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According to the finance ministry, unregistered individuals can apply for Goods and Services Tax refunds for cancelled contracts or early cancellation of insurance policies by temporarily registering on the GST site. The GST site now offers the "Refund for Unregistered Person" option, and anyone who is not registered but wishes to apply for a refund must first create a temporary account using his Permanent Account Number (PAN) on the common portal. The Central Board of Indirect Taxes and Customs (CBIC) stated in a circular that it had received requests for providing unregistered buyers and recipients with a facility for claiming a refund of the amount of tax they paid in the incident that a contract or agreement for the supply of goods and services for the construction of a flat or building was cancelled or upon the termination of a long-term insurance policy. "In order to enable such unregistered person to file application for a refund, in cases where the contract/agre...

  Introduction of Income Tax Section 234F  The Government has introduced section 234F with the aim of facilitating timely compliance and filing of returns. Late fees are charged if you fail to file your tax return on time. If you have an audited case, the due date for filing is October. If you have an unaudited case, the due date is July. A taxpayer must pay mandatory late fees if he fails to file his income tax return within the due date . Late Fees U/S 234F on Processing of Revised Income Tax Return A late fee is levied when the original income tax return is delayed but not the revised income tax return since the revised return takes the place of the original tax return. However, because of transformations in the development of the new 2.0 income tax website, this section is currently overused, i.e. it is levied when processing revised income tax returns as well.  By charging late fees of Rs.5000/- u/s 234F, the intimation issued u/s.143(1) of the Act reduces the refund...

There is a huge gap between the amount of tax paid by salaried employees and the number of tax exemptions they receive in India . On February 1, 2022, the Government will present the Budget 2023, which has big expectations. The budget may not be a populist one, according to some experts. Salary employees can expect rationalisation of income tax slab rates, both when it comes to limitations and rates, according to a tax expert. In addition to an increase in the standard deduction, which could be a fixed increase or a progressive deduction based on total income, he predicted an increase in the standard deduction from Budget 2023. We can salary individuals expect Budget 2023-24 to be a taxpayer-friendly budget, focusing on benefits that taxpayers may be able to enjoy before election day in 2024. It is, however, important for the government to keep in mind that the Indian economy is already recovering financially from the impact of the Covid-19 pandemic. According to a tax expert, the gov...

Generally, GST is a tax on goods and services that India imposes. As an indirect tax, GST has the following characteristics. Several indirect taxes that existed prior to the Goods and Services Tax Act were replaced, including the GST and Value Added Tax (VAT) , service tax, purchase tax, and excise duty. Online GST Registration Threshold limit In order to register for GST, you must have a minimum income of Rs 40 lakhs. A GST registration is now mandatory for all businesses with a turnover over Rs 40 lakhs. It used to be limited to Rs 20 lakhs earlier. Needed Documents for GST Registration Process PAN card Aadhaar card Photocopies of owners' and promoters' passports with proofs of their addresses and ID Details about your bank (bank statements, passbooks, or canceled checks) A proof of business address to support the claim Registrar's certificate or proof of incorporation of a business Digital signature The letter of authorization for the authorized signatory The Step-by-ste...

Financial planning often involves choosing life insurance as part of the strategy. An insurance policy is primarily designed to provide financial assistance to your family in the event of your untimely death, but it can also be used to accumulate wealth over time. How does the sum assure that the policyholder receives on maturity or following his or her death be taxed?  The following are a few things we need to know: Read Also: Is it Possible to Claim GST Paid on Insurance Premium? Check The Income Tax Act of 1961, Section 10(10D), mandates that all death benefits are tax-free. However, maturity benefits are taxed according to premiums paid. Traditional policies calculate maturity amounts as the sum assured plus the bonuses accrued during the policy period (in a with-profit plan). Thus, all annual bonuses declared on the amount in these years should be separated from the sum assured. Upon maturity, the sum assured amount is fully tax-exemption according to Section 10(10D). In add...

  Houses no longer remain with families for generations. As part of today's urban lifestyle, people commonly change residences frequently during their lifetimes. In order to upgrade one's lifestyle, one must sell one home and buy another. The sale of property during such a transition is often a profitable venture for savvy customers. Long-term capital gains (LTCG) are the result of these gains. When a house is sold after being occupied for more than two years, it generates long-term capital gains. A profit earned in this way is taxed under capital gains at a rate of 20 per cent under the Income Tax Act, of 1961. The provisions of Section 54 of the income tax act allow one to reduce or even entirely eliminate tax liability on LTCG. It is possible to completely absolve capital gains if the entire amount is used for the purchase or construction of a new property. A ready-to-move-in house can be purchased or a new house can be built with the money. When an individual books an unde...

Salaried employees earning more than Rs 2.5 lakh are required to file an income tax return (ITR). It is possible for employees to reduce their overall tax outgo through various provisions in the income tax rules . Despite their tax-saving potential, many employees fail to take advantage of these provisions. There are five common problems salaried employees face and their solutions are presented in this article. Salaried Employees Are Unaware Of Deductions Available Many salaried employees don't know about the deductions they can claim in addition to Section 80C. The following deductions must be made aware of for tax planning purposes, i.e. 80CCD (1B), 80D, 80E, 80EEA, 80EEB, 80G, 80TTA, 80TTB and 80U. Due to Many 16 Forms, Less TDS Deducted Due to standard deductions and the Basic Exemption, TDS is less deducted when an employee changes jobs, so at the time of filing income tax returns, the employee ends to pay self-assessment tax along with interest.  Hence, employees should decla...

To replace all income tax return forms, other than ITR-7, the tax department is proposing a single draft common new ITR Form , which taxpayers can download based on income and filing status questions they answer. There will be an option to choose either the ITR-1 form or the ITR-4 form directly for assessees who are eligible to file those forms or the common new ITR form for those who are not. The common income tax return form, when implemented, will be the only option for taxpayers who need to file ITR-2 (ITR for capital gains) and ITR-3 (ITR for business returns). The proposed common ITR can simplify the ITR filing process for CBDT, but the constant changes in the process can be challenging for taxpayers. Taxpayers who do not possess detailed knowledge of tax laws may end up having to hire a chartered accountant to answer their questions. The new common ITR has the following pros and cons. Selecting the Correct ITR is No Longer Necessary Currently, taxpayers have to choose the right ...

A taxpayer is not able to open the GSTR-3B form of October 2022 on the GST Common Portal if the GSTR-1 form of the same tax period October 2022 is not filed yet. CBIC has warned taxpayers via tweet with brief details. A taxpayer who has not furnished the GSTR-1 for the previous period including the current period will not be able to file the GSTR-3B form for the current period. Sections 37 & 39 of the Central Goods and Service Tax Act (CGST), 2017 have been amended by the Central Government vide Notification No. 18/2022-Central Tax dated 28th September 2022 with effect from the 1st of October, 2022. In accordance with section 37(4) of the CGST, Act, taxpayers who have not filed GSTR-1 for a previous tax period shall be barred from filing GSTR-1 , and in accordance with section 39(10), taxpayers who have not filed GSTR-3B for the same period shall not be permitted to file GSTR-3B. Unless a registered person has furnished the details of outward supplies for any of the previous...

The registered person reconciles its purchase invoices with the available Input Tax Credits (ITCs) reflected in GSTR-2A and GSTR-2B using GSTR-2A and GSTR-2B. The GSTR-2A and GTSR-2B must be understood for this purpose. GST Act (Goods and Services Tax) has implemented two auto-populated returns, GSTR-2A and GSTR-2B, which contain the following information: GSTR-2A: Details of auto-drafted supplies GSTR-2B - This is an auto-drafted statement of GST input tax credit There is significant information included in the above-referred statement regarding inward supplies as well as input tax credits. Understanding the differences between these two statements is crucial since they cover the same information. It is the purpose of this article to discuss the differences between GSTR-2A and GSTR-2B in detail. Particulars GSTR-2A Form GSTR-2B Form Type of Statement It is dynamic in nature. Information that the supplier uploads keeps changing from day to day. In nature, it is constant. Suppliers...

Section 234F would be elaborated on in this article which draws some transparency to the application of the section. Since we learned about the income return would not get furnished on or prior to the last date under section 139 then we are obligated to file the late fee of Rs 5000 under section 234F. But there is a restriction of the amount of Rs 1000 if the taxpayer's total income is less than Rs 5,00,000 complying with some of the points that could draw the transparency on the application under the section. Section 234F would be the “Fee for default in furnishing the return of income” that directed section 234F is for the late filing of the income return and for non-filing of income return. For instance, if the return would not be furnished via taxpayer and the assessing officer gives his excellent judgment of the assessment under section 144 including the tax, interest, and penalty, the fee under section 234F shall be needed to be filed via the taxpayer. A fee would get applie...

Every year nearly 6 cr Indians would furnish the ITR. Some of the assessees file it on their own through the e-filing portal, and various assessees takes support from the experts or CA to furnish their returns. A majority of the assessee does not know about the terms like Form 16 or 26AS when they came across it. You must learn about income tax return filing would be statutory essential under the income tax act 1961. An income tax return would provide you with a legal document at the time of loan applications, overseas education, and visa applications. When you plan to furnish the income tax return for the first time then you must gather all the needed documents which consist of a salary certificate/form 16, interest certificates issued by your banks for the deposits/education loans and housing loans, life insurance premium receipts, health insurance premium receipts, bank account statement, Form 26AS, bank account number and IFSC code, quarter-wise information on dividends that hav...

In order to ensure consistency with the Central Goods and Services Tax Act (CGST), the Assembly session of the Gujarat Legislature amended the Gujarat Goods and Services Tax Act (SGST) on 21st September 2022. GST Council's 43rd and 45th meetings resulted in a variety of decisions. At the council meeting, Gujarat's Finance Minister Kanubhai Desai presented amendments to the SGST bill. There Are a Few Important Amendments to This Here: GST Registration Cancellation Amendment: In the event that a taxpayer's registration under Section 10 is not valid for more than three months after the end of the tax year, their GST registration cancellation will be revoked. GST Amendment Related to Non-resident Taxable Person: Within 13 days of the month's end or within seven days after the registration date, the non-resident taxable person must provide the monthly return. GST Amendment for Retrospective Tax: A retroactive interest charge has been imposed on input tax credits mistakenly...

Pursuing higher education, particularly in professional courses like MBA, Medicine, Engineering, and others would be expensive. A rise in inflation in the sector makes it much more expensive year after year. Thus it becomes harder for parents in the middle or lower-earning groups, to give the fees for abroad education loans for their children until they get a scholarship. When there is no scholarship or enough investments incurred for the goal, there is only one choice left for the parents to borrow money from others and fund the education of their children. With respect to other loans, the loan for the purpose of education is cheaper indeed the borrowers might get discounts and gives subsidiary on the interest rates, and furnishes greater tax advantages on the repayments u/s 80E of the Income Tax Act . Defining the provisions u/s 80E and the way that an individual could get the benefit of the same, tax expert mentioned that “Section 80E of the Income Tax Act Act allows educa...

The income tax department issues the notices beneath distinct provisions of the income tax act to the taxpayers with the intention to ensure effective tax complaints. Under section 142 of the income tax act , the notices would be covered. At What Type the Notice is Being Sent to the Taxpayer: Below mentioned are the cases when Section 142(1) tax notice is normally served. In which the return gets furnished within the mentioned time. If needed call for details and documents from the assessee if required. When various essential data is missing from the assessees return. How to Deal Notice Under Section 142(1) Post obtaining the notice the assessee from the income tax department should file the needed documents beneath the inquiry. The assessee has been provided with an opportunity to be heard regarding any material which would be required as per the same inquiry. For the case of non-filing of the return in the mentioned time duration, reasonable evidence for the late should be submitted ...

The CBIC and GSTN department have recently changed the format of the GSTR-3B to align it to the Input Tax Credit (ITC) as defined in GSTR-2B in alignment with GST Circular No: 170/02/2022. According to the new changes, the recipient must claim an input tax credit based on the GSTR2B data and reverse it for supplies not received by him or in transit. The recipient can reclaim the GST input tax credit already reversed in GSTR3B once the supplies are received. GSTR3B Table 4A should reflect the GSTR2B ITC alone, while GSTR3B Table 4D should reflect any reversals and reclaims declared. Changes in the Eligible ITC Section of Form GSTR-3B GSTN may soon disable editing of auto-populated values in Table 4A of GSTR3B since we need to display reductions and all additions only in Table 4D. As of July 31st, the CBIC and Finance Ministry missed a lot of issues related to pending GST ITC due to the alignment of form GSTR-3B with the GSTR-2B form. Read Also: All GSTR-3B Changes for Accurate Eligible...

There are some people who already have received the refunds of the income tax, while other people are still in the queue. Numerous explanations are there for the same such as a mistake from your side or the process would take much more time at the IT department. Just learn to find out more regarding the reasons and what you need to do for that. If your refund has not been initiated yet then you need to cross-check the status of the tax refund online by going to the income tax e-filing website incometaxindiaefiling.gov.in or through the e-governance website of the National Securities Depository Limited (NSDL) tin.tin.nsdl.com. Post filing the ITR, most tax refunds would get credited to the assessment bank account in a few weeks. Late refunds can be due to certain situations. The reason for the late refund can be due to: Wrong Bank Account Information There are probabilities that the assessee did not provide the correct bank account number or additional bank information during ITR filin...

Do you have an Indian nationality with an annual gross taxable income exceeding Rs 250000? Do you have any moveable or immovable property here? If it is then you ought to furnish an ITR every year. New assessee might get confused when they furnished an income tax return for the first time . But online media would have incurred the process easier. ITR E-filing ITR is directed to the annual statement that tells you about the tax heads of your income. The same revenue could arrive from a wage, capital gains, business income, house rent, or through additional sources. If you are filing your ITR for the first time then you can read the article where the process for the same is mentioned. The ITR e-filing process is easier and faster and this could take place from an individual's home or office. Via electronic means, you could save money by filing your ITR as you do not require to hire any other person who does it for you. Filing taxes would be simpler than it seems. Below is the procedu...

The first note the person who is supposed to deduct the taxes fails to do so, then the assessee will be considered to be in default. The second note. If the AO determines that the default was due to good and sufficient reasons, a penalty will not be imposed. Here, we included complete details of the after-effect due to non-payment and non-filing of TDS/TCS returns: Read also: TDS Online Payment Procedure, Due dates, and Forms: Ultimate Guide After Effect Due to Non-filing of Returns and Non-payment of TDS/ TCS Section Nature of Default Effect Section 271C of IT Act Taxes are not deducted in full or in part The Joint Commissioner may impose a penalty equal to the amount of tax that such a person failed to deduct or pay. Section 276B in The IT Act,1995 Deduction of tax at source but failure to pay Fined and imprisoned for a period not less than 3 months but not more than 7 years. Section 276BB Taxes collected at source that are not paid Fine and rigorous imprisonment for a term of not...

The deadline for filing income tax unaudited returns has passed, and those who filed their returns have had their refunds or are still waiting for them. While filing my I-T return, I often make some common errors like entering incorrect bank details, filing the wrong ITR form, and mismatching my Form 26AS with my ITR. Taxpayers can edit their ITRs to fix such errors when filing revised ITRs. For this purpose, they can log in to the income tax e-filing portal using the URL https://www.incometax.gov.in/iec/foportal. By Section 139 (5) of the Income Tax Act, 1961, a taxpayer can revise the original ITR and file a revised income tax return . According to tax expert Jitendra Solanki, "In accordance with Section 139(5) of the Income Tax Act, 1961, taxpayers can file a revised return and update the data on the original return. ITRs can be revised even after the due date, which is 31st July 2022." According to Solanki, one can file a revised ITR online. A revised return can be filed ...

  Eligibility of ITC for the case of partial damage goods or goods sold at the lower costs Is there any need for a reversal of ITC for the case in which the goods were destroyed partially or sold at lower costs? Learning the GST law and the recent judgment. According to Section 17(5) of the CGST Act, no input credit would be permitted for the goods "destroyed or Lost" The Extraction of Section 17(5)(h) of the CGST Act 2017 is Quoted Below Apart from that anything comprised in sub-section (1) of section 16 and subsection (1) of section 18, GST ITC will not be available towards the below-mentioned things: Goods lost, stolen, destroyed, written off, or disposed of through the way of gift or free samples; and. The Dictionary sense of destroyed is specified under. “to damage something so badly that it cannot be used:” (Ref- https://dictionary.cambridge.org/dictionary/english/destroy) Some of the Examples of the Words Destroyed Would be Specified Under Most of the traditional part...

Taxpayers using the e-filing portal of the Income Tax department can correct any errors when filing income tax returns (ITRs). If users filing the incorrect information are entered, taxpayers, besides receiving a legal notice from the income tax department, also risk losing their income tax refunds. Such as salaried people should, they can be extremely careful while filing/her income tax return and after then submitting the tax return, check if all tax information regarding the form were correct, and rectify errors if any. Read also:   Simple Way to e-file Tax Rectification Request U/S 154 on Portal In some cases, taxpayers can also check up on the rectification status on the new Govt portal. Let’s follow some important steps such as: Go to https://www.incometax.gov.in/iec/foportal new portal In this second step, click on ‘ITR portal dashboard’ and then 'Services', 'Rectification Request' and Rectification Status'. In this third step, click on ‘Rectification Reques...

Bangalore is the coolest city in India. It is known as IT hub city, every day opens a new IT company and grows on a big scale and face the tax issues, to handle such problems, each company hires the CA. Tax-related issues on account of many companies are ready to hire the fresher and experienced. It is a golden chance for those people who waited for an excellent job offer , to grow in the future. If your study of CA is completed, then this post is very helpful for you. Let's come to find your suitable jobs with a good salary in Bangalore city. First, discuss the fresher jobs and after we discuss the jobs for experienced. Let's see the CA jobs in Bangalore . Openings for Fresher & Experienced Person:- Company Name:  Acctpro Advisory Services LLP Location: Chennai, Bangalore/Bengaluru Experience: 0 - 5 Years Salary: Not Disclosed Industry: Accounting / Auditing Functional Area: Finance & Accounting Role Category:  Accounting & Taxation Role: Cha...

People used to take no procedure for saving the taxes during the time of filing and lastly file a heavy amount of ITR. Individuals decide to take various steps to diminish the tax outgo post to filing the ITR, however, when they were unable to take any measure at the time of next year's return filing then they regret themselves. But they are so concerned about taking all the required steps that could diminish their tax liability. “Complete freedom from taxes is a farce. Rather plan your finances in such a way that you earn and save on taxes. Tax planning sans financial planning is futile. Remember that you work for money in the first half of your life. In the latter half of your life, let your money work for you. This is however not possible unless you have taken care of your taxes too,” said the tax expert. There would be no additional method that one could secure the whole tax outgo post to reaching some income level, however, might diminish the tax outgo. The income tax-saving i...