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It's essential to stay informed about income tax and GST regulations to ensure compliance and avo…

It's essential to stay informed about income tax and GST regulations to ensure compliance and avoid potential penalties. Filing your Income Tax Return (ITR) before the deadline of 31st July is crucial to prevent any late fees or penalties. Additionally, be cautious of individuals who might mislead you with incorrect tax information. Accurate and timely filing of your taxes not only helps you stay on the right side of the law but also contributes to your financial well-being. Make sure to consult with reliable GST and income tax professionals to navigate the complexities of these regulations effectively.

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Income tax slabs rate for Old Tax regime -FY 2020-21

Income Tax Slab Rates for FY 20-21 (AY 2021-22 )

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( Circular No. 129/48/2019 – GST, Dated 24 December 2019)

The Central Board of Central Excise and Customs (hereinafter called board) comes heavily on the defaulters on account of non submission of GST Returns u/s 39 or 44 or 45 of the CGST Act. The board in exercise of power conferred u/s 168(1) of the CGST Act issued “ Standard Operating Procedure to be followed in case of non-filers of returns” Notes : (1) The due date of the monthly GSTR is 20th of the next month. (2). In the deserving cases, based upon the facts of the case the Commissioner may resort to the provisional attachment to protect revenue under section 83 of the CGST Act before issuance of FORM GST ASMT-13 (Assessment Order). Further the Proper Officer may initiate the proceedings of cancellation of registration u/s 29(2) if the returns has not furnished for the period specified u/s 29 of the CGST Act.

SIMPLIFICATION OF DIRECT TAXES

Budget 2019 proposes to make PAN, Aadhaar interchangeable; soon you can file ITR using either of…

Budget 2019 proposes to make PAN, Aadhaar interchangeable; soon you can file ITR using either of these Budget 2019 proposes to make PAN and Aadhaar interchangeable. As per the announcement, indiviudals who do not have PAN will soon be able to file their income tax return (ITR) just by quoting their Aadhaar number. In addition to that, those who do not have PAN can simply quote their Aadhaar number wherever PAN is mandatory to quote. The move is aimed at improving tax compliance and to make the life of the taxpayer simpler. The Budget documents further proposed that mandatory quoting of PAN/Aadhaar in order to track high-value trasactions. Venkatesh Narayan, National Leader, Tax Technology and Transformation, EY India, says, "Honourable Finance Minister in her maiden budget speech has laid considerable emphasis on technology to enable ease of compliance, eliminate taxpayer-department human interface and improve enforcement. On the Direct Tax side, the proposed interchangeability of PAN and Aadhaar is a welcome step. If indeed Aadhaar means ‘no need for PAN’, it means that individual tax payers need not keep multiple identifiers and is a step towards making Aadhaar a universal identifier." As per current income tax laws, it is mandatory to quote PAN number without which ITR cannot be filed. In addition to that with effect from April 1, 2019 it is mandatory to quote Aadhaar number and link the same with PAN while filing ITR.

it is your duty to file your tax returns.

2. ITR receipt is a very important document You need to preserve ITR receipts carefully as they are very important proof of your income and of payment of your taxes. It is much more detailed than Form 16. It contains your total income details and has details of your income from other sources. 3. ITR receipt is a useful document for hassle-free processing of bank loans Most banks and NBFCs ask for ITR receipts of the latest three years when you apply for high-value loans like home and car loans. Lenders consider ITR as the most authentic document supporting an individual’s income. Hence, you should regularly file ITR if you are planning to avail home or car loans in the future. 4. Visa processing Embassies of developed countries like the United States, United Kingdom, Canada, and Australia ask for ITR receipts of the past years to process your visa application. They are very particular about your tax compliance and hence, you are asked to furnish past ITR receipts. This helps them assess your income and ensure that you are able to take care of the expenses on your trip. 5. Compensate losses in the next financial year...

ITR Filing: 5 benefits of filing income tax returns you may not be aware of

Filing ITR on time is beneficial in many ways while keeping you tax-compliant. Here's all you need to know. Individuals whose annual income is in excess of the basic exemption limit of Rs 2.5 lakh must mandatorily file their income tax returns. Even when there is no tax liability, an income tax return (ITR) must be filed if the total income exceeds the above-mentioned threshold. ‘Income tax return’ is a form in which taxpayers declare details of income, deductions, exemptions, and taxes payable on their taxable income. Filing ITR is mandatory to claim tax deductions under Section 80C, 80D, etc. and other eligible exemptions like long-term capital gains exemptions, which may eventually bring your taxable income to zero. Filing income tax returns not only keeps you tax-compliant, but also offers the following benefits: 1. Filing ITR avoids penalties Effective from FY 2017-18, the Income Tax Department levies a penalty of Rs 10,000 under section 234F on individuals who do not file their ITR. Filing ITR on time avoids unnecessary penalties. Even though the penalty has been kept at Rs 1,000 if your annual income is not more than Rs 5 lakh, as a law-abiding citizen, it is your duty to file your tax returns. CONTINUE...

TDS Rates by IT Act Sections

TDS is basically a spot tax, deducted from the actual source of income. The same is described in the indirect tax section of Income tax Act 1961. It is implied on the income received from financial products like interest received on fixed deposits, incentives from the employer, commission’s payments, dividends on bonds, sale/purchase or rent of any immovable property and money earned as lottery or awards. The TDS rate applicable under different sections & subsection of is between 1%- 30%. IT Section Threshold Limit* TDS Rate Section 192 As per applicable income slab As per income tax slab rate Section 193 ₹ 5000 for debenture payment 10% of the interests earned on security investments. Section 194 ₹ 2500 10% of proceeds from any deemed dividends Section 194A ₹ 10,000 10% of proceeds from interests earned on investments other than securities Section 194B ₹ 10,000 30% of prize money on lottery or gaming related winnings Section 194BB ₹ 10,000 30% of prize money from horse racing Section 194C ₹ 30,000 which is for each contract, whereas ₹ 100,000 is for p.a. Proceeds from any contracts / sub contracts • Individuals or HUF @ 1% • Non Individual/corporate @ 2% Section 194D ₹ 15,000 5% of earning as insurance commissions Section 194EE ₹ 2,500 20% of expense in NSS deposits Section 194F NIL 20% of investment in MF or UTI units Section 194G ₹ 15,000 5% of the commission money from lottery ticket selling.

Interim Budget 2019: How Your Income Tax Liability Is Set To Change From Assessment Year 2020-21

Income tax rules (interim Budget 2019): Careful planning of investments can lead to a significant reduction in the assessees' tax outgo, say experts. Interim Budget 2019: The government hiked the standard deduction limit by 25% The government announced a few changes in income tax rules in interim budget earlier this year. Key changes in the income tax law included a full tax rebate on annual income up to Rs. 5 lakh and a 25 per cent hike in standard deduction allowed to salaried individuals and pensioners. These income tax rules will come into force from Assessment Year 2020-21 (financial year 2019-20). Careful planning of investments as per income tax laws can lead to a significant reduction in the assessees' overall tax outgo, say financial advisors. In the interim Budget, the last Budget announced ahead of the general election which concluded in May this year, the government announced the following measures, among others: Full tax rebate on annual personal income up to Rs. 5 lakh; in other cases; income tax rates/slabs unchanged Standard deduction limit raised from Rs. 40,000 (Budget 2018) to Rs. 50,000 Hike in TDS (tax deducted at source) threshold applicable to interest earned on bank/post office deposit Experts have shared few examples to explain the changes in income tax liability as per the proposed changes in laws: Budget 2019 tax calculation examples.. NEXT PART