Salaried employees are well acquainted with TDS, or tax deducted at the source because the Income Tax authorities have difficulty collecting tax from each individual individually. Because of this, companies pay salary payments and banks pay interest payments through single authorities. During the filing of your income tax returns , you list various sources of earned income, including interest from investments, gifts, and capital gains. Having deducted TDS for a particular financial year, one needs to determine how much additional tax must be paid. The first step to checking TDS status online is to understand how TDS tax might have been deducted from each receipt category in the respective financial year. Calculate TDS from the salary TDS on rent received The tax deducted from the sale of a property Non-resident individuals or NRIs are required to charge TDS when they provide services. There is a possibility that TDS was deducted from these receipts. Today, you can check your TDS stat...

Explanation of 15 Digits GSTIN or GST Number A unique TIN number was assigned by each state tax authority to all dealers registered under state VAT laws before GST implementation. As an example, the CBIC assigned service providers a number identifying them as service providers. Each registered taxpayer is consolidated under the GST regime into one single platform and assigned registration under one authority for compliance and administration purposes. Businesses operating in states and union territories will be issued a GSTIN (Goods and Services Tax Identification Number) . How GSTIN is Structured In order to determine a taxpayer's eligibility for Goods and Services Tax, the state assigns a 15-digit PAN-based GSTIN. An explanation of the GSTIN's format is given below: In accordance with the Indian Census 2011, the first two digits correspond to the state code. There is a unique code for every state. The following are some examples: There is a 29-digit state code for Karnataka D...

Business accounting relies heavily on invoices since they have a variety of uses. This signifies that your clients or customers are responsible for paying you for goods and services they have received from you. In addition to this, an invoice can also be used as a form of payment agreement. All Business-to-Business (B2B) transactions made by your company must be accompanied by an e-invoice if you are GST-registered. This article may be of interest to you if you are wondering whether an e-invoice in GST is needed. Our guide to e-invoicing in GST explains what it means when it is applicable, and how it can be generated. The first step is to get started. What Does E-Invoicing Mean in GST? All B2B invoices are uploaded and authenticated by the GST portal in order to become known as an e-Invoice, also called electronic invoicing. Invoices are automatically assigned a unique IRN once the IRP has authenticated them. In addition to the digital signature and QR code, each invoice unde...

Why Do I Need a Form 16? Every year, all salaried individuals receive a Form 16 from their employer, which is a tax-related document. Usually, Form 16 includes information relating to income paid to the employee, any tax-saving investments and deductions made by the employee, and any tax deducted at source (TDS), applicable to a particular year. What Are the Benefits of Form 16? Employees must use Form 16 to file their income tax returns, and the details contained in it are absolutely essential. You can keep a detailed record of your salary and taxes by completing Form 16. As proof of tax payment from your end, it essentially serves as proof that you have already paid the government. As proof of your income and taxes paid, you will need to submit Form 16 when filing taxes. In addition, Form 16 can be used to prove your income when applying for a loan or credit. To verify whether taxes paid have been correctly calculated, Form 16 must also be completed. As a final note, Form 16 can als...

December 31 was the deadline to file your belated tax return. ITRs for the financial year (FY) 2021-22 were required to be filed by July 31, 2022, for most professionals, small businesses, and individuals who earned income from salaries. For individuals who couldn't submit their Income Tax Return (ITR) by July 31, 2022 (other than those who were subject to tax audit), there was the option of submitting the return by December 31, 2022 by paying a late fee of up to Rs 5,000. The fine would double, to Rs 10,000, if not filed by the end of 2022. Simple to Understand Belated Income Tax Return Defining a belated return as one that was filed after its due date. In terms of Section 139 (4) of the Act, a belated income return can be filed up to three months before the end of the relevant academic year, or before assessment has been completed, whichever is sooner. The deadline for filing a belated tax return was December 31 , three months before the end of the fiscal year. There are, however...

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...