aiattally-blog

[aiattally-blog]

Under Section 192 of the taxation Act, each leader who is paying a remuneration financial gain to his worker is needed to deduct TDS from the earnings financial gain if it exceeds the fundamental exemption limit.

Due to this mandate, each leader is tasked with deducting tax at supply (TDS) from {the worker |the worker}'s earnings before crediting constant to the employee. Since TDS deduction is mandatory, it's necessary to grasp the speed of such deduction and the way such deduction happens.

Here's everything you would like to grasp concerning however TDS on salaries work.

Rate of TDS on earnings financial gain

As per current revenue enhancement laws, there's no fixed rate of TDS deduction from earnings financial gain. the speed depends on the revenue enhancement slabs applicable on the rateable financial gain of the worker. The leader calculates the liabilities on the 'Average rate of financial gain Tax'.

In common person terms, average rate will be outlined because the total liabilities divided by total financial gain of associate worker. To make total liabilities for deducting tax on earnings, leader can take under consideration the tax-saving investments created by him. Here's however this average rate of revenue enhancement is calculated:

[aiattally-blog]

House rent allowance (HRA) is one in every of the most usually received allowances by the salaried category. If you are paying rent for accommodation to a landlord which can mean your parents also, then you are eligible to claim tax exemption for the rent paid.

In a departure from the previous year, this year ITR-1 is in sync with the Form-16 received by salaried persons from employers as a TDS certificate. Therefore, it is easier to claim the HRA exemption as you are required to copy the details from the Form-16 and paste it in ITR-1.

If you have forgotten to submit the documents such as rent agreement or rent receipts to your employer, then worry not, as you can still claim the tax-exemption benefit available on HRA while filing your income tax return (ITR).

However, remember in such a case you will be required to manually calculate the amount of HRA received by you which is exempted from tax.

As you have got not submitted the HRA documents to your employer, your Form-16 will show the HRA portion of your salary as fully taxable.This will mean that the taxable amount of your salary as shown in Form-16 will be higher than the calculations made by you.

[aiattally-blog]

ITR -1   Form is a simplified one-page form for individuals having income up to Rs 50 lakh from the following sources :

Income from Salary/Pension

Income from One House Property (excluding cases where loss is brought forward from previous years)

Income from Other Sources (excluding winning from Lottery and Income from Race Horses)

In the case of clubbed Income Tax Returns, where a spouse or a minor is included, this can be done only if their income is limited to the above specifications.

Who cannot file ITR 1 for AY 2019-20

An individual having income above Rs 50 lakh cannot use this form.

An individual who is either a director in a company and has held any unlisted equity shares at any time during the financial year cannot use this form.

Residents not ordinarily resident (RNOR) and non-residents cannot file returns using ITR -1

Also, Individuals who have earned income through the following means are not eligible to file form ITR 1

More than one House Property

Lottery, Racehorses, Legal Gambling etc.

Taxable capital gains (Short term and Long term)

Agricultural income exceeding Rs. 5,000

Business and Profession

Individual who is a Resident and has assets (including financial interest in any entity) outside India or signing authority in any account located outside India.

Individual claiming relief of foreign tax paid or double taxation relief under section 90/90A/91.

[aiattally-blog]

Form 16 is a certificate issued by an employer and it contains the information you need to prepare and file your income tax return.

Employers must issue it every year on or before 15 June of the next year, immediately after the financial year in which the tax is deducted. Form 16 has two components – Part A and Part B. In case you lose your Form 16, you can request for a duplicate from your employer. Part A of Form 16 An employer can generate and download this part of Form 16 through the TRACES (https://www.tdscpc.gov.in/app/login.xhtml) portal. Prior to issuing the certificate, the employer should authenticate its contents. It is important to note that if you change your job in one financial year, every employer will issue a separate Part A of Form 16, for the period of employment. Some of the components of Part A are: a. Name and address of the employer b.TAN & PAN of employer c. PAN of the employee d. Summary of tax deducted & deposited quarterly, which is certified by the employer Part B of Form 16 Part B of Form 16 is an annexure to Part A. If you change your job in one financial year, then it is for you to decide if you would want Part B of the Form from both the employers or from the last employer. Some of the components of Part B notified newly for the FY 2019-20 are: a. Detailed breakup of salary b. Detailed breakup of exempted allowances under section 10 c. Deductions allowed under the income tax act (under chapter VIA): Specific fields are notified for deductions mentioned belo   1. Deduction for life insurance premium paid, contribution to PPF etc., under section 80C 2. Deduction for contribution to pension funds under section 80CCC 3. Deduction for employee’s contribution to pension scheme under section 80CCD(1) 4. Deduction for taxpayer’s self contribution to notified pension scheme under section 80CCD(1B) 5. Deduction for employer’s contribution to pension scheme under section 80CCD(2) 6. Deduction for health insurance premium paid under section 80D 7. Deduction for interest paid on loan taken for higher education under section 80E 8. Deduction for donations made under section 80G 9. Deduction for interest income on savings account under section 80TTA d. Relief under section 89 Details required from Form 16 while filing your return With reference to the image below, here is where you will be able to locate certain information for filing your income tax return for FY 2018-19(AY 2019-20). 1. Allowances exempt under section 10 2. Breakup of deductions under Section 16 3. Taxable Salary 4. Income (or admissible loss) from house property reported by employee offered for TDS 5. Income under the head Other Sources offered for TDS 6. Breakup of Section 80C Deductions 7. Aggregate of Section 80C Deductions(Gross & Deductible Amount) 8. Tax Payable or Refund Due Additional information, which you will require from your Form 16 while filing your annual return are: a. TDS Deducted by Employer b. TAN of Employer c. PAN of Employer d. Name and Address of Employer e. Current Assessment Year f. Your (Taxpayer’s) Name and Address g. Your PAN 5 things to know about Form 16 1. Form 16 is a certificate issued by an employer, certifying that the TDS is deducted from the salary of the employee and deposited with the government. 2. The form’s Part A contains employer’s TAN, PAN of employer and employee, address, assessment year, employment period and summary of TDS deposited with government. 3. The Part B of Form 16 consists of salary break-up, details of deductions claimed, total taxable income and tax deducted from the salary. 4. The employer is required to issue Form 16 on or before 31 May of the assessment year. Besides, the employer issues Form 16 if there is a mid-year change of job. 5. Form 16 helps in filing IT returns, is used as proof of income, for loan assessment and sanctioning, attached along with visa application, etc.

[aiattally-blog]

The fourth tab within the online ITR-1 form is 'Tax Details'.This tab has the details of all the taxes that are deducted from your income in FY 2018-19. This tab comes after the third tab 'Computation of Income & Tax' where you have to fill in details of your income from salary, house property and other sources. Once you have filled in the income details and deductions that you are eligible to claim, then the tax payable by you will be automatically calculated.

The 'Tax Details' tab shows all the main points of the tax subtracted, collected, and deposited with the government against your Permanent Account Number (PAN).These details are automatically populated within the online ITR-1 from your kind 26AS by the e-filing website code.However, if you are filing ITR-1 using Excel or Java utility, then these details will not be auto-filled.

Form 26AS is your annual consolidated tax passbook containing details of all the tax that has been deposited against your PAN. It usually contains details of tax deducted by your employer, banks, and advance-tax and self-assessment taxes, if any, paid by you.You can transfer this statement from the TRACES web site.

While this section of ITR1 on the e-filing website auto-populates the taxes paid from Form 26AS, you must cross check each of these details with the relevant documents (TDS certificates, Form 16, 16A, tax challans etc) to ensure that there is no error. If you have provided the wrong PAN information to tax deductors (banks/employers), then taxes deducted will not be reflected in Form-26AS.

Let us have a look at the five heads that you should check:

1. Details of tax subtracted at supply (TDS) from wage (as per Form-16)

This schedule contains details of tax deducted by your employer from your salary. It shows TAN number, name of your employer (present and former), and employer wise break-up of the income chargeable under the head salary and TDS by each of them in FY 2018-19.You should match tax details in type 26AS with TDS certificates received by you.

If there is a mis-match in your tax details, you should bring it to the deductor's notice and get it corrected. "If there is a mis-match in your Form26AS and TDS certificate, you will not get credit of the tax deducted.You will enter these details manually within the schedule however keep in mind that the tax department can raise you concerning the small print of the diminution availed.

However, please note that the tax department will give you the credit of TDS as per Form 26AS only. In such a case, you need to contact your employer and need to get Form 26A rectified

2. Details of TDS from financial gain aside from wage (as per Form16A)

The second schedule under this tab contains details of TDS deducted from incomes other than salaries such as TDS from interest earned from fixed deposits, taxable bonds etc. If interest earned from fixed deposits (FDs) with a bank exceeds Rs 10,000 in FY 2018-19, then TDS would be deducted and it would be reflected in this schedule. Similarly, interest earned from different sources like bonds of NBFCs is subject to TDS if it exceeds the specified limits. For senior citizens, TDS from interest incomes will be deducted if it exceeds Rs 50,000 in a financial year.

3. Details of TDS (as per Form 26QC furnished by the deductor)

In FY 2018-19, if you have received monthly rent of Rs 50,000 or above, then the payer (your tenant) should have deducted TDS.These TDS details would be reflected in schedule three of 'Tax Details'.You should raise your tenant to supply kind 16C for the small print of TDS and match these with the number reflective beneath this head.

4. Details of tax collected at source (TCS) (as per Form 27D issued by the collector)

This schedule contains the main points of the tax collected by the vendor."Tax is collected at source (TCS) if you have bought any old or new motor vehicle whose value exceeds Rs 10 lakh.The seller can collect tax at the rate of one % of the number paid by you to shop for that automobile.The seller would have issued you form 27D for the tax collected from you and deposited against your PAN.This will reflect in your Form 26AS online.

Therefore, if you have bought a motor vehicle in FY 2018-19, whose value exceeded Rs 10 lakh, then make sure this schedule is reflecting the correct details.

5. Details of advance tax and self- assessment tax

The last schedule in this tab will show the details of advance tax and self-assessment tax paid by you. These details are auto-picked from your Form-26AS and auto-filled in the schedule. It is advisable to check these with the details of the challan of the tax paid to ensure there is no mis-match.

[aiattally-blog]

The I-T branch provides seven extraordinary paperwork for filing and one for verification of income tax return (ITR).

The income Tax department has notified bureaucracy for assessees to apply for submitting the returns for financial year 2018-19 (evaluation yr 2019-20). meant for individuals and groups, the I-T department presents seven exceptional bureaucracy for submitting of profits tax go back, and one for verification of income tax go back. even as there was no exchange in ITR-1 or -Sahaj-, intended for the salaried assessees, some sections in ITR forms 2, 3, 5, 6 and 7 have been rationalised for the evaluation yr 2019-20, say tax specialists.

Right here are 10 matters to realize about the newly-notified ITR bureaucracy for evaluation year 2019-20:

1.The forms for filing of income tax return are known as ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7. These forms now require new details to be filled in by the taxpayers..

2.As the new notification, form ITR-1, additionally referred to as Sahaj, can not be used for an character who is director of business enterprise, has investment in unlisted fairness stocks or has earnings on which TDS (Tax Deducted At source) has been deducted in any other person's palms. form ITR 1 is supposed for individuals having a total profits of as much as Rs. 50 lakh, having income from salaries, one house belongings, other sources (including hobby), and agricultural income as much as Rs. 5,000.

3.in step with Amit Maheshwari, associate, Ashok Maheshwary & buddies LLP, the amended paperwork are seeking complete info regarding unlisted fairness shares keeping.

4.These forms expand the scope of details of foreign assets and income from any source outside the country. Details such as foreign depository accounts and foreign custodial accounts need to be included now.

5."In case of person assessees, the forms are looking for tricky info with regard to their residential fame and directorship info," said Mr Maheshwari.

6.The paperwork also are seeking bifurcation between donation in coins and other mode for section 80G deduction purposes.

7.As according to the modern day rule, assesses who're required to record ITR-three and ITR-6 (groups) may also have to reveal statistics concerning turnover/gross receipts said for goods and offerings Tax. closing year, it was relevant best for the ones assessees filing ITR-4.

8.at the same time as ITR-3 is needed to be filed by using people and Hindu Undivided households (HUFs) having income from income and gains of enterprise or career, ITR-6 is meant for the groups aside from the ones claiming exemption under phase eleven of the profits Tax Act

9.ITR-6 (for agencies) now additionally inserts new schedules for shareholding of begin-ups , shareholding of unlisted organisation, require vast detailing within the new belongings -liabilities agenda.

10.ITR-4, additionally called Sugam, is supposed for people, HUFs and companies (aside from constrained legal responsibility partnership) having a total earnings of up to Rs. 50 lakh and having presumptive profits from enterprise and career.

[aiattally-blog]

Registration on the e-way bill portal is compulsory to generate the e-Way Bills.

Prerequisites for the registration on e-Way Bill portal: GSTIN of the registered taxpayer/ transporter, if registered Registered Mobile number with the GST system 1. For taxpayers/registered transporters Here is the step-by-step process for registration on the e-Way Bill portal by taxpayers/registered transporters: Step-1: Visit the e-Way Bill portal. Note: Close the login pop-up if it appears on visiting the portal. After checking the auto-filled details, Click on ‘Send OTP’ button. Enter the OTP received on the registered mobile number and verify the same by clicking on the ‘verify OTP’ button.

Step-5: Create a new User ID and Password

Enter the new User ID and set a password of your choice.

The system validates and pops up a message if there is an error in the details entered by you.

Once all the details are correctly filled, User ID and password will be created.  (Check for tips)

2. For GST unregistered transporters

When is e-Way Bill registration required for unregistered transporters?

A Transporter is required to generate e- Way Bill if the Value of consignment value of goods of a single supplier exceeds Rs 50,000/-  or the  Value of all the goods in a vehicle through which goods are transported exceeds Rs 50,000/-

What is transporter ID?

Even if a transporter is unregistered, but the value of goods exceeds the above limit, the transporter has to generate e-Way Bills. Since he will not have a GSTIN, the concept of Transporter ID had been introduced.

Every unregistered transporter will be issued a Transporter ID, they will have to mention this ID on every e-Way Bill in place of GSTIN.

The Step-by-Step process to enrol on EWB portal has been explained in our article on Compliance with e-Way Bills by transporters.

By doing enrolment on e-Way Bill portal, the transporter gets a unique Transporter ID and a unique Username to operate on the e-Way Bill portal.

3. Action when goods received from an Unregistered Supplier

When goods are received from an unregistered supplier by a registered receiver, the receiver of goods has to comply to all the procedures of generating an e-Way Bill as if he is the actual supplier of those goods.

Hence, the receiver will have to generate an e-Way Bill.

Tips to set User ID/username and password:

a) User ID must have the following:

-8 characters but not exceeding 15 characters

-alphabets (A-Z/az), numerals (0-9) and special characters (@, #, $, %, &, *, ^)

b) The password should be at least 8 characters

c) Keep your Username and Password securely.

Henceforth, Use these credentials to logging into the e-way bill portal.

[aiattally-blog]

For the salaried, Form 16 is a basic document used for filing their income tax returns (ITR). Filing one's ITR without Form 16 seems almost impossible for most salaried individuals. However, there could be times when you do not get Form 16 for the year. It could be because your employer is closing his business or maybe you have changed jobs during the year without completing proper exit formalities. Now, even if you don't have Form 16, there are several documents you can use as reference to file your return.

[aiattally-blog]

1. What is TDS?

Tax deducted at source (TDS) is one in all the ways that to gather tax supported sure percentages on the amount collectable by the receiver on goods/services. The collected tax could be a revenue for the government. 2. Who can be liable to deduct TDS under GST law? A department or an establishment of the Central Government or State Government; or Local authority; or Governmental agencies; or Such persons or category of persons as may be notified by the Government. As per the most recent Notification dated 13th Sep 2018, the following entities also need to deduct TDS- An authority or a board or any other body which has been set up by Parliament or a State Legislature or by a government, with 51% equity ( control) owned by the government. A society established by the Central or any State Government or a Local Authority and the society is registered under the Societies Registration Act, 1860.3.Public sector undertakings. 3. Once can the liability to deduct TDS be attracted? What is the rate of TDS? TDS is to be deducted at the speed of two % on payments created to the provider of taxable goods and/or services, where the total value of such supply, under an individual contract, exceeds two lakh fifty thousand rupees. No deduction of Tax is needed once the situation of provider and place of offer is totally different from the State of the registration of the recipient. 4. What are the registration requirements for TDS deductors? A person who is prone to deduct TDS has got to mandatorily register and there's no threshold limit for this. The registration below GST will be obtained while not PAN and by exploitation the present write-off and assortment Account variety (TAN) issued below the taxation Act. Thus it will be aforementioned having TAN is obligatory. 5. Once and to whom ought to the TDS be paidTDS shall be paid inside ten days from the tip of the month within which tax is subtracted. The payment shall be created to the acceptable government that means: The Central Government in case of the IGST and the CGST The State government in case of the SGST 6. What square measure the provisions regarding the difficulty of TDS certificates below the GST law? As in taxation Law, here also the person deducting tax has to issue the TDS certificate in form GSTR-7A to the concerned person within 5 days of depositing the tax to the government. Failure to try and do therefore can create the person prone to pay a late fee of Rs. 100 per day up to a most of Rs. 5000. 7. However can the worth of offer on that TDS shall be subtracted be considered? For purpose of deduction of TDS, the value of supply is to be taken as the amount excluding the tax indicated on the invoice. This means TDS shall not be subtracted on the CGST, SGST or IGST component of invoice. For Example provider A makes a offer price Rs. 5000 to B. The rate of GST is 18%. When B pays A, He/She will pay Rs. 5000 (worth of Supply) + Rs 900 (GST) to A and Rs. 100 (RS. 5000*2%) as TDS to the government. So it can be said that TDS is not deducted on the tax element (GST) of a transaction. 8. That type is needed to file the TDS return? The person deducting tax is required to file a TDS return in form GSTR-7 within 10 days from the end of the month. When GSTIN of the unregistered supplier is not available, their name can be mentioned. The strength of the system reflects these filled-in details within the electronic ledger of the provider. 9. What's the good thing about TDS to the deductee (Supplier)? As expressed on top of, there will an automatic reflection in the electronic ledger of the deductee (supplier) once the deductor files his/her returns. The deductee will claim credit in his electronic money ledger of this tax subtracted and use it for payments of alternative taxes. 10. However is Refund of TDS possible below GST? If any excess quantity is subtracted and paid to the govt., a refund can be claimed as this is not the tax amount that the government has a right on. However, if the deducted quantity is already additional to the electronic money ledger of the provider, the number therefore additional can not be came as a refund by the deductor.

Deductee can claim a refund of tax subject to refund provisions of the act

[aiattally-blog]

What is GSTR 3B?

GSTR-3B could be a monthly self-declaration that needs to be filed a registered dealer from July 2019 until March 2020. Points to Note: You want to file a separate GSTR-3B for every GSTIN you have got Liabilities of GSTR-3B should be paid by the last date of filing GSTR-3B for that month GSTR-3B can not be revised Who ought to file GSTR 3B?

Every person World Health Organization has registered for GST should file the come GSTR-3B as well as nill returns. However, the subsequent registrants don't got to file GSTR-3B Input Service Distributors & Composition Dealers Suppliers of OIDAR Non-resident assessable person Late Fee & Penalty Filing GSTR-3B is necessary even for nill returns. Late Fee for filing GSTR-3B once the maturity is as follows: Reconciliation of GSTR-1 with GSTR-3B is required to:

Rs. fifty per day of delay recognize if any invoice is passed over or duplicated Rs. twenty per day of delay for taxpayers having zilch liabilities for the month Interest @ eighteen every year is collectable on the number of outstanding tax to be paid. Late fee for July, August, and Sep has been waived GSTR-3B could be a monthly come. All regular taxpayers have to be compelled to file this come until March 2019. you'll be able to file your come on GST Portal.

There area unit some inconveniences whereas filing from GST Portal:

•             Copy paste of values isn't allowed.

•             Chances of error area unit exaggerated as manual entry of values needs to be created.

•             GST liability is calculated once submitting the come.

Here is however you manually file your GSTR-3B exploitation Tally-

Step one – move to entree of Tally > show > Statutory Reports > GST > GSTR-3B.

Step a pair of – This report is within the same format as GSTR-3B within the GST Portal. Take a print out of the report.

Here is however you'll be able to print the report –

Press Ctrl+P to print the GSTR-3B report. In the Print Report screen, press Enter. The report is formed within the word format. Press Ctrl+S to save lots of the word file. Note: check that that MS Word is put in on your laptop or use Google Docs

Step 3 – Go to GST Portal and fill in all the details manually. To know how to file GSTR-3B on GST Portal check out our guide.

Step 4 – Submit your return, pay taxes (if any) and file your GSTR-3B.

Here is a step-by-step guide to filing GSTR-3B on GST Portal:

Step 1 – Login to GST Portal.

Step 2 – Go to ‘Services’ > ‘Returns’ > ‘Returns Dashboard’.

[aiattally-blog]

What is GSTR-1?

GSTR-1 could be a monthly or quarterly return that should be filed by every registered dealer. It contains details of all outward provides i.e sales. The return has a total of 13 sections. Who should file GSTR-1? Every registered person is required to file GSTR-1 irrespective of whether there are any transactions during the month or not. The following registered persons are exempt from filing the return:

Input Service Distributors Composition Dealers Suppliers of online information and database access or retrieval services (OIDAR), who have to pay tax themselves (as per Section 14 of the IGST Act) Non-resident taxable person Taxpayer liable to collect TCS Taxpayer liable to deduct TDS How to revise GSTR-1?

Return once filed cannot be revised. Any mistake made in the return can be rectified in the next periods (month/quarter) return. It means that if a mistake is made in September GSTR-1, rectification for the same can be made in October’s GSTR-1. Late Fees and PenaltLate Fees for not filing GSTR-1 is Rs. 200 per day of delay (Rs. 100 as per CGST Act and Rs. 100 as per SGST Act. The late fees will be charged from the date after the due date. Latest Update: The late fees have been reduced to Rs. 50 per day and Rs 20 per day (for nil return) How to File Nil GSTR 1 Return on GST PortalShould a dealer with Zero sales file GSTR 1?

A dealer has to file GSTR 1 even if he has no business activity in a month i.e. no sales in a monthIn case of no outward supplies, a dealer has to file a Nil GSTR 1 How to file Nil GSTR 1?

Here is a step-by-step guide on how to file Nil GSTR 1 on GST Portal –

[aiattally-blog]

The last step in filing your taxation come (ITR) is to verify it. If you have got filed your ITR however haven't verified it, then the come won't be thought-about valid in keeping with taxation laws.

Once you have got uploaded your ITR on the e-filing web site, you get a hundred and twenty days to verify your come. There ar 6 ways that to verify your taxation come. Out of those, 5 ar electronic ways and one may be a physical technique. These ways are often used provided that you're filing tax returns that aren't needed to be audited, i.e., sometimes ITR-1, ITR-2 and ITR-4 for FY 2018-19. However, if you're filing your tax returns that are needed to be audited, then you have got to verify it victimization the Digital Signature Certificate.

[aiattally-blog]

July 31 is the last date to file your income tax return (ITR) for FY 2018-19. By filing your ITR on time, along with certain benefits such as carry forward of losses, you will also avoid paying late filing fees. If you file your ITR when the point in time you may need to pay late filing fees of up to Rs 10000.

Now, everybody should file ITRs digitally apart from super senior voters (i.e., aged 80 years and above) who are allowed to file their ITR in paper format.

To file ITR electronically, one must be registered on the e-filing website of the income tax department.To file your revenue enhancement come (ITR), you have to register yourself on the tax department's e-filing website. The process of registration is sort of simple and easy. You must keep your PAN card handy to enter the small print pro re nata on the registration portal.

Also, whereas registering yourself on the portal you may be needed to produce your mobile range and email address that is obligatory.

Follow the steps below to register yourself:

STEP 1 :- Visit www.incometaxindia.gov.in. Click on 'Register Yourself'.

STEP 2 :- Select the user type: Individual from the list of options available. Click on 'Continue'. Apart from Individuals, only these users can register themselves on the e-filing website: i) Hindu Undivided Family (HUF), ii) Other than Individual/HUF, iii) External Agency, iv) Chartered Accountants, v) Tax Deductor and Collector and vi) Third Party Software Utility Developer.

STEP 3 :- Enter your required details with asterisk mark: PAN, Surname, Middle Name, First Name, date of birth (as mentioned on PAN), residential status. Click on 'Submit'. Here one must remember that fields marked with asterisk sign are mandatory to be filled.

STEP 4 :- Next, you will be required to fill in other details such as password, mobile number, landline number, email ID and address. Ensure that you have filled this information correctly. The income tax department will be using your contact details to send you sms/mails etc. Apart from this, you will be required to choose two secret questions which will be used in case you want to reset the password of your account. Keep these questions and the answers to them safe. Click on continue once all the registration form.

STEP 5 :-  You will be required to verify your registration to complete the process. A one-time password (OTP) will be sent to your mobile number and a verification link will be sent to your email address. Enter the OTP received and click on the link received to successfully register yourself on the e-filing website.

Once you have got with success registered yourself, you can now login to your account on the income tax website.Your PAN will be your user ID to login to your account.You will got to enter your password and captcha to log-in to your account.

[aiattally-blog]

If the individual or entity makes a class A offence on more than 3 occasions then it'll not be generally combined.

The revised guidelines issued by the income tax (I-T) department have made serious offences under the black money and benami laws generally non-compoundable. It means a private or associate entity wouldn't be able to go away by simply paying the tax demand, penalty and interest. The new tips can kick in from Gregorian calendar month seventeen. it'll be applicable to any or all cases for combining received on or once this date.

The Central Board of Direct Taxes (CBDT) has directed its senior officers to flow into the revised tips for compliance. It conjointly listed thirteen cases wherever offences aren't to be typically combined.

The offences are classified in 2 classes. A includes failure to pay tax subtracted at supply beneath Chapter XVII-B, tax collectible beneath Section 115-0, or failure to pay the tax collected at supply.

Group B includes offences of wilful plan to evade tax, untruth in verification and failure to provide accounts and documents.

The first class offences ar hospitable combining whereas the remainder are not. However, if the individual or entity makes a class A offence on quite 3 occasions then it'll not be typically combined.

The revised tips conjointly dictate that any offence that has any relating any offence beneath the Black cash and Imposition of Tax Act, 2015 won't be typically combined. to boot, any offence beneath the Benami Transactions (Prohibition) Act, 1988 wouldn't benefit combining.

Moreover, any case at any stage as well as enquiry or filing of FIR, beneath investigation by the social control board, CBI, Lokpal, Lokayukta and the other central or state agency aren't to be usually combined.

CBDT said, "Notwithstanding something contained in these tips, the minister of finance could relax restrictions in Para eight.1 for combining of associate offence in an exceedingly meriting case, on thought of a report from the Board on the petition of associate human."

[aiattally-blog]

============

Did you know that the last date to file an income tax return (ITR) varies for different categories of taxpayers ?For individuals, Hindu Undivided Families (HUF) and

those taxpayers whose accounts are not required to be audited, the last date of filing ITR for the financial year (FY) 2018-19is July 31, 2019.

For other categories such as companies and working partners of a firm, the deadline of July 31 does not apply.

Deadlines for various categories of taxpayers area unit as follows:

Status of taxpayer Due date

Status of taxpayer

Due date

All individuals/assessees whose accounts are not required to be audited (individuals, HUFs, Association of Persons, Body of Individuals etc.)

July 31 of the relevant assessment year

Following persons whose accounts are required to be audited

A company An individual or other entities whose accounts are required to be audited (like proprietorship, firm etc.) A working partner of a firm September 30 of the relevant assessment year

An assessee who is required to furnish report under section 92E*

November 30 of the relevant assessment year

A report under section 92E is submitted when a taxpayer has undertaken international transactions during the relevant financial year. Source: Tax2win.in.

Assessment year (AY) refers to the year following the yr in which income earned by you is assessed.This is the year in which you file your ITR for the financial year

gone by. For instance, for the financial year 2018-19, the AY is 2019-20.

What happens if you miss this deadline?

For individuals, even if you miss the ITR filing deadline of July 31, 2019, you can still file your return. It is will be termed as belated ITR. The last date to file

late ITR for FY 2018-19 is March 31, 2020.

If you miss this deadline as well, then you will not be able to file ITR unless you receive a notice from the tax department to do so.

Though you have the option to file late ITR till March 31, you should avoid filing it this late.This is because late filing fees will be levied for if ITR is filed

after July 31 and any time before March 31.

Penalty on late filing of ITR

Penalty for filing ITR post the deadline was announced in Budget 2017 and came into effect from the AY 2018-19, for the tax returns filed for FY 2017-18. Prior to

this, it was the sole discretion of the assessing officer to levy penalty if the individual failed to file his/her tax return before the end of the relevant assessment

year.

Section 234F was introduced within the income tax Act that created late filing mandatory.

The late filing fee structure is as follows:

Date of filing ITR

Amount (Rs)

After July 31 but on or before December 31

5,000

Between January 1 and March 31

10,000

For small taxpayers whose total income does not exceed Rs five lakh, the maximum late fee amount will not exceed Rs 1,000 irrespective of when it is filed, i.e.,

before March 31.

Do remember that if a human gross total income doesn't exceed the essential exemption limit, then he/she will not be liable to pay late filing fees if he/she files

belated ITR.As per this tax laws, the essential exemption limit is as follows:

Age of resident individual

Basic Exemption limit (Rs)

Below 60 years

2, 50,000

60 years or more but below 80 years (senior citizen)

3,00,000

80 years and above

5,00,000

However, there is a catch on the non-levy of late filing fees on belated ITR in the above case. If a resident individual has income from foreign assets and he files

belated ITR, then the late filing fee will be levied even if gross to

[aiattally-blog]

In its first meeting under new Finance Minister Nirmala Sitharaman, the GST Council has extended the deadline for filing annual returns by two months. The all-powerful council decided to extend the deadline to file forms GSTR-9, GSTR-9A and GSTR-9C till August 30, 2019. The earlier deadline to file these returns was June 30, 2019.

"We had received several representations from trades and businesses that they need some more time because this is the first time they will be filing the (annual) returns. So, considering their difficulties, the GST Council has extended the date by two more months. Now the annual returns will be filed by August 30, 2019,"

The annual returns in Form GSTR-9 and the reconciliation statement in Form GSTR-9C are filed by normal taxpayers, where composition taxpayers file their returns via Form GSTR-9A. The proposal presented before the GST Council called for extending the deadline in a staggered manner for different classifications of taxpayers, but the council agreed to a single date for all of them.

During its meeting, the GST Council also decided to introduce a new return system with a single return form for every month. To this end, the Form GSTR-3B will be discontinued in a phased manner. The council has decided to introduce forms GST ANX-1 and GST ANX-2 along with GST RET-01 and GST PMT-08 to help with the transition. The new single GST return form will be implemented for all by January 1, 2020.

The GST Council also gave its in-principle approval to develop an e-invoicing portal to upload invoices and e-way bills under the GST system

The GST Council also decided to extend the deadline to furnish the declaration in Form GST ITC-04, relating to job work till August 31, 2019, in order "to provide sufficient time to the trade and industry".

The Council also decided to block e-way bills of taxpayers who have failed to file their tax returns for two consecutive tax periods. The decision will be brought to effect from August 21, 2019 under Rule 138E of the CGST rules.

[aiattally-blog]

The government has notified the new income tax return (ITR) forms for FY2018-19.But before you sit to file your return, there is one thing you need to ensure - pick the right form. If you file your come exploitation the incorrect type, then it will be considered defective.

The basic ITR type for many salaried folks is ITR-1. The new ITR-1 type is applicable for salaried people with total income up to Rs 50 lakh from earnings, one house property, and other sources such as interest income, etc. But did you know that not all resident salaried individuals are eligible to file ITR 1? That is right.

There are sure things where ITR-1 will not be applicable to salaried individuals for the financial year 2018-19 or assessment year 2019-20.

Here are those scenarios.

1. If your total income is over Rs 50 lakh;

2. If any income arises from more than one house property;

3. If your agricultural financial gain exceeds Rs five,000 per year;

4. If you are a director of a company;

5. If you have control any unlisted equity shares at any time during the financial year;

6. If you want to claim a deduction against "income from different sources" (other than family pension).

This can include the activity of owning and maintaining race horses, or winning a lottery;

7. If any resident and ordinarily resident of India has assets (including financial interest in any entity) outside India or signing authority in any account located outside India. Basically, having income from any source outside India.

8. If you have received dividend financial gain taxable at special rates (example extraordinary Rs ten hundred thousand each year from Indian companies);

9. If you've got received financial gain from capital gains (short-term and long-term);

10. If you've got claimed relief of foreign tax paid or double taxation relief below section ninety and/or section 91;

11. If you've got attained financial gain below the pinnacle business and profession;

12. Residents not ordinarily residents and non-residents cannot file returns using ITR -1.

What should individuals do in such a scenario?

A resident salaried individual with financial gain solely from earnings but Rs fifty hundred thousand a year are eligible to file ITR -1. However, if the salaried individual, to boot received financial gain from any capital gains and/or has received financial gain from agricultural sources, then he/she is not eligible to file ITR-1 for FY 2018-19. Instead, these salaried people have to be compelled to file victimization another ITR type.

Suppose, if you're a salaried individual and have further financial gain solely from agricultural sources that is over Rs 5,000 throughout the fiscal year 2018-19 then, in such a case, you would like to file ITR-2 rather than ITR-1.However, the person would need to meet different eligibility conditions of filing ITR-2.

If you've got created capital gains throughout the year, you must use ITR-2.Those who have financial gain from over one house property also will need to use ITR-2.And if you've got created any style of business financial gain, then you should use ITR-3."However, in any condition, you cannot file two ITR forms.

Points to note:

You must understand that the last date of filing income tax return for the fiscal year 2018-19 is July 31, 2019.This date is applicable for individuals, Hindu Undivided Families, and those individual taxpayers whose accounts are not required to be audited.

However, if you miss the last date of filing ITR, then you can file belated ITR for FY 2018-19, the deadline for which is March 31, 2020. Do note that if you file a late come, then you will need to pay a penalty for late filing.