ITR

GST Multi State Company Presence

ISD Registration Compulsory For Multi-State Presence Companies

The Finance Bill, 2024, introduced several pivotal changes to the Goods and Services Tax (GST) law. Two significant amendments include mandatory Input Service Distributor (ISD) registration for multi-state companies and the imposition of penalties for unregistered machines in the manufacturing of pan masala, gutkha, and other tobacco products.

Mandatory ISD Registration For Multi-State Companies

Starting April 1, 2025, companies operating across multiple states must register as Input Service Distributors (ISD) under the Goods and Services Tax (GST) regime. This mandate is designed to streamline the distribution of input tax credits (ITC) for services availed, ensuring a fair and transparent allocation among various branches of a business.

The Finance Bill, 2024, introduced mandatory ISD registration for businesses with multi-state GST registrations. This change aims to prevent tax evasion and enhance the transparency of ITC distribution among different branches.

The Central Board of Indirect Taxes and Customs (CBIC) has set April 1, 2025, as the deadline for companies with a multi-state presence to register as ISDs. Companies must ensure that they are compliant with this new requirement to avoid penalties and ensure smooth ITC distribution.

What Is An Input Service Distributor (ISD)?

An Input Service Distributor (ISD) is a central office of a business that receives tax invoices for input services and distributes the ITC to its respective branches. This mechanism is crucial for multi-state companies to efficiently manage their tax credits and remain compliant with GST regulations.

Mechanism for ITC Distribution

The GST rules prescribe a specific mechanism for the distribution of ITC by ISDs. The common ITC is apportioned based on the turnover ratio of the different branches under the same Permanent Account Number (PAN). This method ensures a fair allocation of tax credits, reflecting the actual usage of services across branches.

Penalties For Unregistered Pan Masala, Gutkha & Tobacco Manufacturing Machines

Alongside the new notification mandating ISD registration for companies, a significant development is the introduction of strict penalties for manufacturers of pan masala, gutkha, and other tobacco products using unregistered machines. This measure, effective from October 1, 2024, aims to curb tax evasion and ensure compliance within the tobacco manufacturing industry.

Tobacco Unregistered Machines

The Central Board of Indirect Taxes & Customs (CBIC) has outlined specific penalties and compliance requirements for manufacturers of tobacco products. The key provisions include:

  1. Registration of Machines: Manufacturers must register all machines used in the production of pan masala, gutkha, and other tobacco products. This includes disclosing the make, year of production, number of tracks, and capacity of each machine.
  2. Penalties for Non-Compliance: A penalty of ₹1 lakh will be imposed for each unregistered machine manufacturing pan masala, gutkha, and other tobacco products. Additionally, unregistered machines will be subject to seizure and confiscation. However, if the penalty is paid or the registration is completed within three days of receiving the penalty order, the seizure and confiscation will be waived.
  3. Track-and-Trace System: The government has mandated a track-and-trace system to monitor the production and distribution of tobacco products. This system is intended to prevent illicit trade and ensure that all manufactured products are accounted for and taxed appropriately.

Compliance Deadlines

  • October 1, 2024: Deadline for registering machines used in the manufacture of pan masala, gutkha, and other tobacco products.
  • April 1, 2025: Additional compliance measures for mandatory ISD registration for entities with multiple registrations.

FAQs

Under Section 13 of the Finance Act 2024, manufacturers of pan masala, gutkha, and other tobacco products will face a ₹1 lakh penalty for each machine that is not registered.

October 1, 2024 is the deadline for registering machines used in the manufacture of pan masala, gutkha, and other tobacco products.

April 1, 2025 is the deadline for companies to register as ISD’s with GST authorities.

By Abhinandan, ago
ITR 2024 Last Date

ITR Filing Last Date 2024: Late Filing Penalty, Eligibility And Other Important Details

The Income Tax Return (ITR) filing is a fundamental obligation for taxpayers in India. It involves declaring income earned over a financial year and paying the applicable taxes to the government. This process not only ensures compliance with tax laws but also helps individuals and businesses maintain a transparent financial record. Filing ITR on time can prevent legal complications and facilitate smoother financial transactions in the future.

Importance Of Meeting ITR Deadlines

Adhering to the ITR filing deadlines set by the Income Tax Department is crucial. Timely filing ensures that taxpayers avoid penalties and interest charges, which can accumulate and create a significant financial burden. Moreover, meeting these deadlines allows taxpayers to claim refunds and other benefits without unnecessary delays. It is also important to keep all important documents like your Form 16A, Form 26AS handy when filing the ITR.

ITR Filing 2024 Last Date

The last date for filing Income Tax Returns for the assessment year 2024-25 (AY 2024-2025)/ financial year 2023-2024 (FY 2023-2024) is 31st July 2024. This deadline applies to most individual taxpayers and businesses that do not require auditing. Filing by this date ensures compliance and avoids the imposition of penalties. For taxpayers who need to get their accounts audited, the deadline is 31st October 2024.

ITR Filing 2024 Deadline Extension

While the Income Tax Department has extended the filing deadline for various reasons in the past, due to situations such as technical issues on the e-filing portal, it is advisable not to rely on these extensions. As of now, no official announcement has been made regarding an extension for the 2024 deadline. Therefore, taxpayers should aim to complete their filings by 31st July 2024 to avoid any last-minute hassles.

Deadline Extension For Specific Taxpayers

Certain taxpayers are granted additional time to file their Income Tax Returns (ITRs). These include:

  • Businesses Involved in International Transactions: Due to the extensive analysis and documentation required for transfer pricing, these businesses are given an extended deadline of 30th November to file their ITRs.
  • Businesses Engaged in Specified Domestic Transactions: These businesses may require detailed reporting and compliance procedures, qualifying them for an extended filing deadline.

Eligibility for these extensions can be complex and is governed by specific sections of the Income Tax Act. It’s important to note that in some cases, late filing fees may still apply even with extended deadlines.

New Income Tax Slabs For Citizens Under The Age Of 60

The Union Budget 2024 has introduced a revamped income tax structure to simplify the tax regime and offer relief to taxpayers. The new income tax slabs are as follows:

Income Range (₹)Tax Rate (%)
0 - 3,00,000NIL
3,00,001 - 7,00,0005
7,00,001 - 10,00,00010
10,00,001 - 12,00,00015
12,00,01 - 15,00,00020
Above 15,00,00130

The standard deduction for salaried employees has been raised from ₹50,000 to ₹75,000. Additionally, the deduction on family pension for pensioners has been increased from ₹15,000 to ₹25,000. These adjustments are intended to enhance disposable income and stimulate consumer spending.

ITRs Filed Till July 30, 2024

According to India’s official Income Tax portal, over 6.5 crore ITRs have been filed till 30 July 2024, marking an increase of over 7.5% compared to last year. The number of ITRs filed per day exceeded 45 lakhs on 30 July and is expected to rise exponentially on 31st July which is the due date for many taxpayers. The 6.5 crore milestone, which has been reached on 30 July this year, was achieved on 31 July last year.

Penalties For Late ITR Filing

Filing an ITR after the due date attracts significant monetary penalties. According to Section 234F of the Income Tax Act, a late fee of ₹5,000 is imposed if the return is filed after 31st July but before 31st December 2024 and your income is over ₹5 lakh. If the return is filed after 31st December, the penalty increases to ₹10,000. However, for taxpayers with a total income below ₹5 lakh, the maximum penalty is capped at ₹1,000. These penalties are designed to encourage timely compliance and penalise delays.

In addition to monetary penalties, taxpayers also incur penal interest on any outstanding tax payable. Under Section 234A of the Income Tax Act, an interest rate of 1% per month (or part of a month) is charged on the unpaid tax amount from the due date until the actual filing date. This interest can accumulate quickly, increasing the financial burden on the taxpayer. 

Who Should File An ITR?

Eligibility Criteria

Filing an ITR is mandatory for individuals and businesses that meet certain income thresholds. For the financial year 2023-24, the criteria are as follows:

  • Individuals below 60 years of age with an annual income exceeding ₹2.5 lakh.
  • Senior citizens (60-80 years) with an income above ₹3 lakh.
  • Super senior citizens (above 80 years) with an income over ₹5 lakh. Additionally, individuals with foreign income or assets, those wishing to claim a tax refund, and those who have received income from house property, investments, or other sources, must file an ITR.

Benefits Of Filing ITR

Filing ITR offers several benefits beyond compliance. It is essential for obtaining loans, as banks often require ITR receipts as proof of income. It also facilitates visa applications, as many countries require ITR proofs to ascertain financial stability. Moreover, filing ITR can lead to tax refunds if excess tax has been paid during the year. Regular filing helps maintain a good financial record, which can be advantageous for future financial planning and transactions.

Here are the other benefits of filing the ITR:

  • Easy Loan Approval

When applying for loans, banks often require your ITR as proof of income. Filing an ITR makes it easier to get loan approvals, as it demonstrates your financial stability and earning capacity.

  • Claiming Tax Refunds

If Tax Deducted at Source (TDS) has been deducted from your income, even if your total income is below the basic exemption limit or if the TDS exceeds your actual tax liability, you can claim a refund by filing your ITR.

  • Proof of Income and Address

Your ITR serves as proof of income and investment, which is useful for banks and financial institutions. It can also act as address proof in various scenarios.

  • Quick Visa Processing

Many embassies require the submission of income tax returns from previous years when applying for a visa. Filing an ITR can help expedite the visa processing as it provides proof of financial stability.

  • Carry Forward of Losses

The Income Tax Act allows individuals to carry forward losses from previous years to offset against future income. However, this benefit is only available if you file your ITR within the prescribed timeline.

  • Facilitates Purchase of Term Insurance

Insurance providers often require ITRs as proof of income to determine the total coverage amount. Filing your ITR can help you secure the appropriate term insurance based on your earnings.

  • Claim Refund of Excess Tax Payments

If your income is below the threshold limit but TDS has been deducted from sources like fixed deposits, salary, or interest income, you can claim a refund of the excess tax paid by filing your ITR.

Who Can File ITR After July 31, 2024?

The deadline for submitting your Income Tax Return (ITR) for the financial year 2023-24 is 31st July 2024. Filing your ITR after this date will result in a penalty, which varies according to your income level. Many are curious about who can file their ITRs even after the due date.

For individuals and businesses requiring their accounts to be audited, the deadline has been extended to 31st October 2024. This extension aims to provide ample time to complete the audit and file the ITR. The Income Tax Department grants these taxpayers an additional three months to finalise their audit with a recognised chartered accountant before filing their ITR.

Who Won’t Be Penalised For Late ITR Filing?

Individuals may need to file an income tax return to receive a refund. However, if their taxable income is below the basic exemption limit, they will not incur any penalties for filing after the due date, as per income tax laws. When taxable income does not exceed the basic exemption limit, it means the gross taxable income is considered before accounting for any eligible deductions.

Should You File Your ITR Even If Your Taxable Income Is Below the Basic Exemption Limit?

Under the Income Tax Act of India, individuals are typically required to file an Income Tax Return (ITR) only if their annual income surpasses the basic exemption limit. However, there are certain conditions where filing an ITR is mandatory even if your income is below this threshold.

  • Bank Deposits Exceeding ₹50 Lakhs: If your annual savings bank deposits in one or more accounts exceed ₹50 lakhs, you must file an ITR.
  • Current Account Deposits Exceeding ₹1 Crore: If you deposit ₹1 crore or more in one or more current accounts during the financial year, filing an ITR is required.
  • Annual Sales Turnover Above ₹60 Lakhs: Individuals with an annual sales turnover of more than ₹60 lakhs are required to file an ITR.
  • Professional Income Above ₹10 Lakhs: If your professional income exceeds ₹10 lakhs during a financial year, you need to file an ITR.
  • Electricity Bill Exceeding ₹1 Lakh: If your annual electricity bill exceeds ₹1 lakh, filing an ITR is mandatory.
  • TDS/TCS Exceeding ₹25,000: If the TDS (Tax Deducted at Source) or TCS (Tax Collected at Source) on your income is more than ₹25,000, you must file an ITR. For senior citizens, this threshold is ₹50,000.
  • Income from Foreign Assets: If you have an asset in a foreign country or are a beneficiary of an asset in a foreign country, you must file an ITR.
  • Expenses on Foreign Travel: If you spend ₹2 lakhs or more on foreign travel for yourself or another person during the financial year, filing an ITR is mandatory.
  • Resident Taxpayers with Overseas Assets or Signing Authority: If you are considered a resident for tax purposes in India and have any overseas assets or interests, you must file an ITR. This includes assets you own directly or benefit from as a beneficiary owner. Additionally, if you are an authorised signatory for an account managed outside of India, you are required to file an ITR. This applies regardless of whether the asset is movable or immovable.

For example, if you went abroad, opened an account, and forgot to close it upon returning to India, you must file an ITR.

How to File Your ITR: Click on this link to learn more.

Conclusion

To ensure a smooth ITR filing experience, start early, keep all necessary documents organised, and double-check the information entered. If in doubt, seeking professional help from a tax consultant can be beneficial. Timely and accurate filing helps avoid penalties and ensures compliance with tax laws, ultimately leading to a hassle-free tax filing experience.

FAQs around ITR Filing

The last date to file income tax return or ITR for AY 24-25 is July 31, 2024.

The Income Tax department has clarified that the information regarding to an extension in the deadline for filing ITR is incorrect, and the deadline to file ITR for the financial year 2023-24 is still July 31, 2024.

If you have missed filing your ITR for the past three years, you can rectify this using the ITR-U form, introduced in the Union Budget 2022. This form lets you to amend past returns within two years following the relevant assessment year, allowing you to correct errors, avoid penalties, and maintain compliance with tax laws.

The last date for filing Income Tax Returns (ITR) for the financial year 2023-24 is 31st July 2024. For individuals and businesses requiring an audit, the deadline is extended to 31st October 2024.

Yes, you can file your ITR after the due date. However, it will be classified as a belated return, and you will be subject to a late filing fee and interest charges.

Filing an Income Tax Return (ITR) after the due date incurs penalties as follows:

  1. For Returns Filed After 31st July but Before 31st December: A late fee of ₹5,000.
  2. For Returns Filed After 31st December: A late fee of ₹10,000.
  3. For Taxpayers with Income Below ₹5 Lakh: The maximum penalty is capped at ₹1,000.

The tax-free income threshold in India varies based on the age of the taxpayer:

  1. Individuals Below 60 Years: Income up to ₹2.5 lakh per annum is tax-free.
  2. Senior Citizens (60 to 80 Years): Income up to ₹3 lakh per annum is tax-free.
  3. Super Senior Citizens (Above 80 Years): Income up to ₹5 lakh per annum is tax-free.

Yes, you can file your Income Tax Return (ITR) after 31st July. However, it will be considered a belated return. Filing a belated return may result in the following consequences:

  1. Late Filing Fee:

    • ₹5,000 if filed after 31st July but before 31st December.
    • ₹10,000 if filed after 31st December.
    • For taxpayers with an income below ₹5 lakh, the maximum penalty is ₹1,000.

  2. Interest on Tax Payable: An interest rate of 1% per month (or part of a month) on any unpaid tax amount from the due date until the actual filing date, under Section 234A of the Income Tax Act.

  3. Loss of Carry Forward of Losses: You may not be able to carry forward certain losses if you file after the due date.

Over 6.5 crore ITRs have been filed till 30 July 2024.

By Abhinandan, ago
Fake ITC In GST FY24

Fake ITC Claims Detection Rises By 51% To Rs. 36374 Cr In FY24

The detection of fake input tax credit (ITC) claims by central GST officers saw a remarkable rise of 50.6% in the fiscal year 2023-24, reaching a staggering Rs 36,374 crore. This substantial increase in detection by the Central Tax formations under the Central Board of Indirect Taxes and Customs (CBIC) was shared with the Parliament by the Minister of State for Finance, Pankaj Chaudhary, in a written response to the Lok Sabha.

Overview Of Fake Input Tax Credit Cases Over The Years

FY 2023-24

  • Cases Booked: 9,190
  • Fake ITC Amount: Rs 36,374 crore
  • Arrests Made: 182
  • Voluntary Deposits: Rs 3,413 crore

FY 2022-23 

  • Cases Booked: 7,231
  • Fake ITC Amount: Rs 24,140 crore
  • Arrests Made: 153
  • Voluntary Deposits: Rs 2,484 crore

FY 2021-22

  • Cases Booked: 5,966

Challenges In Detecting Input Tax Credit Fraudsters

The challenges faced in tracking down Input Tax Credit fraudsters were highlighted by Minister of State for Finance, Pankaj Chaudhary. The primary issue lies in the sophisticated methods employed by the masterminds behind fake ITC schemes. These individuals manage and control a complex network of entities, which are strategically spread across different jurisdictions to evade detection. These intricacies make it difficult for authorities to pinpoint the actual perpetrators.

Government Initiatives To Curb Input Tax Credit Frauds

Honourable minister recently outlined a series of measures implemented by the government to tackle the rampant issue of fake Input Tax Credit (ITC) claims. These measures aim to enhance the integrity of the GST system and ensure compliance across the board.

  1. Biometric-Based Aadhaar Authentication: Risk-based biometric authentication using Aadhaar has been introduced to verify the identity of individuals and entities involved in high-risk transactions.
  2. Physical Verification: Physical verification is mandated for high-risk cases to ensure the authenticity of businesses claiming ITC.
  3. Bank Account Verification: The bank account provided during the registration process must be in the name of the registered person. It should be obtained using the PAN of the registered person and linked with their Aadhaar.
  4. Restriction on ITC Availment: ITC can only be availed against invoices and debit notes that have been furnished by the supplier in their statement of outward supplies. This ensures that only genuine transactions are considered for ITC claims.
  5. Mandatory Filing of FORM GSTR-1: Filing of FORM GSTR-1, which details outward supplies of goods and services, has been made mandatory. This step ensures that all transactions are properly recorded and reported.
  6. Provisional Attachment of Property: Authorities can provisionally attach the property of individuals or entities involved in fraudulent ITC claims. This measure acts as a deterrent against tax evasion.
  7. Restriction on E-Way Bill Generation: Taxpayers who are non-compliant with GST regulations face restrictions on generating e-way bills. E-way bills are essential for the movement of goods, and restricting their generation helps curb tax evasion.
  8. Reduction in E-Invoice Threshold: The threshold limit for issuing e-invoices for B2B transactions has been reduced from Rs 10 crore to Rs 5 crore. E-invoicing enhances transparency and traceability in transactions.
  9. Data Analytics for Risk Assessment: Regular use of data analytics is employed to identify and track risky GST registrations. This proactive approach helps in early detection and prevention of tax evasion.
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What Is Input Tax Credit (ITC)?

Input Tax Credit (ITC) is a mechanism under the Goods and Services Tax (GST) system that allows businesses to claim credit for the tax paid on inputs used in the production or supply of goods and services. This system prevents the cascading effect of taxes by allowing a set-off of the tax paid on inputs against the tax payable on output. In essence, it ensures that the tax is levied only on the value addition at each stage of the supply chain, promoting transparency and reducing the overall tax burden on businesses.

About CBIC

The Central Board of Indirect Taxes and Customs (CBIC) is a part of the Department of Revenue under the Ministry of Finance, Government of India. It is responsible for administering customs, GST (Goods and Services Tax), Central Excise, Service Tax, and Narcotics laws in India. The CBIC formulates policies related to the levy and collection of indirect taxes, prevention of smuggling, and administration of related matters. It also oversees the customs processes at ports, airports, and land borders, ensuring smooth and efficient trade operations. Additionally, the CBIC plays a crucial role in implementing tax reforms and modernizing tax administration to enhance compliance and revenue collection.
Shri Sanjay Kumar Agarwal is the Chairman of the Central Board of Indirect Taxes & Customs (CBIC) and also serves as the Special Secretary to the Government of India. An officer of the 1988 batch of the Indian Revenue Service (Customs & Indirect Taxes), he has held numerous key positions in Customs, Central Excise, Service Tax, and GST field formations throughout his career.

FAQs

The penalty for wrong availment of Input Tax Credit (ITC) under GST includes paying interest at 24% per annum on the wrongly availed amount, a monetary penalty equivalent to the amount of the wrong ITC, and a general penalty of Rs. 10,000 or the tax involved, whichever is higher. In severe cases involving fraud, prosecution and imprisonment ranging from 1 to 5 years can be initiated, and the taxpayer’s ITC may be blocked.

Here are the new rules for ITC claims in GST:

  1. Restriction on Unmatched ITC:
    • ITC can only be claimed on invoices and debit notes that are furnished by suppliers in their GSTR-1 and reflected in the recipient’s GSTR-2B.
  2. Matching ITC Claims:
    • ITC claims must match the details uploaded by suppliers in their outward supply statements to be eligible.
  3. Biometric-Based Aadhaar Authentication:
    • Aadhaar authentication is required for taxpayers to avail ITC, ensuring identity verification.
  4. Mandatory GSTR-1 Filing:
    • Suppliers must file GSTR-1 for recipients to claim ITC on their invoices.
  5. Physical Verification:
    • Physical verification of business premises may be conducted for high-risk taxpayers before allowing ITC claims.
  6. Bank Account Verification:
    • The bank account used for GST registration must be in the name of the registered person and linked with their PAN and Aadhaar.
  7. E-Invoicing Requirement:
    • Businesses with turnover above a certain threshold must generate e-invoices for B2B transactions to avail ITC.
  8. Use of Data Analytics:
    • Regular use of data analytics to track and identify risky ITC claims and GST registrations to prevent tax evasion.
  9. Provisional ITC Limit:
    • The limit for provisional ITC (not matched with GSTR-2B) is restricted to a specific percentage of eligible ITC.
  10. Restriction on E-Way Bill Generation:
    • Non-compliant taxpayers face restrictions on generating e-way bills, affecting the movement of goods and ITC claims.
  • Login and Navigate to ITC-01 page.
  • Declaration for claim of input tax credit under sub-section (1) of section 18.
  • Preview GST ITC-01.
  • Submit GST ITC-01 to freeze data.
  • File GST ITC-01 with DSC/ EVC.

Yes, GST Input Tax Credit (ITC) can be refunded under certain circumstances. Here are the key scenarios where a refund of GST ITC can be claimed:

  1. Zero-Rated Supplies:

    • Export of Goods or Services: If you export goods or services, you can claim a refund of the unutilized ITC.
    • Supplies to SEZ: Supplies made to a Special Economic Zone (SEZ) developer or unit are considered zero-rated. You can claim a refund of the accumulated ITC used to make these supplies.

  2. Inverted Duty Structure:

    • If the tax rate on inputs is higher than the tax rate on output supplies, leading to an accumulation of ITC, you can claim a refund of the unutilized credit.

  3. Finalization of Provisional Assessment:

    • If you were assessed provisionally and the final assessment results in a refund, you can claim it.

  4. Deemed Exports:

    • Supplies regarded as deemed exports (as notified) are eligible for a refund of ITC.

  5. Excess Balance in Electronic Cash Ledger:

    • Any excess balance in your electronic cash ledger can be claimed as a refund.
By Abhinandan, ago
Budget 2024

Union Budget 2024: Key Highlights & Updates

The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, has ushered in a range of financial reforms, tax adjustments, and sector-specific allocations aimed at bolstering economic growth and catering to the diverse needs of the Indian population. This is the first budget of the newly re-elected Modi Government and follows the interim budget presented earlier this year.

Official Budget 2024 Highlights Download Link- Click Here

Full Budget 2024 Transcript Download Link- Click Here 

Key Income Tax Slab Changes And Financial Implications

Revised Income Tax Structure

The Union Budget 2024 has introduced a revised income tax structure aimed at simplifying the tax regime and providing relief to taxpayers. The new income tax slabs are as follows:

Income Range (₹)Tax Rate (%)
0 - 3,00,000NIL
3,00,001 - 7,00,0005
7,00,001 - 10,00,00010
10,00,001 - 12,00,00015
12,00,01 - 15,00,00020
Above 15,00,00130

Standard Deduction for salaried employees has been increased from ₹50,000 to ₹75,000. Deduction on family pension for pensioners has been increased from ₹15,000 to ₹25,000. These changes are designed to increase disposable income and boost consumer spending.

Long-Term Capital Gains And Securities Transaction Tax

The budget has proposed an increase in the Securities Transaction Tax (STT) on futures and options (F&O) transactions and has raised the long-term capital gains tax on certain financial assets to 12.5%. This move aims to generate additional revenue for the government while encouraging long-term investments.

Corporate Tax Adjustments

Corporate tax for foreign companies has been reduced from 40% to 35%, promoting foreign investments and enhancing the business environment in India. Additionally, specific incentives have been provided for sectors like renewable energy and manufacturing.

Union Budget Highlights: Part 1
Union Budget Highlights: Part 1
Union Budget Highlights: Part 1
Union Budget Highlights: Part 1
Union Budget Highlights: Part 1

Simplification And Rationalisation Of Capital Gains

  • Short-term gains on specific financial assets will now be taxed at 20%.
  • Long-term gains on all financial and non-financial assets will attract a tax rate of 12.5%.
  • The exemption limit for capital gains on certain financial assets has been raised to ₹1.25 lakh per year.

Taxpayer Services

  • Over the next two years, all remaining services related to Customs and Income Tax, including rectifications and appellate orders, will be digitalized.

Litigation and Appeals

  • The ‘Vivad Se Vishwas Scheme, 2024’ aims to resolve pending income tax disputes.
  • Increased monetary limits for filing direct tax, excise, and service tax appeals: ₹60 lakh for Tax Tribunals, ₹2 crore for High Courts, and ₹5 crore for the Supreme Court.
  • Safe harbour rules will be expanded to reduce litigation and ensure certainty in international taxation.

Employment and Investment

  • The angel tax has been abolished for all investor classes to support the start-up ecosystem.
  • A simplified tax regime for foreign shipping companies operating domestic cruises is introduced to boost cruise tourism in India.
  • Safe harbour rates established for foreign mining companies selling raw diamonds domestically.
  • Corporate tax rate for foreign companies reduced from 40% to 35%.

Deepening the Tax Base

  • Security Transactions Tax on futures and options of securities increased to 0.02% and 0.1% respectively.
  • Income from share buybacks will now be taxed in the hands of the recipient.

Social Security Benefits

  • Employers’ deduction for contributions to the National Pension Scheme (NPS) increased from 10% to 14% of the employee’s salary.
  • Non-reporting of small movable foreign assets up to ₹20 lakh will no longer be penalized.

Sectoral Allocations And Economic Growth Initiatives

Budget Expenditure on Major Sectors

The budget has outlined significant allocations for various sectors to drive economic growth. The major sectoral allocations are as follows:

SectorAllocation (₹ crore)
Defence4,54,773
Rural Development2,65,808
Agriculture and Allied Activities1,51,851
Home Affairs1,50,983
Education1,25,638
IT & Telecom1,16,342
Health89,287
Energy68,769
Social Welfare56,501
Commerce & Industry47,559

Fiscal Deficit And Borrowings

The fiscal deficit for FY25 is projected at 4.9% of GDP, with total expenditure estimated at ₹48.21 lakh crore and total receipts at ₹32.07 lakh crore. The government aims to reduce the fiscal deficit below 4.5% by the next year.

Things That Get Cheaper & Expensive In Budget 2024

Cheaper Goods and Services

  • Mobile Phones and Accessories: The basic customs duty on mobile phones, PCBA, and chargers have been reduced to 15%.
  • Gold, Silver, and Platinum: Customs duties on gold and silver have been reduced to 6%, and on platinum to 6.4%.
  • Critical Minerals: Customs duties on critical minerals for renewable energy and high-tech electronics sectors have been fully exempted.

Dearer Goods and Services

  • Luxury Goods: TCS of 1% on notified luxury goods valued above ₹10 lakh.
  • Financial Transactions: Increased STT rates on F&O transactions to 0.1% on options and 0.02% on futures.
Union Budget Highlights: Part 2
Union Budget Highlights: Part 2
Union Budget Highlights: Part 2
Union Budget Highlights: Part 2
Union Budget Highlights: Part 2
Union Budget Highlights: Part 2
Union Budget Highlights: Part 2

Infrastructure Development And Skilling Initiatives

Infrastructure Boost

The Union Budget 2024 has placed a significant emphasis on infrastructure development, allocating substantial funds to enhance the country’s physical and digital infrastructure. The key highlights include:

  • Roads and Highways: The budget has allocated ₹1.6 lakh crore to the Ministry of Road Transport and Highways to accelerate the development of national highways, expressways, and rural roads. This is expected to improve connectivity and boost economic activities in remote areas.
  • Railways: An allocation of ₹1.4 lakh crore has been made for the Indian Railways, with a focus on modernising railway stations, introducing more semi-high-speed trains, and enhancing safety measures. The expansion of the Dedicated Freight Corridor (DFC) is also a priority to improve freight transport efficiency.
  • Urban Infrastructure: The government has earmarked ₹75,000 crore for urban infrastructure development, including the Smart Cities Mission and the Atal Mission for Rejuvenation and Urban Transformation (AMRUT). This aims to improve urban living standards and infrastructure resilience.
  • Energy and Power: The budget has allocated ₹68,769 crore to the energy sector, with a focus on renewable energy projects, grid infrastructure improvements, and energy efficiency measures. The aim is to achieve the target of 500 GW of non-fossil fuel-based energy capacity by 2030.

Skilling and Employment

Recognising the need for a skilled workforce to support the growing economy, the budget has introduced several skilling and employment initiatives:

  • PM Kaushal Vikas Yojana 4.0: A revamped version of the skill development programme with an allocation of ₹12,000 crore aims to train youth in industry-relevant skills, including AI, robotics, and 3D printing.
  • National Apprenticeship Promotion Scheme: An allocation of ₹4,000 crore to promote apprenticeships, providing stipends to apprentices and incentives to employers to create more apprenticeship opportunities.
  • Digital University: Establishment of a digital university to provide world-class quality education and online learning opportunities, especially targeting rural and remote areas.
  • Skill Hubs and Vocational Training: ₹8,000 crore has been allocated to establish 500 skill hubs across the country, offering vocational training and certification in collaboration with industry partners.
Union Budget Highlights: Part 3
Union Budget Highlights: Part 3
Union Budget Highlights: Part 3
Union Budget Highlights: Part 3

Social Sector Initiatives and Welfare Programs

Healthcare and Education

The Union Budget 2024 has emphasised improving healthcare and education, recognising their importance in fostering a healthy and educated population. Key initiatives in these sectors include:

  • Healthcare: An allocation of ₹89,287 crore aims to enhance healthcare infrastructure, particularly in rural areas. The focus is on expanding the Ayushman Bharat scheme, which provides health insurance to economically disadvantaged sections. Additionally, funds have been allocated to improve the National Health Mission, establish more medical colleges, and promote telemedicine.
  • Education: The budget has allocated ₹1,25,638 crore to the education sector, with significant investments in the PM Schools for Rising India (PM SHRI) scheme, which aims to develop 14,500 model schools across the country. There is also a strong focus on digital education, with the establishment of a National Digital Library and increased funding for e-learning platforms.

Social Welfare and Inclusion

To ensure social welfare and inclusion, the budget has introduced several schemes aimed at uplifting the marginalised and vulnerable sections of society:

  • Women and Child Development: An allocation of ₹30,000 crore aims to support schemes like Beti Bachao Beti Padhao, which promotes the education and welfare of girls, and the Pradhan Mantri Matru Vandana Yojana, which provides maternity benefits.
  • Senior Citizens and Differently-Abled: The budget has earmarked ₹15,000 crore for the welfare of senior citizens and differently-abled individuals, focusing on providing pensions, healthcare, and accessibility enhancements.
  • Rural Development: A significant allocation of ₹2,65,808 crore has been made for rural development, which includes funds for the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) to provide employment and support livelihoods in rural areas.
Union Budget Highlights: Part 4
Union Budget Highlights: Part 4
Union Budget Highlights: Part 4
Union Budget Highlights: Part 4
Union Budget Highlights: Part 4

Environmental Initiatives & Energy Security

Energy Transition Initiatives

  • Energy Transition Pathways: The government will release a policy document outlining ‘Energy Transition Pathways’ to balance employment, growth, and environmental sustainability.
  • Pumped Storage Policy: A new policy will promote pumped storage projects for electricity storage.
  • Nuclear Energy R&D: The government will collaborate with the private sector on the research and development of Bharat Small Modular Reactors and other advanced nuclear technologies.
  • Advanced Ultra Super Critical Thermal Power Plants: A joint venture between NTPC and BHEL will establish an 800 MW commercial plant using Advanced Ultra Super Critical (AUSC) technology.
  • Hard-to-Abate Industries: Regulations will be developed to transition these industries from the ‘Perform, Achieve and Trade’ mode to the ‘Indian Carbon Market’ mode.
Union Budget Highlights: Part 5

PM Surya Ghar: Muft Bijli Yojana

The Union Budget 2024 introduced the “PM Surya Ghar: Muft Bijli Yojana,” a significant initiative aimed at promoting sustainable energy and providing economic relief through the installation of rooftop solar panels. The key highlights and features of the scheme are as follows:

  • Objective: The scheme aims to install rooftop solar systems in one crore households across India, providing up to 300 units of free electricity per month.
  • Total Outlay: The government has allocated ₹75,021 crore for this initiative.
  • Subsidy Structure: Households can receive a Central Financial Assistance (CFA) of 60% of the system cost for 2 kW systems and 40% for systems between 2 to 3 kW, capped at 3 kW. This translates to a subsidy of ₹30,000 for a 1 kW system, ₹60,000 for a 2 kW system, and ₹78,000 for a 3 kW system.
  • Low-interest Loans: Households can avail of collateral-free loans at around 7% interest to cover the remaining costs.

Implementation and Benefits

  • Registration: Interested households can register on the National Portal to avail the benefits. The portal assists in vendor selection and provides information on system sizes and benefits.
  • Economic Impact: The scheme is expected to generate 30 GW of solar capacity, create around 17 lakh direct jobs, and reduce CO₂ emissions by 720 million tonnes over 25 years.
  • Additional Income: Households can earn additional income by selling surplus electricity to DISCOMs.

    Conclusion

    The Union Budget 2024 underscores the government’s commitment to sustainable development through significant investments in renewable energy, pollution control, water conservation, and biodiversity protection. These initiatives aim to create a greener and more sustainable future for India, addressing environmental challenges while promoting economic growth.

    By Abhinandan, ago
    26AS Blog

    What Is Form 26AS? How To Download From TRACES Portal?

    What Is Form 26AS?

    Form 26AS is an annual tax statement issued under Section 203AA of the Income Tax Act, 1961. It contains details of tax deducted at source (TDS), tax collected at source (TCS), advance tax paid by the taxpayer, self-assessment tax, regular assessment tax, and details of refunds received during the financial year. Essentially, Form 26AS is a consolidated tax statement that helps taxpayers cross-check the tax deducted and deposited against their Permanent Account Number (PAN).

    Form 26AS is a crucial document for all taxpayers as it serves as a comprehensive record of all tax-related transactions. This form is linked to a taxpayer’s PAN and is available online through the TRACES (TDS Reconciliation Analysis and Correction Enabling System) portal.

    Importance Of Form 26AS When Filling ITR

    Form 26AS plays a significant role in the Income Tax Returns (ITR) taxation process by ensuring transparency and accuracy. It helps taxpayers in:

    • Verifying TDS and TCS Credits: Taxpayers can verify the tax deducted and collected by various deductors and ensure it matches the amounts reflected in their income tax returns (ITR).
    • Tracking High-Value Transactions: Form 26AS records high-value transactions, such as mutual fund investments, property purchases, and more, which aids in financial planning and compliance.
    • Claiming Tax Refunds: By cross-checking the TDS and TCS details, taxpayers can ensure they claim the correct tax refunds.
    • Ensuring Accurate Tax Filing: Form 26AS provides a comprehensive summary of all tax-related transactions, which simplifies the process of filing accurate tax returns.

    To understand this further, consider a salaried individual who also earns interest from fixed deposits and rental income. Throughout the financial year, TDS is deducted from the salary by the employer, from the interest by the bank, and the rental income by the tenant (if applicable). At the end of the financial year, the individual can refer to Form 26AS to verify all TDS credits and ensure that they are accurately reflected in the ITR.

    What Are The Components Of Form 26AS?

    Part A: Details of Tax Deducted at Source (TDS)

    Part A of Form 26AS provides a detailed summary of all TDS deducted by various deductors on income such as salary, interest, dividends, and more. This section includes the following details:

    • Name and TAN of the Deductor: The name and Tax Deduction and Collection Account Number (TAN) of the entity deducting the tax.
    • Total Amount Paid/Credited: The total income amount on which TDS was deducted.
    • Tax Deducted and Deposited: The amount of TDS deducted and deposited to the government.
    • Date of Deduction and Deposit: The dates on which the TDS was deducted and deposited.

    For example, if you are a salaried employee, Part A will show the TDS deducted by your employer from your salary. If you have interest income from a bank, it will reflect the TDS deducted by the bank.

    Part B: Details Of Tax Collected At Source (TCS)

    Part B of Form 26AS shows the tax collected at source by sellers on specific transactions such as the sale of goods and services. This section includes:

    • Name and TAN of the Collector: The name and TAN of the entity collecting the tax.
    • Total Amount Received: The total amount on which TCS was collected.
    • Tax Collected and Deposited: The amount of TCS collected and deposited to the government.
    • Date of Collection and Deposit: The dates on which the TCS was collected and deposited.

    For example, if you purchased a high-value item like a car, Part B would reflect the TCS collected by the seller.

    Part C: Details Of Tax Paid (Other than TDS or TCS)

    Part C details the taxes paid directly by the taxpayer, such as advance tax and self-assessment tax. This section includes:

    • Challan Identification Number (CIN): The unique number assigned to each tax payment.
    • Amount Paid: The total amount of tax paid.
    • Date of Payment: The date on which the tax was paid.

    This part is particularly useful for taxpayers who make advance tax payments or self-assessments.

    Part D: Details Of Paid Refund

    Part D provides information on any refunds received during the financial year. This section includes:

    • Assessment Year: The year for which the refund was received.
    • Mode of Payment: The method through which the refund was received (e.g., direct bank transfer).
    • Refund Amount: The total amount of refund received.
    • Interest on Refund: Any interest paid by the Income Tax Department on the refund.

    Part E: Details Of AIR Transactions

    Part E contains details of high-value transactions reported by banks and financial institutions under the Annual Information Return (AIR). This includes transactions like:

    • Mutual Fund Investments: Large investments in mutual funds.
    • Credit Card Payments: High-value credit card payments.
    • Property Purchases: Transactions involving the purchase of property.

    Part F: Details Of Tax Deducted On The Sale Of Immovable Property

    Part F provides information on TDS deducted on the sale of immovable property. This section includes:

    • Name and PAN of the Buyer: The name and PAN of the buyer deducting the tax.
    • Amount Paid/Credited: The total amount of the transaction.
    • Tax Deducted and Deposited: The TDS amount deducted and deposited.
    • Date of Deduction and Deposit: The dates of deduction and deposit.

    Part G: Defaults In TDS Or TCS By Deductors

    Part G lists any defaults in TDS or TCS by deductors. This section includes:

    • Name and TAN of the Deductor/Collector: The entity responsible for the default.
    • Nature of Default: The type of default (e.g., non-payment, late payment).
    • Amount of Default: The amount involved in the default.

    How To Download Form 26AS

    Download Form 26AS Through TRACES

    Form 26AS can be accessed online through the TRACES (TDS Reconciliation Analysis and Correction Enabling System) portal. Here’s a step-by-step guide to accessing Form 26AS via TRACES:

    TRACES Homepage
    TRACES Homepage
    1. Visit the TRACES Website:
    2. Login with Credentials:
      • Use your PAN (Permanent Account Number) and password to log in. If you are a new user, you will need to register first.
    3. Navigate to View Form 26AS:
      • After logging in, select the ‘View Form 26AS (Tax Credit)’ option under the ‘My Account’ tab.
    4. Select the Assessment Year:
      • Choose the assessment year for which you want to view Form 26AS.
    5. View or Download Form 26AS:
      • The form will be displayed on the screen. You can view it online or download it in PDF format for future reference.

    Downloading Form 26AS Through Net Banking

    Many banks provide the facility to access Form 26AS through their net banking portals. Here’s how you can do it:

    1. Login to Net Banking:
      • Log in to your bank’s net banking portal using your credentials.
    2. Locate the Tax Section:
      • Find the ‘Tax’ or ‘Income Tax’ section in the dashboard.
    3. Select Form 26AS:
      • Click on the link to view Form 26AS. You will be redirected to the TRACES website.
    4. View or Download Form 26AS:
      • After being redirected, follow the steps to select the assessment year and view or download your Form 26AS.

    Benefits of Accessing Form 26AS Online

    Accessing Form 26AS online offers several advantages:

    • Convenience: You can access the form anytime, anywhere, without the need to visit a tax office.
    • Real-Time Updates: The online form is updated in real-time, ensuring you have the most current information.
    • Accurate Record-Keeping: Downloading and storing the form digitally helps maintain accurate records for future reference.
    • Ease of Verification: Online access allows for easy verification of TDS and TCS credits, aiding in accurate tax filing.

    Benefits Of Form 26AS

    1. Ensuring Accurate Tax Filing

    One of the primary benefits of Form 26AS is that it ensures accurate tax filing. By providing a comprehensive summary of all tax-related transactions, Form 26AS helps taxpayers cross-check the TDS and TCS amounts reported by various deductors. This ensures that the income and tax deductions reflected in the taxpayer’s Income Tax Return (ITR) are accurate, reducing the likelihood of errors and discrepancies.

    For example, if a salaried employee also earns interest from a bank and rental income, Form 26AS will include TDS details from the employer, the bank, and the tenant. The taxpayer can use these details to verify the TDS amounts before filing the ITR, ensuring that all income and tax credits are correctly reported.

    2. Verifying TDS And TCS Credits

    Form 26AS allows taxpayers to verify the TDS and TCS credits claimed by various deductors. This is crucial for ensuring that the correct amount of tax has been deducted and deposited with the government. By matching the TDS and TCS amounts in Form 26AS with the taxpayer’s records, discrepancies can be identified and rectified promptly.

    For instance, if a taxpayer notices a mismatch in the TDS amount deducted by their bank on interest income, they can immediately address the issue with the bank, ensuring that the correct amount is credited to their tax account.

    3. Tracking High-Value Transactions

    Form 26AS also includes details of high-value transactions reported by banks and financial institutions. These transactions are recorded under the Annual Information Return (AIR) and help in tracking significant financial activities, such as:

    • Mutual Fund Investments: Large investments in mutual funds.
    • Credit Card Payments: High-value credit card payments.
    • Property Purchases: Transactions involving the purchase of property.

    Tracking these transactions helps taxpayers in financial planning and ensures that they are aware of the high-value activities reported to the Income Tax Department.

    4. Claiming Tax Refunds

    By providing a detailed summary of all TDS and TCS credits, Form 26AS helps taxpayers claim the correct tax refunds. When filing the ITR, taxpayers can refer to Form 26AS to ensure that all eligible tax credits are claimed, reducing the chances of under-claiming or over-claiming tax refunds.

    Common Issues And Solutions Related To Form 26AS

    1. Mismatched TDS or TCS Details

    One of the most common issues faced by taxpayers is a mismatch in the TDS or TCS details in Form 26AS. This discrepancy can occur due to errors made by the deductor while reporting the TDS or TCS to the Income Tax Department. Mismatched details can lead to complications in tax filings and delays in processing refunds.

    Solution
    • Verify with Deductor: Immediately contact the deductor (employer, bank, or other entity) to verify the details and request them to correct the TDS or TCS information. The deductor can rectify the mistake and submit a revised TDS or TCS statement to the Income Tax Department.
    • Correction Request on TRACES: If the mismatch persists, you can log in to the TRACES portal and request a correction. Ensure that you provide accurate information to facilitate the correction process.

    2. Incorrect Personal Information

    Errors in personal information such as PAN, name, or address in Form 26AS can lead to difficulties in tax filings and potential mismatches. These errors usually occur due to incorrect data entry by the deductor.

    Solution
    • Update PAN Details: Ensure that your PAN details are updated with all deductors. If you notice incorrect personal information in Form 26AS, inform the deductor to make the necessary corrections.
    • Use TRACES for Corrections: Log in to the TRACES portal and request a correction in personal information. This ensures that your records are accurate and up-to-date.

    3. Unreported Transactions

    Sometimes, certain transactions may not appear in Form 26AS, leading to incomplete records. This could be due to the deductor failing to report the transaction or delays in updating the information.

    Solution
    • Verify Transactions with Deductor: Check with the deductor to ensure that they have reported the transaction and submitted the TDS or TCS details to the Income Tax Department.
    • Cross-Check Form 26AS Regularly: Regularly monitor your Form 26AS to ensure all transactions are reported. If you find any missing transactions, follow up with the deductor for timely updates.

    Importance of Addressing Issues

    Timely correction of issues in Form 26AS is crucial for several reasons:

    • Accurate Tax Filing: Ensures that the details in your ITR match the TDS and TCS credits reported, preventing discrepancies.
    • Avoiding Penalties: Correcting errors promptly helps avoid potential penalties for underreporting income or tax evasion.
    • Ensuring Proper Tax Credits: Accurate Form 26AS ensures that you can claim the correct tax credits and refunds, facilitating smooth processing by the Income Tax Department.

    Due Dates For Filing And Issuance Of Form 26AS

    Adhering to due dates for filing and issuing Form 26AS is crucial for maintaining compliance with the Income Tax regulations. Here are the key deadlines:

    • TDS Return Filing:
      • For the quarter ending June 30: July 31
      • For the quarter ending September 30: October 31
      • For the quarter ending December 31: January 31
      • For the quarter ending March 31: May 31
    • Issuance of Form 16A and Form 16B:
      • For the quarter ending June 30: July 15
      • For the quarter ending September 30: October 15
      • For the quarter ending December 31: January 15
      • For the quarter ending March 31: May 15

    These deadlines ensure that the TDS and TCS deductions are reported and the corresponding certificates are issued timely, facilitating smooth tax compliance for both deductors and deductees.

    Penalties For Non-Compliance

    Non-compliance with the issuance and filing of Form 26AS can attract penalties and interest charges. Here are some of the consequences:

    • Late Filing of TDS Returns:
      • A penalty of ₹200 per day for the period of delay in filing TDS returns.
      • Additional penalties ranging from ₹10,000 to ₹1,00,000 can be imposed for failure to file the return within a year from the due date or for incorrect filing.
    • Late Issuance of TDS Certificates:
      • A penalty of ₹100 per day per certificate is levied until the form is issued.
    • Incorrect Information in TDS Returns:
      • A penalty of ₹10,000 to ₹1,00,000 can be levied for furnishing incorrect information in the TDS returns, which affects the Form 26AS issued.

    Conclusion

    Form 26AS is an indispensable document for taxpayers in India, providing a comprehensive summary of all tax-related transactions. It serves as a vital tool for ensuring accurate tax filing, verifying TDS and TCS credits, tracking high-value transactions, and claiming tax refunds. By consolidating all tax information linked to a taxpayer’s PAN, Form 26AS simplifies the process of filing Income Tax Returns (ITR) and ensures compliance with tax regulations.

    FAQs on Form 26AS

    Form 26AS is an annual tax statement issued by the Income Tax Department of India. It provides a consolidated record of a taxpayer’s income, tax deducted at source (TDS), tax collected at source (TCS), advance tax, self-assessment tax, refunds, and details of high-value transactions.

    To view your Form 26AS, log in to the Income Tax e-Filing Portal at https://www.incometax.gov.in/iec/foportal/ using your PAN, password, and CAPTCHA code. Navigate to ‘My Account’ and click on ‘View Form 26AS (Tax Credit)’, which redirects you to the TRACES website. Confirm to proceed, select the relevant assessment year and preferred format (HTML, PDF, or text), and then view or download your Form 26AS. For PDFs, use your date of birth in DDMMYYYY format as the password to open the file.

    Form 26AS is an annual tax statement showing a taxpayer’s income, TDS, TCS, advance tax, refunds, and high-value transactions from various sources. Form 16 is a certificate from an employer detailing TDS deducted from an employee’s salary. Form 26AS is comprehensive, while Form 16 is specific to salary TDS.

    The Income Tax Department of India issues Form 26AS.

    To file Form 26A online:

    1. Log in to the TRACES website using your TAN and password.
    2. Select ‘Defaults’ > ‘Request for Correction’.
    3. Enter the required details (Financial Year, Quarter, Form Type) and submit.
    4. Obtain Form 27BA, signed by a Chartered Accountant.
    5. Upload the signed Form 27BA on the TRACES portal.
    6. Review and submit the form, then receive the acknowledgment receipt.

    If your income is wrong in Form 26AS, contact the deductor (employer, bank, etc.) to correct the discrepancy by filing a revised TDS return. If the issue persists, raise a grievance on the Income Tax e-Filing portal under the ‘e-Nivaran’ section, and ensure you report the correct income in your Income Tax Return (ITR).

    Corrections in Form 26AS usually reflect within 7-30 days after the deductor files the revised TDS return, depending on the processing time by the Income Tax Department and the TRACES system.

    TDS is the tax deducted from income by an entity (e.g., employer or bank) and deposited with the government. Form 26AS is an annual statement that consolidates all tax-related information for a taxpayer, including TDS, TCS, advance tax, self-assessment tax, and refunds, providing a comprehensive view of the taxes paid and credits available.

    Yes, Form 26AS is mandatory for taxpayers as it provides a comprehensive record of taxes paid, including TDS, TCS, advance tax, self-assessment tax, and refunds. It is essential for accurate tax filing and verification of tax credits.

    To claim TDS not shown in Form 26AS, first verify the TDS certificate (Form 16 or Form 16A) from the deductor. Contact the deductor to correct the discrepancy by filing a revised TDS return. Wait for the updated details to reflect in Form 26AS. When filing your Income Tax Return (ITR), report the correct TDS amount using the TDS certificate details and attach the certificate as proof. If the issue persists, raise a grievance on the Income Tax e-Filing portal under the ‘e-Nivaran’ section with the relevant details and documents.

    By Abhinandan, ago
    Form 16A Verification

    Form 16A: How To Download & Importance When Filing ITR

    What Is Form 16A?

    Form 16A is a crucial document in the Indian taxation system, serving as a TDS (Tax Deducted at Source) certificate. It is issued by entities that deduct TDS on payments made to others, such as freelancers, contractors, or other entities. The primary purpose of Form 16A is to provide a detailed record of the income earned and the tax deducted at source on that income, which helps both the deductee and the Income Tax Department maintain accurate tax records.

    Importance Of Form 16A When Filling ITR

    The significance of Form 16A extends beyond merely documenting tax deductions. It plays a pivotal role in ensuring compliance with the Income Tax Act and when filling the Income Tax Returns (ITR). For the deductee, this form acts as proof of tax paid on their behalf, which can be claimed as a credit while filing their Income Tax Returns. For the deductor, it serves as evidence of their obligation fulfilled in terms of tax deduction and remittance to the government.

    Form 16A is issued quarterly and includes details such as the amount of income paid, the TDS deducted and deposited, and the PAN (Permanent Account Number) of both the deductor and the deductee. This ensures transparency and accountability in the taxation process.

    Key Elements Of Form 16A

    1. Details of Deductor and Deductee

    Form 16A comprises specific details of both the deductor (the entity or person who deducts the tax) and the deductee (the recipient of the income). This includes:

    • PAN (Permanent Account Number): Both the deductor’s and deductee’s PAN numbers are mandatory fields. This ensures accurate identification and tracking of tax deductions.
    • TAN (Tax Deduction and Collection Account Number): The deductor’s TAN is also essential, linking the tax deductions to the correct entity.
    • Name and Address: The names and addresses of both parties are included for proper documentation and communication.

    These details ensure that the tax deducted at source is accurately attributed to the correct entities, facilitating seamless tax processing and compliance.

    2. Summary of Payments and Deductions

    One of the crucial components of Form 16A is the summary of payments and deductions. This section provides:

    • Total Amount Paid/Credited: The total income paid or credited to the deductee during the specified period.
    • Amount of TDS: The total tax deducted at source on the payments made to the deductee.
    • Date of Payment/Credit: The dates on which payments were made or credited, ensuring chronological accuracy.

    This summary helps the deductee track their income and tax deductions over time, making reconciling with their financial records and tax filings easier.

    3. TDS (Tax Deducted at Source) Information

    The TDS information section is vital for both parties involved. It includes:

    • Rate of TDS: The rate at which tax has been deducted.
    • Nature of Payment: Describes the type of income, such as professional fees, interest income, or contract payments.
    • Challan Identification Number: The unique number assigned to each tax deposit made to the government.

    This section ensures that the correct amount of tax is deducted and deposited with the government, maintaining transparency and accuracy in tax transactions.

    Form 16 - Part A
    Form 16 - Part A
    Form 16 - Part A
    Form 16 - Part A
    Form 16 - Part A
    Form 16 - Part A

    Differences Between Form 16 And Form 16A

    1. Scope And Applicability

    Form 16 and Form 16A are both TDS certificates but serve different purposes and apply to different types of income.

    • Form 16: This is primarily issued to salaried employees. It contains details of the salary paid and the TDS deducted from the salary. It is issued annually and helps employees file their Income Tax Returns (ITR) by summarising their salary income and the tax deducted.
    • Form 16A: This form is issued for TDS on income other than salary. It applies to payments like interest, rent, professional fees, and contract payments. Unlike Form 16, Form 16A is issued quarterly, providing a summary of the TDS deducted on various non-salary payments.

    2. Types Of Income Covered

    The primary distinction between these forms lies in the types of income they cover:

    • Form 16: Covers only salary income. It includes a detailed breakdown of the salary components such as basic salary, allowances, and perquisites, along with the TDS deducted.
    • Form 16A: Covers non-salary income such as:
      • Interest from fixed deposits or savings accounts.
      • Payments to contractors or freelancers.
      • Rent payments.
      • Professional fees.
    ParameterForm 16Form 16A
    Applicable ToSalaried IncomeNon-Salaried Income
    Issuance FrequencyAnnualQuarterly
    Types Of Income CoveredSalary, AllowancesInterest, Rent, professional Fees, etc.
    Issued ByEmployerAny entity deducting TDS (banks,clients)
    ComponentsDetailed Salary breakdown, TDS detailsTotal Income Paid, TDS deducted, Nature of Payment
    Use in ITR FilingHelps in filing ITR-1Helps in filing ITR-2, ITR-3, etc.

    This difference ensures that all forms of income and their respective tax deductions are adequately documented, facilitating accurate tax filings.

    The components of Form 16A ensure that all necessary information is captured, providing a clear and concise summary of the income earned and the tax deducted. This facilitates the deductee’s accurate filing of Income Tax Returns (ITR), ensuring that all deductions are accounted for and claimed correctly.

    Who Is Eligible For Form 16A?

    Form 16A is required to be issued by any entity or person responsible for deducting tax at source on certain types of payments. These entities include:

    1. Banks: When deducting TDS on interest payments on fixed deposits or recurring deposits.
    2. Companies and Firms: When making payments to contractors, freelancers, or consultants for services rendered.
    3. Individuals and HUFs (Hindu Undivided Families): If they are subject to tax audits and make payments that require TDS deductions.
    4. Government Bodies: When making payments to individuals or entities that necessitate TDS.

    The obligation to issue Form 16A arises whenever the specified threshold limits for TDS deductions are crossed, ensuring proper tax compliance and record-keeping.

    Who Should Receive Form 16A?

    Form 16A should be issued to recipients of payments on which TDS has been deducted. These recipients include:

    1. Freelancers and Contractors: Individuals who provide services and receive payments from clients who deduct TDS.
    2. Professional Service Providers: Consultants, lawyers, and other professionals who receive payments subject to TDS.
    3. Rent Receivers: Individuals or entities receiving rent payments that exceed the threshold for TDS deduction.
    4. Interest Earners: Individuals earning interest from fixed deposits, savings accounts, or other interest-bearing instruments, where the bank deducts TDS.

    Importance Of Form 16A Issuance And Receipt

    The issuance and receipt of Form 16A are vital for several reasons:

    • Proof of TDS Deduction: For the deductee, Form 16A serves as proof that tax has been deducted from their income, which can be claimed as a credit while filing their ITR.
    • Compliance with Tax Laws: For the deductor, issuing Form 16A ensures compliance with the legal obligation to deduct and report TDS.
    • Avoiding Legal Issues: Proper issuance and receipt of Form 16A help avoid legal issues related to tax evasion or misreporting of income.

    How To Download Form 16A

    Step-by-Step Guide To Download Form 16A From TRACES Website

    Downloading Form 16A from the TRACES (TDS Reconciliation Analysis and Correction Enabling System) website is a straightforward process. Here’s a detailed guide to help you:

    TRACES Homepage
    TRACES Homepage
    1. Login to TRACES:
    2. Navigate to Downloads:
      • After logging in, go to the ‘Downloads’ tab.
      • Select ‘Form 16A’ from the dropdown menu.
    3. Request for Download:
      • Choose the Financial Year and Quarter for which you need the form.
      • Select the PAN of the deductee for whom you want to download Form 16A.
      • Submit the request.
    4. Generation of Form 16A:
      • The request will be processed, and a request number will be generated.
      • You can check the status of your request under ‘Requested Downloads’.
    5. Download Form 16A:
      • Once the status shows ‘Available’, you can download the Form 16A.
      • The downloaded file will be in a zip format. Use the password (which is the TAN in capital letters) to open it.

    Benefits Of Downloading Form 16A Online

    Downloading Form 16A online offers several advantages:

    • Convenience: Access the form from anywhere, anytime, without the need to visit any office.
    • Speed: Immediate availability reduces waiting time.
    • Accuracy: Direct download ensures that the form is accurate and up-to-date, reflecting all relevant transactions.

    Benefits Of Form 16A

    1. Streamlining Tax Filing Process

    Form 16A significantly simplifies the tax filing process for both deductors and deductees. For the deductee, it provides a detailed summary of the income earned and the tax deducted at source, which can be used to accurately fill out their Income Tax Return (ITR). This helps in:

    • Reducing Errors: By providing a clear record of TDS, Form 16A reduces the chances of errors in tax filings.
    • Saving Time: With all the necessary information compiled in one document, taxpayers can save time during the tax filing process.
    • Ensuring Accuracy: Accurate documentation of TDS helps in claiming the correct amount of tax credit, avoiding discrepancies with the Income Tax Department.

    2. Ensuring Accurate Tax Calculation

    For deductors, issuing Form 16A ensures that they are compliant with tax regulations by accurately reporting the tax deducted and deposited. This form serves as proof of TDS and helps in:

    • Maintaining Compliance: Issuing Form 16A is a legal requirement under the Income Tax Act. Ensuring timely issuance helps maintain compliance.
    • Preventing Legal Issues: Accurate TDS reporting and documentation can prevent legal disputes and penalties related to tax deductions.

    3. Facilitating Financial Planning

    Form 16A also plays a crucial role in personal and business financial planning. For individuals and businesses, it provides a comprehensive overview of their income and tax deductions, aiding in:

    • Budgeting: Understanding the amount of tax deducted helps in better budgeting and financial planning.
    • Forecasting: Businesses can forecast their financial health and plan for future tax liabilities based on the TDS deducted.

    Common Issues And Solutions Related To Form 16A

    Errors In Form 16A And How To Rectify Them

    Despite the streamlined process of issuing Form 16A, errors can sometimes occur. Common issues include incorrect PAN details, mismatched TDS amounts, and errors in payment dates. Here’s how to address these problems:

    • Incorrect PAN Details:
      • Solution: If the PAN details are incorrect, the deductor must correct them through the TRACES portal. This involves logging in, selecting the correction option, and updating the PAN information. The corrected form can then be reissued to the deductee.
    • Mismatched TDS Amounts:
      • Solution: Verify the TDS amounts against the actual payments and deductions. If discrepancies are found, the deductor should file a correction statement on the TRACES portal. This ensures that the TDS amounts reported are accurate and match the actual deductions.
    • Errors in Payment Dates:
      • Solution: Ensure that all payment dates are correctly recorded. If errors are found, the deductor can log in to the TRACES portal and update the dates through the correction process.

      Conclusion

      Form 16A is a vital document in the Indian taxation system, serving as a TDS (Tax Deducted at Source) certificate for non-salary incomes. Its importance extends to both deductors and deductees, ensuring accurate tax reporting, compliance with tax laws, and facilitating smooth tax filing processes.

      FAQs on Form 16A

      To get Form 16A online, log in to the TRACES website using your User ID, Password, and TAN. Navigate to the ‘Downloads’ section, select ‘Form 16A’, choose the financial year and quarter, and submit your request. Once processed, download the form from the ‘Requested Downloads’ section. Alternatively, you can download it via your bank’s internet banking portal under the ‘Tax’ or ‘TDS’ section.

      Form 16A is for TDS on non-salary income, while Form 16B is specifically for TDS on property sale.

      No, Form 16 is not mandatory for filing an ITR, but it simplifies the process by providing salary and TDS details.

      Form 16A is used for certifying TDS on non-salary incomes such as interest, rent, and professional fees.

      Form 16A is typically available within 15 days after the end of each quarter.

      Form 16A is issued for TDS on non-salary income, such as interest, rent, professional fees, and payments to contractors. It provides details of the income earned and the tax deducted at source on these types of payments.

      No, Form 16A and Form 26AS are not the same; Form 16A is a TDS certificate for non-salary income, while Form 26AS is a consolidated tax statement showing all TDS, TCS, and other tax-related information.

      The deduction under Form 16A refers to Tax Deducted at Source (TDS) on non-salary income such as interest, rent, professional fees, and payments to contractors.

      The penalty for not issuing Form 16A is ₹100 per day per certificate for each day of delay until it is issued.

      Form 16 is issued to salaried employees by their employers, detailing the salary paid and the TDS deducted during the financial year.

      By Abhinandan, ago
      ITR-blog

      8 Mistakes to Avoid When Filing Your Income Tax Return (ITR)

      Filing your Income Tax Return (ITR) can often feel like navigating a maze of rules and regulations. However, making mistakes on your tax return or any compliance oversight can lead to penalties, delays, or even an audit by the tax authorities. Many do-it-yourself tax filers make mistakes in their returns, leading to notices from the tax department.

      In this blog, we have collated some common mistakes you should avoid when filing your income tax returns. Avoiding these mistakes and double-checking your return before submission can ensure a smooth tax filing process. 

      8 Mistakes To Avoid When Filing ITR In 2024

      Here are the top common mistakes that you should avoid while filing your Income Tax Returns in 2024:

      1. Not Linking Your PAN to Aadhaar Card
        One common mistake taxpayers make is failing to link their Permanent Account Number (PAN) to their Aadhaar card. The government of India has made it mandatory to link PAN with Aadhaar to file ITR and complete various financial transactions. Failure to do so may result in penalties imposed by the Income Tax and difficulties in completing financial transactions. Linking PAN with Aadhaar helps verify your identity and facilitates faster processing of tax refunds. To link your PAN with Aadhaar, you can visit the Income Tax Department’s official website or use other designated methods provided by the government. Ensure that your personal information matches across both documents to avoid any discrepancies.
      2. Incorrect Personal Information/Bank Details
        One of the most basic yet crucial mistakes is entering incorrect personal details such as name, PAN Card (Permanent Account Number), address, or bank details. Double-check all personal information before submitting your return to ensure accuracy. Similarly, providing incorrect bank details for tax refunds can lead to delays or even non-receipt of refunds. Ensure all your details are accurate and up-to-date.
      3. Mismatch in Form Selection
        Taxpayers often make the mistake of selecting the wrong ITR form for their income sources. Each form is designed for specific types of income, so ensure you choose the appropriate form based on your income sources to avoid discrepancies.
      4. Not Disclosing Other Income Sources or Exemption Income
        Failing to disclose all sources of income is a common mistake. Whether it’s income from salary, rental properties, investments, or freelance work, ensure you report all income accurately to avoid penalties for underreporting. Also, remember that income such as dividends from certain investments or interest earned on tax-free bonds may be exempt from tax but still needs to be reported in your ITR. Ensure you include all exempt income to avoid discrepancies.
      5. Ignoring TDS Details
        Tax Deducted at Source (TDS) details must be correctly reported in your ITR. Ensure that you include all TDS deductions from your employers, banks, or any other deductors. Cross-check the details with your Form 26AS to avoid any discrepancies.
      6. Not Reconciling Form 26AS
        Form 26AS is a consolidated statement that contains details of tax deducted on your behalf and tax deposited by you. Failure to reconcile the details in Form 26AS with your ITR can lead to inconsistencies and potential notices from the tax department.
      7. Forgetting to Claim Deductions
        Tax deductions can significantly reduce your taxable income, but many taxpayers forget to claim them. Take advantage of Section 80C, 80D, 80G, etc. deductions, and keep all necessary documents handy to support your claims.
      8. Not Filing Within the Deadline
        Missing the filing deadline for your ITR can result in penalties and interest charges. To avoid such consequences, file your return on time, preferably well before the due date. After filing your return, stay vigilant for any tax notices or communications from the tax department. Ignoring or delaying response to such notices can lead to further complications.

      For the latest updates on ITR filing deadlines and other important announcements, please visit the official Income Tax e-Filing portal. Check the portal regularly for any updates regarding filing deadlines and compliance requirements.

      Old Or New: Which Tax Regime Should You Choose?

      One significant decision taxpayers face is choosing between the old and new tax regimes. Each regime comes with its tax slabs and deductions, making it crucial to assess which one aligns better with your financial situation.  Under the old tax regime, taxpayers can avail of various deductions and exemptions, such as Section 80C (investment in specified instruments), Section 80D (health insurance premium), and others. Tax slabs are progressive, with different rates applicable to different income brackets. 

      The new tax regime offers reduced tax rates but eliminates most deductions and exemptions available under the old regime. Tax slabs are simplified, with lower rates applicable across income brackets.

      Here’s a comparison to help you make an informed decision:

      Income BracketOld Tax RegimeNew Tax Regime
      Up to ₹2.5 lakhsNilNil
      ₹2,50,001 to ₹3,00,0005%Nil
      ₹3,00,001 to ₹5,00,0005%5%
      ₹5,00,001 to ₹6,00,0020%5%
      ₹6,00,001 to ₹9,00,00020%10%
      ₹9,00,001 to ₹10,00,00020%15%
      ₹10,00,001 to ₹12,00,00030%15%
      ₹12,00,001 to ₹15,00,00030%20%
      Above ₹15,00,00130%30%

      Tax Deductions Available In ITR

      Here are some common deductions you can avail of while filing your Income Tax Return (ITR):

      DeductionApplicability
      Section 80CInvestment in specified instruments such as PPF, EPF, ELSS, etc.
      Section 80DPremium paid towards health insurance policies
      Section 80GDonations to specified charitable institutions
      Section 24(b)Interest paid on home loan
      Section 80EInterest on education loan
      Section 80TTAInterest on savings account
      Section 80CCD(1B)Additional deduction for investment in NPS beyond Section 80C limit

      These deductions can significantly reduce your taxable income, lowering your tax liability. Explore all available deductions and claim those applicable to your financial situation.

      Ensuring a smooth tax filing experience isn’t just about ticking boxes—it’s about safeguarding financial integrity. Your vigilance in avoiding common mistakes is the cornerstone of a stress-free tax season. 

      For businesses, integrating standardised practices and innovative tech measures like the ITR verification API is the key to optimising efficiency, ensuring accurate filings, and maintaining compliance with confidence.

      Benefits Of ITR Verification API To Businesses

      Overall, the ITR verification API offers numerous benefits to businesses and companies, including time savings, accuracy, integration capabilities, cost savings, compliance, security, scalability, and enhanced experience. It makes the tax filing process more efficient and streamlined. 

      • Time-saving for Bulk Verification: For businesses and companies with multiple employees or entities, verifying individual tax returns manually can be time-consuming. The ITR verification API automates this process, saving valuable time for tax professionals and HR personnel who would otherwise have to verify each return manually. Businesses can verify tax returns in bulk and process a large volume of returns quickly and efficiently. This is especially beneficial for companies with a large workforce or multiple subsidiaries, where verifying individual returns manually would be impractical.

      • Accuracy: Manual verification of tax returns can be prone to errors, leading to discrepancies and potential penalties. By automating the verification process, the API ensures greater accuracy and consistency in verifying returns, reducing the risk of errors and ensuring compliance with tax regulations.
      • Compliance & Data Security: Ensuring compliance with tax regulations is crucial for businesses and companies to avoid penalties and legal issues. The ITR verification API helps businesses stay compliant by providing a standardised and transparent verification process, reducing the risk of non-compliance and associated consequences. The API employs robust security measures to protect sensitive information, ensuring data privacy and safeguarding against unauthorised access and data breaches.

      Talk to us - AuthBridge

      If you are unsure about any aspect of your tax return, consider seeking professional advice to ensure compliance with tax laws and regulations.

      By Siddharth, ago
      Form 16 Verification

      Form 16: Definition, Importance, & Verification Process

      Form 16 Background Verification is an important step for any business in the hiring process for a new employee. It can help companies verify that the information the candidate has provided regarding his or her previous compensation is true since it clearly contains every salary transaction, including tax deductions. Therefore, with Form 16 verification, you can fairly determine their new salaries and incentives for when they do start working for your company.

      About Form 16

      Form 16 is a certificate that employers issue to their employees to certify that they deduct TDS, which stands for Tax Deducted at Source. At the end of every financial year, the employer has to issue Form 16 which contains the total amount of salary, as well as the amount of tax deducted from an employee’s earnings. Form 16 is also sometimes called a salary certificate.

      What Is Form 16?

      Form 16 contains two parts, namely Part A, followed by Part B. Part A contains the Permanent Account Number or PAN of the employee and the employer’s Tax Deduction and Collection Account Number or TAN. It also includes the names and addresses of both parties, as well as how long the employee worked under the employer and the year of assessment. The assessment year for any financial year is the following financial year. For example, the assessment year for 2017-2018 will be 2018-2019.

      Form 16 - Part A
      Form 16 - Part A
      Form 16 - Part A
      Form 16 - Part A
      Form 16 - Part A
      Form 16 - Part A
      Form 16 - Part B
      Form 16 - Part B
      Form 16 - Part B
      Form 16 - Part B

      Apart from these details, Part A contains the summary, and monthly details of TDS deducted and deposited by the employer to the government. On the other hand, Part B contains a combined detail of the employee’s salary for the financial year. Salary break up, as well as tax deduction details he or she claims as per Section 80 of the Indian Income Tax Act are mentioned in Part B of Form 16.

      Why Is Form 16 Verification Important?

      If any company deducts tax for employees at the source, they are legally required by the Income Tax Act to issue a Form 16. It is one of the most significant tax documents for an employee since it acts as a basis for their income tax return. As such, Form 16 verification can help you make sure that any candidate does not lie about the details of their past compensation. If the Form 16 verification report shows that the candidate’s claims are credible, then you can decide on a suitable salary for them.

      Form 16 verification can be even more reliable when combined with a Credit Check. Not only will you be sure that the candidate has given authentic information regarding his or her former salary, but you will also be sure, through a credit check, that they are fiscally responsible individuals.

      How Is Form 16 Verification Conducted?

      IRDA mandates the due diligence of a prospective agent/PoS to ensure a fraud-free work environment for the companies. Mis-selling and premium pocketing can create negative sentiments towards the industry, among its customers who might not understand the product features and importance.

      Real-time verifications become more than the need of the hour in such cases, for not only combating agent frauds but also ensuring customer trust and streamlined revenue. The faster the onboarding process, the faster agents can be on the field, pushing new business and gaining new business for your company.

      If you, as an employer want to conduct a Form 16 verification, you need to verify the amount of TDS deducted for the candidate’s PAN, or Permanent Account Number against their former employee’s TAN or Tax Deduction and Collection Account Number.

      Here are the details of an individual that can be provided using Form 16 verification:

      • Name of the individual

      Using Form 16 verification, you can verify the name of the candidate as it will appear in their associated PAN.

      • Former employers

      You can also see a candidate’s former employers using Form 16 verification.

      • Amount of TDS deducted

      A Form 16 verification lets you know just how much amount was deducted as TDS for a candidate. At AuthBridge, we can run a thorough Form 16 verification process for you, using our advanced and innovative application program interface.

      Other Interesting Reads:

      1. New Indian Criminal Laws
      2. Mistakes to avoid while Filling ITR
      3. 53rd GST Council Meeting: All Key Highlights
      By admin, ago
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