Tuesday, August 31, 2021

ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, ITR 7, ITR 8

ITR 8

This return is required to furnish those persons who is required to furnish fringe benefits returns.

Click here to see form

Monday, August 30, 2021

Instructions for filling out FORM ITR-6

Instructions for filling out FORM ITR-6

298, Income-tax Act, 1961-2021

Section - 298, Income-tax Act, 1961-2021

Power to remove difficulties.

298. (1) If any difficulty arises in giving effect to the provisions of this Act the Central Government may, by general or special order, do anything not inconsistent with such provisions which appears to it to be necessary or expedient for the purpose of removing the difficulty.

RECOGNISED PROVIDENT FUND

THE FOURTH SCHEDULE

PART A

RECOGNISED PROVIDENT FUNDS

[See sections 2(38), 10(12), 10(25), 36(1)(iv), 46 87(1)(d), 111, 192(4)]

ITR-7 Form

A comprehensive guide to understanding the ITR-7 Form

Refund Tracking Under Income Tax Act

ABOUT REFUND BANKER

Rates for tax deduction at source

Rates for tax deduction at source

[For Assessment year 2022-23]

Tax Rates

1.1. In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person

COST INFLATION INDEX

NOTIFIED COST INFLATION INDEX UNDER SECTION 48, EXPLANATION (V)

As per Notification No. So 3266(E) [No. 63/2019 (F.No. 370142/11/2019-TPL)], Dated 12-9-2019, following table should be used for the Cost Inflation Index :-

How to Start Investing in Stocks: A Beginner's Guide

Investing is a way to set aside money while you are busy with life and have that money work for you so that you can fully reap the rewards of your labor in the future. Investing is a means to a happier ending. Legendary investor Warren Buffett defines investing as "…the process of laying out money now to receive more money in the future."1 The goal of investing is to put your money to work in one or more types of investment vehicles in the hopes of growing your money over time.

How can I check my CIBIL score instantly?Is 750 a good CIBIL score?

How can I check my CIBIL score instantly?

Get your CIBIL score in 3 simple steps

Enter your personal details. Ensure it matches your ID proofs.
Verify your identity. Confirm the OTP sent to your mobile number and email ID.
View your CIBIL report. Check out the best loan offers customized for you.

Highway driving tips

Parallel street lights in symmetry through the windscreen, vast lands stretched along the roads present a romantic dance of natural wonders and interesting sights. Car driving out of your city and visiting new places adds a great amount of diverse experience in the way of life. Road Trips have always been a great way for people to get out of the monotony of life and paint their own picture of reality. Following some highway driving tips will add colors to your journey.

How to Drive a Car – Manual & Automatic

First things first, you need to make sure that you are comfortable behind the wheel of the car you plan to drive. Therefore, once you are in the driving seat, adjust it as per your height and comfort. Next, adjust the mirrors, both the inside unit and the ones on the outside. Being comfortably seated would help you keep your calm when you start driving for the first time.

Learning License Renewal Delhi – Online & Offline Procedure

Delhi is one of the fastest moving cities in India with thousands of career-driven people calling it their home every year. Many people in Delhi choose to drive their own vehicles rather than depend on public transport because of the unbearable crowds.

How to Renew Driving Licence in Delhi?

Living in an extremely busy city like Delhi, there is an urgency to get from point A to point B quickly. This is where transportation comes in and while public transportation can be difficult to depend on, it is easier to rely on your own vehicles. But, before anything else, you need to have a valid driving license to take to the Delhi roads. So, what is the procedure of getting a driving license renewed in Delhi?

What is the full form of RTO? – Regional Transport Office

The Motor Vehicle Department was put in existence under section 213(1) of the Motor Vehicles Act, 1988. The MVA, as it’s also known, is a central act that is enforced across the country. This department is responsible for making sure all the provisions under this act are enforced accordingly. It’s headed by the Transport Commissioner, who heads the RTO (Regional Transport Office) of every city. The RTO’s job is to make sure all the functions laid out by the Motor Vehicles Act, 1988 are carried out properly.

Driving Licence Status Online – DL Application Status

Acquiring a driving licence in India might be a simple procedure today, but there are some rules and regulations that need to be followed. For starters, applicants need to fill up the required forms and submit the documents requested by the RTO.

Driving Licence (DL) Online Form

Anyone wishing to drive a vehicle of any kind, i.e. motorbike, scooter, car, bus, or truck, is required to have a valid driving licence first. The Motor Vehicles Act of 1988 has made it compulsory for anyone driving a motorised vehicle to have a driving licence on them at all times. While it used to be a daunting task to apply and get a driving licence before, the government along with the RTO’s across the country have made it a lot easier today.

RTO (Regional Transport Office) & Driving License Forms Online

RTO or Regional Transport Office is essentially a bureau of the central government that maintains a database of drivers and vehicles. There are at least four major functions of the RTO, which include-

New Motor Vehicle Act 2019

New Motor Vehicle Act 2019

The new Motor Vehicle Act 2019 or the Motor Vehicle (Amendment) Act 2019 was implemented in September last year. With the introduction of the new act, several traffic fines have increased substantially and it is believed that the stricter penalties will no help the authorities curb the menace of road accidents caused due to negligent driving.

Smart Card Driving Licence

With everything around us moving forward, the days of driving license books have come to an end. The Smart Card Driving License has slowly, but surely, been replacing the paper version of the document and is one of the best ways to carry around your driving license. These Smart Cards are durable, compact, and hold all the information about the driver in a microprocessor built into the card itself.

Commercial Driving Licence (CDL)

The Commercial Vehicle (CV) industry is widespread and has a turnover of multi-billion rupees. It’s also a lucrative business for many. Be it a businessman who owns a transport company with a fleet of trucks or an individual that own a commercial vehicle, it’s necessary to ensure that the driver who is hired to drive the CV holds a commercial driving licence (CDL). In this post, we tell you the process and documents required for obtaining a commercial DL in India.

Driving Licence Delhi – Driving Licence Online & Offline Apply in Delhi

e-Form Submission : Apply Online (Normal/Tatkaal) - Passport

Online Form Submission

Steps to Apply for Background Verification of GEP. - Passport

Online form Submission Abroad (If the applicant is NOT presently living in India)

How to apply Passport in india

How to apply Passport in India

Online Form Submission

India: How To Register A Copyright

Under Section 48 of Copyrights Act, registration of a Copyright shows that it is prima facie valid. This is a rebuttable presumption and it can be proved otherwise. However, the burden to show invalidity of the registration rests on the person asserting it. Unlike Trade Mark not all countries have a system for registration of a Copyright Work. Therefore, content creators and owners should make optimal use the system.

Steps To Be Taken To Incorporate A New Company

Steps to be taken to get a new company incorporated:

JSON - Overview

JSON or JavaScript Object Notation is a lightweight text-based open standard designed for human-readable data interchange. Conventions used by JSON are known to programmers, which include C, C++, Java, Python, Perl, etc.

How to create a JSON file?

Are you looking for .JSON Files then It’s Here.

When Can You Send a Legal Notice for Defamation?

Usually, in India, you can send a legal notice for defamation mainly in two scenarios. So, when one, or more than one person, tarnish/diminish the reputation of an individual or an institution by:

How To File Defamation Case in India | Defamation Suit

What Is Defamation?

Defamation is defined as an act of harming one’s reputation in an oral or written statement. The term “reputation” is referred to as an integral and important part of an individual’s dignity. Defamation can be done verbally as well as in a written format. The Constitution of India has introduced defamation laws to protect the reputation of an individual. The objective of this law is to maintain the rights of an individual to their reputation, freedom of speech and expression.

ITR-3 Form – What is ITR3 & How to file ITR-3

Update

Union Budget 2021 Outcome:

The threshold limit of tax audit for businesses is extended from Rs. 5 crores to Rs. 10 crore w.e.f. A.Y. 2021-22 where digital transactions are not less than 95 per cent of total transactions.

How To Register DSC On New Income Tax Portal? A Step-by-step Process

Steps to register DSC on new IT portal

Step 1 - Taxpayers will have to visit the official website of the e-filing portal - www.incometax.gov.in

Register Digital Signature Certificate User Manual

The Register Digital Signature Certificate (DSC) service is available to all registered users of the e-Filing portal. This service enables registered users to perform the following:

E-filing 2.0: A step-by-step guide to re-register digital signature certificate on new e-filing portal

How to re-register digital signature certificate on new e-filing portal

Step 1: Visit the new e-filing portal www.incometax.gov.in.

Register Digital Signature Certificate/How to Register Digital Signature Certificate on New Income Tax Portal

DSC Registration in new Income Tax portal

New Income Tax portal was launched on 07th June 2021, now we are required to register Digital Signature Certificate (DSC) in new portal even though it was registered earlier.

Trademark Classes

Trademark Classes categorize various products and services which can be registered as a Trademark. Classes 1 – 34 define products while Classes 35-45 define the services.

Threshold Limit for Tax Audit increased to Rs. 5 crore [Applicable from Assessment Year 2021-22]

Every person carrying on business and maintaining books of account is required to get them audited from a Chartered Accountant if total sales, turnover or gross receipt from business during the previous year exceeds Rs. 1 crore.

Theft

Section 378 in The Indian Penal Code

378. Theft.—Whoever, intending to take dishonestly any moveable property out of the possession of any person without that person’s consent, moves that property in order to such taking, is said to commit theft.

How to Register a Copyright

Step-by-Step Guide: How to Register a Copyright

Formal registration of a copyright is not required to receive protection under U.S. law, since an author is entitled to copyright protection from the moment of the creation of a work in a tangible format.

Copyright

What kind of work can be registered using a copyright?

In India, copyright can be taken for original works that fall in the area of:

Musical works,

ESIC HELPLINE NUMBERS

For Information Technology (IT) related Issues/Queries, Employers/IPs may please Mail to :: ITCare[at]esic[dot]nic[dot]in or Call at: 011-27552237

VAKALATNAMA

As per Advance Law Lexicon Vakalatnama includes memorandum of appearance or any other document by which an advocate is empowered to appear or plead before any court, tribunal or other authority.

What needs to know about the process of filling an appeal before NCLT?

MCA has issued 3 notifications dated 01 June 2016 for setting up of National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) as well as notifying various sections of the Companies Act 2013.

Procedure for Filing an Appeal before the Tribunal (NCLT)

Let’s start with- what is NCLT?

How to File a Patent-USA

1. Search the United States Patent and Trademark Office. Before you invest another dollar or minute of your time, use this search engine to make sure your idea hasn't already been patented. Make sure your idea is something you can patent using this resource from the USPTO.

How to File Patents-INDIA

Intellectual property is an intangible asset – one that can bestow the world with an invention that can make life simple and also contribute to the inventor or his company’s fiscal growth. An Intellectual property brings with it a whole lot of benefits. It can turn an idea into a profit making asset, enhance the market value of a business and even help raise finances. Various inventions such as solar power trees, solar water purifiers, cane-based prosthetic limbs and self-repairing roads have all been credited to Indian investors. These inventions have truly changed the world.

How to file a Trademark

What is a Trademark?

A trademark is synonymous to the brand name. It can be a name, logo, device, symbol or a word which is used to represent products or services of a business entity.

OPEN WORK PERMIT FOR VULNERABLE WORKERS

Profits and gains of business or profession

Profits and gains of business or profession.

28. The following income shall be chargeable to income-tax under the head "Profits and gains of business or profession",—

"Owner of house property",

Section - 27, Income-tax Act, 1961-2021

"Owner of house property", "annual charge", etc., defined.

27. For the purposes of sections 22 to 26—

(i) an individual who transfers otherwise than for adequate consideration any house property to his or her spouse, not being a transfer in connection with an agreement to live apart, or to a minor child not being a married daughter, shall be deemed to be the owner of the house property so transferred;

Property owned by co-owners.

ection - 26, Income-tax Act, 1961-2021

Property owned by co-owners.

26. Where property consisting of buildings or buildings and lands appurtenant thereto is owned by two or more persons and their respective shares are definite and ascertainable, such persons shall not in respect of such property be assessed as an association of persons, but the share of each such person in the income from the property as computed in accordance with sections 22 to 25 shall be included in his total income.

Special provision for arrears of rent and unrealised rent received subsequently.

25A. (1) The amount of arrears of rent received from a tenant or the unrealised rent realised subsequently from a tenant, as the case may be, by an assessee shall be deemed to be the income from house property in respect of the financial year in which such rent is received or realised, and shall be included in the total income of the assessee under the head "Income from house property", whether the assessee is the owner of the property or not in that financial year.

(2) A sum equal to thirty per cent of the arrears of rent or the unrealised rent referred to in sub-section (1) shall be allowed as deduction.

Amounts not deductible from income from house property.

25. Notwithstanding anything contained in section 24, any interest chargeable under this Act which is payable outside India (not being interest on a loan issued for public subscription before the 1st day of April, 1938), on which tax has not been paid or deducted under Chapter XVII-B and in respect of which there is no person in India who may be treated as an agent under section 163 shall not be deducted in computing the income chargeable under the head "Income from house property".

Deductions from income from house property.

Section - 24, Income-tax Act, 1961-2021

Deductions from income from house property.

24. Income chargeable under the head "Income from house property" shall be computed after making the following deductions, namely:—

Annual value how determined.

23. (1) For the purposes of section 22, the annual value of any property shall be deemed to be—

(a) the sum for which the property might reasonably be expected to let from year to year; or

(b) where the property or any part of the property is let and the actual rent received or receivable by the owner in respect thereof is in excess of the sum referred to in clause (a), the amount so received or receivable; or

"Salary", "perquisite" and "profits in lieu of salary"

Section - 17, Income-tax Act, 1961-2021

"Salary", "perquisite" and "profits in lieu of salary" defined.

17. For the purposes of sections 15 and 16 and of this section,—

(1) "salary" includes—

Know Your Ethics-CA

Know Your Ethics

Whether a member not in practice can use any other description?

A member not in practice may use, as per the provisions of Section 7 of the Chartered Accountants Act, 1949, the designation of “chartered accountant”. However, if he chooses to use the designation of “chartered accountant”, he shall not use any other description, whether in addition, or in substitution thereof. However, such a member is not prohibited from adding any other description or letters to his name, if entitled thereto, to indicate membership of such other Institute of accountancy, whether in India or elsewhere, as may be recognised in this behalf by the Council, or any other qualification that he may possess.

GSTR-8 : Return Filing, Format, Eligibility

GSTR-8 is a monthly return to be filed by e-commerce operators registered under the GST. In this article, we will discuss the following.

GSTR 7: Return Filing, Format, Eligibility

Every registered taxable person who is required to deduct tax at source under GST shall furnish a return in FORM GSTR-7 by 10th of next month.

RBI Working Paper No. 4/2021: Does Offshore NDF Market Influence Onshore Forex Market? Evidence from India

The Reserve Bank of India today placed on its website a Working Paper titled “Does Offshore NDF Market Influence Onshore Forex Market? Evidence from India” under the Reserve Bank of India Working Paper Series*. The paper is authored by Harendra Behera, Rajiv Ranjan and Sajjid Chinoy.

Creation/ Setting up of Company in Tally.ERP 9

2.3 Creation/ Setting up of Company in Tally.ERP 9

The first step towards understanding Tally.ERP 9 is to create a company in Tally.ERP 9. Create a company using the Company Creation screen.

All FAQs On E-Filing

Filing

To view the step-by-step instructions on using the MCA services, refer the Help on using the MCA Portal

Current News under TRADEMARK
February 28, 2019
Shortlisted Candidates for Interview for Examiners of Trademarks (On Contract Basis)- refer to vacancy announcement

FREQUENTLY ASKED QUESTIONS PATENTS

FREQUENTLYASKED QUESTIONS PATENTS

FAQs On Refund Process

What is refund process?

The user is required to make various payments to avail MCA21 services. A number of instances have been observed where the users make multiple payments or incorrect payment or excess payment while using these services. In order to allow the stakeholders to claim refund of such payments, refund process has been introduced by MCA.Click here to view Approved Refund Process (1561KB)

Design under the Designs Act, 2000?

What is meant by ‘Design’ under the Designs Act, 2000?

‘Design’ means only the features of shape, configuration, pattern or ornament or composition of lines or colour or combination thereof applied to any article whether two dimensional or three dimensional or in both forms, by any industrial process or means, whether manual, mechanical or chemical, separate or combined, which in the finished article appeal to and are judged solely by the eye, but does not include any mode or principle or construction or anything which is in substance a mere mechanical device, and does not include any trade mark, as define in clause (v) of sub-section of Section 2 of the Trade and Merchandise Marks Act, 1958, property mark or artistic works as defined under Section 2(c) of the Copyright Act, 1957.

First Schedule:- Trade Mark Rules 2017

Deductions from salaries.

16. The income chargeable under the head "Salaries" shall be computed after making the following deductions, namely :—

Salaries

Salaries

Salaries.

15. The following income shall be chargeable to income-tax under the head "Salaries"—

Help On File Formats

Viewing Information for Various File Formats

This website includes some content that is available in non-HTML format. They might not be visible properly if your browser does not have the required plug-ins.
For example, Acrobat Reader software is required to view Adobe Acrobat PDF files. If you do not have this software installed on your computer, you can download it for free. The following table lists some plug-ins that you will require.

Help on using the MCA Portal

FAQs On Cancel SRN Due To Unsuccessful Payment

When should I cancel SRN?

You can cancel your SRN if following two conditions are met:
1. In case payment of the uploaded eform was unsuccessful for technical reason and no option is available for making such payment again, then cancel your G and E series SRN.

2. If your account is not debited.

How can I cancel my SRN?

1. Login to the MCA21 application.
2. Click the MCA Services tab. The list of MCA Services is displayed.
3. Click the SRN / Transaction Status menu. The Track SRN Status page is displayed.
4. In the SRN field, enter the SRN to be cancelled and click Submit. The SRN details are displayed.
5. Click the Cancel SRN link available for the SRN. The Track SRN page will be displayed with SRN filled in the SRN field.
Note: You can only cancel your SRNs that have G or E as prefix. These SRNs are for eForms/ services and stamp duty payment. The Cancel SRN link is displayed only when SRN status is Not Paid or Pending for Payment.

I want to cancel my SRN but I do not see the cancel SRN link for my SRN.

You can only cancel your SRNs that have G or E as prefix. These SRNs are for eForms/ services and stamp duty payment. The Cancel SRN link is displayed only when SRN status is Not Paid or Pending for Payment.

You can cancel the SRN for the filings done by your user id only.

Steps To Register A LLP

Do you want to start an Indian LLP?

To register a Indian LLP, you need to first apply for a Designated Partner Identification Number (DPIN), which can be done by filing eForm for acquiring the DIN or DPIN. You would then need to acquire your Digital Signature Certificate and register the same on the portal. Thereafter, you need to get the LLP name approved by the Ministry. Once the LLP name is approved, you can register the LLP by filing the incorporation form.

Step 1 : Application for DIN or DPIN

All designated partners of the proposed LLP shall obtain “Designated Partner Identification Number (DPIN)”. You need to file eForm DIR-3 in order to obtain DIN or DPIN. In case you already have a DIN (Director Identification Number), the same can be used as a DPIN.

Step 2 : Acquire/ Register DSC

The Information Technology Act, 2000 provides for use of Digital Signatures on the documents submitted in electronic form in order to ensure the security and authenticity of the documents filed electronically. This is the only secure and authentic way that a document can be submitted electronically. As such, all filings done by the LLP(s) are required to be filed with the use of Digital Signatures by the person authorised to sign the documents.

Acquire DSC -A licensed Certifying Authority (CA) issues the digital signature. Certifying Authority (CA) means a person who has been granted a license to issue a digital signature certificate under Section 24 of the Indian IT-Act 2000.

Register DSC - Role check can be performed only after the signatories have registered their Digital signature certificates (DSC) with LLP application. To know about it click Register a DSC

Step 3 : New User Registration

To file an eForm or to avail any paid service on LLP portal; you are first required to register yourself as a user in the relevant user category, such as registered and business user. To register now click New User Registration

Step 4 : Incorporate a LLP

Apply for the name of the LLP to be registered by filing Form 1 [zip](208KB) (Application for reservation or change of name) for the same. After that depending upon the proposed LLP, file required incorporation Form 2 [zip](681 KB) ( Incorporation document and Subscriber’s statement)

Once the form has been approved by the concerned official of the Ministry, you will receive an email regarding the same and the status of the form will get changed to Approved. To know more about e-Filing process click "All About e-Filing"

Step 5 : File LLP Agreement

After incorporation of LLP, an initial LLP agreement is to be filed within 30 days of incorporation of LLP. The user has to file the information in Form 3 ( Information with regard to Limited Liability Partnership Agreement and changes, if any, made therein).

80G Registration

Introduction

A NGO can avail income tax exemption by getting itself registered and complying with certain other formalities, but such registration does not provide any benefit to the persons making donations. The Income Tax Act has certain provisions, which offer tax benefits to the "donors". All NGO's should avail the advantage of these provisions to attract potential donors. Section 80G is one of such sections.

Procedure

If an NGO gets itself registered under section 80G then the person or the organisation making a donation to the NGO will get a deduction of 50% from his/its taxable income.

Earlier registration under 80G was given as one-time registration unless any specific restrictions are provided in the registration certificate itself but Finance Act 2020 has made some substantial changes in registration process and period for which approval will be given.

New Registrations

An application for fresh registration under section 80G will be given to Principal Commissioner or Commissioner. A provisional registration for 3 years will be given to organisations. The registration once granted shall be valid for three years from the Assessment Year from which the registration is sought. Application for renewal of such new registration needs to be submitted

- at least six months prior to the expiry of validity period or
- within 6 months from commencement if activities,
whichever is earlier.

The provisional registration so granted shall be valid for a period of 3 years and hence needs to be renewed at the end of the above mentioned timelines. The registration so renewed shall be valid only for 5 years and needs to be renewed at the end of each 5 years.

Existing Registration- Validation & Re approvals

Earlier the approval u/s 80G was valid for perpetuity. The Finance Act 2020 provides that all the existing 80G approvals needs to be revalidated and the application for the same should be submitted within three months from 1st April 2021 i.e. on or before 30th June, 2021. As per amended provisions, the revalidation of registrations will be valid for a period of 5 years and thereafter approval for 80G has to be again applied for at least 6 months prior to the expiry of the registration.

Forms and Timelines

Category	Forms	Timeline to make application
Trusts already approved/registered and their approval/registration is continuing an on 01-04-2021.	10A	On or before 31-08-2021
Trusts making application for provisional registration/approval	10A	1 month before the commencement
Conversion of provisional registration into regular registration	10AB	At least 6 months before the expiry or within 6 months of commencement of its activities, whichever is earlier
Renewal of registration/approval after five year said registration period.	10AB	At least 6 months prior to expiry of the said registration period

Procedure for registration

a)   Log on to the E-filing portal of IT department vide https://www.incometaxindiaefiling.gov.in/home
b)   Go to “Income Tax Forms” under e-File tab.
c)   Select the Form Name as “Form 10A” and relevant Assessment Year from the drop down list.
d)   Select the option of “Prepare and Submit Online” in submission mode.
e)   Fill in the details as required in the form and attach the required and applicable attachments.
f)   Submit the form using digital signatures or EVC as required while return filing.

Documents required to be filled with form 10A/ 10AB

a)   Self-certified copy of incorporation document of Trust/Societies (created under instrument or otherwise)
b)   self-certified copy of registration with Registrar of Companies or Registrar of Firms and Societies or Registrar of Public Trusts, as the case may be;
c)   self-certified copy of FCRA registration, if the applicant is registered under such Act;
d)   self-certified copy of existing order granting approval under clause (23C) of section 10;
e)   In case of existing entities, copies of annual accounts for the period not exceeding 3 years immediately preceding the year in which the application is made
f)   Where the income of the entity includes profits and gains of business as per the provisions of sub-section (4A) of section 11, copies of annual accounts and audit report u/s 44AB for 3 years immediately preceding the year in which the said application is made
g)   Details of activities since its inception or last three years whichever is less.

Conditions to be fulfilled under Section 80G

For approval under Section 80G the following conditions are to be fulfilled :
a)   The NGO should not have any income which are not exempted, such as business income. If, the NGO has business income then it should maintain separate books of accounts and should not divert donations received for the purpose of such business.
b)   the bylaws or objectives of the NGOs should not contain any provision for spending the income or assets of the NGO for purposes other than charitable.
c)   the NGO is not working for the benefit of particular religious’ community or caste.
d)   the NGO maintains regular accounts of its receipts & expenditures.
e)   the NGO is properly registered under the Societies Registration Act 1860 or under any law corresponding to that act or is registered under section 8 of the Companies Act 2013.

Mandatory Requirement of Darpan Id

The organisations applying for registration/ revalidation as per the amended provisions of section 80G, is mandatorily required to give the details of its Registration number with Darpan portal of Niti Aayog
This is also mandatory in the situation where the applicant organisation receives or intends to receive any grantor assistance from either the Central Government or state Government.

Issuance of Certificate

On receipt of the application under 10A, the PCIT or CIT shall pass an order in writing granting approval in Form No. 10AC and issue a sixteen-digit alphanumeric Unique Registration Number (URN) to the applicants. The PCIT/ CIT is also entitled to demand further documents from the applicant if the need for the same is felt, or may reject the application after giving an opportunity of being heard. The rejection order will also be passed in Form No. 10ACThe registration accorded to the NGO will be valid as per the new provisions of act amended through Finance Act 2020.

On receipt of application under 10AB, the order of registration or rejection or cancellation of registration shall be in Form No. 10AD and in case if the registration is granted, sixteen-digit alphanumeric number URN shall be issued by the PCIT or CIT. In this case also, PCIT/ CIT is entitled to demand further documents from the applicant to satisfy himself about the genuineness of activities of the trust or institution and the compliance of such requirements of any other law for the time being in force by the trust or institution as are material to achieve its objects.
To summarize the above, we can say that the timelines to issue order to grant registration/provisional registration/revalidation of existing registrations are as follows:

Category of entity	Time limit for filing application for registration	Time limit for passing order
For existing 80G registered entities	Within 3 months from 1st April, 2021 i.e. up to 31st August, 2021	Within 3 months from the end of the month in which the application is received
In any other case (including fresh provisional registration)	Atleast 1 month before commencement of the previous year relevant to assessment year from which the said registration is sought	Within 1 month from the end of the month in which the application is received
Trusts or institutions which are registered under new provisions of section 80G and the period of the said registration is due to expire	Atleast 6 months before the expiry of the said period	Within 6 months from the end of the month in which the application was received
Trusts opting for provisional to final registration for 5 years	Atleast 6 months before the expiry of the provisional registration or within 6 months of commencement of its activities, whichever is earlier	Within 6 months from the end of the month in which the application was received

Extent of benefit

There is ceiling limit up to which the benefit is allowable to the donor. If the amount of deduction to a charitable organisation or trust is more than 10% of the Gross Total Income computed under the Act (as reduced by income on which income-tax is not payable under any provision of this Act and by any amount in respect of which the assessee is entitled to a deduction under any other provision of this Chapter), then the amount in excess of 10% of Gross Total Income shall not qualify for deduction under section 80G.

In other words, while computing the total income of an assessee and for arriving at the deductible amount under section 80G, first the aggregate of the sums donated has to be found out. The 50 per cent of such donations has to be found out and it should be limited to 10 per cent of the gross total income. If such amount is more than 10 per cent of the gross total income, the excess will have to be ignored.

Cash payment upto Rs. 2,000/-

Any donation in excess of Rs. 2,000/- under section 80G should be made any mode other than cash.

Penal provisions

Donee, the assesse is required to furnish certificate of amount received to every donor and also required to file statement of donation received to Income tax department. On non-compliance of above assesse will become assesse in default and liable to penalty u/s 271K and the quantum of penalty will be
- Minimum: Rs 10,000
- Maximum: Rs 1,00,000

Sunday, August 8, 2021

Getting Functional with Tally.ERP 9

2.2.1 Tally.ERP 9 Start-up

Tally.ERP 9 can be started in any of the following ways :

‡ Click on Start > Programs > Tally.ERP 9 > Tally.ERP 9 or double click on the Tally.ERP 9

icon on your desktop

The welcome screen Tally.ERP 9 – Power of Simplicity appears while the software loads. You will be ready to explore Tally.ERP 9,

The Tally.ERP 9 Start-up Screen appears as shown below:

2.2.2 Tally.ERP 9 Screen Components

‡ Title bar: Displays the Tally.ERP 9 version number.

‡ Horizontal button bar: Selection of Language key, Keyboard Language and Tally.ERP 9

Help.

‡ Close button: Performs the standard Windows Operating Systems function (Windows 95 onwards), allowing you to minimise Tally.ERP 9 and work on other applications. To restore Tally.ERP 9, click the Tally.ERP 9 icon on the taskbar.

‡ Gateway of Tally: Displays menus, screens, reports and accepts the choices and options which you select to view data as required.

‡ Buttons toolbar: Displays buttons which provide quick interaction with Tally.ERP 9. Only buttons relevant to the current task are visible.

‡ Calculator Area: Used for Calculator functions.

‡ Info Panel: Displays Version number, License details, Configuration details.

2.2.3 Mouse/ Keyboard Conventions

While working with Tally.ERP 9, use the following conventions.

MOUSE/ KEYBOARD CONVENTIONS
Action	Particulars
Click	Press the left mouse button.
Double-click	Press and release the left mouse button twice, without moving the mouse pointer off the item.
Choose	Position the mouse pointer on the item and click the left mouse button.
Select	Position the mouse pointer on the item and double- click the left mouse button.
Press	Use the keys on the keyboard in the combination shown.
Fn	Press the function key.
Fn	Press ALT + function key.
Fn	Press CTRL + function key.

2.2.4 Switching between Screen Areas

When Tally.ERP 9 first loads, the Gateway of Tally screen displays. To toggle between this screen and the Calculator/ ODBC server area at the bottom of the screen, press Ctrl+N or Ctrl+M as indicated on the screen. A green bar highlights the active area of the screen.

2.2.5 Quitting Tally.ERP 9

You can exit the program from any Tally.ERP 9 screen, but Tally.ERP 9 requires all screens to be closed before it shuts down.

To quit working on Tally.ERP 9,

‡ Press Esc until you see the message Quit? Yes or No ? Press Enter or Y, or click Yes to quit Tally.ERP 9.

‡ Alternatively, to exit without confirmation, press Ctrl+Q from Gateway of Tally.

‡ You can also press Enter while the option Quit is selected from Gateway of Tally.

THE GIFT-TAX ACT, 1958

[18 OF 1958]

[THE ACT HAS CEASED TO APPLY WITH EFFECT FROM GIFTS MADE ON OR AFTER 1-10-1998 (SEE SECTION 3(3)) ]

An Act to provide for the levy of gift-tax

BE it enacted by Parliament in the Ninth Year of the Republic of India as follows :—

CHAPTER I

PRELIMINARY

Short title, extent and commencement.

1. (1) This Act may be called the Gift-tax Act, 1958.

(2) It extends to the whole of India except the State of Jammu and Kashmir.

(3) It shall be deemed to have come into force on the 1st day of April, 1958.

Income not chargeable in the hands of non-residents

FOREIGN COMPANY

Meaning

As per Section 2(23A) "foreign company" means a company which is not a domestic company

Tax rate

A. Income Tax

Assessment Year 2022-23 and Assessment year 2021-22

Nature of IncomeTax Rate

Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government50%

Any other income40%

Add:

a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 2% of such tax, where total income exceeds one crore rupees but not exceeding ten crore rupees and at the rate of 5% of such tax, where total income exceeds ten crore rupees. However, the surcharge shall be subject to marginal relief, which shall be as under:

(i) Where income exceeds one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

(ii) Where income exceeds ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees.

b) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.

c) Secondary and Higher Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.

B. Minimum Alternate Tax

A company shall be liable to pay MAT @ 15% of book profit (plus surcharge and education cess as applicable) where the normal tax liability of the company is less than 15% of book profit.However, a foreign company shall not be liable to pay MAT on following incomes if income-tax payable thereon under the normal provisions is at a rate less than 15%

capital gains arising from transfer of securities,

interest,

Dividend,

royalty and

fees for technical services

Further, MAT provisions shall not be applicable with effect from April 1, 2001 to a foreign company, if—

i) the assessee is a resident of a country or a specified territory with which India has an Double Taxation Avoidance Agreement (‘DTAA) or the Central Government has adopted any agreement under sub-section (1) of section 90A and the assessee does not have a permanent establishment in India; or

ii) the assessee is a resident of a country with which India does not have an DTAA and the assessee is not required to seek registration under any law for the time being in force relating to companies.

Special Provisions applicable to Foreign Companies

Section 4 Charge of income-tax

Section 5 Scope of total income

Section 6 Residence in India

Section 7 Income deemed to be received.

Section 44B read withSection 172 Special provision for computing profits and gains of shipping

Due Dates for the Year 2021

March 15, 2021

Fourth instalment of advance tax for the assessment year 2021-22

March 31, 2021

Country-By-Country Report in Form No. 3CEAD for the previous year 2019-20 by a parent entity or the alternate reporting entity, resident in India, in respect of the international group of which it is a constituent of such group

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