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Ca On Web's blog

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INCOME TAX RETURN FILING

February 13, 2019 by Ca On Web  

Income Tax Act states that income tax return filing is mandatory for those whose total income in the preceding year surpasses the threshold limit which is not chargeable to tax. Nowadays return filing is hassle-free process with the facility of online income tax return filing. The best thing about online income tax return filing is that you can do this according to your comfort and free time by sitting at your home.

WHAT IS INCOME TAX RETURN?

ITR is proof that you have paid tax on your income. It contains details about annual income and the amount of tax you have paid. If you fail to file your ITR, you have to pay penalty or face legal consequences.

FORMS FOR FILING ITR

For filing Income Tax return the various forms are as follows:

FORM

APPLICABLE TO

ITR-1

For a salaried person, house property owners and those whose total income is up to Rs. 50 lakh

ITR-2

For HUF and Individual

ITR-3

HUF and Individual having income from Business or profession

ITR-4

For HUF, firm and Individual having presumptive income

ITR-5

For LLP, Firms, AOP and BOI

ITR-6

For Companies

ITR-7

For Trusts/ Societies/ NGO

 

BENEFITS OF FILING ITR:

1.     For loan purpose

2.     To carry forward losses

3.     Government Tender

4.     Visa processing

5.     To claim refund

 

ITR FILING DUE DATE

It is an important duty for every citizen of India to pay tax and to file income tax return every year. Filing of online ITR is an easy and simple process. For filing ITR the due date is 31st August. Those whose accounts need to be audited must file their return by 30th September.

Here are some easy step for filing online Income Tax Returns filing:

First, open the Income Tax website e-Filing Home Page, and register on the website.

For filing Income Tax Returns it is mandatory to have a PAN card, Aadhar card.

Download the form, fill and then upload the completed form online or chose to fill the form by selecting the e-file option available on the website.

As soon as the Return form is uploaded, please submit it with the required documents.

After completing all forms and documents, an acknowledgment receipt is generated which is a final process that validates the tax filing process.

Q. WHAT IS PREVIOUS YEAR AND ASSESSMENT YEAR?

Previous Year is the financial year in which you earned the income. The income earned during this previous year is chargeable to tax in Assessment Year, which is the year after previous year. For example for the Income earned in Financial Year (Previous Year) 2018-2019 the assessment of tax is carried out in 2019-2020. Thus 2019-2020 is the Assessment Year.

Q. How many times you can file the revised return?

You can revise it multiple times till the expiry of one year.

Q. If you fail to file the return within due date, what will be the penalty?

If a return is not filed up to the end of Assessment year, a penalty of Rs. 5000 shall be levied.

 

 

 

Top Chartered Accountants in India

February 8, 2019 by Ca On Web  

In today’s era, e-commerce is becoming very popular. We all are relying more on online service for purchasing of goods and services. Online Chartered Accountants services are also becoming popular as it is easy to access all services online rather than visiting CA’s office every time. Other benefits of Online CA services are:

·        Global reach as there are no geographical boundaries

·        Always open i.e. 24 hours a day, 7 days a week

·        The cost involved is less

·        Time and efforts involved are less

·        Ease of payment transactions

·        Paper wastage is less

·        Improved client services

 

Online CA services:

Now we can find all CA related services online like accountancy, auditing, taxation, etc. Chartered Accountants are providing following online CA services to their clients:

 

-  Accountancy or bookkeeping services: It includes writing up of accounts and preparation of financial statements.

-  Auditing services: It includes various audits like statutory audit under companies act 2013, tax audit under income tax act 1961, GST audit, internal audit, stock audit etc.

-   Taxation services: It includes preparing and filing of returns for tax purposes like Income tax returns, TDS returns and GST returns. It also includes representing the client before the tax authorities and rendering general advice on taxes to his clients.

- Registration services: It includes company registration, GST registration, IEC registration, FSSAI registration, APEDA registration, ISO registration, MSME registration, etc.

-   Other Business related services: It includes other business-related services like company formation, company closure, company annual filing, LLP annual filing, business consultancy, financial advisory services, direct and indirect taxation advisory services, management consultancy services, foreign remittance compliance, etc.

 

Top Chartered Accountants in India:

Understanding and compliance of applicable tax laws can be very confusing and complicated for clients. There are various aspects related to bookkeeping, taxation, laws, and regulations, which can be difficult for the client to understand. That’s why it is very important to hire professionals for this work so that clients can focus on their main business activities rather than worrying about tax compliance.

 

Tax Consultants in India:

Tax Consultants ensures that clients comply with all tax obligations and receive all deductions for which he is eligible for. There are many small tax consultants in India but it is always better to prefer a Chartered Accountant as they have all the required knowledge and experience for compliance of applicable tax laws. Chartered accountants are professionals who use their knowledge and expertise in helping individuals or businesses for making compliance of applicable tax laws.  

For the access of online CA services, we have to search for companies or CA firms providing online CA services. If you are searching for top chartered accountants in India, then you can visit caonweb website for online CA services. We are providing an online directory where you can find top chartered accountants in India or tax consultant in Indiaas per your requirements and you can also search for top chartered accountants in India nearby your location for your convenience.     

 

 

The Best Platform for All the Accounts/Tax Professionals Around the World

January 18, 2019 by Ca On Web  

You are taxation or accounts service provider, You may be a CPA, a Chartered Accountant, A Public Accountant- You work is related to bookkeeping and outsourcing, tax computing, return filing, certification, legal entity incorporation- then CAONWEB is the best way for you. In any Country, people are willing to provide service or establish their business outside their country. They have the idea, have the resources- their first step is to find out a trustworthy Consultants who is an expert in taxation/finance/business advisory. We bring you a simple platform which makes people easy to connect to any professional around the people who can guide them start a business or provide any kind of advisory services.

A single program which has several professionals around the working person registered can be the best thing a client could have. Mr. X, for example, is resident of China for example and he wants to establish a company in India, All he has to do is find professionals in India through this idea, see what all services are being provided by any particular consultant in India and book or contact that professional as per his requirement.

So how as a professional will you connect with caonweb committee? Well, in this all you’ve got to do is create your profile by mentioning your current location and the category of services you are providing. We ensure the confidentiality and safety of our clients and professionals. This platform will become a bridge to connect professionals around the world with any client who could beat any corner of the world. The simple profile creation by providing the nature of your service could do wonders for any professional’s growth and it becomes easy for any person to get any kind of business/financial advisory services.

Let’s come together on this platform and connect with clients around the people. Create your profile today.

You could reach us through info@caonweb.com, on Facebook and Twitter you could connect through @caonwebonline

Thank you

Complete Guide on TDS including TDS return filing and TDS deduction

January 4, 2019 by Ca On Web  

What is Tax Deducted at Source (TDS)?

As the name itself suggests, Tax deducted at source means deducting a certain specified percentage of tax on certain expenses and depositing it with the government before making the payment to the receiver in full. It is paid as u earn scheme, introduced by the government for collection taxes in the same year in which the income was earned.

 

Who is needs to Deduct TDS?

As per the income tax act 1961, if one falls in any one of the below-mentioned categories, then he/she/ it needs to Deduct TDS:

Every company registered under Companies Act 1956/2013 is required to deduct TDS.

 

·         Every individual or HUF, whose turnover during the preceding previous year exceeds the limit specified for audit u/s 44 AB (currently 1 Crore) is required to deduct TDS.

·         Any individual or HUF,  who makes rent payments of more than 50000 per month is also required for the tax deduction, even if his turnover does not exceed the specified limit for audit u/s 44AB.

What are the various TDS Rates?

Some of the important payments on which tds is required to be deducted are mentioned below:

  

Nature of Payments

Rates

Deduction if payment exceeds

Salary

As per the rates prescribed

Under Income tax act for

individuals / Senior Citizen

Generally when taxable income

Exceeds 2.5 Lakh for individuals

(Limit is different for senior citizens

Interest other than interest

On Securities.

For Individuals / HUF- 10%

For Domestic Companies-10%              

From Banks: 10000 /- p.a

From Others: 5000 /- p.a

Winning income from Lotteries

 

For Individuals / HUF- 30%

For Domestic Companies-30%              

Rs: 10000/- p.a

Payment to Contractors

For Individuals / HUF- 1%

For Domestic Companies-2%              

Per contract : Rs. 30,000/-  or,

In aggregate : Rs. 1,00,000/- p.a

Insurance Commission

For Individuals / HUF- 5%

For Domestic Companies-5%              

Rs: 15000/- p.a

Commission & Brokerage

For Individuals / HUF- 5%

For Domestic Companies-5%              

Rs: 15000/- p.a

Rent - Land & Building

For Individuals / HUF- 10%

For Domestic Companies-10%

Rs: 180000/- p.a

Rent - Plant & Machinery

For Individuals / HUF- 2%

For Domestic Companies-2%              

Rs: 180000/- p.a

Professional Fees &

Technical Services

For Individuals / HUF- 10%

For Domestic Companies-10%

Rs. 30,000/- p.a.

Professional Fees &

Technical Services

Engaged in business

 of Call Centre

For Individuals / HUF- 2%

For Domestic Companies-2%              

Rs. 30,000/- p.a.

 

How to deposit Tax deducted at source?

Tax Deducted at Source is deposited through Challan ITNS-281 on the government portal. Tds deducted for a particular month is required to be deposited by 7th of the following month.

What is TDS Returns? What are the various due dates of filing returns?

Tds returns are quarterly statements which are required to be submitted by tds deductors. It contains details of tds deducted from deductees and tds deposited to the government. There are four types of returns:

        Form 24 Q – Statement of Tds returns for salary payments.

Form 26 Q- Statement of Tds returns for other than salary payments. (Interest,                                    Rent, Commission etc.

Form 27 Q- Statement of Tds returns for payments made to non-residents for any specified sum.

What are the due dates of filing TDS returns in India?

Tds returns are filed online every quarter. Following are the due dates for filing TDS returns in India:

Quarter

Period

Due Date

1st

1st April-30th June

31st July

2nd

31st July- 30th September

31st October

3rd

1st October-31st December

31st January

4th

1st January-31st March

31st May

 

What are TDS certificates?

 

After filing online TDS return next step is to issue TDS certificates. TDS Certificate contains the details TDS deducted.E very Tds deductor is liable to issue TDS certificate to the deductee for each quarter by the 15Th of the following from the end of the quarter. So, filing online TDS return is not enough, one also has to issue TDS certificates for complete compliances

Deduction in respect of Interest on deposits for Senior Citizen (Section – 80TTB w.e.f from 1st April, 2018)

December 27, 2018 by Ca On Web  

We all know that with old age health issues increases and income sources diminishes. So, In order to reduce the tax burden on senior citizens, a new section- 80TTB (applicable from A.Y 2019-20) has been introduced by Finance minister Mr. Arun Jaitley in Budget 2018. Deduction under this section is available only if the following mentioned criteria are met:

 

·          Assessee must be a Resident senior citizen

Benefits of this section are available only for a resident individual who is of at least 60 years at any time during the year.

 

·          Interest income from deposits

His income must include interest on deposits with a bank/ co-operative bank/ post office. For the purpose of this section, interest income includes interest on savings bank deposits, term deposits, recurring deposits, national saving certificates, senior citizen saving schemes and post office monthly saving schemes.

 

    Quantum of deduction

 If above-mentioned criteria are met, the taxpayer can claim the deduction of Rs.50000/- or the amount of aforesaid interest income, whichever is lower.

 

  No deduction is allowed

If above-mentioned interest income is derived from an account held by or on behalf of a firm, AOP or a BOI, then no deduction shall be allowed in respect of such income for computation of total income.

 

Benefits of 80TTA cannot be claimed-

 

 W.e.f Assessment Year 2019-20, the deduction under section 80TTA* is not available for individuals who are eligible to claim deduction under section 80TTB.

 

For more information visit: CaOnWeb

Warehouse Registration | Online Warehouse Registration in India

October 24, 2018 by Ca On Web  

Any person commencing or carrying on the warehousing business and intending to issue Negotiable Warehouse Receipts (NWRs) has to get the warehouse registered with the Warehousing Development & Regulatory Authority (WDRA).

PROCEDURE

1. The applicant warehouse may make an application to the Authority for registration of its warehouse in the prescribed Form available on the website of the Authority.

 2. A person desirous of carrying on the business of warehousing in more than one warehouse may submit only one application for registration in respect of all the warehouses.

REGISTRATION  FEE

Application fee (non-refundable) for warehouse registration or renewal thereof is as follows and payable by way of bank draft or cheque or through ECS on any bank in favor of the Warehousing Development and Regulatory Authority payable at New Delhi, except in the case Where the applicant/ warehouseman is a Farmer Producer Organization or a Cooperative, the fee shall be Rs.5,000 per warehouse.

 

 

 

  Each warehouse (capacity of 10,000 Ton or less)

            

                Rs. 20,000

 

 

 Each warehouse (capacity of more than 10,000   Ton but less than or equal to 25,000 Ton)

              

                  

                 Rs. 25,000

 

Each warehouse (capacity of more than 25,000 Ton)

 

 

               

                  Rs. 30,000

 

Unit Of Registration                                         Fee (Non Refundable)

                                         

DOCUMENTS TO BE SUBMITTED WITH THE APPLICATION –

Every application for registration of a warehouse should be accompanied with the following document

1.   Application in prescribed form affixing the photograph of individual/authorized representative

2.   Applicant's proof of identity as required at Fifth Schedule of the Warehousing (Development and Regulation) Registration of Warehouses Rules, 2017

3.   Standard Operating Procedures

4.   Document in support of net-worth as required under Rule 18 (5) of the Warehousing (Development and Regulation) Registration of Warehouses Rules, 2017

5.   Copy of Insurance policies as prescribed under Rule 17 of the Warehousing (Development and Regulation) Registration of Warehouses Rules, 2017

6.   Lay out Plan of the warehouse(s)

7.   Basic Data Sheet in case of warehouse (cold storage)

8.   Proof about technical standards under which warehouse (cold storage) constructed

9.   List of equipment for assaying goods available at the warehouse

10.   List of equipment for weighing goods available at the warehouse

11.   Fire Safety arrangements at the warehouse

12.   If warehouse is owned: Copy of the Records of Rights or registered title deed in respect land on which warehouse concerned is located as per the Sixth Schedule of the Warehousing (Development and Regulation) Registration of Warehouses Rules, 2017

13.   Document to demonstrate effective control over the Warehouse, any of the following ( In accordance to the First Schedule of the Warehousing (Development and Regulation) Registration of Warehouses Rules, 2017):

(i)           lease deed or rent agreement,

(ii)          sub-lease agreement and lease deed indicating that subleasing is permitted,

(iii)        revenue sharing agreement,

(iv)         NOC from Municipal Corporation/ Panchayat/ local body ( as the case may be),

(v)          lease agreement from concerned APMC,

(vi)         copy of allotment letter from State Government . For each warehouse listed in the application separately.

 14. D.D/Bankers’ cheque or copy of Bank transaction slip in support of payment of registration fee.