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Thursday, July 11, 2019

Form 26AS: what's it and the way will it help in filing tax return?


The maturity date for filing your income tax return (ITR) is quick approaching One of the most necessary documents that you just ought to verify before filing your ITR is your type 26AS.http://aiatindia.com/blog

What is Form 26AS
This form is AN annual consolidated tax statement which will be accessed from the income-tax web site by all taxpayers exploitation their Permanent Account variety (PAN).
If you've got paid taxes on your financial gain or tax has been subtracted from your financial gain, the Income tax department already has these details in their database.

You could refer to your Form 26AS for the details of your income (on which taxes have been deducted) as well as the taxes that have been paid by oron your behalf by the deductor (could be your employer, bank etc) to the Government treasury.
In addition, Form 26AS also contains details of your deductors such as their names and Tax Deduction Account number (TAN).

Details of taxes paid by you and tax refunds
Form 26AS not solely contains the small print of your taxes paid however conjointly contains details of any tax refunds that are received by you throughout the relevant fiscal year


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Tuesday, July 2, 2019

Tax deducted at source (TDS) below goods and service Tax


1. What is TDS?
Tax deducted at source (TDS) is one in all the ways that to gather tax supported sure percentages on the amount collectable by the receiver on goods/services. The collected tax could be a revenue for the government.
2. Who can be liable to deduct TDS under GST law?
1.       A department or an establishment of the Central Government or State Government; or
2.       Local authority; or
3.       Governmental agencies; or
4.       Such persons or category of persons as may be notified by the Government.
As per the most recent Notification dated 13th Sep 2018, the following entities also need to deduct TDS-

1.                   An authority or a board or any other body which has been set up by Parliament or a State Legislature or by a government, with 51% equity ( control) owned by the government.
2.                   A society established by the Central or any State Government or a Local Authority and the society is registered under the Societies Registration Act, 1860.
1.                   3.Public sector undertakings.
3. Once can the liability to deduct TDS be attracted?
What is the rate of TDS?
TDS is to be deducted at the speed of two % on payments created to the provider of taxable goods and/or services, where the total value of such supply, under an individual contract, exceeds two lakh fifty thousand rupees.

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Monday, July 1, 2019

ITR verification: Here are six method that to try and do it


The last step in filing your taxation come (ITR) is to verify it. If you have got filed your ITR however haven't verified it, then the come won't be thought-about valid in keeping with taxation laws.

Once you have got uploaded your ITR on the e-filing web site, you get a hundred and twenty days to verify your come. There ar 6 ways that to verify your taxation come. Out of those, 5 ar electronic ways and one may be a physical technique. These ways are often used provided that you're filing tax returns that aren't needed to be audited, i.e., sometimes ITR-1, ITR-2 and ITR-4 for FY 2018-19. However, if you're filing your tax returns that are needed to be audited, then you have got to verify it victimization the Digital Signature Certificate.

Six  ways  which you'll verify your ITR:
1.      Via Aadhaar-based OTP
To verify your ITR victimization the Aadhaar-based one-time secret (OTP), your mobile variety should be joined to Aadhaar and registered in and of itself within the distinctive Identification Authority of Republic of India (UIDAI) info and your PAN should be joined with Aadhaar..

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Friday, June 28, 2019

How to register yourself on income tax e-filing web site


July 31 is the last date to file your income tax return (ITR) for FY 2018-19. By filing your ITR on time, along with certain benefits such as carry forward of losses, you will also avoid paying late filing fees. If you file your ITR when the point in time you may need to pay late filing fees of up to Rs 10000.

Now, everybody should file ITRs digitally apart from super senior voters (i.e., aged 80 years and above) who are allowed to file their ITR in paper format.

To file ITR electronically, one must be registered on the e-filing website of the income tax department.To file your revenue enhancement come (ITR), you have to register yourself on the tax department's e-filing website. The process of registration is sort of simple and easy. You must keep your PAN card handy to enter the small print pro re nata on the registration portal.
Also, whereas registering yourself on the portal you may be needed to produce your mobile range and email address that is obligatory.

Follow the steps below to register yourself:...



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Tuesday, June 25, 2019

Guide to File GSTR-3B on GST Portal



What is GSTR 3B?
GSTR-3B could be a monthly self-declaration that needs to be filed a registered dealer from July 2019 until March 2020. Points to Note:

1.  You want to file a separate GSTR-3B for every GSTIN you have got
2.       Liabilities of GSTR-3B should be paid by the last date of filing GSTR-3B for that month
3.       GSTR-3B can not be revised
Who ought to file GSTR 3B?
Every person World Health Organization has registered for GST should file the come GSTR-3B as well as nill returns.
However, the subsequent registrants don't got to file GSTR-3B
1.                   Input Service Distributors & Composition Dealers
2.                   Suppliers of OIDAR
3.                   Non-resident assessable person
Late Fee & Penalty
Filing GSTR-3B is necessary even for nill returns. Late Fee for filing GSTR-3B once the maturity is as follows:
Reconciliation of GSTR-1 with GSTR-3B is required to:


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Monday, June 24, 2019

GSTR 1 – HOW TO FILE NIL GSTR-1 RETURN, FORMAT, ELIGIBILITY & RULES


What is GSTR-1?
GSTR-1 could be a monthly or quarterly return that should be filed by every registered dealer.
It contains details of all outward provides i.e sales.
The return has a total of 13 sections.
Who should file GSTR-1?
Every registered person is required to file GSTR-1 irrespective of whether there are any transactions during the month or not.

The following registered persons are exempt from filing the return:
1. Input Service Distributor
2.  Composition Dealers
3.  Suppliers of online information and database access or retrieval services (OIDAR), who have to pay tax themselves (as per Section 14 of the IGST Act)
4.   Non-resident taxable person
5.   Taxpayer liable to collect TCS
6. Taxpayer liable to deduct TDS

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Saturday, June 22, 2019

GST annual returns filing: GSTR-9 deadline extended, GSTR-3B to be phased out



In its first meeting under new Finance Minister Nirmala Sitharaman, the GST Council has extended the deadline for filing annual returns by two months. The all-powerful council decided to extend the deadline to file forms GSTR-9, GSTR-9A and GSTR-9C till August 30, 2019. The earlier deadline to file these returns was June 30, 2019.

"We had received several representations from trades and businesses that they need some more time because this is the first time they will be filing the (annual) returns. So, considering their difficulties, the GST Council has extended the date by two more months. Now the annual returns will be filed by August 30, 2019,"


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