TAX DESTINATION

Pension scheme refers to a type of investment option where you get a regular payment after a certain period of time. It ensure you get a amount at a fixed interval so that you can enjoy your retirement. One such scheme is National Pension System (NPS). NPS is a voluntary retirement savings scheme open for citizen of India. Who can open a NPS account under All Citizen Model ? A citizen of India, whether resident or non-resident, whose age is between 18 – 70 years can submit an application and comply with KYC norms prescribed to open a NPS account. Benefits of NPS Account: i) Low Cost:- NPS is considered to be the world’s lowest cost pension scheme. Administrative charges and fund management fee are also lowest. ii) Simple:- All applicant has to do is to open an account with any one of the POPs being run through all Head Posts Offices across india and get a Permanent Retirement Account Number(PRAN) iii) Flexible:- Applicant can choose his/her own investment option and Pension Fund or se

Pension scheme refers to a type of investment option where you get a regular payment after a certain period of time. It ensure you get a amount at a fixed interval so that you can enjoy your retirement. One such scheme is National Pension System (NPS). NPS is a voluntary retirement savings scheme open for citizen of India. Who can open a NPS account under All Citizen Model ? A citizen of India, whether resident or non-resident, whose age is between 18 – 70 years can submit an application and comply with KYC norms prescribed to open a NPS account. Benefits of NPS Account: i) Low Cost:- NPS is considered to be the world’s lowest cost pension scheme. Administrative charges and fund management fee are also lowest. ii) Simple:- All applicant has to do is to open an account with any one of the POPs being run through all Head Posts Offices across india and get a Permanent Retirement Account Number(PRAN) iii) Flexible:- Applicant can choose his/her own investment option and Pension Fund or se

The new Financial year is just around the corner while we are at the end of the Financial year 2022-2023. It is a crucial time for business owner, there are year end close activities that needs to be done. But worry not, we have summarized some of the important activities that needs to be checked at this time. Without further ado, let's get started- GST compliance : The company needs to ensure that all the inputs have been taken correctly and should reconcile the input with GSTR-2B form. If there are any discrepancies, it should inform the supplier so that necessary steps could be taken while filing the return.  The company should also check that the payment is made in respect of all purchases/expenses in which it has recorded GST input. As per the provisions of CGST Act, input has to be reversed if payment is not made for more than 180 days. The company has to pay tax liability along with interest on the same. So, to avoid the tax and interest, it should clear all the dues. Also,

The new Financial year is just around the corner while we are at the end of the Financial year 2022-2023. It is a crucial time for business owner, there are year end close activities that needs to be done. But worry not, we have summarized some of the important activities that needs to be checked at this time. Without further ado, let's get started- GST compliance : The company needs to ensure that all the inputs have been taken correctly and should reconcile the input with GSTR-2B form. If there are any discrepancies, it should inform the supplier so that necessary steps could be taken while filing the return.  The company should also check that the payment is made in respect of all purchases/expenses in which it has recorded GST input. As per the provisions of CGST Act, input has to be reversed if payment is not made for more than 180 days. The company has to pay tax liability along with interest on the same. So, to avoid the tax and interest, it should clear all the dues. Also,

Hello Everyone, Budget was announced yesterday. However, to understand the new rates and changes, we must have information about existing rates and limits. So in this article we will see what was existing law and what changes have come. Let's get started.  Presumptive Taxation   Micro enterprises with turnover up to 2 crore and certain professionals with turnover of up to 50 lakh can avail the benefit of presumptive taxation as per the current law. In the budget 2023, it is proposed to provide enhanced limits of 3 crore and 75 lakh respectively, to the tax payers whose cash receipts are no more than 5 per cent. Cooperation   New co-operatives that commence manufacturing activities till 31.3.2024 shall get the benefit of a lower tax rate of 15 per cent, as is presently available to new manufacturing companies. Start-Ups Extension of date of incorporation for eligible start up for exemption. Certain start-ups are eligible for some tax benefit if they are incorporated befo

Hello Everyone, Budget was announced yesterday. However, to understand the new rates and changes, we must have information about existing rates and limits. So in this article we will see what was existing law and what changes have come. Let's get started.  Presumptive Taxation   Micro enterprises with turnover up to 2 crore and certain professionals with turnover of up to 50 lakh can avail the benefit of presumptive taxation as per the current law. In the budget 2023, it is proposed to provide enhanced limits of 3 crore and 75 lakh respectively, to the tax payers whose cash receipts are no more than 5 per cent. Cooperation   New co-operatives that commence manufacturing activities till 31.3.2024 shall get the benefit of a lower tax rate of 15 per cent, as is presently available to new manufacturing companies. Start-Ups Extension of date of incorporation for eligible start up for exemption. Certain start-ups are eligible for some tax benefit if they are incorporated befo

Hello Everyone! Welcome back to Tax Destination. We are near the end of the Financial year 2023. So it is very important to do tax planning if you haven't done yet. This quarter is probably your last chance to save taxes for the financial year 2022-23. When we talk about tax saving, the first thing that comes in our mind is to avail various payment based deductions. So in this article we will talk about 80C deduction in detail. Who are eligible for 80C deduction Only an individual or a Hindu undivided family can avail the deduction available under 80C. This deduction is not available to companies, LLP, partnership firm and other person. Quantum of Deduction The maximum amount of deduction an Eligible person can claim is Rs 1,50,000. Section 80C can be claimed is Certain payments are made during the year. Let us discuss this payments. There are various payment in respect of which you can claim deduction under section 80C. For example, Life insurance premium, Sukanya Samriddhi yoj

Hello Everyone! Welcome back to Tax Destination. We are near the end of the Financial year 2023. So it is very important to do tax planning if you haven't done yet. This quarter is probably your last chance to save taxes for the financial year 2022-23. When we talk about tax saving, the first thing that comes in our mind is to avail various payment based deductions. So in this article we will talk about 80C deduction in detail. Who are eligible for 80C deduction Only an individual or a Hindu undivided family can avail the deduction available under 80C. This deduction is not available to companies, LLP, partnership firm and other person. Quantum of Deduction The maximum amount of deduction an Eligible person can claim is Rs 1,50,000. Section 80C can be claimed is Certain payments are made during the year. Let us discuss this payments. There are various payment in respect of which you can claim deduction under section 80C. For example, Life insurance premium, Sukanya Samriddhi yoj

I have Joined a company Last Year and got 2 Lacs Joining Bonus net of TDS subject to the condition that I must stay atleast one year from the Joining date. Owning to other unbearable circumstances I resigned from the company and have to refund full amount of Joining Bonus to my company.  How to claim Extra Tax Deducted from the income while filing ITR? As the payment received in last Year and refund  made in another Year, is it possible to set off in Current  AY?

I have Joined a company Last Year and got 2 Lacs Joining Bonus net of TDS subject to the condition that I must stay atleast one year from the Joining date. Owning to other unbearable circumstances I resigned from the company and have to refund full amount of Joining Bonus to my company.  How to claim Extra Tax Deducted from the income while filing ITR? As the payment received in last Year and refund  made in another Year, is it possible to set off in Current  AY?

If employees & directors of #company spent amount on Movie tickets & , #ipl2022   tickets and got the reimbursement amount from company, 01.Can company claim ITC or GST credit on same? 02. Can company claim it as expense under IT? 03.Is it taxable for employee in his personal IT?? Check out the query posted in our blog!! and share your views in comment section.

If employees & directors of #company spent amount on Movie tickets & , #ipl2022   tickets and got the reimbursement amount from company, 01.Can company claim ITC or GST credit on same? 02. Can company claim it as expense under IT? 03.Is it taxable for employee in his personal IT?? Check out the query posted in our blog!! and share your views in comment section.

Hello everyone!! Welcome back to the TAX DESTINATION Blog.  Many people earn a lot & spend a lot but fail in planning and saving finance. To assist you in planning & saving your finance we are giving you nine ways of planning & saving your finance.  Nine Personal Finance Rules we all should better know. 1) Rule of 72 (Double Your Money) 2) Rule of 70 (Inflation) 3) 4% Withdrawal Rule 4) 100 Minus Age Rule 5) 10, 5, 3 Rule 6) 50-30-20 Rule 7) 3X Emergency Rule 8) 40℅ EMI Rule 9) Life Insurance Rule Let's move ahead!!! 1) Rule of 72 No. of years required to double your money at a given rate, You just divide 72 by the interest rate Eg, if you want to know how long it will take to double your money at 8% interest, divide 72 by 8 and get 9 yrs At a 6% rate, it will take 12 yrs At a 9% rate, it will take 8 yrs 2) Rule of 70 Divide 70 by the current inflation rate to know how fast the value of your investment will get reduced to half its present value.  The inflation rate of 7

Hello everyone!! Welcome back to the TAX DESTINATION Blog.  Many people earn a lot & spend a lot but fail in planning and saving finance. To assist you in planning & saving your finance we are giving you nine ways of planning & saving your finance.  Nine Personal Finance Rules we all should better know. 1) Rule of 72 (Double Your Money) 2) Rule of 70 (Inflation) 3) 4% Withdrawal Rule 4) 100 Minus Age Rule 5) 10, 5, 3 Rule 6) 50-30-20 Rule 7) 3X Emergency Rule 8) 40℅ EMI Rule 9) Life Insurance Rule Let's move ahead!!! 1) Rule of 72 No. of years required to double your money at a given rate, You just divide 72 by the interest rate Eg, if you want to know how long it will take to double your money at 8% interest, divide 72 by 8 and get 9 yrs At a 6% rate, it will take 12 yrs At a 9% rate, it will take 8 yrs 2) Rule of 70 Divide 70 by the current inflation rate to know how fast the value of your investment will get reduced to half its present value.  The inflation rate of 7

Hello everyone!! Welcome back to the TAX DESTINATION blog. The Union Budget is the annual report of India as a country. It contains the details of the Government of India projected revenue & expenditure for the end of a particular Fiscal year which runs from April 1 to Mar 31. The rates & rules finalized in this budget will be applicable for the income earned during the upcoming Financial Year (April 22 to Mar 23) & Tax on the same has to be filed in AY relating to the FY ( AY 23-24) Finance Minister  Nirmala Sitharaman is set to announce the Union Budget 2022 on February 1 2022. This year will be Nirmala Sitharaman 4th Budget after 2019,2020,2021. Why government sets budgets every year? The two main reasons why Government sets a budget every year 01. The Government of India estimates the expected expenditures for developmental works in different sectors e.g. Industry, Manufacturing, Education, Health, Transport, etc. 02 . To meet the expenditures for the coming financial y

Hello everyone!! Welcome back to the TAX DESTINATION blog. The Union Budget is the annual report of India as a country. It contains the details of the Government of India projected revenue & expenditure for the end of a particular Fiscal year which runs from April 1 to Mar 31. The rates & rules finalized in this budget will be applicable for the income earned during the upcoming Financial Year (April 22 to Mar 23) & Tax on the same has to be filed in AY relating to the FY ( AY 23-24) Finance Minister  Nirmala Sitharaman is set to announce the Union Budget 2022 on February 1 2022. This year will be Nirmala Sitharaman 4th Budget after 2019,2020,2021. Why government sets budgets every year? The two main reasons why Government sets a budget every year 01. The Government of India estimates the expected expenditures for developmental works in different sectors e.g. Industry, Manufacturing, Education, Health, Transport, etc. 02 . To meet the expenditures for the coming financial y