SREEHARI ARYA & CO.

Dear Tax payers Here are some of the best tax saving schemes which State Government or Central Government employees can choose 1. PPF- Public Provident Fund 2. LIC Policies 3. GPF- Group Provident Fund 4. Mutual Fund 5. NPS- National Pension System 6. Tax Savings Bank Deposits 7. Post Office Time Deposits 8. House Loan (principal amount and interest) 9. Tuition Fee 10. Deposit in Sukanya Samriddhi Account 11. NSC- National Savings Certificate 12. Medical Insurance Premia 13. Interest on Education Loan Repayment 14. Donation Thank you

On 5th April 2020, The Income Tax Department extended the deadline for individuals to submit Form 15G  and Form 15H for the current fiscal by 3 months to claim excemtion from TDS on interest income from banks and other financial organisations. Thank you

Dear Tax payers, Union Finance Minister vide Press Release dated 24 march 2020 provides some tax relief and benefits to tax payers for the assessment year 2020-21 due to COVID-19. The main highlight is the date of making various investment for claiming deduction under Chapter VI of IT Act which includes Section 80C (LIC, PPF, NSC, etc), 80D (Mediclaim), 80G (Donations) etc, has been extended to 30 June 2020 Almost tax payers whose main source of income is salary will prepared their income statement with existing deductions (Govt Employee), if they participate in Salary challenge CMDRF 80G, they will get some refund (if he/she paid any tax in advance) For Donating funds visit Government of Kerala Chief Minister's Distress Relief Fund. You can donate as Individual or Group. and get the tax benefits for the financial year 2019-20 Thank you

As per the press release, there is no changes in the due date of TDS and TCS, however,for non payment lower interest rate 9% instead of 18% p.a will apply, further no penalty/ prosecuation shall be initiated for these non payment. Due date for 4th Quarter TDS is 31 May 2020. Thank you

Income Tax Department provide the best calendar for those who need the correct due date for TDS and TCS and also they fix the date relevant to ITR. This calender is available in ITD site. Thank you

Income Tax Department provides instant PAN for individuals for those who possess a valid aadhaar number have his mobile number registered with aadhaar, PAN is issued in soft copy (.pdf format) to applicants, which is free of cost. this feature is only available in Income Tax website. Thank you

IT Department provides double benefit for taxpayers for the Assessment Year 2020-21. This income tax calculator is now available in Income tax website, you can easily choose which regime is benefit for you (Old regime and New regime) Thank you