Hi all,

Today, we will discuss the new tax regime in Income tax.

What Is an Income Tax Slab?

In India, Income Tax is levied on individuals using a slab system, where varying tax rates are assigned to different income ranges. As an individual’s income rises, the tax rates also increase. This approach to taxation fosters a fair and progressive tax system in the country. The income tax slabs undergo periodic revisions, usually aligned with each budget cycle. These slab rates vary among different groups of taxpayers. Let’s now examine all the applicable slab rates for FY 2022-23 (AY 2023-24) and FY 2023-24 (AY 2024-25).

Income Tax Slab Rates For FY 2022-23 (AY 2023-24)

A. New tax regime.

B. OLD Tax regime.

Income tax slabs for individuals aged below 60 years & HUF

Note point**

• The income tax exemption limit is up to Rs 2,50,000 for Individuals, HUF below 60 years of age, and NRIs.
• Surcharge and cess will be applicable as discussed above 

Income tax slab for individuals aged above 60 years to 80 years.

Note point**

• The Income tax exemption limit is up to Rs.3 lakh for senior citizens aged above 60 years but less than 80 years.
• Surcharge and cess will be applicable as discussed above

Income tax slab for Individuals aged more than 80 years

Note Point***

• The income tax exemption limit is up to Rs 5 lakh for super senior citizens aged above 80 years.
• Surcharge and cess will be applicable as discussed above

Comparison of tax rates under the New tax regime & the Old tax regime for FY 2022-23 (AY 2023-24)

Revised Income Tax Slab Rate FY 2023-24 (AY 2024-25) – For New Regime.

How to Calculate Income Tax from Income Tax Slabs?

Ravi has a total taxable income of Rs 8,00,000. This income has been calculated by including income from all sources such as salary, rental income, and interest income. Deductions under section 80 have also been reduced. Rohit wants to know his tax dues for FY 2022-23 (AY 2023-2024).

Please note that Ravi is an individual taxpayer assesses having an income tax exemption of Rs 2,50,000. For other taxpayer assesses, namely senior citizens and super senior citizens, the income tax limit for availing the exemption would be Rs 3,00,000 and Rs 5,00,000, respectively.

Conditions for opting new tax regime

In India, the Income Tax system operates using a slab-based structure, where distinct tax rates are assigned to varying income brackets. As an individual’s income increases, the associated tax rates also increase. This method of taxation fosters an equitable and progressive tax system within the country. Income tax slabs undergo regular revisions, typically coinciding with each annual budget. These slab rates exhibit variations across diverse taxpayer categories. Below, we examine the applicable slab rates for FY 2022-23 (AY 2023-24) and FY 2023-24 (AY 2024-25).

Comparison of Income Tax Slabs under New Regime before and after budget

Only the Income tax slabs under the new regimes were revised in the recent Union Budget 2023.

Thanks,

Thanks to clear tax – https://cleartax.in/s/income-tax-slabs

Today, I would let you know about the OLTAS challan correction process.

what is the OLTAS challan request form?

Request for OLTAS challan correction refers to the formal process of rectifying errors or discrepancies in an Online Tax Accounting System (OLTAS) challan. OLTAS is a system introduced by the Reserve Bank of India (RBI) to facilitate the online payment of various direct taxes. When taxpayers make tax payments using OLTAS, they receive a challan as proof of payment.

At times, mistakes may occur in the details provided in the OLTAS challan, such as incorrect taxpayer information, inaccurate tax type, assessment year, major head code, minor head code, or the total amount paid. To ensure accurate tax records, taxpayers or deductors can request corrections for the OLTAS challan.

The process involves submitting a formal request to the relevant authorities, providing the correct information, and supporting documents (if necessary) to substantiate the need for the correction.

Timely initiation of the correction process is crucial to avoid potential complications or penalties arising from inaccurate tax records. Upon approval of the request for OLTAS challan correction by the tax authorities, a corrected challan is issued, reflecting the accurate tax payment details.

The approval of the Assessing Officer is not required for correcting certain fields in the OLTAS challan. These fields are as follows:

1. Financial Year: You can correct the Financial Year up to the Financial Year relating to the Date of Deposit of the Challan. For example, if the challan is of F.Y. 2008-09, and the Date of Deposit is 20-06-2016, the Financial Year cannot be greater than 2016-17.
2. Minor Head Code (200 and 400): You can correct the Minor Head 200 for TDS/TCS payable by the taxpayer and Minor Head 400 for TDS/TCS payable under the regular assessment.
3. Major Head Code (0020 and 0021): You can correct Major Head 0020 if the Deductee is a Company and Major Head 0021 if the Deductee is an entity other than a Company.
4. Section Code: You can correct any Section Code 94C, 94D, 94H, 94I, or 94J, except for Section Code 195.

In these specific fields, you do not need approval from the Assessing Officer to request corrections for an OLTAS challan. However, it is essential to follow the correct procedure and provide accurate information while making corrections to ensure compliance with tax regulations and maintain accurate tax records.

Why do we need to use the OLTAS challan correction request form?

The OLTAS (Online Tax Accounting System) challan correction request form is essential for rectifying errors or discrepancies in previously submitted OLTAS challans. There are several reasons why this form is crucial:

1. Error Correction: The form allows taxpayers to correct mistakes made during the initial tax payment process. This includes rectifying inaccurate details such as taxpayer information, tax type, assessment year, major head code, minor head code, and the total amount paid.
2. Accuracy of Tax Records: By using the correction request form, taxpayers ensure their tax records are accurate and up-to-date. Accurate records are vital for maintaining proper accounting, complying with tax regulations, and avoiding potential legal issues.
3. Avoiding Penalties: Incorrect information on the OLTAS challan could lead to penalties or interest payments due to underreporting or misreporting of taxes. Utilizing the correction request form helps avoid such penalties and ensures compliance with tax regulations.
4. Official Documentation: The correction request form serves as official documentation of the corrections sought. It provides a record of identified errors and the subsequent actions taken to rectify them.
5. Transparency and Accountability: The correction request process enhances transparency and accountability in tax payments. It allows tax authorities to verify and authenticate the corrections before updating the taxpayer’s records.
6. Compliance with Tax Regulations: Correcting the OLTAS challan ensures that the taxpayer’s records adhere to the requirements stipulated in tax laws and regulations.
7. Updated Financial Records: Accurate tax payment records are crucial for maintaining precise financial records. Using the correction request form helps keep financial records up-to-date and consistent.

It’s important to note that the process for OLTAS challan correction may vary depending on the tax department’s guidelines and procedures. Taxpayers should follow the correct process and provide necessary supporting documents (if required) while submitting the correction request to avoid delays and ensure accurate updates to their tax records.

Steps for OLTAS Challan Correction on TRACES

• Log in to TRACES – Log in to TRACES – Enter your User Id, Password, TAN or PAN, and captcha

• Navigate to the request for OLTAS correction – Go to Statements / Payments > Request for OLTAS Correction

• Review the checklist – Review the checklist and click on ‘Proceed’

• Proceed to the CIN details – You can only correct Financial Year, Minor Head Code (200 and 400), Major Head Code (20/21), and Section Code. Click on ‘Proceed’

• Enter the CIN details – Enter the Challan (CIN) Details – BSR Code, Date of Deposit, Challan Serial Number, and Challan Amount. Click on ‘Go’

• Proceed to edit the challan details – If the details of the challan are valid, the user can proceed to edit the challan details. Select the new values of Financial Year, Major Code, Minor Code and Section Code. Click on ‘Submit’

• Verify the details – The updated values will appear in the summary table. Verify the details and click on ‘Confirm’

• Authorized person – Details of the Authorised Person will appear on the screen. Verify the details and click on submit.

• Success message – Upon successful submission of the OLTAS Challan Correction, a confirmation message will be displayed on the screen. The message will include a unique Request Number as proof of the correction request. Additionally, you will receive an email notification acknowledging the submission of the OLTAS Challan Correction. This email will serve as a record of the correction request for your reference.

Steps to Track OLTAS Challan Correction Request on TRACES

• Log in to TRACES – Enter User Id, Password, TAN or PAN and, captcha

• The process to go – Go to Statements / Payments > Track OLTAS Challan Correction Request

• Search the request – using Request Number, Date, or View All

• Correction – The status of the correction request will appear on the screen. Click on ‘View New Values‘ to view the updated values. The new values will appear on the screen

Thanks,

The Director of a Private Limited Company holds a pivotal role as the top executive responsible for guiding and steering the organization toward success. This influential leader possesses a unique blend of strategic vision, operational expertise, and strong decision-making capabilities.

At the core of their responsibilities lies the task of ensuring effective corporate governance, maintaining compliance with legal and regulatory frameworks, and upholding the highest ethical standards. The Director provides strategic direction and guidance to the management team, fostering a culture of innovation, collaboration, and excellence throughout the company.

Financial acumen is a key strength of the Director, who oversees crucial aspects such as budgeting, financial planning, and risk management. By leveraging their expertise, the Director makes informed decisions to optimize performance, drive profitability, and achieve the company’s financial goals.

Relationship management with stakeholders is another essential aspect of the Director’s role. By building and nurturing strong partnerships with shareholders, investors, customers, suppliers, and regulatory bodies, the Director enhances the company’s reputation, fosters trust, and identifies strategic opportunities for business development.

The Director also recognizes the significance of corporate social responsibility, embracing sustainable practices and contributing to the betterment of the community. They serve as a role model for ethical business practices, championing diversity and inclusion, and guiding the organization towards responsible and impactful initiatives.

In summary, the Director of a Private Limited Company is a visionary leader who combines strategic thinking, financial expertise, stakeholder management, and ethical governance to lead the organization toward sustainable growth, success, and positive societal impact.

Meaning of Director in Private Limited Company

In a Private Limited Company, the Director is the highest-ranking executive responsible for guiding and overseeing the company’s operations, strategy, and overall success. They provide leadership, make key decisions, and ensure compliance with legal and regulatory requirements.

The Director plays a crucial role in setting the company’s strategic direction, defining goals, and making informed decisions that align with the organization’s vision. They are responsible for corporate governance, maintaining transparency, and acting in the best interests of the company and its stakeholders.

Financial management is a significant aspect of the Director’s role, encompassing budgeting, financial planning, and risk management. They monitor financial performance, make strategic financial decisions, and work towards maximizing profitability.

The Director also manages relationships with stakeholders such as shareholders, employees, customers, suppliers, and regulatory bodies. They foster positive interactions, communicate effectively, and represent the company’s interests.

Furthermore, the Director provides leadership and guidance to the management team and employees, promoting a positive work culture, fostering innovation, and driving organizational success.

It is important to note that the specific responsibilities of a Director may vary depending on the company’s size, industry, and corporate structure. The Director’s role is integral to the company’s operations, as they navigate challenges, drive growth, and ensure the company’s long-term prosperity.

Becoming Director in a Private Limited Company

To become a Director in a Private Limited Company, you should start by acquiring relevant qualifications and knowledge in business administration, finance, or the industry relevant to the company. This may involve pursuing a degree or certification program in business management or related fields. Alongside education, gaining practical experience in leadership roles and acquiring a strong understanding of the industry is essential. Build a track record of success by demonstrating your skills and expertise through work experience, projects, or entrepreneurial ventures. Networking within your industry and building professional relationships can also open doors to Director opportunities. Stay updated with industry trends, regulations, and best practices to showcase your knowledge and adaptability. When applying for Director positions, tailor your resume to highlight your qualifications, leadership abilities, strategic thinking, and a results-driven mindset. Continuous professional development and a commitment to learning will further enhance your chances of becoming a Director in a Private Limited Company.

To become a Director in a Private Limited Company, individuals need to obtain a Director Identification Number (DIN). The DIN is a unique identification number assigned to directors and is required for appointment as a director in any company. To obtain a DIN, individuals must apply to the DIN Cell, following the specific procedure outlined by the authorities. More detailed information about the process of obtaining a DIN in India can be found at the IndiaFilings Learning Center.

Types of Directors in Company

In a company, there exist various types of directors, each with distinct roles and responsibilities.

Here are some commonly found types of directors:

1. Executive Director: An Executive Director is a full-time employee who holds a senior management position within the company. They actively participate in the day-to-day operations and decision-making processes of the organization, often overseeing specific departments or functions.
2. Non-Executive Director: A Non-Executive Director is not involved in the daily operations of the company. They provide independent oversight and bring external expertise to the board. Non-Executive Directors contribute to strategic decision-making, corporate governance, and overall accountability.
3. Independent Director: An Independent Director is a non-executive director who is impartial and unbiased, with no affiliation to the company or its stakeholders. They bring an objective perspective, enhance corporate governance practices, and safeguard the interests of shareholders.
4. Managing Director/CEO: The Managing Director (MD) or Chief Executive Officer (CEO) is the top executive responsible for managing the overall operations and strategic direction of the company. They hold significant authority and are accountable for achieving the company’s goals and ensuring its success.
5. Nominee Director: A Nominee Director is appointed by a specific shareholder or investor who holds a substantial stake in the company. They represent the interests of the appointing party and provide their perspective during board discussions and decision-making processes.
6. Chairman/Chairperson: The Chairman or Chairperson of the Board leads the board of Directors, ensuring effective governance and board functioning. They facilitate board meetings, promote collaboration among directors, and act as a link between the board and management.
7. Alternate Director: An Alternate Director is appointed by a director to act on their behalf when they are unable to attend board meetings. They have the authority to make decisions in the absence of the appointing director.

Maximum and Minimum Number of Directors in Private Limited Company

The Companies Act, 2013, specifies the minimum and maximum number of directors for a Private Limited Company. Here are the specific requirements:

1. Minimum Number of Directors: A Private Limited Company must have a minimum of two directors. This means that the company should have at least two individuals appointed as directors.
2. Maximum Number of Directors: A Private Limited Company can have a maximum of fifteen directors. However, if the company intends to appoint more than fifteen directors, it must obtain approval from the shareholders through a special resolution.

Adhering to the prescribed minimum and maximum number of directors is crucial for a Private Limited Company to comply with the regulations outlined in the Companies Act. The directors’ role is vital in the management and decision-making processes of the company, and maintaining an appropriate number of directors ensures effective corporate governance and the smooth operation of the organization.

The minimum number of Director in the Company are as follows:

• Private Limited Company – Minimum two Directors in case of Private Limited Company
• Limited Company – Minimum three Directors in case of Limited Company.
• One Person Company – Minimum one Director in case of One Person Company.

Women Director Requirement in Company

Under the Companies Act, 2013 in India, certain companies are mandated to have at least one woman director on their board. Here are the key details regarding the requirement of a woman director in a company:

1. Applicability: The requirement applies to the following categories of companies: a. Listed companies – Companies whose shares are listed on stock exchanges. b. Public companies – Companies with a paid-up share capital of INR 100 crore or more, or a turnover of INR 300 crore or more.
2. Compliance Deadline: The companies falling under the above categories were given a specific timeline to comply with the requirement. For instance, listed companies were required to have a woman director on their board within one year from the date of applicability.
3. Role and Responsibilities: The woman director holds the same rights, responsibilities, and fiduciary duties as any other director. She actively participates in board meetings, contributes to decision-making processes, and helps ensure effective corporate governance.
4. Eligibility and Qualifications: The woman director should possess the necessary qualifications, experience, and expertise required for the role. The appointment process follows the same procedures as the appointment of any other director, as per the company’s articles of association and corporate governance guidelines.

It’s worth noting that the introduction of a woman director requirement aims to promote gender diversity and inclusivity in corporate leadership. By having women representation on boards, companies can benefit from a wider range of perspectives, skills, and experiences, leading to enhanced decision-making and governance practices.

Please keep in mind that specific regulations and requirements regarding the appointment of a woman director may vary across different jurisdictions. It is advisable to refer to the Companies Act and seek professional advice to ensure compliance with the applicable laws and regulations in your country or region.

Thanks,

In this blog, I will let you know about the new turnover for making the e-invoice and its applicability.

The GST Department has announced new criteria for e-invoicing from the 1st- of August- 2023. If any GST holder’s turnover is crossed by the prescribed limit in any previous year or current year then he needs to generate an e-invoice and issue that invoice to their customers.

If anyone has not generated the e-invoice according to the guidance of the GST department after that this type of GST holder can’t able to take their ITC.

What is e-invoicing in GST?

E-invoice in GST refers to the standardized format of electronic invoices that businesses generate and report to the government as part of the GST compliance process in India. It is a structured digital format that contains specific fields and data elements required by the GST system.

The e-invoice format in GST is based on the eXtensible Markup Language (XML) format. It includes various details related to the invoice, such as the supplier’s and recipient’s GSTIN (Goods and Services Tax Identification Number), invoice number and date, item details, quantities, values, applicable taxes, and other relevant information.

The purpose of generating e-invoices in the GST format is to facilitate seamless integration between businesses’ invoicing systems and the GST portal. It helps in automating the reporting of invoice data to the government and ensures accuracy and consistency in compliance.

The process of generating e-invoices in GST involves businesses creating the invoice in their accounting or billing software using the prescribed format. The e-invoice is then uploaded to the GST portal or GST Suvidha Provider (GSP) for validation and reporting to the government.

By implementing e-invoicing in GST, the government aims to simplify the tax compliance process, reduce errors, and enhance transparency. It also enables the automatic reconciliation of invoices and helps in curbing tax evasion by ensuring that the invoice details reported to the government match the details provided by the recipient.

Some basic points of e-invoicing***

According to the current month’s status, If your turnover is going to cross the prescribed limit of invoicing in the current financial year then, you are required to prepare the e-invoice for the next financial year.

Example – If you are in 2023-2024 and your A.T.O is 4cr Now after the auditing your turnover is crossed the prescribed limit of GST so you have to start to prepare the e-invoice from the 1st of April 2024.

E-invoice not applicability

The GST department has announced who is not required to prepare the e-invoice under the GST.

1. Special Economic Zone unit (SEZ).
2. Insurer
3. Banking company, finance instructor, Non-banking finance company (NBFC)
4. Goods Transport Agency (GTA)
5. Supplier of passenger transport.
6. Supplier of services by way of admission to the exhibition of cinematograph films in multiflex screen.
7. OIDAR
8. Exempt supplies
9. B2C supplies

Who is required to prepare an e-invoice?

The GST department has announced who is required to prepare the e-invoice under the GST.

1. B2B suppliers
2. Exporters

Thanks,

This is Ravi Kumar, and Today I will let you know about the bank validation feature on the GST portal.

Let’s begin,

First of all, When we have been getting the GST registration then this time, it is a must to add the Bank account in the GST portal after that, the GST government would give you the refunds.

So, now the GST department has announced that please validate your Bank Account which is already has been added by you to the GST portal, and if you are not added the Bank account then please add your account and validate it. Because some of the bank validation is expired due to some reason like Aadhar linking, wrong PAN number, inactive PAN number and etc.

It is a must to validate your bank account details in the GST Portal after that you can get refunds from the GST Department.

How to check the Bank Account validation status?

Here are the steps to know about your account status on the GST portal

• Open your browser and put gst.gov.in

• After that, please click on the login button and enter your ID and Password.

• After login into the GST portal Please click on the view profile button.

• After clicking on it, Please turn down your scroll so you can see the bank account status option on your left-hand side.

• After clicking on the bank account status you can see your account status in the next tab.

Note Point****

There are some errors in the validation of bank details. let me show you.

• If you would see this type of error it means your bank validation will take a few more days for the validation.

• Here are the errors symbols for the bank validation.

• Success – It means your account is successfully registered in the GST portal and verified by the department.
• Failure – That means you have not uploaded the correct PAN details into the GST portal

• Success with remark – That means, you have not given the correct details to the Bank for an account opening.

• Pending for validation – If you are facing this issue then please wait till the validation.

• Special Notes – If you are having some errors for the account validation then please delete your account details from the GST portal and enter the correct details of the bank and then validate your account. I am sure after finishing these steps your account will be validated by the NPCI or GST department.

Thanks,

This is Ravi Kumar, and today I will let you know about the payment of TDS/TCS in a new way.

Let’s Begin,

If you are thinking to pay the TDS/TCS from the NSDL portal then you can’t do the TDS/TCS payment from the NSDL portal.

How to pay TDS?

Now the Government has changed the platform for the TDS/TCS payment and you can’t pay your TDS/TCS amount from the NSDL portal because in this portal you can see a message that is for the TDS/TCS payment.

The Government has introduced a new way for the payment of TDS/TCS.

• Go to the income tax portal

• Click on the e-Pay Tax option.

• After that, you have to enter your TAN number and your registered mobile number because you will receive an OTP for doing the next process.

• After clicking on the Continue button please enter the OPT this OTP is received in your registered mobile number.

• In this option, you have to select the assessment year for your payment and after selecting the assessment year the pay TDS section will be automatically enabled and visible to you for the proceeding then click on the proceed button.

• Note*** The challan number is automatically selected by the portal for the payment of TDS/TCS so you don’t have to select any challan number just click on the proceed button.

• In the next step, you can see the three options for the payment of your tax and also the minor head for the payment of this challan is auto-selected by the portal.

• In the next option, you have to select the section of your TDS payment.

• After that, select the major head and enter the tax amount in the given column by the government and then, click on the continue button.

• And if you have any interest payment liability then enter the interest amount in the Interest column.

• After completing all these steps now in the next step you have to select the bank payment option and pay your interest by selecting the bank

• After the payment, you can see your payment details and then please click on the continue button.

• After clicking on the continue button you can see the details of your challan and also you can the CRN number of your payment.

Thanks,

This is Ravi Kumar, and today I will let you know about the applicability of linking PAN with Aadhar

Let’s get started,

According to the Indian government, the government has already clarified that please link your Aadhar with your Pan after the due date we would collect a part of the late fee for the late processing to link with your Aadhar.

People are not understanding this notice which is declared by the government and now, the late fee collecting has started by the government. (late fee is Rs. 1000)

Who is required to link PAN with Aadhaar?

In this case, who is a resident of India, an individual is a resident of India, a person below the age of 80 years is a resident of India, and who does not belong to these states Jammu Kashmir, Assam, and Meghalaya.

Who is required to link PAN with Aadhaar?

In this case, who is a Non-resident of India, an individual is a Non-resident of India, a person above the age of 80 years, and who belongs to these states Jammu Kashmir, Assam, and Meghalaya.

How to check PAN and Aadhaar linking status

If you want to check your link status then please follow these steps.

• Go to the income tax portal and click on the 1st option.

• After that, Please click on the link Aadhar status this option is visible on your left-hand side.

• After that you have to enter the number of your PAN and Aadhar after that please click on the View Link Aadhar Status option.

If your PAN is linked with your Aadhar then you will receive a pop-up that is your Aadhar is already linked with the given PAN number.

How to link my Aadhar with my PAN?

If your Aadhar is not linked with your PAN then you would have to pay 1000 as a late fee charge to the government and after 4 to 5 days please raise a request for the linking of your PAN with Aadhar.

• Click on the Link Aadhar option.

• After that, you will have to enter your Aadhar and PAN number in the given column and then click on the validate button.

• After that, a new popup is showing on your dashboard, then click on the continue to pay through e-pay tax button.

• After that, Please enter your PAN number, and your Aadhar number, and also enter your mobile number this mobile number must be linked with your PAN after that you will get a message for the next process.

• Now in this option, you will enter the OTP which is received in your registered mobile number then your dashboard is showing like this. so you have to click on the continue button.

• And then select this option.

• After that, please enter the Assessment year and choose the minor head for the challan payment.

• After clicking on the proceed button on the next page you can see the payment option one more thing the payment amount is already fielded by the government in the given column. then click on the continue button.

• And the last step is please select your bank for the payment of late fees and after the payment, your liability is over to you. And you will get your linked Aadhar in the next 4 to 5 days.

Thanks,

This is Ravi Kumar and today I am gonna show you the basic points about the GSTIN holders

Let’s begin,

• GST or goods and Service Tax is an indirect taxation device in India. With the reason of 1 country and One Tax, GST has come to be broadly popular and applicable across our country. but, similar to the two aspects of a coin, GST has both advantages and downsides. it’s essential vital for each entrepreneur to realize approximately the benefits and losses of GST.

• If anyone got the registration under the GST and you have the GSTIN number of Delhi because you are carrying your business from Delhi. You are filling your GST returns and ITR returns on the basis of Delhi’s business activities.

• And now you are thinking that you want to open another office for carrying your business in a different location and you don’t want to change the nature of your business.

• So, it is mandatory to take the registration under the GST and run your business very smoothly and take all the advantages of the government because the government has given many advantages for registration under the GST.

• *****Note point – You can opt for different GSTIN registration with your single PAN card.

Advantages of registration under the GST.

• GST reduces the number of indirect taxes – This means there are many indirect taxes was happened before the coming of GST like VAT, excise duty, service tax, customs duty and etc. but after coming to GST in India he destroyed all the indirect taxes.
• Online GST registration – If you think that you would start a business then you don’t need to waste your time for thinking of registration. You can take your GST registration by online way within a few minutes.
• The number of GST compliances is very less – If you have taken the registration under the GST after that, a few compliances are mandatory to file the GST returns every month.
• Threshold limit – The threshold limit of GST Registration is quite high i.e. Rs. forty lakhs annual turnover or Rs. twenty lakhs annual turnover for special states under GST.
• ITC – You can claim Input Tax Credit easily after filing the GSTR-1.
• Tax evasion – It is easy to detect tax evasion under GST Registration.
• Composition scheme – It offers a composition scheme to pay taxes at a fixed rate and decrease the tax legal responsibility and tax rates.
• GSTIN Value – It provides a single GSTIN that can be used for all the aspects of GST.
• Reduce the cascading effects – After coming to the GST in India, he reduced the tax on tax effects.
• Different Tax Compliances – The GST has different types of compliances for the GSTIN holders if your turnover is up to 1.5 Crores go and opt CUMP scheme, If your turnover is up to Rs. 2.5 crores go and opt QRMP scheme, and if your turnover is more than 5 crores go and opt normal scheme.
• TAX – One nation one tax.

Disadvantages of registration under the GST

• Operational costs – The GST has increased the business costs for supplying goods, products, and services.
• SMS for verification and paying taxes – Many SMEs are still hesitant to do online transactions and pay taxes online.
• Late fee – If you have filed your GST returns after the due date then you have to pay late fees for this.
• Interest – If you have filed your GST compliances after the due date then you need to pay the interest amount for the delay of your filing.
• Invoice – It is mandatory to create an invoice for any supplies.
• e-Invoice – If your turnover is more than 10 crores you need to generate your invoice through the e-invoicing process.
• Difficulty in remote areas – It is still difficult for businesses in remote areas to enroll under GST.
• Compliances of filling in GST – Without filling your GST return you can’t generate your e-way bill

CASE- 2

If you have 2 GSTIN numbers in a single PAN card so how many compliances did you do?

• GST registration – You have to get different GST registration for both working places with a single PAN card.
• GST filling – You need to file the GSTR-1, and GSTR-3B every month, and it has to be mandatory to do your other annual compliances for both GSTINs every year.
• ITR – Only one ITR would be filed for both GSTINs because you have used a single PAN for the GST registration.
• Benefits – You can take all the benefits which are provided by the government under the GST, and you can get your ITC from your clients.
• Place of supply – You can do your supplies according to your GSTIN state without any issues.
• Taxes – Every month paid taxes for both GSTIN.
• Transfer Tax – You can transfer your supply according to your GSTIN.
• Bookkeeping – You would have to do different bookkeeping for your different GSTINs.
• Auditing – You have to generate both the GSTIN audit report according to your GST supplies
• CA fees – It depends on your CA how much fees he would be asked for doing the annual compliances of your both GSTIN.

Thanks,

This is Ravi Kumar, and today I am gonna show you the method of obtaining 2 GSTIN numbers on the same PAN card.

Let’s Begin,

What tells us the section 25(1) of the CGST act?

The Goods and Service Tax (GST) is a vacation spot-primarily based indirect tax levied at the delivery of goods and services. It has changed many indirect taxes including VAT, carrier tax, CST, excise obligation, and so on. to establish GST as a comprehensive indirect tax, the government introduced the CGST Act with impact from 1st July 2017.

As per section 25(1) CGST Act 2017 – When any person undertakes their business activity in more than one state/UT, They are compulsorily required to be obtained separate GSTIN numbers for each unit and all these GSTINs be registered under one PAN only.

Importance of PAN Card

As mandated in the Income Tax Act of 1961, a PAN card is a haven for all individuals, corporations, partnerships, non-profits, and so forth. The IT department makes use of the PAN card to track all monetary transactions which take location inside the country

Getting a PAN card online enables a corporation to get hold of several remittances and invoices and is also useful while submitting IT returns. in case you are without a PAN card, you can not experience the tax benefits and schemes provided by the government and you may be vulnerable to paying taxes at the very best price applicable. if you don’t have one yet, it’s excessive time you observe on a PAN card online.

It’s additionally a count of private choice whether or not GST registrations can be completed with a single PAN card. This happens while a person operates many commercial enterprise verticals within the same state or UT. In this sort of situation, he can opt to have separate GST registrations for every of these verticals, problem to gratifying conditions noted in Sec 25 (2) of the CGST Act.

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This is Ravi Verma, in this article, I am gonna show you the income tax slab rates for FY. 2023-2024 (AY. 2024-2025)

Let’s begin,

• Income Tax slab rates for individuals (Resident / non Resident)

A. Individuals (other than senior citizens and super senior citizens)

B. Individuals (senior citizens)

C. Individuals (Super senior citizens)

• Rebate – A resident individual can avail rebate under section 87A.************

• Income Tax Slab Rates for (HUF, AOP, BOI, and AJP)

• New Income Tax Slab Rates for Individua, AOP, BOI, HUF, and AJP (Section 115BAC)

• Difference Between New Tax Regime and Old Tax Regime

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Dear Friends,
This is Ravi Kumar and in this article, I am gonna teach you the new slab rate of Income Tax for an individual person.
Let’s Begin,

There are two types of Income Tax slab rates in India the Old slab rate and the New slab rate. The finance minister Nirmala Sitharaman announced the Union Budget for 2023 on 1 February.

The finance minister Nirmala Sitharaman announced that under the new tax regime, the 87A rebate for income tax has been increased to Rs.07 lakh from the earlier limit of up to Rs.5 lakh.

What is the income tax slab?

According to the Indian rule of Income Tax, all the people will need to be paid their taxes on the income tax slab rates.

On the basis of the Income tax slab rate, we can identify our taxes whatever we have to pay the tax to the Indian government, and we can easily calculate our tax amount with the help of the slab rate.

Old Tax Slab Rate For the FY. 2023 – 2024

Individuals (Upto the age of 60 Years)

Up to the age of 60 to 80 Years

More Than 80 years old

New Tax Slab Rate For the FY. 2023 – 2024

Individuals (Upto the age of 60 Years)

Up to the age of 60 to 80 Years

More than 80 Years old

****-Super senior citizens (those above 80 years of age) are not eligible to avail income tax deductions under section 87A.

Here is the Deduction about old tax rebate and new tax rebate.

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This is Ravi, and in this blog, I am gonna show you how to create GST temporary ID

Let’s begin,

What is meant by GST temporary ID for an unregistered person?

The GST department has given this opportunity to an unregistered person for taking his ITC in a good manner.

If you are an unregistered person and you had purchased assets for your future work, and now after 4 to 5 months you have created a problem, and because of this you can’t afford these assets for your future work.

Now if you want to take your full money from the owner of the assets, you have to take registration in the GST after that you can take your full credit amount.

If you want this, so you have to get a temporary GST registration after that you can avail of your ITC from the GST department.

How to take GST registration on the GST portal?

• Go to the GST portal.

• After going to the GST dashboard you have to click on the service tab after that you will be clicked on the user service tab under the service option, after that, you can see an option i.e Generate User ID for Unregistered Applicant then click on it.

• After that, you will get a warning popup and in this popup, you will be notified that you can use this temporary GST number for only such cases (refund and advance ruling), also he will notify you that this GST registration is applicable only to such types of people who are not liable to take registration under that GST and his/her not match the threshold limit of the registration under the GST, after that you can take the registration under the GST as a temporary GST holder.

• After that, please select your case why are you taking registration under the GST, and click on the proceed button.

• After finishing all these steps, please hold your PAN number, Aadhar, email address, mobile, and webcam.
• And now enter your name, PAN number and etc.

Note point******* The state option is a very important option if your supplier belongs to Karnataka and you are belonging to UP so, in that case, you have to select your state in Karnataka after that you can take your GST credit. And if your supplier belongs to UP and you also belong to UP then no need to select another state to select UP because your supplier is belonging to UP that’s why.

• And after clicking on the proceed button you will get an OTP in your registered mobile number and email address then enters this OPT in the given column and click on the proceed button

• After following these steps you can easily get your registration under the GST.

• And your user ID and password will be sent in your mail ID, so you can use your user id and password for the login into the GST portal.

• And also you have to do your Aadhar authentication on the GST portal by clicking on the navigate to my profile button, after that you can use this portal in a good communication way.

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This is Ravi Verma, In this Article, I will let you know the important things about GST & Income tax, and it should be done before the 31st of December 2022.

Let’s Begin,

You need to file your important return before the 31st of December 2022

• Income tax return – If you do not fill your ITR return for the financial year of 2021 – 2022 before the 31st of December 2022 after that late fee will be applicable to you due to the delay in filling your ITR return. And if you have filed your ITR return before the due date and you want to revise your ITR return due to some problems then, please do it before the 31st of December 2022 because after missing the due date you can not file your revised return.

Note – For the financial year of 2021 – 2022, ITR returns due date was the 31st of July 2022 but the government has changed the due date for ITR filling, the ITR filling due date is now the 31st of December 2022.

• GSTR-9/9C – The due date for the filing of GSTR-9/9C for the financial year of 2021 – 2022 is the 31st of December 2022. If you would be filed your GSTR-9/9C after the due date then the late fee will be applicable to you due to delayed filing of GSTR-9/9C.

Note – For the financial year of 2021 – 2022, GSTR-9/9C returns due date was the 31st of July 2022 but the government has changed the due date for GSTR-9/9C filling, and now the GSTR-9/9C filling due date is the 31st of December 2022.

This is Ravi Verma, In this Article, I will show you how to check our TDS filing status on the traces portal.

Let’s Begin,

Why is the statement status required?

After the filling of our TDS return, we have no idea about the statements status of our TDS returns. Due to this reason, A great feature is enabled on the traces site and we can use this great feature for knowing our TDS filling statement status.

Please look at these Steps

• Go to your web browser and open it.

• Search www.tdscpc.gov.in/ and click on the enter button, after that click on the 2nd heading option of the login

• After that please enter your credential correctly and click on the login button.

• Click on the statements/payments button.

• In the dropdown of this selected section, you will be seeing the option of statements status please click on it.

• After clicking on it, you will enter the dashboard of statements status.

• So after doing these steps you have to enter your statement financial year, quarter, form type, and lastly click on the view statement status.

• After doing this step you can see your status is this filed or not, I mean to say that there is an error or not that’s why I have suggested you choose this way for knowing the status of your TDS return.

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This is Ravi Verma, In this Article, I will show you how to download the CSI file from the income tax portal.

Let’s Begin

What is the importance of a CSI file for the TDS return filling?

The CSI file is the most important part of the TDS return filing process because after we have paid our TDS liabilities per month wise then it is important to know what is the payment amount, date, section, payment type, etc. All these things are available in the CSI file, and because of this, the CSI file acts as a date and payment management agent when we file our TDS return.

That’s why the CSI file is the most important part of the TDS return process.

Steps to download the CSI file

• Go to your web browser and open it.

• Search Incometax.gov.in and click on the enter button after that click on the 1st heading option of the income tax page.

• After that, you have to enter your login ID i.e your TAN number and password in the given field.

• After that, go to the e-file option.

• Under the e-file option, you will see the e-pay tax option then click on it.

• After that, click on the payment history option.

• Click on the filter button and select your quarter’s payment date.

• Only select the date nothing select the other option, after doing this step click on the filter button.

• After selecting your payment do scroll down, here you will be given the option to download the challan file, then click on this button.

• After doing these steps your CSI file has been downloaded to your desktop.

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This is Ravi Verma, In this Article, I will let you know about the cash ledger balance.

Let’s Begin.

In my case of GSTR-3B filling, I have paid my tax payment of Rs 70,000.00, and my ITC is showing Rs 75,000.00. After the payment of my all taxes, 5000.00 rupees is showing in my cash ledger.

In which column will I enter my cash ledger balance in the GSTR-3B return?

If my cash ledger column is showing 50,00.00 after all the payments of taxes, I can use this balance in my next GSTR-3B return at the time of tax payment and I will enter this amount under the column name of UTLIZABLE CASH BALANCE.

After taking this step, my total tax amount is showing (Total tax – Cash Ledger = Correct Tax Amount) Exact tax payment amount is in the column name of Additional Cash required.

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This is Ravi Verma, In this session, I will let you know how to check the TDS challan status.

Let’s begin.

• Login to the traces portal – https://contents.tdscpc.gov.in/

• Click on the login button.

• After that enter your login id, password, TAN number of the deductor, and the captcha code as well and click on the login button.

• Now you are entering the dashboard of Traces. look at the left side of your dashboard here you will see the challan status option then click on it.

• Now click on the go button.

• After clicking on the Go button, please select the date on which you want to view your challan details.

1. Select your starting date.
2. and ending date.
3. in challan status – select whatever you want to see.
4. And the last click on the go button.

• Now you can see your challan status on the traces portal.

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This is Ravi Verma, In this Tutorial, I will let you know about the correct way for claiming ITC.

Let’s start,

What is ITC in the GST?

When a person’s business turnover is more than the threshold limit of Indian rule, then this time he needs to get registered his business under the GST act 2017.

After getting the registration under the GST act, he needs to file his GSTR-1 and GSTR-3B every month according to the GSTR rule & regimen.

And now he would issue a tax invoice to his vendors and clients, after issuing the tax invoice he needs to file GSTR-1 and GSTR-3B on given that due to this his vendors and client would get their ITC.

For example:- There are two businessmen "Ram" and "Shyam", "Ram" is a seller and "Shyam" is a purchaser, when Ram sold his goods to Shyam then this time he would give a tax invoice to Shyam, and now Ram will file his GSTR-1 on the given due date after that Shyam would receive own ITC which was already paid to Ram at the time of purchasing goods.

What is rule 38, 42, and 43 of the CGST rule and section 17(5)?

According to rule 38 of the CGST Act –Its full name is a Claim of credit by a banking company or a financial Institution. When the details of outward supply are furnished by the registered person under sub-section(1) of section 37, the details of ITC will show in their vendor’s GST portal under the GSTR-2B column. But vendors will not able to get their full ITC due to some reason the GST act.

• You can not avail of your ITC because your suppliers have taken a new registration in the GST Act that’s why.
• By any registered person, who has defaulted in the payment of tax, he did not pay his tax to the GST department due to this reason you may not avail of your ITC.
• By any registered person, who has filed his GSTR-1 and the total value of out-word supply is Rs 100000 but he has not paid the full taxable amount to the GST department, due to this shortfall you can not avail your ITC.
• By any registered person, who claimed excess ITC during the time of Tax payment, due to this error you can not avail of your ITC.
• By any registered person, who has paid his taxes with the help of its credit ledger he did not pay their 1% tax in the cash form due to this you can not avail of your ITC.

What said section 49(12) – According to this section you have to pay 1% tax in the cash form at the time of GSTR-3B filling, you can not be filed your tax amount only with your credit ledger.

According to rule 43 of the CGST Act – When we are buying capital goods for business purposes and the value of the goods is Rs 100000 and we get ITC of Rs 18000 from these goods. And if we have used these capital goods for our personal use then this time it is our duty to reverse their ITC on account of personal use of capital goods.

Note - The government has implemented a rule that if you are buying capital goods for business purposes and you have used these goods for 5 years and after that, you have sold these goods to any other person after deducting the depreciation amount of these goods after that, you do not need to do any ITC reversal to the GST Department.

Rule 42 of the CGST Act – This rule is not covered to rule 43 of the CGST Act. according to this rule, we would get our ITC according to the GSTR-2B, we will not claim any extra ITC under rule 42 of the CGST act.

Example - If we have purchased goods from Mr. A and Mr. A has not paid the tax amount for these goods to the GST department and we have claimed ITC in our GSTR-3B return, the government will issue a notice to Mr.A due to non-payment of tax liability, after payment of this amount we will get our ITC otherwise we have to reverse the ITC amount which was claimed by me.

Due to this finding, we cannot claim such ITC which did not fulfill the conditions of CGST Rule 38, 42, and 43 of section 17(5).

This is Ravi Verma, In this article, we will discuss the 26AS Details.

Let’s started,

What is 26AS?

If any person will deduct a TDS then he can see that amount with the help of the government IT portal i.e income tax portal.

When suddenly our TDS will be deducted for any reason then we can easily check that reason in a very simple way we go to the income tax portal and we will show anything which is related to the TDS.

Steps to see our form 26AS

a. Open your browser and search income tax portal

b. After that click on the income tax department: Home button.

c. After that, you will see the dashboard of the income tax portal then click on the login button this button will show on your right-hand side.

d. Then enter your login ID and Password, the login ID is your PAN card number please make a note of it. and then click on the continue option.

e. After that tick out the confirmation message button option after that enter your password and then click on the continue button.

f. And you will be entering the income tax dashboard portal.

g. Go to the e-file option under this option you will see the view 26AS option then click on it.

h. After clicking the form 26AS button you will appear a disclaimer then click on the confirm option

I. After clicking the confirm option you will get the new window in your dashboard and that is called TRACES Portal after that you will tick the given column and then click on the proceed button.

J. After that click on the view your form 26AS option.

k. After that select your assessment year and select the view as HTML option then click on the View/Download button

L. After completing all these steps you will see your TDS report who has deducted your TDS and what is the deduction section of your TDS.

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This is Ravi Verma, In this article, I will tell you how to generate form 16

Let’s begin,

What is Form 16?

Basically, Form 16 is declared as the deduction of the salary of every individual. With the help of this form, every person can file their ITR, under this form all the deduction dates and amounts are entered in that form, after that, and every person can file their ITR with the help of this form.

Because when we file our ITRs, we need our deductions amount and amount deduction date after that we can avail of our tax credit.

So basically I want to say that, if we don’t receive our form 16, we can face many problems because we have no idea which dates our amount had deducted and what is their dates, that is the main thing we need our form 16 for file the ITRs.

Steps to Generate Form 16

a. Open your browser and enter Traces

b. After that click on the Traces login option

c. Then you get entered the traces portal, under this portal you will be entering your login ID, password, and deductor,s TAN number and select the deductor option as well.

d. After that go to the download option under this option you can see the form 16 option then click on that

e. Then the next step is do scroll down and click on the bulk pan download option. and if you have more then 10 pan number then we can you this option.

f. then next step is to enter your token number/RRR number this number is given by your income tax portal.

g. After that fill in these details like date, challan number, tax deposit date, etc.

h. After that you must enter your employee’s PAN detail that is more than 3 employees PAN of your company and also enter the challan amount, challan number, date, etc.

I. Click the proceed with transaction button.

j. after doing this process go to the dashboard and click the download button under the can see the requested download option then click on this button.

k. Click on the view all button.

L. If your status is showing available then you have to download this bulk file by clicking the HTTP DOWNLOAD option this option is available in your below.

M. After that very important point you must have to download a utility using this utility you can generate your form 16 PDF.

N. After clicking this you are entering the new page under this please enter the verification code.

O. Now you will get a zip file in this option to download Form 16, by clicking on it you have to download this utility.

***The use of this utility will be needed to extract the PDF from Form 16 when we download it.

p. As soon as you download this utility, then you have to extract it and then click on Traces PDF converter.

Q. When you will open this file, you will now have to browse the zip file containing Form 16 in it, after that, you will have to enter the password, keep in mind that your TAN number is your password, then in the last place where you have to save this file. That location has to be set and in the last click on the Proceed button.

r. If you are processing without a digital signature then you will see a popup then you have to click on the yes button.

s. ****The most important thing to note is that you need to have Java installed in your system to generate Form 16/16A

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This is Ravi Verma, in this article I will tell you about the ITR-01.

Lat’s start,

Any person in India, whether he runs a business or receives a salary, the government has fixed a limit for all. Any person who earns income more than this limit has to tell all types of sources of getting his income to the government.

And if his income exceeds the limit set by the government, then tax is deducted on that income, and that tax is paid to the government.

And when a person files his income tax return last, the tax levied on all his income is deducted from the tax paid earlier, and the balance amount is calculated on that tax.

• There are 7 types of tax in India

1. ITR – 01
2. ITR – 02
3. ITR – 03
4. ITR – 04
5. ITR – 05
6. ITR – 06
7. ITR – 07

• ITR-1 (Sahaj form)

The person who is an individual and is paid a salary can fill this form
In this, if that person’s income is from salary or pension, then he can fill this form.

Income from one house property (except in cases where losses of previous years are brought forward)

Income from other sources (excluding lottery winnings and horse racing income, Interest, commission, family pension, etc)

He must be a resident of India having a total income up to INR 50 Lakhs if the income is from salary?

Agricultural income up to Rs.5 thousand.

• Who cannot file ITR 01 Form?

A person exceeding its limit cannot fill this form.

Director in a company.

Unlisted equity shares held for the previous year.

Income from outside India.

Agricultural income More than Rs.5 thousand.

Income from more than one house property.

the person who is a non-resident in India.

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Hi Guy’s

This is Ravi Verma, In this article, I will tell you about adding new UAN holders to the EPFO portal.

Let’s Go,

• Employee’s most important point before registration on EPFO portal of employees.

If we want to add any new employee on the APFO portal of the employer then before that we have to take some details from the employee.

All these details are very important for us at the time of registration.

1. Aadhar card
2. Bank details
3. Pan card details
4. Marital status
5. Mobile number
6. Email ID
7. Date of Joining
8. Monthly wages

In this case, if your employee is a foreigner

1. Passpor Copy is required.

How to generate a new UNA number of employees?

1. Open your browser and seach www.epfindia.gov.in

2. Go to the option of Services and below it, you will see the option of Employer, click on it.

3. And click on the online ECR/challan submission option.

4. Now enter your User ID and Password and click on the Sign-in button.

5. After log-in please go to the member option and under this, you will see the register individual option you will click on this option.

6. In this step your employer portal will have many options like employee name, date of birth of employee, joining date, email id, qualification, nationality etc. You fill all these required columns accordingly.

7. In this option, we have to enter the required KYC details of our employee, only then the portal provides his UAN to the employee, In this we can work with the Aadhar card of the employee.

NOTE:- Inside this, you have to fill the same name which is written in the Aadhar card of the employee.

8. After clicking on save when we will scroll down we will see our employee data which we have just saved

9. After doing all these procedures, we now have to approve the data of our employee, only then it will be visible on our portal, so for that we have to
We have to go back to the member portal and click on Approvals inside it and on that we will get the option of approval.

10. If we go inside Approvals then we will get the option to Approve our Employee, by clicking on that we have to Approve our Employee.

11. If you want to verify your employee’s data, you can verify again by clicking View.

12. After this you will get the approved message

Thanks,

If you want to know how to check UAN number of employees then visit my next blog

Hi Guys

This is Ravi Verma, in this article, I will tell you how to file a NIL TDS return online.

Let’s start,

• What is TDS?

Its full name is Tax Deducted at Source, According to the Income Tax Act, 1961, every individual or organization is liable to pay taxes if their income is above a certain threshold.

When the salary of a person exceeds the limit prescribed by the government, then TDS is required to be deducted from the income of that salaried person.

• Why is TDS necessary?

Any person who resides in India has to pay tax to the Indian government and TDS is a direct tax, when the income of an Indian crosses the limit then he has to pay tax to the government.

If a person does not pay tax to the government, then notice can be issued to take legal action against him and the government can also impose a fine on him.

• These are the steps to file a NIL TDS return.

1. Go to the traces site.

2. This is the TDS dashboard.

3. Click on the Login button.

4. Select the Deductor option and after doing so enter your login credentials and TAN number as well.

5. Click on the Statements/payments icon.

6. Below this button, you will see Declaration for Non-filing of Statement then click on it.

7. Now select your financial year, quarter, give reason and also select the form types then click on add statement details

8. In the below you will see your data then click on proceed button

9. As you click on the proceed button, the portal asks you to select all the required columns, and click on the I agree option.

10. Now you will see the details of the director of your company, with the help of whose signature you file the return, then you have to click on the Process button.</div>Now you will see the details of the director of your company, with the help of whose signature you file the return, then you have to click on the Process button.

11. After this step, you will get a notification that your file has been saved successfully.

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Hi Friends

This is Ravi Varma In this article I will tell about section 194j.

Let’s start,

• Definition of Section 194j

According to Income Tax ACT, when we pay professional fees, technical fees, royalty to any person, then we deduct TDS under section 194j and deposit it to the government.

• What are the fees to be covered under section 194j?

1. TDS on professionals fees
2. TDS on technical fees
3. Royaltys
4. Non compet fees
5. Directors fees

• Who is the Payer?

How any person other than individual or HUF is liable to pay TDS (TDS is required to be deducted in case of individual and HUF if the turnover of the year exceeds 1 crore in case of business or gross receipt in case of professional 50 lakhs)

• Who is the Payee?

He must be a resident of India.

• Tax Rates?

Within TDS, all services are divided into different rate categories.

1. Payment made to call center TDS will be charged@:- 2%
2. Fees for technical services TDS will be charged@:- 2%
3. Royalty for Sale,Distribution,Extubation of Films TDS will be charged@:- 2%
4. Fees for professional services TDS will be charged@:- 10%
5. Other case TDS will be charge @10%

• The Government of India has made a limit on every category of TDS, if any payment is made in excess of this limit, then the government charges TDS on it.

1. The professional fee is up to Rs 30000 per annum.
2. The Technical service fee is up to Rs 30000 per annum.
3. The royalty is up to Rs 30000 per annum.
4. The Compete fees is up to Rs 30000 per annum.
5. There is no limit prescribed by the government for the deduction of the director’s fee under TDS.

Note points:-

The extent of TDS depends only on the nature of payment and not the payee.

TDS will not be applicable if an individual / HUF pays professional fees or royalty to someone for their personal work.

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This is Ravi Verma in this article I will tell you about agriculture income under the income tax act

let’s start

• What is meant by agricultural income?

When a person does any work related to agriculture or other agriculture on his land and this work is covered under section 2(1A) of Income Tax Act 1961, then we call it agricultural work.

• Example of agriculture income under the income tax act.

1. Any rent or revenue derived from land which is situated in india and is used for agriculture purpose
2. Any income attributed to a farm house subject to satisfaction of certain condition specifiedin this regard in section 2(1A)
3. Any income drived from saplings or seeds grown in a nursery shall be deemed to be agriculture income.

• Is agriculture income taxable?

As per section 10(1) of the income tax act 1961, agriculture income is exempted from taxation. the central government cannot levy tax on the agriculture income received.

• The government has given two types of criteria for this, in which agricultural income has been made taxable.

1. You will not have to pay any tax if your agricultural income does not exceed Rs 5000 in the previous year
2. If you have an income of more than 250000 after deducting agricultural income from the total income of the previous year, then you will have to pay tax to the government.

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This is Ravi Verma in this article I will tell you about the definition of a person in the income tax act

Let’s start

• Who is a person in income tax act-1961.

In section 2(31) a person is

1. An Individual:-
2. A HUF
3. A Company
4. A Firm
5. An AOP
6. An BOA
7. A Local authority
8. every artificial juridicial person

All of them are called persons under the Income Tax Act.

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Hello guys

This is Ravi Verma, in this article I will tell you about the assessee.

let’s start

• Who is the assessee?

Section 2(7) of the Income Tax Act 1961 states that the person who is counted under this act is called an assessee.

In other words, eighty is the person who has to pay tax to the government.

Assessee is divided into three categories in the Income Tax Act.

1. If the process of tax computation is going on against any person within the Income Tax Department, we will count such person in the assessment because if that person has made any profit or loss and has been issued a notice by the Income Tax Department, then such person is called assessee.
2. If there is a person who comes from outside and earns profit in India and goes back to his country without paying tax, then we call such person an assessee under Income Tax Act.
3. If there is a person who has been given the category of the assessee in default under the Income Tax Act, then we call such a person an assessee.

Any person who is liable to pay interest, penalty, or tax in any manner under the Income Tax Act is called an assessee.

Hello, This is Ravi Verma,

In This Article, I will tell you about what is the benefits of section 87a.

This rebate can be availed only by a Resident of an Indian Person and that person should be an individual, then his income up to 500000 is tax-free, and it is not applicable for any super senior citizen.

So by using this section, any individual person can get his income up to 5 lakh tax-free.

Thanks

This is Ravi Verma,

In this article, I will tell you how to deposit TDS for salary through online mode.

• What is TDS on salary?

When the salary of any person crosses the threshold limit, then the government levies the tax on his salary, which we call TDS.

• Who Is Liable to Deduct TDS On Salary?

The employer is liable to deduct TDS on salary at the time of making the payment to the employee. When the employer pays the salary to his employee and if his salary structure exceeds 2.5 lakhs in 1 year, the employer deducts TDS on his salary and deposits it to the government because if the employer does not do so then the government will impose a penalty. And can also declare that company is a defaulter

• According to Section 192

When there is a relationship between the employer and the employee, the employer pays him the salary and if the salary of any of his employees is more than the threshold limit, then the employer has to deduct TDS from that salary and deposit it in the government portal.

In addition, the following employers are liable to make TDS on salary deduction:-

1. Individuals
2. Companies (Private or Public)
3. HUF (Hindu Undivided Family)
4. Trusts
5. Partnership firms
6. Co-operative societies

How to deposit TDS on salary in the government portal.

The steps to pay TDS through online mode on the government portal are as follows

Step 01:- Go to the TIN NSDL.com website:- https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp and choose e-payment for the TIN option

step 2:- After selecting it you will see an interface like this

Step 3:- So you select Challan NO/ITNS 281 and click to process.

Step 4:- After clicking on it you will directly enter to TDS Monthly Payment Portal.

Step 5:- Under this head,{ (Tax Applicable
(Tax Deducted/Collected At Source From)} you have to see the two options

• (0020) Company Deductees:- That is, if you are deducting the TDS of any company and depositing it, then this option has to be selected.
• (0021) Non-Company Deductees:- That is, if you are deducting the TDS of an individual or non-company and depositing it, then this option has to be selected.

Step 6:- Select Type of Payment.

• (200) TDS/TCS Payable by Taxpayer:- Select this option if you are depositing TDS for the first time

• (400) TDS/TCS Regular Assessment:- And if you want to make any kind of correction in your TDS report then select this option.

Step 7:- Nature of Payment

Select the nature of payment section 192 (TDS on salary)

Step 8:- Mode Of Payment

• Net-Banking:- Select it if you want to make online payment through net banking

•  Debit Card:- And if you want to make payment through offline mode then select it.

step 9:- Tax Deduction Account Number

Enter your company TAN number.

step 10:- Assessment Year

Choose your assessment year i.e. financial year is 2021-2022 then the assessment year will be 2022-2023.

Step 11:- Address

It is mandatory to enter your complete address along with state, district, and pin code.

Step 12:- Captcha Code

You can process this form only after entering the captcha code

Step 13:- Now you will get an option to confirm whatever you have filled while filling out this form.

Do scroll down and click I agree & submit to the bank

Step 14:- Now you have to choose your bank, the way you want to make the payment to the government.

Step 15:-Enter your user ID or password and proceed.

Step 16:- Now your bank’s gateway will open in front of you, in which you will have to enter the amount of tax, if there is any interest and penalty, then you will also have to enter it and after that, you will click on continue.

Last Step:- After this verification click on submit option and you will automatically move to the payment summary option And above you will get the message that your payment is made successful.

Note point*** Under section 206 AA If a payee does not furnish his PAN to the employer, the TDS rate shall be –

1. Rate as per respective section
2. Rate @20%

Whichever is higher

• Due Date for filing TDS returns

Note point**** TDS monthly payment always has to be made before 7th of the next month and if want to pay in offline mode then always before 6th of the next month

How to calculate TDS on salary?

According to the new slab rate

According to the old slab rate.

Example:- Ram’sannual salary is Rs 600000.

• Accourding to old slab rate

1. up to 250000 – NIL
2. Rs 250000 to 500000 – 5% (250000*5/100 = 12500) {(not allow tax rebate u/s 87A)}
3. 500000 to 1000000 – 20%(100000*20/100 = 20000)
4. More then 1000000 – NA

12500 + 20000 = 32500

32500/12 = 2708.333 P.M deposit

• According to new slab rate

1. up to 250000 – NIL
2. Rs 250001 to 500000 – 5% (250000*5/100 = 12500) {(not allow tax rebate u/s 87A)}
3. RS 5,00,001 TO RS 7,50,000 – 10%(100000*10/100 = 10000)

12500 + 10000 = 32500

32500 / 12 = 2708.333 P.M deposit

Thanks,

In view of the slowness of our MCA portal, our government has extended the date of some important forms.

Some compliance due dates of private limited and public limited companies have been extended and due dates of no other firms have been extended.

Thanks,