Rudra Associates

06/01/2020

What is Section 80C?

Section 80C of the Income Tax Act came into effect on 1 April 2006. It basically allows certain expenditures and investments to be exempt from tax. If you plan your investments well and spread them intelligently across different investments such as PPF, NSC, etc., you can claim deductions up to Rs.1.5 lakh, thereby lowering your tax liability.

Deductions on Investments under Section 80C of the Income Tax Act
Here are the various investments you can make to save tax under Section 80C of the Income Tax Act:

# Fund:

Provident Fund is automatically subtracted from your monthly salary. An employee and his/her employer both contribute towards PF. While the contribution made by the employer is exempt from tax, the contribution made by the employee is eligible for deductions under Section 80C of the Income Tax Act. Employees are also allowed to make voluntary contributions towards the Provident Fund Account. Voluntary Provident Fund or VPF as it is called, is also eligible for tax deductions under Section 80C of the Income Tax Act.

# Provident Fund:

Public Provident Fund is a popular investment instrument as it offers assured returns. Interest is compounded on an annual basis and the maturity period of the scheme is 15 years. The least that you can contribute towards PPF is Rs.500 and the maximum contribution allowed is Rs.1.5 lakh. The amount you contribute towards PPF is eligible for tax deductions under Section 80C of the Income Tax Act.

# payments towards life insurance:

If you have purchased a life insurance policy for yourself, your children or your spouse, the premiums you pay towards it are eligible for deductions under Section 80C of the Income Tax Act. In case you have multiple life insurance policies from different insurance providers, you can club all the premiums and claim deductions up to Rs.1.5 lakh p.a.

# Linked Savings Scheme (ELSS):

Certain mutual fund schemes have been designed especially for the purpose of tax savings. Equity Linked Savings Schemes, or ELSSs as they are generally called, allow investors to claim tax deductions to the extent of Rs.1.5 lakh under Section 80C of the Income Tax Act.

# Savings Certificate:

National Savings Certificate or NSC as it is known in its abbreviated form, is one of the most popular tax-saving instruments available to Indian citizens. The maturity period of the scheme is five years and 10 years. The interest in this scheme is compounded semi-annually. The minimum amount of money that you are allowed to invest in this certificate is Rs.100 and there is no maximum limit on the amount of investment you can make in NSC. The amount you invest in National Savings Certificate is eligible for tax deductions under Section 80C of the Income Tax Act, subject to a maximum of Rs.1.5 lakh per financial year.

# Samriddhi
Scheme:

Individuals can open a Sukanya Samriddhi account for a girl child anytime from the date of her birth to the day she turns 10 years old. The minimum amount that you can invest in the Sukanya Samriddhi scheme is Rs.1,000 and the maximum is limited to Rs.1.5 lakh in a financial year. The interest in this account is calculated on an annual basis and compounded on an annual basis too. The interest you accrue through this scheme is eligible for tax deductions under Section 80C of the Income Tax Act.

# Linked Insurance Plans (ULIPs):

These insurance plans offer coverage to the policyholder and provide substantial returns in the long term. One of the main reasons why these plans have become so popular in recent times is the fact that they not only help in saving money, but also provide tax benefits under Section 80C of the Income Tax Act.

# of home loan principal amount:

The EMI amount that goes towards the repayment of the principal amount on your home loan is also eligible for tax deductions under Section 80C of the Income Tax Act. The repayment of your home loan amount has two components, viz. the principal amount and the interest. While the interest part of the repayment cannot be claimed as deduction under Section 80C of the Income Tax Act, the repayment of the principal amount certainly is.

# charges and stamp duty for a home/property:

In case you purchase a home or a property and pay for stamp duty and registration, these amounts can be claimed as tax deductions under Section 80C of the Income Tax Act.

# bonds:

Infra bonds as they are commonly called, Infrastructure bonds are issued not by the government but by infrastructure companies. In case you invest in these bonds, you can claim tax deductions up to Rs.1.5 lakh under Section 80C of the Income Tax Act.

# Rural Bonds:

NABARD, or the National Bank for Agriculture and Rural Development, offers two kinds of bonds, viz. Bhavishya Nirman Bonds and NABARD Rural Bonds. However, only the latter qualifies for tax deductions under Section 80C of the Income Tax Act, and the maximum amount that you can claim as deductions is Rs.1.5 lakh.

# Citizen Savings Scheme:

The Senior Citizen Savings Scheme is the best possible investment scheme for senior citizens. The returns are relatively lucrative in comparison with other schemes, and the interest is paid on a quarterly basis. Individuals who are above 60 years of age can invest in this scheme and claim tax benefits up to Rs.1.5 lakh under Section 80C of the Income Tax Act.

# -year Post Office Time Deposit Scheme:

Post office deposit schemes are a lot like fixed deposits offered by banks. The duration of these schemes could range from one year to five years, but only the interest earned on five-year post office time deposit schemes are eligible for tax deductions under Section 80C of the Income Tax Act.

04/11/2018

A season of joy and prosperity to all 🙏

12/08/2018

My mother used to cook beans, but before she cooked the beans, she picked the bad and dirty beans and threw them at our backyard and only cooked the good beans. But when the rain came, the dirty and bad beans became seed and grew up and looked beautiful; interestingly, that same person who threw them away started harvesting them; and she starts to see that the beans she threw away some time ago had value.

​Now let me tell you​

1. Don't cry when people throw you at the backyard,
2. Don't cry when they reject you,
3. Don't cry while they are looking down at you.
4. Some may see you as unambitious.
5. Some may say you are too dull.
6. Some may say it was because of your language. Don't
worry.

God loves even those that are left out and looked down upon.

12/08/2018

30/05/2018

File Your Tax Return For Financial Year 17-18 (AY 18-19)

Benefits of Filling ITR

1) Income Proof
2) Primary Loan Document
3) Mandatory for Claiming Refund
4) Business Capitalisation
5) Easy to get loan
6) Legal proof of source of income
7) No penalty
8 )VISA Processing
9) High Value of Life Insurance
10) Government Tender
11) Recording of High Value Transection
12) Claiming Deduction U/S 80C

Now NON FILLING OF ITR would lead to Mandatory penalty of INR 5000/- if ITR is not filed Before JULY 31st

So File your Tax Return on time without going anywhere, sitting at your home through WHATSAPP and EMAIL

*Rudra Associates*
(Accounting and Tax Solutions)

Email - [email protected]

27/05/2018

*GST e-way bill GST e-way bill*

*FAQs on E-Way Bill* almost 27question answered by experts

Question 1.What is an e-way bill?

Answer:

e-way bill is a document required to be carried by a person in charge of the conveyance carrying any consignment of goods of value exceeding fifty thousand rupees as mandated by the Government in terms of section 68 of the Goods and Services Tax Act read with rule 138 of the rules framed thereunder. It is generated from the GST Common Portal by the registered persons or transporters who causes movement of goods of consignment before commencement of such movement.

Question 2.Why is the e-way bill required?

Answer:

Section 68 of the Goods and Services Tax Act mandates that the Government may require the person in charge of a conveyance carrying any consignment of goods of value exceeding such amount as may be specified to carry with him such documents and such devices as may be prescribed. Rule 138 of Karnataka Goods and Services Tax
Rules, 2017 prescribes e-way bill as the document to be carried for the consignment of goods of value more than rupees fifty thousand . Government has issued a notification under rule 138 of Goods and Services Tax Rules, 2017 mandating to carry e-way bill for transportation of goods of consignment of value more than rupees fifty thousand.
Hence e-way bill generated from the common portal is required to be carried.

Question 3.Who all can generate the e-way bill?

Answer:

Every registered person who causes movement of goods of consignment value exceeding fifty thousand rupees in relation to supply; or reasons other than supply; or inward supply from unregistered person shall generate e-way bill. It means, the consignor or consignee, as a registered person or a transporter of the goods can
generate the e-way bill. The unregistered transporter can enroll on the common portal and generate the e-way bill for movement of goods for his clients. Any person can also enroll and generate the e-way bill for movement of goods for his/her own use.

Question 4.Who all can update the vehicle number for the e-way bill?

Answer:

The e-way bill is not valid without the vehicle number updated on the common portal, if on the mode of transport is the road. The Vehicle number can be updated by the generator of the e-way bill or the transporter assigned for that e-way bill by the generator.

Question 5.What are pre-requisites to generate the e-way bill?

Answer:

To generate the e-way bill, it is essential that the person shall be registered person and if the transporter is not registered person it is mandatory to get enrolled on the common portal of e-waybill before generation of the eway bill. The documents such as tax invoice or bill of sale or delivery challan and Transporter’s Id, who is transporting the goods with transporter document number or the vehicle number in which the goods are transported.

Question 6.If there is a mistake or wrong entry in the e-way bill, what has to be done?

Answer:

If there is mistake, incorrect or wrong entry in the e-way bill, then it cannot be edited or corrected.

Question 7.Whether the e-way bill can be cancelled? if yes, under what circumstances ?

Answer:

Yes. e-way bill can be cancelled if either goods are not transported or are not transported as per the details furnished in the e-way bill. e-way bill can be cancelled within 24 hours from the time of generation.

Question 8.If the vehicle in which goods are being transported having e-way bill is changed, then what has to be done?

Answer:

The e-way bill for transportation of goods always should have the vehicle number that is actually carrying the goods. There may be requirement to change the vehicle number after generating the e-way bill or after commencement of movement of goods due to transshipment or due to breakdown of vehicle. In such cases, the transporter or generator of the e-way bill can update the changed vehicle number.

Question 9.Why the transporter needs to enroll on the e-way bill system?

Answer:

There may be some transporters, who are not registered under the Goods and Services Tax Act and if such transporters cause the movement of goods for their clients, they are required to generate the e-way bill on behalf of their clientsf or update the vehicle number for e-way bill. Hence, they need to enroll on the e-way bill portal and generate the 15 digits Unique Transporter Id.

Question 10.Can I transport the goods with the e-way bill without vehicle details in it?

Answer:

No. One needs to transport the goods with a e-way bill specifying the vehicle number, which is a carrying the goods. However, where the goods are transported for a distance of less than ten kilometers within the State from the place of business of consignor to FAQs on e-way bill (NIC) 3 the place of transporter for further transportation, then the vehicle number is a not mandatory.

Question 11.Whether e-way bill is required for all the goods that are being transported?

Answer:

The e-way bill is required to transport all the taxable goods with the value exceeding fifty thousand rupees except 154 goods specified in Annexure to the notification.

Question 12.What is consolidated e-way bill?

Answer:

Consolidated e-way bill is a document containing the multiple e-way bills for multiple consignments being carried in one conveyance (goods vehicle). That is, the transporter, carrying the multiple consignments of various consignors and consignees in one vehicle is required to carry one consolidated e-way bill instead of carrying multiple e-way bills for those consignments.

Question 13.Who can generate the consolidated e-way bill?

Answer:

A transporter can generate the consolidated e-way bills for movement of multiple
consignments in one vehicle.

Question 14.Can the e-way bill be deleted or cancelled?

Answer:

The e-way bill once generated cannot be deleted. However, it can be cancelled by the generator within 24 hours of generation. If it has been verified by any empowered officer, then it cannot be cancelled. e-way bill can be cancelled if either goods are not transported or are not transported as per the details furnished in the e-way bill.

Question 15.Who can reject the e-way bill and Why?

Answer:

The person who causes transport of goods shall generate the e-way bill specifying the details of other person as a recipient of goods. There is a provision in the common portal for the other party to see the e-way bill generated against his/her GSTIN. As the other party, one can communicate the acceptance or rejection of such consignment specified in the e-way bill. If the acceptance or rejection is not communicated within 72 hours from the time of generation of e-way Bill, it is deemed that he has accepted the details.

Question 16.If the goods having e-way bill has to pass through transshipment and through different vehicles, how it has to be handled?

Answer:

Some of the consignments are transported by the transporter through transshipment before it is delivered to the recipient at the place of destination. Hence for each movement from one place to another, the transporter needs to update the vehicle number in which he is transporting that consignment.

Question 17.Is there any validity period for e-way bill?

Answer:

Yes. Validity of the e-way bill or consolidated e-way bill depends upon the distance the goods have to be transported. The validity is one day upto 100 km and for every 100 km or part thereafter it is one additional day.

Question 18.Which types of transactions that need the e-way bill?

Answer:

For transportation of goods in relation to all types of transactions such as outward supply whether within the State or interstate, inward supply whether from within the State or from interstate including from an unregistered persons or for reasons other than supply also e-way bill is mandatory.

Question 19.Who is required to generate the e-way bill?

Answer:

Every registered person, who causes movement of goods, needs to generate the e-way bill. If the registered person is unable to generate the e-way bill, the transporter who transports the goods can generate the e-way bill on behalf of his/her client. If the movement is caused by an unregistered person, he may at his option generate the eway bill.

Question 20.Can I use the different modes of transportation to carry the goods having the e-way bill? If so, how to update the details?

Answer:

Yes. One can transport the goods through different modes of transportation – Road, Rail, Air, Ship. However, always e-way bill needs to be updated with the latest mode of transportation or conveyance number accordingly. That is, at any point of time, the details of conveyance specified in the e-way bill on the portal should match with the details of conveyance through which goods are actually being transported.

Question 21.What are the documents that need to be carried along with the goods being transported?

Answer:

The person in charge of a conveyance shall carry the tax invoice or bill of supply or delivery challan, as the case may be; and a copy of the e-way bill or the e-way bill number generated from the common portal.

Question 22.How to generate the e-way bill from different registered business places?

Answer:

The registered person can generate the e-way bill from his account from any registered business place. However, he/she needs to enter the address accordingly in the e-way bill. He/she can also create multiple sub-users and assigned to these places and generate the e-way bills accordingly.

Question 23.How can the taxpayer under GST register for the e-way bill system?

Answer:

All the registered persons under GST shall also register on the portal of e-way bill using his GSTIN. Once GSTIN is entered, the system sends the OTP to his registered mobile number and after authenticating the
same, the system enables him to generate his/her username and password for the eway bill system. After generation of username and password of his choice, he/she may proceed to make entries to generate e-way bill.

Question 24.What are the modes of e-way bill generation, the taxpayer can use?

Answer:

The e-way bill can be generated by the registered person in any of the following methods;-
o Using Web based system
o Using SMS based facility
o Using Android App
o Using Site-to-Site integration
o Using GSP ( Goods and Services Tax Suvidha Provider)

Question 25.How can the taxpayer use the SMS facility to generate the e-way bill?

Answer:

The taxpayer has to register the mobile numbers through which he wants to generate the e-way bill on the e-way bill system.

Question 26.How can the taxpayer use the Android App to generate the e-way bill?

Answer:

The tax payer has to register the EMEI numbers of the mobiles through which he wants to generate the e-way bill on the e-way bill system.

Question 27.How can the taxpayer integrate his/her system with e-way bill system to generate the e-way bills from his/her system?

Answer:

The taxpayer should register the server details of his/her systems through which he wants to generate the e-way bill using the APIs of the e-way bill system.

24/05/2018

*Very very useful financial tips*

1. *Avoid buying property on loans unless you have a clear plan for its repayment. Monitor cash flow*

2. *Start a SIP at a very young age*

3. *Avoid buying a car unless you use it everyday*

4. *Do not let this sentence scare you. “Mutual fund investment are subject to market risk”. Look at the history and growth of Mutal Funds*

5. *Try having a simple wedding*

6. *Atleast 20% of your wealth should be liquid so you can utilize it when necessary*

7. *Considering inflation, do not keep huge money in savings bank account*

8. *If you invest in stocks, pay due attention*

9. *Do not have a belief that property & car make you rich*

10. *Never invest in insurance for returns*

11. *Use credit card for needs not for wants*

12. *Cancel all credit cards before you die, or inform family. Even a small residue will cost your family much*

13. *Invest on yourself & then on other investments*

14. *Balance your earnings with your savings first, then on spending and loans. Never take unnecessary loans*

15. *Always have a plan for future events on your career, life, spending and finance*

16. *Always have a reserve on your savings for contingency and urgent situations*

17. *Investment like, have a regular health check & do healthy workout every day*

18. *Do buy adequate term Insurance if you have dependents*

19. *Prepare a Will*
✒✒

10/09/2017

#अपघाती_मृत्यू : कायद्यातील तरतूदी
Accidental Death & Compensation:
(Income Tax Return Required)

जर कोणत्याही व्यक्तिला अपघाती मृत्यु ओढवल्यास आणि ती व्यक्ति सलग मागील ३ वर्षांचे ITR (Income tax return) नोंदणी (फाईल) करत असेल तर त्याला त्या तीन वर्षांचे सरासरी प्रमाणाच्या १० पटीत रक्कम त्याच्या परिवाराला देण्यास सरकारला बंधनकारक आहे.
हा एक सरकारी नियम / लिखीत तरतूद आहे.
(खाली कायदा सेक्शन नंबर नमूद केला आहे)

उदाहरण दाखल: अपघात झालेल्या माणसाची मागील ३ वर्षांची वार्षिक मिळकत आय : ४ लाख, ५ लाख, ६ लाख असा असेल.
तर त्या ३ही वर्षांचे सरासरी होणार ५ लाख रूपये आणि त्याच्या १०पट म्हणजेच ५० लाख रूपये सरकार कडून घेण्याचा अधिकार प्रत्येक आयटिआर भरणार्या व्यक्तिच्या परिवाराला आहे.

बर्याचवेळेस माहिती नसल्याचा अभाव किंवा कायद्यातील गैरसमज ह्यामुळे कोणी सरकारी दरवाजे ठोकत नाही
पण आपण आपला अधिकार हा घेअलाच पाहिजे.
मान्य की मयत व्यक्तिची जागा ह्या पैशातून नक्कीच भरून निघणार नाही पण भविष्यातील काही काळतरी सुखकर जाईल.

जरी सलग ३ वर्ष ITR returns दाखल केले नसेल तर, परिवाराला पैसा मिळणार नाही असे काही नाही; पण अशा परिस्थितीत सरकार कडून एखाद दिड लाख देऊन केस बंद केली जाते. पण जर ३ वर्षाचे सलग फाईलींग नोंद असेल तर ह्या स्थितीत बाजू आणखीन बळकट बनते आणि असे समजले जाते की मयत व्यक्ति त्या परिवाराची कमवणारी व्यक्ति होती. जर ती जिवंत राहीली असती तर त्याच्या परिवाराला ती पुढील १० वर्षामध्ये आताच्या वार्षिक आयच्या १० पट कमवले दिले असते आणि कुटुंबाचे व्यवस्थित पालन पोषणही केले असते.

आपल्यापैकी नोकरी (सर्विस) करणारे बरेच लोग आहेत आणि ते कमवणारे सुद्धा आहेत परंतू , त्यातील बहुतांशी लोक ITR (Return filing) नोंदवत नाही.
अशाने कंपनीद्वारे कपात केलेला हक्काचा पैसा सरकार कडून आपण परत घेत नाही आणि तसेच अशा अपघाती मृत्यूनंतर परिजनांना आपल्या पछ्यातही काही आर्थिक लाभ नाही.

माझ्या काही मित्रपरिवारात / ओळखीत अपघाती मृत्यू अशा बर्याच घटना घडल्या पण माहिती अभावी त्यांच्या कुटूंबांना ह्या संधी पासून मुकावे लागले, म्हणून ही माहिती पोस्ट रूपात आपल्या समोर मांडली आहे.

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Source - Section 166 of the Motor act, 1988 (Supreme Court Judgment under Civil Appeal No. 9858 of 2013, arising out of SLP (C) No. 1056 of 2008) Dt 31 Oct 2013.
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टिप: सर्व नोकरवर्गांनी ITR कायम भरला पाहिजे आपल्याला टँक्स पडो अथवा ना पडो. जर आपण आता पर्यंत नोंदणी केली नसल्यास, एकत्रित ३ ही वर्षाचे पण फायलिंग करू शकतो. Forwarded as received.

01/07/2017

Welcome GST....New revolution...One India, One Tax...Jai Ho...!!!!

12/05/2017

https://scripbox.com/blog/4-lesser-known-ways-to-save-tax?utm_source=facebook&utm_medium=social&utm_content=4_save_tax&utm_campaign=content-marketing

Every year, when the time comes to file taxes, it’s an itchy interlude, when most of us are filled with anxiety about the deductions that are going to burn a hole in our pockets. Here are five subtly obvious ways you can save tax.

11/05/2017

The Income Tax department has launched a new e-facility to link a person's Aadhaar with the Permanent Account Number (PAN), a mandatory procedure for filing I-T returns now. The link requires a person to punch in his PAN number, Aadhaar number and the "exact name as given in the Aadhaar card".

08/05/2017

Hailed as the biggest tax reform since India's independence, GST will replace an array of central and state levies with a national sales tax, thereby creating a single market and making it easier to do business in the country.