Don’t Be in a Hurry to File Your ITR Before June 2022

This year, the Government live the Income Tax Return Filing forms well before the due date, which need to be uploaded before 31st July for a non Audit Taxpayers like Salary employed, Freelancers, Businessman, etc. But the Tax expert advises not to file your Income Tax Return before June 2022. In this article we’ll discuss it in detail.

Taxpayers are required to declare their Income earned during Financial Year 2021-22 i.e. April-21 to March-22 before 31st July 2022. To Prepare Income tax return one needs to match the details entered in ITR form with the total TDS deducted during the year.

TDS is the with holding amount deducted from the source of your Income. If you are an employer, your employer calculate and deduct the actual amount of Income Tax which you need to pay from the total salary. If you are a freelancer/businessman then your client/vendor may clear your bill after deducting TDS. The amount so deducted are required to be deposited to the Government account and later it needs to be mapped with the PAN no of the deductee. your PAN get the credit of TDS amount in every quarter and for the Last quarter of the year that is Jan-March, Govt gives 2 months time to the deductor till 31st May to file the TDS return.

Taxpayers who desire to file their Income Tax Return within this period i.e. Before June, won’t get the credit of their TDS credit if it is not filed by deductee. Practically it takes few more days after filing of TDS return to get credit under your PAN. For example, If we consider the TDS return for Q4 is filed on 31st May, your 26AS will be updated by first or second week of June. {Read More:  Form 10BD}

So it is advisable that first ask for the form 16 from the employer/client/vendor for the full financial year including Q4 and check this with 26QB then ITR Filing process shall be initiated.

Taxpayers who file their Return return without considering this fact, may get the notice of. Moreover, Now a days timely returns are processed very fast, the chances of demand notice will be high if deductor proceed the TDS filing after your ITR submission.

Conclusion:

First of All you need to check whether your TDS has been deducted by the employer/Client, if yes then you should wait until all your deducted TDS amount is reported & reflecting is your 26AS. If the total TDS in 26AS is less than the actual TDS deducted then you should check this with your deductor and wait till it is shown in your 26AS.

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Recommendations of GST Council are only recommendatory and not binding on Union and State: Supreme Court

The Supreme Court has ruled that the central government and states have equal powers to legislate on the Goods and Service Tax (GST).

As a result, the GST council must work together to reach a workable solution between the Centre and the States, according to the Supreme Court.

In particular, the Court ruled that the GST Council’s recommendations are not binding on states, but merely have persuasive value.

“States and Centre can equally legislate on matters of GST. All recommendations of GST council is not binding on State legislature,” the Supreme Court held.

The Supreme Court further added  “Article 246A treats State and Centre as equal. Article 279 says state and center cannot act independent of each other. This also points towards competitive federalism”

Further, in addition to above, the Supreme Court also made important observations on co-operative federalism. The Supreme Court said “Indian federalism is a dialogue between cooperative and non-cooperative federalism. Indian federalism is a dialogue in which States and Centre always engages in a dialogue”

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Reporting of Statement of Donation Form 10BD

Previously, there were no full proof mechanism with the Income Tax Department to cross verify each and every claim under 80G taken by the donor as deduction in their Income tax return. Not every donation received by trust/Research Institution were checked by the Department. With the Introduction of mandatory Filing of Form 10BD and Form 10BE, genuineness of the 80G deduction and Transparency of Donation received by the Institution can be examined. CBDT issued a notification no. 19/2021 dated 26th March 2021 that is applicable from financial Year 2021-22.

In this article we’ll discuss about this forms Requirement, Content of the Form, Due dates and Steps to file this Form online.

Form 10BD & Form 10BE Requirement

As per CBDT issued a notification no. 19/2021 dated 26th March 2021,

“Statement of particulars required to be furnished by any research association, university, college or other institution or company or fund (hereinafter referred to as reporting person) under clause (viii) of sub-section (5)of section 80G or under clause (i) to sub-section (1A) of section 35 shall be furnished in respect of each financial year, beginning with the financial year 2021-2022, in Form No. 10BD and shall be verified in the manner indicated therein.”

Charitable Institutions which are approved under 80G Certificate or specific Research Institution approved under section 35, which receive Donations are required to Furnish This Form with effect from FY 2021-22. After successful submission, the Charitable Institution can download and give the certificate of Donation in form 10BE to the Donor. Unless the Particulars of the donor is not filled and valid certificate is not issued to Donor, they are not eligible to claim the deduction under 80G in Their Returns.

Content of the Form 10BD & Form 10BE:

Under Form 10BD, Charitable Institution has to report the Total Donation received during the Financial year with the particulars of each donor’s Details such as PAN, Name, Address, Purpose of Donation and mode of Donation. Experts has a view that the total amount of Donation booked and declared in the Income and statement accounts must tally with the total figures.

Following Details of the donors and their donation is to be filled as per the CBDT Notification No51/2022 dated 9th May 2022.

After Successful submission, Portal will generate the Form 10BE which is nothing but a certificate of Donation which should be awarded to the Donor by the Charitable Institution. This will come with a unique Acknowledgement Number as will be a valid proof to claim deduction under section 80G for the Donor.

Following are the particulars of the Form 10BE as per the CBDT Notification No51/2022 dated 9th May 2022.

Due Date to File Form 10BD & Form 10BE

As per the Rule-18AB, Income-tax Rules Inserted by the Income-tax (Sixth Amendment) Rules, 2021, w.e.f. 1-4-2021.

“(9)Form No. 10BD referred to in sub-rule (1) shall be furnished on or before the 31stMay, immediately following the financial year in which the donation is received.

The due date for Submission Form 10BE is 31st May 2022 for the Financial Year 2021-22.

Consequence of Late/Non Filing

As explained above, Institutions who fails to File Form 10BD or missed to issue Certificate i.e. Form 10BE on or before 31st May, will have to pay the late fees for the submission.

Late Fees: a late fees of Rs.200 per day will be Levied u/s 234G of the Income Tax Act 1961 for delay in submission. The amount of Late fees will increase with every day of day maximum up to the amount of Donation.

Penalty: under section 271K, It will also attract penalty which shall not be less than Rs.10,000/- and which may extend up to Rs.1,00,000/-

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All About Due dates of Filing Income tax return (Assessment Year 2022-23)

In India, Income earned during Financial year that is April-to-March, is to be reported to the Income tax Department. After end of the financial year, normally a taxpayer gets 4 months time (i.e. July) to file their return with the department. however the due date for different category of taxpayer varies. In this article we will discuss about the due dates of filing Income Tax Return in India for all Taxpayers.

31st July 2022:

The common due date is 31st July for filing the Income Tax Return for the taxpayers who does not cover under Audit. Salary Employees, Small businessman, Freelancers and other taxpayers where their turnover is below audit Limit come under this category.

30th Sep 2022:

All the taxpayers who are required to audit their accounts with a Chartered Accountant, need to submit the audit report prior to one month from Due date u/s 139(1). Form 3CA, Form 3CB and Form 3CD are the forms of Audit that is to be filed by the Chartered Accountant. Due date to file such audit report is 30th September every year.

Form 3CA: This form is for businesses which required mandatory audit under law other Than Income Tax Act. Private Limited Company and Limited Liability Partnership chooses this form.

Form 3CB: Taxpayers which require Audit exclusively under Income tax Act fill this Form. Proprietor, Freelancer, Partnership Firm Fills this Form.

Form 3CD: This comprises of Detail audit report featuring multiple questioner and fields on which chartered Accountant expresses his views.

31st Oct 2022:

Audit Taxpayer gets three months more than the normal taxpayers to file their Income Tax return. Due date to file Income tax Return for Audit Assessee is 31st October 2022 for AY 2022-23.

30st Nov:

The due date of filing the Income Tax Return by taxpayer who submits the report u/s 92E is 30th November 2022. Form 3CEB is furnished by a CA for assessee having international transaction covered under this report.

Belated Return u/s 139(4)

If you missed to file your Income tax return within above due dates, Late submission of Return can be made by paying Late filing Fees. Due date for Belated return under section 139(4) is 31st March 2023 for Assessment year 2022-23. for filing Belated return Penalty of Rs.5000/- need to be paid along with applicable Interest. this late fees is Rs.1000/- for assessees with income Less Than Five Lakh Rupees.

Revised Income Tax Return Due Dates for AY 2022-23:

If you have filed your Income tax return and later on discover any omission or any wrong statement therein, you can correct this by filing a revised return. taxpayers can rectify their ITR at any time before three months prior to the end of the relevant assessment year or before completion of assessment, whichever is earlier. 31st December 2022 is the due date to file revise Income tax return for AY 2022-23.

Due date for Advance payment of Tax

If the Total Income tax for a year Exceeds Rs. 10,000/-, taxpayer needs to pay this in to advance in four installment throughout the year in which this income is earned. following are the due dates for Advance Income tax Payment:

15th June (15 % of total Tax)

15th Sept. (45% of total Tax)

15th Dec. (75% of total Tax)

 15th March (100% of total Tax)

The taxpayers who file their income under presumptive tax scheme, need to pay advance tax on or before 15th March every year.

Conclusion

In this year since the pandemic has not infected the working of a common man, nor the  glitches on the website are plenty, there are less chances that the government extend the due date. It is advisable to file the return well before the due date for speedy processing of the ITR and to avoid last minute hustle.

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Income Tax – 8 Deductions Available Under Section 80C Of Income Tax Act 1961

Section 80C of Income Tax Act 1961 has been a widely used tax deduction for many individuals, but it does come with some caveats. Here are 8 Deductions Available under Section 80C of Income Tax Act 1961 which guidelines can be followed to claim deductions according to the lay of your land.

LIC Premium Paid

If you are an individual resident in India, you can claim a deduction of the LIC premium paid under Section 80C of the Income Tax Act, 1961. The LIC premium is a mandatory tax paid by individuals with an income above a certain level.

If you are an individual resident in India who pays a LIC premium, you can claim a deduction for it on your income tax return. If you choose to do so, be aware that there are some limits on the amount of the deduction that you can claiming.

Investment in Provident Fund

Under the provisions of section 80C of the Indian Income Tax Act, 1961, an individual can claim a deduction for the investment made in a provident fund. A provident fund is a scheme which is incorporated for the purpose of providing pensions, social security, and other retirement benefits to its members. The particularities of this scheme are that it is registered with the relevant authority and all its transactions are transparent. This provides individuals with peace of mind as they know that their assets are protected in case of any unforeseen event.

Investment in Five Years Fixed Deposit

You can claim deduction of investment in five years fixed deposit under section 80C of Income Tax Act, 1961. The exemption limit for this is Rs 1.5 lacs. Here are the details:

You can claim deduction of Rs 1,50,000 as investment in five years fixed deposit under section 80C of Income Tax Act, 1961. This includes providing information about your monthly average log balance, total deposits made in each of the past five years, and total interest earned during these periods.

Investment in National Saving Certificate

Under Section 80C of the Income Tax Act, 1961 in India, deductions can be made for investments made in National Saving Certificate (NSC). Investments in NSC are categorized into two categories- Public and Private. Public NSCs are those which are invested primarily in the public sector such as general government, provident funds and social security schemes. Private NSCs are those which are invested primarily in the private sector.

Investments in Public NSCs qualify for a deduction if they are held as capital assets. This means that the investment must have a fair market value at the time of acquisition. The deduction is allowed provided that the holding period is more than 1 year and the expenditure on interest, management fees and other charges related to the investment is also deductible.

Investments in Private NSCs do not qualify for a deduction if they are held as capital assets. However, they can be used to generate income and this income can be taxed at ordinary rates.

Investment in Sukanya Samruddhi Yojana

Under Section 80C of Income Tax Act, 1961, there are a number of deductions that are available to individuals for investment in Sukanya Samruddhi Yojana. These deductions include the deduction for section 80C, which is applicable to interest on PRE-BUDGETed funds, and the deduction for section 84D, which is applicable to investments in rural small businesses.

The eligibility criteria for these deductions vary depending on the investment made, but all investments have to be made through an eligible financial institution. These investments have to be made for the purpose of promoting gender equality and women’s empowerment, and they have to be put into effect within three years of the date of formation.

Investment in Sukanya Samruddhi Yojana is a great way to generate income while also supporting women’s empowerment.

Investment in Equity Linked Saving Scheme

Section 80C of the Income Tax Act, 1961 provides for a deduction of investment in equity-linked saving schemes. This section covers such schemes where the premium paid is used to contribute towards the purchase or redemption of shares in the scheme.

The provisions of section 80C of the Income Tax Act, 1961 are explained below.

To be eligible for deduction under this section an individual must have contributed towards the purchase or redemption of shares in a recognised equity-linked saving scheme during the previous year. The shares can be held directly, through a nominee, or through any other legal form.

The amount invested in such a scheme can be claimed as deduction only if it is available to withdraw without penalty and if it is not treated as capital gains in computing taxable income. In other words, you cannot claim deduction for amounts that have already been taxed as capital gains.

An individual may also be eligible for deduction under this section even if he did not actually make any payments towards the purchase or redemption of shares in the scheme.

Investment in Senior Citizen Saving Scheme

Investment in Senior Citizen saving scheme under Income Tax Act, 1961 is eligible for deduction under Section 80C of Income Tax Act. Eligibility depend on two factors- Scheme participation and investment in the scheme. Investment in the scheme should not be less than Rs 25,000/-.

If you are an individual investor who has made an investment in a Senior Citizen savings scheme operated by a financial Institution registered under the provisions of the Companies Act, 2013, your investment is eligible for deduction under Section 80C of Income Tax Act. The following conditions have to be met:-

  1. You have to have made an ‘investment’ in the scheme i.e., you must have paid money into the scheme as opposed to receiving money back from it. This could either be through regular contributions or through one time lump sum deposits.
  2. The amount you invest should not be less than Rs 25,000/- per annum.
  3. Your investment should be for a period of at least 5 years from the date of investment.
  4. You must be a resident of India at the time you make your investment and your income from the investments should be taxable in India.

5 .60 years of age

Those who have opted for voluntary retirement scheme i.e VRS can opt for it after the age of 55.

Principal Repayment of Home Loan

If you have taken a home loan from a financial institution and then paying the loan amount as EMI, you may be able to claim a deduction for the principal repayment of the loan. This deduction is available under section 80C of the income tax act, 1961.

The interest that you paid on the home loan during the year will also be deductible. The interest must have been paid on time and in full, regardless of whether you actually used the home loan to purchase your residence.

The above mentioned Deductions are some of the deductions available under Section 80C of Income Tax Act, 1961. For more Investment options and Tax Savings options Kindly contact us on +91 98204 44477 or you can also send us mail on taxzona@gmail.com

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Instant Tips On Income Tax Deductions That You Can Start Figuring Out Today

Taxes are unavoidable, but it’s not your fault – which brings us to this article on claiming the appropriate deductions. A blog article containing information and advice on tax deductions you can take advantage of today to help lower your Income Tax liability. Save money with these key tips!

New Concessional Tax Regime for Individual and HUF in India

From FY 2020-21 onwards, the government has implemented a new simplified optional personal income tax regime for Individuals & HUF.

Individuals and HUFs are allowed to pay income tax at reduced slab rates that are applicable without certain exemptions and deductions if certain requirements are met. As a result, one can compare the tax payments under the existing and new tax regimes and choose the one that is more tax advantageous and help save more income tax.

Benefits on Purchasing New House

If you are considering purchasing a new house in India, there are many income tax benefits to take into account. Here are three key deductions you can claim on your tax return: Principal Repayment and the home loan interest deduction.

For the purchase or construction of a home, a home loan is required. If the loan is for the construction of a residence, it must be finished within five years of the end of the Financial year in which the loan was received.

Section 24 of the Income Tax Act, 1961 allows you to deduct the interest portion of your EMI paid for the year from your total income up to a maximum of Rs 2 lakhs.

The maximum deduction for interest paid on self-occupied house property is Rs 2 lakhs starting with the assessment year 2018-19.

However, the total amount that can be claimed under the heading of “House Property” is limited to Rs 2 lakh. This deduction is available beginning with the year in which the house property is constructed.

Increase the monthly contribution to Retirement Funds in India

There are a few simple things you can do to increase your monthly retirement contribution in India without having to shell out too much cash up front. Also, you can also take advantage of Income Tax Deductions available to you.

Increasing contributions for the retirements funds not only helps in tax savings but you can also have access to these savings for the period when it is actually needed.

Save Taxes on Charity and Donations

In India, charitable donations are deductible under Section 80G of Income Tax Act.

Charity is an important part of society. It helps to improve the lives of people who are less fortunate. In India, charitable donations are deductible under Section 80G of Income Tax Act. This means that you can save tax on your donations.

To qualify for a deduction under Section 80G of Income Tax Act, you must make a donation to a qualifying charity. A qualifying charitable Institute/Trust/Society is one that meets the following conditions:

1) It is registered with the government.

2) It is a voluntary organisation.

3) The main purpose of the charity is to benefit society as a whole.

 

Donations made to a qualifying charitable Institute/Trust/Society are treated as if they were made directly to the government. This means that you can save tax on your donation by claiming it as a deduction from your taxable income.

There are several ways to make your donations tax efficient. You can make your donation through an online fund-raising website or through a financial institution. You can also make your donation in cash or by using a gift card.

Claim your Telephone & Internet Expenses

One deduction that many people may not be aware of is the deduction for telephone expenses. You can deduct the cost of your regular phone bill, including taxes and fees, from your taxable income. This includes both landline and mobile phone bills.

Employee telephone reimbursement is not taxable under the Income Tax Rules, Rule 3(7) (ix). As a result, if your job needs you to use a mobile phone or the internet, you can save money on taxes. To take advantage of this tax-saving opportunity, you must provide original bills to your employer.

You should consult Taxzona (A Tax Consultant in Mumbai) to explore more such uncommon ways of saving of what is Income tax.

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Income Tax Heads: 5 Types of Heads of Income for Computing Income Tax in India

Income tax is a type of tax that people have to pay to the government on anything they earn through paid work. Many countries have an income tax return filing in mumbai, which is collected as part of a progressive system and uses deductions, exemptions, and allowances to modify the amount of taxation owed by individuals. In this blog post, you’ll find all related information that’ll help you to understand five different types of heads of Income as defined in Income Tax Act, 1961

Income From Salary

Salary income, in India, includes all income received by an employee as a salary or wages in respect of services rendered to an employer. This includes fixed, recurring or stipend payments as well as commissions, tips and other amounts derived from work performed.

In addition, salary income includes any other remuneration that is clearly assigned as consideration for the performance of services.

The main categories of salary income that are taxable in India as per Income Tax Act, 1961 are:

– Fixed salary

– Commission based salary

– Tips and gratuities

– Profit sharing

– Performance bonuses

– Other forms of compensation

– Crop share income

– Rent received from occupier of immovable property owned by private individual (other than residential premises)

Under the Income Tax Act, all individuals who earn salary from a job are liable for income tax. This includes employees, self-employed people, and pensioners. In general, every individual who earns more than Rs 5,00,000 per annum is subject to income tax.

The basic exemption limit for financial year 2021-22 is Rs 2.5 lakhs as per Income Tax Act, 1961. This means that if your annual salary is more than Rs 2.5 lakhs and below Rs. 5 Lakhs, you are not required to pay any income tax on this salary.

Salary includes all remuneration that is received in cash or in kind, including commission, tips, bonuses, severance pay, and other similar payments. However, it does not include any benefits that are provided in connection with your employment (such as medical care and life insurance).

Income from House Property

House Property Income includes rental income from both residential and commercial property. Property rental income received from hotel, restaurant, amusement park and other businesses run by private entities is also treated as house property income as per Income Tax Act, 1961.

There is no concept of primary residence in India. thus all types of rental income such as rent from furnished accommodation, holiday lettings, short-term lease and contract work is taxable as per Income Tax Act, 1961.

However, Income derived on the resale of a house or plot of land after deducting allowable charges like registration fee, survey fee and stamp duty etc falls in the category of capital gains.

House property is taxable as per the Income Tax Act, 1961. The following are the criteria that must be met in order for house property to be considered as taxable income:

1) The property must be situated in India.

2) The property must be an asset of the individual.

3) The individual must be liable to pay tax on the income from the property.

4) The individual must have actually been in occupation of the property at any time during the year it is liable to tax.

5) The value of the property must be more than Rs 50,000 ( Rs 50000 if leased).

There are a few exclusions to this rule, however. These exclusions include residential premises occupied by members of the Armed Forces on active service or civil defence personnel in actual use; residence of a judge or member of an intellectual institution; and agricultural land having a value not exceeding Rs. 2 lakh ( Rs. 250000 if leased).

Income from Business & Profession

Income from business includes all forms of income derived from figures on a company’s Income Statement. This could include profits (or losses) from sales of products or services, rental income from properties owned by the business, dividends paid to shareholders (from companies that are publicly traded), and any other form of revenue generated. It’s important to remember that this definition includes both taxable and non-taxable income.

Taxable income is simply what’s subject to taxation by the government; non-taxable income is not taxed as per Income Tax Act, 1961.

Businesses (including sole proprietorships) are assessed income tax on their profits. Profits are the sum of all taxable income, minus all allowable expenses. The profit figure is then reduced by a necessary business expense deduction. This leaves the net profit figure as the taxable income for purposes of calculating income taxes.

Income from businesses and professions can include any form of income that is generated by an establishment or activity. This could include wages and salaries, commissions, royalties, startup costs, and other types of income. Additionally, income from businesses and professions can also include profits made from selling assets or products.

When calculating your income from business or profession in India, keep in mind a few important factors. First and foremost, you must take into accounting services all applicable taxes. Second, make sure to track your expenses carefully so that you can accurately determine your net profit. Finally, be sure to file correct tax returns so that your income is correctly reported to the government.

Capital Gains

In India, capital gains are taxable as per the provisions of Income Tax Act, Section 10(1)(a). This means that any gain or loss on the sale of an asset is taxable. The asset includes any share in a company, right or security, land, building and other movable property.

Capital gains is a term used in taxation that refers to the increase in the worth of an asset. An asset is anything that has value, apart from your own body. This includes investments such as stocks, real estate, mutual funds and properties.

When you buy an asset, the purchase price is more than the current value of the asset. The difference between these two values is known as your capital gain. If you sell an asset within a year of buying it, your capital gain is also known as short-term capital gain. If you hold onto the asset for more than one year, your capital gain is known as long-term capital gain.

There are several factors that determine whether an asset has increased in value or not. These include interest rates, inflation rates, market trends and other individual factors. However, one of the most important factors is whether you have taken any active steps to increase its value. This includes making any repairs or improvements to the asset, investing

Income from Other Source

Any other income, which is not categorized in the above source of Incomes, can be reported as Income from Other Source as per Income Tax Act, 1961. It includes Interest income from bank deposits, lottery awards, card games, gambling or other sports awards. These incomes are attributed in Section 56(2) of the Income Tax Act and are chargeable for income tax.

Conclusion for heads of Income in India

Above mentioned are the five types of Heads of Income defined under Income Tax Act, 1961 for computing Income Tax. This is the first step to identify your incomes in respective heads. If you need expert help in doing so, get in touch with our experts at Taxzona who will guide you in the best possible way to plan your income tax.

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Revised Return under Income Tax Act 1961

If you have filed your Income tax return and later on discover any omission or any wrong statement therein, you can correct this by filing a revised return. Section 139(5) of Income Tax Act, 1961 allows taxpayers to rectify their ITR at any time before three months prior to the end of the relevant assessment year or before completion of assessment, whichever is earlier. any mistake or omission such as Change of Particulars, submission of wrong ITR form, change in head of income, increase/decrease of income, claiming TDS, etc. can be made in such Revised Return.

Who can file Revised Income Tax Return:

Any Person who has earlier filed his Original ITR (u/s 139(1)) can revise and furnish a Revised Income Tax Return. From FY 2016-17 belated return that is return filed after the due date(u/s 139(4)) can also be revised. earlier only those returns can be revised which were filed on or before the due date.

How to File Revised Income Tax Return:

The process of filing revised return is the same as filing a fresh ITR with few changes. Here one has to select the section under which the ITR is to be filed by choosing ‘Revised Return under Section 139(5)’ and enter 15-digit ‘Acknowledgement Number’ and ‘Date of Filing’ of the original income tax return filing in Mumbai. You can file the revised return online or with the help of Income tax offline utility where you can import the json/xml file of the original return and make necessary changes and generate revised json/xml to upload on the portal.

Time Limit for filing Revised Income Tax Return:

After filing the original return under section 139(1) or Belated return u/s 139(4), one can file Revised return during  any time before three months prior to the end of the relevant assessment year or before completion of assessment, whichever is earlier.

For Financial Year 2021-22, revised return can be filed before 31st Dec 2022 or completion of assessment whichever is earlier.

Things to be considered while filing revised Return:

Though the option to revise your return enables you to rectify any mistake in the return, it is advisable to avail this option with care. Excessive modification specially in Income or Deduction may increase the chances of choosing one’s file for scrutiny.

What is the remedy to make the changes after time period mention u/s 139(5)

Through the newly introduced ‘ITR-U’, the assessee can update his return within 24 months from the end of the assessment year on payment of additional tax and interest.

FAQs

there is no fees on the Income tax portal for filing revised return

It can be filed multiple time, but it is advisable to avoid that.

Yes, It needs to be E-verified after submission to complete the process for income tax filing in mumbai.

Yes, a revised return will be considered as a final return.

Yes, Revised return can be filed after receiving intimation u/s 143(1).

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Company Registration in Mumbai – Everything You Need to Know

Today, this article introduces you to the concept of company registration in mumbai, whether it will help your business prosper or not. Let’s discuss that right now!

All You Need to Know:

A private limited company, or LTD, is a type of small business that is owned and run by its owners. The owners are only liable for their shares, the company can only have 200 or fewer shareholders, and the shares can’t be traded in public. When a company is formed, it becomes its own legal entity. For a Private Ltd. company to be set up in India, there must be at least two members and two directors.

More than a million small and medium-sized businesses that are family-owned or run by professionals choose to be a corporation. It has limited liability protection for shareholders, the ability to raise equity funds, and separate legal status.

Company Registration in Mumbai

If you are looking to set up a business registration in Mumbai, India, there are a few things you need to know. Here is everything you need to know about company registration in Mumbai:

1. How Much Does Company Registration Cost in Mumbai?

The cost of corporate registration varies depending on the size of the company and the jurisdiction in which it is registered. However, on average, registering a limited liability company (LLC) in Mumbai costs around Rs. 30,000-Rs. 50,000, while registering a company with more than 100 shareholders typically costs around Rs. 50,000-Rs. 100,000.

2. What is the Process For Company Registration in Mumbai?

To register a business in Mumbai, you will need to submit an application to the Corporate Affairs department at the Maharashtra government office responsible for that particular sector (such as IT or financial services). The application will require information such as your company’s name search, registered address, contact details for directors and shareholders, and business purpose. Once your application has been processed, you will be issued with a certificate of incorporation and an official seal.

If You're Looking To Set Up A Company In Mumbai, Here's What You Need To Know

First, you’ll need to find an official registration agent. There are a few options available, but the most reliable and cost-effective is probably the Government of India’s registrar of companies (RoC).

Once you’ve found your registration agent, they’ll need your full business name, registration number (if applicable), registered office address, and contact details for at least two directors. You’ll also need to provide evidence of capitalization – typically this means having bank statements or business licenses representing the total value of your company’s assets.

Once you’ve submitted all of the necessary paperwork, your company should be officially registered with the RoC within around 45 days. Keep in mind that there are some specific requirements that must be met in order for your company to operate legally, so make sure you fully understand them before registering.

How To Register A Goods & Services Tax Number (GST) in Mumbai

If you are considering registering a company in Mumbai, there are several things you need to know first. Here is a guide on everything you need to know about registering a company in Mumbai:

1. What is the Process Of Registering A Company in Mumbai?

The process of registering a company in Mumbai is fairly straightforward. You will need to provide information such as the company’s name, address, and contact details. You will also need to file an application form with the relevant authority, and pay the applicable fees. Once all the paperwork is complete, your company can start operations.

2. What Are the Benefits Of Registering A Company in Mumbai?

Many people believe that registering a company in Mumbai is one of the best ways to start businesses off on the right foot. Among other things, this means that you will have access to plenty of legal and financial resources. Furthermore, it can protect your business from lawsuits and allow you to take advantage of various tax breaks and incentives.

3. Is It Necessary To Have A Business Licence To Register A Company in Mumbai?

It is not necessary to have a business licence to register a company in Mumbai, but doing so can help protect your business from illegal activities and fraud s. Companies must comply with various regulations regarding licensing and emission of trade waste, etc. It is also advisable to ensure that your business does not contravene any laws that may impact the environment of Mumbai or its people living in the suburbs. 4. Does Staring at a firm should be their last hope for setting up an International Business there? The answer to this question is a definite ‘Yes’ if we are talking about setting up International Business through our company abroad We at Elite Group Enterprises were involved with processing of license for Jana swamy Multi Mode (MMT) Cable earlier. We did considerable bit of research on this issue and could not come across a single case where Staring has decided to set up International Business. Our own experience proves it lies elsewhere in the scope of setup an International Business there at Mumbai.

What is the Minimum Amount Of Time It Takes To Register A Company in Mumbai?

Mumbai is one of the most bustling cities in India and it’s no surprise that there are many businesses operating here. To register a company in Mumbai, the process is fairly simple and there is typically no need to wait more than a few days. However, it’s important to keep in mind that the longer your business has been inactive, the longer it will take to be registered.

In general, the minimum amount of time it takes to register a company in Mumbai is 4 days. If you register a company as an individual, things will take longer. If there are people working for your company, that process takes an extra day or two. You must ensure that the individuals you’re appointing to work in your business hold the appropriate licenses and permits if you plan on conducting business.If research turns up no helpful results but provides otherwise valid information such as an easy registration procedure freeze rate taking months to be decremented within India (Government has its advantages ) Mumbai is a big city full of opportunities and today world is big enough to deal with any scenario.

Other Places To Look For Company Registration In Mumbai

If you are looking to register your company in Mumbai, there are a few other places you can look. The Chamber of Commerce and Industry of India (CCII) has a database of registered companies located at cciimumbai.org. In addition, the Small Business Development Bank of India (SBDB) maintains a directory of registered small businesses, which is available online at www.sbbid.in. Finally, the income tax department’s website has extensive information on company registration, including forms and procedures, at www.incometaxindia.gov.in

Conclusion

Professionalism is key for any business. So, it is no wonder that in Mumbai, the most business-friendly city in India, companies register with the authorities in a punctual and professional manner.  Any prospective corporate entity looking to establish itself in Mumbai should be aware of several important factors. Here are some pointers to help you get started:

  1. Make sure you have an up-to-date business registration certificate. This document will certify that your company is legally registered with the appropriate authorities and will enable you to conduct business activities in Maharashtra. The process of registering a company can vary depending on the type of company (private or public), but most companies will require a Business Registration Certificate, Memorandum of Association and articles of association. 
  2. Apply for a company address. A company must have an office or base of operations where its employees work and carry out its commercial activities. To apply for a corporate address, contact the relevant municipal corporation or nodal agency and provide information about your proposed business location (name, postal code, etc.), as well as details about your company (name, description, terms of incorporation, etc.). You will also need to submit an application fee and a security deposit.
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GST Registration Services India: A Guide To GST

“A Guide to GST Registration Services India” is an article about the GST registration process, with an overview of the registration process.

What is GST?

GST is a comprehensive, indirect, multi-stage, and destination-based tax that would be levied on each value addition. Goods and services would be taxed at a variety of rates under the new tax code, including 0%, 5%, 12%, 18%, and 28%. Rough semi-precious and precious stones would be subject to a 0.25 percent tax. Gold would be subject to a 3% GST. GST would apply to all firms, regardless of size or sector.

GST is a tax system that replaces the value-added tax (VAT) system. The main features of the GST system are as follows:

  1. GST is an indirect tax system that applies to all types of goods and services.
  2. The tax rate for each type of good or service is fixed at 4%, with a lower rate of 3% applying to items that are considered essential for daily living. This means that most items that consumers purchase will be subject to the 3% rate.
  3. There are no exemptions or deductions allowed under the GST Registration Online. However, there are certain exemptions for various essential items such as food and educational services, foreign aid, agricultural inputs such as fertilizers and seeds, health care services and the supply of passenger vehicles and railway coaches.
  4. GST is levied on all supplies made to consumers by businesses within India. These supplies cover many categories of goods and services including all types of products except alcohol, cigarettes and petroleum products.

Importance of GST

GST is one of the most important legislations of India and it has come as a major overhaul in the way taxes are levied in India. With the implementation of GST, businesses operating in India will have to abide by new tax rules and regulations.

Here are Some Important Points To Know About GST:

-GST is a tax levied on products and services at the state level. It replaced all the existing indirect taxes, including Central Sales Tax (CST), State Sales Tax (SST), Value Added Tax (VAT) and Service Tax.

-GST is a federal law and every state in India is required to implement it within a certain timeframe. The rollout date for GST in each state is different, but all states are expected to be fully operational by April 1, 2020.

-GST will help reduce corruption and paperwork burdens for businesses. It will also help reduce cross-state duplication of taxes.

– There are two main types of taxes that will be collected under the GST regime – central component and state component. The central component of GST is levied on goods and services while the state component is levied on goods only.

If you are a business in India with a turnover of over Rs.20 crore, you are required to register under the GST regime and collect tax at the central component level.

– The central component of GST is levied at four rates: 0%, 5%, 12% and 18%. The rate of tax can be altered by the government through an amendment for any special circumstances. Another key aspect about GST is that it will have a transitional period of five years that will allow businesses to adapt to the new regime. Its implementation will also help avoid a cascading effect of multiple taxes.

GST is expected to reduce the country’s tax burden by around Rs.1.5 lakh crore over the next five years and is also expected to increase government revenue by over Rs.10,000 crore annually. With this, the empowered committee of state finance ministers (EC) has approved the draft of GST Law for formulation of a single Goods and Services Tax (GST).

Related Read: Importance of GST | GSTR-2B

Process of Taxation in India

The Goods and Services Tax (GST) came into effect from 1 July 2017. The GST is a nationwide indirect tax which replaces all the existing central and state taxes. The GST is levied at a uniform rate of 18% on all goods and services across India.

The process of taxation in India depends on the type of product or service being purchased. For example, taxation for services such as healthcare, legal services, etc., is governed by the Indian Income Tax Act of 1961. Whereas taxation for goods such as apparel, food items, cars etc., is governed by the Central Sales Tax Act of 1954.

In order to comply with the new GST regime, businesses need to register for GST registration services with the appropriate authorities. There are three main registration agencies through which businesses can register for GST registration services- the Central Board of Excise & Customs (CBEC), the State Tax Commissioners (STC) and the Integrated Sales Tax Network (ISSN).

How to Register for GST?

If you are an Indian business owner and you want to start or continue doing business in India, then you need to become familiar with the new tax system, the Goods and Services Tax (GST). The GST is a single, nationwide tax that will be implemented from July 1, 2017. Here are some tips on how to register for GST:

The first step is to find out if you need to register for GST. If your business activities fall within the ambit of the 12% GST rate, then you will need to register for GST. If your business activities fall within the 28% or 36% GST rates, then you will only need to collect taxes on those sales made within India.

The next step is to determine which registration form you need to file. There are three types of businesses that will need to file different forms: small companies (with a turnover up to Rs 250 crore), medium-sized companies (with a turnover between Rs 250 crore and Rs 500 crore), and large companies (with a turnover greater than Rs 500 crore). You can find more information about each of these registration forms on the website of the Directorate General of Taxation (DGTA): www.gst.gov.

Online Registration Services in India

If you are looking for an online GST registration service provider in India, there are plenty of options to choose from. You can use the services of a commercial provider or go for a free option. The main advantage of using a commercial service is that they will handle all the paperwork for you and will also provide support if you have any issues. However, if you don’t mind doing a little bit of research yourself and want to save some money, using a free option is the best way to go.

Whatever your choice, make sure to read the instructions carefully before starting the online registration process. Once you have registered with one of these services, be sure to check your account regularly for updates and information about your pending GST returns.

It is strongly advised that you contact us since our professionals will be of the utmost assistance to you.

Conclusion

GST is an important tax reform in India. The introduction of GST has made the tax system more transparent, efficient and fair.

GST is a unique tax system that will bring about significant changes in the way businesses operate in India. The introduction of GST has made it easier for businesses to comply with the tax regulations and payments.

The GST registration services India provide accurate and up-to-date information about the GST regulations, including registration requirements and Form GST 1 and Form GSTR-1.

Businesses should consider using the GST registration services India to ensure compliance with the new tax regulations.

Contact us for GST Registration Process, GST Registration Services India.

Email: taxzona@gmail.com

Contact Number: 9820 4444 77

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