Tuesday, March 24, 2020

Income Tax :- Income Tax Rates for the Financial Year 2019-20

Friends,  No doubt Corona is great problem for everyone.  As per orders of Prime Minister or to safe everyone , it is best to work from home.  In case you want to plan your income tax for Financial Year 2019-20 or Assessment Year 2020-21 from your house,below mentioned tax slabs may be helpful for you.
Income Tax Slabs

Financial Year 2019-20 

A. Tax Rates For Individuals (Men & Women), Hindu Undivided Families, Association of Persons and Body of Individuals
Total Income (Rs.)Tax Rate (%)
Upto Rs. 250,000*Nil
250,001 to 500,0005
500,001 to 10,00,00020
Above Rs. 10,00,00030
*In the case of a resident individual of sixty years or more but less than eighty years, the basic exemption limit is Rs. 3,00,000
*Relief for Taxpayers in the first bracket of '250000' to '500000'. A Tax credit of 12500 to every person with total taxable income upto 5,00,000
* Deduction under section 16(ia) of Rs.50000.
The category of women below the age of 65 years has been removed
B. Tax Rates For Senior Citizens (80 Years Or Above)
Total Income (Rs.)Tax Rate (%)
Upto Rs. 500,000*Nil
500,001 to 10,00,00020
Above Rs. 10,00,00030
Surcharge is @ 15% if total taxable income is in excess of Rs. 10,000,000
Education cess is applicable @ 4% on income tax
Marginal relief may be available
C. Tax Rates For For Partnership Firms
Tax Rate (%)
Partnership Firms are taxable @ 30%
Surcharge is @ 12% if total taxable income is in excess of Rs. 10,000,000
Education cess is applicable @ 4% on income tax
D. Tax Rates For Domestic Companies
Tax Rate (%)
Domestic companies are taxable @ 25% where gross receipt in the previous year does not exceed fifty crore rupees
Domestic companies are taxable @ 30% where gross receipt in the previous year exceed fifty crore rupees
Surcharge is 7 % if total taxable income is in excess of Rs. 10,000,000 but not exceeding 100,000,000
Surcharge is 12 % if total taxable income is in excess of Rs. 100,000,000
Education cess is applicable @ 4% on income tax (inclusive of surcharge, if any)
E. Tax Rates For Foreign Companies
Tax Rate (%)
Foreign companies are taxable @ 40%
Surcharge is 2 % if total taxable income is in excess of Rs. 10,000,000 but not exceeding 100,000,000
Surcharge is 5 % if total taxable income is in excess of Rs. 100,000,000
Education cess is applicable @ 4% on income tax (inclusive of surcharge, if any)
F. In the case of every co-operative societyTax Rate (%)
(1) where the total income does not exceed Rs. 10,00010 per cent. of the total income
(2) where the total income exceeds Rs. 10,000 but does not exceed Rs. 20,000Rs. 1,000 plus 20 per cent. of the amount by which the total income exceeds Rs. 10,000
(3) where the total income exceeds Rs. 20,000Rs. 3,000 plus 30 per cent. of the amount by which the total income exceeds Rs. 20,000
Surcharge is 12 % if total taxable income is in excess of Rs. 10,000,000
Education cess is applicable @ 4% on income tax

Sunday, March 22, 2020

Income Tax :- Excel Based Income Tax Calculation for the F.Y. 2019-20 or A.Y. 2020-21

Friends,  Individual Income Tax Calculation in excel has been updated according to Income Tax Rule for the F.Y. 2019-20 or Assessment Year 2020-21.  The following changes have been done :-

1.  Deduction  u/s 16(1a) of Rs. 50,000.00
2.  Relief for Taxpayers in the first bracket of '250000' to '500000'. A Tax credit of 12500 to every person with total taxable income upto 5,00,000.


Download Excel Based Income Tax Calculator (Download )


Wednesday, August 7, 2019

GSTR9 ANNUAL GST RETURN

Friends,  It is clear that Annual GST return for the Financial Year 2017-18 is to be submitted upto 31-08-2019.   There are lot of questions regarding submission of Data in Annul Return.   

1. What should be prepared for preparation of Return. 
2. No-body is submitting GSTR-9 Return , only Data is collecting with  fear to submit. 
3. Numbers of columns are available in return.
4. Data already submitted in GSTR-1,  GSTR-3B, GSTR-2A are auto populated, but do now know that place in which Books Data or Actual Data will be entered in GSTR-9.
5. How can we enter HSN Code with 4 digit in online. 
6. ITC available in GSTR-2A in F.Y. 2017-18, but availed in F.Y. 2018-19 will be entered in which columns.

I have also faced some problems out of above and resolved after views below videos :-

Tuesday, April 16, 2019

Income Tax :- Excel Based Income Tax Calculator the F.Y. 2018-19

Friends,  I am getting messages for providing Excel Based Income Tax Calculator for the F.Y. 2018-19 , Assessment Year 2019-20.  It is helpful the submitting Fourth Quarter TDS Return in NSDL RPU. 

There are two changes in this Calculator which are detailed given below :=

1. Standard Deduction of Rs. 40000 under section 16(a1)
2. Cess percentage @ 4% instead of 3%

To download the Excel Based Calculator for F.Y. 2018-19 (Click Here)

Monday, April 1, 2019

Due Dates :- Income Tax due Dates for the month April 2019

Friends,  In the interest of stakeholders important due dates for Income Tax for the month April 2019 are given below :-


7 April 2019 -
​Due date for deposit of Tax deducted by an office of the government for the month of March, 2019. However, all sum deducted by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan
14 April 2019 -
Due date for issue of TDS Certificate for tax deducted under Section 194-IA in the month of February, 2019
14 April 2019 -
Due date for issue of TDS Certificate for tax deducted under Section 194-IB in the month of February, 2019
15 April 2019 -
Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending March, 2019
15 April 2019 -
Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of March, 2019
30 April 2019 -
Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of March, 2019 has been paid without the production of a challan
30 April 2019 -
Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of March, 2019
30 April 2019 -
Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IB in the month of March, 2019
30 April 2019 -
Due date for deposit of Tax deducted by an assessee other than an office of the Government for the month of March, 2019.
30 April 2019 -
Due date for e-filing of a declaration in Form No. 61 containing particulars of Form No. 60 received during the period October 1, 2018 to March 31, 2019.
30 April 2019 -
Due date for uploading declarations received from recipients in Form. 15G/15H during the quarter ending March, 2019.
30 April 2019 -
Due date for deposit of TDS for the period January 2019 to March 2019 when Assessing Officer has permitted quarterly deposit of TDS under section 192, 194A, 194D or 194H.

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