FILING OF INDIAN INCOME TAX RETURN FOR BUSINESSES BY OCTOBER 31

➡️ Who is required to file Income Tax Return by October 31?

1️⃣ All companies

2️⃣ All Partnership firms required to audit their books of accounts and their partners

3️⃣ All other firms required to audit their books of accounts.

➡️ Is it mandatory to file Income Tax Return ?

It is mandatory to file Income Tax Return if:

1️⃣ The Income exceeds Rs. 2.5 lakhs during the year (before giving effect of deductions under Chapter VI-A and certain capital gains exemptions)

2️⃣ Following categories of persons irrespective of the income:

▪️ If you have assets outside India or

▪️ Deposited an amount exceeding Rs.1 crore in current account/s by any mode during the year or

▪️ The deposit in one or more savings bank account of the person, in aggregate, is rupees fifty lakh or more during the previous year or

▪️ If his total sales, turnover or gross receipts, as the case may be, in the business exceeds sixty lakh rupees during the financial year; or

▪️ If his total gross receipts in profession exceeds ten lakh rupees during the financial year; or

▪️ If the aggregate of tax deducted at source and tax collected at source during the financial year, in the case of the person, is twenty-five thousand rupees or more; or

▪️ Incurred electricity expenditure in aggregate exceeding Rs.1 lakh or

▪️ Incurred an expenditure exceeding Rs. 2 lakh on travel out of India from bank account/s for himself or any other person.

3️⃣ Any taxable capital gain is realized during the year (Irrespective of basic tax slab exemption i.e. 2.5L).

4️⃣ In case of any Partnership firms or companies.

In other cases, it is not mandatory to file an Income Tax Return. However, one may choose to voluntarily file it because of several advantages.

➡️ What are the advantages of voluntarily filing Income Tax Return?

▪️ Claiming refund of any taxes which have been withheld (TDS deducted).

▪️ Carry forward losses for claiming set-off against future year incomes.

Contact us at the earliest to file your Income Tax Returns and become a compliant and proud Indian.

Ashutosh Financial Services Pvt. Ltd.
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📍 Comprehensive Financial Inventory to help individuals and families take charge of complete financial information in the event of disability or death. 📍 What is the importance & role of a ‘Comprehensive Financial Inventory’? ✅ We know the importance of preparation of a WILL for legal transfer of assets to our successors. Comprehensive Financial Inventory helps in making this process of transfer seamless and convenient. ✅ A WILL alone, may not be enough to carry out the entire transfer process without several essential data as included in this ‘Comprehensive Financial Inventory.’ ✅ It is a one stop inventory for the successors to avail all the necessary financials as well as personal information of an individual in the event of disability or death. ✅ Please follow this link to view and download for free. https://stg.ashutoshfinserv.com/wp-content/uploads/2021/11/DETAILS-WHICH-MY-FAMILY-SHOULD-KNOW.pdf ✅ You can prepare the data on your own. 🎯 You can also avail our professional services to prepare the ‘Comprehensive Financial Inventory.’ 🎯 ✅ The information in the Comprehensive Financial Inventory in many cases requires customization (data prepared according to the need of the individual), time and efforts to prepare and update the information for which our services can be availed. Ashutosh Financial Services Pvt. Ltd. •Investments •Insurance •NRI Services •Income Tax & Estate Planning www.ashutoshfinserv.com Mobile: +91 73835 30919 / 93773 35959 Email: vrm@ashutoshfinserv.com Follow us using Ashutoshfinserv at Facebook, Instagram, YouTube, Twitter & Linkedin to receive all the latest information from finance world.

DEPOSIT ADVANCE INCOME TAX BY SEPTEMBER 15 TO AVOID INTEREST IMPLICATIONS 📆 ⬛ Every individual/company/firm/HUF whose net tax liability on the estimated income exceeds INR 10000 for the financial year shall be required to deposit advance tax. ⬛ The deposit of tax shall be in four instalments on the estimated net tax liability (after reducing taxes deposited/deducted/collected) which is calculated on the estimated income (after reducing deductions available under sec. 80C, 80D, etc.) ⬛ As per the Act, 45% of the estimated tax liability of the financial year shall be deposited by September 15. ⬛ Additional interest of 1% per month shall be levied under section 234C on the net tax liability on delay in payment of the tax. ⬛ For resident senior citizens not having income from business & profession, advance tax shall not be applicable. ⬛ Deposit advance tax timely not only to avoid interest implications, but also to become a responsible citizen of the country. 🇮🇳 Contact us: Income Tax & Estate Planning Services Ashutosh Financial Services Pvt. Ltd. •Investments •Insurance •NRI Services •Income Tax & Estate Planning www.ashutoshfinserv.com Mobile: +91 73835 30919 / 93773 35959 Email: vrm@ashutoshfinserv.com Follow us using Ashutosh_Finserv at Facebook, Instagram, Youtube, Twitter & LinkedIn to receive all the latest information from finance world.

IMPORTANCE OF MAKING A WILL A valid Will under Indian Succession Act should be made in respect of his/her assets. 👉 Please find the below link for the above topic. For further details feel free to contact us. Ashutosh Financial Services Pvt. Ltd.

• Investments •Insurance •NRI Services •Income Tax & Estate Planning

www.ashutoshfinserv.com Mobile: +91 73835 30919 / 93773 35959 Email: vrm@ashutoshfinserv.com Follow us using Ashutoshfinserv at Facebook, Instagram, YouTube, Twitter & Linkedin to receive all the latest information from finance world.

➡️ Is it mandatory to file Income Tax Return ? It is mandatory to file Income Tax Return if: 1️⃣ The Income exceeds Rs. 2.5 lakhs during the year (before giving effect of deductions under Chapter VI-A and certain capital gains exemptions) 2️⃣ Following categories of persons irrespective of the income: ▪️ If you have assets outside India or ▪️ Deposited an amount exceeding Rs.1 crore in current account/s by any mode during the year or ▪️ The deposit in one or more savings bank account of the person, in aggregate, is rupees fifty lakh or more during the previous year or ▪️ If his total sales, turnover or gross receipts, as the case may be, in the business exceeds sixty lakh rupees during the previous year; or ▪️ If his total gross receipts in profession exceeds ten lakh rupees during the previous year; or ▪️ If the aggregate of tax deducted at source and tax collected at source during the previous year, in the case of the person, is twenty-five thousand rupees or more; or ▪️ Incurred electricity expenditure in aggregate exceeding Rs.1 lakh or ▪️ Incurred an expenditure exceeding Rs. 2 lakh on travel out of India from bank account/s for himself or any other person. 3️⃣ Any taxable capital gain realized (Irrespective of basic tax slab exemption i.e. 2.5L). In other cases, it is not mandatory to file an Income Tax Return. However, one may choose to voluntarily file it because of several advantages. ➡️ What are the advantages of voluntarily filing Income Tax Return? ▪️ Claiming refund of any taxes which have been withheld (TDS deducted). ▪️ Carry forward losses for claiming set-off against future year incomes. 👉 Please find the below link for the above topic. https://youtu.be/b9qZ26fiVao Contact us at the earliest to file your Income Tax Returns and become a compliant and proud Indian. Kothari & Co. A service of Ashutosh Financial Services Pvt. Ltd.

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Are the proceeds from all life insurance policies tax free in India? The taxability of any amounts received under an Insurance Policy is governed by Section 10(10D) of the Income Tax Act. The same can be summarised as under : ▶️ What is the taxability when the insurance policy proceeds are received by the nominee in the event of death of the insured? ✅ The sum assured received by the nominee (beneficiary) for any life insurance policy in an unfortunate event of death of the insured is ALWAYS TAX-FREE irrespective of the premium paid or any other factor. ▶️ What is the taxability when the life insurance policy proceeds are received by the insured person on maturity of the term? ✅ The maturity sum received by the insured is TAX-FREE if the premium for EVERY YEAR (including top up premium) during the tenure of the policy is NOT EXCEEDING 10% of the sum assured as per the policy to the insured person. ✅ In any other cases, the income (sum received less total premium paid over the years) is TAXABLE under the slab rates applicable to that individual. ✅ If the maturity proceeds of the insurance policy (exceeding Rs.1 lakh) are taxable, tax is liable to be deducted at source (TDS) by the Insurance company under section 194DA at the rate of 1% on the income portion of the policy maturity proceeds. Credit for that can be claimed while filing the tax returns. 👉🏻 We offer insurance plans of many companies; we can suggest the best plan suitable for you after comparing the plans of various companies, with the best features and most competitive premium as per the requirement. Contact us to get the best insurance plan for you. Ashutosh Insurance Services •Insurance for your Life, Health and Assets •Retirement Planning A Service of ASHUTOSH FINANCIAL SERVICES PVT. LTD. •Investments •Insurance •Income Tax & Estate Planning •NRI Services Mob. No. : +91 6358755770, +91 7043893388 Email: rm.insurance@ashutoshfinserv.com www.ashutoshfinserv.com Follow us using Ashutoshfinserv at Facebook , Instagram , Youtube , Twitter &Linkedin. Please forward this message to your friends, relatives and contacts who could be interested. Disclaimer: Insurance is a subject matter of solicitation.

➡️ Comprehensive Financial Inventory to help individuals and families take charge for their financial information in the event of disability or death. What is the importance & role of a ‘FAMILY VAULT’? ✅ We know the importance of preparation of a WILL for legal transfer of assets to our successors. A ‘Family Vault’ helps in making this process of transfer seamless and convenient. A WILL alone, may not be enough to carry out the entire transfer process without several essential data as included in this ‘Family Vault.’ ✅ It is a one stop vault for the successors to avail all the necessary financials as well as personal information of an individual in the event of disability or death. Please find the PDF for the ‘FAMILY VAULT’ herewith OR follow this link to view and download for free. https://www.ashutoshfinserv.com/wp-content/uploads/2021/07/FAMILY-VAULT.pdf You can prepare the data on your own. Please feel free to share with your contacts, friends and relatives. 🎯 You can also avail our professional services to prepare the ‘FAMILY VAULT.’ 🎯 ✅ The information in the Family Vault in many cases requires customization (data prepared according to the need of the individual). Moreover, time and efforts are required to prepare and update the information for which our services can be availed. ASHUTOSH FINANCIAL SERVICES PVT. LTD. •Investments •Insurance •Income Tax & Estate Planning •NRI Services Mobile: +91 73835 30919 / 93773 35959 Email: vrm@ashutoshfinserv.com www.ashutoshfinserv.com Follow us using AshutoshFinserv at: FACEBOOK, INSTAGRAM, YOUTUBE, TWITTER & LINKEDIN.

1. Section 194Q is applicable to which buyers: –

The section 194Q of TDS is applicable only to those buyers whose turnover, gross receipt or sales in the previous year was more than Rs.10 crores hence in the financial year ended on 31st March 2021, the buyers whose turnover was more than Rs.10 crore in that year, they have to deduct TDS from their resident seller on the purchase of above Rs.50lakh in the current financial year 2021-22. Therefore, if the turnover of a buyer is less than Rs.10 crore in the year ended March 31,2021, he does not have to comply with this provision in current financial year.   2. On which amount TDS is to be deducted: – This TDS is to be deducted only on the amount above Rs 50.00 lakh in a financial year from one seller i.e., if the purchase is for Rs 67.00 lakh then the Buyer has to deduct TDS only on the amount above Rs 50 lakh i.e., on Rs 17.00 lakh, then for each seller, the buyer will have to deduct first Rs. 50 Lakhs then deduct TDS on remaining amount. Now one more thing to keep in mind that this limit of Rs 50 lakh is for one financial year for each seller, so now that this provision is applicable from 1st July 2021 then TDS you have to deduct only on purchases after 1st July 2021 but While ascertaining the limit of purchase Rs. 50.00 Lakhs, the purchases from April 1, 2021, the purchase will also have to be taken into account. Examples 1: – Purchaser has made purchase from seller from 1st April 2021 to 30th June 2021 for Rs 40lakhs and now on 1st July 2021 another purchase has been made from the same seller for Rs 30 lakhs. On what amount is TDS to be deducted? Ans.  Out of 30 lakhs on this purchase TDS has to be deducted on Rs. 20 lakh after deducting Rs 10 lakh. The limit of a financial year is Rs 50 lakh per seller, so purchaser has already purchased Rs 40 lakh out of this limit before June 30, so now only Rs 10 lakh is left out of the limit of Rs 50 lakh. Example 2: – Purchaser has made a purchase from seller from 1st April 2021 to 30th June 2021 for Rs 70lakhs and now on 1st July 2021, another purchase has been made from the same seller for Rs 30 lakhs, On what amount is TDS to be deducted? Ans. Purchase for Rs 30 lakhs only TDS is to be deducted. The limit of Rs. 50 lakh per seller is for a financial year and purchaser has already exhausted this limit before 30th June 2021.

3. Whether TDS is to be deducted while adding GST: –

The reason for this controversy that the TCS to be deducted under section 206 (C) (1H)where the Central Board of Direct Taxes had clarified that TCS is to be deducted only on the entire amount received including GST. The Central Board of Direct Taxes had not clarified in the case with TDS under section 194Q. But keep in mind here that no such clarification has been issued with respect to the goods. Hence it wants to deduct this TDS on the amount of GST.

4. At what time TDS is to be deducted: –

TDS is to be deducted at the time when such amount is credited to the seller’s account or paid to him, whichever is earlier.

5. TDS rate 5% for non-delivery of PAN number – Section 206AA

If the seller does not give his PAN number to the buyer, then this rate of TDS will be 5%

6. Rate of TDS for Non-filers of ITR:

A new category of “Specified Persons” whose TDS is to be deducted from 1st July 2021has been mentioned under section 206AB for whom TDS is to be deducted at twice the regular rate or 5 percent, whichever is higher. These persons are categorized as the persons in whose case the TDS/TCS deducted from them from all the sources is high in but they are defaulters in filing their returns regularly. Here defaulters mean persons who are not filing their ITRs for continuous 2 years in spite of the fact that in each of both these 2 years the TDS/TCS deducted and/or collected is more than Rs.50000.00.

7. What will be the result of not deducting/depositing TDS: –

As per section 40(ia) of the Income Tax Laws an amount has been paid to a resident on which TDS is to be deducted but not deducted and if deducted and the same is not deposited before the expiry of the time provided for furnish of ITR under section 139(1)then the 30% of the amount on which TDS is to be deducted and deposited will be added to the income of that person.

8. When not to deduct TDS: –

In this regard, if all the conditions mentioned above are fulfilled, the buyer becomes liable to deduct TDS, even then he does not have to deduct this TDS and two such situations are there: – (i). Where TDS is to be deducted on the transaction of this purchase under any of the provision under the Income Tax Act. (ii). When TCS is deductible under 206C (excluding TCS provisions applicable to sale of goods under section 206(C)(1H)) by the seller on that transaction, the provisions of TDS are not applicable. Please keep in mind here that TCS is to be deducted in any of the provisions of TCS in section 206C, then TDS is not to be deducted under this section. So please note where there is a transaction on which buyer and seller both are covered to deduct TDS and TCS respectively then it is only the buyer who has to deduct TDS and  in all those cases all these buyers should inform the seller. For further details, Contact us on: E-Mail: lawserve@ashutoshfinserv.com Phone No: +91 93769 62244

🟥 A Will valid under the Indian Succession Act has to be made in respect of his/her Assets. 🟥 For the Will to be legally valid under the Indian Succession Act, it has to have all the essential elements of a valid Will as listed in the following points. 🟥 The Will has to be in writing with precise details of the assets to be passed to the beneficiaries in the desired manner. 🟥 The names and details of the beneficiaries under the Will to whom assets are to be passed have to be clearly stated. 🟥 The person preparing the Will has to be identifiable along with his signature and date on which the Will is executed. 🟥 Signatures of two adult witnesses with their identification have to be obtained. It is advisable to have witnesses who are younger than the person preparing the Will and also have Doctor as a witness in case of an aged person preparing the Will. A witness should not be a beneficiary in the Will. 🟥 It is advisable to execute declarations of the two witnesses confirming the fact that they are the witness of the Will. These Declarations can be filed in court at the time of obtaining the probate after death. 🟥 Person signing the Will can sign before Notary Public or get the Will Registered at any authorized sub-registrar. However, none of the two procedures are mandatory under law. 🟥 The person preparing the Will can appoint an executor (including a beneficiary) for executing the transfer of his/her assets to the intended beneficiaries. However, such an appointment is not mandatory. 🟥 Whether to sign the Will, without Notary, before Notary or get the same registered or to appoint an executor, depends on the facts & circumstances of the case. 🟥 IT IS ALWAYS ADVISABLE TO MAKE A WILL IN RESPECT OF ALL ASSETS SO THAT ONE CAN TRANSFER THE WEALTH TO THE INTENDED BENEFICIARIES IN THE DESIRED MANNER. 🟥 Contact us to plan the succession of your wealth to your successors in a legitimate, convenient and efficient manner. Mobile: +91 73835 30919 / 93769 62244 Email: vrm@ashutoshfinserv.com Follow us using Ashutoshfinserv at Facebook, Instagram , Youtube , Twitter & Linkedin to receive all the latest information from finance world. Disclaimer: The above message is based on our understanding of the relevant laws. Please take appropriate professional advice.