Step By Step Guide To Gst Registration Of Your Business. The GST (Goods and Services Tax) was brought into effect by the government to subsume indirect taxes like service tax, VAT, etc. under a single tax window. As per the provisions of this new tax regime, any entity that supplies goods or services in India and has a turnover more than the prescribed limit has to register themselves for GST. If you are yet to register for the same, you can follow the below mentioned 8-steps guide to complete the registration. Step 1- GST portal To register, you need to visit the official GST portal at www.gst.gov.in. Click on the ‘Services’ tab and select ‘Registration’. Step 2- Filling the details You’ll now have a form which you need to fill for successful GST registration.
Step 3- Entering OTP When the form is submitted, an OTP will be generated and sent to your mail ID and mobile number. Step 4- Receiving TRN After the right OTP is entered, a TRN (Temporary Reference Number) will be generated and sent to the mobile number and email ID. Step 5- Entering TRN. 5 Interesting Income Tax Filing Rules and Policies for NRIs. As an NRI, it can be quite confusing to figure out how your income is taxed in India and the country of your residence. It goes without saying that each country has its own tax laws and understanding these laws can be challenging if you do not have the expertise in this field.
Nonetheless, you are expected to pay your taxes in India and the country you reside in. So, it is best to figure out the tax filing rules and policies that govern non-resident Indians so that you can easily handle the Indian tax liability. Tax on Interest Typically, resident Indian citizens, have to pay taxes on interest that they receive on their savings. No higher tax bracket now Earlier if an NRI without a PAN card he had to incur a higher TDS deduction. Taxable Income Any short- or long-term gains from investments, the sale of assets and rental income are taxable in India. Tax Exemption in India You need to be aware of the tax laws in your country of residence. Paying Your Taxes in India Double Taxation norms. The Basics of E-filing Income Tax in India. New To Filing GST Returns: Some Do’s And Don’ts You Must Be Aware Of. With all the different types of forms for filing GST Return, taxpayers are still not very clear about the whole filing process.
In this post, we have discussed some important do’s and don’ts to make things a little less complicated. The Goods and Services Tax (GST) was launched on 1st July 2017 to abolish indirect taxes and bring them all under a single umbrella. While it has been months since the launch of this ‘One Nation, One Tax’ regime, but most of the taxpayers are still not very clear about the returns filing process. To make the process even more confusing, depending on the taxpayer’s registration and transaction type, there are more than ten different types of forms which can be used for filing returns. Moreover, even the duration when one has to file the returns varies between different taxpayers. To make things easier, we have created a list of some important dos and don’ts.
Do’s 1. 2. 3. There are different GST heads like CGST, SGST, and IGST. Don’ts 1. 2. 3. Ground Rules for Income Tax Filing in India. Home > Finance > Ground Rules for Income Tax Filing in India Return of income is a way through which the government gets to know your mode of income, your profits and losses, tax applicable and thereby providing a platform for you to claim a refund (if any) and other forms of relief. All of us have to report our income and capitals and details of our allowances and relief claimed, for any particular tax year. This article highlights some basic ground rules and a set of dos and don’ts when filing income tax in India.
Keep reading. A lot of people think that filing tax returns is not necessary and dismiss it as burdensome. However, contrary to this popular myth, it turns into a burden only when you don’t file your returns. 1. 2. 3. 4. 5. Keeping these things in mind and being organised is half the job done. Share with your friends. E-filing and Income tax login FAQ: Answers to all your Pressing Queries. As an individual taxpayer, filing an ITR is bound to overwhelm you, what with all the disclosure requirements and numerous forms.
Find the answers to all your queries regarding income tax login and e-filing and get rid of your tax worries. It’s that time of the year when the biggest concern in everyone’s minds is filing income tax returns. Not sure how to proceed? Confused with the tons of documentations and procedures? Let’s get started. What is e-filing of income tax? The two ways in which an individual can file income tax returns are: Traditional Filing – This is the offline method, where you go the income tax office in your city, get the forms, fill them up and physically file the returns. E-filing – This is the newest and most convenient option. Should I file income tax return? As per the Income Tax Act, you are required to file your returns if you meet any of the following conditions.
The e-filing of returns for the financial year 2016 – 2017 is now open. E-filing of Income Tax return in a smooth way: Some Valuable Tips. Come July, August, September, and what do you expect? No, it’s not just the rains, but these are also the months associated with filing your income tax returns and often the chaos and madness around it. Income tax return is a document that you file with the state tax board declaring your income, profits and losses of your business, and also details of your tax refund.
Thanks to the online platform, you can now file your returns online sitting in the comforts of your home or office. However, there is more to it than meets the eye. This article highlights some valuable tips for successfully efiling of income tax return online. Keep reading. Filing your returns shows that you are responsible. You can traditionally file your tax returns, or you can make use of the electronic filing system. Download Income Tax Return Form: First and foremost, you would need to log on to the Indian income tax website and select the appropriate income tax return form, based on your type of income. Dos and Don’ts of Filing Online Income Tax Return. Filing your income tax returns can be an exhausting and confusing process if you are unaware of the basics. But filing your returns is equally important to paying your taxes on time or else you will be liable to paying penalties if you do not file the returns.
Fortunately, now you can file the returns online. But if this is the first time that you are filing your returns, make sure that you remember the dos and don’ts mentioned below to avoid making any mistakes which can earn you notice from the IT department. Dos Select the correct ITR form - To file Online Income Tax Return; you need to select the right ITR form on the basis of your income. Different forms have different conditions and make sure that you select the form which matches your income while filing returns.Check Form 26AS - All the information related to your taxes, like TDC, TCS, refunds, etc. are included in Form 26AS.
Don’ts. Understanding the Components of Form 16 Format. Every employee, whose salary has been deducted as TDS by the employer, is issued a Form 16 which has a detailed record of the income tax paid. In this post, we’ll have a look at the important components of the Form 16 Format. As per the income tax rules in India, your employer is required to deduct some amount from your salary as TDS as per your income bracket if your annual earnings are more than Rs 2.5 lakhs. When the TDS is paid, you are issued a Form 16 which is a detailed record of all the income tax that you have paid. Also, known as Salary Certificate, the form has all the details of your salary too. If it is the first time that you have paid TDS, Form 16 issued to you might appear confusing.
Structure of Form 16 Form 16 Format is divided into two parts- Part A and Part B. What is Part A of Form 16? Part A of Form 16 is your TDS certificate. Important Components of Form 16 Part A Form 16A has the following details- What is Part B of Form 16? Important Components of Part B of Form 16. What All You Need to Know Before You Make Your Income tax payment? Not just the newbies in the field, but those who are filing the tax return for a long time also find the procedure taxing. However, the importance of filing the tax cannot be denied. If you have due taxes, you can pay them, and if you have a tax refund to be availed, you can get that.
So, here are some of the things that you should know before filing the taxes. Although the tax laws are there to help taxpayers, still, most of the people end up getting entrapped in the complex web. The moment they feel July 31 coming nearer, the uneasiness and hastiness to do everything increases. With confusions elevating and time decreasing, mistakes become unavoidable. The difference between AY & FY: In this country, the accounting year of the taxes, which is financial and assessment year, commences from 1st April and ends on 31st March. TDS Details & 26AS Form: These days, it has become quite easier to find out the already paid TDS details. ITR Forms & Structure: What is ITR-V? Some important things: Avoid These Mistakes While Utilizing Income tax calculator - Feel One. As much as it’s hard to avoid the burden of Income Tax, it is even troublesome to face hassles just because of some common mistakes. Despite using the tax calculator available online these days, most of the people tend to commit some common mistakes that land them in a pit of troubles.
So, here are some of the mistakes that you can avoid. Filing the income tax return is nothing less than an annual ritual. With the date coming closer and closer every year, the first thing that comes to your mind is to calculate the amount that you would have to pay, isn’t it? Though the online calculators have made assessment easier, it is also noteworthy that mistakes ought to happen. Not adding correct details: Most of the time, in the pursuit of better results, people end up adding wrong information. Not reporting all the bank accounts: Ignoring this provision, many people fail to report all of their bank accounts that they operated within that financial year. Wrong Calculation of TDS Amount: Own A Small Business? Know These Things About GST Tax! August 21, 2017in Finance Share This Article : Since the last few years, the Indian economy has seen several changes. After demonetisation, if there is one thing that created a lot of hype in the entire country, then that is the latest tax of GST.
While there have been several positive and negative reviews for this tax, here is how it can affect small businesses. With the introduction of Goods and Service Tax (GST), there has been a lot of buzz in India. So, if you are a small business owner, you must be wary of the effects that you may have to incur. Final GST Slab: Ranging from 0% to 28%, GST Tax is levied at different rates. Who will gain benefits from GST?
All the businesses with pan-India would have to pay less cost because of one tax payment. Changes in the Tax structure: Apart from all the benefits that GST is going to offer, one of the biggest advantages would be the removal of other unnecessary taxes. Service TaxExcise DutyCSTVATAnd more. Making Business GST Ready: GST Payment: How to link your PAN with Aadhaar. Income Tax Pledge by H&R Block. Income Tax efiling made easier – Steps to follow. Several people fret over income tax filing; they have no clue how to go about it and often find themselves struggling with the process. However, with the Government of India allowing the people to file the returns online, the process has become much simpler and quicker than ever before.
If you are filing your returns for the first time, the following step-by-step process will greatly help you glide through the process; all you would need is a computer/smart phone and good internet connectivity to get started. First and foremost, you would need to create a new income tax efiling account.
For this, you must visit the official website of the income tax department and click on the ‘register yourself’ section. It will redirect you to a new form wherein you would have to fill all your details. After filling the required details, click on ‘create account’ and then login into your account with the user ID, which would be your PAN number and the password. The Tax Rates After GST – The Benefits and Drawbacks for the Middle Class People.
It has been just a few days that the GST (Goods and Service Tax) has been implemented, but it has already had a huge impact on the monthly budget of the middle-class people. The new tax scheme, which is now applicable to all the goods and services in the country, the prices system of the goods and products has also changed; while certain things have become costlier others have become cheaper. So, if you are preparing your monthly budget for the subsequent months or if you are dealing with the taxation, knowing the new price structure will greatly help you: Gold Gold, which is considered to be one of the most precious commodities has always been a priced possession for the middle-class people. The GST Council has fixed the tax rate of all the precious metals including Gold, Silver and Diamonds at 3%.
Previously the VAT and the excise duty on gold in most states was capped at 1%, but with the GST in place, Gold has become costlier since July. Insurance Banking Charges Hotel Bookings Dining out. Everything You Wanted to Know About Goods and Service Tax. India’s economy is largely dependent on its earning population; a large percentage of the salaried people in India fall into the middle-class category. This section of the population is the one that is most affected whenever there is a change in the government policies. Right from the time when the GST was announced by the Central Government of India up until the time, it was implemented, and even after, the revolutionary financial reform bill has been discussed by everyone. There has been a lot of discussion on how the new bill will affect the common man and what would be its effect on the people who mainly depend on their monthly salaries for livelihood. Also, there has been a lot of speculation on how the GST would benefit the businessmen in the country and its implications on the national economy in general.
Impact of GST on the salaried employees Impact of GST on the Indian economy GST comes as a refreshing change to the age-old taxation system in India. Important Things to Know about Income Tax Payment – Changes Introduced in Budget 2017. Every person who earns an income is obliged to pay a certain amount of tax to the government. However, not many people fully understand the implications of the tax structure implemented by the state and the central governing authorities. The Income Tax is essentially a certain portion of the income that you pay to the government towards the national development as well as for paying the salaries of the central and state government officials. All the taxes are levied by passing a law, and the provision of the Income Tax system in India is governed by the Income Tax Act of 1961. All salaried employees, business owners, corporate companies and other establishments/individuals that generate revenue by some mean in India are required to make Income Tax payment to the government.
As per the new budget that came into effect on April 1st, 2017, the income tax rate for people falling in the income bracket of 2.5 Lakhs INR to 5 Lakhs INR has been revised to 5%. A Primer Income Tax efiling. Benefits Of The Goods And Services Tax Bill To The Indian Economy. The What, Why and How of Income Tax Login. What is form 16: What you need to know? Step by Step Guide for Income tax e-filing.