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These 5 new Income Tax rules are applicable from 01st April 2029
Filing of updated return
A new income tax provision has been passed to correct any errors or unreported income that resulted in the person paying less tax in the previous tax return. The revised return can be filed after the conclusion of the relevant assessment year but before the end of the two-year period.
TDS on perquisites to businesses (Section 194R)
A new TDS rule specifies that anybody who gives perquisites or benefits in lieu of the usual monetary consideration due to a resident for carrying on business or exercising a profession by such resident must deduct tax (TDS) before delivering such benefit or perquisite. The clause will take effect on July 1, 2022.
If the total value of the perk or benefit granted throughout the year exceeds Rs 20,000, the individual must deduct 10% TDS on the value of the perk or benefit. Individuals and HUFs, on the other hand, are not required to deduct TDS if their total business sales or gross income from the profession are less than Rs 1 crore or Rs 50 lakh respectively, throughout the year.
New rules on EPF interest
With effect from 1st April 2022, if an employee’s contribution to a provident fund account exceeds Rs 2.5 lakh during the fiscal year, the interest received on the excess contribution is taxable in the employee’s hands year after year. Currently, every amount contributed to an EPF account earns tax-free interest. Contact the best CA firm in Indore and Mumbai.
Tax on Crypto
In the Union Budget 2022, the government proposed a new provision for crypto currency taxation. Virtual digital assets include crypto currency and non-fungible tokens (NFTs). Anyone who transfers virtual digital assets is subject to a 30 percent tax on the profit earned plus cess and surcharges. There are no other costs that may be subtracted from such profit except the acquisition cost.
Furthermore, losses from crypto transfers cannot be offset against other sources of income to lower the tax burden, and such losses are not eligible for carrying forward to subsequent years. Further, losses from one class of crypto-asset cannot be offset by gains from another class of crypto-asset. In the hands of the receiver, gifts in the form of crypto currency are also taxable.
Tax Relief for Covid Treatment
Tax exemption has been offered to people who have received money for Covid medical treatment, according to a press release issued in June 2021. Similarly, money received by family members on the death of a person owing to Covid will be exempt up to Rs. 10 lakhs if the payment is received within 12 months of the death. This change will take effect retrospectively from April 1, 2020.
These are the 5 rules that you must consider while planning taxes for Financial Year 2022-23
Contact for tax consultation in Indore, Bhopal, Jabalpur, and Mumbai.
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GST Consultant in Mumbai | Paper Tax
We are a devoted team of professionals who provide GST Consulting Services and developing GST Advisory Solutions to help our customers become more productive and lucrative. By acknowledging the necessity of understanding your entire organisation, we at “GST Practitioner” go beyond typical accounting services.
GST Registration
Quick application submission; GSTIN issued in three days.
Filling out the GST Return
Regularly file your GST return, and do it before the deadline.
GST Annual Return
You can quickly file your GSTR-9.
Get GST Consulting Services in Mumbai – Call@+91 7354019196
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Return under the Income Tax Act that has been updated
Filing of an Up-to-Date Tax Return
Finally, with effect from April 1, 2022, the provision of filing an updated income tax return has been added to Income Tax. An assessed may now supply an updated return of income within two years of the end of the relevant assessment year, whether or not he has filed an income tax return (whether the original return, the belated return, or the revised return). For example, the revised return for AY 2022-23 (i.e. FY 2021-22) might be filed until March 31, 2025. In addition, for each assessment year, the revised return can only be submitted once. However, if the revised return is not filed, it will be rejected.
1) Results in a refund or increases the refund determined on a previously filed return;
2) Has the impact of reducing the tax liability established on a previously filed return;
3) Results in a refund or increases the refund determined on a previously filed return
Those who are unable to file an amended tax return
If a person was not eligible to file an updated return for the relevant assessment year and any year prior to that, he or she will not be eligible to file an updated return for the relevant assessment year and any year prior to that.
a) a search or survey has been initiated/conducted against him;
b) books of accounts/other documents/any assets have been requisitioned;
c) a notice has been issued to the effect that any asset seized or requisitioned in the case of any other person, belongs to him; or
d) a notice has been issued to the effect that any books of account or documents, seized or requisitioned in the case of any other.
Contact an income tax consultant in Indore, Mumbai, Bhopal and Jabalpur for more details.
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What are Payroll Taxes and How Do They Work?
The tax that is withheld, charged, or levied on an employer’s payroll is known as payroll tax. Wages, gross salaries, incentives, and any other type of remuneration paid to employees fall under this category.
This tax is imposed regardless of the employee’s place of residence, family status, or other personal circumstances. Employers are required to pay or withhold payroll taxes on behalf of their employees.
India’s economy is one of the world’s fastest expanding. In any economy rising at this rate, there are bound to be various emerging industries, technological and industrial developments, and multiple trends. This expansion necessitates company expansion, the recruiting of new personnel, and the management of a huge staff. However, in order to do so, India’s payroll taxes can rapidly become a problem.
Importance of Payroll Taxes in India
Accountability
You must understand your own taxes as a responsible citizen and ensure that they are paid on time. If you work for an employer, however, you are responsible for a portion of the employer payroll tax. Payroll taxes are deducted in India by the company’s accounting team or human resources department based on your declarations and investments. However, as a good citizen, you must pay professional taxes on your income on time in order to prevent penalties and trouble.
Penalties should be avoided at all costs.
Penalties are the most severe consequence of not reporting your taxes in India, thus employees make it their primary priority to pay their taxes. Employees must pay a variety of professional taxes, which may or may not be deducted at the source under TDS. In India, every person having a source of income is expected to pay professional taxes. Your tax bracket or tax responsibilities decide this. Failure to pay taxes might result in harsh fines. This has ramifications for your future work, credit score, and employer or other institution credibility.
Economic Repercussions
Last but not least, payroll taxes are critical for the country’s economic development. Every country survives and prospers because of this tax revenue. This money aids in the development of sectors and the improvement of public places. Any country’s well-being is reliant on taxpayers who contribute to the country according to their income brackets. This money is used to help with scientific breakthroughs and other aspects of the country’s development. Payroll taxes in India, on the whole, encourage national development and economic growth.
Conclusion:
Payroll taxes are a tool used to aid the business sector. They are employed to aid in the growth and development of the sector. Payroll (employee) taxes help firms work more efficiently in their early years of operation. These taxes can assist a corporation in relocating its headquarters from one location to another. Payroll Taxes help firms who want to grow their payroll but don’t want to take on the responsibility of paying payroll taxes. Contact Tax consultation in Indore, Bhopal, Jabalpur and Mumbai.
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GST Consultant in Mumbai | Paper Tax
We are a devoted team of professionals who provide GST Consulting Services and developing GST Advisory Solutions to help our customers become more productive and lucrative. By acknowledging the necessity of understanding your entire organisation, we at “GST Practitioner” go beyond typical accounting services.
GST Registration
Quick application submission; GSTIN issued in three days.
Filling out the GST Return
Regularly file your GST return, and do it before the deadline.
GST Annual Return
You can quickly file your GSTR-9.
Get GST Consulting Services in Mumbai – Call@+91 7354019196