TAX DESTINATION

Hello Everyone! Welcome back. You must have heard that the income tax has launced mobile app AIS for taxpayer.  Annual Information Statement (AIS) is a comprehensive view of information for a taxpayer displayed in Form 26AS. Taxpayers can provide feedback on information displayed in AIS.  AIS shows both reported value and modified value (i.e. value after considering taxpayer feedback) under each section (i.e. TDS, SFT, Other information).  The objectives of AIS are: 1) Display complete information to the taxpayer with a facility to capture online feedback 2) Promote voluntary compliance and enable seamless prefilling of return 3) Deter non-compliance What is the Difference between AIS and Form 26AS? AIS is the extension of Form 26AS. Form 26AS displays details of property purchases, high-value investments, and TDS/TCS transactions carried out during the financial year. AIS additionally includes savings account interest, dividend, rent received, purchase and sale transaction

Hello Everyone! Welcome back. You must have heard that the income tax has launced mobile app AIS for taxpayer.  Annual Information Statement (AIS) is a comprehensive view of information for a taxpayer displayed in Form 26AS. Taxpayers can provide feedback on information displayed in AIS.  AIS shows both reported value and modified value (i.e. value after considering taxpayer feedback) under each section (i.e. TDS, SFT, Other information).  The objectives of AIS are: 1) Display complete information to the taxpayer with a facility to capture online feedback 2) Promote voluntary compliance and enable seamless prefilling of return 3) Deter non-compliance What is the Difference between AIS and Form 26AS? AIS is the extension of Form 26AS. Form 26AS displays details of property purchases, high-value investments, and TDS/TCS transactions carried out during the financial year. AIS additionally includes savings account interest, dividend, rent received, purchase and sale transaction

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 government has announced Marginal Relief for small taxpayer earning income above 7 lakh. The Marginal Relief will be available only to the people who are opting to pay tak under new tax regime. Let us look at the rate under new tax regime to understand it better. In the budget 2023, the tax structure in the new tax regime was made more attractive by reducing the number of slabs to five and increasing the tax exemption limit to 3 lakh. The new tax rates are: 0-3 lakh -    Nil                3-6 lakh -    5% 6-9 lakh -    10% 9-12 lakh -  15% 12-15 lakh-  20% Above 15 lakh- 30% Moreover in this budget there is no tax for those earning upto 7 lakhs. As rebate u/s 87A- Income rebate limit increased to Rs 7 lakh from Rs 5 lakh in new tax regime.  With the increase in rebate to 7lakh, there may arise a situation where the person earning more than 7 lakh has to pay higher tax than the additional income earned. The marginal relief will benefit the person who is earning more than 7 lakh. Le

The government has announced Marginal Relief for small taxpayer earning income above 7 lakh. The Marginal Relief will be available only to the people who are opting to pay tak under new tax regime. Let us look at the rate under new tax regime to understand it better. In the budget 2023, the tax structure in the new tax regime was made more attractive by reducing the number of slabs to five and increasing the tax exemption limit to 3 lakh. The new tax rates are: 0-3 lakh -    Nil                3-6 lakh -    5% 6-9 lakh -    10% 9-12 lakh -  15% 12-15 lakh-  20% Above 15 lakh- 30% Moreover in this budget there is no tax for those earning upto 7 lakhs. As rebate u/s 87A- Income rebate limit increased to Rs 7 lakh from Rs 5 lakh in new tax regime.  With the increase in rebate to 7lakh, there may arise a situation where the person earning more than 7 lakh has to pay higher tax than the additional income earned. The marginal relief will benefit the person who is earning more than 7 lakh. Le

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,