Rawat Nakoti & Co; Chartered Accountants

16/01/2025

Respected Member,

Greetings!

I am writing to humbly seek your valuable First Preference Vote and unwavering support in the upcoming Managing Committee Election of the Dehradun Branch of CIRC of ICAI (2025–29).

I am contesting for the position of Managing Committee Member, and I pledge my dedicated efforts toward the growth and development of our esteemed profession. With your support, I aim to uphold the values of our institution and work tirelessly for the benefit of our members.

🗓️ Date of Election: Friday, 17th January 2025
🕗 Voting Time: 8:00 AM to 6:30 PM
📍 Venue: Dehradun Branch of CIRC

Your encouragement and trust will serve as a significant motivation in my endeavor to serve our community. I am truly grateful for your time, consideration, and support.

Warm regards,
CA Arvind Singh Rawat

20/09/2023

Beautiful View from Surkanda Devi, Uttarakhand 🇮🇳

25/07/2022

Why should you file your Income Tax Returns on time?

Benefits of filing income tax returns.

1. Easy Loan Approval - Filing the ITR will help individuals, when they have to apply for a vehicle loan (2-wheeler or 4-wheeler), House Loan etc. All major banks can ask for a copy of tax returns as a proof of income statement. This is a mandatory document for the loan approval.

2. Claim Tax Refund - There can be instances when tax has been deducted (TDS) from your income even when your total taxable income is less than the basic exemption limit and you have nil tax liability for that year. In such a case, you will have to claim TDS refund for which you will have to file an Income Tax Return mandatorily.

3. Quick Visa Processing - Most embassies & consultants require you to furnish copies of your tax returns for the past couple of years at the time of the visa application. These are amongst mandatorily required documents and hence it is always advisable to timely file your ITR.

4. Carry Forward Your Losses - If you file the return within the or on the due date, you will be able to carry forward losses to subsequent years, which can be used to set off against the income of subsequent years. This means you can deduct certain losses from the relevant income which will help you reduce your tax liability of the future income. This is not possible without filing of the income tax return.

5. Avoid Interest - Not filing ITR on time may lead to interest on the tax payable. However, as per the provisions under Sections 234A and 234B, you can save interest applicable on the payable tax by filing ITR on time. There is no relief on penalty for late filing of ITR. Taxpayers are required to pay interest for delay in ITR fling. As per the Income Tax rule, if a taxpayer has not paid advance tax or paid less than 90% of his/her liability then he/she would have to pay interest under Section 234B at the rate of 1% per month or part of the month till the date of payment of tax.

6. Avoid Penalty - If you are required to file your tax returns according to the income tax act, but didn’t, then the tax officer deserves the right to impose a penalty of up to Rs.5,000.

7. Avoid Notice from the Income Tax department - The Income Tax department may send a notice if not filing ITR before the due date. And that may become an unwanted headache for you. Hence, it is always better to file ITR on time.

8. Income & Address Proof- Income Tax Return can be used as proof of your Income and Address.

17/07/2022

Deductions under Chapter VI A of Income Tax Act:
Know how much tax may be saved
Chapter VI A of Income Tax Act contains various sub-sections of section 80 that allows an assessee to claim deductions from the gross total income

income tax, tax-saving investments, Chapter VI A of Income Tax Act, 80C, 80D, gross total income, deductions under Chapter VI A
There are taxpayers who have not yet invested in the necessary financial products to save tax. If you are one of them who still haven't zeroed in on a financial product to invest in to reduce your tax outgo for this year, here are some options for you.

Chapter VI A of Income Tax Act contains various sub-sections of section 80 that allows an assessee to claim deductions from the gross total income on account of various tax-saving investments, permitted expenditures, donations etc. Such deductions allow an assessee to considerably reduce the tax payable.

The Chapter VI A of Income Tax Act contains the following sections:
80C: Deduction in respect of life insurance premium, deferred annuity, contributions to provident fund (PF), subscription to certain equity shares or debentures, etc. The deduction limit is Rs 1.5 lakh together with section 80CCC and section 80CCD(1).

80CCC: Deduction in respect of contribution to certain pension funds. The deduction limit is Rs 1.5 lakh together with section 80C and section 80CCD(1).

80CCD(1): Deduction in respect of contribution to pension scheme of Central Government – in the case of an employee, 10 per cent of salary (Basic+DA) and in any other case, 20 per cent of his/her gross total income in a FY will be tax free. Overall limit is Rs 1.5 lakh together with 80C and 80CCC.

80CCD(1B): Deduction up to Rs 50,000 in respect of contribution to pension scheme of Central Government (NPS).

80CCD(2): Deduction in respect of contribution to pension scheme of Central Government by employer. Tax benefit is given on 14 per cent contribution by the employer, where such contribution is made by the Central Government and where contribution is made by any other employer, tax benefit is given on 10 per cent.

80D: Deduction in respect of Health Insurance premium. Premium paid up to Rs 25,000 is eligible for deduction for individuals, other than senior citizens. For senior citizens, the limit is Rs 50,000 and overall limit u/s 80D is Rs 1 lakh.

80DD: Deduction in respect of maintenance including medical treatment of a dependent who is a person with disability. The maximum deduction limit under this section is Rs 75,000.

80DDB: Deduction in respect of expenditure up to Rs 40,000 on medical treatment of specified disease from a neurologist, an oncologist, a urologist, a haematologist, an immunologist or such other specialist, as may be prescribed.

80E: Deduction in respect of interest on loan taken for higher education without any upper limit.

80EE: Deduction in respect of interest up to Rs 50,000 on loan taken for residential house property.

80EEA: Deduction in respect of interest up to Rs 1.5 lakh on loan taken for certain house property (on affordable housing).

80EEB: Deduction in respect of interest up to Rs 1.5 lakh on loan taken for purchase of electric vehicle.

80G: Donations to certain funds, charitable institutions, etc. Depending on the nature of the donee, the limit varies from 100 per cent of total donation, 50 per cent of total donation or 50 per cent of donation with a cap of 10 per cent of gross income.

80GG: Deductions in respect of rent paid by non-salaried individuals who don’t get HRA benefits. Deduction limit is Rs 5,000 per month or 25 per cent of total income in a year, whichever is less.

80GGA: Full deductions in respect of certain donations for scientific research or rural development.

80GGC: Full deductions in respect of donations to Political Party, provided such donations are non-cash donations.

80TTA: Deductions in respect of interest on savings bank accounts up to Rs 10,000 in case of assessees other than Resident senior citizens.

80TTB: Deductions in respect of interest on deposits up to Rs 50,000 in case of Resident senior citizens.

80U: Deduction in case of a person with disability. Depending on type and extent of disability maximum deduction allowed under this section is Rs 1.25 lakh.

17/07/2022

इन आय पर नहीं लगता है इनकम टैक्स, ITR भरने से पहले जानें ये जरूरी बात

इनकम टैक्स के सेक्शन 80सी (80C) से लेकर 80यू (80U) तक में टैक्स से छूट के कई प्रावधान किए गए हैं. इन सेक्शनों में कई डिडक्शन (Income Tax Deduction) के उपाय किए गए हैं, जिनका सहारा लेकर लोग ज्यादा से ज्यादा इनकम को टैक्सफ्री (Taxfree Income) बनाने का प्रयास करते हैं.

खेती-बाड़ी से होने वाली कमाई (Agricultural Income)
भारत में कृषि से हुई कमाई पर इनकम टैक्स नहीं लगता है. हालांकि अगर आपको कृषि के अलावा अन्य स्रोतों से भी कमाई हो रही है, तब एग्रीकल्चरल इनकम का इस्तेमाल टैक्स का स्लैब तय करने में किया जाएगा. इस स्थिति में भी टैक्स सिर्फ अन्य स्रोतों से प्राप्त इनकम पर ही लगेगा और खोती-बाड़ी से हुई कमाई टैक्स-फ्री बनी रहेगी.

प्रोविडेंट फंड (PF) और ग्रेच्युटी (Gratuity)

पीएफ और ग्रेच्युटी नौकरी-पेशा लोगों की सबसे अहम सोशल सिक्योरिटी है. रिटायर होने के बाद जब कमाई का मुख्य जरिया यानी सैलरी गायब हो जाती है तो पीएफ और ग्रेच्युटी बहुत काम आते हैं. इस कारण इन्हें भी टैक्स से फ्री रखा गया है. हालांकि इसके साथ कुछ शर्तें भी जुड़ी हैं. अगर आपका पीएफ कटते हुए पांच साल से ज्यादा हो गए हैं, यह तभी टैक्सफ्री होता है. पांच साल से पहले पीएफ निकालने पर आपको 10 प्रतिशत की दर से टीडीएस देना पड़ता है. अगर आपकी टोटल इनकम टैक्सेबल नहीं है ता इस कटे टीडीएस का रिफंड आईटीआर में क्लेम कर सकते हैं.

सरकारी कर्मचारियों को मिलने वाली ग्रेच्युटी पूरी तरह से टैक्सफ्री होती है. सरकारी कर्मचारी की चाहे मौत हो जाए या वह रिटायरमेंट के बाद ग्रेच्युटी निकाले, इसकी राशि टैक्सफ्री ही रहती है. प्राइवेट सेक्टर के कर्मचारियों के लिए यह छूट शर्तों के साथ मिलती है. प्राइवेट सेक्टर के कर्मचारियों को 10 लाख रुपये तक की ग्रेच्युटी पर ही टैक्स से छूट मिलती है.

50 हजार रुपये तक के गिफ्ट (Gift)

गिफ्ट पर टैक्स बहुत पुरानी बात है. प्रधानमंत्री नेहरू के समय से भारत में यह टैक्स मौजूद है. आयकर नियमों के तहत महंगे गिफ्ट पर टैक्स लगता है. 2017 में गिफ्ट से संबंधित इनकम टैक्स प्रावधानों में संशोधन के बाद यह तय किया गया है कि महंगे गिफ्ट पर टैक्स की देनदारी बनेगी. गिफ्ट में आपको कैश मिला हो या चेक, ड्राफ्ट, चल-अचल संपत्ति, आपको इन्हें आईटीआर में इनकम फ्रॉम अदर सोर्सेज में दिखाना पड़ता है. हालांकि अगर गिफ्ट की वैल्यू 50 हजार रुपये तक है, तो इसे टैक्स से छूट मिल जाएगी. इनके अलावा विवाह या सालगिरह जैसे मौकों पर मिलने वाले सारे गिफ्ट टैक्सफ्री होते हैं. परिवार के सदस्य से मिलने वाले सारे गिफ्ट भी टैक्सफ्री होते हैं. इन्हें बेचते समय जरूर लॉन्ग टर्म कैपिटल गेन टैक्स की देनदारी बनती है.

सैलरी के कुछ पार्ट (Salary Components)

सैलरी में कई कंपोनेंट होते हैं. इनमें से कुछ टैक्सेबल होते हैं, जबकि कुछ टैक्सफ्री होते हैं. उदाहरण के लिए ट्रांसपोर्टेशन एलॉवेंस, लंच वाउचर, मोबाइल फोन या इंटरनेट बिल के लिए भुगतान, किताब व पत्रिका खरीदने के लिए मिलने वाला हिस्सा आदि जैसे भत्ते टैक्सफ्री होते हैं.

स्कॉलरशिप (Scholarship)

इस लिस्ट में स्कॉलरशिप को देखकर हैरान न हों. स्कॉलरशिप के पैसों को भी इनकम माना जाता है. बस अच्छी बात यह है कि इसे टैक्सफ्री इनकम माना जाता है. इनकम टैक्स एक्ट के सेक्शन 56 (ii) के तहत स्कॉलरशिप से मिले पैसे को टैक्स से छूट प्राप्त है.

वीरता पुरस्कार (Gallantry Award) प्राप्त लोगों के पेंशन

15/07/2022

14/07/2022

14 Mistakes taxpayers usually makes while filing their income tax returns in India

1) Not disclosing all bank accounts - in future if income tax identifies non-disclosure May send notice. Current tax laws also require you to provide details of all bank accounts that were closed during the financial year.

2) Not showing exempt income like interest, gift received - Mentioning all of these different incomes along with their sources is mandatory at the time of filing ITR even if such income is exempt from tax.

3) Not showing Capital loss - Many tax filers especially omit details of Capital Gains and losses when submitting their ITR, may have serious consequences, such as an Income Tax Audit.

4) Not showing trading income in shares - With AIS and TIS showing your share trading transaction, it is impossible now to skip

5) Using The Wrong ITR Form - Using the incorrect form results in a defective filing which will get rejected by the Income Tax Department

6) Not verifying ITR on time - Tax filing process is incomplete until you have verified your income tax return. Currently, you have 120 days to verify your ITR after uploading form

7) Not showing foreign assets - Resident having foreign bank accounts or any assets like share, equity holding in foreign company etc need to disclose in ITR

8) Reporting incomes after deducting TDS - Few Taxpayers sees the bank’s statement and enters the receipt amount as income, not considering the fact that the receipts are after deduction of TDS

9) Reporting only one salary income -when you switch jobs during the financial year, you miss out on reporting the income from the previous job

10) Not showing shares holding in company - If you are holding unlisted shares of any company registered under the Companies Act, 2013, then the details of these shares are to be reported in your ITR filing.

11) Failure to reconcile income and receipt - Taxpayers filing need to reconcile all receipts and income with Form 26AS, AIS and TIS before filing ITR

12) Not Pre-Validating Your Bank Account - If you have not prevalidated your bank account, the IT Department will not be able to credit the income tax refund due to you.

13) Not Declaring Income Earned By Minor Children - The income of a minor child is treated the same as income earned by the parent, so requires clubbing of income with parents

14) Missing The Due Date For Filing Returns or Not Filing Your Income Tax Returns - While missing the deadline for filing returns can be taken care by paying penalty, non filing can invite the Income Tax Department to launch legal proceedings against you.