle East. Around 10,000 stores in these geographies were surveyed before and during the lockdown.
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In case of Following situation filling of Income Tax Return is compulsory.
As per the Income Tax Act, in case of following situations it is mandatory to file the Income Tax Return (ITR).
If your gross total income, before allowing any deductions under section 80C to 80U, exceeds Rs. 2.5 lakhs in F.Y. 2018-19, 3 lakh for senior citizens (aged above 60 but less than 80) or Rs. 5 lakhs for super senior citizens (aged above 80).
if you want to claim the Loss of current Year under a head of Income.
if you are a company or a firm -whether you have income or loss during the financial year 2018-19.
You want to claim Income Tax Refund.
in Case of other than NRIs or RNORs, return filing is mandatory if you are a Resident individual and have an asset or financial interest in an entity located outside of India.
If you are a foreign company and taking treaty benefit on a transaction done in India during the Financial Year.
You are required to file an income tax return when you are in receipt of income derived from property held under a trust for charitable or religious purposes or a political party or a research association, news agency, educational or medical institution, trade union, a not for profit university or educational institution, a hospital, infrastructure debt fund, any authority, body or trust
if you want to apply for a loan or a visa ITR may be required.
