#penalty under tds

[cadeveshthakur]

Non-deduction, less-deduction, Non-payment, and short-payment of TDS will attract interest and penalty under the IT Act, of 1962. Learn “How to calculate interest on late payment of TDS/ deduction of TDS”.

[mightyflamethrower]

Nov072024

TDS-Inspired Hate Crime by 82-Year-Old Woman

What goes around, comes around. Even moonbats can be charged with hate crimes when they physically attack Trump supporters for the color of their skin. From suburban Seattle:

An 82-year-old woman was arrested Monday for a hate crime after assaulting two political supporters, according to the Edmonds Police Department (EPD). … According to the EPD, the woman said the race of the two female victims and their political beliefs were the reason she approached and yelled at them. The woman told officers “she could not understand why people of color would support this particular candidate.”

According to moonbat ideology, Trump oppresses Persons of Color. That many of them voted for Trump Tuesday does not compute, causing the circuits in their defective brains to fry. This in turn results in embarrassing and sometimes dangerous consequences regarding their behavior.

A 55-year-old Edmonds woman told officers the suspect first “had gotten into her face” as she rallied. The 82-year-old woman then “commented on the victim’s attire and skin color before the suspect pushed the victim and punched her in the chin.” The EPD said another woman, a 66-year-old from Edmonds, stepped in to intervene but the suspect punched her as well.

No one stands between moonbats and their pernicious delusions.

It was thoughtful of Edmonds police to keep this under wraps until after the election, considering how it reflects on Democrats. Let’s hope they got a thank you note from Comrade Cackles — if she’s not too busy sulking.

On a tip from Ed McAninch.

Nov072024

An Anarchotyrant Enraged: Letitia James

Like other moonbats, New York Attorney General Letitia James is not dealing well with the results of the election:

“We faced this challenge before, and we used the rule of law to fight back. And we are prepared to fight back once again…”

By “rule of law,” she means lawfare. For example:

James had previously won a $454million civil fraud judgment against the incoming president, after accusing him of inflating his net worth by billions of dollars to get better loan and insurance terms. She targeted Trump’s Westchester golf club and Seven Springs estate as properties she could seize to make the bond payment. The former president has since appealed the massive ruling, and appeal court judges had tough questions for New York prosecutors in September, signaling they may side with Trump in the case. The judges wanted to know why the penalties were set at almost half a billion dollars and who had been harmed in a case where neither side had lost money.

Meanwhile, as she abuses her power to harass political opponents, James has effectively legalized minor crime, even as she tries to dictate to the citizens of other states who they can vote for and whether they can eat meat or defend their own lives. She was installed in power by George Soros.

James boasts that she took nearly 100 legal actions against the previous Trump administration. The liberal establishment will do everything it can to make it difficult for him to govern. The media stands ready to hype any story that can be portrayed as a failure.

She repeatedly bellowed her intention to “fight back” against the will of the voters who elected Trump. No doubt she will have the support of Governor Kathy Hochul, who recently proclaimed that Trump voters (i.e., the majority) are “anti-American.”

Liberal rule incarnate.

On a tip from Varla.

Nov062024

Open Thread

Nov062024

Moonbat Meltdown Compilation

Liberals often denounce Donald Trump for divisiveness. Now that he has decisively won the election, they will demonstrate what better people they are by taking their loss like grownups, mending fences, and bridging the divide.

Just kidding. Let’s have a laugh at their meltdowns:

Can White Dudes for Harris face up to their disappointment like men? Apparently not (LANGUAGE ALERT):

Joy Reid takes the opportunity to denounce white women:

Some of the kooks on The View wore black in mourning for the moonbattery that might have been — including Sunny Hostin, who believes she has somehow been deprived of civil rights because voters were allowed their choice of president:

Normally, Nasty Pelosi likes to say good morning. Not today though:

Countermoonbats are laughing at the leftist tears all the way across the Atlantic:

Liberals’ grasp on sanity is tenuous even when they are getting their way. Mark Halperin’s prediction of mass madness may be proving true.

On tips from Tlabia Majora, Ed McAninch, WDS 2.0, StephaneDumas, KirklesWorth, Troy H, Varla, and 45 47 destroyer of 46.

Nov062024

You’re Welcome, Moonbats

Did voters do the right thing yesterday? Let’s ask the stock market:

The Dow Jones Industrial Average jumped over 1,500 points Wednesday, continuing the climb seen in the pre-market session after the president-elect took the stage at his headquarters in Florida early Wednesday morning, thanking his supporters and promising to restore the country.

Contra the Marxist ideology that voters rejected, a rising tide lifts all boats. So on behalf of everyone else who voted for Trump, I’ll say to those who didn’t but who will benefit anyway: You’re Welcome.

On a tip from Varla.

Nov062024

Moonbat Threatened to Kill Conservative Christians

Trump’s election should result in a long overdue draining of the Swamp. Then the FBI will spend less time terrorizing pro-lifers and investigating people for being Catholic and more time defending the public from actual threats like this:

On November 5, the Federal Bureau of Investigation (FBI) arrested a 25-year-old man who has since been charged with allegedly sending a message threatening to attack conservative Christians with an AR-15 if Donald Trump is elected president.

Hisses Isaac Sissel of Ann Arbor, Michigan:

“I shall carry out an attack against conservative christan, (sic) filth in the event trump wins the election. I have a stolen ar15 and a target I refuse to name so I can continue to get away with my plans. Without a specific victim or ability to find the place I hid the gun, there’s not a thing the FBI can do until I complete the attack.”

That appears to have been a miscalculation.

The affidavit also alleges: “Sissel also stated that former President Trump was a threat, a ‘piece of s—’ that should have been assassinated, and that everything would be better if Trump was dead.”

A career as an MSNBC analyst may await Sissel provided he can stay out of jail.

On a tip from MrRightWingDave.

Nov062024

Man Elected Congresswoman in Delaware

Moonbats are glum this morning. This should cheer them up:

Delaware state Sen. Sarah McBride won the state’s only House seat Tuesday, NBC News projects, making [him] the first openly transgender person elected to Congress.

The former Obama administration intern McBride tries to lighten the mood of his fellow Democrats by recalling the days of Hopey Change:

“While at this moment in America’s history, hope sometimes feels hard to come by, we must never forget that we are the beneficiaries of seemingly impossible change.”

A man changing into a woman is not seemingly impossible. It is impossible period.

Trump’s election may signal an end to the grotesque absurdity of men participating in women’s sports. But liberals should take heart that men can still be elected as congresswomen — in Delaware, anyway.

On a tip from Bluto.

Nov062024

Los Angeles Dumps Soros Tool George Gascón

Dust will need to settle before we know the full extent of America’s glorious victory over moonbattery yesterday. Donald Trump winning is the best thing to happen in generations, not only because of the welcome policies he is likely to implement but because it restores faith in the system. Leftists laid the groundwork for election fraud, imported millions of illegal aliens and enabled them to vote, convicted Trump on dozens of absurd felony charges, tried to kill him twice, used their dominance of the media to demonize him hysterically while hyping his opponent, and still the American people were able to assert their will in opposition to the degenerate liberal establishment. From the shadow of great triumph, other triumphs will emerge — even in bluest California:

Nathan Hochman defeated incumbent progressive prosecutor George Gascón in the race for Los Angeles County district attorney as crime was seen as a top issue of the election cycle.

The “hard middle” candidate Hochman is not exactly a countermoonbat, but he looks like one in comparison to Gascón, who is one of the many* lunatic left DAs George Soros has exploited his ill-gotten wealth to place in power so as to destabilize the USA by encouraging crime.

“The voters of Los Angeles County have spoken and have said enough is enough of D.A. Gascón’s pro-criminal extreme policies; they look forward to a safer future,” Hochman said in a statement early Wednesday.

Enough is enough, all right. The voters of America as a whole have spoken.

[dhufflebee]

I'm new! whose binotto? How long he was there? What he do to Char?

hi! welcome :) and thanks for the vote of confidence, i'm not sure i'm the best person for the job since i've really gotten back into f1 a couple years ago, but i'll do my best.

i suggest you also do a deep dive into @leqclerc's blog, starting with these 3 posts ( x - x - x ).

mattia binotto was, for better or for worse, a key figure in ferrari up until the end of 2022, when he was let go/fired. he had worked for ferrari as a PU engineer since the schumacher times (not sure about what year he started), and climbed the ranks until he became technical director. due to internal politics - a problem that affects ferrari seemingly endemically - and his own inflated ego, in 2019 he all but forced the scuderia to hand him the role of team principal alongside being TD... and that was an atrociously bad decision, but you know what they say about hindsight.

2019 was the first year for charles leclerc in the team (but let's not forget he had been signed by the previous tp/management) alongside seb vettel; the year wasn't particularly good as a whole, but the car was developed well and the team got 3 wins back to back after summer (including monza with charles, which is A Big Deal). only problem is, in the winter break it came out that ferrari had signed some sort of pact/agreement/whatever with the fia, because apparently the engine had been a bit too much focused on exploiting grey areas of the regulations - both engine and accord being directly linked to binotto in his double role.

so to "protect" this engine project (still to this day nobody knows much about it except that it wasn't outright and wholly illegal), binotto decided not to get penalties & fines like any other team would; instead ferrari was forced by the fia to develop a new, power-limited engine who completely crippled the team in 2020 (and also 2021). the car was horrible to drive, results would not come - seb's and most especially charles's efforts notwithstanding - and internal politics were still rampant. to add fuel to the fire, italian media started a smear campaign against seb, which resulted in him being let go in 2020. a media campaign that started mainly because of results, but binotto's absurd and backwards communication style didn't help, with his tendency to not support, lie to and baby his drivers in statements and team radios.

2021 was a transitory year, last of the regulations - car was slightly better but still bad, nobody was thinking about ferrari much given the wdc fight. only noteworthy thing (and again: hindsight) was that carlos sainz joined ferrari, a driver coveted and handpicked by binotto himself.

2022 was when it all came to a head. new regs were established and apparently ferrari had the best car of them all: the first races were quite the sweep with charles seemingly poised to become wdc with the way he was dominating. except, engine reliability was an issue (not disastrous but charles did lose some wins because of that) and worst of all, the team and the wdc campaign under binotto were handled in the most shitty and maliciously bad way you can imagine. important tidbit: in the beginning, carlos was struggling in the car while charles soared, and it's clear now that binotto hated that and worked like hell to favour the driver he chose. meaning the strategies were amateurish, with wins and podiums lost - usually by charles - due to absurd decisions from the pitwall (wrong tyre choices, driver's suggestions getting blatantly ignored, pit stop fumbles like in monaco, charles constantly getting sacrificed because "he could recover", etc). absolute worst of the worst, ferrari robbed charles at gunpoint in silverstone, a race he was comfortably leading and going to win, until they chose to not pit him and to leave him out on old tyres to be overtaken, handing carlos the victory and kicking charles off the poium entirely. to make matters even worse, binotto wagged his finger in charles's face telling him he had to stay put and enjoy (maybe you've seen pictures, it was the single most enarging moment in a wholly enraging weekend).

that race was really the beginning of the end. i cannot let you understand the amount of hate the scuderia got for that result, from fans (especially charles's) but also from media and other teams who were all absolutely baffled by the team's choice. because you see, at that point of the year charles was still way above carlos in points and was still fighting for the wdc - silverstone basically killed that. firstly because it had been a conscious choice to hand carlos his first career win (something the team had been trying to do for a while), and then because it was the most blatant consequence of a season that should have been vehemently focused around charles (much like 2023!max) and instead saw binotto saying there was absolutely no need to establish hierarchy between the drivers at any point in the season (ignoring the huge gap in points and talent), that the team wasn't actually doing that bad of a job after all, that they still could win (if only it wasn't for the pesky driver who can't be a strategist and mechanic as well... if you read between the lines). binotto and the team never took responsibility for anything, letting the brunt of the mistakes and the failed endeavor to be shouldered by charles, which also warped people's ideas of charles and carlos and the media narrative about them - something you can still clearly see the effect of, and probably always will.

after summer break minor regs changed and any wdc hope charles had slipped away. the car got worse AND was developed more towards carlos's preferences to be more stable and him more comfortable, so as a whole less fast (the same path that produced the 2023 car, a monstrosity that was still developed by binotto as a "last gift"). charles had to fight tooth and nail but became vicechampion at the end of the year - still no hierarchy established, still not a single race in which charles was helped or favoured during his solid wdc campaign. we don't exactly know what happened behind the scenes, but after more than one year we can extrapolate with a good amount of certainty that the situation was very bad, and that at some point there was a concrete risk of charles deciding to quit ferrari - at least if binotto stayed.

at the end of 2022 it was announced binotto would leave the team (meaning not only his undeserved and disastroudly managed tp role, but the admittedly more successful engineering side as well), and alongside him most of his loyal cohort left too, especially those people he'd promoted to high roles with mixed results. after a short while fred vasseur was chosen to be the new tp - a move probably done in part to assuage charles (who, no matter what people say, is still ferrari's greatest asset) but also to bring new life and a new managerial approach to the team. fred basically had to restructure everything, but most importantly he brought a new way of working and communicating inside the team and towards the outside, focusing on honesty and mistake correction - something charles keeps praising (and that still gives hints about how shit the atmosphere must have been under binotto).

all in all, binotto has been a terrible team principal, probably one of the worst in ferrari's history, who got meagre results yet managed to fumble great drivers, cars and engines, the team's reputation - and to nuke an apparently foolproof wdc campaign. impressive, really, if it hadn't been so painful to live through.

[bestprintbuy]

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[kanakkupillai-trademark]

GST Return Filing Process: Common Challenges and How to Overcome Them

Introduction

Understanding and adhering to the GST return filing due dates is crucial for businesses to avoid penalties and ensure compliance. Knowing the correct deadlines for various GST returns can prevent unnecessary fines and help maintain smooth operations.

Why GST Return Filing Due Dates Matter

Compliance with GST regulations.

Avoidance of penalties, interest, and suspension of GSTIN.

Contribution to a streamlined tax filing process for businesses.

Types of GST Returns and Their Due Dates

Different types of GST returns apply to different categories of taxpayers, each with distinct due dates:

GSTR-1 (Outward Supplies Return)

For regular taxpayers to declare outward supplies.

Due Date: 11th of the following month (monthly filers) or quarterly under the Quarterly Return Monthly Payment (QRMP) scheme.

GSTR-3B (Summary Return)

A consolidated return for monthly tax payments and input tax credit claims.

Due Date: 20th of the following month (monthly), staggered for the QRMP scheme.

GSTR-4 (Composition Scheme)

For businesses registered under the Composition Scheme.

Due Date: 30th of April, annually.

GSTR-5 (Non-Resident Taxable Persons)

For foreign entities doing business in India.

Due Date: Within 20 days after the end of the month or 7 days after the expiry of registration, whichever is earlier.

GSTR-6 (Input Service Distributors)

This is for businesses that distribute input tax credits to branches.

Due Date: 13th of the following month.

GSTR-7 (Tax Deducted at Source - TDS)

For entities required to deduct TDS.

Due Date: 10th of the following month.

GSTR-8 (E-commerce Operators)

For e-commerce operators, collecting tax on supplies.

Due Date: 10th of the following month.

GSTR-9 (Annual Return)

Annual summary of all GST returns filed by regular taxpayers.

Due Date: 31st December of the next financial year.

GSTR-10 (Final Return)

For businesses cancelling their GST registration.

Due Date: Within 3 months from the date of cancellation order.

GSTR-11 (UIN Holders)

For foreign diplomatic bodies and embassies with a Unique Identification Number.

Due Date: 28th of the following month.

QRMP Scheme: Simplified Filing for Small Businesses

Overview of the Quarterly Return Monthly Payment (QRMP) scheme for businesses with an annual turnover of up to ₹ five crore.

Monthly tax payments, but only quarterly GSTR-1 and GSTR-3B filing requirements.

Benefits: reduced compliance burden, simplified filing.

Penalties for Missing GST Filing Due Dates

Late Fees: ₹50 per day (₹25 CGST + ₹25 SGST) or ₹20 per day (₹10 CGST + ₹10 SGST) for nil returns.

Interest on Tax Due: 18% interest on the unpaid tax amount.

Consequences of Persistent Non-Compliance: Risk of GSTIN suspension, audit scrutiny.

Tips for Staying Compliant with GST Due Dates

Use Automated Reminders: Digital calendars or GST software.

Keep Records Organized: Easier reporting with accurate data.

Leverage Professional Assistance: When compliance becomes complex, consider consulting a GST expert.

Conclusion

Timely filing of GST returns is vital for financial health and business operations. By understanding and adhering to the due dates for each type of GST return, businesses can avoid penalties, optimise cash flow, and maintain a clean compliance record.

[cloudmuneem]

Understanding TDS on Property Purchase: A Comprehensive Guide

Purchasing property is a significant financial decision, often involving a range of legal and tax obligations. One of the critical aspects of property transactions in India is Tax Deducted at Source (TDS), a tax mechanism implemented to ensure proper tax collection at the time of purchase. Understanding TDS on property purchases is crucial for compliance and for avoiding future legal complications. This guide provides a comprehensive overview of TDS on property transactions, including eligibility, rates, payment procedures, and the implications of non-compliance.

What is TDS on Property Purchase?

In India, TDS on property purchase refers to the tax that buyers must deduct from the amount paid to the seller when purchasing an immovable property (land, building, or part of a building) that costs more than INR 50 lakh. This requirement was introduced under Section 194-IA of the Income Tax Act, 1961, with the aim of regulating property transactions and ensuring that sellers report their earnings accurately.

Who is Liable to Deduct TDS?

The responsibility to deduct TDS lies solely with the buyer, not the seller. Whether the buyer is a resident or non-resident, and regardless of whether they are purchasing the property for personal use or as an investment, a TDS deduction applies if the property value exceeds INR 50 lakh.

TDS Rate on Property Purchase

The standard TDS rate on property purchases is 1% of the total property value if the seller is an Indian resident. However, if the seller is a non-resident Indian (NRI), the TDS rate increases to 20% due to the additional capital gains tax applicable for NRIs. In the case of NRIs, the TDS is deducted from the sale proceeds after accounting for the capital gains tax, which depends on the period the seller held the property.

How to Calculate TDS on Property Purchase

To calculate TDS, consider the total sale price agreed upon with the seller. For example, if the property value is INR 70 lakh, the buyer should deduct 1% of INR 70 lakh (i.e., INR 70,000) and pay the remaining INR 69,30,000 to the seller. If the seller is an NRI, the buyer needs to deduct TDS at 20%, adjusting for any surcharge or applicable cess.

Procedure for Deducting and Paying TDS

Here's a step-by-step breakdown of the procedure for deducting and paying TDS:

Obtain the Seller's PAN: Ensure that the seller's PAN is available, as it is necessary for TDS payments and form filing.

Calculate TDS Amount: Calculate 1% of the total property value for Indian residents or 20% for NRI sellers.

Fill out Form 26QB: Form 26QB is the official form for TDS on property purchases, accessible via the TIN-NSDL website.

Make Payment: You can pay the TDS online or at an authorized bank branch using the challan generated from Form 26QB.

Issue TDS Certificate (Form 16B): After payment, download Form 16B, a TDS certificate, from the TRACES website and issue it to the seller within 15 days of the TDS payment date.

Timeline for TDS Payment and Filing:

Buyers must pay the TDS within 30 days of the end of the month in which the deduction was made. Failure to comply with this timeline can result in penalties and interest charges.

TDS on Property Purchase from NRIs:

For property purchases involving NRI sellers, the TDS process is slightly different due to the additional capital gains tax implications. Buyers need to calculate the tax based on the sale consideration after adjusting for any applicable deductions. It is advisable to consult a tax professional in such cases to avoid errors and ensure compliance with tax regulations.

Penalties for Non-Compliance:

Non-compliance with TDS requirements on property purchases can lead to penalties, such as interest charges and fines. If the buyer fails to deduct TDS, they may be liable for a penalty equal to the TDS amount. Furthermore, delayed payments may incur interest charges at a rate of 1.5% per month until the full payment is made.

Conclusion

Understanding and complying with TDS requirements on property purchases is essential for every buyer in India. It not only ensures adherence to tax laws but also provides a seamless transaction experience. By being well-informed about the eligibility, calculation, payment procedures, and penalties associated with TDS, buyers can avoid legal complications and potential financial setbacks. TDS compliance is a straightforward process, and following the correct steps ensures that property transactions are completed smoothly and transparently, allowing both buyers and sellers to benefit fully from the transaction

For expert assistance and guidance on TDS and property transactions, contact Cloud Muneem today!

[packernet]

New Post has been published on https://www.packernet.com/blog/2024/10/20/packers-win-a-thriller/

Packers win a thriller

The Green Bay Packers did the unthinkable today. They won a game with a game-winning field goal. I’m not joshing you. New Packers kicker Brandon McManus kicked the game-winner as time expired giving the Packers a huge 24-22 win. It’s not often you win a game when committing three turnovers and have eight penalties, but somehow the Packers did just that.

It was by no means a thing of beauty. Jordan Love took over the league interception lead from Will Levis, throwing two more to give him eight on the season. And despite the McManus game-winner and punter Daniel Whelan having a wale of a game, special teams committed two huge gaffes again, three if you count the holding on the opening kickoff costing them 28 yards.

The worst was the stupid decision by Keisean Nixon letting a punt drop inside the ten with a sea of Packers around it. There was no way for it not to hit one of them. Then after Jayden Reed replaced Nixon on the next punt he caught it at the goal line and got tackled inside the ten. I will say this, this happened right in front of me if the guy doesn’t make a shoestring tackle it was clear sailing for Reed.

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Love looking more and more like four

I’m not sure what is going on with Love but these wild throws he’s starting to make need to stop. Two more ugly interceptions today cost the Packers dearly. If not for the new and improved defense this would have been a loss and it would. have been all on Love’s shoulders. Like Brett Favre, however, he came back and led the game winning drive after a huge stop by the defense gave the Packers a chance to win it with a field goal.

Two of Love’s TD passes were things of beauty to tight end Tucker Kraft and Dontayvion Wicks. The other was only an eight yarder but it was a thing of beauty to Josh Jacobs, who had never caught a touchdown pass before. Other than the two interceptions Love is looking more and more like the he did at the end of last season

Defense was awesome again

The Packers’ defense continues to get better under new coordinator Jeff Hafley. The last two weeks they completely shut down two very talented quarterbacks in Kyler Murray and C.J. Stroud. They held the NFL’s fourth ranked passing game to 55 yards passing. That’s not a joke. The defense made stop after stop even while being on the field most of the second half. And they did it without a turnover so we can put that question to bed.

It was a great game to be at and keeps the Packers within striking distance of the NFC North lead. The Lions beat the Vikings today they now lead the division at 6-1.

Here was my view of the game-winner:  Lambeau Goes Wild

[jjtax]

Top Reasons Why You Can Get an Income Tax Notice

Learn about common reasons and the steps you can take when issued an income tax notice.

There’s a chance you may receive a written message from the Income Tax Department informing you of some discrepancy in your tax account. This is an Income Tax Notice. There can be several reasons for receiving such a notice, but understanding the errors and taking quick steps will be your best course of action. Let’s dive into the common reasons why you can get an income tax notice.

1. Errors in Income Tax Return (ITR)

When inconsistencies are found in your ITR, such as underreported or unreported income sources, the tax authority will issue a notice. Ensure that all your income sources are accurately reported with supporting documents like salary slips, bank statements, rent agreements, and property documents.

2. Unreported High-Value Transactions

High-value transactions often trigger scrutiny. If you don’t report these transactions, you may receive a notice. Common high-value transactions include:

Cash deposits/withdrawals exceeding ₹50 lakh in a year in your current account.

Cash deposits exceeding ₹10 lakh in your savings account.

Cash receipts from the sale of goods/services over ₹2 lakh.

Credit card payments over ₹1 lakh in cash or ₹10 lakh through any mode.

Transactions in immovable property exceeding ₹30 lakh.

3. Non-Filing of Income Tax Return

Not filing your ITR on time, especially if your income is taxable, will result in a notice. The notice is typically a reminder, and failure to comply can result in penalties. Even if you miss the deadline, you can file an updated return within a specified timeframe.

4. Non-Payment of Tax on Interest Income

Interest income is taxable and must be reported. If you fail to do so, the tax authorities will notice. They track interest income credited to your bank account or reinvested in assets.

5. TDS Discrepancies

Discrepancies between TDS as per Form 26AS and the income declared in your return can result in a notice. You can rectify these errors by filing a rectification request or a revised return.

6. False Claims

Claiming false deductions or making bogus claims in your ITR can land you in trouble. Common examples include:

Fake rent receipts to claim higher HRA exemption.

Unsupported deductions under Chapter VI-A.

Deductions for ineligible expenses.

7. Scrutiny by the Income Tax Department

Sometimes, taxpayers are randomly selected for scrutiny. In this case, the tax authorities will request additional documents. This is just a routine check, and it’s important to respond promptly and provide the necessary details.

Things To Do After Receiving an Income Tax Notice

Getting an income tax notice can be unsettling, but staying calm and organized is crucial. Here’s what you should do:

Study the Notice: Understand why it has been sent and prepare the requested documents.

Note the Deadline: Ensure you respond within the timeframe to avoid penalties.

Collect Necessary Documents: Gather all relevant financial records to respond to the notice.

Ask for Help: Consulting a tax expert, such as those at JJ Tax, can help you understand the notice and the next steps.

Save Copies: Keep a record of all communications and documents submitted to the authorities.

Review Your Tax Return: Use the notice as an opportunity to review your returns and correct any errors by filing an amended return if necessary.

Stay Organized: Save all related communication, including the original notice, responses, and other documents.

Follow Up if Needed: If you have questions or need closure on the issue, don’t hesitate to follow up with the authorities.

Wrapping Up

Receiving an income tax notice is not something to fear, but it's important to know what to expect. Seeking professional help can expedite the process. Reach out to JJ TAX—our team is here to help with income tax notices, answering your queries, and offering swift legal or tax solutions. Call us today! Download JJ TAX APP

[finverto]

Highlights of the 53rd GST Council Meeting: Key Updates and Outcomes

Highlights of the 53rd GST Council Meeting: Key Updates and Outcomes. The 53rd GST Council meeting, held on June 22, 2024, in New Delhi, marked the first meeting after the 2024 Lok Sabha elections. Chaired by the newly appointed Union Finance Minister, Nirmala Sitharaman, the meeting addressed several critical issues to streamline GST compliance and enhance the tax structure. This blog provides a comprehensive overview of the meeting’s highlights, updates, outcomes, and the latest news. GST Registration.

Key Decisions and Updates from the 53rd GST Council Meeting

Ease of Compliance Burden for Taxpayers

1. Changes in GSTR-1 Filing:

Introduction of GSTR-1A: Taxpayers can now add or amend particulars in GSTR-1 of the current tax period/IFF for the 1st and 2nd month of the quarter before filing GSTR-3B.

Reporting B2C Supplies: The threshold for reporting Business-to-Consumer (B2C) interstate supplies invoice-wise in Table 5 of GSTR-1 has been reduced from ₹2.5 lakh to ₹1 lakh.

2. GSTR-4 Due Date Revised:

The due date for filing GSTR-4 by composition taxable persons has been extended from April 30 to June 30, starting from the fiscal year 2024-25.

3. TCS Rate Reduction:

The Tax Collected at Source (TCS) rate for Electronic Commerce Operators (ECOs) has been reduced from 1% to 0.5% (0.25% each under CGST and SGST/UTGST or 0.5% under IGST).

4. Compulsory Filing of GSTR-7:

GSTR-7 must be filed mandatorily even if no Tax Deducted at Source (TDS) is deducted. No late fee will be charged for nil filing. GST Filing.

5. GSTR-9/9A Filing Exemption:

Taxpayers with an aggregate annual turnover up to ₹2 crore will be exempt from filing the annual return in GSTR-9/9A for the fiscal year 2023-24.

Modifications to Sections and Rules

1. Modification to Section 16(4):

The time limit to avail Input Tax Credit (ITC) for invoices or debit notes in any GSTR-3B filed up to November 30, 2021, is deemed to be November 30, 2021. This applies retrospectively from July 1, 2017. Section 16(4) shall be relaxed for returns filed within 30 days of the order of revocation.

2. Amendment to CGST Rule 88B:

No interest will be charged on the amount available in the electronic cash ledger on the due date of filing GSTR-3B, debited while filing the return in cases of delayed filing.

3. New Section 128A:

Waives interest and penalties for demand notices issued under Section 73 of CGST for fiscal years 2017-18, 2018-19, and 2019-20 in cases not involving fraud, suppression, and misstatement. This applies if the taxpayer pays the full amount in the notice by March 31, 2025.

4. Changes in Sections 73 and 74:

A common time limit will be set for issuing demand notices and orders. The time limit for taxpayers to claim the benefit of reduced penalty, by paying the tax demanded along with interest, is increased from 30 to 60 days.

https://www.finvertoassociates.com/wp-content/uploads/2024/07/Designer-5.jpeg

Monetary Limits and Appeals

1. Monetary Limits for GST Appeals:

Recommended monetary limits for filing appeals: ₹20 lakh for GST Appellate Tribunal, ₹1 crore for High Court, and ₹2 crore for Supreme Court.

2. Amending Sections 107 and 112:

The maximum amount for pre-deposit for filing an appeal before appellate authorities is reduced from ₹25 crore to ₹20 crore under both CGST and SGST. For appeals before the GST Appellate Tribunal, the pre-deposit is reduced from 20% with a maximum amount of ₹50 crores to 10% with a maximum of ₹20 crores under both CGST and SGST.

Additional Key Decisions

1. Sunset Clause for Anti-Profiteering Cases:

A sunset clause will be added for pending anti-profiteering cases. The hearing panel will shift from CCI to the principal bench of GSTAT. The sunset date for receiving new applications regarding anti-profiteering is set for April 1, 2025.

2. Time Limit for GSTAT Appeals:

Modifying Section 112 to provide a 3-month time frame for filing appeals before the GST Appellate Tribunal. The timeline will commence from a date yet to be notified, likely by August 5, 2024.

3. New Section 11A:

Allows regularization of non-levy or short levy of GST due to common trade practices.

4. IGST Refunds and Adjustments:

Mechanism introduced for claiming refunds of additional IGST paid due to upward price revisions after exports. No IGST refund will be allowed where export duty is payable.

5. Biometric-based Aadhaar Authentication:

Implementation of biometric-based Aadhaar authentication for GST registration will be rolled out nationwide in a phased manner.

6. DRC-03 Circular:

A circular will prescribe a mechanism for adjusting any demand amount paid through DRC-03 against the amount payable as a pre-deposit for filing a GST appeal.

7. Amendment to Section 122(1B):

Clarification that the penal provision is applicable only for those e-commerce operators required to collect TCS under Section 52 and not for other e-commerce operators.

The 53rd GST Council meeting has brought significant changes aimed at simplifying compliance, reducing the tax burden, and enhancing the efficiency of the GST system. These updates reflect the government’s ongoing efforts to create a more robust and taxpayer-friendly GST framework. Keep an eye on official announcements for further details and implementation guidelines.

Stay tuned for the latest updates and insights on GST and other financial regulations.

[legalaritech]

How Tax Consultancy Help Navigate Complex Tax Laws and Compliance

In today’s dynamic and ever-evolving tax environment, navigating the complex world of taxation can be daunting for businesses and individuals alike.

Tax laws in India are subject to frequent updates and amendments, making it challenging for companies and taxpayers to remain compliant without expert guidance. This is where tax consultancy services in Delhi come into play, offering specialized expertise to help businesses and individuals manage their tax obligations efficiently.

Delhi, being one of India’s largest commercial and financial hubs, is home to a wide array of industries ranging from small businesses to large multinational corporations. With its fast-paced growth, the city faces a rapidly changing tax landscape that requires constant attention.

Tax consultants in Delhi provide invaluable support to their clients by ensuring compliance with tax regulations, optimizing tax liabilities, and offering strategic advice tailored to each client’s specific needs. In this article, we explore how tax consultancy services in Delhi help businesses and individuals navigate the complexities of tax laws and ensure smooth compliance.

1. Understanding the Complexity of Tax Laws in India

India’s tax system is known for its complexity. The introduction of the Goods and Services Tax (GST) in 2017, followed by various amendments to the Income Tax Act, has created a layered structure of compliance requirements.

Businesses in Delhi must not only comply with GST but also handle corporate taxes, TDS (Tax Deducted at Source), and indirect taxes. Additionally, individuals must manage their personal income taxes, property taxes, and capital gains taxes.

Keeping up with these constantly changing laws can be overwhelming for business owners, especially those without a dedicated finance team.

Tax consultants in Delhi are well-versed in these regulations and stay updated on the latest changes in tax policies. They help businesses and individuals understand how specific laws apply to their situation, ensuring compliance while identifying opportunities for tax savings.

2. Ensuring Compliance and Avoiding Penalties

One of the biggest challenges for businesses in Delhi is staying compliant with tax laws and filing requirements. Non-compliance can result in severe penalties, including hefty fines and interest on unpaid taxes, not to mention damage to a company’s reputation.

Tax consultancy services in Delhi play a vital role in ensuring that businesses meet all regulatory deadlines and file accurate tax returns.

For instance, GST compliance involves filing monthly, quarterly, and annual returns, depending on the type and size of the business. Missing any of these deadlines can lead to penalties.

Similarly, businesses must comply with TDS regulations, ensure that taxes are deducted at source on applicable payments, and submit timely TDS returns.

Tax consultants assist clients by preparing and filing their tax returns on time, reducing the likelihood of errors and omissions.

They also conduct regular compliance checks to ensure that all necessary documents are in order, minimizing the risk of audits or investigations by tax authorities.

3. Tax Planning and Optimization

In addition to ensuring compliance, tax consultancy services in Delhi focus on tax planning and optimization. Tax consultants evaluate a company’s financial structure and identify opportunities to minimize tax liabilities. By offering tailored tax-saving strategies, consultants help businesses and individuals save money while staying compliant with the law.

Effective tax planning involves considering the timing of income, purchases, and other transactions to take full advantage of deductions and exemptions available under the tax laws.

For example, consultants might advise businesses on how to structure transactions to benefit from lower GST rates or how to claim deductions on depreciation, investments, or employee benefits.

Individuals, too, can benefit from tax consultants’ expertise in areas such as retirement planning, estate management, and investment strategies.

Tax consultants in Delhi help individuals optimize their tax liabilities by making use of available exemptions under sections like 80C and 80D, and by advising on capital gains tax management, real estate transactions, and tax-efficient investment options.

4. Handling GST Compliance in Delhi

One of the most significant challenges for businesses in Delhi is managing GST compliance. The implementation of GST consolidated multiple indirect taxes into one, but the system remains intricate due to frequent updates in the GST rate, rules, and filing requirements.

Businesses need to keep track of multiple GST filings, reconcile input tax credits, and adhere to reverse charge mechanisms when applicable.

Tax consultancy services in Delhi provide specialized GST-related support, helping businesses navigate these complexities with ease. GST consultants assist in:

Filing Returns: Ensuring timely and accurate filing of GSTR-1, GSTR-3B, and annual GSTR-9 returns.

GST Reconciliation: Matching sales and purchase data with the GSTR-2A report to claim input tax credit correctly.

Addressing Notices: Responding to queries, notices, or discrepancies raised by GST authorities.

E-Way Bills: Managing the generation and tracking of e-way bills for the movement of goods.

By outsourcing GST compliance to professional tax consultants, businesses can focus on their core operations while staying fully compliant with GST laws.

5. Audit and Assurance Services

For larger corporations, tax audits are a routine requirement under Indian law. Companies with turnover exceeding a certain threshold must undergo tax audits to ensure that their financial statements reflect a true and fair view of their financial position.

Tax consultancy services in Delhi offer audit and assurance services to ensure that businesses meet their audit obligations.

During an audit, tax consultants review the company’s books, analyze its financial transactions, and ensure that all necessary filings are completed accurately.

This process not only ensures compliance but also provides valuable insights into potential areas for improving financial efficiency and reducing tax liabilities.

Consultants also assist with handling scrutiny assessments and represent businesses in front of tax authorities in case of disputes. Their expertise helps businesses mitigate risks and ensures that audits are completed smoothly without triggering penalties or further investigations.

6. Navigating International Taxation and Transfer Pricing

For businesses in Delhi with international operations, complying with international tax regulations can be highly complex. India has tax treaties with several countries, and navigating these agreements requires a deep understanding of international tax laws.

Tax consultancy services in Delhi offer expert advice on transfer pricing, cross-border transactions, and tax treaties to ensure compliance and avoid double taxation.

Transfer pricing regulations are particularly critical for companies with global operations. Consultants help ensure that all related-party transactions are conducted at arm’s length and that the necessary documentation is maintained for audits by Indian tax authorities.

7. Dealing with Tax Disputes and Litigation

Inevitably, some businesses and individuals may face tax disputes, whether due to audits, investigations, or notices from tax authorities. Handling tax disputes requires expertise in tax law and negotiation skills. Tax consultancy services in Delhi offer representation services for businesses and individuals facing disputes with tax authorities.

Consultants provide legal guidance and assist in preparing and submitting documents required for litigation.

They also represent clients in hearings before tax tribunals, helping resolve disputes in a favorable manner. Whether it’s responding to income tax assessments or GST notices, tax consultants ensure that clients’ interests are protected throughout the litigation process.

Conclusion

The complexities of tax laws in India make it challenging for businesses and individuals in Delhi to stay compliant and optimize their tax liabilities.

Tax consultancy services in Delhi play a crucial role in simplifying this process, offering expert advice on compliance, tax planning, GST management, and audit preparation. By working with experienced tax consultants, businesses can not only avoid costly penalties but also benefit from tailored tax-saving strategies that enhance their financial efficiency.

In a fast-growing business environment like Delhi, partnering with a tax consultant can make all the difference in staying competitive and compliant in an ever-changing tax landscape.

[legalman1]

A Comprehensive Guide to GST Return Filing Services |Legalman

Goods and Services Tax (GST) is one of the most significant tax reforms in India, aimed at streamlining indirect taxation and promoting ease of doing business. GST return filing services is an essential process for all businesses registered under GST, ensuring compliance with the law and avoiding penalties. Filing GST returns involves reporting sales, purchases, and the tax collected or paid. It is crucial for businesses to file their returns accurately and on time to maintain a smooth operational flow and avoid any legal complications.

In this blog, we’ll delve into the importance of GST return filing services, the filing process, types of returns, and how Legalman can help you simplify your GST compliance.

What is GST Return Filing?

A GST return filing services is a document that contains the details of a business’s income, sales, and purchases, which is then submitted to the GST department for tax calculations. Every registered taxpayer must file their GST returns regularly, regardless of the type or size of the business. The GST return helps the government keep track of the inflow and outflow of taxes and ensures that businesses are following the necessary tax regulations.

Filing a GST return requires various details such as:

Total sales or turnover of the business

Details of purchases

Input tax credit (ITC) claimed on purchases

Output tax collected on sales

Other expenses and exemptions

Types of GST Returns

There are various types of GST return filing services based on the nature of the business and the turnover. The most common ones are:

GSTR-1: This return is filed to provide details of all outward supplies or sales made during a specific period. It must be filed monthly by businesses with an annual turnover of over ₹1.5 crores, while businesses below this threshold can file quarterly.

GSTR-3B: A simplified summary return filed monthly that summarizes the total outward supplies, input tax credit, and tax payable.

GSTR-9: The annual return that every registered taxpayer must file. It consolidates all the monthly or quarterly returns submitted during the financial year.

GSTR-4: This return is specifically for composition scheme taxpayers, who are small businesses with a turnover of less than ₹1.5 crore. It is filed annually.

GSTR-5 and GSTR-5A: These returns are for non-resident foreign taxpayers and service providers respectively.

GSTR-6: Input Service Distributors (ISD) are required to file this return to distribute the input tax credit to the respective branches or units.

GSTR-7 and GSTR-8: GSTR-7 is for businesses that are required to deduct TDS under GST, while GSTR-8 is for e-commerce operators who collect TCS (Tax Collected at Source).

Each type of GST return filing services a specific purpose, and the frequency of filing varies from monthly to annually depending on the business structure and turnover.

Importance of GST Return Filing

Accurate GST return filing is vital for several reasons:

Legal Compliance: Filing GST returns on time helps businesses stay compliant with the law and avoid hefty penalties or interest charges.

Claiming Input Tax Credit (ITC): Businesses can claim ITC on purchases only if their GST returns are filed correctly. This reduces the overall tax liability of the business.

Maintaining Financial Transparency: GST returns provide a clear financial snapshot of a business’s income, expenses, and tax liabilities. This is crucial for maintaining transparency and financial accuracy.

Avoiding Penalties: Non-compliance with GST regulations can lead to severe penalties, interest on late payments, and even cancellation of the GST registration. Timely filing ensures that businesses stay clear of any legal troubles.

The GST Return Filing Process

The process of GST return filing services can be complex, involving multiple steps. Here’s a brief overview:

Gathering Documents: The first step is to collect all the necessary documents, including sales invoices, purchase invoices, and other relevant financial data.

Data Compilation: All sales and purchase data must be compiled accurately to ensure that the correct details are reported.

Filing on the GST Portal: The compiled data is then uploaded to the GST portal, where businesses need to file the applicable returns (e.g., GSTR-1, GSTR-3B).

Payment of Taxes: After filing the returns, if there is any tax liability, it must be paid promptly through the portal.

Input Tax Credit Reconciliation: Businesses need to reconcile the input tax credit claimed with the output tax paid to ensure they are claiming the correct amount.

Final Submission: Once all the data is verified, the GST return is submitted online.

Challenges in GST Return Filing

GST return filing services can be a daunting task, especially for small businesses that may not have a dedicated accounting team. Some common challenges include:

Complexity of Multiple Returns: Depending on the type of business, several different returns need to be filed, each with its own set of rules and deadlines.

Errors in Data Entry: Incorrect data entry can lead to discrepancies, penalties, and delays in claiming ITC.

Changing GST Laws: The GST laws are frequently updated, making it hard for businesses to keep up with the latest regulations.

Time-Consuming Process: Filing returns manually can be a time-consuming and tedious process, especially for businesses with large volumes of transactions.

How Legalman’s GST Return Filing Services Can Help

Legalman provides comprehensive GST return filing services that simplify the entire process for businesses. Here’s how Legalman can assist you:

Expert Assistance: Legalman’s team of experienced professionals ensures that your GST returns are filed accurately and on time, helping you avoid penalties and legal complications.

Document Management: They handle the entire documentation process, ensuring that all necessary invoices and records are collected and uploaded correctly.

Compliance with Latest Rules: The team stays updated with the latest changes in GST regulations, ensuring that your business is always compliant.

Timely Filing: Legalman ensures that your returns are filed well before the deadline, reducing the risk of late fees and interest.

Affordable Services: Their GST return filing services are affordable and cater to businesses of all sizes, whether you are a small trader or a large enterprise.

Conclusion

Filing GST returns is a crucial aspect of running a business in India, but it can be complex and time-consuming. With the help of Legalman’s expert GST return filing services, you can streamline the process, ensure compliance, and focus on growing your business. Legalman takes care of all the details, from data collection to final submission, giving you peace of mind and helping you avoid any potential penalties.

For hassle-free and timely GST return filing, visit Legalman’s GST Return Filing Services today!

[thorncliffe]

Senior Citizen Savings Scheme (SCSS): Why You Should Invest In It .

As individuals approach retirement, the importance of sound financial planning becomes paramount. Ensuring a steady source of income during the golden years is essential to maintain a comfortable lifestyle without financial stress. One of the most reliable and government-backed options available for senior citizens in India is the Senior Citizen Savings Scheme (SCSS).

The SCSS is designed exclusively for citizens aged 60 and above, providing them with a safe investment avenue that offers a combination of attractive interest rates and tax benefits. Whether you’re planning for your retirement or have recently retired, understanding the nuances of this scheme and how it can benefit you will help you make a more informed decision.

What is the Senior Citizen Savings Scheme (SCSS)?

The Senior Citizen Savings Scheme is a government-backed savings instrument introduced in 2004. It primarily aims to offer retirees a safe, stable, and regular source of income, which is crucial after the cessation of a regular salary. This scheme is available at post offices and designated nationalized banks across India.

Key Features of SCSS

1. Eligibility

Individuals aged 60 years or above can open an SCSS account.

Early retirees between 55-60 years, who have opted for voluntary retirement or superannuation, can also invest, provided they open the account within one month of receiving retirement benefits.

2. Investment Amount

The minimum investment required is ₹1,000.

The maximum permissible investment is ₹30 lakhs (from April 2023). Previously, the limit was ₹15 lakhs. This increased limit allows senior citizens to park a more significant portion of their retirement corpus in this safe instrument.

3. Tenure of the Scheme

The SCSS has a tenure of 5 years, which can be further extended by an additional 3 years upon maturity.

During the extension, you continue to earn interest at the prevailing rate at the time of extension.

4. Interest Rates

SCSS offers an attractive interest rate, which is reviewed and decided by the government quarterly. As of 2023, the interest rate stands at 8.2% per annum, which is higher than most fixed deposits or savings accounts.

The interest is compounded quarterly and paid out every quarter, providing a regular source of income for senior citizens.

5. Premature Withdrawal

Premature withdrawals are allowed but come with penalties. If you withdraw after one year but before two years, a 1.5% penalty is levied. After two years, the penalty reduces to 1%.

6. Nomination Facility

SCSS allows you to nominate a beneficiary at the time of opening the account or afterward. This ensures that in case of the unfortunate demise of the account holder, the investment is passed on smoothly to the nominee.

7. Tax Benefits

The investment in SCSS is eligible for a tax deduction of up to ₹1.5 lakh under Section 80C of the Income Tax Act.

However, the interest earned is taxable, and TDS (Tax Deducted at Source) is applicable if the interest exceeds ₹50,000 in a financial year.

Why Should You Invest in SCSS?

1. Safety and Reliability

One of the primary concerns for any retiree is the safety of their investment. The SCSS is a government-backed scheme, which makes it one of the safest investment options available for senior citizens. Unlike market-linked instruments, SCSS offers guaranteed returns, insulating investors from market volatility. For risk-averse retirees, this feature is particularly attractive.

2. Regular Income

Post-retirement, most individuals lose the steady monthly income that their salary provided. SCSS is designed to address this issue by offering quarterly interest payouts. These payouts can act as a regular source of income to cover daily expenses, medical bills, or leisure activities.

3. Attractive Interest Rates

With an interest rate of 8.2% per annum (as of 2023), SCSS offers a far superior return compared to regular savings accounts or even many fixed deposits. While bank interest rates fluctuate, SCSS offers a more consistent and attractive return, making it an ideal choice for those looking for secure yet rewarding investment options.

4. Tax Benefits

Investing in SCSS allows you to claim deductions under Section 80C up to ₹1.5 lakh. For senior citizens looking to optimize their tax outgo while securing their future, this dual benefit of safety and tax saving is hard to ignore.

5. Flexibility of Withdrawal

Life after retirement can sometimes bring unexpected expenses, be it medical emergencies or personal needs. The SCSS allows for premature withdrawals with nominal penalties, offering flexibility if you need funds before the completion of the scheme’s tenure.

6. Option to Extend

While the initial tenure of the SCSS is five years, the scheme can be extended for an additional three years. This flexibility ensures that if you do not require the funds immediately, you can continue earning interest on your investment for a longer period without any hassles.

7. Higher Investment Cap

With the government increasing the maximum investment limit to ₹30 lakhs, senior citizens now have the opportunity to invest a larger portion of their savings into this secure instrument. This is particularly beneficial for those with substantial retirement funds who are looking for a safe place to invest.

SCSS vs. Other Investment Options

When compared to other investment avenues such as fixed deposits (FDs), mutual funds, and bonds, the SCSS stands out for its balance between safety, returns, and tax benefits.

Fixed Deposits: While FDs are relatively safe, they generally offer lower interest rates compared to SCSS. Additionally, FD interest is taxable, and the regular payouts are often not as frequent.

Mutual Funds: These are market-linked instruments, making them more volatile. While they offer potentially higher returns, they also come with higher risks, which may not be suitable for senior citizens seeking stable and predictable income.

Bonds: Government bonds are safe but often have lower yields compared to SCSS. Also, bonds usually don’t offer regular payouts like SCSS, which can be a disadvantage for those who rely on periodic income.

How to Open an SCSS Account?

Opening an SCSS account is a simple and straightforward process. Here’s how you can do it:

Visit a Post Office or Designated Bank: You can open the SCSS account at any post office or a designated bank like the State Bank of India (SBI), ICICI Bank, HDFC Bank, etc.

Fill in the Application Form: You will need to fill out the SCSS application form available at the bank or post office.

Submit Required Documents:

Age proof (Aadhaar Card, Passport, Voter ID, etc.)

Proof of retirement (if applicable)

PAN card

Photographs

Deposit the Investment: Deposit the amount you wish to invest (minimum ₹1,000 and up to ₹30 lakhs). The deposit can be made through cash or cheque.

Nomination: Provide the details of the nominee at the time of account opening.

Once your account is opened, you will start earning interest from the date of the deposit, and the first interest payout will occur after the end of the first quarter.

Conclusion

The Senior Citizen Savings Scheme (SCSS) is an excellent investment option for retirees looking for a safe, stable, and profitable way to grow their savings. With its government backing, attractive interest rates, and regular payouts, SCSS provides financial security during the post-retirement phase. Coupled with tax benefits under Section 80C, SCSS stands as one of the most efficient savings instruments for senior citizens.

For individuals nearing or already in their retirement, investing in SCSS is a smart choice that balances safety, income generation, and tax savings. With the ever-rising cost of living and healthcare expenses, securing a stable source of income becomes essential, and SCSS can be a cornerstone in that financial strategy.

[rpacpc]

Compliance Check 206AB Simplifying the Compliance Process

Compliance is key in the financial and tax world. One rule that many companies need to follow is Section 206AB of the Income Tax Act. This clause is implemented as part of the Indian tax framework. Its focus is on ensuring that taxpayers meet their obligations. But for business Especially for small businesses or businesses unfamiliar with the intricacies of tax law, Section Compliance check 206AB can seem difficult to understand.

In this article, we'll break down the essentials of Section 206AB, explaining how it affects businesses. and provides step-by-step guidance on simplifying the compliance process. At the end of this article You will clearly understand that How to make sure your business complies with this law and avoid potential penalties. 

What is Section 206AB? 

Section 206AB has been introduced as a special tax withholding (TDS) provision for non-filing of income tax returns. The objective of this clause is to provide a higher TDS rate for taxpayers who have not filed an income tax return (ITR) in the last two years and TDS or TCS (tax charged at source) in each. That year it exceeded INR 50,000. 

Simply put, if an individual or business fails to file their income tax return but still receives TDS deduction, the government will charge a higher TDS rate under Section 206AB. This provision has been introduced to ensure that taxpayers It continues to meet its filing obligations to promote compliance. and prevent tax evasion. 

Who does Section 206AB apply to? 

Section 206AB is primarily aimed at specified persons—those who: 

Not filed ITR in last two financial years

TDS/TCS is deducted above INR 50,000 in each of the two years. 

However, it is important to note that some taxpayers, such as non-residents, that has no permanent establishment in India Exemption from section 206AB Moreover, this does not apply to transactions such as the payment of salaries covered by specific provisions under the Income Tax Act. winning the lottery Or horse racing. 

Importance of Compliance with Section 206AB 

Failure to comply with Section 206AB can have serious consequences, including higher TDS rates, penalties and audits by tax authorities, for businesses, especially those involving multiple vendors or contractors. It is important to ensure that this section is complied with in order to avoid unnecessary financial burden. 

By complying with Section 206AB, businesses demonstrate their commitment to meeting their tax obligations. This not only increases credibility; But it also helps avoid legal issues that may arise due to non-compliance. 

Higher TDS Rates: What to Expect 

Under Section 206AB, if a designated person does not fulfill the requirements for filing income tax, the TDS rate applicable to their transactions will be higher than the standard rate. The TDS rate under Section 206AB will be higher than the following rates. 

Two times the rate specified in the relevant provisions of the Income Tax Act.

It is twice the existing rate or rate.

Fixed rate 5% 

For example, if the standard TDS rate for a transaction is 2% and the person or business has not filed an ITR in the last two years, the TDS rate under section 206AB will be 5% instead of 2%. 

2. Use a TDS calculator tool.

There are several tools and software solutions that can help businesses calculate the correct amount of TDS for each transaction. These tools can also alert users when higher TDS rates may apply under Section 206AB, making it easier to comply with the law. 

3. Regular inspection of vendors and contractors

This is because Section 206AB affects dealings with vendors and contractors. It is therefore important for businesses to check whether their vendors or contractors are compliant. This can be done by accessing the ITR filing status or by using the existing government portal that provides this information. 

4. Automatically verify compliance

Many companies now offer automated compliance verification services that can help businesses verify the tax filing status of their sellers. By using these services Businesses can be assured that they will not be subject to higher TDS rates due to third party non-compliance. 

5. Consult with a tax expert.

If a business is unsure about its obligations under Section 206AB, it is always recommended to consult a tax professional or accountant. Experts can advise on the specific requirements of this section. and help businesses implement effective compliance strategies. 

Consequences of non-compliance

Failure to comply with section 206AB can have serious consequences. Taxpayers who fail to comply may face: 

Higher TDS rates: As discussed above, the TDS rates for non-compliant taxpayers can be significantly higher. This directly affects cash flow and profitability.

Penalties and Penalties: The tax authority may impose penalties on businesses that fail to deduct appropriate amount of TDS as per this section.

Increased scrutiny: Lack of compliance may lead to additional scrutiny from tax authorities. This may result in further investigations and inspections. 

The role of automation in compliance

With the increasing complexity of tax regulations Automation is therefore an important tool for businesses looking to improve their compliance processes. Automation can help businesses: 

Check the ITR filing status of vendors and contractors. 

Apply the correct TDS rate to yourself based on your compliance status.

Create reports that track compliance efforts and identify potential risks.

By integrating automation into compliance processes Businesses can save time and resources. and reduce the risk of errors or missed deadlines. 

How Section 206AB fits into the larger compliance framework 

Section 206AB is just one part of the larger tax compliance framework in India. Others such as Section 194Q (which deals with TDS on purchases of goods) also play an important role in ensuring tax compliance. too When combined These pieces form a comprehensive system designed to ensure that businesses and individuals meet their tax obligations. 

For businesses, understanding how Section 206AB fits into this broad framework is key to maintaining compliance and avoiding penalties. By taking a proactive approach to compliance, businesses can ensure they meet all of their legal obligations. 

Best practices for maintaining compliance 

To ensure compliance with Section 206AB and other tax regulations. continuously Businesses should adopt the following best practices. 

Stay informed: Stay up to date on changes or updates to tax laws that may affect compliance requirements.

Educate employees: Train employees involved in finance and accounting on the importance of meeting the specific requirements and requirements of Section 206AB.

Use reliable tools: Invest in software or tools that can help automate the compliance process. and ensuring that all transactions are properly recorded and reported.

Engage with tax experts: Consult with tax experts regularly to ensure your business follows best practices and adheres to all applicable regulations. 

Gathering Together

Navigating the complex sections of Section 206AB can be challenging. But with the right strategy, businesses can simplify their compliance processes and avoid unnecessary penalties. Vendor compliance and use of automated tools Helping businesses They can be assured that they will fulfill their obligations under this important section of the Income Tax Act. By following up on tax filings Vendor compliance verification and use of automated tools. 

In the end Compliance with Compliance Check 206AB is more than just avoiding higher TDS rates, it's also about demonstrating a commitment to ethical business practices. and maintaining legality By taking a proactive approach, businesses can protect themselves from financial risk. and focus on what they do best: grow and thrive in their industry.

[taxblgs]

Don’t Miss Out! TDS Payment Deadlines for FY 2024–25 Explained

Filing TDS (Tax Deducted at Source) returns can be straightforward if you know which forms to use. Here’s a concise breakdown of the essential forms required for different types of transactions.

1. Form 24Q

Purpose: This form is crucial for employers as it reports TDS on salaries.

Key Point: Employers must submit this quarterly to reflect tax deductions from employee salaries.

2. Form 27Q

Purpose: Use this form to report TDS on payments made to non-residents.

Examples: This includes payments such as interest, dividends, and other sums payable to foreign entities or individuals (excluding companies).

3. Form 26Q

Purpose: This form covers TDS reporting in various scenarios, such as professional fees and interest payments.

Application: It's essential for a range of payments outside of salaries.

4. Challan-cum-Statement Forms

Form 26QB: For TDS under Section 194-IA (related to property sales).

Form 26QC: For TDS under Section 194-IB (applicable to lease payments).

Form 26QD: For TDS under Section 194M (payments made to contractors).

Timely Submission

Remember, these forms must be submitted within 30 days from the end of the month in which TDS was deducted. Ensuring timely filing can save you from penalties and maintain your compliance with tax regulations.

Conclusion

Understanding the specific forms for TDS filing is vital for smooth compliance. Choose the correct form based on your transactions to ensure hassle-free returns. Stay tuned for more updates on TDS regulations and best practices!

Read also: How to check your TDS Refund? , Books of account under section 44aa, Notice issue ? get expert help

[alishajoy059]

Major Compliance Requirements Under Income Tax India: A Complete Guide

Navigating India's complex income tax system requires strict adherence to various compliance requirements. This guide covers the essential compliance obligations for businesses and individuals, ensuring that taxpayers understand their responsibilities and avoid penalties.

1. Filing of Income Tax Return (ITR)

All taxpayers, including individuals, firms, and companies, are required to file their Income Tax Return (ITR) annually. Depending on the type of taxpayer, different forms apply:

ITR-1 (Sahaj): For individuals with income from salary, house property, and other sources.

ITR-2: For individuals and HUFs not having income from business or profession.

ITR-3: For individuals and HUFs with income from business or profession.

ITR-4 (Sugam): For those under the presumptive taxation scheme.

Returns are typically filed between July and September of the assessment year.

2. Advance Tax Payment

Those with significant income beyond their salary must pay advance tax in four installments throughout the year:

15% by June 15.

45% by September 15.

75% by December 15.

100% by March 15.

Failure to do so results in penalties under Sections 234B and 234C.

3. Tax Deduction at Source (TDS)

Employers, businesses, and other entities must deduct TDS for specific payments like salary, rent, and contractual payments. TDS should be deposited within the prescribed deadlines, with quarterly returns filed using:

Form 24Q for salary payments.

Form 26Q for non-salary payments.

Form 27Q for payments to non-residents.

4. Tax Audit (Section 44AB)

Businesses and professionals with turnover above specific thresholds must undergo a tax audit. This ensures that the accounts conform to tax laws and accurate tax liability is computed. The tax audit report is filed along with the income tax return.

5. Maintenance of Books of Accounts

Businesses and professionals are required to maintain detailed books of accounts if their turnover or income exceeds certain limits. Proper accounting helps ensure accurate tax calculations and compliance during audits.

6. Form 15CA/15CB for Foreign Payments

Payments to non-residents may require filing Form 15CA and 15CB. This ensures that any applicable tax is deducted before remitting payments overseas.

7. Furnishing of PAN

PAN is mandatory for numerous financial transactions, such as property purchases, mutual fund investments, and bank deposits. Failure to provide PAN may result in higher tax deductions or penalties.

8. Annual Information Return (AIR)

High-value transactions like property purchases, large deposits, or expensive credit card payments must be reported by financial institutions in the Annual Information Return (AIR). This helps the Income Tax Department detect unreported income.

9. Responding to Tax Notices

Taxpayers may receive notices for various reasons such as discrepancies in returns or scrutiny assessments. Timely responses to these notices are crucial to avoid penalties or legal action.

10. Transfer Pricing Compliance

Companies engaged in international transactions with related entities must comply with transfer pricing regulations to ensure transactions are at arm’s length. This includes filing Form 3CEB and maintaining documentation.

Conclusion

Being compliant with India’s income tax laws involves meeting various deadlines, maintaining accurate records, and understanding specific obligations. By staying informed and following these key requirements, taxpayers can avoid penalties and legal consequences.

[financialninja]

Fixed deposit| Simple interest & Compound interest Calculation & their formulas

Hi everyone, and welcome to my channel. Today, I'm going to talk about fixed deposits. Fixed deposit is the most popular way to invest money. In short, it's called FD, where secure lump sum money is invested at a predetermined rate of interest. At the end of the tenure, you get your invested amount and compound interest. FD interest rates remain unchanged by market fluctuations, but the invested amount is typically locked in until maturity. some banks offer premature withdrawal but they charge a penalty for that. With FD, you invest your lump sum amount for a certain period ranging from as small as 7 days to as high as 10 years. Higher interest rates are generally given for longer time tenure.Generally interest is paid every 3 months from the date of deposit. Let's say you opened fd ac on 8th june you will receive next interest installment on 8th September. Interest is credited to your account. This is case of simple FD. However customers can choose to have his interest reinvested in FD account. In this case This deposit is called compound interest FD. In that case interest is paid with invested amount on maturity of deposit at the end of term. Investing in FD gives higher interest than investing in savings account. The interest rate on fixed deposits may not keep pace with inflation, which means that your money may lose its purchasing power over time.

So in india,minimum tax you pay for fd is 10%.this is the rate of tax deducted at source(TDS) on interest earned on fd, if interest earned exceeds 40000 in a financial year. For senior citizens this tds earned is 50000.If your overall income for a year does not fall within overall tax limits you can submit form15G( <60years of age) and 15H (>60years of age). These forms help you receive interest with tax deducted at source (tds).Tax saving fd provide tax benefits under Section 80C of the Income Tax Act. You can claim a tax deduction of up to Rs 1.5 lakh by investing in the tax saving FDs. You can earn fixed returns while saving on the taxes. This FD can be opened in the same way as a regular FD.