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2022

Income tax in India is levied on the basis of a slab system in case of Individual and HUF. Slab system means different tax rates are prescribed for different ranges of income. It means the tax rates keep increasing with an increase in the income of the taxpayer. This type of taxation enables progressive and fair tax systems in the country. These slab rates are different for different categories of taxpayers. In case of other type of tax payers flat tax rate is applicable on the total income. However, applicability of slab and rate of tax may differ depends on the type of person. Finance Minister has kept the income-tax rates unchanged with minute changes in surcharge rates.

 

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2022

A Brief Note on Annual Information statement

Income Tax Department has rolled out the new Annual Information Statement (AIS) on the Compliance Portal which provides a comprehensive view of information to a taxpayer with a facility to capture online feedback. The new AIS can be accessed by clicking on the link “Annual Information Statement (AIS)” under the “Services” tab on the new Income tax e-filing portal (https://www.incometax.gov.in) The display of Form 26AS on TRACES portal will also continue in parallel till the new AIS is validated and completely operational.

The new AIS includes additional information relating to interest, dividend, securities transactions, mutual fund transactions, foreign remittance information etc. The reported information has been processed to remove duplicate information. Taxpayer will be able to download AIS information in PDF, JSON, CSV formats.

2022

 Provisions of TDS on Income earned by Non Residents in India Blog Post

TDS on Payments to Non-Residents [Section 195]:

Applicability of the Section:

  • Section 195 of the Income Tax Act, 1961 lays down provisions for tax deductions from payments made to Non-Resident Indians (NRIs).
  • This section focuses on tax rates and deductions on daily business transactions with a non-resident.
  • Any amount generated through these business transactions is chargeable under Income Tax Act, 1961. Such amount may or may not be income or profits. The certificate for remittance is compulsory.

2022

Electronic Ledgers under GST Blog Post

E-Ledger is an electronic form of passbook for GST. Under the Goods and Services Tax, the taxpayers can maintain electronic ledgers. These e-ledgers are available to all GST registrants when they login to GST Portal. Whenever a taxpayer undertakes an activity related to these electronic ledgers, the concerned ledger then gets updated in real-time. Also, the details in the electronic ledgers get auto-populated from previous returns that were filed.

In simple words, the electronic ledger is an e-passbook for GST maintained in the GST portal. A registered taxpayer has 3 different electronic ledgers under GST. It is created during the GST registration process. Following are the details of the e-ledgers: 

2022

TDS on Cash Withdrawalu s 194N

Keeping in mind the blueprint of the cashless economy, the BJP-led government is frequently introducing reforms in the laws to achieve the goal. Starting with demonetization, the government has come up with new laws in the constitution which fulfill the purpose of the cashless economy in the nation. Section 194N recently invited in the constitution is yet another move towards promoting digital payments and eradicating cash transactions. The section concentrates on imposing TDS on cash withdrawal exceeding certain threshold limits.

The section serves the objective of eliminating large cash withdrawals from bank accounts and phasing out black money from India. Mentioned below is the detailed scrutiny of the section to give you an idea of its functionality.

2022

All you need to know about Form 15G 15H Blog Post

Fixed Deposits with Banks and Post office are often preferred investment option for many. Especially, this instrument is most popular among senior citizens and a large chunk of middle class people in India. Banks deduct TDS on interest income when the limit crosses the threshold of ₹40,000 in a financial year under Section 194A of the Income Tax Act. The amount is set at ₹50,000 for senior citizens. However, if you an Individual taxpayer with total income below the tax limit you can prevent banks from deducting TDS on interest by submitting Form 15G or Form 15H. Here, the availability of two forms often confuses individuals as to which one is applicable to them. That is why a comprehensive knowledge regarding the difference between 15G and 15H is essential to help individuals choose the right form. 

Financial Management