Right Step Investment & Tax Solutions

  Hello Friends , My this blog is related to tell you about Late Fee for filing TDS/TCS Return under Sec 234E as per Income Tax Act,1961   Tax Deducted at Source and Tax Collected at Source (Commonly known as TDS/TCS) are very important concepts in Income Tax Act, 1961. After collection/deduction of tax at source, the same must be deposited within a prescribed time limit to the credit of the Government of India. Along with that four quarterly TDS/TCS Returns must also be filed by the Deductor on or before prescribed dates during the financial year.  Important Points to Remember As per section  234E ,  of the income tax act where a person fails to file the TDS/TCS return on or before the due date prescribed in this regard, then he shall be liable to pay, by way of fee, a sum of Rs. 200 for every day during which the failure continues.  The amount of late fees shall not exceed the amount of TDS.  You have to pay this for every day of delay  until ...

  Hello Friends , My this blog is related to tell you about Interest on Excess Income Tax Refund under Sec 234D as per Income Tax Act.   0.5% Simple Interest on the Excess Refund Amount    Important Points to Remember Section 234D: Interest on Excess Income Tax Refund If an assessee has paid excess tax, then he/she can claim the refund of the same in his return of Income  and it will be refunded to him. Many times it may happen that an assessee is granted a refund at initial stage, that is at the time of intimation under the provision of Section 143(1). On the regular assessment (scrutiny assessment under Section 143(3) or best judgment assessment under section 144), the refund will be reduced.  In such a case the excess refund is recovered from the assessee along with interest under section 234D. No refund is due on regular assessment Amount refunded under section 143(1) exceeds the amount refundable on regular assessment Rate of Interest & Period of ...

Hello Friends,  My this blog is related to tell you about Penalty of Interest on Income Tax under Sec 234A, 234B, 234C as per Income Tax Act.       1% Simple Interest on the Tax Amount due Section 234A: Delay in filing Income Tax Return Interest under section 234A is imposed when there’s a delay in filing income tax returns.  The due date for filing the returns is usually before July 31 of every following assessment year. Under this Section, interest is charged at 1 % on the outstanding tax amount and must be paid from the first day after the due date of filing the return until the date of the actual filing of the return. Example: Geeta has a total tax outstanding of Rs. 3,00,000 (Including net advance tax and TDS) Instead of filing her returns on July 31, she files it on January 20. She is now late by 6 months on the tax payment. Here’s how much she’s liable to pay: Interest = 3,00,000 X 1% X 6 = Rs. 18000 Geeta will now have to pay Rs. 18,000 af...

  नमस्कार दोस्तों, मेरा ब्लॉग आपको एडवांस टैक्स के बारे में बताने से संबंधित है। एडवांस टैक्स का अर्थ वित्तीय वर्ष की समाप्ति से पहले अपने करों का एक हिस्सा चुकाना है। याद रखने के लिए महत्वपूर्ण बिंदु: एडवांस टैक्स को-पे-ऐज़-यू-अर्न ’स्कीम भी कहा जाता है। यदि आपकी कर देनदारी किसी वित्तीय वर्ष में 10,000 रुपये से अधिक है, तो यह आयकर देय है। यह उस वर्ष में भुगतान किया जाना चाहिए जिसमें आय प्राप्त होती है। पहले से भुगतान करके, आप सरकार को और स्वयं को भी मदद करते हैं कि अंत में एक बार में पूरे कर का भुगतान करना मुश्किल नहीं है। इस तरह, यदि वित्त वर्ष 2020-21 के लिए आपकी अग्रिम कर देनदारी 10,000 रुपये से अधिक हो गई है, तो आपको उसी वित्तीय वर्ष में इसका भुगतान करने की उम्मीद है। 31 मार्च तक भुगतान की गई कोई भी राशि उस वित्तीय वर्ष के लिए अग्रिम कर के रूप में भी स्वीकार की जाएगी। व्यक्ति आयकर (I-T) विभाग द्वारा अधिकृत बैंक शाखाओं में कर भुगतान चालान का उपयोग करके अग्रिम कर का भुगतान कर सकते हैं। जबकि नियोक्ता वेतन पर टीडीएस काटते हैं, अग्रिम आय का भुगतान उस आय पर किया जाता है जो टीडीएस के...

  Hello Friends, My this blog is related to tell you about Advance Tax.  Advance tax refers to paying a part of your taxes before the end of the financial year.  Important Points to Remember : Advance Tax is also  called ‘pay-as-you-earn’ scheme.  It is the income tax payable if your tax liability is more than      Rs 10,000 in a financial year. It should be paid in the year in which the income is received.  By paying in advance, you help the government and also yourself by not finding it hard to pay the whole tax at one go at the end.  This way, if your advance tax liability for the financial year 2020-21 has exceeded Rs 10,000, you are expected to pay it in the same financial year. Any amount paid up to March 31 will also be accepted as advance tax for that financial year. Individuals may pay advance tax using tax payment challans at bank branches authorised by the Income Tax (I-T) Department. While employers deduct TDS on salarie...

 नमस्कार दोस्तों, मेरा यह ब्लॉग आपको Self Assessment Tax के बारे में बताने के लिए संबंधित है। सेल्फ-असेसमेंट टैक्स किसी भी बैलेंस टैक्स को संदर्भित करता है, जिसे टीडीएस और अग्रिम कर के बाद उसकी निर्धारित आय पर एक निर्धारिती द्वारा भुगतान किया जाना होता है और आय का रिटर्न दाखिल करने से पहले इस को ध्यान में रखा जाता है। उदाहरण: सुश्री प्रिया ने वित्तीय वर्ष में कुल कर देयता रु 30000 और रु 20000 का टीडीएस और एडवांस टैक्स रु 10000 उसके द्वारा पहले ही प्रस्तुत कर दिया गया है। SAT की राशि क्या होगी? कुल कर देय: रु 30000 टीडीएस: रु 20000 एडवांस टैक्स: रु10000 सेल्फ असेसमेंट टैक्स (SAT) = कुल टैक्स-टीडीएस-एडवांस टैक्स                                              = 30000-20000-10000                                              = र...

Hello Friends, My this blog is related to tell you about Self Assessment Tax.  Self-assessment tax refers to any balance tax that has to be paid by an  assessee on his assessed income after the TDS and advance tax have  been taken into account before filing the return of income. Example:  Ms. Priya has Total Tax Liability in a Financial Year is of Rs. 30000 and TDS of Rs. 20000 and Advance Tax of Rs. 10000 has already been submitted by her. What will be the amount of SAT?   Total Tax Due :  Rs. 30000 TDS                      :   Rs. 20000 Advance Tax     : Rs. 10000 Self Assessment Tax(SAT)= Total Tax-TDS-Advance Tax                                                       = 30000-20000-10000       ...