Cess on Tax

AY 2018 - 2019 : @ 3%

AY 2019 - 2020 : @ 4%

AY 2020 - 2021 : @ 4%

Standard Deduction for Salary - Section 16

AY 2018 - 2019 : NA

AY 2019 - 2020 : Rs.40,000

AY 2020 - 2021 : Rs.50,000

Deemed Let out Property

AY 2018 - 2019: Only one property allows ed as self-occupied and others are charged notional rent

AY 2019 - 2020: Only one property allows ed as self-occupied and others are charged notional rent

AY 2020 - 2021: Exempt levy of income tax on notional rent on second occupied houses

Stamp Duty valuation - section 50c

AY 2018 - 2019: Change between actual consideration and stamp duty valuation to be considered

AY 2019 - 2020: Change between actual consideration and stamp duty valuation to be considered

AY 2020 - 2021: Consider Stamp Duty Value only if it exceeds 105% of the declared consideration

Exemption under section 54

AY 2018 - 2019: Can avail against the purchase of ONE residential property only

AY 2019 - 2020: Can avail against the purchase of ONE residential property only

AY 2020 - 2021: Can avail against the purchase of TWO residential property if CG < 2 Crore

Holding Period of Investment - Section 54ec

AY 2018 - 2019: 3 Years

AY 2019 - 2020: 5 Years

AY 2020 - 2021: 5 Years

Tax on LTCG (Long Term Capital Gains) Share (Securities transaction tax) STT Paid Cases

AY 2018 - 2019 : Exempt under Section 10(38)

AY 2019 - 2020 : Taxable @10% if CG > Rs.1,00,000

AY 2020 - 2021 : Taxable @10% if CG > Rs.1,00,000

Rebate under section 87a for Resident Individuals

AY 2018 - 2019 : Upto Rs. 2500 if Total Income < Rs.3,50,000

AY 2019 - 2020 : Upto Rs. 2500 if Total Income < Rs.3,50,000

AY 2020 - 2021 : Upto Rs. 12500 if Total Income < Rs.5,00,000

Deduction in respect of interest on deposits in case of senior citizens Section 80ttb

AY 2018 - 2019: NA

AY 2019 - 2020: Rs.50000 (80TTA not available to this category)

AY 2020 - 2021: Rs.50000 (80TTA not available to this category)

Deduction under section 80D

AY 2018 - 2019 :

• 1. Assessee and family maximum Rs.25,000
• 2. Parents of Assessee Rs. 25,000
• 3. The medical expense of Assessee and Family Member only for Very Senior Citizen Rs.30,000
• 4. The medical expense of Parents only for Very Senior Citizen Rs. 30,000

AY 2019 - 2020 :

• 1. Assessee and family maximum Rs.25,000
• 2. Parents of Assessee Rs. 25,000
• 3. The medical expense of Assessee and Family Member only for Senior Citizen Rs.30,000
• 4. The medical expense of Parents only for Senior Citizen Rs. 30,000

Deduction under section 80ddb (Medical Treatment for specified disease)

TDS Limit under section 194a

TDS (tax deduction at source) Limit under section 194i

AY 2018 - 2019 : Rs.1,80,000

AY 2019 - 2020 : Rs.1,80,000

AY 2020 - 2021 : Rs.2,40,000

Sree Rajarajeswari

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Tax Planning Tips for Salaried Employess

Tax Deduction at Source (TDS)Goods and Service Tax

Tax Deduction at Source

Who is required to deduct TDS?

• (i) set up by an Act of Parliament or a State Legislature; or
• (ii) established by any Government, with 51% or more equity or control by the government.

When to deduct TDS?

• Different from the State or UT of the registration of the recipient.

At what Rate TDS to be deducted?

• 1% for CGST+ 1% for SGST/UTGST  or  2% for IGST

On which Value TDS to be deducted?

• Explanation to Section 51(1)
• The value of supply is to be taken as the amount excluding the tax and cess indicated on the invoice. 
• This means TDS shall not be deducted on the CGST, SGST/UTGST or IGST component of invoice.

Is registration compulsory?

• A person who is liable to deduct TDS has to compulsorily register (whether or not separately registered)
• There is no threshold limit for this

• Form: GST REG-07 
• Applicants not having PAN can apply on the basis of existing TAN issued under the Income Tax Act. 
• TAN - Tax Deduction and Collection Account Number

• Within 10 days from the end of the month in which tax is deducted. 

• File TDS return in form GSTR-7 within 10 days from the end of the month. 
• When GSTIN of the unregistered supplier is not available, their name can be mentioned. 
• The robustness of the system reflects these filled-in details in the electronic ledger of the supplier.

When and how to the issue of TDS certificate? 

• In Form GSTR-7A (made electronically available), - Rule 66(3) of CGST Rules.
• Within 5 days of crediting the amount so deducted to Government.

Is it possible to get refund of TDS under GST?

Is there any Interest / Late fee for non-compliance?

• Interest at 18% per annum from the day succeeding the day on which such tax was due to be paid. - Section 51(6) read with Section 50(1)

TDS on GST

TDS Payment on Rent of Property for Individual or HUF 

1. No need to fill forms and cheques.
2. Cheques, cash deposit is not required. so you can reduce your long process transactions and save your valuable time.
3. Went to bank and waiting for acknowlegment
4. Cheques payment takes more time than online payment. so there may be chances to penalty for late payments. So you can reduce penalty and Interests for online payment.
5. You can complete payment with in 5-10 mins.
6. You can make payment at any time (24X7).

STEP-1:

STEP-3:

1. A department or establishment of the Central or State  Government, or
2. Local authority, or
3. Governmental agencies, or
4. Persons or category of persons as may be notified, by the Central or a State Government on the recommendations of the  Council.

1. Deductors shall be registered under section 24 
2. TAN/PAN is MANDATORY
3. TDS deducted should be reported in a return form GSTR 7 by the 10th day  of the month succeeding the month in which TDS was collected.
4. The amount deposited as TDS will be reflected in the electronic cash  ledger of the supplier.
5. They need to issue a certificate in form GSTR-7A to the  supplier within 5 days of deducting TDS mentioning therein the contract value, rate of  deduction, amount deducted, the amount paid to theappropriate Government.
6. Non-deduction / short deduction / non-payment or short payment of TDS is on offence under the act for which a minimum penalty of Rs 10000/- is prescribed under the act.

• In case the amount is claimed by the taxable person in his electronic cash ledger
• Refund to deductor is not possible in such case. However, deductee can claim a refund of tax subject to refund provisions of the act. Practically it is not possible to claim any erroneous deduction of TDS by the deductor. 
• In case the amount is not so claimed by the dealer
• Refund of erroneous excess TDS deducted is possible to deductor, subject to refund provision and procedure of the act.  (This condition arises when deductor not filed return GSTR-7) 

• Non Tax Audit individuals / HUF Assesses paying rent exceeding Rs 50,000/- to deduct TDS @ 5% once in a year through Challan cum return statement, without procuring TAN.
• Any person paying consideration (other than in kind) under Joint Development Agreement shall deduct tax @ 10 %.
• In case of TCS:

1. Person paying – [Payer], to give PAN Number to person responsible for collecting TCS [Collector], failing which tax shall be collected @ twice the rate or at 5% Which ever Is High.
2. Declaration filed U/s.206C(1A) [TCS not to be made for specified goods – If it is not for trading purposes] is invalid unless payer furnishes his PAN
3. Mandatory quoting of PAN by both collector and payer in all correspondence, bills and vouchers

1. PAN of Transferee/Buyer
2. PAN of Transferor/Seller
3. ACK No.
4. Assessment Year

1. The communication reference No. as reflected in your intimation letter is mandatory to be filled.
2. Demand of Short deduction (S.No. 1 of intimation letter) is to be filled in the’ Principal Tax’ row.
3. Sum total of Demands of all Interests(S.No. 2(a),3(a) and 3(b) of intimation letter) is to be filled in the ‘Interest’ row.
4. Any penalty levied is to be filled in the “Penalty” row
5. Late filing fee u/s 234E (S.No. 4(a) of intimation letter) is to be filled in’ Fee’ row.
6. System will automatically calculate the total of all rows .It should be noted that the total amount in both the columns i.e”Demand as per intimation” and” Demand being paid” should be exactly same ,otherwise the system will not allow buyer/deductor to proceed further .
7. After filling all necessary details click on the “Proceed” button for e-payment of the demand.