Fynacc Services.

28/02/2023

06/04/2019

Here we offering wide range of financial planning and financials analysis including auditing and taxation services in all over Karnataka.

The Main financial services are here :
1) Income tax Consultants
2) GST Filing, GST Registrations
3) PF and ESI Consultants for filing Monthly returns
4) Pay roll and labour contractual services
5) Accounts and book Keeping
6) Admitting appeals on tax laws in india
7) Statutory Departmental audits and Assessments
8 Statutory auditors and internal auditors
9) Company Statutory audits

09/07/2018

Don’t ignore these incomes while filing your tax return | Full story https://goo.gl/JCMNi2

Regards
Guruprasad C

05/04/2018

changes in Income Tax after 1st April, 2018
Tax Exemption limit is Rs.2,50,000/- After that, up to 5 Lakh, Tax rate is 5% (earlier it was 10%).
• Payment of Rent - Rs.50,000 per month by any Individual or HUF (not subject to Tax Audit requirement) - Deduct TDS @5%.
• Cess levied on your tax liability has been hiked by 1 percent from the current 3 percent to 4 percent.
• Tax rebate is reduced to Rs. 2500 from Rs. 5000 per year for taxpayers with income up to Rs.3,50,000 (earlier Rs.5,00,000).
• Increase the tax-exempt limit on interest income for senior citizens from Rs 10,000 to Rs 50,000.
• Limit for payment of expenses by cash (Both capital and revenue expenditure) reduced from RS. 20,000 to RS. 10,000 per day in aggregate per person.
• There is a standard deduction of Rs. 40,000 in lieu of transport allowance and medical reimbursement.
• No Person shall receive an amount of two lakh rupees or more, by cash (Sec 269ST).
• Those companies whose turnover is up to Rs. 250 crore, will now have to pay corporate tax at the rate of 25%.
• Late fee if IT Return not filled on time, Rs.5,000 for delay up to 31st December, and Rs.10,000 thereafter.
• A simple one-page tax return form is to be introduced for Individual with taxable income up to Rs. 5 lakh (excluding Business Income).
• Those filing returns for the first time in this category will generally not be subject to scrutiny.
• It is mandatory to disclose the Aadhaar number while filing IT Return.

Tax Exemption limit is Rs.2,50,000/- After that, up to 5 Lakh, Tax rate is 5% (earlier it was 10%). Payment of Rent Rs.50,000 per month by any Individ

02/04/2018

Income Tax rules that will come into effect from 1st April 2018!

11/12/2017

Communication of proposed adjustment u/s 143(1)(a): How to resolve?

I e-filed and received an email from the Income Tax Department. When does this communication mean?

If you have claimed investments under Section 80C or HRA that are not mentioned in your Form 16, you are likely to receive an email from the Department asking you to explain the mismatch.

Open the notice and scroll down to Page 2 to understand the difference.

The mismatch is due to an extra deduction of Rs.20000 that's not in the Form 16.

Taxpayers who have also had savings bank account interest or income from fixed deposits or house property that's not included in the Form 16 may also get this email.



How should I respond to this notice?

Gather all your supporting documents (rent receipts, life insurance statement, home loan interest certificate etc).
Then log in to the Department website and go to E-Proceedings > E-Assessment/Proceedings
Select 'Submit' on the next screen


You will see a list of all mismatches here same as the ones you've received in the email.

Click on the dropdown under Response
Agree to addition: If you have forgotten to include income from fixed deposits etc that are mentioned in your Form 26AS, select this option.
Disagree to addition: If you have added deductions in your tax return directly and have necessary proofs for it, then select this option.

When you disagree, you'll see a section open up where you can select from a list of reasons. You'll also need to attach supporting documents before you submit your response.

TAN: Enter the TAN of the employer (available in the Form 16)
Deduction made under section: Enter 192 if you have made a deduction against salary income
Amount paid/credited by deductor: Check your Form 16 Part A for this number.
Income/Gross Receipt as per return: Enter the income after taking the deduction into account.


Scroll to the right.

For HRA, select the reason Allowance exempt claimed in return but not in Form 16
For all Section 80 deductions, select Deductions claimed in the return but not in Form 16

Once you've submitted, you will see an acknowledgement screen.

When should I revise my return?

If you have opted to file revised return, then you must file a revised return within 15 days.

What happens if I don't respond to the notice within 30 days?

In case, no response is received within 30 days, the tax return will be processed after making necessary adjustments mentioned in the 143(1)(a) communication

11/12/2017

Complete list of GST rates for all the items:
Food items

No tax (0 per cent GST)

Unpacked foodgrains, fresh vegetables and fruits, unbranded atta, maida, besan, gur, milk, eggs, curd, lassi, unpacked paneer, unbranded natural honey, palmyra jaggery, salt, fresh meat, fish, chicken, butter milk, cereal grains hulled

5 per cent
Sugar, tea, roasted coffee beans, edible oils, cream, skimmed milk powder, milk food for babies, packed paneer, frozen vegetables, cashew nuts, spices, pizza bread, rusk, sabudana, Raisin, fish fillet, packaged food items

12 per cent
Butter, ghee, almonds, fruit juice, packed coconut water, preparations of vegetables, fruits, nuts or other parts of plants including pickle, murabba, chutney, jam, jelly, bhujia, namkeen, fruit juices, frozen meat products, dry fruits in packaged form, animal fat and sausage

18 per cent
Biscuits (all categories), flavoured refined sugar, pastries and cakes, preserved vegetables, soups, ice cream, instant food mixes, pasta, corn flakes, curry paste, mayonnaise and salad dressings, mixed condiments and mixed seasonings

28 per cent
Chewing gum, molasses, chocolate not containing cocoa, waffles and wafers coated with chocolate
Apparels/Footwear

0 per cent
Handloom

5 per cent
Footwear (upto Rs 500), apparels (upto Rs 1,000)

12 per cent
Apparel above Rs 1000

18 per cent
Footwear costing more than Rs 500, branded garments, headgear and parts thereof

28 per cent
Services

0 per cent
Education services, health services, hotels and lodges with tariff below Rs 1,000, grandfathering service. Rough precious and semi-precious stones (0.25 per cent)

5 per cent
Transport services (Railways, air transport), small restaurants

12 per cent
State-run lotteries, Non-AC hotels, business class air ticket, fertilisers, work contracts

18 per cent
AC hotels that serve liquor, telecom services, IT services, financial services, room tariffs between Rs 2,500 and Rs 7,500, restaurants inside five-star hotels, movie tickets below Rs 100

28 per cent
Private-run lotteries authorised by the states, hotels with room tariffs above Rs 7,500, 5-star hotels, race club betting, movie tickets above Rs 100
Personal care

0 per cent
Kajal, sindoor, bindi, bangles, 5 per cent

12 per cent
Tooth powder

18 per cent
Toothpaste, soap, toiletries, tampons, kajal pencil sticks, hair oil, tissues

28 per cent
Deodorants, shaving creams, after shave, hair shampoo, dye, sunscreen, shavers, hair clippers
Home

0 per cent
Prasad, phool bhari jhadoo

5 per cent
Agarbatti, domestic LPG, bio gas, coir mats, matting and floor covering

12 per cent
Umbrella, sewing machine, spoons, forks, ladles, skimmers, cake servers, fish knives, tongs

28 per cent
Paint, wallpaper, ceramic tiles, water heater, dishwasher, washing machine, vacuum cleaner
Health/aids

5 per cent
Medicines, stent, insulin, Braille paper, Braille typewriters, Braille watches, hearing aids and other appliances to compensate for a defect or disability

12 per cent
Ayurvedic medicines, all diagnostic kits and reagents, glasses for corrective spectacles and flint buttons
Electrical/Electronics

12 per cent
Mobile

18 per cent
Computers, printers, printed circuits, camera, speakers and monitors, Electrical Transformer, CCTV, Optical Fiber
Stationary

0 per cent
Children’s drawing and colouring books, printed books, newspapers, stamps, judicial papers

5 per cent
Postage or revenue stamps, stamp-post marks, first-day covers

12 per cent
Exercise books and note books
Others

0 per cent
Jute, bones and horn cores, bone grist, bone meal, hoof meal, horn meal, Human hair

5 per cent
PDS Kerosene, coal, lifeboats, ice and snow, kites

12 per cent
Playing cards, chess board, carom board, ludo and other board games

18 per cent
Bidi Patta, mineral water, tissues, envelopes, steel products, Aluminium foil, weighing Machinery (non-electrical or electronic), bamboo furniture, swimming pools and padding pools

28 per cent
Automobiles, motorcycles, aircraft for personal use, bidis, pan masala, aerated water, weighing machine, ATM, vending machines