Breaking Down the System of GST Registration in India – All India ITR All businesses with a turnover of Rs. 20 Lakhs, Rs. 10 Lakhs (under specific conditions) or more must register for GST. Businesses involved in the supply of goods or services that fall under GST taxation governance must mandatorily get their businesses registered. Registering on time will eliminate any sort of interference from tax authorities and business will be smoothly proceeded. The Importance of GST Registration Under the jurisdiction of GST, there are many benefits which is why it is important that any business providing goods and services should obtain the GST registration at the earliest. Entities that Must Register for GST Entities falling under the following list must register for GST under the GST Act: Uncommon Situations when GST Registration is Required Classifying the Benefits of GST Under GST there are numerous benefits. The Documents that are Required for GST Registration The following documents must be produced while registering for GST: GST for Smaller Dealers
Form 16 for Income Tax e-Filing - Understand Your Form 16 Prepare Early for next ITR filing Least complicated ITR e-filing in the industry E-file your ITR in a few simple stepsExpert Assistance over Chat and EmailClick to go through the procedure for e-filing hereStart e-filing Where can I get a Form 16? An employer must issue Form 16 to the employees even if there is no tax deduction from the employee’s salary as Form 16 carries all the information required by an employee and necessary to file his/ her income tax returns. How can I use Form 16 to file Income Tax Returns? In India, the rule for filing Income Tax is based on The Income Tax Act of 1961 and the Income Tax rules of 1962. Why is Income Tax Form 16 required? When a salaried individual realizes the contents of Form 16 then Income Tax Returns filing become more understandable. Form 16 has two section, Part A and Part B. Part A of Form 16 consists of the following: Part B comprises of numerous details that are needed while Income Tax Returns. Part B of Form 16 consists of the following: Q. Q.
Filing Income Tax return online | Steps of E-flling ITR – All India ITR From salaried employees to business owners and freelancers to start-ups, filing income tax returns is an essential exercise to be done every year. This used to be a tedious task. But with the introduction of the online Income Tax Return filing option, things have become a lot easier. Now an ITR can be filed from the comfort of your home or office without having to stand in long queues. You can even file returns on the go with this useful income tax app. Here, we give complete step-by-step instructions on how to e-file income tax returns. But before you start, check your eligibility criteria: Who Must file an ITR? Most people are unaware who must and who must not file ITRs. Be an Early Bird: Most Comprehensive ITR e-filing Follow easy steps to e-file your ITR.We are professionally equipped and happy to assist 24x7.Our Experts promise super quick e-filing of taxes.Start e-filing E-Filing Is Compulsory under following circumstances: Types of Income Tax Return to file? The List is given below:
Salary Income Guide – Calculate Tax for Salaried Person What income am I taxed for? Income is not only salary, but it includes all the income that you earn from all other sources. The other sources include house property, profit/loss from selling stocks, interest earned on a savings account/fixed deposits. So, how much tax I have to pay? Tax is levied on the total income generated from all the sources. For senior citizens of 60 years or older, the 0 tax limit is prescribed for income up to INR 3,00,000. Calculate Your Income Tax When an employer deducts tax from employee salary and pays it to the I-T Department on their behalf The TAX employer deducts is called TDS or Tax Deducted at Source which they pay to IT department. The employers also provide a TDS certificate called Form 16 around June or July which shows all the calculations of monthly deductions. Description of Form 16: Typically it’s a TDS certificate which shows the calculation of TDS deducted by your employer during the whole financial year. It has two parts Part A Part B
How cryptocurrency is dealt with by Indian law Cryptocurrencies have been in the news recently because tax authorities believe they can be used to launder money and evade taxes. Even the Supreme Special Investigating Team on Black Money recommended that trading in such currency be discouraged. While China was reported to have banned some its largest Bitcoin trading operators, countries such as the USA and Canada have laws in place to restrict stock trade in cryptocurrency. What is Cryptocurrency? Cryptocurrency, as the name suggests, uses encrypted codes to effect a transaction. How are Transactions Made on Cryptocurrency? When a transaction is initiated by one user, her computer sends out a public or public key that interacts with the private of the person receiving the currency. The process described above was developed by an anonymous user in 2009, who went only by the name of Satoshi Nakamoto. BitCoin, for example, can be used on mobile devices as well to enact purchases. How Can Cryptocurrency be used for Money Laundering?
House Rent Allowance - HRA Exemption Calculator Frequently Asked Questions Q. How is my HRA decided by my employer? The House Rent Allowance, which is supposed to be paid to the employee depends on the basic salary of the employee. Q. You will not require any documentary proof if your House Rent Allowance claim is up to Rs. 3000 per month. The Rent Receipts:A completely filled rent receipt with all the required details, which include residence address, landlord’s name, the rent amount, signature of the landlord which is used as a verification of the rent accepted by him/her. Rental agreement in some cases: If the monthly rent exceeds the amount of Rs. 15000 per month or Rs. 1lakh a year, then in that case PAN Details of the landlord must be produced for claiming the House Rent Allowance exemption. Q. If an individual pays interest for a home loan and he/she enjoys tax benefits on the interest of the loan, in that case also an individual can take HRA benefits provided to him/her by his/her employer. Q. Q. Q.
The How and When of Getting Your Income Tax Refund Every year, taxpayers from all avenues of society find themselves at the same intersection where they must sift through reams of data to fill return forms, pay income tax, anticipate refunds and more. While filing your taxes is definitely not the problem it once was, thanks to an opportunity to e-file online, it’s still essential to be aware of all your options. This is particularly true of the tax refund process, or more specifically, how to ensure that your genuine refunds are indeed credited to your bank account. Most commercial organizations that disburse salary and self-assessing individuals may choose to overpay their dues instead of underpaying them so that they can avoid receiving notices and have to undergo a cumbersome process of back and forth communication and rectification. Then there are those professionals and traders who have to pay Advance taxes on the basis of mathematical projections. How Does One Claim an Income Tax Refund? Checking the Status of Refund
Efiling Income Tax AADHAR Linking with Online ITRs and Privacy The number of financial dealings that you can manage without linking AADHAAR to such media as your PAN for online ITR filings, is steadily decreasing day by day. And while the highest court of the land is yet to take a call on biometric association with every government service provider, it is becoming clear that the AADHAAR may be beyond the purview of legal objection. Here are some explanations for why AADHAAR seeding has been made mandatory for various other types of identity cards issued by the government or similar authority. PAN: With effect from the 1st of April, 2017, the Income Tax Act, 1961 inserted a new section, 139AA to Chapter XIV – the procedure for assessment of taxpayers, which makes it enforceable by law to permanently associate your AADHAAR number with your PAN number before you can file your ITR online. In fact it is necessary to quote your AADHAAR while enrolling for allotment of a PAN card.
Income Tax Planning for Every Wage Earner As salaried individuals, most of us don’t have the luxury of taking up a second income to make enough money to alleviate tax losses and match our ambitions. A far better way to earn more is a careful analysis of your salary structure to reduce income tax payments to a minimum and correspondingly increase your net receivable salary. If your boss has been consistently refusing your requests for a pay raise even after you completed that hefty project, it might be time to talk to your HR department to change the structure of your salary. It is a well-established principle of taxation that expenses incurred to achieve a job goal ought not to be considered a part of taxable income. For instance, you might have to travel to meet a client, attend a business conference, call clients on your personal phone buy magazines or books to complete research on a project, HRA etc. All these are expenses that your employee should boot the bill for.
How to Obtain Unclaimed Tax Refunds Income tax authorities around the world collect excess tax amounts as a result of requirements pertaining to Advance Tax or Self-Assessment Tax and end up owing tax refunds to its citizens and firms. There are also situations where tax estimates are based on mathematical projections expecting desired profits and incomes but most commercial entities or professionals find that they have made less at the end of the year. Others may make errors in computation of tax liabilities or where tax has been deducted at source, make new investments in the middle of the year, which the employing organization has not taken into account before depositing TDS. Online Income Tax Refund Claim The process of claiming a refund has been made much easier by making it mandatory to fill your ITRs online. Since online filing of ITRs became mandatory, your e returns are your refund claim application. Claiming Previous Years Tax Refunds Legal Provisions What Time Limit Can I Claim Tax Refunds For?
Composition Tax law under the GST regime Small businesses are often hard pressed to manage daily cash flows leaving aside indirect tax compliances for goods they buy or sell. Simply put, the GST in India is a tax levied at the point of destination rather than at the point of origin. It becomes applicable every time value is added to either a good or a service. The person who pays the most tax under this regime is the one performing the final consumption. In a set of FAQs to ease the spirit of protesting traders and small businessmen, the CBEC has stated that this class stands to benefit under the Input Tax Credit system. This is because whereas earlier indirect taxes used to be borne by the retailer, now that burden would fall upon the consuming member of the public. Who is Eligible to Opt for Composition Tax? Small traders who earn less than Rupees 20 lakh annually as turnover are offered the relief of not requiring to register themselves under the GST. These include: Intimation for withdrawal Disadvantages: Advantages: