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COMPREHENSIVE FINANCIAL INVESNTORY TO HELP INDIVIDUALS AND FAMILIES TAKE CHARGE OF COMPLETE FINANCIAL INFORMATION IN THE EVENT OF DISABILITY OR DEATH

📍 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://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.
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DEPOSIT ADVANCE INCOME TAX BY SEPTEMBER 15 TO AVOID INTEREST IMPLICATIONS

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. 🇮🇳

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IMPORTANCE OF MAKING A WILL

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.

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FILING OF INDIAN INCOME TAX RETURN FOR RESIDENT INDIAN

➡️ 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.

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TAXABILITY OF LIFE INSURANCE PROCEEDS RECEIVED ON DEATH OR MATURITY

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.
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DETAILS WHICH MY FAMILY SHOULD KNOW

➡️ 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.
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Practical Examples With Questions & Answer For Understanding The Calculation Of Tax Deducted At Source (TDS)

  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.

  1. 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.

  1. 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.

  1. 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%

  1. 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.

  1. 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.

  1. 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.
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How To Prepare A Will For Transfer Of Assets To Beneficiaries In The Desired Manner?

🟥 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.
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What Happens When A Person Dies Without A Will To His/Her Immovable & Movable Assets?

🟨 It is important to note that if an individual dies without making a Will in respect of his/her Assets, the Indian Laws of inheritance would apply on such assets.
🟨 As per the Hindu Succession Act, 1956, when a Hindu, Sikh, Jain, & Buddhist individual dies without a Will, his assets are divided equally among the Class I heirs.
🟨 The Class-1 heirs in case of a male are Mother, Widow, Daughters, Sons, and Heirs of the predeceased Son / Daughter and in case of a female are Sons, Daughters, Children of predeceased Son / Daughter and the Husband.
🟨 If the deceased male or female does not have any of the above stated relatives, the assets are passed to the Class-II and thereafter the Class-III heirs, who are distant relatives.
🟨 In order to carry out the transfer procedure, the legal heirs under the Law of Succession should obtain a certificate of Heirship (Varsai Ambo / Pedhi Namu / Family Tree) from Mamlatdar office.
🟨 The legal heirs should then apply to the court to obtain a Letter of Administration which is an order of the Court certifying the legal heirs of the deceased and the assets bequeathed to the legal heirs.
🟨 The Court will issue public notice and consider any responses received, after which it will issue a Letter of Administration.
🟨 If a resident Indian is holding assets abroad, the requisite inheritance laws in the respective foreign jurisdiction have to be complied simultaneously.
🟨 It may be noted that a Nominee is not the legal owner of the asset. He/she is merely a Custodian/Trustee of the asset of the deceased. The lawful owner is the person who is the legal heir under the laws of inheritance and in case of a valid Will, the beneficiaries under the Will.
🟨 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.
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Last Date To Avail Tax Deduction Is 31st March 2021 For Financial Year 2020-21.

LAST DATE TO AVAIL TAX DEDUCTION IS 31ST MARCH 2021 FOR FINANCIAL YEAR 2020-21.
ACT FAST TO AVAIL FOLLOWING DEDUCTIONS…
➡️ Invest in Mutual fund Equity Linked Savings Scheme (ELSS) for attractive returns along with obtaining deduction under Income Tax up to Rs.1.50 lakhs (80C).
➡️ Insure yourself and your family (spouse and children) through a Life Insurance Policy to obtain deduction of the premium paid up to Rs.1.50 lakhs (80C).
Attractive insurance policies available for tax deduction:
◾ Insurance Policy with assured tax-free returns in the range of 5- 6% along with free insurance for long periods of up to 50 years.
◾ Insurance Policy with single premium payment and an assured tax free return in the range of 5.54% to 5.70% comparable with a fixed deposit.
➡️ Insure with a Health insurance policy for yourself and your family (parents, spouse and dependent children) obtain deduction of the premium paid up to Rs.25000 or Rs.50000 in case of senior citizens (80D).
➡️ Invest in the National Pension Scheme to obtain additional deduction of Rs.50000 (80CCD).
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Important Changes In The Income Tax Act For Charitable Trusts

IMPORTANT CHANGES IN THE INCOME TAX ACT FOR CHARITABLE TRUSTS
Following CHANGES have been PROPOSED IN THE FINANCE BILL 2021 (UNION BUDGET) FOR CHARITABLE TRUSTS EFFECTIVE FROM 1st APRIL, 2021.
➡️ Charitable Trusts accept donations as “Corpus Donations” which are not considered as an income and hence there is no obligation to spend (application of income) for the objects of the trust in order to claim this donation as exempt.
Under the proposed amendments all donations claimed as exempt “Corpus Donation” will have to be invested in the investments specified u/s 11(5) of Income Tax Act. If the said “Corpus Donation” is not invested in the investments specified U/s. 11(5) then the “Corpus Donation” shall not be considered as an exempt income.
➡️ Under the proposed amendments once a donation is claimed to be a “Corpus Donation” any amount spent (application of income) for the objects of the trust from this funds will not be allowed as an application of income. This Corpus Donation is taxable hence there is tax liability on Trust.
➡️ Under the proposed amendments when Trust deposits back or invests back in the investment specified U/s 11(5), such amount invested back shall be considered as amount spent (application of income). Tax paid in earlier years on such corpus donation is not refunded back.
➡️ When trust had spent (application of income) more than income for the year, the “excess application of income” was allowed as carry forward to set off against income of subsequent years. Under the proposed amendments trust cannot set off such “excess application of income” or deficit of current year against the income of any subsequent years. Moreover all the present deficits which are carried forward from earlier years shall lapse.
➡️ When the trust spends borrowed funds for its objects of the trust, trusts claimed the said expenses as amounts spent (application of income) and when this borrowed funds were repaid then once again the repayment was also trust claimed as amount spent (application of income).
Under proposed amendment when amounts are spent for the objects of the trust from borrowed fund, Trust cannot claim the same as amount spent (application of income). When trust repays the borrowed fund the trust can claim such repayment of loan as amount spent (application of income) to the extent repayment of borrowed fund made.
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Practical Examples With Questions & Answer For Understanding The Calculation Of Tax Collected At Source (TCS)

  • On which amount TCS shall be collected?

TCS is to be levied only on the amount above Rs. 50 lakhs i.e. if Rs. 60 lakhs is received from a single person during the financial year for sale of goods then TCS to be collected on amount of Rs. 10 Lakhs @ 0.075% (i.e. after deducting the amount of Rs. 50 Lakhs from Rs. 60 Lakhs and then after TCS has to be paid in every month on amount in excess of Rs. 50 Lakhs).
If goods of more than Rs. 50 Lakhs is sold before 01/10/2020 (i.e. Bill has made) and its payment received after 01/10/2020 then also TCS to be levied on amount received after 01/10/2020.
Illustration 1: Sales made to a buyer is less than Rs. 50 Lacs up to 30-09-2020:

1 Sales up to 30-09-2020 Rs. 35 lacs
2 Amount received up to 30-09-2020 Rs. 25 lacs
3 Invoices raised from 01-10-2020 Rs. 30 lacs

As TCS shall be applicable beyond receipts of Rs. 50 Lacs. Therefore, on the initial receipt of Rs. 25 Lacs after 01-10-2020, TCS shall not be applicable. Consequently, TCS shall be applicable on Rs. 15 Lacs [Rs. 35 Lacs + Rs. 30 Lacs – 50 Lacs] as and when total Rs. 65 Lacs shall be received.
Illustration 2: Sales made to a buyer is more than Rs. 50 Lacs up to 30-09-2020:

1 Sales up to 30-09-2020 Rs. 65 lacs
2 Amount received up to 30-09-2020 Rs. 30 lacs
3 Invoices raised from 01-10-2020 Rs, 20 lacs

As TCS shall be applicable beyond receipts of Rs. 50 Lacs. Therefore, on the initial receipt of Rs. 20 Lacs after 01-10-2020, TCS shall not be applicable. Consequently, TCS shall be applicable on Rs. 35 Lacs [Rs. 65 Lacs + Rs. 20 Lacs – Rs. 50 Lacs] as and when whole amount of Rs. 85/- lacks will be received.
Illustration 3: Amount received from a buyer is more than Rs. 50 Lakh up to 30-09-2020:

1 Sales up to 30-09-2020 Rs. 65 Lacs
2 Amount received up to 30-09-2020 Rs. 55 Lacs
3 Invoices raised from 01-10-2020 Rs. 20 Lacs

As provision of TCS implemented from 01-10-2020, therefore TCS cannot be charged on collections made prior to 01-10-2020. Therefore, in this case, TCS shall be charged on the receipt of amount on or after 01-10-2020 i.e. on Rs. 30 Lacs [Rs. 65 Lacs + Rs. 20 Lacs – Rs. 55 Lacs].

  • Whether TCS is to be collected on the amount of sale including GST?

The FAQ issued by the Income Tax Department on TCS, provides that “the amount debited to the account of buyer or payment shall be received by seller inclusive of GST. As such, TCS to be collected on inclusive of GST.”

  • Which types of transactions will not be subject to TCS?

Export and import transactions and transactions on which TDS has to be deducted or TCS has to be collected under other section of any other law, than TCS will not be levied on such transactions.

  • When to deposit TCS amount?

The amount of TCS collected @ 0.075 % should be deposited in the government before 7th of the month following the month in which the payment was received and its quarterly return must be filed in Form no. 27EQ.

  • In the case of non-availability of PAN of the buyer, what shall be rate at which TCS to be collected?

Section 206C(1H) specifically provides that TCS shall be collected at the rate of 1% of sale consideration in case buyer of the goods fails to provide its PAN.

  • How and when to charge TCS from buyer?

There are two options available to collect TCS from Buyer
(1) The TCS can be collected by charging through invoice.
(2) The TCS can be collected by charging through debit note.

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A Simplified Understanding Of The Provision Of Tax Collected At Source (TCS) Applicable From Dtd. 01/10/2020

The provisions of TCS are applicable in three types of transactions under the Income Tax Act. The provisions of TCS will apply to any amount paid, that means the percentage of TCS has to be added to the payment amount.
Those who have paid the amount of TCS, can claim credit of TCS against payment of Income Tax, just as TDS.
There is a misunderstanding about TCS that TCS has created additional income tax liability but in fact this provision has been implemented by the Income Tax Department to monitor such financial transactions. Additional tax liability does not arise as credit of TCS is given as a set off from liability of Income Tax.
A detailed understanding of the provisions of this newly introduced TCS are given below.

  • Provision of TCS on sale of goods in excess of Rs. 50 lakh.

If the annual turnover of your firm is more than Rs. 10 crore in previous year 2019-20 and you have sold the goods of more than Rs. 50 Lakhs in the current financial year to single party and if its payment is received after 01/10/2020, then payment has to be taken by adding TCS @ 0.075 % (TCS rate upto 31/03/2021 is 0.075% then after 0.1%), which means this provision is applicable to any single party to whom sale has been made of more than Rs. 50 Lakhs. For calculation of TCS, limit of Rs. 50 Lakhs is for entire financial year. Here, it should be noted that obligation to pay TCS arises not when the bill is made but when the payment is received.
Here, we have provided a link of FAQs and practical examples as a part of detailed explanation of liability of TCS on sale of goods.
Link : https://www.ashutoshfinserv.com/wp-content/uploads/2020/10/TCS-FAQs-in-English-Ashutosh-Financial-Services-Pvt.-Ltd.-1.pdf

  • Provision of TCS on expenses incurred for the purpose of foreign travel:

The Overseas Tour Program package, which includes travel, hotel lodging as well as boarding or other expenses for the purpose of traveling abroad, are sold by any tour operator, TCS will be charged at the rate of 5% on the amount charged for tour package from the buyer.

  • Provision made for collection of TCS at the time of remittance abroad:

There is provision of TCS that if any person sends an amount more than Rs. 7 Lakhs to any person in foreign country for investment, gift or maintenance purpose under the Reserve Bank of India’s Liberalised Remittance Scheme (LRS), then TCS will be levied at the rate of 5% on the amount of remittance exceeding Rs. 7 Lakhs.
Here, it is important to note that there have been discussions in media that the provisions of TCS will be applicable to Non-Resident Indians (NRIs) too. However this provision applies only to resident Indians who remit the money under the Liberalised Remittance Scheme (LRS). The provision is NOT APPLICABLE for any Non-Residents remitting funds to and from India through their NRE bank account or through NRO bank accounts under the remittance of assets scheme.
For more information please contact us:
Mobile No. : +91 93769 62244 / 70435 24242
Email: lawserve@ashutoshfinserv.com
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Income Tax And Estate Planning Services

Summary Of CBDT Notification Date June 24, 2020 Extending Various Due Dates Under Income Tax Act.

Summary of CBDT Notification date June 24, 2020 extending various due dates under Income tax Act.

Type of compliance Original Due Date Revised Due Date as per Notification
Original Income tax return for AY 2019-20

Non-Corporate Taxpayers

July 31, 2019

Corporate Taxpayer –

October 31, 2019

Tax payers subject to transfer pricing November 31, 2019

July 31, 2020
Revised or Belated income tax return for AY 2019-20 March 31, 2019 July 31, 2020
Original Income tax return for AY 2020-21

Non-Corporate Taxpayers –

July 31, 2020

Corporate Taxpayers-

October 31,2020

Taxpayers subject to transfer pricing- November 30, 2020

November 30, 2020
Tax Audit for AY 2020-21

Corporate Taxpayer – Sep 30, 2020

Taxpayers subject to transfer pricing – October 30, 2020

October 30, 2020
Investment / Payment fir claiming deduction u/s 80C- LIC, PPF etc, 80G-Donations. 80D-Mediclaim etc for FY 2019-20 March 31, 2020 July 31, 2020 for earlier extenuation of June 30. 2020
Investments in new residential house u/s 54 / 54F for capital gain purpose for property sold in FY 2019-20 July 31, 2020 September 30, 2020
Purchase of agricultural land to claim deduction u/s 54B for land sold in FY 2019-20 July 31, 2020 September 30,2002
TDS & TCS Returns for Q1 to Q4 of FY 2019-2020

Q1 – July 31, 2019

Q2 – October 31, 2019

Q3 – January 31, 2020

Q4 – May 31, 2020 (Extended earlier to June 30, 2020)

July 31, 2020

(July 15, 2020 for Government Deductor )

Issuance of Form 16 to employees June 15, 2020 (extended earlier to June 30, 2020) August 15, 2020
Linking Of Aadhar with PAN June 30, 2020 March 31, 2021
Assessment Proceedings Time barring between march 20, 2020 to June 29, 2020 – Earlier extended to June 30, 2020 Time barring between March 20, 2020 to December 30, 2020 – Now Extended to March 31, 2021
Requirement of issuance of any notice due between March 20, 2020 to June 29, 2020 – Earlier extended to June 30, 2020 March 20, 202 to December 30, 2020 – Now extended to March 31, 2021
Latest Date of opting of Vivad Se  Vishwas Scheme without Payment of additional amount June 30, 2020 December 30, 2020
Form 16A June 30, 2020 March 30, 2021
Any Other Compliances (Other than those specifically mentioned above) which are due between March 20, 2020 to December 31, 2020 shall get automatically extended to March 31, 2021
The earlier relaxation given for reduced rate of interest of 9% per annum for delayed payment of taxes, levies etc shall only be for payments made up to June 30, 2020.
Interest under section 234A would be applicable if self-assessment tax liability exceeds Rs. 1 lakh and such tax is paid after due date specified under income tax Act i.e. without considering ordinance.

 

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Income Tax And Estate Planning Services

Guardianship Under Hindu Law

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Do you have minor children in the family ? Understand the law relating to GUARDIANSHIP OF MINOR.
There are specific provisions relating to Guardianship under law. Please find herewith a short presentation which gives a complete idea about the provisions who, how and when a person can act as a Guardian for a minor.
Please find the PDF for the GUARDIANSHIP OF MINOR herewith OR follow this link to view and download.
Please feel free to share with your contacts, friends and relatives.
Prepared by:-
KOTHARI & CO.
Income Tax & Estate Planning Consultants
(A Division of ASHUTOSH FINANCIAL SERVICES PVT. LTD.)
Mobile: +91 93769 62244
Email : lawserve@ashutoshfinserv.com
Website: www.ashutoshfinserv.com
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DETAILS WHICH MY FAMILY SHOULD KNOW FOR ESTATE PLANNING

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FAMILY VAULT
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 necessary financial as well as personal information of an individual in the event of disability or death.
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.

ફેમિલી વોલ્ટ
કોઈપણ વ્યક્તિના જીવનમાં વિકલાંગતા આવે અથવા તે મુત્યુ પામે ત્યારે સંપૂર્ણ નાણાકીય માહીતીંની યાદી જે તેના કુટુંબને અને વારસદારોને ખુબજ મદદરૂપ થઈ શકે છે.
ફેમિલી વોલ્ટ નું મહત્વ અને તેની કામગીરી શું હોય છે?
વારસદારોને મિલકતની કાયદેસરની સોંપણી માટે વિલ નું શું મહત્વ છે તે આપણે જાણીએ છીએ. ફેમિલી વોલ્ટ આ સોંપણીની પ્રક્રિયાને સરળ બનાવવામાં મદદરૂપ બને છે. આ ફેમિલી વોલ્ટમાં સમાવિષ્ટ કેટલીક આવશ્યક માહિતી વિના એકમાત્ર વિલના માધ્યમથી સંપૂર્ણ સોંપણીની પ્રકિયા સરળતાથી હાથ ધરી શકાતી નથી.
વિકલાંગતા અથવા મુત્યુની ઘટનામાં વ્યક્તિની આર્થિક તેમજ વ્યક્તિગત તમામ આવશ્યક માહિતી વારસદારોને મેળવવા માટે ફેમિલી વોલ્ટ એકમાત્ર સાધન છે.
તમે તમારી જાતે આ માહિતી તૈયાર કરી શકો છો.
આ માહિતી તમે તમારા સંપર્કો, મિત્રો અને સંબંધીઓ સાથે શેર કરી શકો છો.
તમે ફેમિલી વોલ્ટ તૈયાર કરવા માટે અમારી વ્યવસાયિક સેવાઓ લઇ શકો છો
ઘણા કિસ્સાઓમાં ફેમિલી વોલ્ટ ની માહિતી જરૂરિયાત મુજબ બનાવવાની રહે છે. તદુપરાંત, માહિતી તૈયાર અને સુધારો કરવા માટે સમય અને કાર્યવાહી જરૂરી છે જેની માટે તમે અમારી સેવાઓનો લાભ લઇ શકો છો.

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Changes in the Income Tax Act Passed By the Lok Sabha after the Budget

SOME IMPORTANT CHANGES IN THE INCOME TAX ACT PASSED BY THE LOK SABHA AFTER THE BUDGET PRESENTATION.
THESE CHANGES SHOULD NOT GO UNNOTICED.
બજેટ ના પ્રેઝન્ટેશન બાદ લોકસભા દ્વારા પસાર કરાયેલા આવકવેરા કાયદામાં કેટલાક મહત્વપૂર્ણ ફેરફારો. આ ફેરફારો ને ધ્યાનમાં લેવા જરૂરી છે.
We have already shared with you the amendments impacting the taxation for Non Residents in India in our previous message.
અમારા અગાઉના મેસેજમાં ભારતમાં નોન રેસિડન્ટ (NRI) ની ભારતીય આવકની કરપાત્રતાને અસર કરતા મહત્વના વિવિધ સુધારાઓ અમોએ મોકલેલ હતા.
In continuation to the same we are herewith sharing other changes in the Income Tax Act passed by the Lok Sabha after the Budget presentation and other announcements applicable for the Financial Year 2020-21:
એ અનુસંધાનમાં જ બજેટ બાદ લોકસભામાં પસાર થયેલ આવકવેરા કાયદામાં કરવામાં આવેલ ફેરફારો અને નાણાકીય વર્ષ ૨૦૨૦-૨૧ ને લાગુ પડતી અન્ય જાહેરાતો આ સાથે તમોને મોકલી રહ્યા છીએ.
Topics covered / આવરી લેવામાં આવેલ વિષયો:
1️⃣ Vivaad Se Vishwas Scheme / વિવાદ સે વિશ્વાશ યોજના.
2️⃣ Tax Collected at Source / ટેક્સ કલેકશન એટ સોંર્સ (TCS).
3️⃣ Tax Deduction at Source / ટેક્સ ડિડકશન એટ સોંર્સ (TDS).
4️⃣ Taxation of Real Estate Investment Trusts / રીયલ એસ્ટેટ ઇન્વેસ્ટમેન્ટ ટ્રસ્ટ (REIT’s) ની કરપાત્રતા.
Please find herewith “Complete guide on changes in Income Tax Act” PDF document shared herewith to have a complete understanding of the amendments through a power point presentation prepared by us.
આ સાથે અમારા દ્વારા તૈયાર કરવામાં આવેલ પાવર પોઇન્ટ પ્રેઝન્ટેશન ની પી.ડી.એફ. ફાઈલ મોકલેલ છે. જેમાં આવકવેરા કાયદામાં કરવામાં આવેલા ફેરફારો ની સંપૂર્ણ સમજણ આપવામાં આવી છે.

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Kothari & Co.

Kothari & Co., now a division of Ashutosh Financial Services Pvt. Ltd., has been working as Tax and Allied Laws Consultants, since more than 55 years. The division provides advisory services on Income Tax, Companies Act, FEMA, Trust Laws and Estate Planning / Inheritance Laws.
The division has a team of highly qualified and experienced professionals, who have in depth knowledge of the domain. The human skills of the professionals are supported by state of the art infrastructure including various relevant softwares and legal databases. We maintain up to date & proper records of our clients and regularly remind them of their statutory obligations and follow them up to comply with statutory compliance. We maintain effective liaison with various Government Authorities and we continuously follow up matters with them till our clients’ job is done. Our office has a library rich with a wide collection of books, magazines and CD’s relevant to the activity of the division.
Following is the outline of the services provided by this division:

Income Tax:

We provide Income Tax related services to Individuals (including Doctors, Architects, Industrialists and Non Resident Indians -NRIs), Partnership Firms, Charitable & Religious Trusts, Companies and Limited Liability Partnerships. Our services on tax matters are much more than just completing the tax formalities like filing tax returns. One needs to familiarise with the various Deductions and Exemptions available and find out Net Taxable Income. One needs to understand the nitty gritties of the taxation structure and accordingly plan the tax liability. Our professionals work in total co-ordination with tax-payers to save their taxes and also in proper planning of tax related needs. We provide following services in relation to Income Tax:
Tax Planning and Filing of Return of Income:

  • Obtaining PAN for all type of assesses.
  • Consultancy on various intricate matters pertaining to Income Tax.
  • Income Tax Planning and Return Filing for all class of assesses.
  • Providing regular updates on amendments, circulars, notifications & judgments to all clients, especially relevant to them.
  • Advance tax estimation and planning.
  • Designing / Restructuring salary structure to minimize tax burden within the framework of law.
  • Advising on accounting of various complex financial transactions.
  • Tax planning for purchase and sale of Immovable Property.
  • Reconciliation of TDS with Tax Department and resolving issues therein.

Representing in Proceedings: 
We represent client by attending all kind of proceedings on behalf of clients before the concerned Adjudicating Officials. We make an effective follow up with Income Tax department for assessment, reassessment, rectification and obtaining refunds.
We also provide expert guidance in matters related to Search, Seizure and Prosecution litigation. We have expertise in Appellate proceedings wherein we prepare submissions and plead appeals before various Appellate authorities.
TDS / TCS Compliance:
TDS / TCS has become an important mode of collecting Income-tax from the assesses at the source of income. Our professional staff provides effective advice on varied matters related to compliance of TDS / TCS provisions. Following are the services that are rendered by us in matter of TDS / TCS:

  • Obtaining TAN (Tax Deduction Account Number).
  • Filing of quarterly E-TDS / TCS Return.
  • Issue of monthly/annual TDS / TCS certificates.
  • TDS assessment.

Drafting of Various Legal Documents:
Drafting of legal documents taking into consideration plethora of laws and tax implications arising therefrom:

  • Dissolution Deed.
  • Power of Attorney.
  • Affidavits.
  • Lease & Rent Agreements.
  • Drafting of will
  • Other Legal documents as per requirement of the client.

Estate Planning – Advisory for Inheritance Laws

We all are concerned with building wealth for ourselves and our family. Estate is all the property that you own. It can include cash, clothes, jewellery, cars, houses, land, investment, etc. Estate Planning involves making plans for the transfer of your estate after death including allocation of assets to heirs and the settlement of estate taxes. The objective of estate planning is to make sure that most of your estate is transferred to your heirs/intended beneficiaries taking into consideration the tax planning aspect. It is commonly believed that estate planning is meant for the wealthy. However, even people with modest wealth should also be concerned with the appropriate and effective distribution of wealth at death. We provide complete consultancy and take care of all the procedures in this regard.
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