The Income Tax Department on January 1 notified a new helpline number for taxpayers who e-file their returns and conduct other tax-related businesses online.
The department issued an advisory and said: "Attention taxpayers: e-Filing help desk number has been changed. New help desk number is: India Toll Free- 18001030025. Direct Number: +918046122000."
Here is the link Taxpayers use the e-filing portal of the department to file their income tax returns (ITRs) and perform other income tax related tasks on the web portal: https://www.incometaxindiaefiling.gov.in.
"The new helpline numbers can be called in case of any trouble on the e-filing portal," a senior official said.
The department has separate helpline numbers to take questions and queries on various other issues that a taxpayer faces.
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The government had also introduced different ITR Forms. One of these forms includes ITR - 1 or Sahaj. A simplified one-page form, ITR1, can be filed by individuals having income up to Rs 50 lakhs from the following sources: * Income from Salary/Pension * Income from One House Property (excluding cases where loss is brought forward from previous years) * Income from Other Sources (excluding winning from Lottery and Income from Race Horses)
You can file your ITR 1 Form online by transmitting the data electronically and then sending the acknowledgement slip of the return to the Income Tax Department's CPC office in Bangalore within 120 days of e-filing. You can also e-verify your return.
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Note that only individuals who are 80-years-old or above or individuals/HUFs whose income does not exceed Rs 5 lakh and who has not claimed any refund in the return of income can file the IT return in paper form. You need to file the ITR in physical paper form and get an acknowledgement slip from IT department at the time of submission.
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When the refund process begins Once you file your income tax returns, it is processed by the tax authorities. It is after this stage refund orders, if there is any, are generated and transmitted to the State Bank of India's CMP Branch in Mumbai, the income tax refund banker. The refund can be processed in two ways: direct credit and cheque. Here are four points you should know about income tax refunds.
Make sure you mention your correct and complete bank account number, MICR / IFSC code of bank branch and correct communication address in the income tax return to get refunds through RTGS or NECS.
If you do not mention the MICR / IFSC details of the bank account in your income tax return, a cheque will be issued to the account number given in your return.
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Within 10 days of the refund being processed and is sent to the refund banker, you can check the status on: https://tin.tin.nsdl.com/oltas/refundstatuslogin.html . Details such as assessment year and PAN need to be submitted to generate refund status. You can also find the status of your refund in the tax credit statement in Form 26AS.
If the refund has not been credited to your account (either through cheque or direct credit), you need to make a reissue request on the income tax portal. You should update your address / bank account number / IFSC code for the department to reissue the refund.
And once you get your refund, make sure you safely keep the income tax payment challan counterfoil.
The rumour mills have gone on an overdrive mode since the launch of GST. Here's clarity on 7 common misconceptions about the new tax regime:
Myth: We are in a single tax regime as GST has replaced all other taxes on all goods and services.
Reality : Though this was the original idea, petroleum products—petrol, diesel—are still outside GST’s ambit and, therefore, their tax rates vary significantly across states.
For example, petrol is still sold in Mumbai at Rs 74.30 per litre (as on 5 July) compared to Rs 63.12 in New Delhi. Similarly, some other items, such as liquor, have also been kept out of GST for now.
Myth: Because of computerised billing under GST, life of small businessmen will become difficult as they will need internet connectivity.
Reality: Manual billing can be done under GST and internet connectivity will be needed only at the time of filing monthly return. This can be managed even form a cyber cafe.
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Myth: Personal expenses will rise as tax rates have been fixed at higher levels—18%, 28%.
Reality: Though the GST rates seem high, it is only because the entire tax is now visible to the consumer. Earlier most taxes—central and state excise, additional excise, purchase tax, etc.—did not reflect on your bill. If one adds up all the taxes, it would have been more for most items (ie effective tax rates will be lower for most products).
Myth: Business will try to rob you of the GST benefits, but the government won’t make money at your expense.
Reality: Some state governments are also acting greedy and not passing on the GST benefits to consumers. For example, the Maharashtra government has increased the vehicle registration tax by 2% after auto firms passed on the GST benefit by cutting prices by 2-3%.
Myth: For every good or service that has been brought under GST, there won’t be any additional tax.
Reality: GST only subsumes central and state taxes and the levies charged by local bodies are still outside its ambit. Using this loophole, the Tamil Nadu government has allowed its local bodies to charge 30% tax on movie tickets over and above GST. GST is 18% for movie tickets up to Rs 100 and 28% for tickets that cost more than Rs 100.
But because of local body levies, tax in Tamil Nadu will be 48% for tickets up to Rs 100 and 58% for tickets that cost more.
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Reality: Real economic growth comes from both organised and unorganised sectors. Tax evasion becomes difficult in GST, so cost advantage of unorganised sector goes and this will result in some businesses shifting to the organised sector. So, what happens will not be an in increase in ‘real’ economic growth but an increase in ‘recorded’ economic growth. However, there will be a small uptick in ‘real’ economic growth due to the improvement in the ease of doing business.
Myth: If you make payments via credit card, GST will be charged twice.
Reality: There is no additional GST for credit card payments and the confusion arose only because there is GST on additional fees—convenience charges—levied by companies. For example, you make a Rs 10,000 payment and a company charges Rs 50 as convenience fee for helping you make the payment via the credit card, you have to pay 18% GST on that fee too—earlier you paid a 15% tax on it. So the 3% increase is very small—just Rs 1.5 on Rs 50.
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From July 1, GST will replace the existing web of indirect taxes. If you are a small business owner, entrepreneur or a self-employed professional, these 6 basic questions about GST could be bothering you.
Any person who sells goods and/or provides services of more than Rs 20 lakh (Rs 10 lakh for North East states) in a financial year must seek registration under GST. Those making inter-state supplies or supplies via e-commerce must mandatorily register, no threshold limit is applicable to these. Taxpayers already registered under VAT/service tax also need to migrate and register under GST.
Registering under GST allows you to claim input tax credit. Which means, at the time of paying GST which you have collected on your sales, you can reduce the GST you have paid on inputs used for your business. If you are unregistered, businesses to which you supply will have to do compliance on your behalf. Some buyers may avoid dealing with nonregistered suppliers due to higher burden of compliance.
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All existing central excise and service tax registrants and VAT dealers will be migrated to GST. To migrate to GST, a provisional ID and password by the CBEC/State Commercial Tax Departments will be provided. You can use this provisional ID and password to log on to the GST Common Portal (https://www.gst.gov.in). Fill up the form and submit Form 20 along with necessary supporting documents. What happens after registration? Each entity registered under the previous indirect tax laws shall get a certificate of registration on provisional basis. This certificate would be valid for 6 months.
All GST compliance will be paperless. GST returns will have to be filed online. Therefore, it will be beneficial to move to an electronic system of record keeping. Details of every B2B invoice will have to be submitted to GSTN. Invoices must also be prepared in the format prescribed under GST Rules. The process of tax payment, tax credit, and refund of GST would be carried out electronically.
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Small businesses and taxpayers with turnover of less than Rs 50 lakh in a financial year can opt for the composition scheme under which they will be taxed at fixed rates; 1% for manufacturers, 2.5% for restaurants, 0.5% for other supplies which may be notified in due course.
Composition dealers will have to file quarterly returns instead of three returns every month. However, they cannot collect tax from customers. They also have to pay GST out of their own pocket and are not allowed to claim any input tax credit. This scheme is not available to those who make interstate sales or sell via e-commerce.
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Any person who supplies goods on which tax is not paid or is short paid, must pay a penalty of 10% of the tax amount due or Rs 10,000, whichever is higher. The penalty can be 100% of the tax amount in case of deliberate evasion or fraud. There are other penalties mentioned in the law for non-filing of returns, other non-compliance etc.