TaxReturnWala
Now get your all type of tax returns filed through e filing in India starting at just Rs. 299 only. - TaxReturnWala.com
Delay in Filing ITR? Get all the latest updates and consequences. Delay in Filing ITR?
Get all the latest updates and consequences Till further notice, the taxpayers need to file their tax return within 31st July of their financial year as per Government rule. The Government provides a window of 4 months for their taxpayers to assess their income details and file the ITR every Assessment Year (A.Y.) which starts from 1st April to 31st July. Filing ITR taxes a few minutes, so every citizen should file ITR on their due date and file the returns, or else they will need to face the consequences. This article gives a clear view of all the consequences for Delay in filing ITR. Let us have a look at the latest updates and dates As per the latest update issued by CBDT on 9th September 21, extending the timelines for tax compliances for the year 2021-2022.
How to create Challan in GST? Learn everything about challan and GST. To generate challan in GST, you need to know the steps to generate and use the GST Portal.
The GST payments are available to do in online and offline portals. You will find step-by-step instructions to create a challenge in GST and everything related to GST payment. Making payments under GST in a nutshell GST payment modes are generally the same for all taxpayers. If there is insufficient cash in the electronic cash ledger, the taxpayer would need to have the challenge to deposit cash into the cash ledger using the modes given below. Know Everything About Income Tax and Minors. There is a ban on child labor under the Child Labor (Prohibition and Regulation) Act, 1986, applicable for every minor under the age of 18 years.
But minors can still earn income from other sources. Not only salary from employment but minors can also receive an income from bank account savings, fixed deposits, and other investments made by the individual’s parents. What are the ways a minor can earn? There are two ways a minor can earn- Income through their skills, or special knowledge, or through any curricular activity.Through Parents Fixed Deposits, saving accounts in their name. Different Types of ITR Forms One Needs To Consider. The government uses the tax you pay for different functions and operations of government like building infrastructure, social welfare schemes, government services, etc.
It indirectly benefits you. Income tax is levied on your income. You need to submit the form to the Income-tax department where your income is provided. Everything about GST challan generation in 2021. Once the Input Tax Credit (ITC) is adjusted, the taxpayer needs to pay the balance GST amount to the Government.
To complete the payment, the first one needs to do GST Challan generation from the official GST portal of the Government on Then the amount displayed on the portal needs to be paid through different payment modes like internet banking, NEFT, debit/credit card, or cash at the bank branch. GST Challan Made Easy With This Guide. GST online payment via GST Challan payment made tax payment simple and improved transparency.
Therefore, online payment of GST through the common site is properly processed. Accordingly, you may access three electronic ledgers to pay GST as a registered taxpayer. This includes: Electronic Ledger Liability. Everything you should know about Inter Corporate Loan. Any company is authorized to provide loans, investments, guarantees,s, and securities, to other companies or corporate bodies but having full consent of the board or that of the shareholders.
Here, we would talk about the different provisions that Section 186 of Companies Act 2013, deals with inter-corporate loans and investments. Legal Heir - How to Apply for Legal Heir Certificate Online & Offline. Who is a Legal Heir?
A Legal heir is a person who is the lawful beneficiary of the assets of another person who dies without a Will or intestate in legal terms as per the Indian succession laws. Legal heirs can be categorized into two parts —Class I and Class II heirs. For example, according to Indian succession law, if a man leaves behind property without a Will, it is primarily passed on to Class I heirs (the widow, children, and mother) in equal share.
If there aren’t any Class I heirs, Class II heirs (father, grandchildren, great-grandchildren, brother, sister, and other relatives) can claim the property. If the owner is a woman, property gets passed on to her husband and children in equal proportion. Some vital tick downs about Alteration of Share Capital. Any fluctuations in the share capital of a company are known as alterations of share capital.
The share capitals are of two types- Equity Share Capital Preference Share Capital The companies that can alter or make some changes in their authorized share capital following a specific procedure for the Alteration of share capital have been mentioned in the companies Act, 2013. Best effective ways to deal with tax free salary- Taxreturnwala. People constantly seek opportunities to save income tax.
Nobody loves missing choices that may save money paid as tax. Different individuals choose different methods. Sometimes people simply stick to the techniques they know and lose out on more effective ways to save tax. Best ways to avoid online cash transaction charges - Taxreturnwala. Are you also addicted to a large number of cash transactions?? Then you need to know how to avoid paying extra levy – cash transaction charges. Cash Transaction charges are the charges that are imposed by the banks if you exceed the number or amount of cash transactions limits in a month. Cash transaction charges are applied on both cash withdrawals and deposits. Cash transaction charges are levied upon consumers to pay up the operating expenses of the bank and uplift the digital economy. An Overview on Section 119 of Income Tax Act. An economy of a nation runs smoothly due to the adequate flow of revenues by the government. One of the sources of revenue for the government is the Revenue from the taxation of the Public incomes.
This is also known as Direct Taxation as this tax is implicated directly on the disposable income of the person. Income tax is one type of direct tax. It provides for levying, administering, collecting, and recovering income tax for the Indian government. Difference between micro small and medium enterprises. Micro, Small, and Medium Enterprises (MSMEs) are small businesses characterized by their investment size. They make a major contribution to the economy’s output, jobs, and exports, among other things.
They play an important role in the economy by employing many unskilled and semi-skilled employees, contributing to exports, increasing manufacturing sector production, and supplying raw materials, essential products, finished parts, and components to larger industries. Micro, small, and medium enterprises are described differently in different cultures worldwide, but in developing countries like India, they mean survival for many families. Let’s take a look at each of these businesses separately to get a better understanding. Significant changes in Income Tax Returns applicable from 1st April 2021. India has a well-structured tax system, with two characteristics defining the importance of taxes: progressive tax and proportional tax.
It is called progressive in that the tax is extended at higher rates to higher wages and revenue brackets. Meanwhile, it is proportional because the tax rate is proportional to the amount of income or revenue taxed. The federal and state governments primarily determine changes in tax rates, brackets, and slabs. They must be followed by legislation enacted by Parliament or the state legislatures. CMA Data Report: A significant document used to avail bank loan. As businesses require huge rolling of funds in form of fixed capital expenditure or working capital requirements, to run the business operations smoothly, organizations need to raise funds from financial institutions, credit rating agencies, or banks. These financial organizations provide loans on a short, medium, and long-term basis along with their charge as interests. One can avail of bank loans by submitting a Credit Monitoring Assessment data report. It is a fundamental document to be shown to financial institutions or banks to exhibit your past financial and present financial position and future financial planning.
Thus, it is an evaluation of the past as well as present performances of the businesses to ensure its economic stability, liquidity, and financial stability of the borrowing company. As per Reserve Bank of India guidelines, a company or the borrower need to present a detailed CMA report to banks and financial institutions for the following types of business loans:- Yearly Update IEC or Face Deactivation. Tax Implications on Transacting CryptoCurrency. For an investor, Forex is a big market to invest in. It encompasses a range of currencies like USD, EUR, GBP or JPY, etc. No proposal from government for scrutiny of GST assessment in faceless mode. Surpassing old traditions with the new faceless e-assessment scheme, the government through its Union Budget 2019, bought context for a no-contact policy for Income taxpayers for their faceless tax assessment and scrutiny of their tax suits. The policy as read proposes to have no physical contact or exchange of any documents in physical nature between the taxpayer and the assessment officer.
As the policy institutes reform the tax administration and remove any type of subjectivity caused by physical contact in the processes, it is also so believed to become a part of the GST system soon. CMA Report for Small Businesses. CMA (Credit Monitoring Arrangement) report is the projection of the future of any business (irrespective of the size or type of business) based upon past performance. It consists of a group of reports in fiscal numbers, ratios, and graphs. Centre issues Guidelines for Startup India Seed Fund Scheme. Evaluated need of funds by newly incorporated startups, the Ministry of Commerce once said in a statement that “Even funds are available to exist entrepreneurs from angel investors and venture capitalists when proofs of their business concept are made available, also banks grant loans to entrepreneurs based on their existing asset profile.
Hence, only newly incorporated startups find it difficult to raise funds in the market.” Prime Minister Shri Narendra Modi announced the Startup India Seed Fund Scheme marking the fifth anniversary of the Startup India Initiative. NRIs non-repatriable investment now out of FDI numbers: DPIIT. Given the projected irregularities in the estimation process of FDI by NRIs, DPIIT has recently presented its clarification on the readjustment of its FDI policy for NRIs non-repatriable investments. Clarifying for the downstream investment of NRIs, DPIIT stated that any further institutional investment made by companies held by NRIs on a non-repatriable basis shall on the issue of their clarification, would not be considered a part of the FDI summation process.
Tax Changes Applicable from 1st April: Incorporate Changes and Plan Wisely. Accounting Software for companies which has Audit Trail Feature. The history is evident of how business organizations in the past not only in India but also overseas, used to cook the books with the intent to show lower profits to evade higher amounts of taxes. The well-known cases in India were the Satyam scam, Harshad Mehta scam, etc. while globally were the Enron Corporation and Dotcom scam.
All these scams are proofs of irresponsible financial systems where the culprits made misuse accounting software. How to Add Previous Year Losses to Your Income Tax Return? 5 tips for the perfect tax planning in 2021. PAYMENT MECHANISM UNDER GST REGIME. Why PSARA license is important in India? Statutory Auditor. Form 33 Clearance Certificate. Understanding the Assessments under Section 143 of Income Tax Act 1961. STEPS FOR ALTERATION OF SHARE CAPITAL? GST CHALLAN AND EVERYTHING YOU NEED TO KNOW. How crucial are related party transactions from the compliance point of view. Startups and Budget 2021. Budget Highlights on Direct Tax Regime. MCA 21 3.0 New Era Governance on it’s Way. WORK FROM HOME AND TAX IMPLICATIONS. Tax Implication on Housewives. E-INVOICING AND ITS IMPACTS. GST GUIDELINES FOR SMALL BUSINESS. QRMP Scheme By GST System. DEDUCTION UNDER SECTION 80 EEB OF INCOME TAX ACT. Is filing Income Tax Return Mandatory? - File Taxes Online.
TDS ON CASH WITHDRAWAL FROM BANKS - File Taxes Online. Details of Capital Gain on your plot sale: Taxation Aspect - File Taxes Online. Financial Planning: Mutual Funds as an Investment for Retirement Plan - File Taxes Online. The Factors Affecting Credit Score - TaxReturnWala. Send a legal notice - File Taxes Online. All you need to know about Form 26AS - File Taxes Online. PROCEDURES FOR A FOOD DELIVERY BUSINESS. - File Taxes Online. Udyam Registration - File Taxes Online. REMODELING MSME PORTAL : UDYAM REGISTRATION - File Taxes Online. Labour Law Compliances - File Taxes Online. Winding Up Process for Sole Proprietorship: - File Taxes Online. A Complete Guide on Form 16 - File Taxes Online.
GST Audit for Manufacturing Entities - File Taxes Online. Licenses for Pharmacy Business in India - File Taxes Online. Succession Certificate Vs Legal Heir Certificate - File Taxes Online. Planning to start Ayurvedic medicine manufacturing? HERE IS A GUIDE FOR YOU - File Taxes Online. Capacity Building, Health Sector & Miscellaneous Schemes. Private Public Partnership Model. Major Measures & Initiatives for Agriculture & Allied Sectors : Part 3. Economic Relief Package: Relief to Poor Migrates & Farmers. Atmanirbhar Bharat Abhiyan Economic Relief Package. ELSS Equity Linked Saving Schemes - How it is linked to your tax savings? Tax on Cashback - TaxReturnWala. Why healthtech and telemedicine startups have a bright future ? Taxability of trust in India - TaxReturnWala.
Recovery Process & Tips to Drafting. Income Tax Slab Comparison Chart 2020-21: Old Tax Regime v/s New Tax Regime. How the coronavirus pandemic is affecting. COVID-19 outbreak: How to ensure financial security during such a crisis? Business Registration by NRI in India - TaxReturnWala. Marked as Non-Compliant? - TaxReturnWala. COVID-19 Effect: Tax Compliance Extended, Recent Updates from FM - File Taxes Online. Companies Fresh Start Scheme 2020 - as announced by MCA. Filing GSTR 10: Final Return after GST Cancellation. Highlights of 39th GST Council Meeting - TaxReturnWala. Finance Minister Nirmala Sitharaman: Economic Relief Package. RBI Prepositions for Lockdown: COVID-19 Policy Updates. Vendor Agreement: Important Elements - TaxReturnWala. Master Service Agreement. Small Enterprise Network (SENET) - TaxReturnWala.
Joint Venture Agreement & Formation - TaxReturnWala. Taxreturnwala. Aspect of Advance Tax - Provisions, Applicability and Computation. Private Security Agency License - TaxReturnWala. Filing Income Tax Returns for Minors - TaxReturnWala. Cheque Bounce & Related Consequences - TaxReturnWala. Gift from Non-Relatives - A tool for tax planning - TaxReturnWala. Registration Mistakes By Entrepreneurs & Start-ups - Taxreturnwala.
Obtaining Drug License in India - Taxreturnwala.com. ITDREIN - Income Tax Department Reporting Entity Identification Number. What if your employer refuses to issue Form 16 / TDS Certificate? Reverse Charge Mechanism Under GST - TaxReturnWala. Guidelines for New GST Return Dashboard - TaxReturnWala. QR Code Registration Uses, Features and Benefits - TaxReturnWala. Taxreturnwala. Company Law Amendments: Decriminalization, Offences. LLP Settlement Scheme 2020 - TaxReturnWala.