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Taxation and Statutory Compliance Taxation and Statutory Compliance Mr. Vinod Ranpise Baburaoji Gholap College, Sangvi, Pune - 27 Mobile: +91-9850048899 E-mail: [email protected] Direct Tax Indirect Tax Salary Slip Allowances Amount Deductions Amount Basic Pay xxxx Professional Tax xxxx D.A. xxxx INCOME TAX xxxx H.R.A. xxxx GPF/EPF xxxx T.A. xxxx DCPS xxxx CLA xxxx Staff Society xxxx Special Pay xxxx LIC xxxx Other Pay xxxx Other xxxx Gross Salary xxxx Total Deductions Xxxx NET SALARY = Gross Salary – Total Deductions (xxxx) Professional Tax The maximum amount payable per year is INR 2,500 and in line with tax payer's salary. The states which impose professional tax are Punjab, Uttar Pradesh, Karnataka, Bihar, West Bengal, Andhra Pradesh, Telangana, Maharashtra, TamilNadu, Gujarat, A ssam, Kerala, Meghalaya, Odisha, Tripura, Madhya Pradesh, Jharkhand and Sikkim. (17 States) Professional Tax Slab in Maharashtra Monthly Gross Salary Amount Payable as Professional Tax Up to Rs.7500 Nil Rs. 7,501 to Rs.10000 Rs. 175 per month Rs. 2,500 p.a. The amount is can be paid in the following manner: Above Rs. 10000 Rs. 200 per month except for the month of February. Rs. 300 for the month of February. The State Government of Maharashtra also implemented a special privilege for women professionals. As per the provision, women employees who earn up to Rs.10,000 per month will not be required to pay professional tax on their salary. This exemption was put into effect in the financial year 2015-2016. How to Pay Professional Tax in Maharashtra Go to the https://www.mahagst.gov.in/en website and select the e- payment link, in case of Professional Tax Registration Certificate (PTRC), or Ptec e-payment, in case of Professional Tax Enrolment Certificate (PTEC). Login using your TIN Number and select e-payment. A Challan in MTR Form No. Guidance on filing Professional Tax Return in Maharashtra Go to the https://www.mahagst.gov.in/en Downloads – Forms – Electronics Form - Form III (B) _ PTRC Return Template Version 1.0.001- Return-login with TIN No- Upload file *Under Section 5(6) of the Profession Tax Act, the penalty for providing wrong information when applying for an enrolment certificate or a registration certificate is 3x the actual tax payable. TDS Contractor /Sub-Contractor as per Section 194C Rate of TDS u/s 194C When provisions of section 194C of the Income Tax Act gets attracted, the Deductor is required to deduct TDS at the following rates Particulars Rate of TDS Payment made / credited to an individual or HUF 1% Payment made / credited to a person other than an 2% individual or HUF However, in case the PAN is not furnished, the Deductor would be liable to deduct TDS @ 20% i.e. at the maximum marginal rate. INCOME TAX/TDS Payment by Challan 281 Filling INCOME TAX/TDS Challan 281 020-Company or 021-Non-Company Assessment Year Tax Deduction Account no (T.A.N.) Tax Deductor Name and Address Type of Payment Code * - 92B or 94C Type of Payment 200 or 400 Regular or Late Amount Cheque No, Date, Bank Name Signature of person making payment Due date e-Filing INCOME TAX/TDS Date Due Date E-Filing TDS Return FY 2020-21/ AY 2021-22 Time Limits to Deposit TDS Retune Filing Time Limit of issue of TDS of Payment TDS Due Date Certificate Form 16 or 16A Particulars Due Date Quarter Month Due Date Due Date th Tax 30 April of 1 Apr, May, Jun 31st July 2020 15th Aug 2020 Deductible in the next Year March 2 July, Aug, Sept 31st Oct 2020 15th Nov 2020 Other Month 7th of the Next 3 Oct, Nov, Dec 31st Jan 2021 15th Feb 2021 Month 4 Jan, Feb, Mar 31st May 2021 15th June 2021 INCOME TAX/TDS Payment Fine Under Section 201(1A) for late deposit of TDS after deduction, you have to pay interest. Interest is at the rate of 1.5% per month from the date at which TDS was deducted to the actual date of deposit. Note, that this is to be calculated on a monthly basis and not based on the number of days i.e. part of a month is considered as a full month. For example, say that your payable TDS amount is Rs 5000 and the date of deduction is 11th January. Say you pay TDS on 25th May. Then the interest you owe is Rs 5000 x 1.5% p.m. x 5 months = Rs 375. Under Section 234E, you will have to pay a fine of Rs 200 per day (two hundred) until your return is filed. You have to pay this for every day of delay until the fine amount is equal to the amount you are supposed to pay as TDS. Form no 16 Form No 16A 24Q 26Q Income Tax Income Tax Calculation Lets Understand Tax Saving Options Available Section Limit 80C 1,50,000 80CCD 50,000 80D 25,000 – 65,000 80E No Limit 80TTA 10,000 24 Max 2 Lacs 80G The various donations specified in section 80G are eligible for a deduction of up to either 100% or 50% with or without restriction 80C Options – Max Limit 1,50,000 Employee Provident Fund Contribution Public Provident Fund Contribution (PPF) Life Insurance Premium paid for self/spouse Only House Registration / Stamp-duty paid Housing Loan EMI paid towards principal amount Children School Tuition Fee Bank / Post Office 5 Year Deposits Equity Linked Savings Scheme (ELSS) Mutual Funds National Pension Scheme (NPS) Contribution Sukanya Samriddhi Yojana Contribution 80CCD(1) – Limit 50,000 This Rs 50,000 is beyond 80C limit of 1,50,000 Money to be invested in (National Pension Scheme)NPS – Tier 1 Few Points to Note about NPS NPS doesn’t itself provide Pension Money cannot be withdrawn till 60yrs of age – exceptions given under extreme situations After 60 Years, only 60% amount can be withdrawn tax free Compulsorily purchase pension plans with 40% amount Pension received from pension plans is not tax free Returns are not Guaranteed / Projected by Govt. Avoid Investing in NPS just for Tax Savings 80D – Health Insurance T Limits are as follows ax savings can be availed for the premium paid towards Health Insurance Persons Covered Exemption Limit Preventative Health Total Check Up Exemption Self & Family Rs 25,000 Rs 5000 Rs 25,000 Self & Family + Parents Rs ( 25,000 + 25,000 ) Rs 5000 Rs 55,000 = Rs 50000 Self & Family + Senior Rs ( 25,000 + 30000 ) Rs 5000 Rs 60,000 Citizen Parents = Rs 55000 Self (Senior Citizen ) & Rs ( 30,000 + 30,000 ) Rs 5000 Rs 65,000 Family + Senior Citizen = Rs 60000 Parents 80E – Interest on Education Loan If you have taken an education loan and are repaying the same, then the interest paid on that education loan is allowed as a deduction from the total income under Section 80E The deduction is provided only for the interest part of the EMI . There is NO LIMIT on the maximum amount that is allowed as deduction No Tax benefit is allowed for the principal repayment If your loan tenure exceeds 8 years, then you cannot claim a deduction for the interest paid beyond 8 years. So it is always advisable that education loan is paid within eight years. You need to obtain a certificate from your Bank displaying principal and the interest portion of the education loan paid during the financial year 80TTA – Interest on Savings Bank Account This deduction is allowed on interest earned From a savings account in a bank, post office Maximum Deduction – is limited to Rs 10,000. Section 24 - Deductions from Housing Loan Homeowners can claim a deduction of up to Rs.2 lakh in a financial year for the interest paid towards Home loan EMI (EMI = Interest + Principal Amount) 80 G - Donations Eligible for 100% Deduction Prime Minister’s National Relief Fund Chief Minister’s Relief Fund 80 G - Donations Eligible for 50% Deduction Jawaharlal Nehru Memorial Fund Indira Gandhi Memorial Trust Section 80DD – Medical expense on disabled person Where disability is 40% or more but less than 80% – fixed deduction of Rs 75,000. Where there is severe disability (disability is 80% or more) – fixed deduction of Rs 1,25,000. Income Tax Calculation Example and better option Enter data in Yellow Fields Workings Annual Gross Salary (Rs) 12,00,000 Slab Amount (Old) Tax (Old) Slab Amount (New) Tax (New) Standard Deduction 50,000 2,50,000 - 2,50 ,000 - HRA 70,000 2,50,000 12 ,500 2,50 ,000 12,500 PT and Entertainment Allowance - 2,50,000 50 ,000 2,50 ,000 25,000 NPS - 55,000 11 ,000 2,50 ,000 37,500 Leave Travel Allowance - - - 2,00 ,000 40,000 Home Loan Interest Payment 1,25,000 - - - - Deduction u/s 80C 1,50,000 - - - - Health Insurance U/s 80D - Total 73 ,500 - 1,15,000 Saving Bank Interest u/s 80TTA - Cess 2 ,940 - 4,600 Total Exemption & Deductions 3,95,000 Total Taxes 76 ,440- 1,19,600 Taxable Income (Old) 8,05,000 Decision New Tax Slab result in Higher Taxes Tax Savings 43,160 Better Option Old Tax Slabs Tax Calculator for Resident Individuals FY 2020-21 https://www.incometaxindiaefiling.gov.in/Tax_Calculator/ Mr. Vinod Ranpise Baburaoji Gholap College, Sangvi, Pune - 27 +91-9850048899 E-mail: [email protected] .
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