Technical Taxation Solution

To complete the income tax returns (ITR) filing process, an individual is required to verify the return filed by him. The return must be verified within 120 days of filing. Verification can be done digitally (using Aadhaar, one-time password etc.) or by sending the physical copy of ITR-V to the Central Processing Centre, Bengaluru, of the income tax department. An ITR filed but not verified is treated as an invalid return by the income tax department. An invalid return would mean that you have not filed the ITR for a particular assessment year. In that case, you would be required to file the ITR again as belated return because your original one is treated as invalid. However, in case there was genuine hardship faced by you due to which you could not verify your ITR on time, then there is a way which can save you from the hassle of filing your return again. An individual can file a condonation delay request (or accepting and giving reasons explaining why one hasn't verified ...

Tax filing tips Keep in mind these four points while filing your income tax returns (ITR) this year Don't worry if you missed the deadline If you have missed the filing deadline of July 31, you can still file a belated return within a year. For example, belated return for the financial year (FY) 2017-18 can be filed by March 31, 2019. Make sure you file your returns Yes, your employer deducts TDS from your salary and even issues Form 16 but this does not mean it absolves you of your responsibility to file your I-T return. Interest income Interest earned in your saving bank account is taxable if the aggregate interest from all such accounts is more than Rs 10,000. If the interest earned is less than Rs 10,000, you will still have to report this in your ITR. If you are a senior citizen, interest up to Rs 50,000 is not taxable from FY 2018-19. TDS on rent paid Tenants who pay rent of over Rs 50,000 a month must deduct TDS at 5 percent. But your landlord will get...

Tax filing tips Keep in mind these four points while filing your income tax returns (ITR) this year.

NEW DELHI/MUMBAI: The Punjab National Bank branch in south Mumbai sits just down the road from both the Bombay Stock Exchange and the Reserve Bank of India, at a physical centre of one of the world's fastest growing major economies. The branch, clad in a stately colonial edifice, is now also at the heart of a fraud case linked to billionaire jeweller Nirav Modi that has shaken confidence in a state banking sector that accounts for some 70 percent of India's banking assets. It was here, according to accounts from Punjab National Bank executives and government investigators, that a lone middle-aged manager, later aided by his young subordinate, engineered fraudulent transactions totalling about $1.8 billion from 2011 to 2017. The bank says it is still investigating how they were able to do so and go undetected for so long. The accounts given by current and former executives who spoke to Reuters suggest an answer as simple as it is alarming: no one was paying atte The ...

MUMBAI: The Authority of Advance Rulings (AAR) has held that the salary income of a nonresident individual for services rendered overseas cannot be taxed in India, even when such salary is paid into a bank account in India. The ruling stands out because apart from providing relief from double taxation under the Indo-US tax treaty, the AAR additionally held that the sums received in India would not be taxable here under the domestic tax laws. Unlike a tribunal or court order, a ruling by AAR, a quasi-judicial body, does not set a precedent. But it does have persuasive value and is well-considered. Thus, the ruling may benefit expat workers, in particular the over one lakh Indian workers who work in the US, largely on H1B visas. Typically, when white-collared workers are ‘seconded’ on an overseas assignment by an Indian company, a split salary arrangement is worked out. Under ‘secondment’, the employee is transferred on the payroll of the overseas parent or group company, w...

LTCG Tax is applicable only on equity-oriented mutual funds which hold more than 65% of assets in equities. There is no change in debt fund taxability. Long-term capital gains (LTCG) tax has been proposed in the Budget on equity-oriented mutual funds, besides gains on equity. Finance Minister Arun Jaitley has proposed that 10 percent tax will be levied on capital gains in excess of Rs 1 lakh in a financial year on selling one’s investment in the specified instruments. It has been specified that taxability would arise only if the transfer of such assets occurs after April 1, 2018. Moreover, capital gains up to January 31, 2018 will be grandfathered, meaning any gains having accrued on an investment up to January 31, 2018, which is sold after 1 April 2018, would be exempt from tax. The Income Tax Department has clarified that the gains will be computed without providing the benefits of indexation, which links your acquisition price to the cost inflation index. So,...

The GST will not be charged on the cost of food served to patients by hospitals as advised by doctors, the government has said. However, patients not admitted will have to pay tax on the total value of food served by the hospital. In a set of FAQs, the Revenue Department also clarified that no Goods and Services Tax (GST) would be levied on services provided by senior doctors/consultants/ technicians hired by the hospitals as these are covered under healthcare services. The FAQ said that food supplied to in-patients are not separately taxable as they form part of composite supply of healthcare, which is exempt under the GST. "Food supplied to in-patients as advised by the doctor/nutritionists is a part of composite supply of healthcare and not separately taxable. Other supplies of food by a hospital to patients (not admitted) or their attendants or visitors are taxable," it said. As per GST law, healthcare services have been defined to include any service by w...

NEW DELHI: The Finance Ministry has nominated eight tax officers to handle GST-related queries on social media site Twitter, according to an official order. It has been decided to assign the charge of handling of queries related to the Goods and Services Tax on Twitter/Email to the eight officers with immediate effect, it said. The officers - all of them assistant commissioners - have been chosen from neighbouring commissionerates under the ministry. They are Raj Karan Agarwal, Rajni Sharma, Raunaq Jamil Ansari, Shantanu, Bullo Mamu, Heera Lal, Manish Chaudhary and Anshika Agarwal, the order said. "The decision to appoint the officers was taken as lots of queries are being raised through social media platforms," a senior finance ministry official said. These tech-savvy officers will provide online solutions to queries related to the GST, he said. The GST is in force since July 1, 2017.

"The estimated collection for 8 months (July-February) of the current financial year is Rs 4.44 trn" Revenues from the Goods and Services Tax could cross Rs 1 trillion a month towards the end of next financial year once anti-evasion measures like matching of tax data and e-way bill are put in place, finance ministry officials said on Tuesday. Once the GST return filing process stabilises completely, the Directorate General of Analytics and Risk Management (DGARM) will be put to action for 360 degree profiling and match the database of people filing GST with Income Tax returns filed, they said. The government has budgeted about Rs 7.44 trillion from GST in the 2018-19 financial year beginning April 1. The estimated collection for 8 months (July-February) of the current financial year is Rs 4.44 trillion. The March collection will take place in April, the start of new financial year, 2018-19. Officials said the revenue estimates for next fiscal are conservative and could ...

अगर आपको भी जीएसटी को समझने, रजिस्‍ट्रेशन कराने या जीएसटी को लेकर कोई परेशानी हो रही है तो आप इन्‍हें आसानी से सुलझा सकते हैं. अगर आपको भी जीएसटी को समझने, रजिस्‍ट्रेशन कराने या जीएसटी को लेकर कोई परेशानी हो रही है तो आप इन्‍हें आसानी से सुलझा सकते हैं. केंद्र सरकार के वित्‍त मंत्रालय के तहत जीएसटी नेटवर्क और सेंट्रल बोर्ड ऑफ एक्‍साइज एंड कस्‍टम्‍स की ओर से हेल्‍पडेस्‍क और हेल्‍पलाइनें शुरू की गई हैं. इसके तहत ईमेल-आईडी और फोन नंबर प्रदान किए गए हैं. आप इन नंबरों पर कॉल कर या ईमेल आईडी अपनी समस्‍याएं भेज सकते है. इन हेल्‍पलाइनों पर बैठे एक्‍सपर्ट आपकी समस्‍याओं के तत्‍काल समाधान करेंगे. आप GST  को लेकर अपने फीडबैक भी यहां भेज सकते हैं. हीं,  अगर जीएसटी को लेकर कोई धोखाधड़ी या बरगलाने  का मामला भी आपके सामने आता है तो उसकी शिकायत भी यहां कर सकते हैं. हेल्‍पडेस्‍क ऐसे मामलों पर भी कार्रवाई का रास्‍ता दिखाएंगी. इसके अलावा GST के लिए खासतौर पर तैयार किए गए ट्विटर हैंडल पर भी अपनी समस्‍याएं ट्वीट कर सकते हैं. GST संबंधी शिकायतों के लिए इन नंबरों...

जीएसटी काउंसिल ने व्यापारियों की एक और समस्या का समाधान कर दिया है। पिछले कई महीनों से टैक्स के गलत मद में जमा से व्यापारी खासे परेशान थे। इसकी वजह थी कि एक बार जमा हुआ टैक्स व्यापारियों को रिफंड नहीं मिल रहा था। उसका कोई अडजस्टमेंट भी नहीं हो पा रहा था। लेकिन बुधवार को जीएसटी काउंसिल ने टैक्स रिफंड की प्रक्रिया को शुरू कर दिया है, इसके तहत यह रिफंड व्यापारियों को इलेक्ट्रोनिक लेजर में वापस मिलेगा। जीएसटी के तहत जो टैक्स जमा किया जाता है, वह आईजीएसटी, एसजीएसटी, सीजीएसटी या सेस के तहत होता है। रिटर्न फाइल करते समय व्यापारियों को सारा ब्यौरा देते हुए टैक्स का भुगतान करना पड़ता है। जीएसटी लागू होने के बाद जब रिटर्न दाखिल की गई तो गलती से कई व्यापारियों ने गलत मद में टैक्स का भुगतान कर दिया, जैसे एसजीएसटी की जगह आईजीएसटी या फिर जीएसटी में भुगतान कर दिया गया, तो व्यापारियों का पैसा उसी में अटका रह जाता था। उन्हें सही मद में टैक्स जमा करने के लिए पूरा पैसा जमा कराना पड़ता था और जो टैक्स जमा हो चुका है, उसका अडजस्टमेंट या फिर रिफंड का कोई विकल्प नहीं था। व्यापारियों की इस समस्या को देखते हुए...

जीएसटी काउंसिल ने व्यापारियों की एक और समस्या का समाधान कर दिया है। पिछले कई महीनों से टैक्स के गलत मद में जमा से व्यापारी खासे परेशान थे। इसकी वजह थी कि एक बार जमा हुआ टैक्स व्यापारियों को रिफंड नहीं मिल रहा था। उसका कोई अडजस्टमेंट भी नहीं हो पा रहा था। लेकिन बुधवार को जीएसटी काउंसिल ने टैक्स रिफंड की प्रक्रिया को शुरू कर दिया है, इसके तहत यह रिफंड व्यापारियों को इलेक्ट्रोनिक लेजर में वापस मिलेगा। जीएसटी के तहत जो टैक्स जमा किया जाता है, वह आईजीएसटी, एसजीएसटी, सीजीएसटी या सेस के तहत होता है। रिटर्न फाइल करते समय व्यापारियों को सारा ब्यौरा देते हुए टैक्स का भुगतान करना पड़ता है। जीएसटी लागू होने के बाद जब रिटर्न दाखिल की गई तो गलती से कई व्यापारियों ने गलत मद में टैक्स का भुगतान कर दिया, जैसे एसजीएसटी की जगह आईजीएसटी या फिर जीएसटी में भुगतान कर दिया गया, तो व्यापारियों का पैसा उसी में अटका रह जाता था। उन्हें सही मद में टैक्स जमा करने के लिए पूरा पैसा जमा कराना पड़ता था और जो टैक्स जमा हो चुका है, उसका अडजस्टमेंट या फिर रिफंड का कोई विकल्प नहीं था। व्यापारियों की इस समस्या क...

Notification No. TGST No. 3/2018 CCT's Ref No. A(1)/77/2017, Dated. 10th February, 2018   Sub:- TGST Act, 2017 – The Telangana Goods and Services Tax Act, 2017 (Act No.23 of 2017) – Waybill notification – Effective date - Notification – Orders – Issued. Ref:- G.O.Ms No. 30, Revenue (CT-I) Department, Dt. 09-02-2018.                                                                    ****  The notification issued in the reference cited with regard to way bill, shall come into force with effect from 10-02-2018. For details see the website www.tgct.gov.in.                                                                    ...