G BAJPAI & ASSOCIATES

-ITR-U has been enabled for AY 2020-21 and AY 2021-22 for ITR 1 and ITR 4. The updated return u/s 139(8A) can be prepared using the Excel utility. -I TR-U is an updated return that can be filed under the following circumstances : Return not filed for AY 20-21 & 21-22 Income reported incorrectly Wrong heads of income chosen Reduction of carried forward loss Wrong rate of tax Reduction of unabsorbed depreciation - ITR-U cannot be filed if: If search/ survey/ prosecution proceedings are initiated against the taxpayers for the relevant AY. If the total tax liability is to be reduced Losses to be adjusted against the income There is a refund or increase in the refund amount -Additional liability: An additional 25% interest on the tax is due if the updated ITR is filed within 12 months. Interest up to 50% if it is filed after 12 months. -You can file only one updated return for each assessment year. Read more

ITR 1 - Resident individuals having total income up to ₹50 lakh. Having total income from salary/pension, one house property, other sources (interest etc) and agricultural income up to ₹5, 000 ITR 2 - Every income from ITR1, Capital Gains, More than one house property, Foreign Income/Foreign Asset, Holding directorship in a company ITR 3 - Every income from ITR2, Income from Business/Profession, Income as a partner in a firm, Presumptive income> 50 lakhs ITR 4 - Income up to 50 lakh, having presumptive income from business/profession ITR 5 - For Firms, LLPs, AOPs, BOIs ITR 6 - For companies other than those companies which claim exemption u/s 11 ( section 11 allows companies that hold their income from property for religious or charitable purposes to claim an exemption)  ITR 7 - Furnish return u/s 139(4A), 139(4B), 139(4C), 139(4D) Read more

From 1st July onwards, TDS at 10% shall be applicable on benefits received from the business by social media influencers and doctors.  Any person who provides any benefit or perquisite exceeding Rs 20,000 in a year to a resident arising from the business or profession of such resident shall make the payment after deducting tax at source. Benefits received can be in kind (like mobile, car, outfit, gold coins, etc), in cash, or partly in kind and partly in cash.  Exceptions: -Sales discounts, cash discounts, and rebates -If the product is returned to the company -If the benefit or perquisite is provided to a government entity not carrying on business or profession, like a government hospital, etc. The responsibility of tax deduction also does not apply to a person, being an Individual/Hindu undivided family (HUF) deductor, whose total sales / gross receipts / gross turnover from business does not exceed one crore rupees, or from profession does not exceed fifty lakh rupees, during the fi

• Investment in Equity Linked Savings Scheme can help you save up to Rs.46,800 a year in taxes. • ELSS funds are tax-saving equity mutual funds that invest a major portion of their corpus into equity or equity-linked securities such as listed shares. They may have some exposure to fixed-income securities as well. • The investment is eligible for deduction u/s 80-C up to 1.5 lakhs. • There is no limit on the maximum amount of investment, while the minimum investment can be as low as Rs.500 • The Mandatory lock-in period is 3 years • Income earned on maturity will be taxed under LTCG @10% (above Rs.1,00,000) • Factors To Consider Before Investing in ELSS Funds:  1. Fund returns : Before you go for a fund, compare the fund performance with its competitors & benchmark to know if it has shown consistent performance in the past. If a fund outperforms its benchmark or competitors, then the fund delivers high returns. 2. History of fund house : It is recommended to choose fund houses that

Do you know you can park your Capital Gains in an account until the point of re-investment? Capital Gains Account Scheme helps you do the same. -The Capital Gains Account Scheme allows individuals to park their capital gains until the point when they can be re-invested in assets specified in Section 54 and Section 54F of the Income Tax Act, 1961, protecting their long-term capital gains. -You can open a Capital Gains Account in any branch of the authorized banks, except for their branches in rural areas. -Deposits can be of two types: 1. Type A: Referred to as a savings deposit, this capital gains account is similar to a regular savings account. It even earns a similar interest rate. 2. Type B: Referred to as term deposits, this type of deposit is similar to fixed deposit schemes of banks. This type of account has a maximum term of 3 years, and it will not auto-renew at the end of the term. -Terms of withdrawal: The money withdrawn has to be reinvested in a specific investment with

If you live on a rented premise, you can save tax on your total income in the form of the House Rent Allowance (HRA) . Explaining HRA: - House Rent Allowance can be availed as an exemption by Salaried individuals who live on rented premises and receive HRA from their employer.  -The salary component which constitutes the rent payment part is allowed as a deduction u/s 10(13A). -Exemption is the least of the following amounts: 1. Actual HRA received 2. 50% of (Basic Salary+Dearness Allowance), for metro cities 3. 40% of (Basic Salary+ DA), for non-metro cities 4. Actual Rent Paid should be less than Basic Salary+DA -If you don't receive HRA but live in rented accommodation: 1. You can still avail exemption u/s 80GG. 2. This exemption can only be availed if you/your spouse/your minor child do not own any residential accommodation at the place where you currently reside. -Deduction u/s 80GG will be the least of the following: 1. ₹5,000 per month 2. 25% of Adjusted Total Income (ATI) 

G BAJPAI & ASSOCIATES is a team of distinguished Chartered Accountants , Corporate Financial Advisors, Tax Professionals, Legal Executives, Business Advisors, and Startup Consultants in India.  We are a multi-disciplinary CA firm , committed to providing our clients with a "One-stop solution" to all their Business, Financial and Regulatory needs.  Our aim is to provide our clients with effective business insight and strategic advantage to not just stay updated but to stay ahead of their business contemporaries. With our proactive approach, we think and plan ahead for the benefit of our clients. We are always available not only to answer questions and ease concerns but also to consult, strategize, and represent our clients at every turn.  This has helped us to create a niche for ourselves in the market as one of the leading Finance & Tax advisory firms in India. G BAJPAI & ASSOCIATES  work across an array of sectors, including Real Estate, Jewellery, Textiles, Man