Sarfaraj Ansari: July 2022

Monday 18 July 2022

अनाज और खाद्य सामग्री पर GST पर ताजा कर की विवेचना CA सुधीर हालाखण्डी द्वारा

Discussion on fresh tax on GST on food grains and food articles by CA Sudhir Halakhandi

Sunday 17 July 2022

Finally CBIC has issued clarification on Prepacked and labelled issue today dated 17th July, 2022

विषय: 'प्री-पैकेज्ड और लेबल' वाले सामानों पर जीएसटी लागू होने पर अक्सर पूछे जाने वाले प्रश्न- के संबंध में।

जीएसटी दर से संबंधित परिवर्तन, द्वारा की गई सिफारिशों के अनुसरण में

जीएसटी परिषद अपनी 47वीं बैठक में, 18 जुलाई, 2022 से प्रभावी हो रही है। एक

इस तरह का परिवर्तन निर्दिष्ट वस्तुओं पर जीएसटी लगाने से आगे बढ़ रहा है जब a

पंजीकृत ब्रांड या ब्रांड जिसके संबंध में कार्रवाई योग्य दावा या प्रवर्तनीय अधिकार

ऐसे सामानों पर जीएसटी लगाने के लिए न्यायालय उपलब्ध है, जब "पहले से पैक और"

लेबल किया हुआ"। कार्यक्षेत्र पर स्पष्टीकरण की मांग करते हुए कुछ अभ्यावेदन प्राप्त हुए हैं

इस परिवर्तन का, विशेष रूप से दाल, आटा, अनाज आदि जैसे खाद्य पदार्थों के संबंध में।

(टैरिफ के अध्याय 1 से 21 के तहत आने वाली निर्दिष्ट वस्तुएं), जैसा कि अधिसूचित किया गया है

अधिसूचना संख्या 6/2022-केन्द्रीय कर (दर), दिनांक 13 जुलाई, 2022, और

एसजीएसटी और आईजीएसटी के लिए संबंधित अधिसूचनाएं।

अंतत: सीबीआईसी ने आज दिनांक 17 जुलाई, 2022 को पहले से पैक और लेबल किए गए मुद्दे पर स्पष्टीकरण जारी किया है

Finally CBIC has issued clarification on Prepacked and labelled issue today dated 17th July, 2022

FAQ 3 Thus, it is clarified that a single package of

these items [cereals, pulses, flour etc.] containing a quantity of more than 25 Kg/25 litre would not fall in the category of pre-packaged and labelled commodity for

the purposes of GST and would therefore not attract GST.

25 Kg या 25 Ltr के ज्यादा के Prepacked and Labelled में GST नहीं लगेगा

Wednesday 13 July 2022

11 Best Tax-Saving Options Available Beyond Section 80 C

A quick summary -

MAX INTEREST IN GST IS NOW 18%? - YES!

amendment to 50(3) has been notified wref 1-7-17. 13-2017 CT has been amended wref 1-7-17 with INT RATE for 50(3) @ 18% in Sec. 116, 119 & 122 of FA,2022 dated 30-3-22.

Mute question is, can refund be filled for earlier Interest paid @24%?

E-filing of updated ITR enabled for ITR 2, 3 for AYs 2020-21, 2021-22

*E-filing of updated ITR enabled for ITR 2, 3 for AYs 2020-21, 2021-22*

The Income Tax Department has enabled the filing of *updated ITR* (ITR-U) for ITR 2 & 3 for AY 2020-21 and AY 2021-22 on the income tax portal.

According to the Income-tax website, “*E-filing of Updated ITR u/s 139(8A) has also been enabled for ITR 2 & 3 for AY 2020-21 and AY 2021-22 using Excel utility*. Refer details in News section. Please click Downloads | Income Tax Department to access and download the same for clicking respective AY folder. Once Updated ITR is prepared, you can upload the XML/JSON by logging into Income-tax website.”

Within two years of submitting their tax returns, taxpayers can make changes as long as their taxes have been paid. The idea of an updated income tax return was initially brought up by the government in the Union Budget 2022. Earlier, ITR 1 & 4 *were made available from June 27, 2022*.

NSDL-TIN Updated version of utility released:

*NSDL-TIN Updated version of utility released:*

e-TDS/TCS RPU version 4.2 for Statement(s) from FY 2007-08 onwards is released (11/07/2022).

e-TDS/TCS File validation utility (FVU) versions 2.173 for FY 2007-08 to FY 2009-10 and 7.7 for FY 2010-11 onwards are released (11/07/2022)

Saturday 9 July 2022

Know how much you can claim tax benefit in section 80D for medical insurance and medical expenditure

Know 24 different investment and expenditure you can claim in 80C upto 1.5 Lakh while filing your tax returnsTaxpayers do share so no one miss to take tax saving benefits this year and also plan for coming year

Know 24 different investment and expenditure you can claim in 80C upto 1.5 Lakh while filing your tax returns

Taxpayers do share so no one miss to take tax saving benefits this year and also plan for coming year

1. ELSS: An ELSS is the only kind of mutual fund eligible for tax benefits under Section 80C. Returns 12 to 15% Lock in 3 years

2. NPS: National Pension System (NPS) is a retirement benefit Scheme introduced by the Government of India to facilitate a regular income post retirement to all the subscribers. Returns 8 to 10% Lock in Till age 60

3. ULIP: ULIP is an insurance plan that offers the dual benefit of investment to fulfil your long-term goals, and a life cover to financially protect your family in case of an unfortunate event. Returns 7 to 8 % Lock in 5 years

4. Tax saving FD : Many banks offer a five-year FD scheme that is meant for tax saving. One can claim an income tax deduction by investing money in a five-year FD scheme. Returns 5 to 6% Lock in 5 years

5. PPF : Public Provident Fund (PPF) is a retirement savings scheme with the aim of providing a secure post-retirement life to everyone. The minimum deposit you must make in the account per financial year is Rs. 500 and it can go up to Rs. 1.5 lakh. Returns 7.1 % Lock in 5 years

6. Senior citizen savings scheme : The Senior Citizens' Savings Scheme (SCSS) is a government scheme that helps seniors save money for retirement and receive quarterly interest payments. Returns 7.4% Lock in 5 years

7. NSC : National savings and investment is a government backed form of savings account, meaning that they offer a secure way to store your money. Returns 6.8% Lock in 5 years

8. Sukanya Samriddhi Scheme : Your contributions towards the Sukanya Samriddhi Yojana for your daughter's future are eligible for tax deductions. Returns 7.6% Lock in Till girl child reaches 21 years of age

9. Life Insurance Premium : Premium payments made towards Life insurance policies. Low Returns but Risk Cover

10. EPF : Employees' Provident Fund is a retirement benefit scheme maintained by the Employees' Provident Fund Organization (EPFO). The employee and the employer contribute to the EPF scheme on monthly basis in equal proportions of 12% of the basic salary and dearness allowance

11. Five-Year Post Office Time Deposit : Income tax benefits are available only for a 5-year post office time deposit account. Returns 6.7% Lock in 5 years

12. Tuition fees paid for children’s education : For up to 2 children, tuition fees paid in the entire academic year per child are tax-deductible. Paid to any university, college, school or other educational institution situated within India

13. Repayment of the principal amount of a home loan : An individual is entitled to tax deductions on the amount paid as repayment of the principal component on the housing loan

14. Stamp Duty and Registration Charges paid for House Property: Stamp duty and registration charges and other expenses which are directly related to the transfer are allowed as a deduction

15. Deferred annuity : Annuity plan contribution made on on the life of persons, or contract for such annuity plan of the Life Insurance Corporation

16.Superannuation fund : A contribution by an employee to an approved superannuation fund

17.Pension Fund : Contribution to a pension fund set up by any Mutual Fund

18.National Housing Bank: Subscription to any such deposit scheme of, or as a contribution to any such pension fund set up by, the National Housing bank 🏦

19.Approved IPO Government : Contribution or subscription to equity shares or debentures forming part of any eligible issue of capital approved by the Government and Notified

20.Bonds : Bonds issued by the National Bank for Agriculture and Rural Development

21.Pension Scheme for Govt Employee : Employee of the Central Government, as a contribution to a specified account of the pension scheme

22.Infrastructure bonds: Infra bonds as they are commonly called, Infrastructure bonds are issued not by the government but by infrastructure companies

23.NABARD 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.

24.Any other Funds Approved by Govt and Notified : There are many other Pension Fund / Bonds / Govt Company who can issue scripts which qualify for 80C

11 hidden / unpopular / less known tax deduction or benefit Salaried Taxpayer miss while filing Income Tax Returns

1)Taken Home loan from Friends or Relative to buy new house? Interest payment can be claimed as a deduction under section 24.

2)Exemption on medical bills of uninsured parents - If you have senior citizen parents who are not covered under any insurance policy but took medical treatment, taxpayers can claim a deduction on their medical bills u/s Section 80D up to Rs 50,000

3)Preventive health check-up limit of Rs. 5000 for self, spouse and dependent children section 80D

4)Not receiving HRA from Employer? Can still claim rent paid deduction u/s 80GG – maximum Rs 60,000/-

5)Taxpayer claim a deduction of Rs 40,000 if dependent who suffers from any of the ailments specified u/s 80DDB, like dementia, dystonia musculorum deformans, motor neuron disease, ataxia, chorea, hemiballismus, aphasia and Parkinson’s disease, etc

6)If a taxpayer suffers from a disability, he can claim deduction of Rs 75,000 to Rs 1,25,000 under Sec 80U. If he has a disabled dependent, he can claim the deduction under Sec 80DD.

7)Open a NPS account and Claim additional Rs 50,000/-

8)Joint home loan borrowers can claim the maximum tax benefits individually. It means each holder can get a tax rebate of Rs. 1,50,000 for principal repayment under Sec 80C and Rs. 2,00,000 for interest payment under Sec 24.

9)HUF is a separate entity, and can claim deductions under various Sections of Income Tax

10)If you make frequent donations to registered charitable organisations or NGO’s, you can claim tax deductions from 50% depending upon the organisation, under Section 80G.

11)Taxpayer pays taxes on short term or long term capital gains, not many are aware of the fact that capital losses, if any, can be balanced off against gains.

Friday 8 July 2022

ITR-U Updated Income Tax Return पर -Late Fee का दायरा

ITR U पर कब कितना टैक्स और LATE FEE लगेगा

AY 2021 -

1-अगर आपका NET INCOME 2.5 लाख से कम है तो कोई LATE FEE नही लगेगी.

2-अगर आपका NET INCOME 2.5 लाख से ज्यादा है मगर 5 लाख से कम है तो 10000₹ की LATE लगेगी.

AY 2122-

-अगर आपका NET INCOME 2.5 लाख से कम है तो कोई LATE FEE नही लगेगी.

2-अगर आपका NET INCOME 2.5 लाख से ज्यादा है मगर 5 लाख से कम है तो 5000₹ की LATE लगेगी.