How to file income tax return online

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Income Tax Slab Rates for F.Y. 2018-19 & A.Y. 2019-2020 (Non-individual)

Income Tax Slab Rates for F.Y. 2018-19 & A.Y. 2019-2020 (Non-individual)

Income tax rates on partnership firms, corporate income tax, income tax on co-operative societies and Local Authorities, being a resident of India.

1.      Income Tax on Partnership Firm (Including LLP) / Local Authorities

Sl. No.	Net Income Level	Rate of Income Tax
i.	Income up to 1 (One) Crore	30% (No Surcharge)
ii.	Income greater than 1 (One) Crore	30% (12% Surcharge)

Note: 1. Health and Education Cess @4% applicable for all cases

2.      Corporate/Company Income Tax

Sl. No.	Gross Turnover	Tax Rate
		Domestic Company
i.	up to 250 Crore	25%
ii.	Exceeding 250 Crore	30%

Sl. No.	Particulars	Tax Rate
		Foreign Company
i.	Income Tax @50% on (i) Royalty received from government or an Indian concern in pursuance of an agreement (approved by Central government) between April 1, 1961 and 31 March, 1976 (ii) Fees for providing technical services in pursuance of an agreement (approved by Central government) made between February 29, 1964 and April 1, 1976	50%
ii.	Any other income	40%

Sl. No.	Taxable Income	Surcharge
		Domestic Company	Foreign Company
i.	Up to Rs. 1 Crore	NIL	NIL
ii.	Exceeding Rs. 1 Crore	7%	2%
iii.	Exceeding Rs. 10 Crore	12%	5%

Note: 1. Health and Education Cess @4% applicable for all cases

Note: 2. Surcharges:

(i): Domestic Company: However, the amount of Income Tax and Surcharge shall not be increased the amount of Income Tax payable on a Taxable Income of Rs. 1,00,00,000 by more than the amount of Increase in Taxable Income

(ii) Domestic Company: However, the amount of Income Tax and Surcharge shall not be increased the amount of Income Tax payable on a Taxable Income of Rs. 10,00,00,000 by more than the amount of Increase in Taxable Income

(iii) Foreign Company: However, the amount of Income Tax and Surcharge shall not be increased the amount of Income Tax payable on a Taxable Income of Rs. 1,00,00,000 by more than the amount of Increase in Taxable Income

 (iv) Foreign Company: However, the amount of Income Tax and Surcharge shall not be increased the amount of Income Tax payable on a Taxable Income of Rs. 10,00,00,000 by more than the amount of Increase in Taxable Income

3.      Income tax on Cooperative Societies

Sl. No.	Net Income Level	Rate of Income Tax
i.	Income up to 10000	10% (No Surcharge)
ii.	Income Rs. 10001 to Rs. 20000	20% (No Surcharge)
iii.	Income Rs. 20001 to Rs. 10000000	30% (No Surcharge)
Iv	Income more than 1 (One) Crore	30% (12% Surcharge)

Note: 1. Health and Education Cess @4% applicable for all cases

Income Tax Slab F.Y. 2018-19 & A.Y. 2019-2020 (Salary)

Income Tax Slab F.Y. 2018-19 & A.Y. 2019-2020 (Salary). Individual, HUF, BOI, AOP, AJP below the age of 60 years, being a resident of India.

Sl. No.	Net Income Level	Rate of Income Tax
i.	Income Less than Rs. 2.5 Lakh	NIL
ii.	Income greater than Rs. 2.5 Lakh but Less than Rs. 5 Lakh	5% of balance amount which exceeds Rs. 2.5 Lakh Tax Relief u/s 87A - Rebate u/s 87A Rs. 5000/- for individuals having total income (taxable income) up to Rs. 3.5 lakhs.
iii.	Income greater than Rs. 5 Lakh but Less than Rs. 10 Lakh	Rs. 12500/- Plus 20% of balance amount which exceeds Rs. 5 Lakh
iv.	Income greater than Rs. 10 Lakh	Rs. 112500/- Plus 30% of balance amount which exceeds Rs. 10 Lakh

Note: 1. Cess@4% extra applicable for all cases

Note 2. Surcharge :

a)     10% of the Income Tax, where taxable income is more than Rs. 50 Lacs up to Rs. 1 Crore.

b)     15% of the Income Tax, where taxable income is more than Rs. 1 Crore.

Income Tax Slab F.Y. 2018-19 & A.Y. 2019-2020 (Salary). Individual age of 60 years or above but less than 80 years, being a resident of India.

Sl. No.	Net Income Level	Rate of Income Tax
i.	Income Less than Rs. 3 Lakh	NIL
ii.	Income greater than Rs. 3 Lakh but Less than Rs. 5 Lakh	5% of balance amount which exceeds Rs. 3 Lakh
iii.	Income greater than Rs. 5 Lakh but Less than Rs. 10 Lakh	Rs. 10000/- Plus 20% of balance amount which exceeds Rs. 5 Lakh
iv.	Income greater than Rs. 10 Lakh	Rs. 110000/- Plus 30% of balance amount which exceeds Rs. 10 Lakh

Note: 1. Cess@4% extra applicable for all cases

Note 2. Surcharge :

a)     10% of the Income Tax, where taxable income is more than Rs. 50 Lacs up to Rs. 1 Crore.

b)     15% of the Income Tax, where taxable income is more than Rs. 1 Crore.

Income Tax Slab F.Y. 2018-19 & A.Y. 2019-2020 (Salary). Individual age of 80 years or above, being a resident of India.

Sl. No.	Net Income Level	Rate of Income Tax
i.	Income Less than Rs. 5 Lakh	NIL
ii.	Income greater than Rs. 5 Lakh but Less than Rs. 10 Lakh	20% of balance amount which exceeds Rs. 5 Lakh
iii.	Income greater than Rs. 10 Lakh	Rs. 100000/- Plus 30% of balance amount which exceeds Rs. 10 Lakh

Note: 1. Cess@4% extra applicable for all cases

Note 2. Surcharge :

a)     10% of the Income Tax, where taxable income is more than Rs. 50 Lacs up to Rs. 1 Crore.

b)     15% of the Income Tax, where taxable income is more than Rs. 1 Crore.

Income Tax Return: Late Filing or Non Filing Fee and Penalty

Penalty Charges for Late Filing or Non Filing of Income Tax Return.

Last date of filing of income tax return every year is 31st July (for non-Companies) and 31st September(for Companies). You are compelled to file your IT return within due date. If you have failed to filing your income tax return on or before the due date you have to pay penalty or interest. Here we'll discuss how much Interest and Penalty to be levied for late filing or non filing of IT return.

Late Filing penalty for Income Tax Return has been changed w.e.f 1-4-2018.

As per new section of the 234F the penalty for Late Filing is Rs.10,000/-.

Late filing fee is as follows:

Late fee of Rs.5000 will be levied if returns filed after the due date (31st July)  but before the 31st December of the relevant assessment year or
Rs. 10,000 who have filed return on or after 1st January of the relevant Assessment Year.

However, if your income below or equal to Rs. 500000 then penalty will not exceeds Rs. 1,000.
Please be noted, if you have any unpaid tax liability then you'll have to levied penalty interest as per your case, if you have filed belated returns.

DUE DATE OF FILING OF IT RETURN:

Due Dates to Filing Income Tax Return for FY 2017-18 AY 2018-19 is over which was 31/08/2018(Extended).

However RETURN can be filed late with penal interest and charges within 31st March of the relevant assessment year which will be called belated return.

INTEREST AND FINE FOR BELATED RETURN:

Example:

Mr X failed to filed his income tax return for A.Y. 2018-19 on or before due date i.e 31-07-2018 (31/08/2018 for FY 2017-18 (Extended)) which he can be filed at the end of the assessment year i.e upto 31-03-2019.

In that case,
Mr X will have to be borne a penal interest on unpaid liability @ 1% of every month.

And late filing fee as per below time line,

1. Rs. 5000 for filing return after due dates as specified in section 139(1) of the Act but before 31st Dec 2018
2. Rs.10000 for filing return on or after 1st January 2019 but before 31st March 2019.
3. Rs.1000 who have income not exceeding Rs.500000.

So you are hereby advised to file your income tax return on time. We are here to assist you to file income tax return if you needed for. 

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GST Invoicing : Guideline and Rules

What is GST INVOICE:

An Invoice or a bill is raised by a supplier to a customer for claiming the amount due for payment. A Invoice includes the list of goods sent or services provided.

WHO ARE ELIGIBLE TO ISSUE GST INVOICE:

A GST registered vendor can only raised GST INVOICE to his client.

GST INVOICE GUIDELINES:


We would like to inform you that It is mandatory to mention the GSTIN on the tax invoice, All tax invoices must show the following:

1. Tax Invoice’ in bold letters either at the top or at a prominent place
Serial number show the following:
2. Date of transaction/sale/issue
3. Description of goods
4. Quantity or number of goods involved in the transaction
5. Price of goods
6. Amount of tax charged on the goods
7. Place of supply
8. HSN code/ SAC code
9. Rate and amount of taxes i.e. CGST/ SGST/ IGST
Whether GST payable on reverse charge basis
10. Signature of the supplier
11. Declaration Certificate

GST Registration Process

Registration of GST (Goods and Service Tax):

Registration of GST is mandatory for all entity those are engaged in the supply of goods and services all over India. The bill for the implementation of GST was approved by the Narendra Modi, Prime Minister of India, so that indirect taxes imposed by the central or state governments could be considered under one single tax.

Here are a few very simple steps to complete GST registration;

Log on to www.gst.gov.in

Part – A

Ø  You can find at the top page called “Services”.

Ø  You will get three options viz. ‘Registration’, ‘Payments’, and ‘User Services’.

Ø  Click on ‘Registration’ and choose ‘New Registration’.

Ø  You will be redirected to a new page where you will be required to select your status as a GST practitioner or a taxpayer.

Ø   A few details you will have to be entered in the form, such as the legal name of the business, the district and state in which the business/entity is locate, email address, mobile number, Permanent Account Number etc.

Ø   The portal will be verified your details you entered in the portal for which you will receive a OTP (One Time Password) for confirmation through email or SMS.

Ø  Enter the OTP you received in your mail or SMS in the OTP Verification window and click on ‘Proceed’, system will generate a (TRN) Temporary Reference Number which will be displayed on the screen.

Ø  Based on the category of business you are running, you will require to be uploaded a few documents as requested.

Part – B

Ø  Part-B of the form will then have to be filled in taking TRN (Temporary Reference Number) with a few details such as Business Details, Authorized Signatory, Promoter/Partners, Authorized Representative, Principal Place of Business, Additional Places of Business, Bank Accounts Details, Goods and Services, State Specific Information and Verification, you have to click on each tab and put the details information and upload the relevant documents.

Ø  After select ‘Save & Continue’ you will require to put your digital signature on the application after you have filled it up. Digital signatures can be done using EVC, E-Signature or Digital Signature Certificate thereafter you will receive the ARN (Application Reference Number) through email or SMS.

Ø  Based on your submission a GST officer either be approved or you will be requested to present some other details or documents until the authorities have all the requisite information to get the same approved.

Note:  People who do not pay GST or failed to make the full payment will be liable to penalty of 10% of the tax amount, subject to a minimum of Rs.10,000. For deliberate tax evasions, offenders paying taxes a penalty of 100% of the total  tax amount. For genuine errors, penalty of 10% of the total tax due will attract.

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Revenue Expenditure: Its definition and examples

Revenue Expenditure:

Definition:

Day to day Expenditures which are incurred for operating a business or a establishment for which effect which is completely exhausted within the current financial year are known as "revenue expenditures". These expenditures are recurring by nature such as Purchase of goods, salaries paid, postage and telegrams, rent paid, duties paid, traveling expenses, local conveyance, printing and stationery purchased, wages paid, refreshment expenses, telephone expenses  etc.

This expenditures are incurred on goods or services which are useful to the business or establishment but are used within or below than a year.

Revenue expenditure also includes for the expenditure incurred for the purchase of raw material and inventory items required for manufacturing goods and the expenditure incurred to maintaining existing fixed assets to keep proper working conditions i.e. repair of machinery, building maintenance, furniture and fixture repairing, lab equipment maintenance etc.

Instances:

Following are the examples of revenue expenditures;

Salary paid to emplyees.
Wage paid to factory labour.
Fuel and lubricant.
Electricity Charges.
Insurance for immovable property.
Insurane for employees.
Depreciation on fixed assets used in the business.
Interest on loan
Freight charges.
Transportation charges.
Bad debts.
Maintenance of office car.
Medical expenses etc.

Use to All