Right Step Investment & Tax Solutions

  Hello Friends, My this blog is related to tell you all about some abbreviations used in Goods & Service Tax.  "Abbreviation means a Short form of a word or a phrase." Let's start: CGST – Central Goods and Services Tax SGST – State Goods and Services Tax IGST – Integrated Goods and Services Tax UTGST – Union Territory Goods & Services Act GST REG – GST Registration GSTIN – Goods & Services Tax Identification Number GSTN – Goods & Services Tax Network GSTR- Goods & Services Tax Return B2B – Business to Business B2C – Business to Customer ITC – Input Tax Credit CENVAT – Central Value Added Tax TDS – Tax Deducted at Source TCS – Tax Collected at Source RCM – Reverse Charge Mechanism HSN Code – Harmonized System of Nomenclature Code UIN – Unique Identification Number CIN – Challan Identification Number ARN – Application Reference Number EBN – E-way Bill Number TRP – Tax Return Preparer CPIN – Common Portal Identification Number DSC – Digital Signature Cod...

Q:  Where husband is sole owner can sale proceeds be split between husband and wife to avail tax benefits? Ans: No it is not possible as Husband is a sole owner and sale proceeds or income will be chargeable on the basis of PAN card number. As a sole owner it is the responsibility of the owner to file his return and pay the tax (if any). Q: I have ten lakh in SB account now I want to deposit 5 lakh another in the same account will I be in tax radar? Ans: Yes, it can be possible. If you have deposited Rs.10 lakhs or more in the Savings Bank Account then you can be get noticed by the Income Tax Department and you may get even a notice from the Income Tax Department to provide the explanation   about  the amount and then you must have a reasonable answer for that. 

Q:  If income tax has been wrongly deducted on medical reimbursement for treatment in hospital approved by Chief Income Tax Commissioner New Delhi how it can be got refunded? Ans: You can get it refunded if you have filed your return on time and you can revise your Income Tax Return.  As per the Income Tax Act, a  Revised Return  can be filed up to the end of the assessment year or before completion of the assessment, whichever is earlier. This means that an assessee can file a  revised return  up to one year from the end of the financial year.

Q:   I am 50,I have 3 lakhs money how I invest to get tax free returns. Ans: Tax free returns are possible in two kinds of Investment: First option is to take Life Insurance Policy which will provide you Tax benefit u/s 80C (maximum limit 1.5 Lakhs) at the time of filling your Income  Tax Return of the Financial Year to get the benefit and also get a benefit of Tax Free maturity u/s 80TTA.  Second option is to invest your money in PPF (Public Provident Fund) with a specific Interest Rate which will also provides you 80C Tax deduction benefit upto 1.5 Lakhs along with a Tax free maturity. Please remember that you can get only and only Rs. 1.5 Lakhs as a Tax Deduction u/s 80C while filing your Income Tax Return. 

Hello Friends, My this blog is related to tell you about Late Fee for Filing Income Tax Return u/s 234F of Income Tax Act, 1961. New penalty for late filing of Income Tax Return under section 234F is introduced in Budget 2017. Although this penalty is applicable only for income tax return of  Financial Year 2017-18 and  onward .  If a person who is compulsorily required to file Income Tax Return (ITR) doesn’t file return on time then he is liable to a penalty as follows: Amount of Penalty For person with Total Income of more than Rs. 5,00,000 If ITR is filed on or before 31st December following the last date – Rs. 5,000 If ITR is filed after 31st December – Rs. 10,000 For person with Total Income of less  than Rs. 5,00,000 – Rs. 1,000 Penalty is not applicable if ITR is filed before due date but verification is done after the due date. If your income is below taxable limit then you won't have to pay it even if you file after the deadline. I hope it w...