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A higher TDS shall be subjected to apply for the assessee who fails to furnish the ITR for the former year.  The same higher TDS shall be applied to specific incomes which will be earned in the present fiscal year by the assessee who loses to furnish the Income-tax return for 2020-21 (AY 2021-22). The government has announced the revisions in the union budget where it revises the laws beneath sections 206AB and 206CCA that imposes much more TDS. The new laws will come into effect on April 1, 2022. The last date to furnish the original ITR for FY 2020-21 was December 31, 2021. Hence when the assessee losses to furnish their ITR by the mentioned date shall be liable to pay the higher TDS in FY 2022-23.  "The CBDT circular has been issued to determine the non-filers who are subject to higher tax withholding or collection. This circular is going to help the taxpayers in determining the non-filers and remove difficulties in interpretation of the compliance provisions," told a tax...

Since the start of the GST in the Indian economy, it has amended the taxation system of the country. While the GST is known for the easier taxation process and enhancing the simplicity of doing a business in the longer run, the process of GST along with the role of the GSTIN or the goods and services tax identification number is going to have an immediate impact on the functioning of their business and must be learned by the businesses and stakeholders.  The tax identification number called the GSTIN comprises a 15-digit unique code that is assigned to every business that registers itself beneath the GST. One shall apply for the GST identification number by enrolling for GST which is a no-cost process provided by the Government of India. One would enroll for the GST in the mentioned two ways: Online registration on the GST portal Offline Registration by going to the GST Seva Kendra. Eligibility to Apply for GSTIN You shall go through the below-mentioned criteria for the applicabil...

Under the condition, the ITR for the AY 2022-23 to furnish the yearly return of the income for the fiscal year ended on March 31, 2022, is effectively in the position.  One must remember that for the purpose of the income tax, all the taxpayers are needed to comply with the mentioned uniform financial year irrespective of the closing of their books of accounts either calendar or any 12-month duration.  The good thing is that there are no other amendments this year, the applicability of the income tax returns to different taxpayers. The income tax department’s new e-filing portal, Form 26AS, Taxpayer Information Summary (TIS) and New Annual Information Statement (AIS) makes furnishing the income return simpler.  Read also:   Gen IT Software: New Facility AIS/TIS and Summarized Reports The central finance minister, while presenting the budget 2022 on Feb 1, 2022, stated that TDS on the digital currency transactions. Enough amendments were urged in these new returns to ...

Tax Calculation for Leave Encashment Accumulated leave would either be encashed in the service time or during the time of retirement or resignation. Leave encashed in the service time comes under tax and makes part of the income from salary. But the relief beneath income tax section 89 would be claimed.  Leave encashment obtained during retirement/resignation is fully exempt for Central or State Government employees. Leave encashment obtained by the non-government employee is exempt to the extent of lower of the mentioned below: Amount reported via Government- Rs 3 lakh Actual leave encashment amount  The average salary for the last 10 months  Salary per day x unutilized leave (considering a maximum of 30 days leave per year) for every year of completed service The salary referred to above consists of the basic salary, dearness allowance, and commission based on a fixed percentage of turnover secured by the employee.  For example, Gopal resigned from the firm XYZ. H...