SAG Infotech: Need Tax Software (Call 0141-4072000)

From this point, the institutions like banks can find out the TDS (Tax deducted at source) at a higher rate of 20% on the interest you have gained on the deposits. As you had furnished TDS upon the interest income you need to get it managed for your overall tax liability. Indeed if the tax cut was more than your tax liability then you can avail of the refund. The assessee shall need to show pre-tax or gross, ITR and the credit for the tax furnished shall need to be taken separately.  But you might face hardships in availing of the TDS credit as it will not get shown on your Form 26AS as you shall not file your PAN through your bank. The TDS return furnished through the bank shall mention, “PAN not available”. Tax expert stated that "Any person deducting TDS, including banks, needs to know the PAN (and Tax Account Number or TAN) of the person whose TDS is being withheld and paid. The deductor has to submit a quarterly statement (TDS Returns) of whose TDS has been deducted and paid...

Are you the individual whose income is less than taxable income i.e. Rs 250000 and you are not required to file income tax return ? Worth mentioning here that even if your income is fewer than Rs 2,50,000 and you file an ITR, you shall get many benefits that your peers might recognize after a few years. The first benefit is the ease of taking a loan from the bank. Filing ITR is proof of income whatever it is and it increases your credibility. This makes it easy for you as an individual to take out a loan. Many banks ask for proof of return for the 2 years while taking a home loan or vehicle loan. Visa Application Help Available ITR  increases the probability of getting a Visa. if you have applied for it. It presents proof that you are a responsible citizen. If Additional TDS is Deducted Refund is Processed You shall get a refund in case of Tax Deducted at Source (TDS). For instance, if your income is Rs 1 lakh from interest on Fixed Deposit, the Bank shall cut TDS directly. However...

At the time when the GST registration was done,  the prerequisite for bank account-related details had been withdrawn since the bank account cannot be opened before the start of the business. The Bank account information might be added by changing the non-core area. Following are the steps to change the Bank Account details on the web portal of the GST Log on to the web portal of GST  Then Go to Services Thereafter Click on Registration Then Click on the tab Amendment of the Registration non-core field In the fifth step Select tab Bank Accounts Then click on the Verification code In the Seventh Step, Select Authorised Signatory Then Enter a Place Sign the application using the Digital Signature Certificate (DSC) Finally E-sign or EVC Consequently, a success message shall pop up on the screen and the copy of acknowledgment shall be sent to the registered email id and the mobile phone. How to Add Bank Details? In order to add the bank details on the web portal of GST,  Logi...

Instead of starting the new GST return filing system, the government shall try to begin the new specifications to the traditional system. Here is the whole guide to download the excel file of GSTR 2B from the GST portal which is available in JSON for import data.  The excel file of the GSTR 2B assists us to build the reconciliation in a simpler way and the JSON file assists us to import the information to any software.  The Procedure Which Guides Us: Step 1: Log in to the new GST portal by entering the username and password, Tap on login.  Step 2: Post tapping the log in the dashboard shall be displayed and then tap on the service then opt for the return and then tap on the return dashboard.  Step 3: Now you shall need to furnish the details towards the FY quarter and period. Post to furnish the entries tap on search. Step: 4: Now scroll down and choose the auto-drafted input tax credit (ITC) statement on GSTR-2B then opt for the download option.  Step 5: ...

The date of filing Income Tax has yet not expired. Just like other years, there are certain new attributes or some key takeaways that are to be considered for filing the Income Tax Return of this year. For Instance, there is a JSON-based mechanism for filing I-T returns and soon the I-T department shall launch a mobile application that shall have all the attributes of the new web portal of the i-t department .  Worth mentioning here is the fact that the last date for filing the income tax return for the financial year 2020-21 has been stretched to September 30, 2021. Though the last date is far away, it is advisable to file returns promptly as there may be technical glitches on the new web portal which has been launched by the I-T department or there may be errors in filing the I-T return. Following are the 5 key takeaways that you should consider while filing I-T returns this year: This attribute holds historical significance. Probably for the first time since 1961, taxpayers shal...

An Individual shall have to pay due to tax even if he has died. Doesn’t it seem awkward and unreasonable? But Yes it is the truth and it is a legal compulsion also given the fact that a deceased has a legal heir If a person dies suddenly and he has the tax liability then his legal heir has to pay the tax on behalf of the deceased person. For the general public, taxes, and death both are bitter truths and inevitable.  The income tax return has to be filed given the fact that the income before allowing the capital gains and other chapter IV deductions crosses the exemption limit. Moreover, in certain cases, an individual legal heir has to file income tax return even if the income is lower than the exempted limit. This is applicable in the following circumstances: If the deceased owns a foreign asset Spent Rs 2 lakh or more on a foreign trip If the deceased has deposited more than Rs 1 crore in the current account during the present financial year or  Has paid electricity bill m...

The Government of India on June 25 declared the extension of the deadline for a number of the income tax compliances.  The taxpayer can make payment till October 31; however, they have to pay the interest along with the tax. The last date for employers to furnish the TDS certificate in the Form 16 to the employees has been extended from July 15, 2021, to July 31, 2021. Form 16/16 A is the certificate of tax deducted at source and it is mandatory for employees to issue these certificates to taxpayers. And the amount of tax has to be deposited in a government account. However, in certain cases, It is compulsory to file TDS statements electronically for the following category of deductors: Offices of the Government Persons are required to get their accounts audited as per  section 44 AB of the Income Tax Act 1961 Companies Deductors that have reported greater than 20 deductee records for a quarter in the financial year. Form 16 Has Two Components and They Are  Part A a...