Tax4Wealth | knowledgeable video platform for Taxpayers and wealth professionals https://tax4wealth.com Tax and wealth includes GST, Income Tax, ITR (ITR 1, ITR 2), Individual tax saving strategy, mutual fund, ELLS, PPF, FD, FNP, bonds, equity, debts, debentures, liquid funds, gold, NRI issues etc Income Tax : Weekly Income Tax Update https://tax4wealth.com/watch/income-tax-weekly-income-tax-update_n6jWmNtdiz8SM9a.html Fri, 01 May 2020 07:42:03 +0000 https://tax4wealth.com/watch/income-tax-weekly-income-tax-update_n6jWmNtdiz8SM9a.html Income Tax : Weekly Income Tax Update <br> <br>Cbdt clarified that revised income tax returns forms to be notified by April end. It will enable taxpayers to take benefit of exemption / deductions upto extended time period of 30th June. <br> employees have to inform employers about its intention to open concessional tax regime effective from 2020 -21. Rupees 5204 crore income tax refunds issued in last 10 days to provide big relief to small businesses including MSME <br> The Income Tax department has sent emails to 1.72 lacs assessees who have outstanding tax demand as well as tax refund. donations and contributions to PM cares fund all now eligible for 100% deduction under section 80G of Income Tax Act 1961 <br>The pending TDS of March 2020 has to be deposited by 30th April 2020 if the payment is made after 30th April 2020 but before 30th June 2020 due to covid-19 impact it will it will attract interest @ 0.75% for every month without any panel consequences <br> <br><a href="https://www.youtube.com/channel/UCpLA1d2SabkUKkrlzg4AOqA?view_as=subscriber" target="_blank" class="hash" rel="nofollow">https://www.youtube.com/channe....l/UCpLA1d2SabkUKkrlz</a> <br> <br> <br> <br>Follow me on Social Media: <br> <br>1. Facebook : <a href="https://www.facebook.com/tax4wealth" target="_blank" class="hash" rel="nofollow">https://www.facebook.com/tax4wealth</a> <br>2. Linkedin : <a href="https://www.linkedin.com/in/tax4-wealth-4aa2b718b/" target="_blank" class="hash" rel="nofollow">https://www.linkedin.com/in/tax4-wealth-4aa2b718b/</a> <br>3. Twitter : <a href="https://twitter.com/tax4wealth" target="_blank" class="hash" rel="nofollow">https://twitter.com/tax4wealth</a> <br>4. Tumblr : <a href="https://tax4wealth.tumblr.com/" target="_blank" class="hash" rel="nofollow">https://tax4wealth.tumblr.com/</a> <br>5. Pinterest : <a href="https://in.pinterest.com/tax4wealth/pins/" target="_blank" class="hash" rel="nofollow">https://in.pinterest.com/tax4wealth/pins/</a> <br>6. Medium : <a href="https://medium.com/@bhartichawla27" target="_blank" class="hash" rel="nofollow">https://medium.com/@bhartichawla27</a> <br> <br> <br> <br>Google Play Store <br>https://play.google.com/store/apps/details?id=com.future.hellotaxindia&amp;hl=en_IN <br> <br> <br> <br>▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾ <br> <br>➨ Website:<a href="https://tax4wealth.com/" target="_blank" class="hash" rel="nofollow">https://tax4wealth.com/</a> <br>➨ Writes to us: tax4wealth@gmail.com <br>▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾ <br>#Weeklyupdate <br>#incomeTaxUpdate ITR Filing: Income Tax Return Slab Modernisation | Business Favouring Income Tax Return Slab https://tax4wealth.com/watch/itr-filing-income-tax-return-slab-modernisation-business-favouring-income-tax-return-slab_uFb8N26Jw47nCYw.html Wed, 29 Apr 2020 11:27:50 +0000 https://tax4wealth.com/watch/itr-filing-income-tax-return-slab-modernisation-business-favouring-income-tax-return-slab_uFb8N26Jw47nCYw.html Income tax Slab must be Modernise with Mr. Avinash Jain ( Founder - Arise Group of Companies) <br> <br> •(00:47) All individuals and small time business men will start showing income in bank which most of them hesitate to show for saving on income tax. <br> <br>•(1:00)These individuals will deposit this extra money in the bank which will increase the fund flow of the bank and this will improve the borrowing cost of the bank. <br> <br> •(1:34)This will this impact on home loan cost, retail loan cost and corporate borrowing at a lower level. This will further impact the expenditure thus picking various industries which are right now reeling under pressure. <br> <br> • (1:40) Income tax slab should be NIL till 30 Lakhs. <br> <br>• (1:43) Till 1 Crore income tax slab should be 10% <br> <br>• (1:45) Higher than 1 Crore 20% <br> <br>• (3:51)As most of the income tax collection come from service class, this move will motivate all business class people to route all their transactions through banking channel thus wiping the black money problem and generating further revenue for the government. <br> <br> • (3:14) All will fill easily n can deposit in to bank rather in home or purchase gold or investment in property . <br> <br><a href="https://www.youtube.com/channel/UCpLA1d2SabkUKkrlzg4AOqA?view_as=subscriber" target="_blank" class="hash" rel="nofollow">https://www.youtube.com/channe....l/UCpLA1d2SabkUKkrlz</a> <br> <br> <br>Follow me on Social Media: <br> <br>1. Facebook : <a href="https://www.facebook.com/tax4wealth" target="_blank" class="hash" rel="nofollow">https://www.facebook.com/tax4wealth</a> <br>2. Linkedin : <a href="https://www.linkedin.com/in/tax4-wealth-4aa2b718b/" target="_blank" class="hash" rel="nofollow">https://www.linkedin.com/in/tax4-wealth-4aa2b718b/</a> <br>3. Twitter : <a href="https://twitter.com/tax4wealth" target="_blank" class="hash" rel="nofollow">https://twitter.com/tax4wealth</a> <br>4. Tumblr : <a href="https://tax4wealth.tumblr.com/" target="_blank" class="hash" rel="nofollow">https://tax4wealth.tumblr.com/</a> <br>5. Pinterest : <a href="https://in.pinterest.com/tax4wealth/pins/" target="_blank" class="hash" rel="nofollow">https://in.pinterest.com/tax4wealth/pins/</a> <br>6. Medium : <a href="https://medium.com/@bhartichawla27" target="_blank" class="hash" rel="nofollow">https://medium.com/@bhartichawla27</a> <br> <br>Google Play Store <br>https://play.google.com/store/apps/details?id=com.future.hellotaxindia&amp;hl=en_IN <br> <br>▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾ <br> <br>➨ Website:<a href="https://tax4wealth.com/" target="_blank" class="hash" rel="nofollow">https://tax4wealth.com/</a> <br>➨ Writes to us: tax4wealth@gmail.com <br>▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾ <br> <br>#incometax <br>#incometaxslab <br>#incometaxslabmodernise Income Tax Slabs कितना भुगतान करना पड़ेगा Budget 2020 के तहत | Tax Rates for FY 2020 21 Old vs New https://tax4wealth.com/watch/income-tax-slabs-क-तन-भ-गत-न-करन-पड-ग-budget-2020-क-तहत-tax-rates-for-fy-2020-21-old-vs-new_7T7j3epQAfGmJJG.html Thu, 27 Feb 2020 12:07:06 +0000 https://tax4wealth.com/watch/income-tax-slabs-क-तन-भ-गत-न-करन-पड-ग-budget-2020-क-तहत-tax-rates-for-fy-2020-21-old-vs-new_7T7j3epQAfGmJJG.html Income Tax Slabs , Tax Rates for FY 2020-21 Old vs New and Changes in Budget <br> <br>1. Restriction on employer contribution to PF. <br>a. Under this act contribution of employer to the account of employee in a recognized provident fund exceeding 12% of salary is Taxable. <br> <br>b. Amount of Contribution to an approved superannuation fund by the employer exceeding Rs. 1,50,000 is treated as perquisite in the hands of employee. <br> <br>c. Assesee is allowed a deduction under NPS for 14% of the salary contributed by central government and 10% salary contributed by any other employer. <br> <br>d. Its is proposed to provide a combined upper limit of Rs, 7,50,000 in respect of employer&#039;s contribution in a year to NPS. <br> <br> <br>2. TCS on foreign remittance through LRS. <br>Proposed to amend Section 206C. <br> <br>a. Scope and Coverage : Authorised dealer shall be liable to collect TCS if he receives in aggregate Rs. 7,50,000 or more in a financial year from the person for remittance out of Inida under the LRS of RBI. <br> <br> b. Rate : 5% However in non PAN / Aadhaar case , rate shall be 10%. <br> <br> c. Not applicable if buyer has deducted TDS under any provision of the Act. <br> <br>3. New Residency Rules for Individuals. - It is proposed to amend section 6 of Income Tax Act. <br> <br>4. TCS on Sale of Goods <br> a. Scope and Coverage : Seller of goods is liable to collect TCS whose total turnover from the business carried on by it exceeds 10 crore during the immediately preceeding FY. <br> <br>b. Ceiling Limit : Consideration received from buyer in previous year in excess of Rs. 50 Lakh. <br> <br>c. Rate : 0.1% on consideration received from Buyer. However, higher rate of 1% in Non Pan ? Aadhaar Cases. <br> <br>d. No TCS to be collected under this section, if TCS is already collected under other provisions or TDS has been deducted under any other provision. <br> <br>5. 194C for Contract Manufacturing <br> <br><a href="https://www.youtube.com/channel/UCpLA1d2SabkUKkrlzg4AOqA?view_as=subscriber" target="_blank" class="hash" rel="nofollow">https://www.youtube.com/channe....l/UCpLA1d2SabkUKkrlz</a> <br> <br> <br>Follow me on Social Media: <br> <br>1. Facebook : <a href="https://www.facebook.com/tax4wealth" target="_blank" class="hash" rel="nofollow">https://www.facebook.com/tax4wealth</a> <br>2. Linkedin : <a href="https://www.linkedin.com/in/tax4-wealth-4aa2b718b/" target="_blank" class="hash" rel="nofollow">https://www.linkedin.com/in/tax4-wealth-4aa2b718b/</a> <br>3. Twitter : <a href="https://twitter.com/tax4wealth" target="_blank" class="hash" rel="nofollow">https://twitter.com/tax4wealth</a> <br>4. 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Medium : <a href="https://medium.com/@bhartichawla27" target="_blank" class="hash" rel="nofollow">https://medium.com/@bhartichawla27</a> <br> <br> <br> <br>Google Play Store <br>https://play.google.com/store/apps/details?id=com.future.hellotaxindia&amp;hl=en_IN <br> <br> <br> <br>▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾ <br> <br>➨ Website:<a href="https://tax4wealth.com/" target="_blank" class="hash" rel="nofollow">https://tax4wealth.com/</a> <br>➨ Writes to us: tax4wealth@gmail.com <br>▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾ <br> <br>#incometaxslab <br>#oldvsnewchangesinbudget <br>#incometaxslab20-21 TDS on property Purchase by Resident https://tax4wealth.com/watch/tds-on-property-purchase-by-resident_UjvH6F9WS8Ok4BB.html Mon, 10 Feb 2020 06:58:24 +0000 https://tax4wealth.com/watch/tds-on-property-purchase-by-resident_UjvH6F9WS8Ok4BB.html TDS on property Purchase by Resident <br> <br>1. What is TDS on property? <br>The Finance Bill 2013 has proposed that purchaser of an immovable property (other than rural agricultural land) worth ₹ 50 lakh or more is required to pay withholding tax at the rate of 1% from the consideration payable to a resident transferor <br> <br>2. I am a Buyer, Do I need to deduct tax at source for sale consideration of under construction property? <br>As per Income Tax Rules, any payment towards purchase of immovable property worth ₹ 50 lakh or more, whether built up or under construction, you are required to withhold tax at the rate of 1% from the sale consideration payable to a resident transferor. <br> <br>3 Who is responsible to deduct the TDS on sale of Property? <br>According to rules in respect of tax deducted at source, buyer of the property would have to deduct the TDS and deposit the same in Government treasury. <br> <br>4 I am Buyer, do I required to procure TAN to report the TDS on sale of Property? <br>Buyer or Purchaser of the property is not required to procure Tax Deduction Account Number (TAN). The Buyer is required quote his or her PAN and sellers PAN. <br> <br>5. What if I don&#039;t have the PAN of the seller, is it Mandatory? <br>PAN of the seller is mandatory. The same may be acquired from the Seller before effecting the transaction. <br> <br>6 How can I use this facility to pay TDS on sale of Property? <br>The Buyer of the property (deductor of tax) has to furnish information regarding the transaction online on the TIN website i.e. <a href="http://www.tin-nsdl.com." target="_blank" class="hash" rel="nofollow">www.tin-nsdl.com.</a> After successfully providing details of transaction deductor can: <br> <br>Either make the payment online (through e-tax payment option) immediately; <br>Or make the payment subsequently through e-tax payment option (net-banking account) or by visiting any of the authorized Bank branches. However, such bank branches will make e-payment without digitization of any challan. The bank will get the challan details from the online form filled on TIN website (<a href="http://www.tin-nsdl.com)" target="_blank" class="hash" rel="nofollow">www.tin-nsdl.com)</a> <br> <br>What is Form 26QB? <br>The online form available on the TIN website for furnishing information regarding TDS on property is termed as Form 26QB <br> <br>What is the due date of payment of TDS on sale of property? <br> <br>As per the CBDT notification no. 30/2016 dated April 29, 2016, the due date of payment of TDS on transfer of immovable property has been extended to thirty days (from existing seven days) from the end of the month in which the deduction is made. <br>Example: If a taxpayer has made payment of sale consideration in the month of February, then corresponding TDS should be deposited on or before (thirty days) March 30th. <br> <br> <br><a href="https://www.youtube.com/channel/UCpLA1d2SabkUKkrlzg4AOqA?view_as=subscriber" target="_blank" class="hash" rel="nofollow">https://www.youtube.com/channe....l/UCpLA1d2SabkUKkrlz</a> <br> <br>Follow me on Social Media: <br> <br>1. Facebook : <a href="https://www.facebook.com/tax4wealth" target="_blank" class="hash" rel="nofollow">https://www.facebook.com/tax4wealth</a> <br>2. Linkedin : <a href="https://www.linkedin.com/in/tax4-wealth-4aa2b718b/" target="_blank" class="hash" rel="nofollow">https://www.linkedin.com/in/tax4-wealth-4aa2b718b/</a> <br>3. Twitter : <a href="https://twitter.com/tax4wealth" target="_blank" class="hash" rel="nofollow">https://twitter.com/tax4wealth</a> <br>4. Tumblr : <a href="https://tax4wealth.tumblr.com/" target="_blank" class="hash" rel="nofollow">https://tax4wealth.tumblr.com/</a> <br>5. Pinterest : <a href="https://in.pinterest.com/tax4wealth/pins/" target="_blank" class="hash" rel="nofollow">https://in.pinterest.com/tax4wealth/pins/</a> <br>6. Medium : <a href="https://medium.com/@bhartichawla27" target="_blank" class="hash" rel="nofollow">https://medium.com/@bhartichawla27</a> <br> <br>Google Play Store <br>https://play.google.com/store/apps/details?id=com.future.hellotaxindia&amp;hl=en_IN <br> <br>▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾ <br> <br>➨ Website:<a href="https://tax4wealth.com/" target="_blank" class="hash" rel="nofollow">https://tax4wealth.com/</a> <br>➨ Writes to us: tax4wealth@gmail.com <br>▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾ <br> <br>#tdsonproperty <br>#tdsonpropertybyresident <br>#tdsonresidentproperty Cash transaction limit as per Income Tax Act in India https://tax4wealth.com/watch/cash-transaction-limit-as-per-income-tax-act-in-india_J7YLCAYBsv1zCkD.html Mon, 21 Oct 2019 07:33:04 +0000 https://tax4wealth.com/watch/cash-transaction-limit-as-per-income-tax-act-in-india_J7YLCAYBsv1zCkD.html Cash transaction limit as per Income Tax Act in India <br> <br> Under Income Tax Act there are various provisions which restrict cash transactions by following ways: <br> <br> Restriction Through Disallowance <br> Section 35AD- Deduction in respect of expenditure incurred on setting up of a specified business <br> No deduction is allowed for cash payments exceeding Rs.10,000/- for an expenditure or an allowance claimed under business head. <br> In case of payment made for plying, hiring or leasing goods carriages, the limit stands enhanced to Rs. 35,000/- <br> <br> Deductions under chapter VI –A <br> <br> Section 80D : <br> Deduction for Medical Insurance &amp; Health Check up <br> No deduction u/s 80D is allowable if paid in cash other than preventive health check-up expenditure. <br> <br> <br> Section 80G: <br> Deduction on Donation to Charitable Institutions <br>Deduction in respect of donation exceeding *Rs.2, 000/- is allowable where such sum is paid by any mode other than cash. <br> <br> Section 80GGA : <br> Deduction for Donation for R&amp;D <br> Deduction in respect of donation for scientific research or rural development exceeding Rs. 10,000/- is allowable where such sum is paid by any mode other than cash. <br> <br> Section 80GGB <br> Contribution by Companies to Political Parties. <br> Deduction in respect of contribution given by companies to political parties is allowable where such sum is paid by any mode other than cash. <br> <br> Section 80GGC- <br> Deduction for Donation to Political Parties. (Other than companies). <br>Deduction in respect of contribution given by any person to political parties is allowable where such sum is paid by any mode other than cash. <br> <br> Section 68- Cash Credits <br> <br> Section 69- Unexplained Investments <br> <br> Section 115 BBC- Anonymous Donations <br> <br>Restrictions through penalties <br> Section 269SS – Mode of Taking or Accepting certain Loans and Deposits <br> <br> Section 269ST- Penalty on cash receipt of more than two lakhs <br> Section 269T- Repayment of loan in cash <br> <br> Income Tax Department to issue notice where cash transaction is above Rs 20,000 in Property Purchase. <br> Restriction through providing for incentivizing non-cash transactions <br> <br> TDS on Cash Withdrawal: TDS of 2% on cash withdrawal exceeding Rs 1 crore in a year from a bank account. <br> <br><a href="https://www.youtube.com/channel/UCpLA1d2SabkUKkrlzg4AOqA?view_as=subscriber" target="_blank" class="hash" rel="nofollow">https://www.youtube.com/channe....l/UCpLA1d2SabkUKkrlz</a> <br> <br>Follow me on Social Media: <br> <br>1. Facebook : <a href="https://www.facebook.com/tax4wealth" target="_blank" class="hash" rel="nofollow">https://www.facebook.com/tax4wealth</a> <br>2. Linkedin : <a href="https://www.linkedin.com/in/tax4-wealth-4aa2b718b/" target="_blank" class="hash" rel="nofollow">https://www.linkedin.com/in/tax4-wealth-4aa2b718b/</a> <br>3. Twitter : <a href="https://twitter.com/tax4wealth" target="_blank" class="hash" rel="nofollow">https://twitter.com/tax4wealth</a> <br>4. Tumblr : <a href="https://tax4wealth.tumblr.com/" target="_blank" class="hash" rel="nofollow">https://tax4wealth.tumblr.com/</a> <br>5. Pinterest : <a href="https://in.pinterest.com/tax4wealth/pins/" target="_blank" class="hash" rel="nofollow">https://in.pinterest.com/tax4wealth/pins/</a> <br>6. Medium : <a href="https://medium.com/@bhartichawla27" target="_blank" class="hash" rel="nofollow">https://medium.com/@bhartichawla27</a> <br> <br> <br> <br>Google Play Store <br>https://play.google.com/store/apps/details?id=com.future.hellotaxindia&amp;hl=en_IN <br> <br> <br> <br>▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾ <br> <br>➨ Website:<a href="https://tax4wealth.com/" target="_blank" class="hash" rel="nofollow">https://tax4wealth.com/</a> <br>➨ Writes to us: tax4wealth@gmail.com <br>▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾ <br> <br>#Cashtransaction <br>#incometaxact <br>#tsdonCashtransaction 6 Changes in Income Tax Law from Sept 1 2019 | Section 194DA| 194M 94IA| 194N| 285BA https://tax4wealth.com/watch/6-changes-in-income-tax-law-from-sept-1-2019-section-194da-194m-94ia-194n-285ba_4MhzHfc4sH2m8oK.html Tue, 24 Sep 2019 07:14:04 +0000 https://tax4wealth.com/watch/6-changes-in-income-tax-law-from-sept-1-2019-section-194da-194m-94ia-194n-285ba_4MhzHfc4sH2m8oK.html 6 Changes in Income Tax Law from Sept 1, 2019 | Section 194DA | 194M | 194IA | 194N |285BA <br> <br> <br>1. TDS on additional payments made when purchasing immovable property like Club Member Fee, car parking, Water facility etc <br>2. TDS on Cash withdrawals from Bank Account <br>3. TDS on payments made by individuals and HUFs to contractors and professionals <br> <br>4. TDS on non-exempt portion of life insurance <br> <br>5. Banks and FIs can be asked to report even small transactions <br> <br>6. Inter-changeability of PAN and Aadhaar and mandatory quoting in prescribed transactions <br> <br> <br>In order to discourage cash transactions and move towards less cash economy <br>the Finance (No. 2) Act, 2019 has inserted a new section 194N in the Income-tax Act, 1961 (the ‘Act’), to provide for levy of tax deduction at source (TDS) @2% on cash payments in excess of one crore rupees in aggregate made during the year, by a banking company or cooperative bank or post office, to any person from one or more accounts maintained with it by the recipient. The above section shall come into effect from 1st September, 2019. Since the section provided that the person responsible for paying any sum, or, as the case may be, aggregate of sums, in cash, in excess of one crore rupees during the previous year to deduct income tax @2% on cash payment in excess of rupees one crore, queries were received from the general public through social media on the applicability of this section on withdrawal of cash from 01.04.2019 to 31.08.2019. The CBDT, having considered the concerns of the people, hereby clarifies that section 194N inserted in the Act, is to come into effect from 1st September, 2019. Hence, any cash withdrawal prior to 1st September, 2019 will not be subjected to the TDS under section 194N of the Act. However, since the threshold of Rs. 1 crore is with respect to the previous year, calculation of amount of cash withdrawal for triggering deduction under section 194N of the Act shall be counted from 1st April, 2019. Hence, if a person has already withdrawn Rs. 1 crore or more in cash upto 31st August, 2019 from one or more accounts maintained with a banking company or a cooperative bank or a post office, the two per cent <br> <br>Cash withdrawals exceeding Rs 1 crore on aggregate basis during the year from an account held with a bank, cooperative bank or post office will invite levy of TDS from September 1. The move is aimed at discouraging large cash transactions and also to promote a less cash economy. <br> <br>A new section 194N has been inserted in the Income Tax Act which defines that TDS will be levied at the rate of two per cent on cash withdrawals made from the account. <br> <br>As per newly introduced Section 194M: Payment of commission (not being insurance commission), brokerage, contractual fee, professional fee to a resident person by an Individual or a HUF who are not liable to deduct TDS under section 194C, 194H, or 194J. Tax shall be deducted at the rate of 5% under section 194M with effect from 1/09/2019 when aggregate of sum credited or paid during a financial year exceeds Rs. 50 lakh. <br> <br> <br> <br> <br> <br> <br> <br> <br> <br><a href="https://www.youtube.com/channel/UCpLA1d2SabkUKkrlzg4AOqA?view_as=subscriber" target="_blank" class="hash" rel="nofollow">https://www.youtube.com/channe....l/UCpLA1d2SabkUKkrlz</a> <br> <br> <br> <br>Follow me on Social Media: <br> <br>1. Facebook : <a href="https://www.facebook.com/tax4wealth" target="_blank" class="hash" rel="nofollow">https://www.facebook.com/tax4wealth</a> <br>2. Linkedin : <a href="https://www.linkedin.com/in/tax4-wealth-4aa2b718b/" target="_blank" class="hash" rel="nofollow">https://www.linkedin.com/in/tax4-wealth-4aa2b718b/</a> <br>3. Twitter : <a href="https://twitter.com/tax4wealth" target="_blank" class="hash" rel="nofollow">https://twitter.com/tax4wealth</a> <br>4. 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Medium : <a href="https://medium.com/@bhartichawla27" target="_blank" class="hash" rel="nofollow">https://medium.com/@bhartichawla27</a> <br> <br> <br> <br>Google Play Store <br>https://play.google.com/store/apps/details?id=com.future.hellotaxindia&amp;hl=en_IN <br> <br> <br> <br>▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾ <br> <br>➨ Website:<a href="https://tax4wealth.com/" target="_blank" class="hash" rel="nofollow">https://tax4wealth.com/</a> <br>➨ Writes to us: tax4wealth@gmail.com <br>▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾ NO COUNTRY TAX FOR EVADERS https://tax4wealth.com/watch/no-country-tax-for-evaders_d4krwCLANMSoEM2.html Fri, 30 Aug 2019 12:09:00 +0000 https://tax4wealth.com/watch/no-country-tax-for-evaders_d4krwCLANMSoEM2.html The taxation scene could change radically as India enters uncharted territory from April 1. On Day 1 of the new financial year, the taxman will begin looking into comprehensive, 360-degree profiles of Indian taxpayers. <br> <br>Life is now all set to change drastically for taxpayers whose spending patterns don&#039;t match their earnings declarations. <br> <br>How will the taxman pull this off in a country like India where lack of tax compliance has been one of the longest-standing grouses for governments? <br>Enter Project Insight — a tax tracker based on big data, built painstakingly over several years at a purported cost of Rs 1,000 crore. Under the project, the government will put to use a range of non-traditional — but very effective — sources of information. <br> <br>So far, traditional sources like banks were the only tools at government&#039;s disposal, leaving unscrupulous taxpayers a huge scope for evasion. The plan now is to gather virtual info not just from those traditional sources but also from social media sites like facebook and Instagram. <br>The project is set to be fully operational from April 1. The I-T department has set up a host of key functionalities that could over time make tax evasion impossible. The process will basically entail a complete profiling of a taxpayer — both new income tax filers and non-filers — in order to find out his/her tax liability. <br> <br>Big data will help the taxman build a taxpayer&#039;s master profile that will include all key info about him/her. <br> <br>The basic target of this project is to bring more people under the tax net. Another idea is to catch tax truants who may&#039;ve played dirty during demonetisation. The tax net will also close in on those with pending demands of over Rs 10 lakh. <br> <br>How all this will be done <br>A Business Standard report says the data gleaned from Insight will be segregated. This will have the taxpayer&#039;s master profile — which will include address, signature, I-T return profile. There is also a segment named business intelligence that will basically ferret out non-compliant folks. <br> <br>A Geographic Information system will help tax the taxman zero in on a specific area for more focussed action. It will also classify taxpayers on the basis of parameters like income, profit and capital gains, the BS report says. <br>As per this report, the Insight project will feature an integrated information management system, which will harness machine learning to help take the right step and the right time. It will entail collecting relevant web pages and documents that could be probed, it says. <br>India now in select league <br>As per a Bloomberg report, India now joins a select league of countries like Belgium, Canada and Australia that are already using big data to keep a check on evasion. <br> <br>India&#039;s new plan is on the lines of Britain&#039;s &#039;Connect,&#039; built at an estimated cost of 100 million pounds. Since its inception in 2010, the system has prevented the loss of 4.1 billion pounds ($5.4 bil pounds ($5.4 billion) in revenue. These cases would have mostly remained undetected without cutting-edge analytics. <br>More importantly, the number of criminal prosecutions has risen to 1,165 from 165 a year, Bloomberg said quoting London-based Institute of Financial Accountants. <br> <br>Source : <a href="https://economictimes.indiatimes.com/..." target="_blank" class="hash" rel="nofollow">https://economictimes.indiatimes.com/...</a> <br> <br><a href="https://www.youtube.com/channel/UCpLA1d2SabkUKkrlzg4AOqA?view_as=subscriber" target="_blank" class="hash" rel="nofollow">https://www.youtube.com/channe....l/UCpLA1d2SabkUKkrlz</a> <br> <br> <br> <br>Follow me on Social Media: <br> <br>1. Facebook : <a href="https://www.facebook.com/tax4wealth" target="_blank" class="hash" rel="nofollow">https://www.facebook.com/tax4wealth</a> <br>2. Linkedin : <a href="https://www.linkedin.com/in/tax4-wealth-4aa2b718b/" target="_blank" class="hash" rel="nofollow">https://www.linkedin.com/in/tax4-wealth-4aa2b718b/</a> <br>3. Twitter : <a href="https://twitter.com/tax4wealth" target="_blank" class="hash" rel="nofollow">https://twitter.com/tax4wealth</a> <br>4. Tumblr : <a href="https://tax4wealth.tumblr.com/" target="_blank" class="hash" rel="nofollow">https://tax4wealth.tumblr.com/</a> <br>5. Pinterest : <a href="https://in.pinterest.com/tax4wealth/pins/" target="_blank" class="hash" rel="nofollow">https://in.pinterest.com/tax4wealth/pins/</a> <br>6. Medium : <a href="https://medium.com/@bhartichawla27" target="_blank" class="hash" rel="nofollow">https://medium.com/@bhartichawla27</a> <br> <br> <br> <br>Google Play Store <br>https://play.google.com/store/apps/details?id=com.future.hellotaxindia&amp;hl=en_IN <br> <br> <br> <br>▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾ <br> <br>➨ Website:<a href="https://tax4wealth.com/" target="_blank" class="hash" rel="nofollow">https://tax4wealth.com/</a> <br>➨ Writes to us: tax4wealth@gmail.com <br>▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾ <br> <br>#incometax <br>#CBDT <br>#nocountryforevaders Section 44AD: No Tax upto 1 Cr under Presumptive Taxation Scheme https://tax4wealth.com/watch/section-44ad-no-tax-upto-1-cr-under-presumptive-taxation-scheme_affGQG2zDoXJyKS.html Mon, 22 Jul 2019 09:23:05 +0000 https://tax4wealth.com/watch/section-44ad-no-tax-upto-1-cr-under-presumptive-taxation-scheme_affGQG2zDoXJyKS.html What is the meaning of presumptive taxation scheme? <br> <br>As per sections 44AA of the Income-tax Act, 1961, a person engaged in business is required to maintain regular books of account under certain circumstances. To give relief to small taxpayers from this tedious work, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, sections 44ADA and sections 44AE. <br>A person adopting the presumptive taxation scheme can declare income at a prescribed rate and, in turn, is relieved from tedious job of maintenance of books of account. <br> <br>Who is eligible to take advantage of the presumptive taxation scheme of section 44AD?| Who is eligible for get the benefit section 44AD| Can an Individaul declare his profit under section 44AD? <br> <br>The presumptive taxation scheme of section 44AD can be adopted by following persons : <br>1) Resident Individual <br>2) Resident Hindu Undivided Family <br>3) Resident Partnership Firm (not Limited Liability Partnership Firm) <br>In other words, the scheme cannot be adopted by a non-resident and by any person other than an individual, a HUF or a partnership firm (not Limited Liability Partnership Firm). <br>Further, this Scheme cannot be adopted by a person who has made any claim towards deductions under section 10A/10AA/10B/10BA or under sections 80HH to 80RRB in the relevant year. <br> <br>Which businesses are not eligible for presumptive taxation scheme? <br> <br>The scheme of section 44AD is designed to give relief to small taxpayers engaged in any business, except the following businesses: <br>• Business of plying, hiring or leasing goods carriages referred to in sections 44AE. <br>• A person who is carrying on any agency business. <br>• A person who is earning income in the nature of commission or brokerage <br>• Any business whose total turnover or gross receipts exceeds two crore rupees. <br> <br> <br>Apart from above discussed businesses, a person carrying on profession as referred to in section 44AA(1) is not eligible for presumptive taxation scheme under section 44AD. <br> <br>Can an insurance agent adopt the presumptive taxation scheme of section 44AD? <br>A person who is earning income in the nature of commission or brokerage cannot adopt the presumptive taxation scheme of section 44AD. Insurance agents earn income by way of commission and, hence, they cannot adopt the presumptive taxation scheme of section 44AD <br> <br>Can a person engaged in a profession as prescribed under section 44AA(1) adopt the presumptive taxation scheme of section 44AD? <br>A person who is engaged in any profession as prescribed under section 44AA(1) cannot adopt the presumptive taxation scheme of section 44AD. <br>However, he can opt for presumptive taxation scheme under section 44ADA and declare 50% of gross receipts of profession as his presumptive income. Presumptive Scheme under section 44ADA is applicable only for resident assessee whose total gross receipts of profession do not exceed fifty lakh rupees. <br> <br>Can a person whose total turnover or gross receipts for the year exceed Rs. 2,00,00,000 adopt the presumptive taxation scheme of section 44AD? <br> <br>The presumptive taxation scheme of section 44AD can be opted by the eligible persons if the total turnover or gross receipts from the business do not exceed the limit prescribed under section 44AB (i.e., Rs. 2,00,00,000). In other words, if the total turnover or gross receipt of the business exceeds Rs. 2,00,00,000 then the scheme of section 44AD cannot be adopted. <br> <br>What is the manner of computation of taxable business income under the normal provisions of the Income-tax Law, i.e., in case of a person not adopting the presumptive taxation scheme of section 44AD? <br>Generally, as per the Income-tax Law, the taxable business income of every person is computed as follows : <br>Particulars Amount <br>Turnover or gross receipts from the business XXXXX <br>Less : Expenses incurred in relation to earning of the income (XXXXX) <br>Taxable Business Income XXXXX <br>For the purpose of computing taxable business income in the above manner, the taxpayers have to maintain books of account of the business and income will be computed on the basis of the information revealed in the books of account. <br> <br>What is the manner of computation of taxable business income in case of a person adopting the presumptive taxation scheme of section 44AD? <br> <br>In case of a person adopting the provisions of section 44AD, income will be computed on presumptive basis, i.e., @ 8% of the turnover or gross receipts of the eligible business for the year. <br> <br> <br> <br><a href="https://www.youtube.com/channel/UCpLA1d2SabkUKkrlzg4AOqA?view_as=subscriber" target="_blank" class="hash" rel="nofollow">https://www.youtube.com/channe....l/UCpLA1d2SabkUKkrlz</a> <br> <br> <br> <br>Follow me on Social Media: <br> <br>➨ Facebook: <a href="https://www.facebook.com/tax4wealth" target="_blank" class="hash" rel="nofollow">https://www.facebook.com/tax4wealth</a> <br>➨ Linkedin: <a href="https://www.linkedin.com/company/tax4wealth" target="_blank" class="hash" rel="nofollow">https://www.linkedin.com/company/tax4wealth</a> <br>➨ Twitter: <a href="https://twitter.com/tax4wealth" target="_blank" class="hash" rel="nofollow">https://twitter.com/tax4wealth</a> <br> <br> <br> <br>▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾ <br> <br>➨ Website:<a href="https://tax4wealth.com/" target="_blank" class="hash" rel="nofollow">https://tax4wealth.com/</a> <br>➨ Writes to us: tax4wealth@gmail.com <br>▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾ Section 44ADA : Doctors and Professionals pay less tax under Presumptive Tax Scheme https://tax4wealth.com/watch/section-44ada-doctors-and-professionals-pay-less-tax-under-presumptive-tax-scheme_L3aOmme3hOB4h9i.html Wed, 17 Jul 2019 08:05:25 +0000 https://tax4wealth.com/watch/section-44ada-doctors-and-professionals-pay-less-tax-under-presumptive-tax-scheme_L3aOmme3hOB4h9i.html Section 44ADA : Whats Section 44ADA under Presumptive Tax Scheme <br> <br>Who is eligible to take advantage of the presumptive taxation scheme of section 44ADA? <br>The presumptive taxation scheme of sections 44ADA can be adopted by a person resident in India, carrying on specified profession whose gross receipts do not exceed fifty lakh rupees in a financial year. Following professions are specified profession: <br>1) Legal <br>2) Medical <br>3) Engineering or architectural <br>4) Accountancy <br>5) Technical consultancy <br>6) Interior decoration <br>7) Any other profession as notified by CBDT <br> <br>What is the manner of computation of taxable income in case of a person adopting the presumptive taxation scheme of section 44ADA? <br>In case of a person adopting the provisions of sections 44ADA, income will be computed on presumptive basis, i.e. @ 50% of the total gross receipts of the profession. However such person can declare income higher than 50%. <br>In other words, in case of a person adopting the provisions of sections 44ADA, income will not be computed in normal manner but will be computed @50% of the gross receipts. <br> <br> <br>Can a person who adopts the presumptive taxation scheme of section 44ADA claim any further deduction of expenses after declaring profit @ 50% of gross receipts? <br>No, a person who adopts the presumptive taxation scheme is deemed to have claimed all deduction of expenses. Any further claim of deduction is not allowed after declaring profit @ 50%. <br> <br>If a person adopts the presumptive taxation scheme of section 44ADA, then is he liable to pay advance tax in respect of income from profession covered under section 44ADA? <br>Any person opting for the presumptive taxation scheme under sections 44ADA is liable to pay whole amount of advance tax on or before 15th March of the previous year. If he fails to pay the advance tax by 15th march of previous year, he shall be liable to pay interest as per sections 234C. <br>Note: Any amount paid by way of advance tax on or before 31st day of March shall also be treated as advance tax paid during the financial year ending on <br> <br>If a person adopts the presumptive taxation scheme of section 44ADA, then he is required to maintain books of account as per section 44AA? <br>In case of a person engaged in a specified profession as referred in sections 44AA(1) and opts for presumptive taxation scheme of sections 44ADA, the provision of sections 44AA relating to maintenance of books of account will not apply. In other words, if a person opt for the provisions ofsections 44ADA and declares income @50% of the gross receipts, then he is not required to maintain the books of account in respect of specified profession. <br> <br>What provision will apply if a person opt for the presumptive taxation scheme of section 44ADA and declares his income from profession at lower rate (i.e. less than 50%)? <br>A person can declare income at lower rate (i.e. less than 50%), however, if he does so, and his income exceeds the maximum amount which is not chargeable to tax, then he is required to maintain the books of account as per the provisions of sections 44AA and has to get his accounts audited as persections 44AB. <br> <br> <br> <br> <br><a href="https://www.youtube.com/channel/UCpLA1d2SabkUKkrlzg4AOqA?view_as=subscriber" target="_blank" class="hash" rel="nofollow">https://www.youtube.com/channe....l/UCpLA1d2SabkUKkrlz</a> <br> <br> <br> <br>Follow me on Social Media: <br> <br>➨ Facebook: <a href="https://www.facebook.com/tax4wealth" target="_blank" class="hash" rel="nofollow">https://www.facebook.com/tax4wealth</a> <br>➨ Linkedin: <a href="https://www.linkedin.com/company/tax4wealth" target="_blank" class="hash" rel="nofollow">https://www.linkedin.com/company/tax4wealth</a> <br>➨ Twitter: <a href="https://twitter.com/tax4wealth" target="_blank" class="hash" rel="nofollow">https://twitter.com/tax4wealth</a> <br> <br> <br> <br>▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾ <br> <br>➨ Website:<a href="https://tax4wealth.com/" target="_blank" class="hash" rel="nofollow">https://tax4wealth.com/</a> <br>➨ Writes to us: tax4wealth@gmail.com <br>▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾ <br> <br>#Section44ADA <br>#Presumtivetax <br>#savetax Filing income Tax return : 7 Golden Rule before Filing Income tax Return https://tax4wealth.com/watch/filing-income-tax-return-7-golden-rule-before-filing-income-tax-return_lWJih4iL1ukSmRr.html Thu, 11 Jul 2019 08:48:01 +0000 https://tax4wealth.com/watch/filing-income-tax-return-7-golden-rule-before-filing-income-tax-return_lWJih4iL1ukSmRr.html filing income Tax return : 7 Golden Rule before Filing Income tax <br> <br>1. Give Right information - As a responsible taxpayer, you should take care to disclose all taxable income along with relevant details since there are multiple consequences of failing to file the same accurately. <br> <br> <br>2 . Check 26 AS- The Government has passed several notices for the linking of AADHAAR card with PAN. You can do the necessary on an e-filing website and this information also needs to be mentioned in your ITR form <br> <br>3. File Income Tax return Before Due date – if you are not filing income tax return before due date there are following disadvantage: <br> <br>a. Pay penalty <br>b. Can’t I carry forward losses if I file late return <br> <br>c. Cant you revise late return <br> <br> <br>4. Link Your PAN – if you Aadhar is not link with Pan you can’t upload your income tax return <br>5. Verify your return on time - Income tax returns (ITR) filing process, an individual is required to verify the return filed by him. The return must be verified within 120 days of filing. Verification can be done digitally (using Aadhaar, one-time password etc.) or by sending the physical copy of ITR-V to the Central Processing Centre, Bengaluru, of the income tax department. <br> <br>6. Claim Right deduction <br>7. Mention your Correct bank details <br> <br> <br><a href="https://www.youtube.com/channel/UCpLA1d2SabkUKkrlzg4AOqA?view_as=subscriber" target="_blank" class="hash" rel="nofollow">https://www.youtube.com/channe....l/UCpLA1d2SabkUKkrlz</a> <br> <br> <br> <br>Follow me on Social Media: <br> <br>➨ Facebook: <a href="https://www.facebook.com/tax4wealth" target="_blank" class="hash" rel="nofollow">https://www.facebook.com/tax4wealth</a> <br>➨ Linkedin: <a href="https://www.linkedin.com/company/tax4wealth" target="_blank" class="hash" rel="nofollow">https://www.linkedin.com/company/tax4wealth</a> <br>➨ Twitter: <a href="https://twitter.com/tax4wealth" target="_blank" class="hash" rel="nofollow">https://twitter.com/tax4wealth</a> <br> <br> <br> <br>▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾ <br> <br>➨ Website:<a href="https://tax4wealth.com/" target="_blank" class="hash" rel="nofollow">https://tax4wealth.com/</a> <br>➨ Writes to us: tax4wealth@gmail.com <br>▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾▾ <br> <br>#ITR <br>#Incometaxreturn <br>#salaryclass