Vipin Sanger

The article shows how to unprotect Excel spreadsheet without password if you forgot or misplaced it.  How to unprotect Excel sheet without password: If you need to edit a password protected sheet but you cannot remember the password, try to unlock that Excel spreadsheet by using the following method: Unlock Excel spreadsheet with VBA code (for Excel 2010 and lower) If you are using Excel 2016 or older version, you can unlock a password-protected sheet with the following macro. Download the code file from here! Step 1: Open your Excel document and switch to the password-protected sheet (it should be active when you run the macro). Step 2:   Press Alt + F11 to open the Visual Basic Editor. Step 3:  Right-click the workbook name on the left pane (Project-VBAProject pane) and select Insert > Module from the context menu, or press F7;  In the window that appears, paste in the following code: -----------------------------------------------...

Many individuals use delaying tactics when it comes to filing their income tax returns, especially those who are filing their tax returns for the first time. All individual taxpayers having a total income of more than Rs. 2.5 lakh (Rs. 3 lakh for senior citizens and Rs. 5 lakh for super senior citizens) are required to file their income tax returns on or before the due date. Even if it is not mandatory for you, filing a "Nil Return" can help you set things on the record. The following are some of the tips to ensure that you are filing your tax return efficiently and in a hassle-free manner.  Have your PAN and Aadhaar card ready First, ensure that you have your PAN and Aadhaar card handy to enter the details while filing the ITR. You will also need to quote your date of birth and father's name the same as that mentioned in the PAN card. Moreover, if you have not applied for an Aadhaar card yet, make sure you do that before filing your income tax return. Collect For...

Meaning of Input Tax Credit (ITC) Section 2(63) of CGST Act, ITC means the credit of input tax and Section 2(62) of CGST Act, Input Tax means, in relation to registered person, tax charged on any supply of goods or services or both made to him and specifically includes, IGST paid on imports, RCM paid under CGST act, IGST act, SGST act and UTGST and with specific exclusion of taxes paid under composition levy of CGST, IGST, SGST and UTGST taxes. Ineligible ITC under GST GST input tax credit mechanism allows registered dealers to set-off their credit balances against GST output tax liabilities. At the time of introduction of GST act, it was stated as taxes paid under this act in connection with furtherance of business can be claimed as ITC, but over a period of time, the cannon has changed in the minds of the government and issued numerous notifications from time to time imposing restrictions on some types of goods and services which are not eligible for input tax credit claim. W...

Clarification issued by CBDT in relation to short deduction of TDS/TCS due to increase in rates of surcharge by Finance (No.2) Act, 2019-reg.  By way of this writing, I would like to discuss the recent clarification issued by CBDT dated 13th April, 2020 in relation to the deduction/collection of TDS/TCS under various provisions of the Income Tax Act, 1961 ("Act") considering the increased rates of the surcharge as amended by the Finance (No.2) Act, 2019-reg. The Finance (No.2) Bill, 2019 was tabled in Lok Sabha on 5th July 2019 and has received the assent of the Hon’ble President of India on 1st August 2019 and became the Finance (No.2) Act, 2019-reg. The rates of the surcharge as applicable to the individual taxpayer have been tabulated herein below:   Sl. No. Income Slab Old Rates New Rates 1 Less than 50 Lakh rupees Nil Nil 2 50 lakh rupees but less than I crore rupees 10% 10% 3 I...

Covid-19: After extending deadline to file income tax return, govt revises Sahaj, Sugam forms The CBDT said that necessary modifications in the return forms Sahaj and Sugam are being made to allow taxpayers to avail the benefits of their investments/transactions made from April to June 2020. The government has decided to revise the income tax return forms for assessment year 2020-21 due to the coronavirus pandemic. The revision will be notified by the end of this month, the Central Bureau of Direct Taxes (CBDT) said in a release on Sunday. Giving respite to tax payers, various statutory deadlines related to income tax which were ending on March 31, were extended till June 30 last month. Considering the hardship people are facing due to spread of coronavirus disease Covid-19 and measures taken to curb it, Finance Minister Nirmala Sitharaman announced the extension of the deadlines. The CBDT explained that necessary modifications in the return forms are being made to ...

The income tax department has come up with clarifications for those who want to opt for new tax slabs. The lower income tax rates, as announced in Budget 2020, came into effect from April 1, 2020. The old tax slabs will also continue to remain in effect, giving choice to taxpayers to opt between the two. Tax experts say whether an individual should choose the new tax regime or the old one depends on a case-to-case basis as under this new lower tax rates, the individual will have to give up on a lot of deductions that could help reduce taxable income. Income tax slabs under the new tax regime for all individuals for FY 2020-21 (AY 2021-22) Income Tax Slab Tax Rate Up to Rs 2.5 lakh NIL Rs 2.5 lakh to Rs 5 lakh ...

It is universally accepted that tax breaks on investments encourage people to save more. The new tax regime has taken away the incentive to save. The deductions ensure financial well being of taxpayers. Do you know the role they plan in your financial plan? When this year’s Budget proposed a  new tax regime  with lower tax rates, the intent was to give individuals the benefit of a short term cash flow. However, the new tax regime does not allow most of the tax exemptions and deductions that taxpayers usually claim to meet the family’s financial needs. We recommend that taxpayers stick with the old tax regime that existed in FY 2019–20. The old regime is better because the various tax deductions and exemptions can effectively reduce the tax on a CTC of Rs 10 lakh to nearly zero. Moreover, the deductions help in utilizing the money to ensure your family’s financial well being. There is also a standard deduction of Rs 50,000 for salaried individuals and those drawing a...

Tax are going to be deducted from the dividend at the time of payment by the company, if the total amount of dividend being paid to the individual during the financial year is more than Rs 5,000 at the rate of 10 per cent. From 1st April 2020, dividend received on shares and/or from mutual fund schemes is taxable in the hands of an individual at the rate applicable to his/her income. So this year, individuals should remember to submit Form 15G or 15H, as applicable, to the payer to avoid TDS if they're eligible to do so. This is because tax are going to be deducted from the dividend at the time of payment by the company if the total amount of dividend being paid to the individual during the fiscal year is more than Rs 5,000. Tax on the dividend, are going to be deducted at the rate of 10 per cent. A resident individual can furnish Form 15G (in case of non-senior citizens) and Form 15H (in case of senior citizens) for nil or non deduction of tax (TDS) from the divide...