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Abhinay Rai is an indian lawyer specializes in commercial and taxation law. The Founder of Indian tax preparation company TaxCaller. having Professional Experience More than 8+ years in the field of Taxation Law. Rai was born on 2 January 1994 in the Lucknow city, India. He had completed his college from islamia college of commerce, deendayal upadhyay university gorakhpur in the year of 2013. LLB from CCS university.
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Income Tax Refund file, TDS Refund, ITR Refund, TIN NSDL Refund, Know All Process Step by Step

Importance Note
the thing is keep in mind that if you want to get tds refund then you need to file your ITR for same financial year, ncome tax return filing is mandatory for getting tds refund

When Claim for Income Tax Refund

Every year we file income tax returns (ITRs), but most of us are not sure how the process work of claiming our income tax refund . For the 2019-20 financial year, the latest ITR filing date has been extended from July 31, 2020 to November 30, 2020.

A person can file their tax return offline by uploading the  Excel / Java utility form or by online forms available on income tax website (only ITR 1 & ITR 4 form  can be filed online).

You are eligible to receive an income tax refund when you have paid more taxes to the government than your actual tax liability. This usually happens when the self-assessment tax and advance tax paid/ or TDS deducted from the taxpayer is greater than a taxpayer's total tax liability. know your tds refund status Click here

1. Process to request/ claim refund of income tax
There is no separate procedure as such to claim of the income tax refund . You can claim your tds refund simply by filing your income tax return in the usual way. Make sure your return is electronically verified via aadhar otp number, EVC generated through a bank account or physically verified by posting the signed ITR-V (acknowledgment of receipt) in the Centralized Processing Center (CPC) within the 120 days after filing the return.

Last year, the income tax department started providing pre-loaded ITRs on the online platform ( income tax website ). The ITR form contains information about salary income, interest income (in case TDS is deducted), and other details. If you file an ITR with the Excel utility, you can download the XML file to pre-fill your ITR.

2. What to do if the TDS / ITR refund is not processed in CPC
Many times, your IT return may not have been fully processed by CPC for some reason and no refund has been issued to you. Note that the taxpayer records, for each assessment year, are transferred by CPC to the jurisdictional assessing officer after a particular period of time. A notice will be sent to the taxpayer informing them of the same. Once the files are transferred to the assessing officer, you can follow up for income tax refund by sending a letter to the jurisdictional assessing officer and personal follow-up at regular intervals.

 

3. Interest on the refund of income tax
You may have noticed in many cases that the refund amount received by you is slightly higher than the tax refund amount claimed on your income tax return. This difference represents the interest on the return of income tax. This is payable by the income tax department, if the refund is 10% or more of the tax paid.

Section 244A deals with the interest on the income tax refund and establishes an interest at a rate of 0.5% per month or part of the month on the amount of the refund. Such interest will be calculated from April 1 of the appraisal year until the refund grant date if the refund is due to excess prepaid taxes or TDS. In the event of any discrepancy in the computation of interests, you can submit an online request for their rectification by logging into your account.

4. How to check the status of the refund?
You can check the income tax refund status online using the following procedure:

To access the refund pages.
Enter PAN, relevant assessment year and captcha image and click "submit"
You will see the status of the refund on the next screen
You can also access the Refund payment details reflected on Form 26AS in the "Tax Credit Statement".

5. Adjustment of refund against pending demand

The Department may not pay you all refunds owed to you. If you have taxes due for any of the preceding years and a refund due in another year, the income tax department may adjust the refund accordingly. However, the department cannot do so without giving the taxpayer an opportunity to explain why such an adjustment should not be made. Therefore, the tax department must send you an indication under Section 245 regarding its intent to adjust along with instructions on possible ways to respond to the notice. Section 245 allows the taxpayer 30 days to respond. In the event that there is no response to the notice within the prescribed time limit, the department may proceed with the adjustment based on the notice.

In the event that you disagree with the tax claim raised in the notice for any reason, such as an incorrect calculation, the omission of certain deductions or TDS, etc., you can respond online by following the instructions provided in the notice within 30 days.

6. Refund pending due to incorrect details
Sometimes it happens that you have submitted your ITR with a claim for tax refund but have not received it. the following reasons can be behind it :

1. Once the income tax officer has performed the initial assessment of your verified ITR , and tax officer has determined that no IT refund should be paid to you. tax department will send you after processing your return notice under section 143 (1) of the Income Tax Act the same will be mentioned in notice So if the notice shows a refund that is owed to you, then it will be issued, but if the notice shows a null refund, it means that your refund claim was not accepted as your calculations did not match as per the income tax department's.

2. The income tax department has processed your refund, but you have not received the cheque due to the wrong address or you have not received it due to incorrect bank details or 

If your refund is pending due to incorrect details provided by you, you can request the department to reissue your refund amount after providing the correct bank details.

You must log in to the electronic income tax filing website and apply under the "My Account" tab under the "Service Request" option.

Once you have dome your income tax filing and verified it, you should regularly check the status of your return if you have made a claim for refund on the return. This helps you track the processing of your ITR and the refund (if applicable). It also helps to verify if you have made any mistakes when filing the return.

New ITR Forms for AY 2020-21 ( FY 2019-20 ) | New Income Tax Return form 1 to 7 2020-21 Notified

CBDT notifies Income tax teturn 1 to 7 Form: Sahaj- ITR-1, Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6 and Form ITR-7 for Financial Year 2019-20 (AY 2020-21) These forms were notified on January 3, 2020

Latest updates 

CBDT provide relaxation in the eligibility conditions for the filing of ITR-1 and ITR-4 for the  ( FY 2019-20 ) Assessment year 2020-21.

CBDT released important provisions:

1. A taxpayer who is a co-owner of a house property can file ITR-1 and ITR-4 to report the income from the house property in Assessment year  2020-21, if they meet the other conditions.

2. The ITR-1 form for assessment year 2020-21 is valid for peoples/individuals  who have deposited more than Rs 1 crore in bank accounts or have incurred Rs 1 lakh or Rs 2 lakh in electricity or foreign travel, respectively.

Press release 

 

A. ITR- 1

1. A person with a carry-forward loss under the head of House Property Income can not longer use ITR-1 to file their tax returns for FY 2019-20 onwards. 

2. In case the property of the house is rented, the taxpayer must provide the name and the PAN or Aadhaar of the tenant in the ITR-1.

3. The Nature of Employment has been moved to Part B1 of Salary Schedule of ITR-1 from Part A - General Information .

4. A new disclosure has been added to Part A - Overview of ITR-1  Here, a taxpayer will have to disclose whether he has a valid Indian passport. then shall have to provide passport number 

5. A separate column has been inserted in "Income from other sources" for deduction u / s 57 (iv) - in case of interest received on compensation or enhanced compensation according to section 56 (2) (viii).

B. ITR- 4

1. A person with a carry-forward loss under the head of House Property Income can not use ITR-4 to file their tax return for the financial year 2019-20, ( AY -2020-21 ) onwards

2. In case the property of the house is rented, the taxpayer must provide the name and the PAN or Aadhaar of the tenant in the ITR-4.

4. Additional information required by the income tax department from taxpayers using ITR-4 in financial year 2019-20 (AY 220-21) are as follows:

to. Has the taxpayer deposited an amount or a total of amounts exceeding Rs 1 crore in one or more in current accounts during the previous year. If yes, the amount must be reported.

Has the taxpayer spent an amount or a total of the amount that exceeds Rs 2 lakh to travel to a foreign country for himself or for anyone else? If yes, the amount must be reported.

C. Has the taxpayer incurred more than Rs 1 lakh in electricity consumption during the previous year. If yes, the amount must be reported.

5. In case a representative files the ITR-4, the representative's Aadhaar number must be provided on the ITR-4 from financial year 2019-20 (AY 2020-21 ) onwards.

6. Taxpayers using ITR-4 must also disclose the following additional information in Part A- General Information:

If the taxpayer is a partner in a company? If yes, you must provide the name and PAN of the company.

Details of the company's partners, such as name, address, percentage of participation in the company, PAN, adhaar number, interest rate on capital and remuneration paid / payable.

7. The Nature of Employment has been moved to Part B1 of Salary Schedule of ITR-1 from Part A - General Information for financial year 2019-20 onwards

8. The "Business Financial Details" section of ITR-4 has been replaced by "Cash Details and Bank Transactions Related to Presumptive Business". In this tab, the taxpayer must enter the opening balance of cash and bank (aggregate of all bank accounts), receipts during the year and payments or withdrawals made in the previous year.

9. A separate column has been also inserted in ITR -4  "Income from other sources" for deduction u / s 57 (iv) - in case of interest received on compensation or enhanced compensation according to section 56 (2) (viii).

Notes

> Taxpayers should be careful about these new disclosure requirements, before submitting their ITR and selecting an appropriate ITR form

> The online portal used by taxpayers to file income tax returns will be updated with the modified forms. The due date of all income tax returns for financial year 2019-20 was extended to November 30 2020 from July 31 and October 31. The tax audit period also extended by one month to October 31.

> Filing online income tax returns is mandatory for all registered taxpayers, except those who are over 80 years of age and have no income from business or professions.

> Effective April 1, 2017, if you do not file your income tax return by the due date, there will be penalty up to Rs 10,000 under Section 234F. 

Call Now for filing your return                                                    Click here for filing your return

 

 

 

ITR e filing Online - File Income Tax Return, Guide on Income Tax Return E filing 2018-19

What is ITR E filing?

ITR E-filing is submitting your income tax returns online on Income tax website. There are two option to file your income tax returns. The traditional way is the offline form, where you go to the Income Tax Department office to physically file your income returns. The other way is when you E-file or an electronic file over the Internet. In recent years, electronic filing has become popular because it's easier, requires no document printing, and can be done for free.
 

Person Required to File Income Tax Return

It is mandatory to file income tax returns in India if any of the following conditions apply to you (according to the Income Tax Law):
 
1. Earn or received  income other than salary, such as house property 
 
2. If you want to claim a refund form department's income tax.
 
3. Earn or have invested in foreign assets.
 
4. If you want to apply for visa or loan applications.
 
5. Company or business, irrespective of profit or loss.
 
6. If your gross annual income more than-
 
Particulars            Amount
For individuals age below  60 years Rs 2.5 Lakh
For individuals age above  60 years Rs 3.0 Lakh
For individuals age above  80 years Rs 5.0Lakh
 

Difference Between Assessment Year and Financial Year

The financial year is the period from April 1 to March 31. The assessment year is the next year that income is taxable.
 
For example, if your financial year is from April 1, 2019 to March 31, 2020, then it is known as FY 2019-20. The assessment year of the income earned during this period would begin after the end of the financial year, that is, from April 1, 2020 to March 31, 2021. (AY 2020-21)
 

Have Electronic filing Income tax returns Started for 2019

E filing income tax returns for the 2019-20 assessment year, which is the 2018-19 financial year has begun. The Income Tax Department will launch the new ITR forms after March 31 and electronic filing will be allowed on its website as well as on the TaxCaller Portal. We will include all changes in the new ITR forms to make it easier for you to file your returns electronically. ITR 1 and ITR 4 are now live.
 

How Much Tax I Have to Pay

Do you want to check how much income tax you are considering  paying or  see how the deductions affect the income tax you owe? know your income tax liability for the last 2 financial years for using the income tax calculator
 
 

What Can I File Multiple Income Tax Returns Electronically

If you want to file multile income tax returns you ned not worry about it just go on TaxCaller Portal  send your documents for electronically filing  multiple tax returns. You can electronically file your icome tax  returns for the current and prior years  with the help of axcaller experts from the same login on TaxCaller Portal.  You can even suggest for electronically filing of  income  tax returns to your friends and family from your account on TaxCaller Portal
 

I have a Form 16, How do I Electronically file my Income Tax Return

1. Click on Apply Just upload your form 16 
 
2. TaxCaller experts will prepares your ITR within 15 minuts.
 
3. Login your account Check your tax summary.
 
4. Experts will electronically file your tax return to receive the recognition number.
 
5. E-verify your income tax return through aadhaar OTP
 

I Don't have a form 16

1. Click on Apply enter your income details.
 
2. Declare investments made under Section 80C.
 
3. TaxCaller experts will preparare the ITR form relevant to you.
 
4. Login your account Check your tax summary.
 
5. Experts will electronically file your tax return to receive the recognition number.
 
6. E-verify your income tax return through aadhaar OTP
 

How to Reset Your Income Tax Login Password 

So, did you lose access to your income tax department login account because you don't have the password and are afraid of being able to present or access it again
Don't worry because TaxCaller Team can help you.
You can reset your password from the Income Tax Department by sending an email to validate@incometaxindia.gov.in with the following details:
 
1. PAN
 
2. Name of the PAN holder
 
3. Date of birth.
 
4. Name of the father
 
5. Registered PAN address
 
It is recommended to link your PAN with Aadhaar and mention it in your income tax returns. If you have applied for Aadhaar, you can mention the registration number on your income tax returns.
 

What is The Deadline to File Incoem Tax Returns Electronically

The last date to file electronic income tax returns for the 2018-19 financial year is July 31, 2019 date also extended to august 31, 2019. You can file your income tax returns electronically anytime before that, but it's always best to file electronically early to avoid trouble, penalty and heavy website traffic in the last month.
 
Start filing your income tax returns electronically on Income Tax website
You can also take help of TaxCaller experts for filing your income tax returns 
 

Should I File ITR If I Earned Less Taxable Income

Yes, it is advisable to electronically file your income tax returns even if you are paying taxes. A zero return filing will come in handy when you need to get your tax refund or apply for a loan or visa.
 

How to Check the Status of ITR-V

After you successfully submit your income tax return, you receive an acknowledgment from the IT department called ITR-V or Tax Return Verification. You will receive an email with your registered email ID from the Income Tax Department containing the ITR-V.
 
 
 
 
 
How to Register GST Online | Guide for GST Registration Process Online
  • Abhinay Rai | 2020-05-22 17:42:04 | GST

Every Business whose annual turnover exceeds Rs 40 lakh (for special states, the amount is Rs 10 lakh) or supply of goods and services inter-state has to register for GST.

Important update as on 03-04-2020

The time limit for completion or filing return has been extended to June 30, 2020, where the time limit falls between the  period from March 20, 2020 to June 29, 2020. It does not include cases in which a Person needs to obtain the GST registration in section 25 (Normal registration) and 27 (Registration as non-resident taxpayer/ casual taxpayer) of the CGST law act.

Please follow a step-by-step guide on how to complete the online registration process on the GST Portal:

Step 1: Go to GST Portal. Click on Registration under Service Tab 

Step 2: Enter the below given details in Part A -

1. Click on New Registraton
 
2. Select Taxpayer under the drop-down menu 
 
3. In drop down menu Select State and District
 
4. Enter the company name and company PAN
 
5. Enter the email addrezss and mobile phone number. The registered email and mobile number will receive the OTP.
 
6. Click on Proceed Now

 

 

Step 2: Enter the below given details in Part A -

1. Click on New Registraton
 
2. Select Taxpayer under the drop-down menu 
 
3. In drop down menu Select State and District
 
4. Enter the company name and company PAN

 

Every Business whose annual turnover exceeds Rs 40 lakh (for special states, the amount is Rs 10 lakh) or supply of goods and services inter-state has to register for GST.

Important update as on 03-04-2020

The time limit for completion or filing return has been extended to June 30, 2020, where the time limit falls between the  period from March 20, 2020 to June 29, 2020. It does not include cases in which a Person needs to obtain the GST registration in section 25 (Normal registration) and 27 (Registration as non-resident taxpayer/ casual taxpayer) of the CGST law act.

Please follow a step-by-step guide on how to complete the online registration process on the GST Portal:

What is GST- Registration | Eligibility | Documents | Process Guide & Fees
  • Abhinay Rai | 2020-05-21 22:50:58 | GST

What is GST "Goods and Services Tax"

The goods and services tax (GST) is a value added tax that applies to most goods and services sold for internal consumption. The Goods and Services Tax Law was approved in Parliament on March 29, 2017. The Law went into effect on July 1, 2017; The Goods and Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is applied to each value added.

In simple words, the goods and services tax (GST) is an indirect tax that is applied to the supply of goods and services. This GST law has replaced many of the indirect tax laws that previously existed in India. The GST is paid by consumers, but the companies that sell the goods and services refer it to the government. In effect, goods and service tax generate revenue for the government.

.

Understanding the Goods and Services Tax (GST)

The GST is an indirect sales tax that is applied to the cost of certain goods and services.. The business adds the GST to the product price, and a customer who purchases the product pays the sale price plus the GST. The part of the GST is collected by the company or the seller and sent to the government.

 

How Goods and Services Tax System Working

Most countries with a GST have a single unified GST system, which means that a single tax rate is applied across the country. A country with a unified GST platform merges central taxes (eg, sales tax, consumption tax, and service tax) with state-level taxes (eg, entertainment tax, entry tax) , transfer tax, sin tax and luxury tax) and collects them as a single tax. These countries tax almost everything at a single rate.

 

Double tax structures on goods and services (GST)

Only Brazil and Canada , have a dual GST structure. Compared to a unified GST economy where the federal government collects taxes and then distributes them to the states, in a dual system, the federal GST is applied in addition to the state sales tax. In Canada, for example, the federal government applies a 5% tax and some provinces / states also impose a provincial state tax (PST), which ranges from 7% to 10%. In this case, the consumer receipt will clearly have the GST and PST rate applied to their purchase value.

 

GST Registration?

In the GST Regime, companies whose turnover exceeds Rs. 40 lakhs * (Rs 10 lakhs for NE and mountain states) are required to register as a normal taxable person. This registration process is called GST registration.

For certain companies, registration under GST is mandatory. If the organization conducts business without registering under GST, it will be a crime under GST and heavy penalties will apply.

GST registration generally takes 2-7 business days. We will help you sign up for GST in 3 easy steps.

* CBIC has reported the increase in threshold rotation from Rs 20 lakhs to Rs 40 lakhs. The notification will take effect on April 1, 2019.

 

Who Required for  GST Registration

1. People registered under the Pre-GST law (i.e. excise, VAT, service tax, etc.)

2. Companies with a turnover above the limit of Rs. 40 Lakhs * (Rs.10 Lakhs for the Northeast States, J&K, Himachal Pradesh and Uttarakhand)

3. Occasional taxable person / non-resident taxable person

4. Inbound service provider and distributor agents

5. Taxpayers under the reverse charge mechanism

6. Person supplying through the e-commerce aggregator

7. Each e-commerce aggregator

8. Person who provides online information and access to the database or recovery services from a place outside India to a person in India, who is not a registered taxable person

* CBIC has reported the increase in threshold rotation from Rs 20 lakhs to Rs 40 lakhs. The notification will take effect on April 1, 2019.

 

Documents Required for GST Registration

1. Applicant's PAN

2. Aadhaar card

3. Proof of company registration or certificate of incorporation

4. Proof of identity and address of promoters / director with photographs

5. Proof of address of place of business

6. Bank account statement / canceled check

7. Digital signature

8. Board Resolution for Authorized Signatory / Letter of Authorization

 

What is the GST registration process?

The Goods and Services Tax (GST) registration services at TaxCaller our experts help you register your GST for your business and obtain your GSTIN.

The TaxCaller GST experts will guide you in the applicability and compliance of GST for your business and will make your business register under GST.

 

Penalty for not registering under GST

An offender who does not pay taxes or makes short payments (genuine errors) has to pay a fine of 10% of the amount of tax owed subject to a minimum of Rs. 10,000.

The fine will be 100% of the amount of the tax owed when the criminal has deliberately evaded the payment of taxes.

 

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