The post Maharashtra GST Calendar Due Dates 2024-2025 appeared first on Tax Baniya.
]]>May 2024 Calendar of GST Return Filing Due Dates
The government announces GST return filing due dates from time to time to maintain taxation in line with respective clearance. Also, the main effort is to alert the taxpayers regarding the GST return filing due dates to make them neglect any penalty or interest. Here we are offering the GST due dates calendar of May 2024 for all the registered taxpayers under the indirect tax regime to make them aware of the time period of when to get their GST return filing done on time.
As GSTR 1 & GSTR 3B is to be filed every month, there is a greater need to get regular updates/notifications based on the GST due dates calendar to avoid any interest and penalty. Also, there is GST CMP 08 for the composition scheme dealers but it has to be filed every quarter lowering the need for regular updates on the GST due date filing calendar.
| GST Return Form Name | Filing Period | Due Date in May 2024 |
|---|---|---|
| GSTR 07 | Monthly (April 2024) | 10th May |
| GSTR 08 | Monthly (April 2024) | 10th May |
| GSTR 01 (T.O. more than 1.5 Crore) | Monthly (April 2024) | 11th May |
| IFF Optional | Monthly (April 2024) | 13th May |
| GSTR 5 | Monthly (April 2024) | 13th May |
| GSTR 06 | Monthly (April 2024) | 13th May |
| GSTR 3B Upto than INR 5cr (But Opted Monthly) | Annual Turnover of up to INR 5cr in Previous FY Monthly Filing – April 2024 | 20th May |
| GSTR 5A | Monthly (April 2024) | 20th May |
| GSTR 9 & 9C | FY 2023-24 | 31st December 2024 |
| GST RFD-10 Form | End of 18 Months | Taxpayers will be eligible to claim the GST refund at the end of 18 months of the particular quarter |
| GST RFD-11 Form | FY 2024-25 | 31st March 2025 |
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]]>The post Section 44AD – Presumptive Taxation appeared first on Tax Baniya.
]]>Section 44AD – Presumptive Taxation
ITR Form Applicable – ITR 4
Special provision for computing profits and gains of business on presumptive basis.
Section : 44AD. (1) and 6
Notwithstanding anything to the contrary contained in sections 28 to 43C
Section : 44AD. (1) and 6
Provisions : Notwithstanding anything to the contrary contained in sections 28 to 43C
44AD is a self-contained code (which determines the Profit Computation without referring to Section 29) by its own means devoid of Section 28 to 43C as both Chargeability and Computation are embedded in it
It means Section 28 to 43C is not applicable on adopting 44AD, hence no disallowance / No Deemed Income under Section 40(a), 40A, 40A(3), 40A(3A), 41 can be made
However 43B uses the word “Notwithstanding anything contained in any other Provisions of this Act” has far wide amplitude and disallowance under section 43B can be made by assessing officer
Section 40 uses the word “Notwithstanding anything to the contrary in the Section 30 to 38” and Section 44Ad uses “Notwithstanding anything to the contrary contained in sections 28 to 43C” , hence Section 44AD has far wide amplitude and disallowance under section 40 can not be made by assessing officer
Section : 44AD. (1) and 6
Provisions : in the case of an eligible assessee (Resident Individual, HUF, Firm)
Eligible Assessee includes: –
- Resident Individual
- Resident HUF
- Resident Partnership Firm
Who has not claimed any deduction under sections 10A, 10AA, 10B, 10BA or deduction under any provisions of Chapter VIA under the heading “C.—Deductions in respect of certain incomes”
Non – Eligible Assessee includes: –
- LLP
- Company
- Non Resident Individual
- Non Resident HUF
- Non Resident Partnership Firms
- A Local Authority
- AOP/ BOI
- Cooperative Society
- Artificial Judicial Person
Section 44AD applies to “ Assessee” hence if he is carrying several business, turnover of all business needs to be clubbed
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Section : 44AD. (1) and 6
Provisions :
Engaged in an eligible business (Any Business Except 44AE)
(6) The provisions of this section, notwithstanding anything contained in the foregoing provisions, shall not apply to—
(i) a person carrying on profession as referred to in sub-section (1) of section 44AA;
(ii) a person earning income in the nature of commission or brokerage; or
(iii) a person carrying on any agency business.
As per Explanation to Sub Section 6 to Section 44AD, “eligible business” means,—
(i) any business except the business of plying, hiring or leasing goods carriages referred to in section 44AE; and
(ii) whose total turnover or gross receipts in the previous year does not exceed an amount of 3 crore rupees.
Section 44AE is not eligible business but it doesn’t make the assesse ineligible to take benefit of Section 44AD, Business covered under 44AE is not mentioned in 44Ad(6) so both section can be claimed separately for respective business
As Assessee carrying on following business is not allowed to adopt 44AD(1)-
- Carrying on profession as referred to in Section 44AA(1) (Only Specified Profession)
- earning income in the nature of commission or brokerage
- carrying on any agency business.
So person who is carrying any of above business or profession can not avail section 44AD(1)
As Per Section 194H “commission or brokerage” includes any payment received or receivable, directly or indirectly, by a person acting on behalf of another person for
- Services rendered (not being professional services) or
- for any services in the course of buying or selling of goods or
- in relation to any transaction relating to any asset, valuable article or thing, not being securities;
Interplay between 44AD and 44ADA
- A person Carrying on specified Profession as per Section 44AA(1) cannot adopt for 44AD for his other business eligible for 44AD but can adopt 44ADA for his specified Profession
- A person Carrying on non-specified Profession can adopt for 44AD for his other business eligible for 44AD but not 44ADA for his profession
If assesse opt for presumptive scheme than its turnover will be excluded while maintaining books of account or audit provisions
Section : 44AD. (1) and 6
Provisions :
Following shall be deemed to be the profits and gains of such business chargeable to tax under the head “Profits and gains of business or profession”
- a sum equal to 8% of the total turnover or gross receipts of the assessee in the previous year on account of such business
- or, as the case may be, a sum higher than the aforesaid sum claimed to have been earned by the eligible assessee
8 or 6% is minimum deemed profit, if an assesee declare that and to claim the Profit upto presumptive is right of the assesse
An option has been given to claim more than 8 or 6% profit, Option is given to assesse not the AO to presume higher Income
If there is no claim made by assesse for higher Income, there is no higher income. The AO cannot make any addition on this count as there is no provision under the Act permitting to make such addition
Also if 8 or 6% profit have been declared, then balance 92 or 94% receipt have been expended. This amount is neither saved nor invested. AO Can make addition if he is having sufficient evidence that difference between actual profit and presumptive profit have been invested, However AO cannot question the expenditure upto 92 or 94%
Also if books of accounts are maintained and assesse knows actual profit and if actual profit is more then presumptive profit, assesse should declare actual profit in ITR
In other word assesse cannot invest the difference between actual profit and presumptive profit in any assets
If assesse claims Income More than 8% then also AO doesn’t have power to assess more then returned income
Section : Provision to 44AD(1)
Provided that this sub-section shall have effect as if for the words “eight per cent”, the words “six per cent” had been substituted, in respect of the amount of total turnover or gross receipts which is received by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account or through such other electronic mode as may be prescribed during the previous year or before the due date specified in sub-section (1) of section 139 in respect of that previous year.
Presumptive Rate of Income would be 8%, however as per Proviso 1 to 44AD(1) the presumptive Rate will be 6% in respect of amount of total turnover or gross receipts which is received by digital banking mode during the previous year or before the due date specified u/s 139(1) in respect of that previous year
So any payment received after due date specified u/s 139(1) in respect of that previous year will not be eligible for 6%
Section : Provision to 44AD (2)
Any deduction allowable under the provisions of sections 30 to 38 shall, for the purposes of sub-section (1), be deemed to have been already given full effect to and no further deduction under those sections shall be allowed
Also if 8 or 6% profit have been declared, its presumed that all deduction regarding business expenses have been claimed and no further deduction would be allowed
Section : Provision to 44AD (3)
The written down value of any asset of an eligible business shall be deemed to have been calculated as if the eligible assessee had claimed and had been actually allowed the deduction in respect of the depreciation for each of the relevant assessment years.
WDV will be calculated as if depreciation u/s 32 has been deemed to be allowed
Section : Provision to 44AD (4)
Consequence of Opting Out of Section 44AD(1)
44AD (4) Where an eligible assessee declares profit for any previous year in accordance with the provisions of this section and he declares profit for any of the five assessment years relevant to the previous year succeeding such previous year not in accordance with the provisions of sub-section (1), he shall not be eligible to claim the benefit of the provisions of this section for five assessment years subsequent to the assessment year relevant to the previous year in which the profit has not been declared in accordance with the provisions of sub-section (1).
If the Following 2 conditions are satisfied assesse will not be eligible to claim benefit u/s 44AD(1) for 5 Assessment Years
- The Assessee should have declared profit u/s 44AD(1) and
- The Assessee have not declared as per 44AD(1) in any of subsequent 5 years
If an assesse have never opted for 44AD(1) then section 44AD(4) is not applicable
Section : Provision to 44AD(5)
Notwithstanding anything contained in the foregoing provisions of this section, an eligible assessee to whom the provisions of sub-section (4) are applicable and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB.
Audit is required only when –
- Section 44AD(4) is applicable i.e.
- The Assessee have declared profit u/s 44AD(1) and
- The Assessee have not declared as per 44AD(1) in any of subsequent 5 years
and
- whose total income exceeds the maximum amount which is not chargeable to income-tax without considering rebate u/s 87A
Audit is applicable only if you have earlier adopted 44AD, then discontinued and your income exceeds the maximum amount which is not chargeable to income-tax in any previous year
Maintenance of accounts by certain persons carrying on profession or business
44AA. (1) read with Rule 6F – Every person carrying on
- legal,
- medical,
- engineering or
- architectural profession or
- the profession of accountancy or
- technical consultancy or
- interior decoration or
- authorised representative – a person who represents any other person, on payment of any fee or remuneration before any Tribunal or authority constituted or appointed by or under any law for the time being in force, but does not include an employee of the person so represented or a person carrying on legal profession or a person carrying on the profession of accountancy;
- film artist – Any person engaged in his professional capacity in the production of a cinematograph film whether produced by him or by any other person, as—
- an actor;
- a cameraman;
- a director, including an assistant director;
- a music director, including an assistant music director;
- an art director, including an assistant art director;
- a dance director, including an assistant dance director;
- an editor;
- a singer;
- a lyricist;
- a story writer;
- a screen-play writer;
- a dialogue writer; and
- a dress designer.
- any other profession as is notified by the Board in the Official Gazette
Shall keep and maintain
- a cash book;
- a journal, if the accounts are maintained according to the mercantile system of accounting;
- a ledger;
- carbon copies of bills, whether machine numbered or otherwise serially numbered, wherever such bills are issued by the person, and carbon copies or counterfoils of machine numbered or otherwise serially numbered receipts issued by him:
Provided that nothing in this clause shall apply in relation to sums not exceeding twenty-five rupees;
- original bills wherever issued to the person and receipts in respect of expenditure incurred by the person or, where such bills and receipts are not issued and the expenditure incurred does not exceed fifty rupees, payment vouchers prepared and signed by the person:
- A person carrying on medical profession shall, in addition to the above books of account and other documents keep and maintain the following, namely :—
- a daily case register in Form No. 3C;
- an inventory under broad heads, as on the first and the last day of the previous year, of the stock of drugs, medicines and other consumable accessories used for the purpose of his profession.
- a daily case register in Form No. 3C;
44AA(2) Every person carrying on business or profession not being a profession referred to in 44AA(1) as above shall,—
· | In any one of the three years immediately preceding the previous year | Individual or HUF | Others |
| if his income from business or profession exceeds | 250000 | 120000 |
| turnover or gross receipts in business or profession exceed | 2500000 | 1000000 |
- where the business or profession is newly set up in any previous year, if his income from business or profession is likely to exceed as above limit during such previous year; or
- Where assesse covered under section 44AE or section 44BB or section 44BBBand the assessee has claimed his income to be lower than the profits or gains so deemed to be the profits and gains of his business, as the case may be, during such previous year; or
- Where the provisions of section 44AD (4) are applicable in his case and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year,
The books of account and other documents shall be kept and maintained for a period of 6 years from the end of the relevant assessment year
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]]>The post Professional Tax in Maharashtra – PT appeared first on Tax Baniya.
]]>Professional tax is a significant deduction you’ll often see on your pay slip if you’re a salaried individual in Maharashtra. This tax, mandated by the state government, applies to both self-employed individuals and organizations, depending on their income levels. Here’s a comprehensive guide to understanding and managing your professional tax obligations in Maharashtra.
Professional Tax in Maharashtra: The Maharashtra state government levies professional tax on earned income, as authorized by Article 276 of the Indian Constitution. This tax applies to all salaried employees and professionals, with rates and income slabs set by the state government.
Maharashtra Professional Tax Rule: Under the Maharashtra State Tax on Professions, Trades, Callings, and Employment (Amendment) Rules, professional tax is imposed on salaried employees and self-employed individuals. Employers must obtain registration or enrolment certificates within 30 days of starting their business or profession.
Applicability: Professional tax in Maharashtra applies to Hindu Undivided Families (HUFs), individuals, and various entities like companies, associations, and cooperative societies. Employers of salaried individuals are responsible for deducting and depositing the tax on behalf of their employees.
Online Payment Procedure: To pay professional tax online in Maharashtra, follow these steps:
- Visit the Maharashtra GST Department’s official website and select the ‘e-payment’ option.
- Choose the appropriate professional tax act (PTEC or PTRC) based on your status.
- Enter necessary details like payable amount, payment period, and mobile number.
- Proceed to payment, and upon successful transaction, you’ll receive an acknowledgement receipt.
Alternatively, you can use the Sales Tax Portal of GRAS for payment, providing essential details and generating a Government Reference Number for payment.
Due Date and Late Payment Penalty: The due date for professional tax payment in Maharashtra depends on the enrolment date. Failure to pay on time incurs penalties, such as 1.25% tax per month for individuals and 2% interest per month for employers.
Exemptions: Certain individuals are exempt from professional tax in Maharashtra, including senior citizens aged 65 and above, parents of physically challenged children, individuals with over 40% disability, and badli workers in the textile industry.
Understanding and fulfilling your professional tax obligations is crucial for both individuals and businesses in Maharashtra. By following the correct procedures and deadlines, you can ensure compliance with state regulations and avoid penalties.
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Professional Tax (PT) Consultants in Mumbai, Maharashtra
PTRC Consultants in Maharashtra
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]]>The post Professional Tax in India – PT appeared first on Tax Baniya.
]]>Professional tax is a mandatory levy imposed by state governments on various professions, trades, and employments, not limited to just professionals. It applies to employees, business owners, freelancers, and others whose income exceeds a specified threshold. Despite its name, it’s not solely for professionals. This tax is deductible from taxable income under the Income-tax Act of 1961.
The rate of professional tax varies across states and is typically based on income slabs. However, there’s a maximum cap of Rs 2,500 set by Article 276 of the Constitution. The Commercial Tax Department collects professional tax on behalf of the state government, with funds usually directed to municipal corporations.
Employers are responsible for deducting and remitting professional tax for their employees, subject to state-specific regulations. Employers must obtain registration certificates to pay professional tax on their own trade/profession and to deduct it from their employees’ salaries. Freelancers must also register themselves, subject to any monetary thresholds set by their state.
Payment methods for professional tax vary by state and can be made online or offline. Salaried individuals usually have this tax deducted and remitted by their employers.
Certain categories are exempt from professional tax, including members of the armed forces, individuals with disabilities, parents of disabled children, and others specified by state laws.
Failure to comply with professional tax regulations can result in penalties, varying by state. Late registration, payment, or return submission may incur fines or interest charges. For instance, in Maharashtra, penalties range from daily fees for late registration to monthly interest on late payments and penalties for non-payment or delayed filing of returns.
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Professional Tax (PT) Consultants in Mumbai, Maharashtra
PTRC Consultants in Maharashtra
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]]>The post GST Returns Filing Consultants in Mumbai appeared first on Tax Baniya.
]]>Under the Goods and Services Tax (GST) system, registered taxpayers are mandated to file returns on a monthly basis. A ‘return’ in this context refers to the documentation required by tax authorities, serving as a record of all taxes collected from customers.
It’s imperative for every individual registered under GST to file returns promptly. Even if a legal entity has no ongoing activity, filing ‘GST nil returns’ is necessary to avoid compliance issues. The advantages of GST return filing include:
- Expansion of the tax base
- Reduced taxes through the consolidation of taxes
- Improved ease of conducting business
- Adoption of a unified platform
A GST return is a comprehensive document detailing the income/sales and expenses/purchases of a tax-paying entity. It must be submitted to the tax administrative authority, with the net tax liability determined based on this return.
In the GST framework, businesses with an annual turnover exceeding 5 crores are required to file two monthly returns and one annual return, totaling 26 filings annually. However, under the QRMP scheme, the number of filings may vary for quarterly GSTR-1 filers, with a total of 9 filings per year, including GSTR 3B and the annual return. Additionally, special cases like composition dealers have separate returns, necessitating 5 filings annually.
The following is a list of GST returns to be filed, along with their due dates as prescribed under the CGST Act:
- GSTR 1: For normal taxpayers, to report sales transactions. Due dates for 2024 are Jan 13th and April 18th for the quarters Oct-Dec and Jan-March, respectively.
- GSTR 2: Includes purchases made during the tax period, to be filed by all normal taxpayers.
- GSTR 2A: Auto-populated data of inward supplies.
- GSTR 2B: An auto-drafted ITC statement generated monthly.
- GSTR 3: Contains details of all outward supplies, auto-generated based on GSTR-1 and GSTR-2.
- GSTR 3B: Summarized details of outward supplies, input tax credit claimed, tax liability, and taxes paid. Monthly payments are due by the 25th of the following month for the first two months of the quarter.
- GSTR 4: Filed annually by taxpayers under the Composition Scheme, due before April 30th of the following year.
- GSTR 5: For non-resident foreign taxpayers, due within 20 days after the end of the calendar month or 7 days after the registration period ends, whichever is earlier.
- GSTR 6: To be filed by Input Service Distributors, due on the 13th of the succeeding month.
- GSTR 7: Filed by those required to deduct TDS under GST, due before the 10th of the succeeding month.
- GSTR 8: Filed by e-commerce operators collecting TCS under GST, due before the 10th of the succeeding month.
- GSTR 9: Annual return for all GST-registered taxpayers, consolidating monthly and quarterly returns.
- GSTR 9A: Consolidation of quarterly returns filed during the year.
- GSTR 9B: Annual return containing details filed in GSTR 8.
- GSTR 9C: Reconciliation filed by taxpayers with turnover exceeding 5 crores in the financial year.
- GSTR 10: Final return filed by individuals upon cancellation or surrender of registration, due within 3 months from the date of cancellation.
- GSTR 11: Filed by individuals issued a Unique Identity Number (UIN), containing data of all inward supplies received and claimed refund.
Collaborating with GST return filing consultants can alleviate the compliance burden for SMEs, allowing them to focus more on their core business activities.
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GST Returns Filing
GST Consultants
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]]>The post Long Form Audit Report – LFAR appeared first on Tax Baniya.
]]>The Long Form Audit Report (LFAR) focuses on identifying deficiencies in the operations and internal control systems of banks. Unlike the Statutory Audit Report, LFAR communicates this aspect comprehensively.
Key points to consider in LFAR:
Cash Balance Management:
- Ensure cash balance remains within prescribed limits.
- Report excess cash balance regularly.
Insurance for Cash Handling:
- Verify insurance coverage for cash-in-custody and cash-in-transit, usually at the head office level.
Balances with Reserve Bank, SBI, and Other Banks:
- Verify balance confirmation certificates and reconciliation statements.
- Analyze pending entries and explain discrepancies.
- Report pending revenue entries older than 6 months.
Investments:
- Physically verify branch-level investments if any.
- Ensure regular income from investments and timely encashment of matured investments.
Advances:
- Assess credit appraisal, sanctioning, disbursement, documentation, and monitoring.
- Verify compliance with RBI requirements, evaluation of financial data, and security valuation.
- Examine sanction procedure, limits, and post-disbursement inspections.
- Ensure proper execution of loan documents and registration of securities.
- Monitor periodic review, overdue accounts, and end-use of funds.
- Assess control over stationery items and management of sundry debit items.
Liabilities – Deposits:
- Verify compliance with KYC norms and operation guidelines for dormant/inoperative accounts.
- Investigate unusual movements in deposit accounts, overdue/matured deposits, and provision for interest.
Other Liabilities:
- Examine pending entries in bills payable and sundry deposit accounts.
- Identify unusual items and suggest disposal of outstanding entries.
Contingent Liabilities:
- Review contingent liabilities and discuss legal matters and potential losses with the branch.
Profit and Loss Account:
- Verify interest and commission income, rate changes, and income recognition norms.
- Analyze trends in revenue and expenditure through comparison and ratio analysis.
Audits/Inspections:
- Review previous audit reports, observations, and non-compliances.
- Report any frauds discovered during the audit and suggest preventive measures.
Miscellaneous:
- Check fixed asset records, depreciation calculation, and possibility of window dressing.
- Address any other matters pertinent to the management or central statutory auditors.
Annexure to LFAR:
- Obtain detailed information from branch management for branches dealing with large advances or asset recovery branches, based on outstanding balances.
The LFAR aims to provide a comprehensive overview of the bank’s operations, internal controls, and compliance status, helping identify areas for improvement and risk mitigation
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SIP Investment Advisors
Financial Planning with SIP
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]]>The post SIP Investment in Mumbai appeared first on Tax Baniya.
]]>A Systematic Investment Plan (SIP) is a popular method of investing in mutual funds where you invest a fixed amount at regular intervals. SIPs offer several advantages, including compounding invested money, averaging mutual fund purchases, automatic deposits with a minimum investment amount, and suitability for individuals of all ages. They are also beneficial for long-term financial goals like post-retirement planning and securing a child’s future, while also offering tax-saving opportunities.
If you’re seeking SIP investments in Mumbai, Spenny provides an updated list of mutual fund schemes, allowing users to optimize their savings through a “roundup approach.” Our platform offers an automated and personalized portfolio feature, enabling clients to invest in schemes tailored to their savings or preferred investment amounts, thereby maximizing earnings and achieving excellent returns.
Residing in a bustling city like Mumbai, online SIP investments can save you time, effort, and money by offering all investment plans under one roof. Our user-friendly application assists you in selecting the best investment options and strategies based on your savings and preferences. We provide personalized advice to help you secure and stabilize your financial future effectively.
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SIP Investment Advisors
Financial Planning with SIP
How Does SIP work?
Once you apply for one or more SIP plans, the amount is automatically debited from your bank account and invested in the mutual funds you have purchased at the predetermined time interval.
At the end of the day, you will be allocated the units of mutual funds depending on the NAV of the mutual fund.
With every investment in an SIP plan in India, the additional units are added to your account depending on the market rate. With every investment, the amount being reinvested is larger and so is the return on those investments.
It is at the discretion of the investor to receive the returns at the end of the SIP’s tenure or at a periodic interval.
Let us understand with an example
Suppose you want to invest in a mutual fund and you have set aside a sum of 1 Lakh Rupees to invest in the same. Now there are two ways in which you can make this investment.
Either you can make a one time payment of Rs 1 Lakh in the mutual fund, also known as lump sum investment. Or you can choose to invest via Systematic Investment Plan or SIP.
You need to start an SIP of a set amount. Say Rs 500. Then Rs 500 will be deducted from your account and auto credited to the mutual fund you want to invest in, at a certain fixed date every month. This will continue till the time period.
When to Invest in SIP?
SIP investments can be started anytime ensuring minimum risk with the correct suitable scheme plan for the investor.
It is very important for the investor to choose the scheme which suits his long-term goals well. Hence, there is no suitable time frame within which an investor should start a SIP investment plan, the sooner the better.
Types of SIP
Understanding the different types of SIP will help you choose the right scheme as per your goals.
Here are the types of Systematic Investment Plans available-
SIP – Systematic Investment Plan
Top-up SIP
The Top-up SIP allows you to increase your investment amount periodically giving you the flexibility to invest higher when you have a higher income or available amount to be invested.
This also helps in making the most out of the investments by investing in the best and high-performing funds at regular intervals.
Flexible SIP
As the name suggests, Flexible SIP plan carries flexibility of the amount you want to invest. An investor can increase or decrease the amount to be invested as per his own cash flow needs or preferences.
Perpetual SIP
A perpetual SIP Plan allows you to carry on the investments without an end to the mandate date.
Generally, an SIP carries an end date after 1 Year, 3 Years or 5 years of investment. The investor can hence withdraw the amount invested whenever he wishes or as per his financial goals.
Benefits of Investing in SIP
There are several benefits of investing in SIP over Lumpsum. Some of them are listed below
Makes You a Disciplined Investor
SIP can be the best investment option for you if you do not possess superior financial knowledge about the way the market moves.
You do not have to spend your time analysing the market movements or the right time to invest in.
With SIP since the money gets auto-deducted from your account and goes to your mutual funds, you can sit back and relax. Further, unlike lump sum investments, it ensures that you are working actively towards making your investments grow because of the periodicity.
Rupee Cost Averaging Factor
With SIP comes the advantage of rupee cost averaging.
With SIP since your investment amount is constant, for a longer period of time, with rupee cost averaging you can take advantage of market volatility. The fixed amount you invest by means of an SIP averages out the value of each unit.
So you can buy more units when the market is low and buy fewer units when the markets are high, lowering down your average cost per unit.
You May Also Be Interested to Know
Power Of Compounding
SIP is a disciplined way of investing and ensures you constantly strive to make your investments grow.
The automation makes sure your investment grows as opposed to lump sum where you may forget to invest sometime. The small amount you invest daily grows up to a large corpus due as a sum of your contribution and the returns compounded over the years.
Let’s see the projected returns using Groww SIP Calculator, to see how much your money grows in 20 years if you contribute 1000 Rs a month, assuming average returns of 10%. The total amount grows to Rs 7,18,259 due to the compounding effect.
As discussed before, with an SIP you can relax about your investments. Just by submitting an application form you can initiate an auto debit or submit post-dated cheques to start the SIP.
According to how much you want your final amount to be, you can select the appropriate amount to start an SIP with.
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]]>The post Income Tax Return – Types of ITR, Process for ITR Filing appeared first on Tax Baniya.
]]>An Income Tax Return (ITR) is a crucial document for taxpayers in India, used to report their income and tax liabilities to the Income Tax Department. It’s mandatory for various entities, including individuals, businesses, and Hindu Undivided Families (HUFs), to file their returns within the specified timeframe to avoid penalties.
There are different types of ITR forms catering to various taxpayer categories:
- ITR 1 (Sahaj): For individuals with income from salary/pension and one house property, earning less than Rs 50 lakh annually.
- ITR 2: Used by individuals earning income from asset sales or from foreign sources.
- ITR 2A: Suitable for individuals/HUFs with income from multiple house properties but not from business or profession.
- ITR 3: Applicable to individuals/HUFs who are partners in a firm but don’t earn income from the firm’s business.
- ITR 4 (Sugam): For individuals/businesses/professionals with income from business or profession.
- ITR 5: Exclusively for firms, local authorities, co-operative societies, etc.
- ITR 6: For companies except those claiming tax exemption under Section 11.
- ITR 7: Required for entities like trusts, colleges, political parties, etc., claiming exemptions.
Who should file ITR:
- Assessees with total income exceeding Rs. 5 lakhs.
- Residents with assets outside India.
- Those falling under specific sections of the Income Tax Act.
- Individuals claiming relief or deductions under specified sections.
- Residents with authority over foreign accounts.
- Businesses and entities subject to audit requirements.
The process of filing ITR can be done online or offline:
Online Mode:
- Determine tax liability.
- Visit the official income tax e-filing portal.
- Fill in details and upload required documents.
- Validate and submit.
Offline Mode:
- Download relevant ITR form from the portal.
- Fill details offline and gather necessary documents.
- Generate JSON file of ITR form.
- Upload the JSON file on the portal to submit.
The due date for filing ITR for the financial year 2022-23 (Assessment Year 2023-24) without late fees is July 31, 2023. Late filing can attract penalties up to Rs 10,000 for individuals with income over Rs 5 lakh, depending on the delay.
Call / WhatsApp : 8928231748
Income Tax Consultants
IT Returns Filings
The post Income Tax Return – Types of ITR, Process for ITR Filing appeared first on Tax Baniya.
]]>The post ITR PRocess – Income tax filing process appeared first on Tax Baniya.
]]>The process of filing IT return involves several steps, which have been mentioned below:
Gather Required Documents:
Choose the Correct ITR Form:
Calculate Total Income:
Calculate Tax Liability:
File Online or Offline:
Register on the Income Tax Department Portal:
Fill in the ITR Form:
Verify ITR:
Review and Submit:
Receive Acknowledgement:
Respond to Notices (if applicable):
Call / WhatsApp : 8928231748
Income Tax Consultants
IT Returns Filings
The post ITR PRocess – Income tax filing process appeared first on Tax Baniya.
]]>The post How to Register Company in Mumbai Maharashtra appeared first on Tax Baniya.
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How to Register Company in Mumbai Maharashtra?
Private Limited Company is a legal entity, it is a separate entity. It is registered under Companies Act, 2013. Private Limited Company is overall a good Legal structure for business. It should have a minimum of 2 members and a maximum of 200 members. It must have minimum two directors and the maximum limit of Director is 15.
In Private Limited Company the liability of members is limited up to share capital they contribute, it is a major benefit to Shareholder of the Company. Private Limited Company can raise equity fund from their shareholder.
A Foreign National can be the director of Private Limited Company.
A Private Limited Company, if eligible, can register under Startup India Scheme. A registered Start-Up can also register for Angel Tax Exemptions
Tax Baniya will help you in all your requirements regarding the registration of Private Limited Company and other formalities. Our Business advisors will give solutions to all your queries regarding Pvt Ltd Company Incorporation and help you to take your decisions easily.
Tax Baniya started with the simple idea that doing business in India should be very easy. Our growing team of young hard working professionals is our biggest asset. Our team puts the consumer first, and work meticulously to ensure that documents are filled correctly and swiftly.
Tax Baniya is leading Company Registration Service Provider and acts as a Consultant in Mumbai, Navi Mumbai, Thane, Palghar
Company Specific Details
- Name of Company
- Significance of Company Name
- Object of Company
- Authorised Capital
- Paid up Capital
- Address of Company (Not older than 1 month) - Electricity Bill Or MTNL Bill or GAS Bill
- No Objection on from Owner
Directors / Share holders’ Details
- Name of Promoters
- Shareholding Pattern of Promoters
- Email ID of Promoters
- Mobile Number of Promoters
- Photos of Promoters
- Identity Proof - Any 1 Out of Passport / Driving License / Voter Id Card / Aadhaar
- Residential Proof (Not Older than 1 Month) - Any 1 Out Of Electricity Bill / Phone Bill / Mobile Bill / Bank Statement in the name of the Promoter
Tax Baniya will help you in all your requirements regarding the registration of Private Limited Company and other formalities. Our Business advisors will give solutions to all your queries regarding Pvt Ltd Company Incorporation and help you to take your decisions easily.
Tax Baniya started with the simple idea that doing business in India should be very easy. Our growing team of young hard working professionals is our biggest asset. Our team puts the consumer first, and work meticulously to ensure that documents are filled correctly and swiftly.
Tax Baniya is leading Company Registration Service Provider and acts as a Consultant in Mumbai, Navi Mumbai, Thane, Palghar
Call / WhatsApp : 8928231748
We will help for company registration and compliances
Silver
- Time Line : 5 – 7 Days
- DIN for 2 Directors
- DSC of 2 Directors / Shareholder
- Name approval Directly in Spice Form
- e-MOA / e-AOA
- Certificate of Incorporation
- e-PAN Card
- e-TAN Letter
- Mandatory ESIC/EPFO Registration
- Professional Tax Registration
Gold
- Time Line : 10 – 15 Days
- DIN for 2 Directors
- DSC of 2 Directors / Shareholder
- Name approval
- e-MOA / e-AOA
- Certificate of Incorporation
- e-PAN Card
- e-TAN Letter
- Mandatory ESIC/EPFO Registration
- Professional Tax Registration
- Certificate of Commencement
- GST Certificate
- IEC Code
- Udhyam Registration
Diamond
- Time Line : 15 – 25 Days
- DIN for 2 Directors
- DSC of 2 Directors / Shareholder
- Name approval
- e-MOA / e-AOA
- Certificate of Incorporation
- e-PAN Card
- e-TAN Letter
- Mandatory ESIC/EPFO Registration
- Professional Tax Registration
- Certificate of Commencement
- GST Certificate
- IEC Code
- Udhyam Registration
- Start up India DIPTT Recognition
- Angel Tax Exemption Certificate
Platinum
- Time Line : 15 – 25 Days
- DIN for 2 Directors
- DSC of 2 Directors / Shareholder
- Name approval
- e-MOA / e-AOA
- Certificate of Incorporation
- e-PAN Card
- e-TAN Letter
- Mandatory ESIC/EPFO Registration
- Professional Tax Registration
- Certificate of Commencement
- GST Certificate
- IEC Code
- Udhyam Registration
- Start up India DIPTT Recognition
- Angel Tax Exemption Certificate
- Trademark Application
Registration Process
Steps For Company Registration in Mumbai Maharashtra
Get Name Approval
Collect Checklisted Documents
Apply For Digital Signatures
Prepare Incorporation Documents, MOA, AOA & Get Signed
Spice+ B Form
Get COI, e-PAN, e-TAN, PF/ESIC, Professional Tax
Open Bank Account
Get Certificate of Commencement
The post How to Register Company in Mumbai Maharashtra appeared first on Tax Baniya.
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