15 Jun 2022 | ‘331’ notified as Cost Inflation Index for Financial Year 2022-23 | NOTIFICATION NO. 62/2022 | Income Tax | Circulars & Notifications

The CBDT vide Notification No. 62/2022 – Income-Tax dated June 14, 2022, has issued amendments in Notification No. 44/2017 – Income-Tax dated June 5, 2017 (“N/N 44”), which specified the applicable Cost Inflation Index (“CII”) for certain Financial Years, in order to notify the applicable CII for Assessment Year 2023-2024, w.e.f. April 1, 2023, in a following manner:

New SI. No. 22 in N/N 44 has been inserted to notify the applicable CII for Assessment Year 2023-2024, which reads as below:

The Notification can be accessed at Notification 62/2022 / Dt.15/06/2022

I filed electronically and my tax return was rejected. What do I do now?

The following were the reasons for the rejection of the tax return,

1. Return not filed in the prescribed form
2. Proofs of the Tax are not attached with the return
3. Reports u/s 44AB not submitted
4. Further, if details mentioned in the return are incorrect
5. N0t responded to the notices in the prescribed time to the Assessing Officer.

We need to find the reason for rejection, then only further action can be taken.

Contact any CA or Tax Consultant nearby in your city.

Otherwise, drop a mail or contact us at the below-mentioned details,

Thanks & Regards

Team GST Mithra

Can you suggest some books or any online source to people from non-accounting backgrounds which would help them in filing their own ITR?

The online submission is available for only a few forms. i.e ITR 1, ITR 2 & ITR 4.

ITR 4 cannot be submitted directly online.

The process for filing is as follows.

1. Just log in to www.incometaxindiaefiling.com
2. Log in with your username (PAN number ) and password ( as given by you )
3. If you're a new user, please select the new user option and get initial registration with the Income-tax website.
4. After successful login, we can find a DashBoard in the top left corner.
5. Click on filing it returns and select the applicable ITR form for you. This depends on your nature of income, I.e whether we shall file ITR 1/2/3.
6. After that ITR form will come in online.
7. This can fill it and keep it as a draft.
8. Whenever you are filing the return, we can edit and submit such a draft.
9. Most of the general information will auto-populate to your ITR form
10. Check everything and submit it carefully.
11. Whatever the submit Mode, ITR acknowledges shall be either e-verified or sent a signed copy to CPC Bangalore.

Hope this is helpful to you.

Happy Reading

How tax on professional income in India be computed if the gross receipts exceed 50 lakhs?

Dear Srinivasan Subramanian,

Thanks for asking the question.

Applicable Income Tax provisions and Procedures for Tax computations if gross receipts exceed Rs.50/- lakhs are as follows :

1. If the gross receipts exceed Rs.50/- lakhs then, we will lose the presumptive taxation benefit under section 44AD of the Income Tax Act.
2. Further such assessee requires to maintain the books of accounts under section 44AA ( subject to conditions )
1. if fails to maintain the books of accounts penalty of up to Rs.25000/-may attracted under section 271 A.
3. Further such assessee requires to get the books of accounts audit under section 44AB ( subject to conditions ) and file the return before 30th September of the assessment year.
1. if fails to audit the books of accounts then he is liable for Penalty u/s 271 B
1. .5% of T/O or Gross Receipts
2. Rs.150000/-, whichever is lower.
4. The applicable Tax slab rates for resident individuals to compute the tax:
1. up to 250000 net total income - NIL
2. > 250000 up to 500000 - 5%
3. > 500000 up to 1000000 - 20%
4. > 1000000 - 30%
5. Surcharge to be calculated
1. @ 10% of tax if NTI > Rs.50 lakhs but up to 1 Crore
2. 15% of tax if NTI > Rs. 1 Crore.
6. Further, if the Total Income exceeds Rs.20 Lakhs, then the provision relating to Alternative Minimum Tax shall apply under section 115JC.
7. Interest for the delay in Return filing, Interest for non-payment/short payment of Tax advance tax, and Interest for deferment of advance tax under the sections 234A, 234B, and 234C shall be considered if violated the same.

What are your views on the income tax 30.67 crore notice on Arvind Kejriwal's AAP for illegal donations?

Let me share my own views about these. In India, every political party survives with donations from Corporate Companies. No party is an exception for this.

When the New companies act bill was passed by the Congress government in the year 2013, the political contributions from the companies were restricted to 7% of the previous 3 years' average profit. The further company requires the member's approval and compliance in addition to the above.

But the Modi government lifted all the restrictions from 30.03.2017, and now directors can pass resolutions independently.

Sincerely I need a clarification regarding,

Whether such relaxation to corporATE companies will help Swachh Bharath or Make in India on Demonetization? Why it has happened on 30.03.2017 Only. ? Why don't they make it after 2 years i.e post 2019 elections.

How they will donate the shareholder's money to political parties. Where they are going to invest this money?

Finally learned that we are trapped in an Indian Circus company. At least we need to realize how long we are going to continue this Circus performance.

Jai Hind.

I have 2 form16 in the same year, so how can I file my incometax?

Dear sir,

You might have 2 Form 16 because you're working in 2 different companies in the same assessment year.

You must disclose both incomes in your income tax return.

In the IT return form, we can find the TDS deductors sheet. The multiple numbers of Tax deductor details can be filled one by one. Fill in both the deductor and deducted amount details in such a sheet.

Is a pub allowed to charge compulsory service charges despite GST?

Hi Sir,

1. No, Pubs cannot charge service charges without the acceptance of the customer.
2. Generally, Restaurants and Pubs used to charge 10% as a service charge apart from GST.
3. Everything depends on your sole discretion.
4. Further, entertainment tax on PUBs and discotheques was also subsumed under GST. Previously it was 10%. Hence no need to pay Entertainment Tax also.
5. Now GST will attract other than liquor. i.e Foods & Entry Fees etc

Can a government salary employee carry a proprietary business? Which ITR form should he fill out?

Hi sir,

There is a restriction on government employees to carry proprietary business. I will suggest you start your business under any other person's name.
Further, the ITR return form shall be ITR 3 for FY 2016–17. Which is required for business or professional incomes along with salary incomes. If you have only salary income, file it in ITR-1

Hope it is useful.

VIT is now charging GST on mess charges. Is it legal?

Hi,

Yes, it is legal. They are liable for the charging GST from students and staff, whether Such facility is either run by the institution/students themselves or is outsourced to a third person.

Supply of food or drink provided by a mess or canteen is taxable at 5% without Input Tax Credit [Serial No. 7(i) of notification No.11/2017-CT (Rate) as amended vide notification No. 46/2017-CT (Rate) dated 14.11.2017 refers].

It is immaterial whether the service is provided by the educational institution itself or the institution outsources the activity to an outside contractor.

Happy Reading !!

Team - GST Mithra

What is the full form of u/s w.r.t. income tax in India?

That means “ Under Section “,

We use the same in the context of referring a particular provision to the respective section number.

For eg. in U/S 44 AB of the Income Tax Act, a tax audit is compulsory. ….

Thanks & Regards

Team - GST Mithra

Do I need to charge GST since I am GST registered below the 20 lakhs threshold or only file nil returns till threshold is crossed?

Hey hi,

Once we got registered under GST, We shall charge the GST (CGST/SGST/UGST/IGST where ever applicable) and are required to file the monthly /quarterly returns.

But in certain cases, we can cancel the registration if you're no longer liable to be registered under GST registration. This is available only for persons other than voluntarily registered persons.

Further the following cases also, we can cancel the registration

1. there is a change in the constitution of the business.
2. Business discontinued
3. Transferred fully for any reason including death of the proprietor
4. Amalgamation or demerger cases.

Voluntarily registered persons have to wait for a period of 1 year to apply for cancellations.

Hope this helps.

Happy Reading..!!

Team - GST Mithra

Is GST registration mandatory for selling online?

Hey there…

Yes, GST registration is compulsory for the suppliers making the sale of goods online.

Subject to conditions specified in Section 23 & 9(5).

Thanks and Regards

Team - GST Mithra

How many times can we reset our income tax e-filing password?

Hi Sir,

There is no limit for reset the income tax filing.

Any number of times we can reset the password

Thanks & Regards

Team GST Mithra

My salary is 28K, what is the TDS?

You have not mentioned, the break up of your pay scale details.

I will present you the Tax computation in the following 2 interpretations

Interpretation: 1 Tax for FY 2016–17 

Consider the total salary amount as a Taxable amount. Then total Salary is  Rs. 28000*12=336000. Assuming you have the age of fewer than 60 years. 

Tax will comes to =(336000–250000)*10%=8600 |

Rebate of Rs. 5000/-will come under Sec 87A 

Net Tax Payable is Rs. 3600/-.and 

Education Cess secondary education Cess will be 3% on Tax payable. 

I. e 3600*3%=108.

Hence your total tax payable is ₹3600+₹108=₹3708/-

Interpretation:2 Tax for FY 2017–18 

Consider the total salary amount as a Taxable amount. Then total Salary is Rs. 28000*12=336000. Assuming you have an age of fewer than 60 years. 

Tax will comes to =(336000–250000)*5%=4300  

Rebate of Rs. 2500/-will come under Sec 87A Net Tax Payable is Rs. 1800/-.and 

Education Cess secondary education Cess will be 3% on Tax payable. I. e 1800*3%=54.

Hence your total tax payable is ₹1800+₹54=₹1854/-

Note: Here I am assuming that taxable income is after deduction of deductions available under Income Tax Provisions. I.e PF deduction ₹1800/-pm and Conveyance allowance and HRA allowance etc.

Hope this helpful to you

Thanks and Regards

Team - GST Mithra

What is the rate of GST on banana chips?

Dear sir/ Madam

Note the following.

GST rates for banana chips will be 12.5%

Such chips are covered under SCHEDULE – V [See section 12(4)(d)] Goods Taxable at 12.5 %

Thanks & Regards

Team GST Mithra

How do I get a new GST number if I am not into business previously and want to enter online selling now?

Get it Registration under the CGST act 2017 voluntarily.

1. For registration website link is https://gst.gov.in/

2. This can be done on your own, watch the tutorial videos on the same website.

For any queries drop a comment below

Thanks and Regards

Team GST Mithra

How can I apply income tax returns with 26AS form?

Hi sir,
Assuming the clarification required for Salaried Employee. Find the Step by Step procedure for filing online IT return submission.

1. Get the Statement of 26 AS. From that statement, consider the Amounts available in the Total Amount Paid / Credited as your Income portion,  and the Respective Total Tds Deposited amount figure is your TDS amount by the deductor.
2. Now log in to the below Income Tax website. Login
3. Go to DashBoard → Filing of Returns → Select the Assessment Year & Submission Mode, ITR Form, etc. It will ask for the verification mode - Just select as convenient for you.
4. Fill in the Basic details in the PART A ( Genera Information )
5. Income details mention your total income, along with 26 AS figures if any other Interest Income
6. In the Tax Details sheet, the details will be auto-populated from the 26 AS. Cross-check the same.
7. Once everything is done click the submit button
8. Make sure that, ITR V shall be e verified online or shall be sent an attested copy to CPC Bangalore

Thanks and Regards

Thanks and Regards

Team GST Mithra

Disclaimer: The above answer is given based on the information available in question and for providing basic knowledge.
If any queries drop a message

How can one get a duplicate Income Tax Return (ITR) acknowledgement, if the original the one is lost?

Dear sir,

Follow the below steps to download the ITR ack.

Go to the below website

https://www.google.co.in/url?sa=...

==> Log in with User ID as your PAN.

==> If a password is don't know click forget password and reset the same.

==> After login, go to dashboard

==> Select my returns

There you will find the year-wise ITR returns forms and respective Ack.

Hope the above post is useful

Thanks and Regards

Team - GST Mithra

How do you track your income tax refund status filed in FY 2017-18?

Dear Sir,

Just choose following either of the options to track the status.

Log in to your Income Tax portal, with your User ID credentials. Select the refund status as shown in the pic.

Option 2:

Just go to the following website link and fill in the required details. You may get the refund status.

Online Refund Status

Thanks & Regards

Team - GST Mithra

Is it necessary to fill ITR?

Hi sir,

ITR Returns filing is compulsory for persons covered under section 139 of the Income Tax Act. As per section 139-

1. For companies and Partnership, firms are ITR return filing is compulsory irrespective of the Income or loss
2. For individuals, it depends on the amount of Gross total income. Gross total income means, income before claiming deductions under chapter VI a deduction. (i.e deductions like insurance, PF. Investment and savings related deductions)
3. Further, the Gross total income shall be computed before reducing exemption from long-term capital gains.
4. For the financial year 2016–17, the Gross total income slabs are categorized as follows

Income Tax Slab for Individual below the age of 60 years, HUF, AOP, BOI, artificial juridical person -Rs.250000/-

Income Tax Slab for Senior Citizens ( 60 years or more but less than 80 years) - Rs.300000/-

Income Tax Slab for Super Senior Citizens (age eighty years or more) - Rs.500000/-

Hence filing of income tax returns is compulsory if Gross Total income exceeds above mentioned limits.

Hope it is useful..!!

Thanks & Regards

Team GST Mithra