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CBDT notifies challan-cum-statement Form 26QE for payment of tax deducted on VDAs

 Warning No. 67/2022, dated 21-06-2022 The Focal Leading body of Direct Charges (CBDT) has advised Personal duty (19th Amendment) Rules, 2022 revising the Annual assessment Rules, 1962 to integrate changes presented by the Money Act, 2022 connected with TDS. The Board has revised existing Standards 30, 31 and 31A, annexure to Shape No. 26Q, and Structure Nos. 26QB, 26QC and 26QD. The board has additionally embedded new Structure nos. 26QE and 16E also. The key changes presented by the CBDT vide Annual duty (nineteenth Amendment) Rules, 2022 have been explained underneath: 1. Charge deducted on VDA to be kept in challan-cum-articulation in Structure 26QE Another sub-rule (2D) has been embedded in Rule 30 which accommodates installment of expense deducted at source (TDS) under area 194S. Segment 194S gives that any individual, liable for paying to an inhabitant any total via thought for the exchange of a virtual computerized resource (VDA), will deduct charge at the pace of 1% of such ag
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GSTR-1 GSTR-1 is the return to be furnished for reporting details of all outward supplies of goods and services made. In other words, it contains the invoices and debit-credit notes raised on the sales transactions for a tax period. GSTR-1 is to be filed by all normal taxpayers who are registered under GST, including casual taxable persons. Any amendments to sales invoices made, even pertaining to previous tax periods, should be reported in the GSTR-1 return by all the suppliers. The filing frequency of GSTR-1 is currently as follows: (a) Monthly, by 11th* of every month- If the business either has an annual aggregate turnover of more than Rs.5 crore or has not opted into the QRMP scheme. (b) Quarterly, by 13th** of the month following every quarter- If the business has opted into the QRMP scheme. *Till September 2018, the due date was the 10th of every month. **Till December 2020, was the end of the month succeeding the quarter. GSTR-2A GSTR-2A is a view-only dynamic GST return releva


        EQUALISATION LEVY Equalisation levy means the tax leviable on consideration received or receivable for any specified service or e-commerce supply or services. Charge of equalization levy on specified services: Equalisation levy @6% is leviable on the amount of consideration for specified service received or receivable by a person, being a non-resident from - (a) a person resident in India and carrying on business or profession; or (b) a non-resident having a PE in India.   Threshold limit: Equalisation levy is deductible if the aggregate amount of consideration for specified service in a previous year exceeds O ne Lakh Rupees Non- Charge of equalisation levy on specified services: Equalisation levy is not chargeable, where – (a) the non-resident providing the specified service has a PE in India and the specified service is effectively connected with such PE; (b) the aggregate amount of consideration for specified service received or receivable in a previous year by the

Easy to Register Charitable Trust By Filing 10AB Form.

   All About Form 10AB: The finance act, 2020 has initiated a law where all the trusts in the current scenario need to face there-registration beneath section 12A and section 80G and the re-approval U/s 10 (23C) and Section 35 (1). For providing an effect towards the same the latest section 12AB has started with effect from the date 1st April 2020 which deals with the process of registration.  Before that, the trusts or institutions were enrolled beneath section 12AA or beneath section 12A. Now all these trusts would be demanded to get themselves enrolled u/s 12AB.   Now the income tax department would provide the unique enrollment number to all the charitable and religious institutions that give a public database of all these trusts and institutions.  One of the major essential specifications of the new provision which provides the advantage to the assessee is that the provisional registration would be furnished for the duration of 3 times without any disquisition by the men

Tax deduction on loan interest on electric vehicle purchase U/S 80EEB:

The authorities of India has declared within side the union finances for 2019 an incentive to shop for electric powered vehicles (EV). Inside the finances, the finance minister has targeted that the superior battery and the enrolled EVs shall inspire underneath the policy. Latest segment 80EEB of profits tax act 1961 has commenced which lets in the tax deduction for the hobby supplied on mortgage acquired for the shopping for of the EVs below segment 80EEB from the evaluation 12 months 2020-21. What is Income Tax Section 80EEB? The deduction in the direction of the interest provided on mortgage opted via shopping for of the electrical car is opened below segment 80EEB of the earnings tax act 1961 that's noted through the finance act 2019. The deduction is to be had to growth the shopping for of EVs all throughout the country. The tax blessings upon the shopping for of electrical vehicles. So as to be entitled to avail the tax benefits mentioned are the situa


  Easy authorisation:   Filing the ITR will facilitate individuals, after they got to apply for a vehicle loan  (2-wheeler or 4-wheeler), House Loan and so forth All major banks will arouse a duplicate of tax returns as an indication of financial gain statement  is a compulsory document for the loan approval.   Claim Tax Refund: There can be instances once tax has been subtracted (TDS) from your income even when your total dutiable income is a smaller amount than the essential exemption limit and you have got cipher liabilities for that year. In such a case, you may have to claim TDS refund that you may got to file associate degree revenue enhancement come compulsorily.   Avoid Penalty:   If you're needed to file your tax returns per the income tax act, however didn’t, then the tax officer deserves the proper to impose a penalty of not less than Rs. 1,000 when the total income doesn't exceed Rs. 5 lakhs   & Rs. 5,000 in any other case.   Transfer Your Loss


GST has eliminated the cascading effect of tax: GST is a form of indirect tax  designed to bring all  indirect taxes together under one umbrella. The GST reduced the cascading effect of the tax that was evident before.  The registration threshold is higher:  Before, under VAT, any company with a turnover of more than Rs.5 Lakh was liable for VAT. This limit was different in different states. Also, service providers were exempted from service tax if the turnover was less than Rs.10 lakh. Under the GST, this threshold was increased to Rs.20 lakh, which  exempted many small traders and service providers.  Small Business Compounding Scheme:  Small businesses have the advantage of being able to exercise the option of using the compounding scheme. The composition scheme consistently consulted compliance and  tax burden for small businesses. Simple and easy online procedure:  The GST recording process  is completely online and  is super simple. It has provided considerable responsibility and