#Tax compliance Pin

[epistrefei]

sit.  for your muse to encourage mine to sit and rest. / rosie but by 'encourage' i mean force

It is pretty clear that Artemis does not know the concept of letting her wounds heal. They are still gaping on her back where the arrows had corroded the skin around them with the curse that Ares had inadvertently poisoned her with. At the very least they were now bandaged to the Hells—courtesy of Zahrosa's pharmacy, of course. The bandages criss-cross from her back all the way to her front, where they were pinned to stop from moving.

And then Artemis decided it was time to finish the wooded cabin she had begun constructing by hand. It's quite the spectacle to see—the bare frame of the cabin was already tied and driven into place, but Artemis is swinging at the trees nearby with an axe to fell them for their wood. From there, she goes back and forth with several long logs over each shoulder, dumping them all into one pile to use later.

Understandably by now she is in a state of half-undress, covered in a sheen of sweat, and... still continuing. It is not until Zahrosa yanks her back by the shoulder and begins to steer her to a nearby stump to sit down that Artemis realizes maybe she had gone too far.

"I am fine," Artemis insists irritatedly—slick with sweat, she all too easily slips from the other woman's grip. That movement causes her shoulders to twinge and protest and it shows in her grimace. So, she does sit—but not without trapping Zahrosa underneath her first in a show of malicious compliance.

She settles on her lap and lays an arm over her shoulders. "Oh, this is nice," Artemis says airily, grinning all the while. She grabs Zahrosa by the chin and wipes her sweat-dripping cheek against hers, laughing all the while. "That is the tax for making me sit down, my lover."

[softwaremlm]

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[caalaadd]

Tax officials pin compliance hopes on new QR code requirement

Officials at the Ministry of Revenues have issued a directive requiring all tax invoices to feature unique quick response (QR) codes in a bid to enhance tax compliance and transparency. The amended tax invoice usage and administration directive mandates taxpayers to utilize differing invoices for each business category that applies to them, as well as for each business location, and include a…

[brandandbranch]

Auditing Firm in Dubai - LGAauditing.ae

LGA Auditing is a trusted auditing firm in Dubai, providing comprehensive audit, tax, and advisory services. With a team of experienced professionals, we help businesses ensure compliance, optimize financial performance, and enhance transparency. Choose LGA Auditing for reliable insights and tailored solutions that support your company’s growth and integrity.

[linneajospeh]

How To Avoid The Nine Common Tax Filing Mistakes?

Avoiding common tax filing mistakes is crucial to ensure your tax return is accurate, timely, and compliant with IRS regulations. Here’s a comprehensive guide to avoid nine common tax filing mistakes:

Mathematical Errors

Mistakes in arithmetic calculations, such as adding or subtracting incorrectly, are common on tax returns. Use tax preparation software or a calculator to perform calculations accurately. Double-check all figures before submitting your return to avoid errors that could delay processing or trigger an IRS notice.

Incorrect or Misspelled Names

Ensure that names and Social Security numbers (SSNs) on your tax return match the exact information on your Social Security card. Misspelled names or incorrect SSNs can lead to processing delays and potential discrepancies with IRS records.

Filing Status Errors

Choose the correct filing status (e.g., single, married filing jointly, head of household) based on your marital status and family situation. Choosing the wrong filing status can affect your tax liability, eligibility for credits, and deductions.

Omitting Income

Report all sources of income earned during the tax year, including wages, self-employment income, interest, dividends, rental income, and retirement account distributions. Ensure you receive and review all necessary forms (e.g., W-2, 1099 forms) to accurately report income. IRS matching systems compare income reported on your tax return with information provided by employers and financial institutions.

Overlooking Deductions and Credits

Take advantage of available deductions (e.g., mortgage interest, charitable contributions, medical expenses) and tax credits (e.g., Child Tax Credit, Earned Income Tax Credit) to reduce your taxable income and overall tax liability. Keep thorough records and documentation to substantiate deductions and credits claimed on your tax return.

Failing to Sign and Date

Sign and date your tax return where required. For joint returns, both spouses must sign. An unsigned return is considered incomplete and may delay processing. Electronic filing options typically require a PIN or electronic signature to authenticate your return.

Mismatched Estimated Tax Payments

If you make estimated tax payments throughout the year, ensure they match the amounts reported on your tax return. Underpayment or overpayment of estimated taxes can result in penalties or delays in receiving refunds.

Incorrect Bank Account Information

If you opt for direct deposit of your tax refund, double-check the accuracy of your bank account and routing numbers. Providing incorrect information can delay your refund or result in the funds being deposited into the wrong account.

Missing Filing Deadline

File your tax return by the deadline to avoid late-filing penalties and interest charges on any taxes owed. For individuals, the usual deadline is April 15th, unless extended due to weekends or holidays. Businesses have different filing deadlines based on their entity type.

Tips to Avoid These Mistakes:

Use Tax Preparation Software: Software programs help minimize errors by guiding you through the filing process and performing calculations automatically.

Review Before Submission: Double-check all entries, calculations, and supporting documentation before submitting your return.

Seek Professional Assistance: Consider consulting with a tax professional offering tax planning for companies in Fort Worth TX, especially for complex tax situations or if you're unsure about specific tax rules.

Stay Informed: Keep up-to-date with changes in tax laws and IRS guidelines that may affect your filing requirements.

By avoiding these common tax filing mistakes and taking proactive steps to ensure accuracy and compliance, you can streamline the tax filing process and minimize potential issues with the IRS. Maintaining organized records and seeking assistance when needed contribute to a smooth tax filing experience and help you maximize your tax benefits.

[internationalnewz]

Union Budget 2024: Clarity on ITC Eligibility for Sales Promotion Expenses Pivotal

Karan Kakkar, Partner at Grant Thornton Bharat, and Pragya Sharma, Associate Director at Grant Thornton Bharat, emphasize the critical need for reforms to streamline Input Tax Credit (ITC) claims in India’s GST regime. While GST was introduced to simplify India’s tax system and ensure a seamless flow of ITC, businesses have encountered numerous challenges and inconsistencies, particularly regarding ITC eligibility on sales promotion expenses.

The Need for Clarity and Consistency

In the recent GST Council meeting, Finance Minister Nirmala Sitharaman presented substantial proposals. However, industry stakeholders are still looking for additional measures to address their concerns. With the Union Budget on the horizon, businesses are hopeful for clarity on ITC uncertainties, comprehensive reforms to simplify ITC claims, reduced compliance burdens, and improved transparency within the GST framework. These reforms are essential for fostering a conducive business environment and boosting economic growth.

The Role of Sales Promotion in Business

Sales promotion activities, including discounts, gifts, free samples, loyalty programs, and promotional merchandise, are crucial for businesses aiming to attract customers, boost sales, and enhance brand visibility. However, GST provisions impose specific restrictions on the eligibility of ITC for goods given as gifts or free samples for promotional purposes.

The ambiguity surrounding the definition of ‘gift’ has led to the consistent denial of ITC. According to a CBIC press release dated July 10, 2017, ‘gift’ has not been defined in the GST law but generally refers to something given without consideration, voluntarily, and occasionally. Circular №92/11/2019-GST dated March 7, 2019, clarified that ITC is not available for goods and services used as gifts or free samples without consideration. If the distribution qualifies as a “supply” under Schedule I of the Act, the supplier can avail ITC.

Conflicting Rulings and Interpretations

The GST implications of promotional schemes have been a long-standing source of debate and confusion, with various conflicting rulings and interpretations. For example, the Tamil Nadu Appellate Authority for Advance Ruling (AAAR) ruled in the case of GRB Dairy Foods Pvt Ltd. that goods distributed as part of a promotional scheme do not qualify as a supply, and therefore, ITC is not eligible. This view was also upheld by the Karnataka AAAR in the case of Page Industries.

Understanding the Rationale for ITC Eligibility

The argument that companies distribute goods to dealers and customers purely on a voluntary basis, without any business objective, is unreasonable. These promotions are embedded within the overall supply value and serve strategic business purposes. While they may appear as ‘gifts’ from a marketing perspective, they are far from gratuitous in a commercial sense. Sales targets and promotional offers are incorporated into the value of supply, on which taxes are paid, aligning with the principle that ‘nothing is free.’

Addressing Industry Concerns

Addressing the concerns of Indian businesses regarding ITC eligibility on sales promotion expenses is crucial for fostering a business-friendly environment under the GST regime. Clarity and consistency in GST provisions related to ITC on promotional expenses are pivotal. As businesses await the upcoming Union Budget, their hopes are pinned on comprehensive reforms that streamline ITC claims, reduce compliance burdens, and enhance transparency.

By addressing these issues, the government can ensure a more straightforward, efficient, and business-conducive tax environment, promoting economic growth and stability.

[calculatttor]

Navigating PAYE in Kenya: A Detailed Guide

PAYE stands for pay-as-you-earn. It is a system in Kenya where employers are required to withhold income tax from their employees' salaries and wages and remit it to the KRA on a monthly basis. This ensures that employees pay taxes throughout the year, rather than in one lump sum at the end of the year.

Here's a breakdown of how PAYE works in Kenya:

Employer Responsibilities:

Employers are responsible for deducting the correct amount of income tax from their employees' salaries based on their tax bracket.

They must use the prevailing Individual Income Tax Rates provided by the KRA.

The deducted tax needs to be remitted to the KRA by the 9th of the following month.

Employers are required to keep records of all PAYE Calculator deductions made.

Employee Responsibilities:

Employees are obligated to provide their employers with their accurate tax information, including their PIN.

They may be eligible for certain tax reliefs and deductions, which can lower their taxable income.

Recent Changes to PAYE in Kenya:

The Finance Act 2023 introduced some changes to the PAYE system in 2024, including:

Increased Tax Rates: The top tax rate was increased from 30% upto 35%. Kenya's new top tax rate of 35% is higher than several other countries in East Africa but not the highest. Uganda has a top rate of 40%, while Rwanda and Tanzania have a rate of 30%. This positioning can impact Kenya's attractiveness to expatriates and international businesses, as the overall tax burden influences decisions on regional headquarters and operations. Historically, Kenya's tax rates have seen substantial fluctuations. In the mid-1980s, the top tax rate was as high as 65%. However, a policy shift in the late 1990s aimed at economic liberalization saw these rates decrease, stabilizing at 30% for over two decades. The temporary reduction to 25% during the COVID-19 pandemic aimed to alleviate financial strain on individuals. The recent shift to 35% marks a significant policy turn, raising questions about its long-term impact on revenue and economic growth.

Affordable Housing Levy: A new 1.5% levy on gross monthly salary was introduced, to be contributed by both employers and employees. Another contentious aspect of the Finance Act 2023 is the affordable housing levy. Initially proposed as a 3% contribution, the final Act set it at 1.5% of the gross monthly salary, payable by both employers and employees, without a cap. This levy significantly impacts take-home pay and increases the cost of employment. The levy is non-refundable, further straining employees’ finances in a high-inflation environment.

Impact of the Changes:

These changes have sparked debate and may lead to:

Reduced Take-Home Pay: Employees, especially those in higher tax brackets, will see a decrease in their net pay due to increased tax deductions and the housing levy.

Compliance Burden: Employers may face challenges in implementing the new tax rates and levy within the short time-frame provided.

Potential for Lower Revenue Collection: Increased tax rates might discourage people from working formally or may lead to them demanding higher salaries to compensate for the lower take-home pay.

The Future of PAYE in Kenya:

The recent changes to the PAYE system in Kenya pose significant challenges, impacting both businesses and individuals. The government's need to increase revenue is understandable. However, a comprehensive review is necessary to evaluate the long-term effectiveness of these measures. Exploring a broader tax base, analyzing the impact on employee morale and economic competitiveness, and reassessing the design of the housing levy are crucial considerations. Open dialogue and strategic adjustments to the tax framework are essential to ensure sustainable economic growth and a fair distribution of the tax burden.

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PAYE

[bharatdetailsdfg]

A Step-by-Step Guide to How to Withdraw Cash from ATM using UPI and How to Apply for GST Number

In the digital age, financial transactions have undergone a significant transformation, with innovative technologies simplifying everyday processes. Two crucial aspects of modern financial dealings are withdrawing cash seamlessly from ATMs using Unified Payments Interface (UPI) and obtaining a Goods and Services Tax (GST) number for businesses. Let's delve into the step-by-step procedures for both these essential financial tasks.

How to Withdraw Cash from ATM using UPI:

With UPI revolutionizing the way we transact, withdrawing cash from ATMs has become more convenient than ever. Follow these steps to make a hassle-free cash withdrawal using UPI:

Access Your UPI-Linked App: Ensure your UPI-enabled mobile banking app is installed and linked to your bank account.

Select UPI Withdrawal Option: Locate the UPI Withdrawal or Cardless Cash Withdrawal option on your app.

Enter Withdrawal Amount: Specify the desired cash amount you wish to withdraw from the ATM.

Generate UPI Pin: Generate a UPI Pin through your app for the transaction.

Receive Transaction Code: Upon successful pin generation, you will receive a unique transaction code on your registered mobile number.

Visit UPI-Enabled ATM: Go to a UPI-enabled ATM and select the cardless withdrawal option.

Enter Transaction Code: Enter the transaction code received earlier.

Collect Cash: Once verified, collect the dispensed cash from the ATM.

How to Apply for GST Number:

Obtaining a GST number is a crucial step for businesses to comply with tax regulations. Here's a guide on how to apply for a GST number:

Visit GST Portal: Access the official GST portal (www.gst.gov.in).

Click on 'Services': On the homepage, click on the 'Services' tab and select 'Registration.'

Choose 'New Registration': Opt for 'New Registration' to initiate the application process.

Fill in Part A of Form GST REG-01: Provide details such as the legal name of the business, PAN, email, and mobile number.

Verification: Verify the application through an OTP sent to the registered mobile number and email.

Fill in Part B of Form GST REG-01: Complete the registration process by providing additional business details.

Upload Documents: Upload necessary documents, including PAN, proof of business registration, bank details, and address proof.

Submit Application: After thorough verification, submit the application.

Acknowledgment: Once submitted, you'll receive an acknowledgment in Form GST REG-02.

Verification by Authorities: The GST authorities will verify the application, and upon approval, you will be issued a GST number.

By following these comprehensive guides on how to withdraw cash from ATM using UPI and How to Apply for GST Number?, you can streamline your financial transactions and ensure compliance with taxation regulations for businesses. Embrace the convenience of digital financial processes to navigate the modern financial landscape effectively.

[whensellingbusiness]

Navigating the Exit: Avoiding Common Mistakes When Selling a Business

Introduction:

The decision to sell a business is a pivotal moment for entrepreneurs, often representing the culmination of years of hard work and dedication. However, amidst the complexity of the sales process, there are common pitfalls that sellers may encounter. In this insightful guide, we will explore the landscape of selling a business, shedding light on common mistakes and providing valuable strategies to help business owners navigate the exit journey successfully.

1. Undervaluing the Business:

One of the most prevalent mistakes when selling a business is undervaluing its worth. Sellers, eager to attract potential buyers, may underestimate the true value of their business. Proper valuation, considering financial metrics, market trends, and future potential, is crucial for setting a realistic and competitive asking price.

2. Neglecting Comprehensive Financial Documentation:

Inadequate financial documentation is a significant oversight. Buyers seek transparency, and a lack of comprehensive financial records can deter potential investors. Ensure that your financial statements, tax returns, and other relevant documents are meticulously organized and readily available for scrutiny.

3. Insufficient Preparation for Due Diligence:

In the due diligence phase, buyers meticulously assess the business's operations, finances, and legal standing. Sellers who are unprepared for this scrutiny risk delays and may lose credibility. Anticipate due diligence requirements and proactively address potential concerns to facilitate a smoother process.

4. Overlooking Confidentiality Concerns:

Maintaining confidentiality during the sale process is crucial. Premature disclosure of the sale can lead to employee unrest, customer concerns, and potential damage to the business's reputation. Implement strict confidentiality measures and disclose the sale only when necessary and legally appropriate.

5. Ignoring Market Trends and Industry Dynamics:

A myopic view of market trends and industry dynamics is a common pitfall. Sellers who fail to consider these factors may misjudge the business's position in the market. Stay informed about industry trends, competitive landscapes, and economic shifts to accurately assess the business's value and marketability.

6. Overreliance on a Single Buyer:

Pinning all hopes on a single buyer is a risky strategy. If negotiations with a preferred buyer fall through, the seller may face setbacks. Cast a wide net, engage with multiple potential buyers, and create competition to maximize the value of the business.

7. Inadequate Planning for the Transition:

The transition period post-sale is critical for both the seller and the new owner. Inadequate planning for this phase can lead to disruptions in operations and potential conflicts. Develop a comprehensive transition plan that addresses key aspects such as employee handovers, customer communication, and knowledge transfer.

8. Neglecting Legal and Regulatory Compliance:

Failure to address legal and regulatory compliance issues is a substantial risk. Buyers are meticulous in assessing potential legal liabilities. Prioritize compliance with employment laws, contracts, licenses, and other regulatory requirements to instill confidence in potential buyers.

9. Overemphasizing Emotional Attachments:

Emotional attachments to a business can cloud judgment during the sales process. Sellers may be reluctant to make necessary changes or may overvalue sentimental aspects. While emotional connections are natural, it's essential to maintain a pragmatic and business-focused perspective.

10. Lack of Professional Guidance:

Navigating the complexities of selling a business without professional guidance is a common mistake. Engage experienced business brokers, attorneys, and financial advisors to guide you through the process. Their expertise ensures a smoother transaction, reduces risks, and maximizes the value of the sale.

Conclusion:

Selling a business is a significant undertaking that requires careful planning, strategic thinking, and a proactive approach to avoid common mistakes. By recognizing the pitfalls of undervaluation, neglecting financial documentation, insufficient preparation for due diligence, overlooking confidentiality concerns, ignoring market trends, overreliance on a single buyer, inadequate planning for the transition, neglecting legal compliance, overemphasizing emotional attachments, and lacking professional guidance, sellers can navigate the exit journey with confidence. Remember, a well-executed sale not only maximizes value but also sets the stage for a successful transition and new opportunities for both the seller and the business

[cashappreviewus]

Can You See Pending Deposits on Cash App?

Cash App, a peer-to-peer mobile payment app, allows users to send and receive money instantly. Direct deposit will enable users to receive their pay checks, tax returns, or other funds directly in the app. Direct deposits that are "pending" mean your bank is processing them and will be available soon. It could be due to several reasons, such as incorrect bank details or account verification problems. By continue reading you can learn what to do if it deposit pending Cash App for a long time. 

If you receive a deposit via Cash App, the funds may appear as "pending" in your account. A pending deposit is when funds are transferred to your Cash app account from the sender's bank. You will have access to or use pending funds during this time once the transaction has been completed.

How to Check Pending Deposits on Cash App?

Follow these steps to check pending deposit Cash App:

Install the Cash App onto your mobile device.

If enabled, log in using your email or mobile number and your Cash App PIN (or fingerprint).

You will find your Cash App balance on the home page. Your total balance will include any pending deposits.

Tap on the balance to view your details. This will bring you to the Cash App Balance screen.

You will find a list of your recent transactions on the "Cash App Balance." This includes any pending deposit. The pending deposits are typically labelled, meaning they are currently being added to your bank account.

Tap on the pending deposits to see additional information, such as the date of the deposit and any notes provided by the sender.

What Causes Cash App Direct Deposit to Be Pending?

Pending Cash App direct deposit usually occur due to bank issues, such as insufficient funds on your account or technical difficulties with the bank. The processing time of the bank that sent the deposit and its system can affect the time it takes to transfer the money to your Cash App. Below mentioned are the most common cause of direct deposit Cash App pending:

Cash App can review and verify some deposits to ensure compliance and security. Due to this additional scrutiny, a deposit may be in a "pending" state until approved.

Due to the reduced banking hours, deposits made on weekends and bank holidays can take longer to be processed.

Sometimes, pending transfers can happen if the sender does something that delays the transfer. For example, providing incorrect account details or not authorizing a transaction.

You may also have a delay in your deposit if you enter the wrong banking details. This is a common mistake, but it is easy to fix.

Cash App uses security measures to protect users. They also ensure that pending direct deposit Cash App do not violate the terms of service. For example, they verify you have the correct CVV for your bank account. Cash App, however, is a third-party independent service not affiliated with your bank.

When Will My Pending Deposit Hit Cash App?

Direct employer deposits should arrive in your Cash App account within 1-2 days. However, this may vary depending on the bank's processing time or other factors. Contact the employer if a pending deposit on Cash App takes longer than expected.

Due to holidays and system delays, banks typically process deposits between one and five days. Contact your Cash App support team immediately if your Cash App deposit has not cleared within five business days. They can help you find a solution. The Cash App maintains a team of customer service representatives available via email, live chat, and toll-free numbers to provide support. Cash App's status page is a good place to start if your deposit takes longer than expected. You can also contact customer service for assistance.

[rpacpc]

High-Tech ID Verification Solutions for Seamless Security

In today's digital landscape, ensuring seamless security is crucial for businesses and individuals alike. With the increasing threat of identity theft and fraud, high-tech ID verification solutions have become indispensable. This blog explores how advanced ID verification technologies are revolutionizing security measures and protecting against evolving risks.

Biometric Authentication:

Biometric authentication has emerged as a cutting-edge ID verification solution. By leveraging unique physical characteristics such as fingerprints, iris patterns, or facial features, biometrics provides an incredibly secure and convenient way to validate identities. Advanced algorithms analyze biometric data, enabling real-time identification and authentication. Biometric authentication eliminates the vulnerabilities associated with traditional methods like passwords or PINs, which can be easily compromised. Whether used for access control, online transactions, or identity verification, biometrics ensures a seamless and reliable security experience. 

Document Verification and Authentication:

High-tech ID verification solutions also encompass document verification and authentication. Through advanced optical character recognition (OCR) and machine learning algorithms, these systems can quickly and accurately verify the authenticity of various documents, such as passports, driver's licenses, or identity cards. They analyze security features, check for tampering or alterations, and cross-reference data against trusted databases. Document verification solutions reduce the risk of fraudulent documents being used for identity theft, financial crimes, or illegal activities, providing organizations with enhanced security measures and peace of mind. 

Identity Verification APIs:

Identity verification APIs (Application Programming Interfaces) have become invaluable tools for businesses seeking seamless security integration. These APIs allow organizations to verify the identities of customers or users in real-time by leveraging data from multiple sources, including government databases, credit bureaus, or public records. By automating the identity verification process, businesses can streamline customer onboarding, prevent fraud, and comply with regulatory requirements. Identity verification APIs offer a flexible and scalable solution for various industries, such as finance, e-commerce, or healthcare, enhancing security without compromising user experience. 

GST Verification API: 

GST Verification API is a powerful tool that enables businesses to validate the authenticity and accuracy of Goods and Services Tax (GST) numbers. This API integrates with government databases to perform real-time verification of GST identification numbers provided by suppliers, vendors, or customers. By leveraging the GST Verification API, businesses can ensure compliance with tax regulations, minimize the risk of fraud or errors, and maintain accurate records. The API validates GST details such as registration status, business name, address, and more, providing businesses with a reliable and efficient means of verifying GST numbers and enhancing transparency in financial transactions. 

206AB Compliance Check: 

206AB Compliance Check refers to the verification process implemented as per Section 206AB of the Income Tax Act, 1961, in India. This compliance check is performed to identify individuals or entities who are considered "specified persons" under this section. These specified persons are subject to a higher rate of tax deduction at source (TDS) on certain transactions, such as non-residents or individuals who have not filed their income tax returns for the past two years and have tax liabilities exceeding a specified threshold. The 206AB Compliance Check ensures that the TDS deduction is in line with the provisions of the law and helps in promoting tax compliance and revenue collection. 

PAN Status: 

PAN Status refers to the current standing or status of a Permanent Account Number (PAN) issued by the Income Tax Department in India. PAN is a unique ten-digit alphanumeric identifier assigned to individuals, businesses, and entities for tax purposes. Checking the PAN Status involves verifying whether the PAN is active, valid, and up-to-date. This can be done online through the official website of the Income Tax Department or through designated service providers. By checking the PAN Status, individuals and organizations can ensure the accuracy of their PAN information, confirm its validity, and address any discrepancies or issues that may arise. 

TAN PAN Verification API: 

The TAN PAN Verification API is a useful tool that allows businesses and individuals to verify the authenticity and accuracy of Tax Deduction and Collection Account Number (TAN) and Permanent Account Number (PAN) details. This API integrates with the databases of the Income Tax Department in India to perform real-time verification of TAN and PAN information provided by taxpayers, deductors, or collectors. By utilizing the TAN PAN Verification API, businesses can ensure compliance with tax regulations, minimize the risk of fraud, and maintain accurate records. The API validates TAN and PAN details, such as registration status, taxpayer name, and associated information, providing a reliable means of verifying TAN and PAN numbers and enhancing transparency in financial transactions. 

Aadhaar Verification API: 

The Aadhaar Verification API is a powerful tool that enables businesses and organizations to verify the authenticity and validity of Aadhaar numbers issued by the Unique Identification Authority of India (UIDAI). This API integrates with the UIDAI database to perform real-time verification of Aadhaar information provided by individuals. By leveraging the Aadhaar Verification API, businesses can ensure compliance with regulatory requirements, minimize the risk of identity fraud, and maintain accurate customer records. The API validates Aadhaar details such as biometric data, demographic information, and Aadhaar number verification status, providing a secure and efficient means of verifying Aadhaar numbers and enhancing trust in customer identity verification processes. 

Machine Learning and Artificial Intelligence:

Machine learning and artificial intelligence (AI) are revolutionizing ID verification solutions. These technologies enable systems to learn from vast amounts of data, identify patterns, and make intelligent decisions. Machine learning algorithms enhance the accuracy of identity verification by continuously adapting to new fraud patterns and evolving threats. AI-powered systems can detect anomalies, flag suspicious activities, and provide real-time alerts, allowing organizations to proactively mitigate risks. With machine learning and AI, ID verification solutions become more robust, adaptable, and effective in preventing identity fraud and ensuring seamless security. 

Conclusion:

High-tech ID verification solutions leverage biometric authentication, document verification, identity verification APIs, and advanced technologies like machine learning and AI. These innovative solutions offer enhanced security, reduce the risk of identity fraud, and provide seamless user experiences. Embracing these advancements is crucial for businesses and individuals to stay protected in today's rapidly evolving threat landscape.

[filinggst]

TDS Rules and Regulations: Everything You Need to Know

TDS stands for Tax deducted at the source which means an authorized deduct or deducts tax while making certain payments, e.g.: Rent, Commission, Salary, Interest, etc. In this blog, we will explain the details of 27 sections under TDS with different provisions of deduction and a threshold limit of exemption.  

What is TDS in income?  

TDS or Tax deduction forms an integral portion of the direct taxation mechanism applicable to heads of Income to deduct taxes for certain payments.  

TDA at its source reduces the burden of taxpayers from paying off lump sums of taxes at the end of every budget year. In this way, the TDS process enables a balanced outflow of revenue between the government and taxpayers. For Instance: If ABC group company pays an amount of Rs.30,000/- as a salary to Y, the ABC groups shall deduct a tax of Rs.2,000/ and make a net payment of Rs.28,000/- to Y. Then, the tax deducted by ABC Groups Ltd will be directly credited to the government.  

According to the Income Tax Act, of 1961, policies and regulations related to tax deducted at source (TDS) are managed by CBDT (Central Board of Direct Taxes), the person who is liable to pay tax is known as Deducted, and the person who deducts the tax is known as Deduct or.  

The deducted amount in the TDS Mechanism shall be sent to the Central Government. The deducted can check the deducted TDS amount in Form 26 As or the TDS certificate issued by the deducted or.  

Types of TDS  

Even when you are making payments as an individual taxpayer, you need to deduct TDS on certain payments. The following type of payments attracts TDS:  

a) Salary Transfer  

b) Professional Fee  

c) Consultation Fee  

d) Rent Payments  

e) Commission  

f) Interest on Securities & Deposits  

g) Dividend on company shares and mutual funds  

h) Lottery and similar winnings  

I) Payment of Royalty  

j) Salary Transfer  

k) Professional Fee  

l) Consultation Fee  

m) Rent Payments  

n) Commission & brokerage payments  

o) Interest on Securities & Deposits  

p) Dividend on company shares and mutual funds  

q) Lottery, lucky draw, and similar winnings  

r) Payment of Royalty  

s) Director’s Remuneration  

t) Transfer of Property  

u) other interest payments  

When and who is liable to deduct TDS?  

If you receive payment specified under the Income Tax Act, TDS will be deducted. If you are an individual or a Hindu Undivided Family and your books do not require an audit, then no TDS will be deducted. However, if you pay rent and the amount exceeds Rs. 50,000, a TDS at 5% will be deducted, even if your books do not require an audit. Your employer will deduct TDS from your salary as per the applicable income tax slab rates. The bank with whom you hold an account will deduct TDS at 10%. If you submit your investment proof to your employer and your total taxable income is below the taxable threshold, then you will not need to pay any tax, and no TDS will be deducted. If your total taxable income is below the taxable limit, you can submit Form 15G and Form 15H to the bank, and they will not deduct TDS on your interest income. If the bank has deducted TDS, and you are eligible to claim a refund, you can file a return and claim it.  

How to pay TDS?  

To ensure compliance with the concept of TDS, the deducting organization or individual is responsible for remitting the deducted income to the government. Here is a step-by-step guide on how to deposit TDS:  

Log in to NSDL’s website for e-payment.  

Select Challan No ITNS 281 under the section TCS/TDS and enter the required details such as TAN, assessment year, PIN code, and mode of payment.  

Choose between TDS on regular assessment and TDS deducted or payable and click on “Submit”.  

After confirming the TAN and taxpayer’s name, you will be redirected to the payment page. Make your payment here.  

Upon successful payment, you will receive a counterfoil with CIN, payment confirmation, and bank details as proof of payment. You must file a TDS return after this.  

What are TDS Returns?  

TDS return is the process of returning the excess amount deducted as TDS to the taxpayer. While TDS is a form of income tax, individuals may still have an income tax liability at the end of each year, even after paying TDS. This is because TDS is deducted from the source of income to avoid payment delays. If the total TDS paid in a year exceeds the individual’s tax liability, the excess amount will be returned by the government. To receive this return, the taxpayer must obtain a TDS certificate from their deduct, which is necessary while filing a TDS return.  

TDS RATE CHART FOR FY 2023-24 SectionNature of Payment Threshold (Rs.) Individual / HUF (Hindu Undivided Family) TDS Rates (%)Others TDS Rate (%) 192 Salaries Rs. 2,50,000 Slab Rates Slab Rates 192A Premature EPF (Employees Provident Fund) withdrawal* Rs. 50,000 10% 10% 193 – TDS on interest on securities*** Rs. 10,000 10% 10% 194 Payment of dividend Rs. 5,000 10% 10% 194A Interest issued by banks or post offices on deposits Rs. 40,000  Rs. 50,000 (For senior citizens) 10% 10% 194A Interest by others apart from on securities Rs. 5,000 10% 10% 194B Amounts that someone has won through lotteries, puzzles, or games Aggregate of Rs. 10,000** 30% 30% 194BB Amounts that someone has won from horse races Rs. 10,000 30% 30% 194C Payments to contractor or sub-contractor – Single Payments Rs. 30,000 1% 2% 194C Payments to contractor/sub-contractor – Aggregate Payments Rs. 1,00,000 1% 2% 194D Payment of insurance commission to domestic companies Rs. 15,000 NA 10% 194D Payment of insurance commission to companies other than domestic ones Rs. 15,000 5% NA 194DA Maturity of Life Insurance Policy Rs. 1,00,000 5% 5% 194EE Payment of an amount standing to the credit of an individual under NSS (National Savings Scheme) Rs. 2500 10% 10% 194F Payment of repurchase of unit by UTI (Unit Trust of India) or any mutual fund No Limit 20% 20% 194G Payment of repurchase of the unit by UTI (Unit Trust of India) or any mutual fund Rs. 15,000 5% 5% 194H Commission or brokerage Rs. 15,000 5% 5% 194I Rent of land, building, or furniture Rs. 2,40,000 10% 10% 194I Rent of plant and machinery Rs. 2,40,000 2% 2% 194IA Payment for transfer of immovable property other than agricultural land Rs. 50,00,000 1% 1% 194IB Rent payment that is made by an individual or HUF not covered under payment 194I Rs. 50,000 (per month) 5% NA 194IC At a rate higher than the Specified rate as per the act 20% Rate in force No Limit 10% 10% 194J Fees paid for professional services Rs. 30,000 10% 10% 194J Amount paid for technical services Rs. 30,000 2% 2% 194J Amounts paid as royalty for sale/distribution/exhibition of cinematographic films Rs. 30,000 2% 2% 194K Payment of income for units of a mutual fund, for example- dividends Rs. 5,000 10% 10% 194LA Payment made for compensation for acquiring certain immovable property Rs. 2,50,000 10% 10% 194LB Payment of interest on infrastructure bonds to Non-Resident Indians NA 5% 5% 194LBA (1) Certain income distributed by a business trust among its unit holders NA 10% 10% 194LD Payment of interest on rupee-denominated bonds, municipal debt security, and government securities NA 5% 5% 194M At a rate higher of the Specified rate as per the act 20% Rate in force Rs. 50,00,000 5% 5% 194N In case cash withdrawal over a certain amount takes place from the bank, and ITR (Income Tax Returns) is filed Rs. 1,00,00,000 2% 2% 194N In case cash withdrawal takes place from a bank and one does not file ITR Rs. 20,00,000 2% 2% 194O Amount paid for the sale of products/services by e-commerce service providers via their digital platform Rs. 5,00,000 1% 1% 194Q Payments made for the purchase of goods Rs. 50,00,000 0.10% 0.10% 194S TDS on the payment of any crypto or other virtual asset NA 1% 1% 206AA TDS for non-availability of PAN NA Rate higher of 5% Twice the mentioned rate in provision Rate in force 20% 206AB TDS on non-filers of Income tax return NA Rate higher of: 5% Twice the mentioned rate in provision Rate in force  

TDS/TCS returns for the assessment year 2023-24.  

If you need to file your TDS (Tax Deducted at Source) or TCS (Tax Collected at Source) returns for the budget year 2022-23, here are the deadlines you need to remember. These are the dates by which you must file your TDS/TCS returns for the assessment year 2023-24. QuarterPeriodDue Date for filing Quarter 1 1st April to 30th June 31st July 2022 Quarter 2 1st July to 30th September 31st Oct 2022 Quarter 3 1st October to 31st December 31st January 2023 Quarter 4 1st January to 31st March 31st May 2023 

How to upload TDS Statement?  

To upload your TDS (Tax Deducted at Source) statements on the official website of the Income Tax Department, follow these simple steps:   

Visit https://www.incometaxindiaefiling.gov.in/home and click on the ‘Registered User?’ option on the right side of the page.  

Fill in your login details and click on ‘Login’. Your user ID will be your TAN (Tax Deduction and Collection Account Number).  

Locate the ‘TDS’ drop-down menu after logging in and select ‘Upload TDS’.  

Fill in the required details on the form that appears and click on ‘Validate’.  

Finally, validate your returns using either a Digital Signature Certificate (DSC) or Electronic Verification Code (EVC)  

What is TDS Certificate?  

A TDS certificate is a document that serves as proof of tax deducted at source from a person’s income by an entity. This certificate is issued by the entity that has made the TDS deduction, to the person from whose income the TDS is deducted, also known as the assesses. The certificate indicates that the TDS amount has been deposited in the Government’s account. Knowing about TDS certificates and their types can help in resolving any issues related to TDS deductions from various sources of income. It is important to understand the several types of TDS certificates and which ones you should request. 

and which ones you should request. FormCertificate for Type of PaymentFrequency & Due Date Form 16 Salary payment Yearly, 31st May Form 16 A Non-salary payments Quarterly, 15 days (about 2 weeks) from the due date of filing the return Form 16 B Sale of property Every transaction, 15 days (about 2 weeks) from the due date of filing the return Form 16 C Rent Every transaction, 15 days (about 2 weeks) from the due date of filing the return 

What is the penalty for filing to Pay TDS?  

If you fail to submit or submit late TDS returns/statements, you will be subjected to various penalties by the Income Tax Department, as outlined below:  

Failure to submit returns: Section 272A (2) of the Income Tax Act imposes a penalty of Rs. 100 per day for each day that returns remain unsubmitted, with a maximum penalty equal to the TDS amount.  

Failure to file returns on time: Section 234E of the Income Tax Act imposes a penalty of Rs. 200 per day for each day that returns remain unfiled, with a maximum penalty equal to the TDS amount.  

Defaults in TDS statement filing: Section 271H of the Income Tax Act imposes a penalty ranging from Rs. 10,000 to Rs. 1 lakh if the deduct or defaults in filing a TDS return within the due date.  

Incorrect details: Under Section 271H of the Income Tax Act, a penalty ranging from Rs. 10,000 to Rs. 1 lakh will be charged if the deduct or submits incorrect information, such as PAN (Permanent Account Number), challan particulars, TDS amount, etc.  

Non-payment of TDS: Section 201A of the Income Tax Act imposes interest along with the penalty if TDS is not paid within the due date. In case a part or the whole of the tax amount is not deducted at the source, interest will be charged at 1.5% per month from the date on which the tax was deductible to the date on which it is deducted.  

When can Taxpayers claim a refund?  

Taxpayers can claim a refund or reduction of applicable TDS under certain circumstances.  

If the total income is not within the income tax payable slab, a refund or reduction can be claimed.  

If the TDS paid is more than the tax payable liability, a refund can be claimed.  

If the taxpayer has a loss of income in the current month or a previous year’s loss carried forward in the present year, a reduction can be claimed.  

If the taxpayer is eligible for tax exemption, a refund or reduction can be claimed.  

Form 15G/15H can be submitted to avoid TDS deduction.  

Form 13 can be submitted to claim a refund or non-reduction of TDS.  

It is important for taxpayers to understand what TDS is and why it is deducted to file their returns and maximize their benefits.  

TDS or Tax Deducted at Source is a crucial aspect of the Indian taxation system. It ensures a smooth collection of taxes and reduces the burden of tax collection for the government. TDS also helps to track financial transactions, minimizes tax evasion, and ensures tax compliance. As a taxpayer, it is important to be aware of the rules and regulations related to TDS and ensure timely compliance to avoid any penalties or legal implications. Overall, TDS plays a significant role in the Indian tax regime and contributes to the growth and development of the nation’s economy.  

Reference   

https://incometaxindia.gov.in/Pages/Deposit_TDS_TCS.aspx

[24efiling]

TDS Rules and Regulations: Everything You Need to Know

TDS stands for Tax deducted at the source which means an authorized deduct or deducts tax while making certain payments, e.g.: Rent, Commission, Salary, Interest, etc. In this blog, we will explain the details of 27 sections under TDS with different provisions of deduction and a threshold limit of exemption.  

What is TDS in income?  

TDS or Tax deduction forms an integral portion of the direct taxation mechanism applicable to heads of Income to deduct taxes for certain payments.  

TDA at its source reduces the burden of taxpayers from paying off lump sums of taxes at the end of every budget year. In this way, the TDS process enables a balanced outflow of revenue between the government and taxpayers. For Instance: If ABC group company pays an amount of Rs.30,000/- as a salary to Y, the ABC groups shall deduct a tax of Rs.2,000/ and make a net payment of Rs.28,000/- to Y. Then, the tax deducted by ABC Groups Ltd will be directly credited to the government.  

According to the Income Tax Act, of 1961, policies and regulations related to tax deducted at source (TDS) are managed by CBDT (Central Board of Direct Taxes), the person who is liable to pay tax is known as Deducted, and the person who deducts the tax is known as Deduct or.  

The deducted amount in the TDS Mechanism shall be sent to the Central Government. The deducted can check the deducted TDS amount in Form 26 As or the TDS certificate issued by the deducted or.  

Types of TDS  

Even when you are making payments as an individual taxpayer, you need to deduct TDS on certain payments. The following type of payments attracts TDS:  

a) Salary Transfer  

b) Professional Fee  

c) Consultation Fee  

d) Rent Payments  

e) Commission  

f) Interest on Securities & Deposits  

g) Dividend on company shares and mutual funds  

h) Lottery and similar winnings  

I) Payment of Royalty  

j) Salary Transfer  

k) Professional Fee  

l) Consultation Fee  

m) Rent Payments  

n) Commission & brokerage payments  

o) Interest on Securities & Deposits  

p) Dividend on company shares and mutual funds  

q) Lottery, lucky draw, and similar winnings  

r) Payment of Royalty  

s) Director’s Remuneration  

t) Transfer of Property  

u) other interest payments  

When and who is liable to deduct TDS?  

If you receive payment specified under the Income Tax Act, TDS will be deducted. If you are an individual or a Hindu Undivided Family and your books do not require an audit, then no TDS will be deducted. However, if you pay rent and the amount exceeds Rs. 50,000, a TDS at 5% will be deducted, even if your books do not require an audit. Your employer will deduct TDS from your salary as per the applicable income tax slab rates. The bank with whom you hold an account will deduct TDS at 10%. If you submit your investment proof to your employer and your total taxable income is below the taxable threshold, then you will not need to pay any tax, and no TDS will be deducted. If your total taxable income is below the taxable limit, you can submit Form 15G and Form 15H to the bank, and they will not deduct TDS on your interest income. If the bank has deducted TDS, and you are eligible to claim a refund, you can file a return and claim it.  

How to pay TDS?  

To ensure compliance with the concept of TDS, the deducting organization or individual is responsible for remitting the deducted income to the government. Here is a step-by-step guide on how to deposit TDS:  

Log in to NSDL’s website for e-payment.  

Select Challan No ITNS 281 under the section TCS/TDS and enter the required details such as TAN, assessment year, PIN code, and mode of payment.  

Choose between TDS on regular assessment and TDS deducted or payable and click on “Submit”.  

After confirming the TAN and taxpayer’s name, you will be redirected to the payment page. Make your payment here.  

Upon successful payment, you will receive a counterfoil with CIN, payment confirmation, and bank details as proof of payment. You must file a TDS return after this.  

What are TDS Returns?  

TDS return is the process of returning the excess amount deducted as TDS to the taxpayer. While TDS is a form of income tax, individuals may still have an income tax liability at the end of each year, even after paying TDS. This is because TDS is deducted from the source of income to avoid payment delays. If the total TDS paid in a year exceeds the individual’s tax liability, the excess amount will be returned by the government. To receive this return, the taxpayer must obtain a TDS certificate from their deduct, which is necessary while filing a TDS return.  

TDS RATE CHART FOR FY 2023-24

TDS/TCS returns for the assessment year 2023-24.  

If you need to file your TDS (Tax Deducted at Source) or TCS (Tax Collected at Source) returns for the budget year 2022-23, here are the deadlines you need to remember. These are the dates by which you must file your TDS/TCS returns for the assessment year 2023-24.

How to upload TDS Statement?  

To upload your TDS (Tax Deducted at Source) statements on the official website of the Income Tax Department, follow these simple steps:  

Visit https://www.incometaxindiaefiling.gov.in/home and click on the ‘Registered User?’ option on the right side of the page.  

Fill in your login details and click on ‘Login’. Your user ID will be your TAN (Tax Deduction and Collection Account Number).  

Locate the ‘TDS’ drop-down menu after logging in and select ‘Upload TDS’.  

Fill in the required details on the form that appears and click on ‘Validate’.  

Finally, validate your returns using either a Digital Signature Certificate (DSC) or Electronic Verification Code (EVC)  

What is TDS Certificate?  

A TDS certificate is a document that serves as proof of tax deducted at source from a person’s income by an entity. This certificate is issued by the entity that has made the TDS deduction, to the person from whose income the TDS is deducted, also known as the assesses. The certificate indicates that the TDS amount has been deposited in the Government’s account. Knowing about TDS certificates and their types can help in resolving any issues related to TDS deductions from various sources of income. It is important to understand the several types of TDS certificates and which ones you should request.

and which ones you should request.

What is the penalty for filing to Pay TDS?  

If you fail to submit or submit late TDS returns/statements, you will be subjected to various penalties by the Income Tax Department, as outlined below:  

Failure to submit returns: Section 272A (2) of the Income Tax Act imposes a penalty of Rs. 100 per day for each day that returns remain unsubmitted, with a maximum penalty equal to the TDS amount.  

Failure to file returns on time: Section 234E of the Income Tax Act imposes a penalty of Rs. 200 per day for each day that returns remain unfiled, with a maximum penalty equal to the TDS amount.  

Defaults in TDS statement filing: Section 271H of the Income Tax Act imposes a penalty ranging from Rs. 10,000 to Rs. 1 lakh if the deduct or defaults in filing a TDS return within the due date.  

Incorrect details: Under Section 271H of the Income Tax Act, a penalty ranging from Rs. 10,000 to Rs. 1 lakh will be charged if the deduct or submits incorrect information, such as PAN (Permanent Account Number), challan particulars, TDS amount, etc.  

Non-payment of TDS: Section 201A of the Income Tax Act imposes interest along with the penalty if TDS is not paid within the due date. In case a part or the whole of the tax amount is not deducted at the source, interest will be charged at 1.5% per month from the date on which the tax was deductible to the date on which it is deducted.  

When can Taxpayers claim a refund?  

Taxpayers can claim a refund or reduction of applicable TDS under certain circumstances.  

If the total income is not within the income tax payable slab, a refund or reduction can be claimed.  

If the TDS paid is more than the tax payable liability, a refund can be claimed.  

If the taxpayer has a loss of income in the current month or a previous year’s loss carried forward in the present year, a reduction can be claimed.  

If the taxpayer is eligible for tax exemption, a refund or reduction can be claimed.  

Form 15G/15H can be submitted to avoid TDS deduction.  

Form 13 can be submitted to claim a refund or non-reduction of TDS.  

It is important for taxpayers to understand what TDS is and why it is deducted to file their returns and maximize their benefits.  

TDS or Tax Deducted at Source is a crucial aspect of the Indian taxation system. It ensures a smooth collection of taxes and reduces the burden of tax collection for the government. TDS also helps to track financial transactions, minimizes tax evasion, and ensures tax compliance. As a taxpayer, it is important to be aware of the rules and regulations related to TDS and ensure timely compliance to avoid any penalties or legal implications. Overall, TDS plays a significant role in the Indian tax regime and contributes to the growth and development of the nation’s economy.  

Reference  

https://incometaxindia.gov.in/Pages/Deposit_TDS_TCS.aspx

https://www.caclubindia.com/articles/tds-rate-chart-for-the-fy-2023-24-ay-2024-25-49539.asp

https://taxguru.in/income-tax/tds-rate-chart-fy-2023-2024-ay-2024-2025.html

https://groww.in/p/tax/tds

[performancemartketing]

[thanidiel]

Prompt Twenty-Seven: “Shadows”

Followup to Imaginary and Darkness from the 2019 FfxivWrite.

The world is ludicrous.

It was always ludicrous, but there’s a way that it becomes less so when you are inundated in it. If she were being honest, if you already didn’t get the fucking message after all of this time and all of these stories, then she’d remind you that the world is an abuser. That the name of the game is always putting a little more on those shoulders of your’s, taxing you and siphoning you, until there’s no room to think so all you have to do is suffocate to that worldly tune.

You get used to it like a dog that’s forgotten that collar sank between skin and meat.

She got used to it.

Then she realised it was fucking crazy.

And she got used to it again when the sun went out.

She’s been used to it.

It’s only now that the full comprehension of how long she has been pinned down in the dark hits her - a year of weight pressed right there into the bulb of bone behind her neck. Another moment of terror, another need for some, any, measure of protection from the possibility out there.

Terror, that quickly transforms into fucking fury.

A fury that she cannot decipher on whether it runs hot or cold. Suddenly wrestling with a mixture of things that shouldn’t be able to coexist at the tempestuous magnitudes that they simply do. Her surface exploding with the sort of deep chill where a droplet of warm water could skin her violently and whole, like a warm rabbit twisted about in a hunter’s hands. And, yet, simultaneously, the boil of blood, and air, and mucus, right inside of her is the kind of inferno that blisters lung webbing and leaps fulms and yards from mere proximity.

People like to say when they’re angry, that the whole world hazes behind the lens of vitae.

For Xiaohu, it clarifies with the way that her eyes must shift to accommodate this wrath; how their irises must clamber from the path of the quaking soul spilling out from abyssal cores.

That’s all it takes for her to suddenly be able to see in the dark, in the shadows, through this dreary gloom that has coaxed over her.

For how fucking sick she is of scurrying around like this.

Always planning, always watching, for movement in this artificial night.

A cub watching for the predators.

Here she stands on the threshold of sanctuary, with the light behind her just as fucking fake as the shadow beyond.

And the world is ludicrous.

The world is so fucking ludicrous.

And she is fucking ludicrous for letting herself get to this point of compliance with its insanity.

Something about this reformatting makes that eclipse shift a little more to nothingness; makes her take a new way home for the first time since it got there.

[calculatttor]

Navigating PAYE in Kenya: A Detailed Guide

PAYE stands for pay-as-you-earn. It is a system in Kenya where employers are required to withhold income tax from their employees' salaries and wages and remit it to the KRA on a monthly basis. This ensures that employees pay taxes throughout the year, rather than in one lump sum at the end of the year.

Here's a breakdown of how PAYE works in Kenya:

Employer Responsibilities:

Employers are responsible for deducting the correct amount of income tax from their employees' salaries based on their tax bracket.

They must use the prevailing Individual Income Tax Rates provided by the KRA.

The deducted tax needs to be remitted to the KRA by the 9th of the following month.

Employers are required to keep records of all PAYE Calculator deductions made.

Employee Responsibilities:

Employees are obligated to provide their employers with their accurate tax information, including their PIN.

They may be eligible for certain tax reliefs and deductions, which can lower their taxable income.

Recent Changes to PAYE in Kenya:

The Finance Act 2023 introduced some changes to the PAYE system in 2024, including:

Increased Tax Rates: The top tax rate was increased from 30% upto 35%. Kenya's new top tax rate of 35% is higher than several other countries in East Africa but not the highest. Uganda has a top rate of 40%, while Rwanda and Tanzania have a rate of 30%. This positioning can impact Kenya's attractiveness to expatriates and international businesses, as the overall tax burden influences decisions on regional headquarters and operations. Historically, Kenya's tax rates have seen substantial fluctuations. In the mid-1980s, the top tax rate was as high as 65%. However, a policy shift in the late 1990s aimed at economic liberalization saw these rates decrease, stabilizing at 30% for over two decades. The temporary reduction to 25% during the COVID-19 pandemic aimed to alleviate financial strain on individuals. The recent shift to 35% marks a significant policy turn, raising questions about its long-term impact on revenue and economic growth.

Affordable Housing Levy: A new 1.5% levy on gross monthly salary was introduced, to be contributed by both employers and employees. Another contentious aspect of the Finance Act 2023 is the affordable housing levy. Initially proposed as a 3% contribution, the final Act set it at 1.5% of the gross monthly salary, payable by both employers and employees, without a cap. This levy significantly impacts take-home pay and increases the cost of employment. The levy is non-refundable, further straining employees’ finances in a high-inflation environment.

Impact of the Changes:

These changes have sparked debate and may lead to:

Reduced Take-Home Pay: Employees, especially those in higher tax brackets, will see a decrease in their net pay due to increased tax deductions and the housing levy.

Compliance Burden: Employers may face challenges in implementing the new tax rates and levy within the short time-frame provided.

Potential for Lower Revenue Collection: Increased tax rates might discourage people from working formally or may lead to them demanding higher salaries to compensate for the lower take-home pay.

The Future of PAYE in Kenya:

The recent changes to the PAYE system in Kenya pose significant challenges, impacting both businesses and individuals. The government's need to increase revenue is understandable. However, a comprehensive review is necessary to evaluate the long-term effectiveness of these measures. Exploring a broader tax base, analyzing the impact on employee morale and economic competitiveness, and reassessing the design of the housing levy are crucial considerations. Open dialogue and strategic adjustments to the tax framework are essential to ensure sustainable economic growth and a fair distribution of the tax burden.

For more info. Visit us:

PAYE