Residential Status for Seafarers (Merchant Navy)

Residential status is the most important concept for income tax applicability on seafarers. It is required to find out for every financial year to compute your tax in India. If you are a non-resident for a financial year then your salary receipts are not taxable in India whereas if you are a resident in India […]

Section 115BAA – Lower Tax Rate on Domestic Companies

Introduction The Taxation Law (Amendment) Ordinance 2019 introduce Section 115BAA on 20th September 2019 applicable from the financial year 2019-20. Lower Income Tax Rate This section provides an option only to domestic companies to pay income tax at the rate of 22% (plus applicable surcharge and cess) beginning from the financial year 2019-20. The domestic […]

Section 115BAB – Lower Tax Rate on Certain New Domestic Manufacturing Companies

Introduction The Taxation Law (Amendment) Ordinance 2019 introduce Section 115BAB on 20th September 2019 applicable from the financial year 2019-20. Lower Income Tax Rate This section provides an option only to certain new domestic manufacturing companies to pay income tax at the rate of 15% (plus applicable surcharge and cess)beginning from the financial year 2019-20. […]

Online Process for Submitting Form 26A/27BA

Proviso to Section 201(1) for Tax Deduction at Source, provides that any person who fails to deduct the whole or any part of the tax in accordance with the provisions of Chapter XVII-B on the sum paid to a resident or on the sum credited to the account of a resident shall not be deemed […]

How to make Payment of TDS (Video & Text Guide)

How to make Payment of TDS All corporate assessee and other assessees who are subject to compulsory audit under section 44AB are compulsorily required to use an electronic transfer to make payment of TDS. TDS is paid by Challan No./ITNS 281. Payment link – NSDL.   Step 1 – Go to https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp Step 2 – Select […]

Procedure for Online Submission of Statement of TDS/TCS

Earlier, for filing TDS/TCS statement, deductor/collector has to submit the signed statement physically at TIN facilitation centres. To overcome this manual process of submitting statement physically, CBDT issued a Notification No. 6/2016 on 04 May 2016 which laid down the complete procedure for filing the TDS/TCS statement online from anywhere without visiting TIN facilitation centres. […]

How to cancel an e-Way bill

Rule 138 of CGST Rules define the provisions of the e-Way bill. A registered person needs to generate an e-way bill where the goods need to be moved from one place to another and the value of such goods is more than Rs. 50,000  in the following cases: – Sales of goods Movement of goods […]

Deemed Export under GST

What is Deemed Export? “Deemed Exports” refers to supplies of goods manufactured in India which are notified as deemed exports under Section 147 of the CGST/SGST Act, 2017. It is to be noted that services are not considered as deemed exports. The supplies do not leave India. The payment for such supplies is received either […]

Ayushman Bharat – Pradhan Mantri Jan Arogya Yojna (PMJAY)

Ayushman Bharat or PMJAY is a scheme of National Health Protection Mission Council. It is a social health insurance scheme for the general citizens of India. Ayusham Bharat scheme was announced in the 2018-19 budget and subsequently approved by the Cabinet on 21st March 2018. As announced by our Prime Minister Hon’ble Shri. Narendra Modi […]

Online Correction Facility to Add/Modify Deductee in TDS Return

Many times, deductor have to make the changes in the previously filed TDS return due to some mistake, omission etc. TRACES provide online functionality for making various types of the corrections in the already filed TDS return which are as follows: – PAN correction Challan correction Add a new challan to statement Resolution for overbooks […]