Latest Tax Updates – Certicom

1. Income Tax Return (ITR) filing for  Financial Year 2020-2021 has started. 30.09.2021 is the Last date for Income Tax Return filing for Assessment Year 2021-22 (Financial Year 2020-21).

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2. Benefits of Income Tax Return (ITR) filing:

a) Claiming Tax Refund
b) Loans processing gets easier
c) Credit cards processing gets easier
d) Visa processing gets faster
e) Set off & Carry forward of losses
f) Serves as proof of income
g) Serves as address proof
h) Buying a high life insurance cover
i) Helpful for those with small or nil income
j) Proof of accumulated earnings over the years
k) Avoiding potential Income Tax notices for non-filing of ITRs

Digital payments up 30.2% in FY21: According to RBI data

3. Indian investment in cryptocurrencies grew from $923 million in April 2020 to nearly $ 6.6 billion in May 2021. The crypto investment by Indians has grown despite no clear regulation on this from the RBI or the Government. The RBI had tried to impose a kind of ban in 2018 by restricting banking facilities to crypto exchanges, which was later ruled out by the Supreme Court.