19
Jan
2021
Guide to Income Tax Deduction from Salaries for the F.Y. 2020-21
Sandip Mukherjee, Nihar Tank Direct Tax Add a comment
Sandip Mukherjee, Nihar Tank Direct Tax Add a comment
Circular No 20/2020 (“the Circular”) was issued on 3rd December 2020 to provide procedures to be followed by employers for deducting Income tax (TDS) from the salary income of the Employee for Financial Year (F.Y.) 2020-21 relevant to Assessment Year (A.Y.) 2021-22 under section 192 of the Income tax Act, 1961 (“the Act”).>>
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With the extended time limit for filing of Income Tax Return (for AY 2020-21), u/s. 139(1), without late fees, for Non-Audit cases and for Non-Corporate assessees of 31st December 2020 fast approaching, given below is a quick guide for ready reference of some key changes that have been made in the respective Income tax return forms for this year.