Accounts & Tax Consultants

19/03/2023

PAN-Aadhaar Link

The Income Tax Department (I-T Dept) has fixed March 31, 2023, as the deadline for linking PAN and Aadhaar. If the Aadhaar is not attached to the PAN by the deadline, it will become inoperative from April 1, 2023.
The two cards could have been linked free by March 31, 2022. However if not done till date, you can do so now by paying a late fee of Rs 1000/-till 31st March 2023.

29/04/2021

30/11/2019

*Centre planning to come up with lottery scheme for GST paying customers*

The Ministry of Finance is planning to come up with a lottery scheme to lure customers to pay Goods and Services Tax (GST).
This will be a step to improve compliance and check on tax leakage, a senior Finance Ministry official told ANI.

The lottery scheme plan is to hold daily and monthly lotteries for customers who take a copy of the bill after paying GST for business to consumer transactions, the official said.

11/10/2019

CBIC notifies due dates for registered persons whose principal place of business is in the State of Jammu and Kashmir for furnishing of FORM GSTR-1 for the month of August, 2019, FORM GSTR-7 for the month of July and August, 2019 and FORM GSTR-3B for the month of July and August, 2019 | Notification No. 48/2019-Central Tax Dated : 9th October, 2019.

15/11/2017

Capital gains on debt mutual funds are chargeable to tax depending upon your period of holding.

02/09/2017

The Times of India

News » India News » Demonetisation success: Explained in numbers

Demonetisation success: Explained in numbers
TIMESOFINDIA.COM | Updated: Aug 31, 2017, 06.59 PM IST
In the backdrop of the RBI's report stating that 99 per cent of the demonetised cash had come back into the banking system, the government today released data to substantiate its claim that note ban has achieved all its objectives.
INDIA'S HIGHEST EVER DETECTION OF BLACK MONEY
* Scrutiny of suspected 18 lakh accounts done

* Cash deposits worth Rs 2.89 lakh crore under investigation

* Advance data analytics tools identified 5.56 lakhs new suspect cases

* 4,73,003 suspicious transactions detected

* Undisclosed income worth Rs. 29,213 crore detected and admitted.

* Black money worth Rs 16,000 crore did not return post demonetisation
* 21 per cent reduction in currency in circulation
UNPRECEDENTED INCREASE IN TAX COMPLIANCE
* 56 lakh new tax payers added

* Number of returns filed increase 24.7 per cent compared to 9.9 per cent in previous year

* Advance tax collections of personal income tax grow at 41.79 per cent over same period of last year
* Personal income tax under self-assessment tax grow at 34.25 per cent over same period last year.
CLEANSING INDIA'S FINANCIAL SYSTEM
* Transactions of more than three lakh suspected shell companies under the radar

* 2.1 lakh shell companies de-registered

* Around 450 companies delisted and 800 untraceable companies to be further delisted
* More than 400 benami transactions identified and market value of properties attached more that Rs 800 crore
SLEW OF BENEFITS TO THE COUNTRY
* Deposits in the banking system increased around Rs 3 lakh crore

* Additional liquidity helped reduce interest rates by 100 basis points

* Digital payments increase by 56 per cent from 71.27 crore transactions in October 2016 to 111.45 crore transaction in May, 2017

* More than one crore workers added to EPF and ESIC system post-demonetisation
* Bank accounts opened for about 50 lakh workers to get their wages credited directly in their accounts
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02/04/2017

Assessment Year 2018-2019.
The limit for payment of expenses by Cash U/s 40A(3) (for both Capital and Revenue expenditure) has been reduced from 20,000 to Rs.10,000per day in aggregate per person. Expenditure in excess of given limit would be disallowed. Even the capital expenditure incurred would not be treated as cost incurred for depreciation purposes.
The limit for receipt of amount in Cash has been prescribed as2,00,000.No person shall accept amount of Rs.2,00,000 or more by Cash either in one transaction or from one person in aggregate in a day or in relation to one event or occasion from a person. In case of default equivalent penalty shall be leviable U/s 271DA of Income Tax Act.
Cash donations exceeding Rs.2,000 will not be eligible for deduction under Section 80G.
Existing TCS provisions requiring collection of tax @ 1% on cash sales exceeding Rs.5 Lacs in case of bullion/ jewellery and Rs.2 Lacs in case of other goods/ services has been withdrawn since cash receipts exceeding Rs.2 Lacs have been made liable for equivalent penalty.

Relating to Capital Gains

The holding period of immovable property for being considered long term has been reduced to 2 years from earlier3 years. Hence, Immovable property held for two years or more would attract a tax rate of 20% being long term capital gains.
Base year for adjusting prices for inflation, has now been changed to April 1st2001 from 1st April 1981.

Relating to Tax Rates

The tax rate on income between Rs.2.5 lakh to Rs.5 lakh has been reduced to 5% from earlier 10%. It will reduce the tax by 50% for people having income ranging 2,50,000-5,00,000 and other taxpayers with higher income shall get benefit of Rs.12,500.
The Tax Rebate u/s 87A is reduced to 2,500 from Rs.5,000per year for taxpayers with Income up to Rs.3.5 Lakh (Earlier Rs.5 Lakh). The taxpayers whose annual taxable income is Rs.3.5 Lakh, shall be required to pay Income tax of Rs.2,575 instead of Rs.5,150.
Surcharge at 10% of tax is levied on persons with income ranging between Rs.50 lakh to Rs.1 crore. The rate of surcharge for the super-rich, with income above Rs.1 crore, will remain 15%.
The Rate, in case of presumptive Income, for assesses having turnover less than Rs.2 Crore under section 44AD has been revised as follows:
For Non Cash Sales : Net Profit will be taken at 6% of Turnover.
For Cash Sales : It will remain same at 8%
The Individual and HUF (not subject to Tax Audit Requirement) shall be required to deduct TDS @5%on rental payments above Rs.50,000 per month. (to be effective from 1st June 2017)

Filing of Income Tax Returns

Tax Filing will be simplified and converted to a one-page document for people with a taxable income of up to Rs. 50 Lakhs (Excluding Business Income)

Delay in filing of Income tax return for 2017-18 will attract penalty of Rs.5,000/-if filed by December 31st 2018 and Rs.10,000 if filed later.

Others

Income tax officials will be able to reopen the cases as old as 10 years, if search operations reveal undisclosed income and assets of over Rs.50 Lakhs.
From July 1st2017, quoting Aadhaar Number will be mandatory while applying for a PAN Card as well as for filing Income Tax Returns.