Deduction to be given to a salaried employee in the Income Tax Act

Deduction to be given to a Salaried Employee in the Income Tax Act

इनकम टैक्स एक्ट 1961 के अनुसार भारत में किसी भी पर्सन को प्राप्त सैलरी पर स्लैब रेट के हिसाब से टैक्स लगाया जायेगा, यदि उसकी total income टैक्सेबल लिमिट से अधिक है।

आपकी टैक्सेबल इनकम तब मानी जायेगी, जब एक फाइनेंसियल ईयर में आपकी टोटल इनकम 2 लाख 50 हजार से अधिक होती है। टोटल इनकम में आपकी सैलरी, किराये की इनकम, कैपिटल गेन, बिज़नेस या प्रोफेशन और अन्य तरह की सभी इनकम को जोड़ा जायेगा।

अगर आपकी सिर्फ सैलरी से इनकम होती है और यह 2 लाख 50 हजार से कम है , तो आपकी सैलरी टैक्सेबल नहीं होगी, लेकिन यह 2 लाख 50 हजार से अधिक है, तो आपको सैलरी इनकम पर टैक्स देना होगा।

हालाँकि, आपके द्धारा सेक्शन 87A में टैक्स की छूट क्लेम की जा सकती है, यदि आपकी total इनकम 5 लाख से कम होती है। (इसके बारे में आप इनकम टैक्स की लायबिलिटी में टैक्स रिबेट कब दी जाती है section 87A  देख सकते है )

टैक्सेबल सैलरी को निकालने के लिए सबसे पहले आपको यह जानना जरुरी है, कि आपके द्धारा किस प्रकार की डिडक्शन को सैलरी इनकम में से क्लेम किया जा सकता है।

आज के आर्टिकल (deduction from salary ) में हम इनकम टैक्स एक्ट 1961 के अनुसार सैलरी इनकम में से मिलने वाली डिडक्शन के बारे में चर्चा करेंगे।

Deduction from salary – section 16 of income tax act 1961

इनकम टैक्स एक्ट 1961 के सेक्शन 16 में सैलरी इनकम पर दी जाने वाली डिडक्शन के बारे में बताया गया है।

एक सैलरीड पर्सन को सबसे पहले अपनी सैलरी इनकम को ” income from salary head ” में रिपोर्ट करना होता  है। इसके बाद Gross Salary में से section 16 की डिडक्शन को क्लेम किया जाता है। डिडक्शन को क्लेम करने के बाद आने वाली सैलरी पर स्लैब रेट के हिसाब से टैक्स लगाया जाता है।

इनकम टैक्स एक्ट के section 16 में दी जाने वाली डिडक्शन –

Standard Deduction – section [16(1a)]

Entertainment Allowance – section [16(ii)]

Professional Tax – सेक्शन [16(iii)]

इन सभी के बारे में हम आगे डिटेल्स से चर्चा करेंगे।

सैलरी इनकम में से दी जाने वाली स्टैण्डर्ड डिडक्शन – standard deduction

स्टैण्डर्ड डिडक्शन एक फ्लैट डिडक्शन होती है, जो कि सैलरीड एम्प्लाइज को उनकी सैलरी इनकम पर दी जाती है। एम्प्लोयी द्धारा स्टैण्डर्ड डिडक्शन अधिकतम 50 हजार तक की क्लेम की जा सकती है।

जैसे – अगर आपकी सैलरी इनकम 4 लाख है, तो इसमें 50 हजार की स्टैण्डर्ड डिडक्शन क्लेम करने के बाद आपकी टैक्सेबल सैलरी 3 लाख 50 हजार की रह जाएगी।

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All about PAN Card - (PAN) Permanent Account Number in India

All about PAN Card - (PAN) Permanent Account Number in India

PAN Stands for Permanent Account Number issued by the Income Tax department to identify every Taxpayer in The Country.  Pan Card is a 10-digit unique identification alphanumeric number (containing both alphabets and numbers) assigned to Indians, mostly to those who pay tax.

The PAN system of identification is a computer-based system that assigns unique identification number to every Indian tax paying entity. Through this method, all tax-related information for a person is recorded against a single PAN number which acts as the primary key for storage of information. This is shared across the country and hence no two people on tax paying entities can have the same PAN.

When PAN is allotted to an entity, PAN Card too is given by the Income Tax Department. While PAN is a number, PAN Card is a physical card that has your PAN as well as name, date of birth (DoB), father’s or spouse’s name, and photograph. Copies of this card can be submitted as proof of identity or DoB.

Your PAN Card is valid for lifetime because it is unaffected by any change in address.

PAN Card Forms

In order to apply for a PAN card, an application form has to be filled out. There are two types of application forms – Form 49A and Form 49AA. Both the forms can be availed through both online and offline platforms.

Form 49A: The Form 49A is used by Indian individuals or entities to apply for a PAN card. Students and minors can also apply for PAN using this form.

Form 49AA: The Form 49AA is the application form for PAN which is used in the case of foreigners.

The forms have to duly filled up and sent in to the TIN-Protean eGov Technologies Limited's office.

Documents required for applying for a PAN card

Here are the documents which are required to apply for a PAN card:

Aadhar card

Voter ID card

Passport

Structure of PAN Card

As per the guidelines of Know Your Customer or KYC, the details furnished on a PAN card are as follows:

1) Name of the cardholder

2) Father’s name of the cardholder

3) Date of Birth of the cardholder

4) 10-character alphanumeric Permanent Account Number or PAN

5) Signature of the cardholder

6) Photograph of the cardholder

7) The PAN card also comes with the logo and hologram of the Government of India along with a tag of the Income Tax Department (ITD).

The following are the list of transactions which can be done only if you have your PAN card:

Opening a bank account

Filing your IT returns

Applying for a loan

Applying for a gas or telephone connection

Purchasing or selling a new property

Getting a debit or credit card

Opening a fixed deposit account

Making insurance premium payments

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Difference between assessment year and financial year IN ITR

Difference between assessment year and financial year IN ITR

Avoid confusion between AY and FY

The phrases Financial Year (FY) andAssessment Year (AY) are two extremely important terms that taxpayers should be familiar with in order to file their tax returns. These two terms, financial year and assessment year, are frequently used by financial planners and chartered accountants when filing income tax returns (ITR) for their clients. Here is a look at the difference between financial year and assessment year.

What is ITR?

An individual submits an ITR to the Income Tax Department of India to file information about his income and taxes due/paid during the previous year. The information in an ITR must be valid for the fiscal year beginning on April 1 and ending on March 31 of the following year.

What is a financial year (FY)

In India, the Income Tax Department (I-T) levies taxes on your earnings once a year for a year. This one-year period in India begins on April 1 and concludes on March 31 of the following year. The term "financial year" or "fiscal year" refers to this time period, the year in which you have earned the income. So you will be filing ITR for 2021-22, the deadline for filing is July 31, 2022 (unless extended by the government).

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What is the validity period of a registered food license?

What is the validity period of a registered food license?

The license issued by the FSSAI is valid for a time period of 1 to 5 years from the date of issuance. The license has to be renewed subsequently in order for the FBO to continue the business.

What is the validity period of a registered food license: The FSSAI (Food Safety and Standards Authority of India), incorporated by the Ministry of Health and Family Welfare, plays a vital role in regulating the quality of food items accessible to the public. The FSSAI provides licenses to the FBOs (Food Business Operators) depending upon their turnover and place of operation. All business owners dealing with food and food products, such as manufacturers or producers, those involved in the storage and transporting of edible products etc have to obtain the FSSAI license mandatorily.

The license given by the FSSAI is basically of three types:

FSSAI Basic Registration

FSSAI Central License

FSSAI State License

Validity of the FSSAI License:

The license issued by the FSSAI is valid for a minimum of 1 year to a maximum of 5 years. However, in order to continue the business, the FBO has to renew the license thereafter. If the license is not renewed the FBO will be subjected to penalties. The 14-digit license number should be displayed on food packages or in the place of business by the FBO.

Time Frame for License Renewal:

The Food Safety Standard (Licensing and Registration of Food Businesses) Regulations, 2011, state that the application for renewal must be made before 30 days of the expiry date as mentioned in the license. The application can be made as early as 180 days before the date of expiry.

Renewal of License for Businesses That Were Affected During Covid Lockdown:

The renewal of the license enables the businesses to carry the same license number even after its expiry. Earlier the FSSAI had not provided an option for renewal. The FBOs had to make a fresh application for the license/registration after its expiry to commence the business again. During the COVID 19 pandemic, a number of businesses were unable to renew their license/registration within the allotted time. Many FBOs were pushed to pursue a new license to continue their food business. The FSSAI allowed the renewal of licenses for such businesses under the following conditions.

The renewal of a license after the expiry is allowed for licensed FBOs that carry out online submissions of annual returns through the FoSCoS portal

The renewal shall be allowed only until 180 days from the date of expiry

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Difference between E-Filing and E-Payment?

Difference between E-Filing and E-Payment?

E-filing is the process of electronically filing income tax returns, whereas E-payment refers to the process of electronically paying taxes.

E-filing is an abbreviation for electronic income tax filing. E-filing is the process of electronically filing your ITR online for a specific year.  This means now you do not need to visit the nearest Income Tax Department office to file your returns. Instead, you log on to the internet and complete the task.

E-payment?

They are referred to as online payment systems. Typically, e-payments are made using debit and credit cards, direct bank deposits, and e-checks; however, other e-payment methods such as e-wallets, bitcoin, cryptocurrencies, and bank transfers are gaining popularity.

Difference Between E-filing and E-payment

E-filing is the ITR filing online which means a process of electronically filing income tax returns, whereas E-payment refers to the process of electronically paying taxes (via net banking for SBI’s debit/credit card). The taxpayer can easily and quickly discharge his obligations of tax payment and return filing by using the e-payment and e-filing facility. ​

Benefits Of E-Payment System

The following are the benefits of e-payment systems.

1.      E-payments are more efficient because they are faster

2.     Customers can pay online at any time and location with e-payments, making them easily accessible and convenient for customers. Because many payment processing solution providers offer various types of solutions, it is simple to integrate online payment solutions with businesses

3.  Online payment solutions include security, risk management, and anti-fraud tools, making them dependable and secure for customers and merchants

4.  E-payments have proven to be highly effective for international transactions because they are less expensive, simpler, faster, and, in general, real-time. People are almost at ease with online shopping and electronic payments. Accepting online payments is now a must for any business in this day and age

5.    Shopping and banking are becoming more convenient as a result of e-payments. They assist customers in reaching more clients both locally and globally

6.      E-payments are more efficient because they are faster

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All You Need to Know about all GST Forms

All YouNeed to Know about all GST Forms

The concept of Goods and Service Tax (GST) was made applicable in India on 1st July 2017. The Government has made multiple amendments to help taxpayers file returns and pay taxes easily. To facilitate transparency and ease of doing business there are multiple GST Forms notified by the Government that the taxpayers have to use to file registration requests, returns, refund applications, etc. In this article, we have put together all GSTR forms list to help you stay compliant. It is important to file the right kind of form to avoid late fees and penalties.

In this blog we'll discuss about GSTR forms, GST registration form, GST forms list, the form used for GST registration and much more as shown below:

GST registration forms

Form Name	Purpose
Registration Forms
GST REG-01	Application for GST Registration
GST REG-02	Acknowledgement for Registration
GST REG-03	Notice Asking for Additional Information/Clarification/Documents relating to Application for registration/amendments/cancellation
GST REG-04	Application for providing clarification/additional information/documents for registration
GST REG-05	Order of Rejection of Application for Registration/Amendment/Cancellation
GST REG-06	Registration Certificate
GST REG-07	Application for Registration as Tax Deductor at source (u/s 51) or Tax Collector at source (u/s 52)
GST REG-08	Order of Cancellation of Registration as Tax Deductor at source or Tax Collector at source
GST REG-09	Application for Registration of Non Resident Taxable Person
GST REG-10	Application for registration of person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered person
GST REG-11	Application for extension of registration period by casual/non-resident taxable person
GST REG-12	Order of Grant of Temporary Registration/ Suo Moto Registration
GST	REG-13            Application/Form for grant of Unique Identity Number (UIN) to UN Bodies/Embassies/others
GST	REG-14            Application for Amendment in Registration Particulars (For all types of registered persons)
GST REG-15	Order of Amendment
GST REG-16	Application for Cancellation of Registration
GST REG-17	Show Cause Notice for Cancellation of Registration
GST REG-18	Reply to the Show Cause Notice issued for Cancellation
GST REG-19	Order for Cancellation of Registration
GST REG-20	Order for dropping the proceedings for cancellation of registration
GST REG-21	Application for Revocation of Cancellation of Registration
GST REG-22	Order for revocation of cancellation of registration
GST REG-23	Show Cause Notice for rejection of application for revocation of cancellation of registration
GST REG-24	Reply to the notice for rejection of application for revocation of cancellation of registration
GST REG-25	Certificate of Provisional Registration
GST REG-26	Application for Enrolment of Existing Taxpayer
GST REG-27	Show Cause Notice for cancellation of provisional registration
GST REG-28	Order of cancellation of provisional registration

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