Sales tax is collected by which level(s) of government?
Sales tax is levied by the central and state Government. sales charge is levied at both the degrees of Legislation, Central and State. The assessment forced by the Central Government is known as the Central Sales Tax, though the charge levied by the states is called State sales Tax.
How do I report someone for social security fraud?
If you receive a suspicious call from someone alleging to be from Social Security, you can report details of the call to the Office of the Inspector General at hotline at 1-800-269-0271 or submit a report online at https://oig.ssa.gov/.
What qualifies for a 1031 exchange?
To get the full advantage of a 1031 trade, your substitution property ought to be of equivalent or greater value . You should recognize a substitution property for the resources sold inside 45 days and then conclude the trade within 180 days. There are three standards that can be applied to characterize recognizable proof.
What is the difference between advanced tax paid and self-assessment tax paid?
Advanced tax is paid in the preceding assessment year. A taxpayer who is a salaried employee with some other sources of incomes where the total tax liability does not exceed Rs. 10000 after deduction of TDS. Self Assessment Tax is paid in a specific assessment year before you are filing your Income Tax returns. While you are ascertaining your taxability risk, you may realise that a portion of your duty is as yet due even after consideration of TDS and Advance expense. In such a situation, you should make good on the Self Assessment charge.
How do I deregister for VAT?
You can log onto your VAT enrollment online on VAT website. Add information and attach the documents as requested. Once the verification is done you will be allowed your permanent VAT registration number.
What are the investments and expenses that can be shown for Income tax concession in India?
Bank Fixed Deposit with return upto 6% to 7% for 5 years Public Provident Fund (PPF) with return upto 7% to 8% for 15 years Public Savings Certificate with returns upto 7% to 8% for 5 years Public Pension System (NPS) with return upto 12% to 14% Till Retirement ELSS Funds with return upto 15% to 18% for 3 years Unit Linked Insurance Plan (ULIP) with return that Varies with Plan Chosen for 5 years Sukanya Samriddhi Yojana (SSY) with return upto 7.60% Senior Citizen Saving Scheme (SCSS) with return upto 7.40% for 5 years Aside from the 80C allowances, there are different derivations under Section 80 you can use to save money on personal assessment. Tax reductions on health care coverage expenses and home advance interest are a couple Clinical protection premium to be guaranteed at Rs. 50,000. (Rs 25000 for self companions and youngsters and Rs 25000 for subordinate guardians under 60 years). Guarantee clinical protection premium paid up to a limit of Rs 1,00,000 for every annum whenever profited for senior residents. Assuming senior residents are not covered under any health care coverage, clinical use brought about can be asserted under 80D up to Rs 50,000 Interest paid on a home credit can be guaranteed as a derivation under segment 24 up to Rs 2 lakhs. Segment 80EE likewise permits you to guarantee a derivation of up to Rs 50,000 on home advance interest which is far beyond the restriction of segment 24. Qualification of extra interest of Rs 1.5 lakh on acquisition of another house under moderate lodging plan according to area 80EEA is reached out till 31st March 2022 A home credit would likewise help you in lessening your available pay as the chief part of the home advance can be guaranteed under Section 80C up to Rs 1.5 lakh and the interest piece can be asserted as a derivation from pay from house property Any foundation to told organizations or assets can be guaranteed as a derivation under segment 80G Interest paid on schooling advance is permitted as derivation under segment 80E
What do you think of one-off windfall taxes?
A bonus charge is a surtax imposed by governments on organizations or financial areas that have profited with monetary expansion. The intention is to reallocate excess profits in one area for greater social good which could be a contentious ideal.
Does the IRS audit returns from the very elderly?
Your expense forms can be examined after you've been given a discount. Just a somewhat little level of U.S. citizen returns are examined every year. The IRS can review returns for up to three earlier expense years and at times, return considerably further.
What’s the catch with IRS tax relief companies?
Expense alleviation organizations are now and again thought to be notorious because of client objections about bogus guarantees, high charges, and surprisingly out and out tricks. While it's totally a fact that the duty help industry has some awful players, there are likewise a lot of trustworthy expense alleviation organizations with demonstrated records of accomplishment.
Is the demand for medicines perfectly inelastic or relatively inelastic?
In the event that the cost increment had no effect at all on the amount requested, the medicine would be considered entirely inelastic. Necessities and clinical medicines will be relatively inelastic in light of the fact that they are required for survival.
What if the employer does not deduct TDS?
Punishment for organizations for not depositing or not deducting TDS on schedule. The employer can make the interest installment on such a late installment of TDS prior to filing TDS returns or requests raised by TRACES. Likewise, the interest paid deferral while keeping TDS is not permitted as an expense under the annual duty arrangements.
What is the sovereign right to taxation?
In India, the Constitution gives the public authority to exact taxes on assessments of people and associations, however clarifies that nobody has the privilege to require or charge charges besides by the authority of law. Any expense being charged must be sponsored by a law passed by the assembly or Parliament (Article 265).
What is debit balance in accounts payable?
A debit balance is a record balance where there is a positive equilibrium in the left side of the accounts. Accounts that typically have a debit balance incorporate assets, resources, costs, and losses.
How many personal exemptions can a taxpayer claim?
You can claim one individual duty exemption for yourself and one for your spouse in case you are married. You can likewise guarantee one duty exemption for every individual who qualifies as your dependent.
Which one feature of PPF is better than a mutual fund?
PPF is a completely debt instrument that has a lesser risk score as compared to mutual funds.
How can HUF become a tax saving tool?
That implies if a HUF comprises a couple, it won't turn into a different assessee under personal duty laws. When a youngster is conceived, there will be Karta and two companions, for example spouse and kid. Henceforth, this HUF will presently turn into a duty saving instrument for the family.
What is the role of an inspector in an audit under section 65 in CGST?
The Commissioner or any official approved by him, via a general or a particular request, may attempt to review any enrolled individual for such period, at such recurrence and in such a way as might be endorsed. The officials alluded to in sub-Section (1) may direct review at the business environment of the enlisted individual or in their office. The enrolled individual will be educated via a notification at least fifteen working days preceding the lead of review in such a way as might be recommended. The review under sub-Section (1) will be finished within a time of 90 days from the date of initiation of review. Given that when the Commissioner is fulfilled that review in regard of such enrolled individuals can't be finished inside 90 days, he may, for the motivations to be recorded as a hard copy, broaden the period by a further period not surpassing a half year.
Where do I list tax paid to a property management company on my income tax?
You are very right that the rental pay your organization gets, and the costs it pays, for customers' sake, isn't your organization's pay or costs. It has a place with the individual landowners who are your customers. You don't list this as pay or costs on your organization's assessment form. The solitary pay you need to cover your own return and pay charge on are the expenses and commissions your customers pay you. In any case, the Internal Revenue Service needs to know the amount you transmit to your customers every year. IRS guidelines require rental specialists and property board organizations to document a 1099-MISC data return every year revealing the net sum paid to every customer. This standard is planned to assist with keeping landowners from underreporting their rental http://income.In expansion, on the off chance that you pay a repairman or other individual $600 or really during the year to perform administrations for a customer's property, you should independently report those installments to the IRS. You report these installments on IRS Form 1099-MISC. Take away your administration charges, bonuses, support and fix costs, and different costs you deducted from the customer's rental installments during the year, and rundown the net sum in Box 1. Duplicates of the 1099 should be given to the customer by Jan. 31 of the year after the installments were made, and to the IRS by Feb. 28. You can record this structure electronically (on the off chance that you document at least 250 1099s every year, you're needed to do as such). There is one significant special case for these announcing rules: 1099s need not be recorded where the payee is an organization. Hence, they need to be recorded if the land owner is an enterprise. Similar remains constant in the event that you enlist a fused business, rather than a unincorporated self employed entity, to perform support, fix or different administrations on a customer's rentals.
Can I get an income tax benefit on a home loan prepaid and penalty charged?
Home loan tax repayment is eligible for tax deductions under Income tax,1961. Home loan interest paid upto Rs. 2 lakhs per annum is tax deductible u/s 24. Section 80C allows deduction against principal repayment for upto Rs. 1.5 lakhs. Additional deductions are available under section 80 EE and 80 EEA.
How do I compute accounting income?
Accounting income is profitability that has been compiled using the accrual basis of accounting. In general, accounting income is the change in net assets during a reporting period, excluding any receipts from or disbursements to owners. It is also calculated as revenues minus all expenses
What is an autonomous income?
Self-ruling utilization is characterized as the consumptions that shoppers should make in any event, when they have no discretionary cash flow. These costs can't be killed, paying little heed to restricted individual pay, and are considered self-governing or autonomous accordingly.
Can I file an income tax return on a zero basis or a Nil Income Tax Return?
Nil return is filed to show income tax return as proof of income and to claim the refund. There are a few occurrences where annual duty fills in as a proof, say when you are applying for a visa or while getting your identification made. While filing your annual government forms for a long time and fell into the 'underneath available cutoff' this year. This is to keep a record and furthermore precaution measure in case of an examination from the Income Tax Department. Your total income without taking deductions into account could be above the taxable limit, but with deductions might be below the minimum exemption limit of Rs.2,50,000. If you paid more in taxes than you needed to, you must file an income tax return to claim a refund.
What is the scrip name and scrip code in a tax report?
Scrip code- They are dispensed to exporters by the Director-General of Foreign Trade (DGFT). The scrip gives obligation derivation or non-installment of duties for a predetermined sum in the scrip. The scrip esteem or the assessment derivation sum is indicated in the scrip. Scrip name- A scrip is otherwise called a substitute or option in contrast to legitimate delicate. Holding a scrip qualifies the carrier to get something consequently. Scrips come in various structures, basically as a type of credit, with the archive recognizing the obligation. to know more visit -www.taxblock.in
What is the difference between a tax report and a consolidated tax report?
Tax report- An expense form is a structure or structures documented with a duty authority that reports pay, costs, and other appropriate assessment data. Government forms permit citizens to figure their expense risk, plan charge installments, or solicitation discounts for the excessive charge of assessments. In many nations, government forms should be documented every year for an individual or business with reportable pay, including compensation, interest, profits, capital additions, or different benefits. Consolidated Tax report- A merged government form is a corporate personal government form of an associated gathering of companies, who choose to report their joined assessment responsibility on a solitary return. The reason for the government form takes into consideration partnerships that maintain their business through numerous lawful associates to be seen as one single substance.
What are some of the safest ways to save tax?
There are very much safe and legal ways that can help you in saving your taxes. There are various deductions provided by the government of India for reducing the tax liability- 1. Take A Home Loan 2. Deductions For Medical Expenses 3 Deductions for children’s tuition fees 4 Hike your EPF contributions with VPF 5. By paying rent 6.By having Life Insurance Premium 7.By having Health insurance 8. One can do investments in mutual funds, tax saving FD, Post Office time deposits, Provident Funds 9. Education loan 10.Make deductions to private or government institutions.
In which head tax expense is shown?
The income tax expense is reported as a line item in the corporate income statement, while any liability for unpaid income taxes is reported in the income tax payable line item on the balance sheet.
How long does it take to get a VAT tax refund?
The IRS should issue your refund check within six to eight weeks of filing a paper return. If you chose to receive your refund through direct deposit, you should receive it within a week. If you use e-file, your refund should be issued between two and three weeks
Can NRI invest in PPF?
NRIs can keep on putting up to ₹1.5 lakh in their current PPF accounts each monetary year. You can likewise guarantee allowance under segment 80C for PPF stores in case you are recording an annual expense form in India. You can put resources into your PPF account till development, yet can't broaden the record once it develops
What is GST deemed approval?
Current provision under Goods and Services Tax (GST) law allows for deemed registration upon completion of 21 days of application if the proper officer has not issued any notice within the said 21 days. This is called as GST deemed approval
How can we avoid capital gains tax on the sale of property?
If you are using your entire sale proceeds to buy a house property you may end up paying no tax on your gains when – You satisfy all these conditions 1.Purchase one house within 1 year before the date of transfer or 2 years after that 2.Construct one house within 3 years after the date of transfer 3.You do not sell this house within 3 years of purchase or construction 4.This new house purchased or constructed must be situated in India 5.You should not own more than 1 residential house (other than the new one) on the date of transfer 6.You do not purchase within a period of 2 years after such date or construct within a period of 3 years after such date any residential house (other than the new one). 7.When you satisfy these conditions and invest entire sale proceeds towards the new house – you won’t pay any tax on your gains. However, if you invest a portion of the sale proceeds, the exemption will be the proportion of the invested amount to the sale price or exemption i.e cost of new house x capital gains/net consideration. If you have not been able to invest your capital gains until the date of filing of income tax return (usually 31st July) of the financial year in which you have sold your property, you are allowed to deposit your gains in a PSU bank or other banks as per the Capital Gains Account Scheme, 1988. And in your return claim this as an exemption from your capital gains, you don’t have to pay tax on it. However, you must invest this money you have deposited within the period specified by the bank, if you fail to do so, your deposit shall be treated as capital gains.
Where does net income appear on a worksheet?
The overall gain shows up on a worksheet in the Pay Explanation Credit section and yet to be determined Sheet charge segment.
What's the basic rules on collecting taxes on sales?
The basic rule for collecting sales tax from online sales is: If your business has a physical presence, or “nexus”, in a state, you must collect applicable sales taxes from online customers in that state. If you do not have a physical presence, you generally do not have to collect sales tax for online sales
In which month is advanced tax payable?
Advance tax will be paid in 4 installments of 15%, 45%, 75% and 100% of the tax payable on current income by 15th June, 15th September, 15th December and 15th March respectively in case of all the assessees. Payment of advance tax made before 31st March of the financial year shall be treated as advance tax paid. If the due date of advance tax installment is holiday, advance tax is paid on the subsequent working day is treated as paid on the due date.
Whether Income Tax Return is required for Visa?
The ITR is considered as an official proof of any individual’s income and it also shows that you have a stable income in your hands. So, at the time of applying for visa the copies of your ITR would be a great advantage.
Is monthly income from a systematic withdrawal plan taxable?
The redemption via a Systematic Withdrawal Plan is subject to taxation. In the case of debt funds, if your holding period is less than 36 months, then the amount that you withdraw will form a part of your income and will be taxed according to your income slab.On the other hand, if the holding period is more than 36 months, then the long-term capital gains will be taxed at 20% with indexation. In the case of equity funds, if your holding period is less than one year, then the withdrawn amount will be taxed at the rate of 15% whereas if the holding period is more than one year, then the long-term capital gains will be taxed at 10% without indexation.
What are the changes in the new income tax e-filing?
Major changes in the new income tax portal are as follows 1. The taxpayers can now access the persona-based help content - for Individual/HUF, Company, Non-company, tax professionals & others, from the new income tax e-filing portal. They can view the guide to file ITRs, applicable forms, deductions, refund status, different tax slabs, and other related information from a single dashboard. 2. The new income tax portal now provides quick access links to e-verify return, link aadhaar, know refund & ITR status, etc, under ‘Our Services’ tab. 3. The income tax portal 2.0 provides access to the enhanced and user-friendly help section. Taxpayers can now use the detailed user manuals, FAQs & videos to avail various services available on the portal. In addition to this, chatbot & helpdesk has been enabled for taxpayers’ quick guidance. The income tax portal 2.0 is all set to enhance taxpayers’ experience and ease their compliance burden. The CBDT has clarified that the new tax payment system will be enabled from 18th June 2021 after the advance tax instalment due date.
What is PAT according to tax and account purposes?
PAT is profit after tax. Profit After Tax refers to the amount that remains after a company has paid off all of its operating and non-operating expenses, other liabilities and taxes
Can an individual file tax with gain from equity or is hiring a CA mandatory?
Yes you can file your ITR without the help of CA just like you can take medicines for any illness without consulting a doctor.
How is cryptocurrency taxable?
As per the general income tax parlance, the gains on the crypto-transactions would become taxable as business income or as capital gains, depending on the nature of these transactions and the investor’s intention. Profits from the crypto transactions will be taxed as ‘business income’ if the trades are frequent in nature and the volumes are high, else taxed as ‘capital gains’ if the purpose of owning them is primarily to benefit from longer-term holding via an appreciation in value and there are fewer trades or these are held as investments. If crypto transactions are reported as business income, the implication of GST law also needs to be examined. According to the Income Tax Act, business income is taxed as per the income tax slab rates, and if held as ‘investments’, taxation will be similar to the capital gains.
Do I need to pay the affidavit of support fee and immigrant visa fee before form DS 261?
After the NVC processes your Form DS-261 (up to three weeks later), you will have to pay two required filing fees online. The immigrant visa application processing fee is $325 and the Affidavit of Support fee is $120. But, sometimes you won't have to pay the Affidavit of Support Fee.
What are the benefits of paying taxes in India?
The benefits are as follows:- 1. Loans are approved easily. 2. Visa approval for countries like US, UK and Canada require ITR. The visa process runs smoothly if you have ITR. 3. You can carry forward Losses if you have huge amount of loss for up to 8 Years. The loss can be set off with the gain and you can decrease your tax liability on capital gains. 4. Proof of income for self-employed or businesses. 5. If one wishes to start a business and requires Government tender, ITR is a huge help. There are even public benefits:- 1. Better infrastructure, provide utility services. 2. Pension Schemes. 3. Salary for government and state employees. 4. Law enforcement.
How many GST numbers can be taken with one PAN?
2 GST registrations are possible on one PAN card in a state having a different nature of business . What are the income tax slabs in the USA? As per Income tax act, u are allowed to file 15CA and 15 CB in offline mode till 30th June but u have to upload it online too. The Main reason to start manual filling is upgradation of e-filing portal.
How do I get input tax credit if a supplier has not filed GST on time?
In the initial phase of six months, the recipient will have an option to avail ITC on self-declaration basis even on the invoices not uploaded by the supplier by 10th of the next month by using the facility of availing ITC on missing invoices. For example, if Mr. A purchased goods from B in the month of April 2018, B failed to report the same in the April 18 returns. Mr. A has an option to claim the credit in April 2018 returns and B has to report the same by June 18 returns. If B missed reporting the same by June 18 then the ITC claimed by Mr. A shall be reversed in July 18 returns with interest and penalty.
How can government employees save taxes and use that money to make more money?
Government employees can avail deductions that are available for any other salaried employee along with these additional benefits:- 1. Mutual Funds 2. General Provident Fund (GPF) 3. Bank Deposits like FDs or RDs 4. LIC Policies 5. Public Provident Fund (PPF)
How do I select a tax expert who knows how to minimize taxes for businesses?
Few things are to kept in mind before finalizing a tax expert: 1.He/she should be well experienced in the current tax domain 2.He/she Should be transparent in his work and trustworthy 3.He/she should provide services without any hidden terms and conditions. 4.He/she should provide tax solutions and suggestions to save taxes. 5.The charges should be budget friendly to the individual pocket 6.He/she should have complete knowledge and a Positive track record
Is money from the sale of shares considered as an income?
Yes, money generated by selling of shares within the current financial year is considered as income of an individual under the head capital gains and is taxable according to the tax slab of the taxpayer . What happens if I don't pay my PMP annual fees? If you stop paying your annual fees, you will likely default on your ownership. This not only hurts the resort, but it hurts you and your credit. Like a home going into foreclosure, the resort takes the ownership back and it will stay on your credit report.
What is a payroll? What is its importance?
Payroll is the detailed document that contains a detailed list of employees working in a company, their working hours and the amount to be paid to them as salary or remuneration .It is very important because it increases employee engagement. Being paid correctly and on time is essential also ,for all businesses accounting as well as ethical point of view it is important as Payroll taxes affect the net income of the company.
How does the income tax department keep track of your rupee transactions?
Payroll is the detailed document that contains a detailed list of employees working in a company, their working hours and the amount to be paid to them as salary or remuneration .It is very important because it increases employee engagement. Being paid correctly and on time is essential also ,for all businesses accounting as well as ethical point of view it is important as Payroll taxes affect the net income of the company. How does the income tax department keep track of your rupee transactions? Taxpayers need to keep in mind high-value transactions they made while filing their income tax returns. The income tax department is using analytics to scrutinize data to find out people who have not filed income tax returns (ITR) or under-reported income despite doing a high-value transaction. Let’s understand what these high-value transactions are and how the income tax department gets information about them. * Cash Deposits in Banks : Banks/Post offices will have to report cash deposits aggregating Rs 10 lakh or more in a financial year in one or more accounts (other than Current Account / Time Deposit) of a person. * Term Deposits in Banks : Banks/Post offices will have to report cash deposits aggregating Rs 10 lakh or more in a financial year in one or more Time Deposit accounts of a person . * Deposits in Current Accounts : Banks will have to report cash deposits or withdrawals aggregating to Rs 50 lakh or more in a financial year in one or more Current Account of a person. * Immovable Property : The Registrar of properties will have to report purchase & sale of all immovable property exceeding Rs 30 Lakh to the Income Tax authorities.
Which professionals can help you with tax preparation services?
For U.S Tax Filing a CPA can help with the taxes and for Indian Tax Filing a CA can help with the taxes. For any kind of assistance in your ITR preparation Kindly logon to . https://taxblock.in/
Can a store get in trouble for advertising that it does not charge tax from customers?
Yes, a store can get in trouble for advertising that it does not charge tax from customers because indirect taxes are included in the MRP of any product.
How do I file for taxes for freelancing income received in Bitcoin?
Cryptocurrency are considered as capital assets and therefore shall be taxed under Capital Gains as Short term capital gains and will be paid as per applicable Tax Slab
Can you claim stock market losses on your income taxes?
Yes, if you have incurred loss on your capital gain you can claim the loss. In case, if there is any gain that year along with the loss, the loss gets adjusted or set off with your gains. If there is only loss, then it gets carried forward up to 8 years. Then whenever you have gains in your stock market, the loss gets set off.
Will an income of non-resident working in India be included in domestic income?
Yes, An NRI, like any other individual taxpayer has to pay taxes and it will be included in domestic income, and is liable to pay taxes on any income that is generated in India. Also must file his return of income in India if his gross total income received in India exceeds Rs 2.5 lakhs for any given financial year.
Do I have to pay tax in India after returning from the USA?
An individual who fulfils the conditions of residence in India for a specific financial year shall pay tax in India. A resident will have to pay tax in India on his global income i.e. income earned in India as well as income earned outside India
What are the GST rates for a new land registration?
As per Schedule III of the CGST Act 2017, the land sale is neither considered a sale of goods nor a supply of services. The land is an immovable property, the sale of which attracts only stamp duty. Thus, GST does not apply to the sale of land.
What is the e-verification of ITR-1 in the new income tax portal?
Electronic Verification plays a significant role in submitting tax returns through e-verification. The e-verification should be done within a time limit of 120 days, else ITR-1 will be invalid. Check 5 different steps to e-verifying your return through EVC via Net Banking: Login to your net banking account Click on the income tax e-filing link provided by the bank Click on the e-verify link for the return to be verified Then the return will be verified Bank ATM: Swipe your ATM card at a bank ATM Click on PIN for e-Filing EVC will be received on the registered mobile number Login to the e-filing portal to select an option to e-verify returns using the Bank ATM Enter your EVC on the e-filing portal, then the return will be verified. Aadhaar OTP: Go to the e-filing portal Link Aadhaar Number with PAN (if not linked) After Aadhaar is successfully linked, click on the screen. Select option to e-Verify return using Aadhaar OTP. Generate OTP which you will receive on your registered mobile number Enter your OTP on the e-filing portal, then the process is verified. Bank Account Number: Go to the e-Filing portal If you don’t have your bank account validated, pre-validate it. After the bank account details are validated successfully, click the e-verify link. Now select the option to e-verify using bank account details by generating OTP. Once the EVC is received on the registered mobile number, you can enter your EVC on the e-filing portal. Now verify the return is verified Demat Account Number: Visit the e-filing portal Pre validate your Demat Account Number if not validated before. Demat account details validated successfully will flash. Then, click the e-verify link Select the option to e-verify using Demat account details and generate OTP. EVC will be received on a registered mobile number. Now you can enter your EVC on the e-filing portal, and thus it will be verified.
Can I apply for a GST number via a minor PAN card?
Yes, we can apply for a GST number via a minor Pan Card. GST Registration has no limitation on any age but turnover, turnover should cross 20lakh to get a GST registration.
Why is interest on drawings recorded in the debit side of a partner capital account?
-Partners current account is the account to record interest on drawings when the capitals of the partners are fixed and any amount drawn from the account will be a liability of the one drawing the sum. So any interest amount will be going to the debit side of the capital account.
Who is eligible for corporate tax?
Corporate entities that are liable to pay corporate tax in India are as follows: * Incorporated corporations in India. * Corporations that acquire revenues from India and do business on those earned incomes. * Other foreign enterprises that have permanently established themselves in India.
What documents are required to file my EIN taxes?
This EIN is your permanent number and can be used immediately for most of your business needs, including: * Opening a bank account * Applying for business licenses * Filing a tax return by mail However, it will take up to two weeks before your EIN becomes part of the IRS's permanent records. You must wait until this occurs before you can: * File an electronic return * Make an electronic payment * Pass an IRS Taxpayer Identification Number (TIN) matching program How do I prepare an affidavit for proof of income? 1. Visit the official website of the state government and Fill the Form & Make Payment. 2. The draft of your Affidavit will be sent to your e-mail address for your Review & Approval. 3. Once Approved, the affidavit will be prepared on Stamp Paper and will be delivered at your place.
How do I dodge the 50k penalty for not mentioning the HSN code while filling GSTR-1? I made this mistake. I am a newbie and it’s my first time filing a GST return.
one can`t file GSTR-1 without HSN summary and HSN code & mentioning HSN code while filling GSTR-1 is mandatory and in case of not mentioning or wrong mentioning of the HSN code under goods and service tax act then the penalty of 50000 will be levied and as it was the first time GST filling then for safer side one can mail to the GST officer through his registered mail id regarding by mistake he didn't mention the HSN code and in the next month he should mention the HSN code in HSN summary so through this he can dodge the 50k penalty.
Do cooperatives get affected by corporate taxes?
It is seen that cooperatives are not exposed to tax based on book profit like companies, they are to pay a minimum tax based on adjusted total income which shall be computed by increasing the deductions as claimed by assessee under any section included in Chapter VI-A of the heading ‘C – Deductions in respect of certain incomes’ (but excluding any deduction u/s 80P) and deduction claimed u/s 10AA, with the total income as assessed by AO. In other words, the cooperatives, which are only entitled to deduction u/s 80P, shall not be affected by the AMT provisions
Is the Schedule GSTR 9 applicable for a petrol pump FY 19-20?
if the turnover of petrol pump exceeds 5 crores in FY 19-20 then they are liable to file GSTR9 schedule Visit Taxblock India - One stop solution to ITR, GST, U.S. Tax, NRI, EXPAT, TDS, Tax Planning and many more for Individual & Business
What's indexation? What are its benefits during taxation?
* Indexation is basically adjusting and equating a past (buying) price to today’s value based on price inflation. * With CII value being notified by the Govt. Based on inflation figures over the years, the indexation benefit adjusts the value of an investment to calculate Capital Gains and effectively reduces the overall tax incidence on such returns by considering the impact of inflation over the years.
I have opted for a new regime. If I declare my investments under Section 80C and 80D, will I get tax exempt?
In the new Regime section 80C and 80D exemptions are not allowed and you will get no tax benefit. to know more Visit Taxblock India - One stop solution to ITR, GST, U.S. Tax, NRI, EXPAT, TDS, Tax Planning and many more for Individual & Business
How does a good tax system facilitate economic growth?
A good tax system means a good revenue to the government i.e. if our tax system is good then the revenue incurred from tax will be high and that revenue will be used to give provisions to the public like good roads, law and order will be maintained, that revenue will be used for the defense against external aggression and regulation of trade and business to ensure social and economic growth. If the tax system is good then the general public will pay their taxes on time and that will help the government to run the country smoothly with the help of the tax collected. The government provides us services like subsidiaries, schemes, and mega projects which help in economic growth. so a good tax system always facilitates economic growth.
What are 5 benefits of filing an ITR even if your income is not taxable?
5 benefits of filing ITR even if your income is not taxable * Claiming a tax refund. Certain passive income such as term deposit interest or dividend income suffers tax withholding. * Processing of Documents. * Application for VISA. * Claiming losses. * Serves as Proof of Income.
Can a salaried person working as a teacher in a government school apply for GST registration?
No, GST is not applicable for the salaried individual it is only applicable if someone wants to do a business. Salaried employees come under the Income tax act of India, so no GST registration is required.
How much sales tax do we get charged for the services in Texas?
Collect the 6.25 percent state tax (plus any local taxes) from your customer on the charge for your taxable service. This amount includes all expenses connected with providing the service.
If you pay corporation tax, do you pay income tax in India?
Domestic as well as foreign companies are liable to pay corporate tax under the Income-tax Act. While a domestic company is taxed on its universal income, a foreign company is only taxed on the income earned within India i.e. is being accrued or received in India.
How do I pay tax in India when my employer doesn't deduct it?
If the employer doesn’t deduct any tax from your salary then you must ask for a salary slip or can take the amount from bank statements and based on that you can file your income tax return and pay taxes according to your slab rate.
Is retirement income Taxable in India?
Yes , In India the Retirement income is taxable and exempted in some cases . Retirement incomes are :- 1) pension & Annuity sec17(1) 2) gratuity sec 10(10) 3) leave Encashment sec 10(10AA) 4) compensation received on voluntary retirement sec10(10c) 1. Pensions are given on two bases when an employee retires they have the option to get the pension amount on monthly basis or they can get a lump- sum amount in advance that is commuted pension which may be exempt in some cases, and the periodic payment which is uncommuted is fully taxable as salary. the amount more than 9000 is fully taxable and at the age of 70 the amount of 10000 is fully taxable. 2. Gratuity is a retirement benefit. It is a voluntary payment made by the employer to its employees in recognition of the service rendered by the employee . so in case of government employees any death -cum-retirement gratuity received by the central or state govt. Employees of local authority are wholly exempted from tax . in case of non government employee if he gets the gratuity which is covered by the payment of gratuity act 1972 is exempt from tax to least of the * 15 days salary * completed year of service * Rs.20,00,00 * Gratuity actually received 3. leave encashment after retirement if leave encashment is received at the time of retirement , the amount of encashment of earned leave is fully or partially exempted from tax . 4. compensation received on voluntary retirement if any employer ask to employee to retire voluntary then the employee gets the compensation that is exempted up to 5,00,000 These are some cases where the income from retirement is taxable and exempted in India .
How do proportional taxes affect supply and demand?
The effect of the tax on the supply-demand equilibrium is to shift the quantity toward a point where the before-tax demand minus the before-tax supply is the amount of the tax. A tax increases the price a buyer pays by less than the tax. Similarly, the price the seller obtains falls, but by less than the tax.
How do I make a minor PAN card? How long will it take?
As per the Income Tax Act, the parents or guardians of the minor can represent them for the PAN card application. For documents, the proof of address and identity of any of the parents or guardians of minors shall be considered to be the proof of address and identity for the minor applicant. However, if aadhaar is selected as the proof of address, date of birth or identity, the aadhaar of the minor should be filled out in the application form and not of the representative. Once your application reaches the destination, you will receive a notification on your provided email address. The PAN card will be sent to the mentioned address within 10-15 working days after successful verification.
What is the difference between the income and substitution effects?
Income Effect- The income effect is the change in the consumption of goods by consumers based on their income. The income effect can be both direct (when it is directly related to a change in income) or indirect (when consumers must make buying decisions not directly related to their incomes). Substitution Effect-The substitution effect happens when consumers replace cheaper items with more expensive ones when their financial conditions change. A small reduction in price may make an expensive product more attractive to consumers, which can also lead to the substitution effect.
What is the global minimum corporate tax, and what are its benefits for India?
The Finance Ministers of G-7 countries, comprising US, UK, Germany, France, Canada, Italy and Japan, on Saturday reached a landmark deal on taxing multinational companies as per which the minimum global tax rate would be at least 15 per cent. So the global minimum corporate tax is the tax which the MNCS or business has to pay in the same country where the business is practiced . India is a large developing country and it always tries to offer benefits in tax to the corporate and fixation of the tax rate will help India to get more foreign investment and that will increase the cash flow in the country and which will directly help in the economic growth.
Can I get tax exemption on capital gains from a mutual fund if I use it to pay my education loan early?
No, you cannot get the exemption on capital gains from a mutual fund if you use it to pay your education loan early as in section 80E deduction is not available on principal amount, it is available only on the interest amount.
Is the ITR-V (Income Tax Return Verification) of surety valid for the TCS service agreement?
No, ITR 5,is not valid because Any natural person can be a surety. Artificial person or corporation cannot be a surety, and ITR 5 is not for any individual; it is for AOP and LLP's which are not individuals. Are foreign incomes earned and received in India taxable? The foreign income of the residents i.e. the income accruing or arising outside India generally becomes liable to tax in India as well as in the country in which the income accrues or arises or is received.
What is the sales tax in Texas?
Sales tax rate in Texas is currently 6.25%. But this rate can vary depending upon local municipalities, additional tax rates can range from 0.25%–2%; county tax rates vary from 0.5%–1.5%; transit tax rates from 0.25%–1%; and special purpose district tax rates from 0.125%–2%. But the combined rate of local sales and use taxes cannot exceed 2%, so the highest possible combined tax rate is 8.25%.
What are all the investment options other than 80C in India for tax reduction?
Apart from 80C following are the ways you can reduce your tax 1. 80CCD(1B)Investment in National Pension Scheme 2. 80D Medical Insurance Paid 3. 80DD Expenditure on Medical Treatment of Dependent 4. 80DDB Expenditure on Medical Treatment of Specific Disease 5. 80E Interest paid on higher education loan 6. 80G Donations to approved charitable institutions How is business personal property tax calculated in the United States? In the United States the business property tax is calculated by simply multiplying your property tax rate by the assessed value of your property. Which could be informed of Land or Building. The steps to calculate property taxes may (as there is no precise universal formula for it) include- 1. Determining market value 2. Determining assessed value 3. Determining transitional assessed value, if applicable 4. Applying any exemptions
How is education credit used to offset tax liability or taxable income?
Education loans help individual taxpayers to offset the expenses of higher studies by reducing Tax liability. If you have taken an education loan and are repaying it then you can claim the full amount of interest paid as deduction according to Income Tax Act under sec 80E.
When will the IRS start processing tax returns with child tax credit?
Important changes to the Child Tax Credit will help many families get advance payments of the credit starting this summer. The IRS will pay half the total credit amount in advance monthly payments beginning July 15. One will have to claim the other half when one files his or her 2021 income tax return. These changes apply to tax year 2021 only.
How do you file GST returns?
GST returns are to be filed monthly, quarterly and annually depending upon the category of business. GSTR-1, GSTR-2, GSTR-3, GSTR-3B GSTR-5, GSTR-6, GSTR-7, GSTR-8, GSTR-11 is to be filed Monthly. GSTR-4 is to be filed Quarterly. You can even file GSTR-1 quarterly if opted for the QRMP scheme. You have to file GST online. Here are the following Steps:- Step:1 Visit the GST portal (www.gst.gov.in). Step:2 A 15-digit GST identification number will be issued based on your state code and PAN number. Step:3 Upload invoices on the GST portal or the software. An invoice reference number will be issued against each invoice. Step:4 After uploading invoices, outward return, inward return, and cumulative monthly return have to be filed online. If there are any errors, you have the option to correct it and refile the returns. Step:5 File the outward supply returns in GSTR-1 form through the information section at the GST Common Portal (GSTN) on or before 10th of the following month. Step:6 Details of outward supplies furnished by the supplier will be made available in GSTR-2A to the recipient. Step:7 Recipient has to verify, validate, and modify the details of outward supplies, and also file details of credit or debit notes. Step:8 Recipient has to furnish the details of inward supplies of taxable goods and services in GSTR-2 form. Step:9 The supplier can either accept or reject the modifications of the details of inward supplies made available by the recipient in GSTR-1A.
Who pays stamp duty in a gift deed?
The Stamp duty in the case of a gift deed is paid by the donor who gives the gift.
What is the difference between Trans-nationalization and globalization?
Globalization is connecting the whole world with each other to spread technology, products and information freely. It has been very beneficial for both sides of the economy as it provides a way to grow fast and efficiently to the developing and underdeveloped countries as well as it provides opportunity for the developed countries to expand. Transnationalism is the spread and extension of social, political, and economic processes within and beyond the sovereign jurisdictional boundaries of nation-states. The concept of transnationalism implies a loss of control over a nation-borders, state's inhabitants, and territory. Globalization is a related concept that refers to the rapid intensification of economic, cultural, and political practices around the world.
What will be the income tax benefit if a person has taken two home loans for two separate properties?
If a person has taken two home loans for two separate properties then the tax benefit can be claimed for the interest paid for both the home loans. Also there is no limit on the interest amount to be claimed but it is restricted to negative income from house property of Rs. 200000.
What is the tax system on cryptocurrency in India?
If you hold crypto for a year or less before selling it, your cryptocurrency tax rate is that of short-term gains, which is taxed at your income tax rate.
Do I need to link Aadhaar to a PAN card which I recently got?
Yes, you need to link Aadhaar to PAN as it is a mandatory process. This is important because this will allow your income tax returns to be processed. Linking of your PAN with Aadhaar is also required if you are carrying out banking transactions for amounts of Rs.50,000 and above. How should I fill my ITR? My basic salary is less than 5lakhs but this year I got my arrears and my income shows more than 5lakhs on which income tax is deducted every month. Will my tax return after filing ITR? According to the above situation, in case your income is more than Rs. 5 Lakhs during this year, the only way to get a tax refund is if you have any deductions to claim under Chapter VI-A i.e... LIC Premiums, Mediclaim, ELSS, PPF etc. Also, you will be receiving the benefit of a Standard deduction of up to Rs. 50,000/- and a rebate of Rs. 12,500/- If you wish for ease ITR Filing, Let our Tax Experts handle your ITR Filing
If I don't file an ITR, can I apply for a GST number?
Yes, you can apply for a GST number without filing an ITR as there is such a compulsion to file an ITR for application of the GST number.
How can I find the GSTN number by name?
No, It is not possible to find your GSTIN Number through name, You can find it through GSTIN or Pan Card Number under the Search Taxpayer Option on GST Portal i.e. https://www.gst.gov.in/
How is your experience with filing tax returns with the new income tax portal in India?
Tax filing for this year i.e. FY 2020-21 has not yet started, as no ITR Forms have been launched by the Income Tax department. As a result, no tax returns are being filed as of yet. If you have any queries and doubt on ITR Filing, kindly contact us , our Tax Experts will guide you through the process
Can a non-salaried person claim 80C deduction for PPF in income tax return filing?
Yes, a non-salaried person can also take the benefit of deduction under 80C for PPF in income tax. PPF is a long term investment with a lock-in period of 15 years & can be extended more and can be opened by any Indian Resident individuals, salaried and non-salaried individuals. But a HUF can’t claim or open a PPF account.
What must everyone know about income tax return filing?
As per the tax provisions, filing income tax returns is mandatory where the gross total income of an individual is more than Rs 2,50,000. It is common knowledge that every Indian citizen whose gross total income exceeds the taxable limit in a financial year is required to file his/her income tax return.
Do all countries tax medicines?
Generally all countries charge tax on medicaments, some apply lower rates some higher while some have zero rate too. According to WHO/HAI data, on medicine prices approx 23 countries where medicines are taxed, the range of tax rates is approx between 2.9-34%. Whereas ten countries report zero VAT or sales tax rates on medicines. But currently due to the pandemic many countries have reduced the tax rate on medical equipment and medicines.
Can I set myself up as a limited company and offset my tax against all of my spending?
You cannot set off your tax with all the expenditure as there are limits to it and some rules to be followed, which are- * You can only claim for the expenses you incur wholly and exclusively during the everyday running of your business. * You can’t claim expenses that have a dual purpose for business and personal use. * Business expenses can be paid through your company’s bank account, or you can reclaim the costs of business expenses paid by you and later reimbursed via your company. * The majority of limited company expenses can be offset against your company’s corporation tax liability – although there are some exceptions, including business entertainment. * Try to maintain an accurate record of pre-formation and running costs, including VAT receipts, so you can justify your actions if you’re queried about your business expenses claims in the future. Some limited company expenses you can claim are as follows- * Health check and eye test expenses * Business insurance expenses * Bank charges * Use of home as office * Childcare expenses * Advertising, marketing and PR expenses * Phone bills * Gifts, entertainment and trivial benefits * Equipment expenses * Salary * Travel expenses
Do I have to pay tax after capital gains from stock trading, or will they be deducted automatically(in India)?
Yes; you have to pay taxes on the capital gains received from shares, equity, or mutual funds. Short term capital gains are taxable at 15% and Long term capital gains for stocks, shares and equity oriented mutual funds are taxable at 10%.
How are option premiums taxed?
Premiums collected or paid when the options were opened go towards adjusted sales or purchases prices on the underlying shares.Long-term options can qualify for long-term capital gains tax rates if held for more than one year and then sold to close.
What is ITR1, ITR2, ITR3 and ITR 4? And who cannot opt for this form?
This form must be used by resident Indians who fall under the below-mentioned categories: • Income is generated from a pension or salary • Income is generated from a single house property. However, in case the losses have been brought forward from the previous year, exclusion is allowed. • In case an income of not more than Rs.5,000 is generated from agriculture. • The total income that is generated can be a maximum of Rs.50 lakh. • Income that has been generated from other sources such as winning horse races, lottery, etc. Individuals who fall under the below-mentioned categories cannot opt for ITR-1: • In case individuals have capital gains that are taxable. • In case income is generated from more than one house property. • During the financial year, if any investments were present in unlisted equity shares. • In case you are a Non-Resident Indian (NRI) and Resident Not Ordinary Resident (RNOR). • In case income is generated from profession or business. • In case the individual is the director of a company. • In case any income is generated from a property that is located outside India. • In case an individual has foreign assets or foreign income. ITR-2 ITR-2 form must be used by individuals and Hindu Undivided Families (HUFs) who fall under the below-mentioned categories: • Income of the individual must be more than Rs.50 lakh. • Income can be generated via a pension or from salary. • Income that is generated from house property. • Income that is generated from winning a lottery or horse races. • In case the individual is the Director of a company. • Agricultural income of the individual is more than Rs.5,000. • Income has been generated from capital gains. • In case any investments were present in equity shares that were unlisted during the financial year. • Income is generated from foreign income and foreign assets. Who cannot opt for this form? Individuals who make an income from profession and business cannot opt for the form. ITR-3 This form must be chosen by individuals and HUFs who make an income from a profession or from a proprietorship business. The below mentioned individuals can opt for the ITR-3 form: • Individuals who are generating an income from a profession or business. • In case any investments were present in equity shares that were unlisted at any time during the financial year. • In case the individual is a partner in a firm. • In case the individual is a Director of a company. • If income is generated from a pension or salary, house property, or any other source of income. • Turnover of the business exceeds Rs.2 crore. ITR-4 or Sugam In case HUFs, Partnership Firms, and individuals who are Indian residents generate an income from a profession or business, they must opt for ITR-4. However, Limited Liability Partnerships (LLPs) cannot opt for this form. Individuals who have also chosen the presumptive income scheme according to Section 44AD, Section 44ADA, and Section 44AE of the Income Tax Act 1961, should also opt for this form.
Who cannot opt for ITR-4 form?
The below-mentioned individuals and HUFs are not allowed to opt for ITR-4: • In case the total income that has been generated is more Rs.50 lakh • In case any losses have been brought forward from previous years • In case the individual has a signing authority at a place that is not located in India • In case any investments are present in equity shares that are unlisted at any time during the financial year • In case individuals have foreign assets or have generated a foreign income • In case the income has been generated from more than one house property • In case the individual is a Director of a company • In case the individual is a non-resident or an RNOR
How much tax collections expected by the US Biden led to a minimum of 15% tax to India by online companies?
According to OECD, Global tax revenues will generate an estimated value of USD 150 billion in addition per year, if the applicability of minimum rate has been taken as at least 15%. Although India will be able to tax large MNCs doing business in the country, without a physical presence or permanent establishment, at 20% of their profits. As of now the tax collection data in India has not been specified yet according to the above changes
How much income tax is paid by the President of India?
The President of India is the first citizen of India earns 5 lakh per month. While he does earn a healthy salary of Rs.5 lakh a month as President of India, he is not able to save much, as he pays Rs.2.75 lakh as tax every month as he mentioned in the latest public event.
Do I have to pay capital gains tax if I have no income?
If your Total taxable Income is less than 2.5 Lakh including capital gains, then you don’t have to pay capital gains tax.
How is the monthly amount of the advanced premium tax credit determined?
The advance premium tax credit (APTC) lowers monthly premiums for Marketplace health insurance plans. It is calculated using ATPC = Cost of (“second-lowest cost silver plan” for your age, family size,& county of residence) - (Your maximum monthly contribution)
How do I afford a house with new tax credit tools from the IRS?
There are many tax credit tools provided by the IRS. When you purchase a house, you can avail tax credits such as, property tax, interest paid on home loans, repayment of principal on home loans, any insurance premium paid for the house.
What are the requirements to receive earned income credit on a tax return?
The Earned Income Tax Credit (EITC), sometimes called EIC, is a tax credit for workers with low to moderate-income. Eligibility for the tax credit is based on various factors including family size, filing status, and income. When EITC exceeds the amount of taxes owed, it results in a tax refund to those who claim and qualify for the credit. The credit is subject to income limitations. To qualify for Earned Income Tax Credit you: Must have a Social Security number that is valid for employment Must have earned income from wages or running a business or a farm May have some investment income Generally must be a U.S. citizen or resident alien all year Cannot file as married filing separately Cannot be a qualifying child of another person Cannot file Form 2555 or 2555-EZ (related to foreign earned income)
What are the taxes imposed on citizens?
In India mainly there are two types of taxes charged to the citizen one is Direct tax and the second is Indirect tax. Direct tax is to be paid directly by the individual to the government. Some categories of direct tax are: Income Tax Capital Gain Tax Corporate Tax Securities Transaction Tax Indirect Tax is paid on services and products. It is collected by the seller or the service provider and then sends it to the government. India opts GST in the indirect taxation. Some Indirect Taxes are: GST (Goods and Service Tax) VAT (Value Added Tax) Customs and excise duties. But now all the indirect taxes are combined in one and GST is charged on the behalf of all indirect taxes but some products and services that currently do not come under GST that are Petroleum, alcoholic drink, electricity.
How much tax will I have to pay if I am selling almost 5 acres of farmland at Rs 50 lakhs in Maharashtra, India and the amount is being received in a savings bank account?
Sale of land can result in two kinds of incomes. If the land is held as stock in trade then the sale of such lands results in business income. Whereas, if the land is held as investment then the income on the sale of the land results in Capital Gain. Rural Agricultural Land: A Rural Agricultural Land does not qualify to be a capital asset, hence no capital gains/loss arise on sale or transfer of Rural Agricultural Land. So no tax will be applicable in that case. Urban Agricultural Land: An Urban Agricultural Land qualifies to be a capital asset, hence capital gains shall arise on sale or transfer of urban agricultural land. Nature of capital gain like long term or short term will depend upon the no. of years asset is held by the assessee. If the period of holding is more than 2 years then the capital gain arising will be termed as long-term capital gain. If the holding period is shorter than 2 years, then the gain arising is termed as short-term capital gain. Long term capital gain shall be taxable at 20% whereas short term capital gain is chargeable at slab rate.
What percentage should a dealer pay a sub-dealer?
Distributor markup is generally 20%, but depending on the industry, the markup could be as low as 5% or as high as 40%
Why does the government tax the middle class so much?
The Middle Class is charged more in the old regime but the Super Rich are charged even more as they had to pay surcharge as well. So to keep a balance the government has come up with a new tax regime where the interest rates are lower but no deductions will be given in it and it's the same for all age groups. You can choose which is beneficial for you and accordingly pay your taxes.
Why is debt financing said to include a tax shield for the company?
When a company raises funds through debt financing, interest on borrowed money/capital gets deducted from earnings before tax and interest. which leaves a lesser amount to be tax. Hence it is known as a tax shield for the company. for example EBIT- 1CR. LESS: 20L INTEREST PROFIT BEFORE TAX- 80L TAX @30%- 24L PROFIT AFTER TAX- 56L IF THE COMPANY DO NOT HAVE DEBT FINANCING EBIT- 1CR. TAX @30%- 30L PROFIT AFTER TAX-70L even if profit is less but the company can use saved tax money for other sources in debt financing
Is tax deduction avoidable for a fund raise?
Yes, if you are collecting or raising a fund for genuine reason and not investing it anywhere from where interest can be generated it is totally tax free.
What is the global tax reform G7 purpose all about?
Tax reform is generally undertaken to improve the efficiency of tax administration and to maximise the economic and social benefits that can be achieved through the tax system. Tax reform can reduce tax evasion and avoidance, and allow for more efficient and fair tax collection that can finance public goods and services. It can make revenue levels more sustainable, and promote future independence from foreign aid and natural resource revenues. It can improve economic growth and address issues of inequality through redistribution and behaviour change. Its purpose includes that taxes should be neutral, simple, transparent, and stable. Policies that advance these principles will tend to be pro-growth.
Does your Instagram company account have to be registered and is liable to pay taxes?
Yes, it has to be registered. According to the government rules, just like any other business you are also selling goods and services through social media. You can register yourself as a proprietor, company or a partnership firm. You are doing business through an ecommerce site, that is through social media you also need to have a GST registration that will also benefit you by having exemptions from 20 to 40 lakhs. And you are liable to pay taxes just like any other businesses.
What are the key things to know about the new income tax e-filing portal?
Key Things To know About the New income Tax portal are: 1 user friendly portal will immediately process the income tax return filed by a taxpayer. 2 free ITR preparation software 3 Call center service for immediate response to queries 4 Additionally tutorial, videos and chatbot. 5 Single Dashboard interaction taxpayer can see all the interaction uploads and pending actions in a single dashboard 6 Multiple payment option , options like RTGS/NEFT , credit card , UPI, net banking via account of taxpayer from any account 7 Mobile application with all the essential function of new portal, taxpayer can access via mobile network at any point in time 8 New Portal allows pre filling of some details related to certain incomes; it can be related to salary , house property , business/profession. After selling property, how many years can I keep money without paying taxes with me? These are the ways through which you can keep LTCG money without paying tax. One is by investing in specific bonds of some specified financial institutions like NHA, Railway Finance Corporation, Rural Electrification Corporation etc. within a period of 6 months from the date of selling of property. These bonds have a lock in period of 5 years which will also give you interest of 5.25% annually. If you don’t want to invest in bonds then you can also get exemption from paying tax for 2 year in case of purchase ready to move in house, and 3 years in case of construction of house. But you have to use the capital gain amount for purchasing another house or to pay the developer before the date of filing ITR for that year. Or you can also deposit in the capital gains scheme, which will have to be used for the same.
What are the objectives of filing an income tax return?
The objectives of filing an income tax return are- 1. Filing a return makes you a responsible person.The government has made it compulsory that individuals who earn a specified amount of annual income must file a tax return before the due date. The tax as calculated must be paid by the individual. If one fails to pay the income tax then he/she will have to pay a penalty to the income tax department. It also makes it easier for individuals and businesses to enter into subsequent transactions since their income is recorded by the tax department with applicable tax, if any, having been paid. 2.Even if your income level does not qualify for mandatory filing of returns, it may still be a good idea to voluntarily file returns. In most states, registration of immovable properties requires advancing the tax returns of the last three years. Filing returns makes it easier to register the transaction. 3.If you want to claim adjustment against past losses then filing a return is necessary. http://4.In case the assessee hasn’t filed the original return, he cannot subsequently file a revised return, even when he really needs to. Under the Income Tax Act, non-filing of returns can attract a penalty of Rs 5,000. So while filing returns is a voluntary activity, there are times when it could hold legal implications for those who do not do so, especially if they must file a revised return in future.
What type of income doesn't come under income tax?
Originally Answered: What are ten incomes that are exempted from income tax?Remove Banner Following are few of the incomes that are exempted from tax under Income Tax Act 1961 - 1. Agriculture Income 2. Amount received out of family income, Hindu Undivided Family (H.U.F.) 3. Income of a Consultant 4. Leave Travel Concession or Assistance 5. Tax paid by Government or Indian concern on Income of a Foreign Company 6. Perquisites/Allowances paid by Government to its Employees serving outside India 7. Gratuity – * Gratuity received by Government servants * Gratuity Received by a Non-Government Employee covered by Payment of Gratuity Act, 1972 1. Amount received as Leave Encashment on Retirement 2. Interest Incomes 3. Scholarship
Why does the government allow rich tax saving options but it's compulsory for the poor as indirect and other taxes?
The assumption that indirect taxes are bad and inequitable. This is the principle enshrined in the original thoughts on taxation, and its merit is straight forward. If taxes are levied at a flat rate, those earning a lower income pay a larger proportion of income as tax. Therefore, taxes on goods and services, and anything that is indirectly levied needs to be small and not be a burden, or better still not be levied at all on goods that the poor consume.
What type of tax do you have to pay when you have an e-commerce business?
E-commerce aggregators are responsible under the GST law for collecting and depositing tax at the rate of 1% from each transaction. Any dealers/traders selling goods/services online would get the payment after deduction of 1% tax. In concerns with Income Tax: total revenue received or the commission received for selling the goods online becomes chargeable under income tax and is shown as income from business and taxed as per normal slab rate
Is there a maximum limit within which TDS is not mandatory for professional services?
Yes, there is a maximum limit within which TDS is not mandatory for professional services fees. The threshold limit is Rs.30,000 u/s 194J. So, above this threshold the TDS rates are 10% (up to 13-05-2020) and 7.5% ( w.e.f 14/05/2020 to 31-03-2021).
Why are capital gains not included in ITR 4?
ITR-4 is only for Individuals, HUFs and Firms (other than LLP) having presumptive basis taxation who has earned business profession income. If any person has capital gain, then they are required to file ITR-3.
How can I avoid paying taxes legally in different countries?
Avoiding taxes by the help of deductions and tax credits such as Education credits, healthcare credits, Income and saving credits is legal, whereas deliberate tax evasion is illegal and one may encounter legal notice from the respective government. Bermuda, Monaco, the Bahamas, Andorra, and the United Arab Emirates (UAE) are among the most popular countries that offer the financial benefit of no income tax. But getting citizenship of these countries isn’t easy, the process is way more complicated. So for an individual living in the US or India or any other country with a government charging tax on Income cannot avoid tax easily.
What are the hidden charges that apply on PAN card fees?
Customers staying in India need to pay a charge of Rs 101, which is the process fee of Rs 86 and GST charged at 18.00%. While there has been inconsistency as to the expense of PAN handling before, the government has imposed a uniform charge for all applications which have a correspondence address inside the country.
What is the application under section 17(2) of the Income Tax Act?
Section 17(2) in the Income- Tax Act, 1995." Perquisite". Perquisites are the extra benefits that an employee is given when he occupies a certain post in a company in addition to the salaries. These may be in cash or in kind. If perquisites are provided for the fulfilment of official duty, then the amount is not taxed but if it is provided for personal use, then the amount is taxable. Examples of some non-taxable perquisites:- 1. Free telephones: fixed or mobiles. 2. Use of health club, sports facilities.
How are capital gains taxed for people who invest in NASDAQ from India?
As the U.S. government does not charge any tax on capital gains for foreigners, the same will be taxed by the Indian government according to the category in which capital gains fall. Which are- Long Term Capital Gain- For the holding of more than 24 months before selling, then on the gain amount you will be taxed at 20%, and over that the applicable Cess and surcharge will be calculated. Short Term Capital Gain- For the holding of shares up to 24 months before selling, then on the gain amount you will be taxed according to your slab rate.
What are the different areas of tax management?
Different areas of Tax Management are as follows:- 1. Reducing Taxable Income .- one can use government schemes and programs to reduce his taxable income, it will directly reduce his tax liability. One should try to minimize his taxable income to reduce his tax amount. 2. Deduction planning.- there are many deductions provided by a taxation law. One should implement and plan those deductions. The major area of the deduction is available under Sec.80C where one can claim a deduction for life insurance, mutual funds, home loan interest and many more. 3. Investment in tax planning.- assessee can invest in policy for future plans and save his money from tax. 4. Year-end planning strategies.- one can reduce his tax liability for the next year by prepaying those expenses which will be imposed next year and can make a strategy before starting the new financial year.
What are the biggest tax loopholes for Indians?
Following are the ways we can pay less tax. 1. Capital gains tax 2. Retirement savings account 3. Tax-free long term gains 4. Clubbing 5. Transferring part of your income to your child’s name once he turns 18
When is the government releasing tax refunds in 2018 for earned income credit?
From Last week of Feb 2018 ,the government has released the tax refunds in 2018 for earned income http://credit.In general, the IRS says that returns with refunds are processed and payments issued within 21 days but there was a slight delay for 2018.
Should I e-file returns if I earned less than taxable income?
an individual has to E-file returns if he earns income from five head 1. salary 2. house property 3. business/profession 4. capital gains 5. other sources. it does not matter how much income you earn, it is mandatory to disclose your earnings in income tax return even if you earn less than taxable income. ITR return is mandatory to acquire a Visa, home loan, etc.
What is the national ID number in the UAE?
* Emirates ID is an identity card issued by Federal Authority for Identity and Citizenship. It is a legal requirement for all UAE citizens and residents to apply for one and carry it with them at all times. The Emirates ID is used: 1. to get government services, 2. to vote in the elections of Federal National Council, 3. as a travel document for UAE citizens to travel within the GCC, and 4. as a document to pass immigration through the e-Gates and smart gates at several airports in the UAE. * The Emirates ID card consists of the following components which provide the highest levels of accuracy and security. The components are: 1. Smart card 2. Public key infrastructure (Digital signature and authentication certificates) 3. Fingerprint biometric.
If I transfer 1 lakh rupee every month to my parents’ account, do my parents need to pay tax?
No, they don’t have to pay tax on that money. What happens is when you earn money and that is credited to your account that time only tax arises for you. And here you are transferring your income that is not the income of your parents. As per Sec 56(2) of the Income-tax Act, transferring money to your parents is considered a Gift. and a gift received from relatives is fully exempt. If you transfer money to your friend that will be taxable as a gift from their end. We are not liable to pay double taxation on the same income.
What if we sell the shares then buy another share at the same time? Do we need to pay the tax?
Income from sale of equity shares comes under the head Capital gain. If we sell shares and buy another share at the same time then we have to pay the http://taxes.In case of shares, short term capital gain from shares,tax is charged at the rate of 15%.
Who are some top tax defaulters?
Some of the top tax defaulters in India are as follows:- 1. ENEX TECHNOLOGIES PVT. LTD. ₹47.04 crores 2. APPLITECH SOLUTIONS LIMITED - ₹ 27.7 crores 3. ATUL JASHVANTRAI MEHTA- ₹ 33.64 crores 4. BHARAT S. KHONA- ₹ 21.29 crores 5. DEVENDRA KANTILAL SHAH- ₹ 25.13 crores 6. DHARMENDRA INDUSTRIES LTD.- ₹ 28.8 crores 7. DIGITAL PC TECHNOLOGIES PVT.LTD.- ₹ 35.02 crores 8. GENEX TECHNOLOGIES PVT. LTD.- ₹ 47.04 crores 9. GOLDSUKH TRADE INDIA LTD.- ₹ 75.47 crores 10. IRFAN AHMED- ₹ 257.44 crores
What are capital gains, and what is a capital asset?
Capital gain is denoted as the net profit that an investor makes after selling a capital asset exceeding the price of purchase. The entire value earned from selling a capital asset is considered as taxable income. To be eligible for taxation during a financial year, the transfer of a capital asset should take place in the previous fiscal year.Capital gains are profits derived from selling an asset: financial investments, real estate, personal property, or collectibles. Capital assets are significant pieces of property such as homes, cars, investment properties, stocks, bonds, and even collectibles or art.A capital asset is generally owned for its role in contributing to the business's ability to generate profit. as example land and building, plant and machinery, motorcar, furniture, jewellery, route permits, goodwill, tenancy rights, patents, trademarks, shares, debentures, securities, units, mutual funds, zero-coupon bonds etc. are capital assets.
Will I get input tax credit on GST if the invoice is made from Ranchi but in the E-way bill the place of dispatch is Delhi?
Yes, The third person (under whose instructions goods are supplied to recipient) can take ITC of GST charged by supplier and in turn charge GST to final recipient in bill to ship to transaction under section 10(1) (b) of IGST Act.
Will HRS and TA be considered for income tax in ISRO?
Transport Allowance is admissible at prescribed rates based on the Grade of Pay and classification of cities as per Government of India orders. It ranges from Rs. 400 to 3200/- depending on the city of posting and Grade Pay held by the employee. House Rent Allowance is granted at prescribed rates on Basic Pay. It varies from 10% to 30% of the Basic Pay depending on the classification of the City of posting as per Government of India orders.
Do I need a GST number if my turnover is nearly about 35 to 40 lakhs rupees annually?
Yes, you will need a GST number to pay GST as your turnover is higher than the threshold limit. All business owners and companies must ensure whether it is mandatory for them to pay the GST. If the turnover Exceeds Rs.10 lakh(for special category states)and Rs. 20 lakh for normal states.
What is the easiest option for the first time income tax e-filing?
The easiest option for first-time e-filers is to select any of the top e-filing companies which will assist them with the computation of their taxes and also how to file their ITR. Taxblock helps their customers in understanding the computations and also provide year-round service by solving the client’s queries.
What is the maximum rate of GST that can be levied?
Maximum rate of GST is levied at 28%
How much tax credit will I receive for a single head of household 2018 taxes?
The tax credit is the sum that can be subtracted from the total payable tax by an individual. A tax credit of 30% is given for income that is earned outside the country, and a tax paid on it in that country then a tax credit can be claimed in India.
What is a global minimum tax, and what does it mean?
The global minimum tax is basically a minimum tax rate system that is decided by the G7 countries so that all multinational companies have to pay a certain amount as minimum tax. It is planned to be implemented soon as the many multinational companies shift their profit to the lower tax country so that they will have to pay less tax with respect to that country. Mostly income from all the intangible sources such as patents, software, royalties these all can easily migrate from one to another jurisdiction and they save from paying higher taxes as per that country slab. So G7 nations are planning to enforce this law that a minimum fixed tax has to be paid. Minimum global corporation tax rate would be at least 15% and put in place measures to ensure taxes were paid in the countries where businesses operate.
What is the income tax on Forex trading income in India?
Tax implications play a major role in all investment decisions like stocks and bonds, and even insurance. if trading in forex is business for individual then it will be tax as a income from business, otherwise it will be consider under income from other sources and tax will be calculated under normal slab rates
How long does an EPFO claim take?
The time depends upon how fast the EPFO office clears the claim. Some EPFO offices clear the claim in around 5 days while some take more days. When an employee applies for the claim in offline mode then it takes 20-30 days.
How do I create a HUF account for a Hindu business class family?
1. To create a HUF account you need to have a HUF PAN Card first. And the required documents for the HUF PAN Card Application are- * Proof of Identity of Karta * Proof of Address - Copy of Karta's Aadhaar card, Karta's Voter ID, Karta's driver's license or passport * Proof of Date of Birth of Karta * HUF Formation Deed 1. After you have applied for a HUF PAN Card, now you can go for the opening of a HUF bank account and for it is mandatory to have a separate bank account for the HUF on its name. It should be used for the HUF purposes only. Basically the Karta is the one who handles the account and the account is opened in his name. It can be opened in any bank and will require the signatures of the Karta at the time of any payment. HUF accounts can only be opened by the Hindu and Hindu dissidents like Sikh, Jain and Buddhist. List of documents required to open a HUF account- * HUF PAN card * Residential proof of Karta (Aadhar card, Passport) * Identification proof of Karta (Aadhar card, Passport, PAN card) * A declaration form (provided by the bank) where every member of HUF declares- * They are the only members of HUF. * Karta is to have complete authority over HUF account * Every transaction on behalf of a HUF account, made by each member of the family, is governed by the Karta.
What are the changes in ITR-2 as compared to the previous years?
Important changes in ITR 2 with respect to previous year are : 1)If an employee has received ESOPs from an eligible start-up referred to in Section 80-IAC in respect of which the tax has been deferred, the Part B of Schedule TTI (Computation of tax liability on total income) seeks the disclosure of the tax amount which has been deferred in this respect.In the case of perquisites is as a esop then it will be taxable in the year in which shares are allotted or transferred by employer to employee 2)No option to carry forward tds deducted under sec 194N As TDS under section 194 N is deducted on cash withdrawal and it can’t be directly linked to relevant income of the assessee. Thus, in case of tax deducted under Section 194N, credit for tax deducted shall be allowed in the assessment year relevant to the previous year in which such tax has been deducted and, accordingly, if any excess TDS is deducted during the year under such section, then it shall be claimed as refund in the same year only. In other words, the TDS deducted under Section 194N shall not be allowed to be carried forward to subsequent years. Corresponding amendment has been made in ITR-2 to ITR-7 to restrict carry forward of TDS deducted under Section 194N. 3)Effect of marginal relief to be highlighted in the ITR. Earlier no separate effect of marginal relief was required to be shown in the ITR while computing total tax of the assessee. Now, the ITR Forms for the Assessment year 2021-22 have been amended to specifically require the assessee to show the effect of marginal relief on the tax payable by disclosing “surcharge computed before marginal relief” and “surcharge computed after marginal relief” separately. 4)The ITR forms notified for Assessment year 2021-2022 require additional disclosures of the date on which cash donation has been made. 5)The ITR Form does not provide any guidance on the computation of the tax to be deferred. In such a situation, the tax to be deferred can be computed in accordance with the guidance given below. In short, this year the ITR2 extracts more detailed information about everything.These are some important changes in ITR 2.
What is the difference between capital gains tax and corporate tax?
Capital gains Tax:- A capital gains tax is a tax on the growth in value of investments incurred when individuals and corporations sell those investments. Simply put, any profit or gain that arises from the sale of a ‘capital asset’ is a capital gain. This gain or profit comes under the category ‘income’, and hence you will need to pay tax for that amount in the year in which the transfer of the capital asset takes place. This is called capital gains tax, which can be short-term or long-term. Corporate tax:- Corporate tax is a form of direct tax levied on profits earned by businessmen in a particular period of time. Various rates of corporate taxes are levied for different levels of profits earned by business houses. Corporate tax or company tax can be assumed as an Income Tax for income earned by businesses.
What are the latest income tax slabs with deductions?
latest income tax slab as according to 115BAC are as follows Up to Rs 2.5 lakh- NIL from Rs.2.5 to Rs.5 lakh- 5% from Rs.5 to 7.5 lakh- 10% from Rs.7.5 to Rs.10 lakh- 15% from Rs.10 to Rs.12.5lakh- 20% from Rs.12.5 to Rs.15 lakh- 25% Rs.15 lakh and above- 30% New tax regime is the same for all categories of Individuals, i.e. Individuals & HUF up to 60 years of age, Senior citizens above 60 years up to 80 years , and Super senior citizens above 80 years. Hence no increased basic exemption limit benefit will be available to senior and super senior citizens in the New Tax regime.
List of Deductions available in the latest tax regime (115 BAC)?
1. professional tax 2. Transport allowance for specially abled people 3. Conveyance allowance for expenditure incurred for travelling to work 4. Investment in Notified Pension Scheme under section 80CCD(2) i.e. employer contribution towards NPS 5. Deduction for employment of new employees under section 80JJAA 6. Depreciation u/s 32 of the Income-tax act except additional depreciation. 7. Any allowance for travelling for employment or on transfer
Does the EPFO department give a spouse ground transfer?
No, according to EPFO department transfer rules, transfer of employees on the basis of spouse ground is not allowed.
Will the GST shift tax burden to consumers?
GST (Goods And Service Tax) Act was passed in the parliament on 29th march 2017 came into effect on 1st July 2017. Here in India, the maximum population is of the Middle class and lower class where people belong to the service class or they depend on agriculture for their living. In this scenario, the most important question is what is the impact of GST on a common man or middle class family. After GST, there is a single tax provision in the supply chain where each person is able to take tax benefit of all taxes which he already paid and eventually the price becomes low. There is a better tax administration facility in GST so manipulation on taxes is not possible, it has a wider range so that it can cover more assesses each stage tax benefit will generate and at the end consumer get the benefit for this. 5%- Frozen vegetables, Fertilizers , spices , plastic waste. 12%- Ghee, Nuts , Fruits , purses , Handbags 18%- washing machine , camera , shampoo 28%- sunscreen , motorcycles ,pan masala It does not burden consumers because the government. has segregated service and goods on different tax slabs and things which come under daily necessity come under low rates.
Could a wealth tax pay for universal healthcare?
Universal health care is a system that provides quality medical services to all citizens. The federal government offers it to everyone regardless of their ability to pay. The sheer cost of providing quality health care makes universal health care a large expense for governments. Most universal health care is funded by general income taxes or payroll taxes.
How is cryptocurrency treated by the IRS?
The Internal Revenue Service (IRS) doesn't treat cryptocurrency as a type of currency as it does not pay dividends or accrue interest. It can be classified as property for tax purposes as the value of the cryptocurrency fluctuates in the same way as real estate. It means that if you sell the cryptocurrency for a profit then it will be taxable as capital gains which depends on the holding period of the cryptocurrency which can be termed as short term or long term capital gains. If you held the cryptocurrency for less than one year, you will owe a short-term capital gains tax. And if you hold the currency for longer than one year, you owe a long-term capital gains tax.
Why is income from capital gains taxed differently than wage income?
Income Tax is paid on Earnings, Interest, profits, Royalties, or independent work, regardless of whether it is service, cash, or property. Capital gains tax is paid on income from the deal or Exchange of asset, for example, a stock or property that is ordered as a capital asset.
Who is eligible to file an ITR-2 for AY 2021-22?
ITR 2 is applicable to taxpayers who are individuals and HUFs. Such individuals and HUFs must have earned the following income during the financial year: 1. Salary or pension income 2. Income from a house property 3. Income from other sources (including any income arising from winning lottery or racehorses) 4. The total income from the following heads of income exceeds Rs 50 lakh. ITR can also be applicable in case the income of another assessee is clubbed with the income of the taxpayer and the income of that assessee falls under any of the above categories, then the taxpayer will have to file ITR-2.
What is the UIDAI-T department tool to identify 'specified persons' who have to pay higher taxes?
The annual assessment division has fostered another utility to help TDS deductors and TCS gatherers distinguish the ‘Specified Persons’ on whom higher pace of charges will be demanded from July 1. The Budget 2021 had an arrangement which commanded that non-filers of personal expense forms for past two financial years would be exposed to higher duty deducted at source (TDS) and assessment gathered at source (TCS) rate if such expense derivation was Rs at least 50,000 in every one of those two years. "New usefulness was given for consistency checks for sec 206 AB and 206 CCA to ease consistency weight of expense deductors/gatherers," the I-T division had tweeted. The CBDT said that since the TDS deductors or the TCS authority would be needed to do a due determination on whether the deductee or collectee is a 'predetermined individual', this could prompt additional consistency trouble on them.
What is the current rate structure under Goods & Service Tax?
Currently there are 6 slabs rates for Goods & Services. NIL 0.25% 5% 12% 18% 28% For gold, the rate is 3% to know more visit Taxblock India - One stop solution to ITR, GST, U.S. Tax, NRI, EXPAT, TDS, Tax Planning and many more for Individual & Business
Is it necessary to pay TDS for income from other sources in India?
Yes, it is necessary to pay TDS for income from other sources in India as per the sections of the Income Tax Act, with the change in nature of payment the rates of TDS have been decided and according to that the deductor will deduct the TDS on behalf of deductee and will pay that amount to the Income-tax Department. Due to the COVID-19 pandemic, the rates of Tax Deduction at Source (TDS) for the non-salaried specified payments made to residents has been reduced and the list is in the link below- https://incometaxindia.gov.in/Lists/Press%20Releases/Attachments/834/Press-Release-Reduction-in-TDS-TCS-Rates-dated-14-05-2020.pdf
Do I need to pay income tax for bitcoins?
Yes; we have to pay Income Tax on Bitcoin in India The Cryptocurrency will not be treated as a currency in India and will be eligible to Tax. But the only issue is to consider it as a 'Capital Gains or Profit and Gains from Business, depending upon the nature of holdings for the same.
Why does Greece charge a restaurant VAT twice?
The reason for this is to facilitate and speed up customs clearance on entry into Great Britain. In return, the seller has to issue the bill including VAT and he is liable for VAT on the supply of goods. If the bill includes VAT, the customer will pay the VAT twice.
Why is the GST added to my bill when I order food online?
The basic principle is that the end customer pays the GST on the total consumption amount. Whenever food is ordered, GST is payable on both the food as well as the delivery service provided by the company, for example, Swiggy. Swiggy would have already paid GST to their supplier (in this case, the outlet from which you ordered food), so they are obligated to pass it on to the client and are eligible for a refund from the government, as they are only required to pay GST on the delivery service.
Do taxpayers in India get any benefits from the government?
Yes, Taxpayers in India gets many benefits government some of these are as follows- Loan Approval- Most expensive credits like Home Loans additionally expect you to submit duplicates of your ITR. As your pay is quite possibly the main contemplation for credit endorsement, banks affirm something similar with the assistance of your ITR. Income Proof- For independently employed experts, similar to advisors, firm accomplices, or specialists, the ITR receipt additionally works as their confirmation of payment. For such experts who are not on the finance of a specific organization; ITR comes in helpful in their business and monetary exchanges. Public foundation- Development of transport Infrastructure, Government organizations, public places, urban areas, and so on is right now going all out in many pieces of the country. It is with the assistance of the expenses paid by citizens that the Government can support framework projects.
How do I file my ITR-1?
Procedure to file ITR-1 Before filing ITR, a person should keep on the necessary documents which will be needed at the time of filing return like: Form-16, 26AS, interest income certificate, any investment document and other certificate to claim the deduction of exemption etc. After that, compute your tax liability as per the provision of income tax. Then visit the official income tax e filing website https://www.incometax.gov.in/iec/foportal Login to e filing portal with Pan no and password. Go to the e-File section then click on income tax return. At the time of furnishing ITR-1 online, fill all the details and e-verify return using EVC via Bank Account/Net Banking/Demat Account/Aadhar OTP or you can also Fill the details using electronic medium and send a physical copy of ITR V to CPC (Centralized Processing Centre), Bengaluru through speed post or normal post. When filing the ITR-1 form using electronic medium, the receipt will be sent to the registered email id. You can also download it from the income tax website. And after downloading the acknowledgement, you will have to sign the form and send it to the CPC office, Bangalore before 120 days. But if EVC/OTP option is used then it is not required to send the ITR V to CPC.
Are Indian state governments required to pay income(any) tax to the central government for income earned through businesses such as bus services and state-owned business entities?
Indian state governments are required to pay taxes to the central government when they have taken the taxes for GST, which is equally distributed among the state and central government with SGST as 50% and CSGT as 50%. Along with it, there are some other taxes that are to be shared with the central government like taxes on petroleum, which are charged differently by both state and central government.
What is the LTCG tax for FY 2020–21?
Long Term Capital Gains Tax varies as per holding period and type of Asset as Immovable properties, listed shares, SIP’s, Debt Mutual Funds, Equity Mutual Funds, Balanced Mutual Funds. Any gain comes from immovable property (Land and Buildings), it becomes LTCG only after 2 years (24 months) from date of purchase and tax rate is 20% after indexation. In case of Debt Mutual funds and Balanced (Debt Oriented) Mutual funds, it becomes Long Term only after 3 Years (36 months) from Date of purchase and tax rate is 20% with indexation. Capital Gains from Listed Equity Shares, Equity Mutual Funds, Equity Oriented Mutual Funds only after held for more than 1 year (12months) from the date of acquisition and the applicable LTCG tax rate is 10% over and above 1 lakh. No need to pay tax for Long Term Capital Gains up to 1 lakh.
Which ITR should I file if I receive 60 lakhs worth of gift deeds from a non-relative?
You have to file ITR 2 if you receive a gift from a non-family member which is above Rs 50,000 then you can show it under the head 'income from other sources'. You have to pay taxes as per your income tax slab rate .
How do I rectify the incorrect PF member ID of a previous employer on the EPFO portal?
To change or update your credentials online on the EPFO unified portal, you will need the following details: • An active UAN (Universal Account Number) • Aadhaar number • Access to EPFO Unified Portal • An online request from your employer to the EPFO Step 1: Go to the EPFO Unified Portal and log in with the UAN and the password. (EPFO: Home) Step 2: On the new page, go to the “Manage” option on the menu bar and select “Modify Basic Details” from the dropdown. Step 3: On the new page, enter the right details as mentioned in the Aadhaar. The system would verify your details with the Aadhaar database. After entering the details, click on “Update Details” Step 4: Once you click on “Update Details”, the request will get submitted to your employer for approval. Before the employer submits the request to the EPFO, the employee has the option to withdraw their request by hitting the “Delete Request” button.
Do I need a single GSTIN for all my branches in different states?
No, You need separate GSTIN for different states. 1. GST registration should be obtained by a taxable person under GST in each of the State or Union Territory, from where the taxable supply of goods or services is made. For example, if a restaurant operates in the States of Maharashtra and Delhi, then separate GSTIN would have to be obtained for Maharashtra and Delhi. In the case of multiple state operations, a person needs to take multiple registrations for the same business. Therefore, when the new GST number of different states arrives the PAN number remains the same only state code and entity code will change.
What is the declaration towards Section 206AB of income tax?
In the Finance Act 2021, a new section is introduced Sec 206AB. This special provision is for non-filers of income tax return for deduction of Tax Deducted at Source (TDS). In this Section, the TDS is deducted at higher rates. Usually it's double the rate given in the Finance Act 2021 or at 5%. This is applicable for a. People who have not filed their ITR since the previous 2 financial years. b. The due date of filing the return is expired c. The TDS or TCS is Rs.50,000 or more in both the previous 2 years. And in addition if the non-filers do not furnish their pan cards then tax shall be deducted at 20% or according to the act, whichever is higher. This section is bought in action, for the purpose of maximum income tax coverage and to encourage people to pay taxes on time. Format of Declaration for not imposing TDS Rate as per Section 206AB of the Income Tax Act, 1961 To Whomsoever It May Concern Declaration form for not imposing TDS Rate as per Sec. 206AB of the Income Tax Act I/We, ________________, having Permanent Account Number ________________, am/are resident in India and hereby declare as follows: 1. I/We have filed my/our Return of Income for the preceding Financial Year 2018-19 relevant to the Assessment Year 2019-20. The date of filing is ___________ and the Acknowledgement Number issued by the Income Tax Department evidencing the filing of the tax return is _____________. The copy of the screenshot of the ITR Acknowledgement evidencing the filing of the above tax return is 2. I/We have filed my/our Return of Income for the preceding Financial Year 2019-20 relevant to the Assessment Year 2020-21. The date of filing is ___________ and the Acknowledgement Number issued by the Income Tax Department evidencing the filing of the tax return is ______________. The copy of the screenshot of the ITR Acknowledgement evidencing the filing of the above tax return is 3. This point is applicable only if a tax return has not been filed as stated above: Where I/We have not filed my Return of Income for both the preceding two Financial Years 2019-20 and 2020-21, I/We hereby confirm that the aggregate tax deducted and tax collected at source is /is not Rs. 50,000/- or more in each of the two preceding Financial Years 2019-20 and 2020-21. 4. I/We hereby declare that I/we am/are duly authorized to give this declaration and the information stated above is true to the best of my/our knowledge and belief. If there is any misdeclaration, I/we undertake to indemnify you/your organization; for any interest or any penal consequences.
What happens if you don't file a tax return?
If someone doesn’t file an income tax return even after his annual income is above 250000 then the income tax department will issue a notice to him/her (individual, HUF, Organization, Partnership firm, etc.). Then, at that point, he/she needs to answer the particular notification within the given time with substantial reasons and on the off chance that he/she failed to do as such, the Department of Income expense will charge punishment. Additionally, on late documenting of expense, one needs to pay penal interest @ 1% as per section 234A. Even after getting notice, if someone willfully doesn’t pay tax and is also denied to pay penalty and interest (late filing fee) then he faces prosecution u/s 276C and can be condemned to prison for the time of 3 months to 7 Years. Also, when you don’t lodge your tax for years, you are not able to get any type of bank loan, not eligible to apply in any tendering process, cannot register any property, and not eligible to apply for VISA as they need last three years’ income tax returns documents and not getting any working license and many more.
Can I change from ITR1 to ITR3 for next year?
If you are choosing for presumptive taxation of business or profession ITR3 is not applicable for you. if your tax situation changes from income from salary,income from house property to presumptive taxation of business or profession then you can definitely change from ITR 1 to ITR 3, income tax department releases criteria for each tax situation every year , if you are eligible for certain criteria then you can always switch from one ITR form to another
How do I look up a tax ID number?
You can find the tax identification number or EIN number of a company from the following ways- 1.You can ask the company’s payroll or accounting department who would know the company’s tax ID. 2.Search for the SEC filings of the company at the Securities and Exchange Commission's website and enter the company's name which will get you the business tax ID number. 3.Search for the company’s business credit report from various sites like Nav, Experian, and Equifax by paying a certain fee. And in the credit report business EIN is shown. 4.You can also go for the paid EIN database which will charge you a fee to access the company EIN and also it gives you other information about the company such as the company’s size and industry, which will help you find new prospects of the company.
Can I claim a refund for tax deducted by the bank?
Yes, you can claim a TDS refund if the bank deducts TDS on your fixed deposit interest even though your income does not fall within the taxable income tax slab. There are two ways you can claim a refund in this situation. One option is to request a refund while filing your ITR returns. The other option is to fill out Form 15G and submit it to the bank immediately to resolve the matter.
How much can we claim as compensation to an e-commerce company for risking life with covid?
According to a report by the central government of India if any person dies due to Novel Coronavirus then their family members will get a compensation of Rs 4 lakh
What are the taxes while selling a silver plate in the market?
Just selling silver bars doesn’t create a tax liability. You pay taxes only if you make a profit. Profit = Sell Proceeds - Tax or Cost Basis where, Tax/Cost Basis = Costs incurred on dealer commissions, storage expenses, and appraisal fees, not just the purchase price of the silver bars If the sale proceeds are more than the tax basis, the answer will be positive and is the amount of your capital gain. Otherwise, you’ll get a negative number and you have a loss. Capital gains may be short-term or long-term. The gain is short-term if you owned the silver for one year or less. So depending upon the term of capital gain your profit will be taxed. You don’t have to report a capital loss on silver bars you sell. The IRS won’t force you to take the tax deduction. However, you can use long-term capital losses to offset long-term capital gains from other investments. Use short-term losses to offset short-term capital gains. If you end up with a net loss on long-term or short-term investments, this amount may be used to offset other income.
What is the federal tax credit for solar panels for rental property?
The outcome is that solar panels based on residential rental property the citizen possesses ought to be qualified for a solar tax credit under Sec. 48, expecting different requirements for the credit are met. This is uplifting news for citizens expecting to exploit the 30% tax credit for the expense of solar panel which are installed at the residential rental property.
Can we change the income details mentioned in Form 16 while filing an income tax return?
Yes. In case you missed reporting some deductions to your employer by the end of the financial year, or for any reason some information is missing in your Form 16, you can add them in your Income-tax return form while filing your Income-tax return.
When should I file the first GST?
You can file your First GST according to the following category:- 1. GST Regular (Goods): Limit for Registration in case of sale of goods (all over India) except persons engaged in making Supplies in the specified states is over Rs. 40 lakhs 2. GST Regular (Services): Limit for Registration in case of Services (all over India) except persons engaged in making Supplies in Specified states is over Rs. 20 lakhs 3. GST Regular (Goods & Services - Specified States): Limit for Registration in case of sale of Goods & Services engaged in making Supplies in the Specified states is over Rs. 10 lakhs 4. GST Composition: Below are the various limits for registration under Composition Scheme 5. For Trader, Manufacturer – Rs. 1.5 Crore 6. For Restaurant Service – Rs. 1.5 Crore 7. For Trader, Manufacturer – Rs. 1.5 Crore 8. For Other Service Providers, subject to threshold limit of turnover in the preceding Financial Year Rs. 50 lakhs – Rs. 1.5 Crore
Why does the government charge taxes on its own bills and consumption?
Government charges Tax on their citizens to generate income, So that they use the receipts to fund essential expenses like Defence, Police, Judiciary, Public health, Infrastructure etc. and to raise the standard of living of citizens.
Can a non-profit organisation give money to an individual?
Non-Profits/Charitable trusts qualify for income tax exemption for charitable purposes as per Section 501(c)(3) of the Internal Revenue Code. So, a charitable trust is obliged to use its assets for charitable purposes. Provided that grants /money given to individuals are for charitable purposes, nonprofits can give FINANCIAL ASSISTANCE to Individuals. Thus, Grants to individuals are not prohibited, provided they are made for further charitable purposes. So, the answer is YES.
What is the TDS for shares for an individual under the Finance Act?
There is no deduction of TDS on share, TDS is deducted on Dividend which we receive on share @ 10% but due to pandemic government has reduced the rate to 7.5% according to income tax act 194. If the resident individual is receiving the dividend exceeding the 5000 amount, then the whole dividend amount will be taxable at the above mentioned rate.
Will it be wise to buy a second home to save tax in India?
It is advisable to buy a second home in India when you are having a stable source of income (in the case of self-occupied property) as it takes a lot to manage two-house properties because of their expenses and maintenance. And if you are going to take a Home loan for the second house then you will have to pay the EMIs as well, apart from the maintenance expenses. According to the Income-tax laws, one person is allowed to have two residential houses as self-occupied and for it, the maximum deduction against the interest payment can be claimed is Rs 2 lakhs per annum for both the houses. But there is a plus point in buying a second home in India if you are buying the property to be let out on rent and get a stable regular income from it. Although you will have to pay taxes on that income according to the slab rates it will help you with the repayment of loans and their interests (if any). There is also a tax deduction up to the amount paid towards interest if the house is let out on rent. So ultimately buying a second home in India is a good investment as the real estate in India is increasing at a fast pace which will increase the value of the house over time. This property can be sold at a higher price in the future and till then you can add values to your income by putting the property on rent.
How do I write a letter to the Income Tax Department of India for de-linking my PAN with Aadhaar?
You can continue for de-linking of PAN with Aadhar card only in the following conditions 1. If an individual has more than 1 PAN and the Aadhar card is linked with a deactivated PAN. 2. If any individual’s Aadhar card number is linked with another person’s PAN card due to technical glitches. 3. Technical Issues The following documents are required for the process of de-linking of PAN with Aadhar. A copy of the grievance letter has to be submitted 1.Applicant’s email ID (if available), postal address, and the contact details 2.The colored copy of the Aadhaar Card has to be shared via email 3.Copy of PAN Card(s) 4.If any other relevant documents are required they also have to be submitted 5.Update history of Aadhaar and PAN Card The Income Tax Department of India does not provide any procedure to unlink your Aadhaar with PAN Card. However, below mentioned are the details of the de-linking process of the above-mentioned conditions: 1. If an individual has more than 1 PAN and the Aadhar card is linked with a deactivated PAN The current status of all the PANs that are in possession of the taxpayer via CBN query on ITD application has to be cross-checked via RCC In case, if all the PANs are in possession of the taxpayer are active, or are under the process of de-duplication or the process of the restoration, then the grievance is to be forwarded by the RCC to the respective jurisdictional Assessing Officer Once the above process is completed, an extensive report must be prepared on the basis of whether the delinking is required or not In case the delinking of Aadhaar-PAN is required, the documents along with the application of grievance have to be forwarded to the O/o Joint Directors(s), ADG(s)-I team 2. If any individual’s Aadhar card number is linked with another person’s PAN card due to technical glitches. The processing details of the PAN Card has to be collected from the service providers of PAN The Audit Log from ITBA must be collected by RCC and the same can be generated via AdmnLCL The reasons for the wrong linking of Aadhaar-PAN have to be identified and also prepare an analysis whether the delinking is required or not The grievance application, the report of the analysis, and the documents has to be submitted by the RCC officials to the O/o JD(S), ADG(S)-I team at email@example.com if the delinking is required ADG(s)-I team has to instruct the service providers for the process of any pending application at their end and must be communicated to the RCCs and the e-filing team through the ADG(S)-I team Once completed, the respective RCC must be informed accordingly Technical Issues 1)ticket has to be lodged on the ITBA helpdesk if there is any technical issue being faced by the Assessing Officer. Moreover, if the issue is not resolved within the three working days then the issue has to be forwarded to O/o JD(S), ADG(S)-I team at firstname.lastname@example.org the Aadhar card is linked with a PAN card marked as Fake then the following site can In case a person has more than one PAN he/she has to surrender one of the PAN or else he/she will have to pay a penalty as per Income Tax Act. Before surrendering the PAN the individual should confirm which PAN has been linked with the Aadhar and have been mentioned in other financial transactions. In case an individual’s PAN has been linked with another individual's Aadhar he /she must contact the Jurisdictional Officer Immediately and follow his instructions. This will save the individual from financial frauds that take place.
What is the rate of GST on brokerage?
9% state GST and 9% Central GST, total 18% GST charged on all types of brokerage and Commission Agents, and in case of interstate services, IGST (Integrated Goods & Service Tax) is applicable @18%.
Should we pay tax on dividends? What are the rules?
Yes from AY 2021-22 we have to pay tax on Dividends and this was taxable on dividend above RS10 lac
I have a GST number for selling in retail. Can I use the same GST number to sell on Amazon?
Yes, of course, you can use that same GST number to sell on Amazon. There is no special type of registration required for sale on online platforms like Flipkart, Amazon, Mantra. If a person has already GST no. They don’t need to apply for GST again. They can use their GSTIN for selling online as well as offline. As GST is charged on the basis of the place where goods are going to be supplied/sold/used, whether it is intrastate or interstate. what platform you are using for sale does not matter. But there is one thing they will have to do is to take registration under the Normal Scheme. As the one who is registered under the Composition scheme won’t be able to sell on the online platform.
What are the additional taxes paid by anyone who owns property such as land, a home, or commercial real estate?
It depends on which additional tax you are talking about. Let’s consider you are paying income tax on house property (whether residential or commercial property) to the income tax department which directly goes into the hands of the central government. Now the state government and local authorities are waiting in line to tax you on your house property. 1) Property tax to the municipal corporation Local authorities like municipal corporations collect property tax from the owner. The property tax amount is based on the area, construction, property size, building, etc. While filing an income tax return you can claim a deduction of municipal taxes you paid if your property is let out. Note- in self-occupied property deduction of municipal taxes is not allowed
What is the procedure for registration under GST?
Step 1-First you have to go to the GST portal and select services under which you can see the registration. Step 2- Under registration you have to select the New Registration option. Step 3- Now fill all the credentials asked in the form: 1.Select from the drop list – I am a taxpayer. 2.Select your state or Union Territory in the next line. 3.After that select your district. 4.Then enter your business name which is mentioned in your PAN. 5.Enter your PAN. 6.Enter your Email address. (For verification OTP will be sent to you). 7.Then enter your Mobile Number (OTP will be sent to this mobile number). 8.Now, enter the captcha shown in the image. Step 4- Now that you have filled all the credentials, click on the proceed button which will take you to the verification step. Then you will get the OTP on your Email and phone number which you have to enter there. Step 5- Once you are done with the verification, then you will automatically get a Temporary Reference Number (TRN) which you will get on your Email and mobile number. Step 6- Now you have to go back to the GST Portal and again click on the registration but this time you need to select the TRN option which is on the right of the New Registration. Step 7- In this step you need to enter the TRN number and the captcha given below then click on the proceed button. Step 8- Once again you will get an OTP that has been sent to your mobile number and Email, which you have to enter and proceed. Step 9- Now your application status will be shown as a draft, to continue you need to click on the edit button. Step 10- Now you are required to fill the relevant details and prerequisite documents which are shown below: 1.Your photograph. 2.Constitution of the taxpayer. 3.Business place proof. 4.Your bank account details. 5.Authorization Form. Step 11- Once you are done with the details you need to go to the verification page and submit your application. After the verification you will get the Application Reference Number (ARN) which will be sent to your Email and Mobile number. Step 12- Once you get the ARN number then you can check your status by entering the ARN in the GST Portal.
How do you know if you received the American opportunity credit form 1040?
The American Opportunity Credit (formerly the Hope Credit) is a tax credit that can be used to help pay for education expenses incurred during the first four years of higher education. It provides up to $2,500 per year for each eligible student. If you have previously claimed any amount of this credit, you can see how much you have previously claimed at the bottom of Form 8863, Page 2. STEP 1: Login and open My Tax Timeline. STEP 2: Choose the year you want to access, then click Download/Print Return (PDF) STEP 3: After you've opened the PDF, scan it until you find Form 8863. If it's not there, it means you didn't claim any education credits for that tax year.
How can we pay tax?
You have to pay your taxes online. To pay taxes online these are the following steps:- Log in to http://www.tin-nsdl.com Select services > e-payment 2. Select the relevant challan i.e Non- TDS/TCS and select challan no.280 3. Enter the personal information required. 4. Select (0021) Income tax other than companies 5. Select the type of payment correctly Select (100) Advance tax if paying advance tax Select (300) Self-assessment tax if paying tax in the same financial year or after the tax liability is prepared. 6. Select the mode of payment 7. Select the relevant Assessment Year (AY) 8. Once, check the information you have entered is correct and complete the payment. Once the payment is completed you can check the receipt.
How do registered taxpayers log into the new income tax portal of India?
As income Tax portal has got his new portal live here is the procedure a registered user can login into its portal. 1. Visit page https://www.incometax.gov.in 2. On the home page towards top right click on the option “Login” 3. Enter Your Pan and click continue 4. Select to confirm your secure access message 5. Enter your password and select continue You have successfully entered your New Income Tax Portal.
What are the benefits of filling out the Form 1040?
It is a US tax return to be filed by the taxpayers. It is for tax compliance, discharge the tax liabilities or claim the refunds as per law being in force. To know more get detail- email@example.com visit us- www.taxblock.in
Is your tax planning fully tax saving optimised?
Tax Planning helps you to save your taxes by taking advantage of all the income tax provisions given under the Income Tax Act. It is important to optimize your tax saving and minimize your tax outgo within the framework of laws. Some are the important deductions that can help you save taxes – 1. Health insurance – One can claim up to Rs.25000 for himself and family also up to Rs.50000 for his/her dependent parents i.e. senior citizen, this deduction can be claimed over and above Rs.1.5lakh of section 80C. 2. ELSS Investment – Equity Linked Saving Scheme i.e. ELSS is an equity mutual fund that helps you save taxes and also gives you an opportunity to grow money. It qualifies for tax exemption under section 80C of the Income Tax Act. 3. Home Loan – This tax saving is not only applicable to claim the principal amount but also on the interest paid. You are eligible to claim Rs.1.5lakh Under section 80C, towards repayment of principal amount of your home loan. Also, you can claim the repayment of interest amount as a separate deduction up to Rs.2lakh under section 24 of the Income Tax Act. 4. NPS – Contribution towards NPS ( National Pension Scheme) are eligible for a deduction up to 1.5 lakhs under section 80CCE which includes under 80C deduction, Also an additional deduction up to 50000 is available under section 80CCD (1b) other than 80C deduction. 5. Tuition Fees - The amount paid by parents as tuition fees of their children, (at the time of admission or thereafter), is eligible as a deduction under Section 80C.However, the fees should be paid to a school, college, or university in India only. These are some of the important deductions available to an individual to efficiently use them and fully optimize the Tax Saving.
What does transaction tax mean?
Transaction taxes refer to taxes imposed by the government on all financial transactions. It includes sales, use, gross receipts and excise. Each financial transaction tax has its own purpose. Transactional taxes can be imposed on sale of goods and services as well as currency exchange transactions.
What is a special tax provision?
Special tax provisions refer to provisions drafted in any branch of law to facilitate the smooth functioning of a beneficial tax provision. From time to time, the Central and State Governments come up with certain schemes for the promotion of trade, commerce, and welfare. In order to ensure the smooth tax functioning of such schemes, they draft special tax provisions.
What is meant by CBIC in GST?
Central Board of Indirect Taxes and Customs (CBIC) is the Department of Revenue under the Ministry of Finance, Government of India.
Does the collection tax department allow manual filing of tax forms for foreign remittance?
As per the Income-tax act, u are allowed to file 15CA and 15 CB in offline mode till 30th June but u have to upload it online too. The main reason to start manual filling is the up-gradation of the e-filling portal
Exactly how do tax write-offs work, and why do they exist?
Tax write-off is nothing but tax deductions. A tax write-off is an expense that you can partially or fully deduct from your taxable income. There are also standard deductions fixed by the government. A tax write-off lowers your taxable income and even reduces your tax liability. Some of the common used tax write-offs are :- Property tax Medical expenses Charitable donations Life insurance premium Medical insurance premium Tuition fees of any family member for the purpose of full time education. You can even avail some of the deductions or tax write off through the following:- Interest paid on borrowed capital for house Property. Repayment of loan (principal amount) PPF Contribution Investments in tax saving F.Ds Investments in Government Bonds Contribution in NPS
How do you calculate long-term capital gains?
First we need to ensure there is a capital asset which meets the definition u/s 2(14) of the Income Tax Act,1961. Then we need to check if there is a transfer of the capital asset u/s 2(47) and not covered u/s 46 and 47. In case there is a transfer we need to check the holding period of the asset to check for long term and short term criteria to determine the rate of tax and indexation benefit. LTCG will be Net sale consideration as reduced by cost of acquisition/indexed cost of acquisition. This amount will be used to multiply with applicable rates to arrive at the tax amount.
Who is responsible for paying federal income tax?
There is an annual income set by the government. The current limit set by the government is $9,875. People who do not cross this income limit do not have to pay taxes or have to pay very little tax. People with higher income have a high rate of taxes. And if you are above the age of 65 years and have a physical disability like blindness you do not have to pay federal taxes. People who are married and are filing the taxes together but are above the age of 65 and their total income together doesn't exceed $24,000 before paying taxes enjoy the benefit of not paying taxes to the federal government.
What are the new features launched in the income tax website?
The new feature of the new Income Tax portal are mentioned below: According to the income tax department, the new portal will simplify all services, making it highly user-friendly for all the users. Taxpayers can update their profiles to provide details of income (salary, house property, business/profession which will be used in ITR pre-filing). Detailed enablement of pre-filing with salary income, interest, dividend, and capital gains will be available after TDS and SFT statements are uploaded (due date for which is June 30, 2021) Functions to file income tax forms, add tax professionals, submit responses to notices in faceless scrutiny or appeals would also be made available. In the new portal, the taxpayers will have easy step-by-step guidance with user manuals and videos, to make the users understand better. The new income tax portal will be available on mobile phones as well. The taxpayers will be able to access all the key functions, including filing returns, submitting responses, etc from the mobile app. The new taxpayer-friendly portal is integrated with the immediate processing of income tax returns to issue quick refunds to taxpayers. ITR preparation software will be available in both modes, online as well as offline Taxpayers will be able to check all interactions, uploads, and pending actions if any from a single dashboard without navigating to any other page which will ultimately save the taxpayer's time of taxpayer. Interactions and uploads or pending actions of the taxpayer will be displayed on a single dashboard for follow-up action. The IT Department will utilize this website not only file tax returns but also for responding to taxpayers' queries and giving orders like assessments, penalties, exemptions, and appeals If a taxpayer is not able to understand anything in the ITR form, the new e filing portal will help the taxpayers in resolving their queries with FAQs, tutorials, videos, and chatbox/live agent. A new call center will be available for taxpayer assistance for prompt response to taxpayer queries. Taxpayers can not only file ITRs under individual and other categories but also raise complaints about refunds and other works with the IT Department Free of cost ITR preparation software will be available on the new portal to help with taxpayers' queries for ITR 1, 4 (online and offline) and ITR 2 (offline). The facility will be made available shortly for ITRs 3, 5, 6, 7 The new e-portal will provide ease in payment of taxes through multiple payment options such as net banking, UPI, credit card, and RTGS/NEFT from any account of a taxpayer to any bank
Are TDS and income tax the same?
1) Income tax is levied on all individuals or corporations for the income earned above the tax limit for that particular period. TDS is tax deducted at the source. Where the tax is deducted at the source of income, merely assuming that you have taxable income. 2) Income tax is paid on the annual income, whereas TDS is deducted at source on a periodic basis in the particular year. 3) A taxpayer will have to pay income tax on his total annual income, where TDS is only his partial contribution to his total annual income. 4) In the case of TDS, the tax is deducted by the payer and is remitted to the Government by the payer on behalf of the payee. Income tax should be paid by the taxpayer. 5) If a taxpayer's income is below the taxable limit and TDS is deducted then he can claim for the same in his tax returns. TDS is deducted in cases such as from salary income, fixed deposits, etc.
How do I apply for the GST?
Step 1: Go to the GST Portal Step 2: Generate a TRN by Completing OTP Validation Step 3: OTP Verification & TRN Generation Step 4: TRN Generated step 5: Log in with TRN Step 6: Submit Business Information Step 7: Submit Promoter Information Step 8: Submit Authorised Signatory Information Step 9: Principal Place of Business Step 10: Additional Place of Business Step 11: Details of Goods and Services Step 12: Details of Bank Account Step 13: Verification of Application Step 14: ARN Generated How do I close HUF with the income tax department? To close HUF with the income tax department..there has to be a deed of full partition. Partial partition is not acceptable. A deed of partition is to be executed and properties must be distributed among all the family members i.e the Karta and coparceners( son, daughters, grandchildren). The division and distribution must be done according to the provisions of Hindu Succession Act. Once the partition is done, the family members can surrender their PAN to the assessing officer
How much GST is collected each month by the government?
There is no such particular amount of revenue that is received by the government monthly from the taxpayers against GST. The gross revenue collected under GST with the government in the Month of March 2021 has a record of Rs. 1,23,902 crore, which is 27% higher than the GST revenue collected in the same month last year. It is the highest revenue collected by the government since the introduction of GST. The revenue is crossing Rs. 1lakh crore mark since the last six months.
Do I need to pay tax to receive donations through PayPal?
When donors click your donate button, they complete their donation on the PayPal site. There are no monthly or set-up fees with donation button transactions. We only pay processing fees when they receive a donation.
What is the difference between Section 194Q and 206C(1H) of the Income Tax Act?
194Q is done by the buyer of goods and services whereas TCS under 206C(1H) is done by the seller of goods. TDS/TCS is done @ 0.1% of value of goods purchased/sold exceeding 50 lac. The same is to be deposited by 7th of next month with the government.
How do frauds make use of fake GST invoices?
Frauds use Fake GST invoices for mainly three reasons- 1. Claim undue excess ITC 2. Showing excess Turnover 3. Transfer credit from one company to another without any actual supply of goods and services. There are many benefits that people claim with Fake GST invoices are:- 1. They get a commission. 2. Increased bank transactions help avail bank facilities. 3. Utilize ITC and pay less tax to the government 4. Converts excess ITC into cash 5. Diversion of funds and money laundering 6. Escape GST on taxable output
Which GST should be filed by e-commerce sellers?
E-commerce sellers under the GST act have to file GSTR8. Due date to file GSTR8 is the 10th of the following month.
When does EPF become taxable?
1. on EPF withdrawal before five year of continuous service 2. From 1 April 2020 employers contribution to the EPF account can become if it exceeds Rs. 7.5 Lakh in a financial year.
Is it possible to calculate capital gains tax on the transactions which are not regarded as transfers?
Capital gains shall be chargeable to tax if on satisfaction of following conditions: a) The asset transferred should be a capital asset on the date of transfer, b) It should be transferred by the taxpayer during the previous year, (i.e. there needs to be a transfer to calculate and tax the capital gains), c) There should be surplus or gain as a result of transfer. If the transaction itself is not treated as a transfer (Section 47 of the Income Tax Act, 1961), there arises no requirement to calculate the tax.
How can you submit income tax proofs later?
Income tax proofs are to be submitted to the employer so as to deduct the TDS according to the deduction details for the financial year. If the same could not be submitted in the allotted time, the deductions can be considered directly while filing the income tax return even though it does not reflect in Form 16. With the advanced versions of ITR filing, it is not required to submit the proofs while filing the return.
Are property taxes higher in Texas or California?
In Texas and California, real property taxes are assessed based on the market value of the property. In terms of large cities based on population. Texas has the highest effective tax rate ranging from city to city. On an average it is 2% of the value of property. Whereas when it comes to California it has a lower effective tax rate at an average of 0.55% of property value. But the real estate prices in California are very high as compared to Texas. So even though the rate of tax is lower in percentage terms in Texas, effective tax collection in California is higher than that in Texas.
Why doesn’t petroleum come under the GST?
This question is very much relevant now as the price of petrol has scored a century recently! Jokes apart, this question comes to everyone's mind: why are petroleum products not covered under GST? Here are some insights to this- Let us take petrol's price for an example - it is derived as follows - Basic price + Dealer's commission + Excise duty and surcharges/cess related to the same + VAT. Excise which is charged at almost more than 95% of the basic value goes into the Central Government's pockets and VAT which is charged on an average 20-25% on Basic + Excise duty is the revenue of the State Government. Taxes form more than 60% of the total price of the petrol. You can simply imagine the huge amount of revenue which both the governments earn from the petroleum products. On the other hand, the maximum rate under GST is 28% (14% CGST +14% SGST). If petroleum products are brought under GST, though it will bring the petrol prices down, it will be a drastic loss in the revenue to both the governments, probably lakhs of crores of Rupees. States are not ready to forgive the revenue and therefore not giving their consent to pass this bill to bring the petroleum products under GST law. This is why it is almost unexpected to bring the petroleum products under GST, unless both the governments agree upon the same opinion.
Is it possible for the government to track Bitcoin transactions?
In India, unlike other developed countries, cryptocurrencies are still not accepted as a legal tender for transactions. It can't be used as money. However, it is very much legal to do the transactions in the cryptocurrencies. In India, these transactions are not yet regulated by any law or regulatory body, but it is expected to happen very soon. Just like stock market, where shares are traded through stock exchanges, in the cryptocurrency market, cryptocurrencies are traded through cryptocurrency exchanges (e.g. Wazirex, Unocoin, etc) . These intermediaries have a detailed record of all the transactions and are absolutely liable to provide the information to the government whenever asked for. It implies that the Government has a watch on all these cryptocurrency transactions. It can also be said to be even more transparent than the shares market!
How do people pull out GST filing fraud? How can the government plug the loopholes?
GST Law, as compared to the earlier laws, is very transparent relating to matching of tax credits. However, people find loopholes in the laws and use the laws as per their benefits. In the initial stage of GST implementation, many provisions were ambiguous and mistaken by the Taxpayers and Tax Practitioners. It also led to unintentional tax evasions and once any irregularity came to the knowledge of the Tax Officials, they were issued to the defaulters. Fraud is something when done with negative intentions. GST law specifically has two different sections (73 and 74 of the CGST Act, 2017) which bifurcates the penalty and proceedings for the frauds done intentionally and for mere mistakes done unintentionally. Tools and Techniques used by Governments to pull out frauds - Due to the digital revolution, every government site is interlinked. As a result, finding out mismatches in the data reported at various sites has become easier. Now, Banks also have been instructed to file SFT reports where heavy financial transactions get reported. These reports are available with the Government Departments. It enables the Government to identify the defaulters who should have registered under GST and paid the taxes but have not done so. As per the 80-20 rule, 80 % of the GST revenue comes from the 20% big players in number and the rest 20% from small taxpayers which involves 80% of the taxpayers in number. Government simply targets the 20% crowd and performs the physical visits wherever required if they find it necessary to do so. The GST department already has some Tax Officers having super-knowledge or sometimes it takes the assistance of Actuaries as well. Well, the Government has still not started issuing notices and raising demands for the last 3 financial years on account of Covid-19 Outbreak but they’ll soon start the same and recover the taxes from defaulters.
What are the items covered under VAT after the implementation of GST?
Following Items covered under VAT After the Implementation of GST:- 1.Petroleum cured 2. High-speed diesel 3.Natural Gas 4.Aviation turbine fuel 5.Alcoholic Liquor for human consumption
Is the PPF maturity amount tax-free?
Yes. The PPF maturity period is 15 years and the proceeds are fully tax free in the hands of Assessee.
Who does not require GST registration?
1) If Total Turnover is less than Rs. 20 Lakh/ Rs. 10 Lakh (Special Category States) for Service Providers and Rs. 40 Lakh. Rs. 20 Lakh (Special Category States) for sale of Goods 2) The person is exclusively engaged in sale of Goods or Services which are exempt or not liable to tax 3) The person whose sales or services which are liable to tax under Reverse charge mechanism 4) Persons making interstate supply of handicraft goods
How are cryptocurrencies taxed short term, like income or capital gains?
First, we need to consider that the gains derived from the sale of crypto currencies can be classified as either capital gains or business income. Crypto Currency could be deemed as capital assets if they are purchased for the purpose of investments by taxpayers. Any gain arising on transfer of such crypto currencies shall be taxable as capital gains. Whereas, if the transactions are substantial and more frequent, it could be held that the taxpayer is trading in crypto currencies. Then, the income from sale of crypto currencies would be taxable as business income. This classification will have an impact on which tax return form one needs to file and how much tax will be levied on the gains. In India, you would not find any business dealing in crypto currencies as of now. Therefore, the gains made from investing in Crypto currencies are taxable as capital gains and for the same we need to first calculate the period of holding of the asset. If investors hold it for 36 months or more, the gains would be taxable as long-term capital gains (LTCG). Otherwise, it would be short-term capital gains (STCG). Short-term capital gains are taxable as per the slab rates applicable to a taxpayer. And long-term capital gains are taxed at the flat rate of 20% with the benefit of indexation
What is the new income tax portal?
The Income Tax Department has recently come out with a notification stating that it is going to launch its new portal on 7th June . The existing portal will be unavailable from 1st June 21 till 6th June 21. It is being said that the new portal will have a different interface and have additional facilities as compared to the existing one. In the budget, many announcements like e-hearings , e-assessments , launching of new online ITR forms than ITR-1 and ITR-4 were made. The new portal will definitely be something which will be more user friendly than the existing site.
What is the new ITR update in India?
The recent update to ITR is the due date extensions for various submissions/filing as below: 1. The deadline for issuing Form 16 by employers to employees has been extended by a month till July 15th, 2021. 2. Due date for filing return of income for AY 2021-22 extended to 30th September 2021 from 31st July 2021 for regular assessments. 3. Due date for filing return of income for AY 2021-22 extended to 30th November 2021 from 31st October 2021 for Tax Audit assesses. 4. Due date for furnishing Tax Audit Report for AY 2021-22 extended to 31st October 2021 from 3oth September 2021 for Tax Audit assesses. 5. Due date for filing belated/revised return of income for AY 2021-22 extended to 31st January 2022 from 31st December 2021 for all assessments. 6. Due date of the Transfer Pricing Study Report extended to 30th November 2021. 7. Due date for filing TDS returns for Quarter 4 for AY 2022-23 extended to 30th June 2021 from 31st May 2021 for all assessments. 8. Due date for submitting the Statement of Reportable Account extended to 30th June 2021 from 31st May 2021.
What is the meaning of each GST application status?
Following are status for GST Application 1. Pending for verification status - this status means that your application has been successfully filled. The same has not been verified by the Tax officer. 2. Pending for clarification - Notice for seeking clarification issued by the tax officer. applicant file clarification within 7 days of date of notice on portal 3. Clarification filled- pending for order - Applicant successfully filled clarification. pending with officer for order 4. Clarification not filled - pending for order - Applicant not filled clarification. pending with officer for order 5. Approved - Application successfully approved. 6. Rejected - Application is rejected by the tax officer.
What is the use of Form 10DB?
Use of Form 10DB for evidence of payment of securities transaction tax on transactions entered in a recognized stock exchange. and for claiming deduction U/S 88E of the income Tax Act. From the AY 2009-10 & onwards as the rebate is no longer allowed under section 88E. Hence Form 10DB is no longer necessary. STT paid is allowed as business expenses. Now you can use the P&L available console.
Which cash transactions can attract an IT notice in India?
Following are the cash transaction can attract IT Notice In India:- 1. Credit card Bill Payment - Cash payment of RS. 1 lakh or more for credit card bills have to be reported. Also payment above Rs. 10lakh or more for settle credit card Payment in a financial year. 2. Deposit in Saving / Current Account - Cash deposit in a savings bank account more than Rs. 1 lacs result in the depositor receiving a notice. Cash deposit or withdrawal more than Rs.50 lakh during a financial year , will need to report to the IT department. 3. Deposit in FD - cash deposit exceeding RS. 10 lakh in a financial year will have to reported to IT Department 4. Real estate Investment - cash transaction for buying or selling property exceeding RS. 30 lakh per transaction.
What is the best way to file taxes online without interest or penalties?
The best way to file taxes online/offline is to pay the advance tax installments within the due dates on a quarterly basis to avoid interest. Further, penalties are levied in income tax if the total income exceeds the basic exemption limit and yet the Income-tax return has not been filed within the due date, as per the provisions of the Income Tax Act, 1961. If any query kindly visit www.taxblock.in
What's the importance of the GST bill in India?
GST Implementation was one of the revolutionary steps taken in the Indirect Taxation field. GST was introduced by merging a large number of Central and State taxes into a single tax. If we compare the pre-GST era with the current times, we can easily find out the following differences- Importance of GST From the Taxpayer’s side - Different Central Taxes, State Taxes and Local Taxes have been abolished and brought under the purview of GST. It has tremendously reduced the compliance cost on the Taxpayer’s side and also has resulted in ending the cascading effect. Transparency of the Tax credit is also one of the major benefits under GST which was missing in the earlier regime. GST returns are interlinked which enables the real-time tracking of the defaulters whereas earlier VAT and Sales Tax officers used to send notice copies containing the list of defaulters. GST has also helped in price reduction and unified the market. Importance of GST From the Government’s side - Earlier tax structure used to result in uneven distribution of Taxes to State and Central Governments as they both had their separate laws and tax collection policies. GST, has however, brought both the governments at an equal level. Tax collected under GST is equally distributed to the State and Central Government. Though there are still some problems faced by the taxpayers in the operations of GST laws, GST has brought many benefits which overshadow the negative impact.
Why is the GST collection at an all-time high?
The main reason for all-time high collection of GST was that the Economy had started moving upward and technology was used for better compliances. Closer monitoring against fake billing, deep data analytics, and effective tax administration had contributed to the steady increase in GST Collection over the last few months. One of the very important reasons for the increase in GST collection in the month of April 2021 was a result of business activities and sales in the month of March 2021. GST Collection in the month of April is a result of sales in the month of March 2021. In the month of March 2021, the situation pertaining to lockdown was not as bad as April 2021. There were certain restrictions state-wise, but the business activities were going on as usual in most parts of the country. Also, there was consumption demand as usual which was not impacted much till the month of April 2021. All these reasons together resulted in an all-time high collection of GST during the last few months.
What are some ways to save Income tax in India?
There are many ways to save taxes in India. Let me list few major areas as follows: 1. 80C deductions - Deductions u/s 80C is the major head where taxpayers can save their taxes by investing in different schemes. For eg. LIC, Equity Linked Savings Scheme, PPF, Time Deposits, etc. Other than that, one can also take the advantage of Housing Loan's Principal repayment under this section. And lastly, tuition fees paid for children's Education can also be considered. The total amount of Rs. 1,50,000 can be allowed as a deduction. 2. Deduction under chapter VI A - One can take benefit here by depositing/investing the money in Mediclaim, Donations, etc. Further, medical expenses incurred can be allowed as deduction* up to Rs. 50,000. 3. Components of Salary - (i) House Rent Allowance - HRA can be claimed by any salaried person if he is paying rent for his accommodation. (ii) Leave Travel Allowance - LTA can be exempted from tax when one has travelled by self or with family within India. This can be done twice in a block of 4 years. To understand in-depth about various alternatives to save taxes, kindly connect Taxblock at Home - Taxblock
What exactly is GST and how will it benefit India?
GST Stand for Goods and Service Tax and aimed at creating a single, unified market that will benefit both corporate and the economy. GST is tax on the final consumption of food and services. GST is to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as service. Benefits OF GST 1. Creations of unified nation market 2. Enhanced Investment and employment 3. Uniform Tax Structure 4. Removal of cascading Effect 5. Reduction in compliance cost 6. Reduced Tax Evasion
Why do we need to pay income tax if we are already paying GST indirectly?
As per the details taken from the GST Council website and Income Tax website, there are 1.23Cr active GST taxpayers (many of them are small/zero taxpayers) and approximately 10 Crore Income tax profiles created out of which 7.39Cr people including companies have filed their Income Tax Returns for the last financial return (many of them are small/nil filers here too) We, Indians, have grown to almost 140Cr in the population count! So, to explain the need of paying income tax by everyone, the figures mentioned above are self-explanatory. GST is collected uniformly from everyone - it does not focus on the quantum of income earned. However, Income tax is slab wise and a higher percentage of tax and surcharge are applicable to high-income earners only. Also, various deductions and exemptions are available to reduce the taxable income. I would also like to mention some personal benefits you can get by paying and filing your income tax return like - Loan approval, Proof of Income earned, Visa Approval, etc. One should be proud of being a taxpayer. We need to take the tax as a cost of civilization rather than taking it as a burden!
What is regressive and progressive tax? What is an example?
A progressive tax is a tax where the tax rate increases with increase in the taxpayer's income. In other words, individuals who get high income pay a higher proportion of their income as tax. Here, the tax liability of the taxpayer increases with an increase in his income. Example - Income Slab Tax rate Rs 2.5 lakh to Rs 5 lakh 10% Rs 5 lakh to Rs 10 lakh 20% Above Rs 10 lakh 30% On the other hand, in the case of a regressive tax, the tax rate decreases with an increase in income. In other words, individuals who get lower-income pay a higher proportion of their income as tax. Here, the tax liability of the taxpayer decreases with an increase in his income. Example - Income Slab Tax rate Rs 2.5 lakh to Rs 5 lakh 30% Rs 5 lakh to Rs 10 lakh 20% Above Rs 10 lakh 10%
What if I pay income tax in 2 parts?
As per section 208 of the Income Tax Act, 1961, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of “advance tax". Advance tax can be paid in 4 installments during the year in following slabs - 15%, 45%, 75%, 100% in first, second, third and fourth installments respectively. If one fails to pay the advance Tax in the specified schedule mentioned above, interest under section 234B will be payable on the short paid advance tax and 234C will be payable if the above % requirements are not fulfilled. To avoid such interest costs, you need to get the proper calculations done and pay the advance tax within the stipulated time. We, Taxblock Team, will be very happy to guide you in detail in this regard! Connect with us at - firstname.lastname@example.org
Can I activate my inactive GST number?
Yes. If your GST number was cancelled due to the non-filing of returns- it is advisable to do so as early as possible to avoid accumulative GST late fees and interest. However, you need to apply for revocation of the cancelled GST Number within 30 days of the number getting inactive. Once 30 days are gone, then there is no option to revive your GST number other than by filing an appeal with the appellate authority. If it was cancelled on the application by the Taxpayer- the taxpayer can now apply for the fresh registration. He will either get a new number or may get the same GST number which was earlier issued to him.
Are company registration and GST registration the same?
No! Both are different but interrelated. Company registration is the very first registration which gives the identity to the company. It is done as per the provisions of the Companies Act, 2013. Following the Company registration, PAN needs to be obtained. GST registration, if applicable by law or on a voluntary basis, as the case may be, is done after obtaining the company's PAN. GST registration is done as per the provisions of CGST Act, 2017. We, Taxblock team, provide both the services in a single package. We would definitely be happy to guide you in this regard.
Where and how do I file income tax returns?
Website - Website for filing ITR is - e-Filing Home Page, Income Tax Department, Government of India Forms - ITR filing is done using various forms like ITR-1, ITR-2 etc. Selection of Form - Applicable form is selected by looking at the different types of income earned by the assessee. e.g. if someone has Salary income and income from certain other sources, he will file ITR-1. People having Business/ Professional Income - will file ITR-3/4 whichever applicable. Suggestion - While filing the ITR , you have to keep in mind the provisions of Income Tax Act and file the ITR by staying within the brackets of law. The law and the procedure is too long to explain here. If you are new to this concept and know nothing about it, we, Taxblock Team, will be happy to brief you in this regard. It is very important that you file your income tax return correctly to avoid future problems like notices and demands from the IT department. We hereby suggest you to avail the services of our tax advisors.
Should Form 16 A be given to an employee whose TDS has never been deducted?
Form 16-Part A is basically a certificate of deduction of tax which is issued by the employer to the employee as per the provisions of Section 203 of the Income Tax Act, 1961. If we read the plain text of the law, it indicates that Form 16-Part A is required to be issued only if TDS has been done. As a result, if the TDS has not been deducted, the employer need not give FORM 16 - Part A. However, Part B can be issued to the employee whose tax has not been deducted with the - salary details, deductions from salary and tax details so that it helps him understand his annual income and keep the form in his records for his further use in Banks or ITR filing.
Is it required to show the GST number on a cash/credit memo?
In the GST law and provisions, more emphasis is given on the following four documents 1. Tax Invoice or E-invoice and E-way bill if applicable 2. Credit Note 3. Debit Note 4. Bill of Supply It is mandatory to put your GST number in all the above documents. However, Cash memo/credit memo are useful for accounting purpose and would not have any impact on GST filing and compliances. Though it won't make much difference and not compelled by law, it is still advisable to mention the GST number on cash/credit memo.
What is income tax filing and income tax return (ITR) filing? When should we file these and how can we do so?
Income Tax filing and ITR filing are one and the same thing. It basically means - whatever income you have earned during the financial year, you need to report the same to the government through the Tax return (A summary of the income earned, deductions and exemptions availed and tax payable on the income) and pay the tax wherever applicable. While doing the same, you have to keep in mind the provisions of Income Tax Act and file the ITR by staying within the brackets of law. The law and the procedure is too long to explain here. Ideally, the due date for filing ITR for Individuals and other non-audit persons is 31st July and for persons liable to audit is 30th September. You can also file the belated returns up to the next 31st March by paying the late fees and interest. If you are new to this concept and know nothing about it, we will be happy to brief you in this regard. It is very important that you file your income tax return correctly to avoid future problems like notices and demands from the IT department. We hereby suggest you to avail the services of our tax advisors.
Can I sell land and purchase commercial property under Section 54F?
Under section 54F, any long term capital asset except residential houses can be transferred and a residential house property needs to be purchased. So, as a result, purchase of commercial property is not eligible for exemption under section 54F of Capital Gains.
What are the different kinds of taxes?
Primarily - There are 2 types of Taxes 1. Direct Tax (Income Tax, Wealth Tax, Etc) - Where the Taxpayers are directly traceable and the tax is paid directly to the Govt. 2. Indirect Tax (GST, VAT, Excise duty, etc.) - Where we can't trace the end taxpayer and sometimes even the end taxpayer doesn't realize that he has paid the tax (the price may be inclusive of taxes)
Which tax is not covered in GST?
Broadly speaking almost all indirect taxes like Service Tax, CST, Excise, CVD and Additional Duty of Customs, Octroi and Entry Tax, VAT, Luxury tax, etc have been abolished and GST was introduced. However, following taxes (with some exceptions) are still in practice and not subsumed under GST - 1. Customs Duty 2. Stamp Duty 3. Excise and VAT on Alcoholic Liquor for Human Consumption and Tobacco 4. Entertainment Tax levied by Local Bodies 5. VAT on Petroleum products like Petrol, Diesel, Aviation Turbine Fuel, Crude Oil, etc. 6. Vehicle Tax and Road Tax
What happens if the ITR is not e-verified?
After filing the ITR, it needs to be e-verified by generating EVC within 120 days of ITR Filed. If one fails to e-verify the return, it's termed as Invalid Return. An invalid return is equivalent to a return not filed. And consequently, if the return is shown as invalid, a belated return needs to be filed again.
What are the ways to save income tax for a salaried person in India?
There are various ways to save Income Tax for Salaried employees in India. 1. House Rent Allowance and Leave Travel Allowance 2. Housing Loan 3. Deduction u/s VI A - Life Insurance Premium, Mediclaim or Medical Expenses, Tuition Fees, ELSS, Donations, 5-year Term Deposit, PPF, etc. 4. National Pension Scheme.
Can I file income tax returns without Form-16?
Form 16 contains a breakup of your salary and calculation of tax payable on that income. If your income is higher and the tax needs to be deducted on that, it is the responsibility of the employer to do so and pay the tax to the government on your behalf. After filing the TDS return, Form 16 gets generated. But, if the tax has been deducted but you have not received any form 16 from the Employer, you need to communicate the same with them.
When will I receive an e-PAN if the PAN status is under process at the income tax department?
PAN application initially gets submitted at NSDL's portal. NSDL then verifies all the documents and if found valid, forwards the application for processing to the Income Tax Department. IT Department has to check all the particulars in detail and make sure that no duplicate PAN gets issued. This process takes time. It generally takes 10-15 days. Sometimes it may also get processed within a week or may take more than the ordinary time. If it takes more time or you have an urgent PAN requirement of PAN, you should connect with the help desk on the following number - 1800 180 1961 . Note - Keep your acknowledgement ready to give reference to the help desk before giving them a call.
How do I file AY 2020-2021 ITR after 31 March 2021 as e-filing is stopped currently for '20-'21AY? Can I file the last 2 years ITR together?
Filing after 31st March 2021 is called time barred filing and you cannot voluntarily file it unless you get the notice to file the same or may obtain notice approval under section 119(2)(b). Earlier you were able to file the returns for the last 2 years at once but since 2016 onwards only returns can be filed in one year voluntarily.
Do I need to file a return if I am registered under the GST but my annual turnover is below 20 lakhs?
Once you are registered under GST, 1. You are liable to collect tax on the supplies made by you. 2. You can avail the tax credit of purchases made by you. 3. You also need to pay net taxes and file the applicable returns (GSTR-1 and 3B) 4. You need to file your nil returns even if you don't have any transaction during that tax period. If you fail to do so, you'll see late fees and interest liability coming your way! My GST is cancelled, but now I need GST. Can I renew the old GST only? We need to first see why the GST registration has been cancelled. If it was cancelled on the application by the Taxpayer, the taxpayer can now apply for the fresh registration. He will either get a new number or may get the GST number which was earlier issued to him. The second case, If the GST number was cancelled due to non-payment of Taxes and non-filing of the returns, you can't make the new application with the same PAN number. You'll have to pay all taxes and late fees, get your returns filed and revive the original GST number.
What is the time limit for the income tax department to resolve the grievance posted on the income tax portal?
The maximum limit is to redress the grievance within 8 weeks of receipt of the petition. Most petitions are redressed within a month from the date of receipt of the same.
What is the real purpose of Form 16? Is it proof that income tax is paid to the government or is it to save the income tax from the government?
Form 16 is the TDS certificate issued by your employer, to certify the deductions they've made. It remains important as income proof, for clearing tax credit and it is also used for visa processing.
How can we record sales discounts and taxes in a ledger?
To record GST sales with discount Gateway of Tally > Vouchers > press F8 (Sales). ... Select the Party A/c name and the Sales ledger. Select the stock item, and enter the Quantity and Rate. In Discount, enter the discount rate or the discount aTo record GST sales with discount Gateway of Tally > Vouchers > press F8 (Sales). ... Select the Party A/c name and the Sales ledger. Select the stock item, and enter the Quantity and Rate. In Discount, enter the discount rate or the discount amount applicable for the stock item. Select the discount ledger mount applicable for the stock item. Select the discount ledger
What tax benefits are not known to all?
Lesser-known deductions you can claim is (i) Medical expenses for specified diseases like AIDS, Cancer (ii) Deduction for rent paid if you are not availing of HRA (iii) Amount paid under National Pension System (iv) Repairs and maintenance of house property
How much tax do I need to pay after selling cryptocurrencies in India?
Profits from the sale of cryptocurrencies will be taxable as capital gains if it is held for investment purposes. If the currencies are held for 3 years they will be treated as short-term capital gains (STCG). And if it is held for more than 3 years it will be taxed (LTCG) at the rate of 20% with indexation.
What is the minimum amount for capital gain sections?
The rate of capital gains taxable are as follows Long-term capital gains tax Except on sale of equity shares/ units of equity oriented fund - 20% Long-term capital gains tax On the sale of Equity shares/ units of equity oriented fund - 10% over and above Rs 1 lakh Short-term capital gains tax When securities transaction tax is not applicable - the taxpayer is taxed according to his income tax slab. Short-term capital gains tax When securities transaction tax is applicable - 15%.
What are the additional taxes when buying a car out of state?
If you are buying a car in a different state than your home state, the car dealer collects your sales tax at the time of purchase as per the applicable laws of their own state. and sends it to your home state's relevant agency.
Why do all salaried employees need to file an ITR?
As per provision of Section 139(1) - An assessee(individual, HUF, BOI, AOP) is not required to file ITR if his total income(which is inclusive of salary) doesn't exceed the maximum amount not chargeable to tax(Rs 2,50,000 for an individual below the age of 60yr). Total income for section 139(1) will be computed before giving effect to the provision of 10(38),10A,10B,10BA, or chapter VIA(Section 80C,80D, etc) deduction. In all other cases, it is mandatory for all to file ITR for a particular FY.
How do you check the FBAR filing status?
If you do not have received any email correspondence associated with your submission, navigate to the "Individual FBAR: Submission Status Lookup" page (https://bsaefiling1.fincen.treas.gov/NoRegSubmissionStatusLookup), enter the email address specified at the time of submission as well as the date range of the submission (max 60 days), and click "Submit." An email will be delivered with a list of the FBAR submissions associated with your search criteria.
What are the ITR 1 advantages over other ITR forms?
ITR 1 is filed by Total income does not exceed ₹ 50 lakh during the FY Income is from salary, one house property, family pension income, agricultural income (up to ₹5000/-), and other sources, which include: Interest from Savings Accounts, Deposits, income tax refunds, etc. Family Pension Income of Spouse or Minor is clubbed (only if the source of income is within the specified limits as mentioned above). However, ITRs are annexure-less forms, so you are not required to attach any document (like proof of investment, TDS certificates) along with your return (whether filed manually or electronically).
Do I have to pay taxes on unrealized gains in India?
An unrealized gain is when the price of the asset or investment increases, but there is no sale of the same. since unrealized gains remain on the paper it is not chargeable to tax. Without the transfer of the Capital asset, no capital gain would arise for the purpose of the Income-tax Act, 1961, and accordingly, no Income tax is payable on unrealized gains on Stocks.
Do I have to pay taxes when buying gold with my crypto?
Yes. Any appreciation you made in the crypto will be taxable on capital gains.
How often is a Form 10-K filed?
A 10-K is a comprehensive report filed annually by a publicly-traded company about its financial performance and is required by the U.S. Securities and Exchange Commission (SEC). It includes company history, organizational structure, financial statements, earnings per share, subsidiaries, executive compensation, and any other relevant data. The company is only required to file it three times a year as the 10-K is filed in the fourth quarter.
What is the income tax system on Bitcoin cryptocurrency in India?
The taxability of cryptocurrency depends upon the nature of gain. short-term capital gains are applicable at a flat rate of 15 percent, income from cryptocurrencies is taxable according to the tax slab of the investors, with a cess of 4 percent. Long-term capital gain on crypto-assets attracts a capital gains tax of 20 percent, where the investor will get the benefit of indexation.
How are income tax and capital gain tax different in India?
Income tax is paid on earnings from employment, interest, dividends, royalties, or self-employment, whether it’s in the form of services, money, or property. Capital gains tax is paid on income that derives from the sale or exchange of an asset, such as a stock or property that’s categorized as a capital asset. Income tax has a wider concept than Capital gain and capital gain is a part of it.
What is capital gain tax? How is it levied? What are the rates in India?
Capital gain refers to any gain or profit that is earned by the individual from the sale of a capital asset. The profit arises from the sale of the capital asset is taxed under the head of ‘Income from Capital Gain. The capital assets are generally categorized into two categories i.e. short-term capital assets and long-term capital assets. Steps to calculate a capital gain Step1- The assessment should start with the full value of consideration accruing or receiving. Step2- Deduct the indexed cost of acquisition + indexed cost of transfer + indexed cost of improvement Step3- The final amount capital gain of capital gain = FVC-(Cost of acquisition + cost of transfer + cost of improvement) There are two types of capital gains tax which are levied on the long term and short term gains starting from 10% and 15%, respectively.
Is income sharing agreements tax deductible?
An income share agreement (ISA) IS a contract through which a student receives upfront money for higher education in exchange for a fixed percentage of her income after course completion. An Income share agreement (ISA) can be considered as an education loan and the interest paid on it is allowed as a deduction from the total income under Section 80E.
How much tax do I need to pay in India when I opt to invest in foreign funds like S&P 500 and NASDAQ?
The gains made from investing in foreign funds are taxable as capital gains that depend on the period of holding When the stock is held for more than 24 months then the gains on the sale of the stock are long-term capital gains and will be taxed at 20% plus applicable surcharge and fees. When the stocks are held for a period of fewer than 24 months then the gains on the sale of the stock are short-term capital gains and will be a part of the current income and will be taxed as per slab rates applicable to the investor.
Do I have to inform the income tax department if I make crypto profits? If yes, what is the appropriate procedure for that?
The gains made from investing in cryptocurrencies are taxable as capital gains that depend on the period of holding. If investors hold cryptocurrencies for 36 months or more, the gains would be taxable as long-term capital gains (LTCG), and less than 36 months, it would be short-term capital gains (STCG).
Do all the mutual fund investments have tax benefits u/s 80C?
No, all mutual funds do not qualify for tax deductions under Section 80C of the income tax Act, Only investments in equity-linked saving schemes (ELSS) qualify for tax deduction under section 80C. Investors can invest in ELSS and claim tax deductions of up to Rs 1.5 lakh under Section 80C of the Income Tax Act.
How do I calculate my self-employment tax?
Self-employment tax is calculated on the earnings of a businessman or self-employed individual. It is calculated based on existing rates on the net earnings from self-employment. the tax is calculated on net income which is after subtracting all business expenses from your gross revenues.
What are the requirements or processes to claim an exemption under income tax section 54?
Requirements or processes to claim an exemption under income tax section 54 (i) Asset must be classified as a long-term capital asset. (ii) The asset sold is a Residential House. (iii) Income from such a house should be chargeable as Income from House Property.
What is a partnership in income tax?
A partnership is a contractual relationship between two or more individuals that have agreed to carry on a business represented by all or any one of them acting on behalf of all to share the profits obtained from the business. LLP is considered or taxed as a firm under the Income-tax Act, 1961.
How many times can I switch from monthly to quarterly for GST returns in a financial year?
If your total value does not Rs. 5 crores during the year you can opt for a particular scheme only once in a financial year. However, it is advisable to opt for Monthly GST Returns to avoid errors & ITC can be claimed easily.
How do I choose the right tax-saving option for senior citizens?
Being a 60 years old person you can invest in NPS (NPS can be extended till the age of 70 years), 5 years fixed deposits, ELSS, Pradhan Mantri Vaya Vandana Yojana (PMVVY) scheme, senior citizen savings scheme (SCSS), etc. These investments help you to plan your financials effectively with lower risks involved. You can also claim an exemption for these investments under section 80C.
How much time does it take for CPC to process my tax refund once the ITR is processed?
From the day of completion of processing of ITR by the Centralized Processing Centre (CPC), it generally takes 20-45 days normally to process your ITR refunds. However, there can be many reasons for your refund getting delayed.
Do we need to form a proprietorship firm when we apply for COP?
It is not necessary to get have your proprietorship concern to apply for COP. You can get your COP in your own name and start practice independently without any prior formal setup.
What is the difference between a service tax and a service charge?
The voluntary amount levied by the restaurant that the customers pay at their discretion is known as the Service Charge. Service Tax, on the other hand, is payable to the Government.
Do we need to pay tax on a Diwali bonus/gift?
Taxability of Diwali bonus/gifts depends upon the source you received it from 1. From employer - companies pay Diwali bonus is considered a part of the salary. The bonus is added to the income and taxed. Any other cash gift from the employer is also added to the income and taxed From family as per Section 56(2) of the Income Tax Act, if the aggregate value of gifts received during the year, whether in cash or in-kind, exceeds ₹50,000, it is taxed. Gifts up to ₹50,000 are tax-free, but if this limit is breached, the entire amount is taxable.
How do I check the ITR refund status online?
You can track the income tax refund on: a) The new income tax portal or b) The NSDL website
Do I have to file an ITR when I do not have any tax liability?
One has to file an ITR in case the aggregate of a person's income exceeds the basic exemption limit that depends upon the age and residential status of an individual. All those who are below 60 years have to pay tax only if their taxable income exceeds Rs. 2.50 lakhs. Those over 60 but below 80 enjoy exemption up to Rs. 3 lakhs. Very senior citizens who have already crossed 80 years enjoy free income up to Rs. 5 lakhs every year. This exemption limit is not applicable on a non - resident individuals. However, with effect to Finance amendment act, 2021, any resident citizen aged above 75 years or above need not file ITR if he has an only pension or interest income and that accrues from a specified bank account.
How can I download the ITR 2 form?
ITR 2 Form is to be filed by individuals and Hindu Undivided Families (HUFs) who are not engaged in any business or profession and cannot file their income under ITR 1. To download the form online • Log on to Home • Under the Download tab, click “Offline Utilities” • Click on “Income Tax Return Preparation Utilities” • Select your Assessment Year • Click on “Excel Utility” for filling the details by hand under ITR 2 column and download the file • Open the downloaded file and fill in the details
How do I submit an ITR on the income tax government portal?
The income Tax return can be filed in two ways Go to the Income Tax e-Filing portal, https://www.incometax.gov.in/iec/foportal/Login to e-Filing portal by entering user ID (PAN), Password, Captcha code, and click 'Login'. Click on the 'e-File' menu and click the 'Income Tax Return' link. Click on 'Continue'
How can you get a TDS refund?
Visit the income tax portal and log in to download the relevant form for an income tax refund. Enter all the particulars and submit the form. If the employer has deducted tax when you are not eligible for it, you can claim the amount by filing income tax returns (ITR). The department will review the taxable amount and you will receive the amount directly in your bank account.
Is there a possible GST without a company?
Businesses whose turnover exceeds Rs. 40 lakhs* (Rs 10 lakhs for NE and hill states) is required to register as a normal taxable person. However, it’s not mandatory to register a company to get a GSTIN number if you fall under the above criteria. You can get your GSTIN as a sole proprietor or as a partnership business as well.
Is land tax and property tax the same?
Land tax, also referred to as property tax, is a fee that is levied on the purchase of a property which includes all manmade immovable developments such as buildings and godowns. The land tax collected by the municipal body is used for providing essential services where the property is located such as cleanliness, maintenance of roads, transport, drainage, and other civic facilities. The tax received helps the authority to fund all these services and upkeep the area’s infrastructure. The terms "real estate tax" and "property tax" are used interchangeably for the acquisition of Immovable property.
How can I save income taxes on an income of around 6 lakhs INR?
If you have a salary of Rs 6 lakhs You don’t have to pay any income tax for an amount up to Rs. 5 lakh by claiming Rs. 12500 under section 87A. For the next 1 lakh, you can save you tax by investing in Employee Provident Fund (EPF) Investments, Public Provident Fund (PPF) Investments, Equity Linked Savings Scheme (ELSS), Tax Saving Fixed Deposits, Sukanya Samriddhi Yojana, National Saving Certificate (NSC), Term Life Insurance Premium, etc.