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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...