Advance Tax Payment process

How to Calculate & Pay Advance Tax?

?Advance tax means Income Tax should be paid in advance instead of lump sum payment at year end. These payments have to be made in installments as per due dates provided by the income tax department.

 

Who should pay Advance Tax?

?Salaried, freelancers and businesses– If your total tax liability is Rs 10,000 or more in a financial year you have to pay advance tax. Advance tax applies to all tax payers, salaried, freelancers, and businesses. 

 

Senior citizens, who are 60 years or older, and do not run a business, are exempt from paying advance tax. 

 

Presumptive Businesses– Taxpayers who opt for presumptive scheme where business income is assumed at 8% of turnover of less than ?2 crore are exempt from advance tax for FY2017-18. 

 

Presumptive income for Businesses  for FY 2016-17 – Starting financial year taxpayers who opt for presumptive scheme have to pay whole amount of their advance tax in one installment on or before 15th March. If they pay all of their tax dues by 31st March that is also ok. Starting FY 2016-17. businesses with turnover of Rs 2 crores or less can opt for this scheme. 

 

Presumptive income for Professionals for FY 2016-17– Starting FY 2016-17, this scheme has been extended to professionals such as doctors, lawyers, architects etc if their gross receipts are 50 lakhs or less(Section 44ADA). Such taxpayers have to pay advance tax as per quarterly installments.

 

15% of Advance Tax - 15th June

45% of Advance Tax - 15th Sept

75% of Advance Tax - 15th Dec

100% of Advance Tax - 15th Mar

 

Payment Process:

Click on https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp

Select ITNS 280

Opt 0021 - Other than Companies

Select respective Assessment Year (Speak with RCCO representative)

Opt Type of payment - 100 - Advance Tax

 

Follow the payment process and share challan to RCCO Team

 

For more info, reach us at 8978385893

Penalty for non display of GSTN & GST Certificate

All businesses having GST are required to display GST registration certificate in place of business. 

 

Recently, the Maharashtra State Tax Department issued a trade circular with the procedure for display of GST registration certificate and the penalty for not displaying GST registration certificate. 

 

In this article, RCCO look at the procedure and penalty relevant for display of GST registration certificate.

 

Procedure for Displaying GSTIN

 

Once a taxpayer is registered under GST, the GST registration and GSTIN must be displayed in various places as mentioned below:

 

Place of Business

 

According to the GST Act, taxpayers are required to display the GST registration certificate and number at the principal place of business and all other outlets. 

 

Hence, in an office or shop, the GST registration certificate along with GSTN should be displayed.

 

Business Name Board

 

The GSTN of the business must be mentioned in the name board of the business at the entrance. 

 

According to the CGST Act, “Every registered person shall display his Goods and Services Tax Identification Number on the name board exhibited at the entry of his principal place of business and at every additional place or places of business.”

 

Tax Invoice

 

In all the tax invoice issued by a person registered under GST, GSTN must be mentioned along with business name and address. Further, all tax invoices under GST must be issued as per the invoice format prescribed by the GST Rules.

 

Special Provisions for GST Composition Taxable Person

 

Persons registered under the GST composition scheme, have a different requirement with respect to display of GST registration at a place of business and GSTIN on the invoice.

 

Invoice Issued by Composition Taxable Person

 

Persons registered under the GST composition scheme must issue a Bill of Supply without mentioning IGST or SGST and CGST, as they are not eligible to collect GST from customers. Also, the bill of supply must mention the words “Composition taxable person not eligible to collect tax on supplies” at the top.

 

Place of Business

 

In the place of business of a person registered under the GST composition scheme, the words “Composition Taxable Person” must be displayed on every notice or signboard at a prominent location at the principal place of business and at every additional place or places of business.

 

Business Name Board

 

In the name board at the entrance of the business, composition dealers must mention the words “Composition Taxable Person” along with GSTIN.

 

Penalty for Not Displaying GST Registration Certificate or GSTIN

 

The Maharashtra Government through a trade circular has mentioned the penalty for displaying GST registration certificate or GSTIN. 

 

As per Government Circular, the penalty for not displaying GST registration certificate has been fixed at upto Rs.25000. The penalty for issuing improper GST invoice or false invoice has been fixed at Rs.10000.

-Signing off Roopesh Gangisetty

Reasons for Stock Market fluctuations

Stock prices change everyday by market forces. By this we mean that share prices change because of supply and demand. If more people want to buy a stock (demand) than sell it (supply), then the price moves up. Conversely, if more people wanted to sell a stock than buy it, there would be greater supply than demand, and the price would fall.

Understanding supply and demand is easy. What is difficult to comprehend is what makes people like a particular stock and dislike another stock. This comes down to figuring out what news is positive for a company and what news is negative. There are many answers to this problem and just about any investor you ask has their own ideas and strategies.

That being said, the principal theory is that the price movement of a stock indicates what investors feel a company is worth. Don't equate a company's value with the stock price. The value of a company is its market capitalization, which is the stock price multiplied by the number of shares outstanding. To further complicate things, the price of a stock doesn't only reflect a company's current value–it also reflects the growth that investors expect in the future.

The most important factor that affects the value of a company is its earnings. Earnings are the profit a company makes, and in the long run no company can survive without them. It makes sense when you think about it. If a company never makes money, they aren't going to stay in business. Public companies are required to report their earnings four times a year (once each quarter). Stock market watches with rabid attention at these times, which are referred to as earnings seasons. The reason behind this is that analysts base their future value of a company on their earnings projection. If a company's results surprise (are better than expected), the price jumps up. If a company's results disappoint (are worse than expected), then the price will fall.

Of course, it's not just earnings that can change the sentiment towards a stock (which, in turn, changes its price). It would be a rather simple world if this were the case! 

Still, the fact that prices did move that much demonstrates that there are factors other than current earnings that influence stocks. Investors have developed literally hundreds of these variables, ratios and indicators. Some you may have already heard of, such as the P/E ratio , while others are extremely complicated and obscure with names like Chaikin Oscillator or Moving Average Convergence Divergence (MACD) .

So, why do stock prices change? The best answer is that nobody really knows for sure. Some believe that it isn't possible to predict how stocks will change in price while others think that by drawing charts and looking at past price movements, you can determine when to buy and sell. The only thing we do know as a certainty is that stocks are volatile and can change in price extremely rapidly.

THE IMPORTANT THINGS TO GRASP ABOUT THIS SUBJECT ARE THE FOLLOWING:

At the most fundamental level, supply and demand in the market determine stock price.

Price times the number of shares outstanding (market capitalization) is the value of a company. Comparing just the share price of two companies is meaningless.

Theoretically earnings are what affect investors' valuation of a company, but there are other indicators that investors use to predict stock price. Remember, it is investors' sentiments, attitudes, and expectations that ultimately affect stock prices.

There are many theories that try to explain the way stock prices move the way they do. Unfortunately, there is no one theory that can explain everything.

5% GST at restaurants from 15th Nov’2017: Still your food bill remains same!

Dining out at restaurants will get cheaper, as GST council have lowered the tax rate to a uniform five per cent from 12 per cent on non-AC restaurants and 18 per cent on air-conditioned ones comes into effect from 15th Nov’2017.

 

Currently, air-conditioned restaurants collect a charge of 18 per cent and non-AC restaurants levy 12 per cent tax.

 

The council said the restaurants cannot claim input tax credit (ITC) so the ITC facility is being withdrawn and a uniform five per cent tax is levied on all restaurants without the distinction of AC or non-AC.

 

Restaurants in starred-hotels that charge Rs 7,500 or more per day room tariff will be levied 18 per cent GST but ITC is allowed for them.

 

Those restaurants in hotels charging less than Rs 7,500 room tariff will charge five per cent GST but will not get ITC.

As the new rate comes into effect from 15th Nov, here’s how it will impact you:

 

Decline:

 

Menu prices: Restaurant owners have been incrementing a price on their menu. This is because of the high rent they have to pay at expensive locations, loss of input tax credit and competition from big giants.

 

Input tax credit: Many restaurant owners have indicated that the move may drive prices up, due to withdrawal of input tax credit.

 

Incline:

Customer need not require to burn his bucks, as GST declined from 18 per cent tax to five per cent, you will be saving 13 percentage tax on your diet.

Similarly, at non-AC restaurants, you will be saving 7 percentage points tax on your bill as the same has been declined from 12 per cent to five per cent. 

Want to just chill and order food at home instead? No worries as delivery apps such as Zomato and Swiggy will be delivering food from restaurants that will charge you the revised tax rates i.e five per cent.

Payment of TDS

TDS is tax deducted at source. Any specified Assessee that makes a payment for specified services is required to deduct tax before the payment is made. This TDS is deducted at the prescribed rates as per the Income Tax Act and has to be deposited with the government within the due date.

?

Here is a quick guide on how to make TDS payment online:

Go to NSDL’s e-payment site: CLICK HERE

 Picture

?As shown in the image above, click on Challan No./ITNS 281.

You will be directed to the e-payment page where you will need to fill out the relevant details and finish the payment process using your Net banking account.

 Picture

TAN and Assessment years are case sensitive. Ensure to distinguish between Assessment and Previous year

For Example: If you are paying for Sept’2017, it falls in Previous Year (PY) 2017-18. Where it is considered as Assessment Year (AY) 2018-19.

 

Payments are accepted through net banking and debit cards for certain banks. Payments through credit cards are not allowed.

 

0 Comments

UPDATE OF CONTACT INFO IN INCOME TAX WEBSITE

9/25/2017 0 Comments

 

According to Indian government enactment, every tax payer need to update his/her contact info in Income Tax Filing Website (www.incometaxindiaefiling.gov.in).

 

Any communication in relevant to Income Tax will be delivered to such respective email & mobile number. Following points to be noted:

 

1) Tax Payer need to provide his/her own E-mail & Mobile.

2) Such E-mail & Mobile can be used to extent of only 3 profiles. (Earlier it is for 10 profiles).

3) Tax Payer need to declare about whose contact info, he/she is providing. (Example: Spouse, Father Etc).

4) Tax Payer also need to declare his/her bank account details. This will enable in linking Bank account and Income Tax Account.

 

These updations will result in fast and easy processing. Refunds, Demands, Scrutiny, Summons and other issues will be communicated through this means.

 

Thanks for being a TAX PAYER.

 

Regards,

Roopesh Gangisetty

How to update contact details on Income Tax e-Filing website

Income-Tax Department uses the registered contact details (Mobile number & E-mail ID) for all communications related to e-Filing. It is mandatory that one must have valid contact details registered in the e-Filing portal. This article talks about how you can create or update contact details on the Income tax e-filing website, Why should one have updated Contact Details on Income Tax e-Filing Website, Difference between Primary and Secondary Contact Details.

 

Overview of How to update contact details on Income Tax e-Filing website?

Overview of steps to update contact details on the Income tax e-filing website are as follows. 

 

Go to incometaxindiaefiling.gov.in.

Now login with your account details with your user id, password, and date of incorporation/birth.

Go to Profile Settings in the Menu

Click on My Profile as shown in Image.

Click on Contact Details. You would see the current Primary and Secondary Email Ids that are set currently.

Click on Edit to make changes.

Update the correct Contact Number and Mail Id

Click Save after making Changes

Verify with OTP sent on Mobile and Email.

 

Why should one have updated Contact Details on Income Tax e-Filing Website?

Income tax e-filing portal has made the lives of innumerable taxpayers hassle-free as it allows online submission of returns, payments, and grievances. One should have correct contact details such as Mobile number and E-Mail Id in Income tax e-filing site so that the communication can be sent to the valid Mobile number and E-mail ID.  

 

It has been noticed that many registered users are not having authenticated contact details in e-Filing or may have provided details of other persons for convenience ex when CA or tax lawyer registers account at Income tax website. This prevents the Department from interacting directly with taxpayers on their personal email and Mobile. Further, it has been observed that in many cases taxpayers are not able to reset their password since the email communication from the Department may be sent to their registered email or Mobile which may be different from the taxpayer’s personal email or mobile.

 

 

Difference between Primary and Secondary Contact Details?

 

Income tax website uses Mobile Number and Email Ids for communications including resetting of Password. There are two contact details Primary and Secondary that one can provide in Income Tax E-filing website.  Primary Contact Details are mandatory and Secondary Contact details are optional.

Typically a member of the family usually the father files return for himself, his parents, his wife and his adult children. So He can enter his contact details as Primary contact for all members of his family and provide family member as secondary contact of their own income tax website. Or enter family member contact detail as Primary and his as secondary. But in many cases when one who files Income tax return provides his email id and mobile number as Primary contact details and does not provide any login access for the client.

Either Primary or Secondary Contact Details can be used for sending the Alert, SMS, Email, and Notifications. But OTP Pin will be sent to Primary Contact Detail only.

One should provide his own email id and Mobile number as Primary Contact.

One can enter any other person’s email or mobile number as a Secondary Contact.

Primary and Secondary contact details should not be same.

Same Primary contact details can be used for a maximum of 10 taxpayers or assessees.

There are no restrictions number of user accounts linked as Secondary Contact.

 

You don’t have Password for your Income Tax Login?

If you’ve don’t have access to your Income Tax Department Account because you don’t have the password or you have lost, You can reset your Income Tax Department Password by sending an email to validate@incometaxindia.gov.in with the following details:

1. PAN

2. PAN holder’s Name

3. Date of Birth

4. Father’s Name

5. Registered PAN address

You would receive a reply from the income tax dept within 48 hours and then you can reset your password on the income tax e-filing website.

 

How can New Users update contact details on the e-filing Income Tax website?

If you are a new user, you need to register yourself on www.incometaxindiaefiling.gov.in. To successfully make an account with Income tax, PAN is the only pre-requisite.  Make sure to provide the right mobile number and email ID while you pitch in the details. Our article Registering on next article covers how to register on the website.

 

Once you enter the details, an activation link will be sent to email id and an OTP will be sent to the mobile number. The new user needs to enter the OTP on the website when he opens the activation link in the mail. This is a two-way authentication process by the Income Tax Department.

 

How can Registered Users update contact details on the efiling Income Tax website?

Go to incometaxindiaefiling.gov.in.

Now login with your account details with your user id, password, and date of incorporation/birth.

Go to Profile Settings in the Menu

Click on My Profile as shown in Image.

You would see 3 tabs PAN Details, Address and Contact Details

Click on Contact Details. You would see the current Primary and Secondary Email Ids that are set currently.

Click on Edit to make changes.

Update the correct Contact Number and Mail Id

Click Save after making Changes

Upon submitting the details, the department will send OTP-1 and OTP-2 to the new email id and mobile number respectively.

These OTP's have to be entered in respective boxes on the e-filing portal to assess and validate the authenticity of contact details.

Once successfully authorized, the mobile number and email ID will be updated in the taxpayer’s profile.

If you have entered the contact details for updating but you fail to receive any OTP within a feasible amount of time, click on resend PIN. The PIN's received once will be valid for 24 hours and taxpayers can update their contact details with the same PIN within the stipulated period.

If the PIN's are not verified together within the time limit, the taxpayer will have to follow the above procedure again.

How to E verify Income Tax Return

How to E verify Income Tax Return

After you have successfully filed your income tax return, the next step is to verify it. The Income Tax Department starts processing your return when it is verified. Refunds, if any, are processed for returns which have been submitted are verified.

Your return can be verified electronically through any of the following means:

1) Net banking

or

2) Aadhaar OTP

or

3) EVC on the Income Tax Department website

 

Steps to E-Verify Your Tax Return through Net Banking

Step 1.

Login to your netbanking account and locate the income tax e-filing tab. This differs from bank to bank. You will be directed straight to the Department website from here.

Step 2.

Select the ‘View Returns/Forms’ option to see e-filed tax returns.

Step 3.

Select the option ‘Click here to view your returns pending for e-verification’

Step 4.

Select the option ‘e-verify’.

Step 5.

A new pop-up window appears. Click on ‘Continue’ to generate EVC and get your income tax return verified.

Step 6.

A confirmation message will be displayed with a transaction ID and EVC code. Click on the green button to download the attachment. This is for your record only. No further action is required.

 

How to e-verify your income tax return using Aadhaar Card?

To complete the e-filing process, taxpayers would no longer have to send  the 1-page verification document  ITR-V to the Income Tax Department in Bangalore . They can instead verify their return online after e-filing using EVC.

The Electronic Verification code EVC is a 10 digit alphanumeric code which is sent to registered mobile number while filing returns online. It verifies the identity of the verifier being an individual to verify his Income Tax Return or that of an HUF of which he is the Karta. It can be generated through e-filing portal of Income Tax Department.

 

E- Verify Your Return Using Aadhaar Card

To e- verify your return using Aadhaar card, first Aadhaar card should be linked to your PAN

Follow the steps below to link your Aadhar card to your income tax return.

Step 1.

Log on to the Department e-filing website.

Step 2.

As soon as you login, a popup appears asking you to link your Aadhar number with you e-filing account. If you don’t see the popup, go to blue tab on the top bar named ‘Profile Settings’ and click on ‘Link Aadhaar’.

Step 3.

Make sure your PAN details are correct and enter the Aadhar number. Click on Save.

Your Aadhar number will be linked to your PAN after validation.

 

After your Aadhaar has been linked to your PAN , following are the steps to e-verify your return :

Step 1: Upload your ITR through the Income Tax e-Filing website.

Step 2: Once this is done, you will asked how you want to verify your return. The following options will appear:

I already have an EVC to e-verify my return.

I do not have an EVC and would like to generate EVC to e-Verify my return.

I would like to generate Aadhaar OTP to e-Verify my return.

I would like to send ITR-V/I would like to e-verify Later.

Select the third option of generating Aadhaar OTP. A One-Time Password will be sent to the mobile number registered on your Aadhaar. This OTP will be valid only for 10 minutes.

Step 3: Enter the OTP you received on your registered mobile number on the page. Click submits, you will get the message ‘Return successfully e-Verified. Download the Acknowledgement’. This acknowledgement will also be sent to your registered email id.

You have successfully e-filed and e-verified your income tax return.

Contact Information

BENGALURU
12, 25/2 Bagyamma nivas,
Ground Floor, 1st A main,
Chinapanahalli Anantarama Reddy Layout,
Behind Skoda Showroom, Near Jeevika Hospital,
Anand Nagar, Aswath Nagar, Marathahalli,
Bengaluru, Karnataka 560037

Mobile: 8050341139
Location

HYDERABAD
Kiran Gadamsetty Plot No 485
Flat No 302 Gayathri Nagar, Borabanda
Near Destiny super market, Vayu Sakthi Nagar,
Gayatri Nagar, Allapur, Borabanda,
Hyderabad, Telangana 500018

​Mobile: 8978385893

Location Map

rc-icon

Copyright 2018 RCCO ©  All Rights Reserved