Category: TAX

ITR 5 means a type of form which needs to fill for the income tax return. But this is not for any individual or HUFs. More details regarding who is eligible to file ITR-5or ITR 5 for whom can be seen below. In order to furnish ITR form 5, the assessee must follow several mandatory provisions. E-filing of returns is compulsory. If the entity requires its books of accounts audited to verify its income tax return in ITR Form 5, a digital signature is required. E-verification by Aadhar OTP, E-verification by producing EVC, and mailing a signed copy of ITR-V to CPC, Bengaluru are other alternatives for verification. Peruse the details below to understand more about how to file the ITR 5 online.

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What is ITR 5 and Who is Eligible to File ITR 5?

ITR 5 is the income tax return which is applicable for forms, AOPs, LLPs, BOIs, Artificial Juridical Person, Estate of deceased, Estate of Insolvent, Business Trust and investment fund. Other people who are required to file the return of income under section 139(4A), 139(4B), 139(4C), or 139 (4D) cannot sue this ITR-5 form.

How to Download ITR 5?

You can easily download the ITR 5 form online from the official website of the Income Tax Department. After the income tax return is filed online, the Income Tax Department will send the ITR- V to the registered email id which is available in their database according to the PAN. If you want to download the ITR- V, follow the steps given below.

• Step 1 – Click on this link https://incometaxindiaefiling.gov.in/ to open the website of the income tax department. Then click on the Login button if you have an account or click on the Register Yourself button to generate a new account.

• Step 2 – Enter your login credentials to access your account

• Step 3 –  Click on e-Filed Return/Form which you can find under the My Account section
• Step 4 – Then you must select an option from the drop-down menu given. So, select the Income Tax Return option and click on Submit button
• Step 5 – You must click on the Ack.No which will open the option to download ITR – V or the Acknowledgement to get your ITR- V. Your password for ITR-V will be a combination of PAN in lowercase and your Date of Birth (DDMMYYYY). For example, if your PAN number is AAAXX1213A and your date of birth is 23/11/1984, then your password will be aaaxxx1213a23111984.

Your responsibilities don’t end when you file your tax return. You must guarantee that the verification is completed and that the progress of your tax return is monitored. You’ll be better prepared to update, modify, or explain your tax return if it needs to be updated, modified, or explained. To complete the process, you must print the ITR-V form, sign it and post it to CPC, Bangalore. You can find the address to send the form under the ITR-V form. It is also possible to e-verify your ITR-V form online as well. To verify ITR 5 you can select any of the following options.

• The verification form of the income tax return form has a digital signature. Taxpayers whose accounts are required to be audited under section 44AB are required to validate their information electronically using a digital signature.
• Use Aadhaar OTP
• The use of an electronic verification code allows for authentication – EVC
• Send CPC, Bangalore, a duly signed copy of the ITR acknowledgement. Within 120 days of the date of e-filing the return, the Form ITR-V-Income Tax Return Verification Form should arrive. The ITR-V will be received at the Centralized Processing Centre, and the Income Tax Department will send a confirmation. The confirmation would be delivered to the assessee’s e-filing account’s registered e-mail address.

Anybody who files the income tax return must print two copies of the ITR-V form when filing a return. The assessee signs one of the copies and mails it to Post Bag No. 1, Electronic City Office, Bengaluru–560500 (Karnataka). He or she should keep one for themselves as a record.

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How to File ITR 5?

It is important to file ITR 5 on or before the due date of filing the income tax return. ITR 5 can be filed online on the e-filing portal of the income tax department. It is not possible to file this form in paper form. You can either file the ITR 5 online or submit or you can fill the excel/Java utility and then submit it.

Steps to prepare the ITR 5 online

• Open he Income Tax Department website and log in to your account with the username and password. Here is the link to open the official website – www.incometax.gov.in. 
• You can find the option Filing of Income Tax Return under the dashboard. Then select the Prepare and Submit Online option.

• Ensure the prefilled details are correct and fill in the rest of the details for the income tax return.
• You must save every schedule and click on the continue button
• After filling in the details submit the form.
• Be aware that when submitting with ITR Form 5, no supplementary papers are required to be attached to the return. Any other documents that are attached to the form will be removed and returned to the person who is filing the return. With their Tax Credit Statement Form 26AS, taxpayers only need to match all of the tax deductions, collected, or paid.

Steps to fill the details in Excel/Java Utility for ITR 5 

To submit the utility online, you must first download it from the website and then fill out the required information. The steps outlined here will assist you in filling up the details in an excel or Java utility.

• To open the website in your browser, you must click this link 

• You must select the assessment year for which you are filing the income tax return
• You can either download an excel or the java utility
• When you select the download option, the application will be downloaded as a ZIP file in compressed mode to your computer
• Extract the ZIP file and open the utility and fill in the details required
• You must fill, save and validate each section of the utility
• After filling in all the details accurately, you have to submit it online by logging in to your income tax e- filing account
• To submit, click on the Dashboard and select the Filing of Income Tax Return option
• Select the assessment year and upload the utility
• Click on Submit button.

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FAQs on ITR 5

1. Who cannot file ITR 5 form?
   Ans: This type of income come tax return cannot be filed by an individual, company, HUFs, and those who file income tax returns in ITR form 7.

2. Is it mandatory to fill the ITR form for income tax returns?
   Ans: Yes, it is mandatory to fill in ITR forms to state the information of the taxpayer and his/her tax liabilities and deductions.

3. Who is required to furnish ITR 5 form?
   Ans: ITR form 5 should be furnished by firms, Association Of Person (AOPs), Body Of Individuals (BOIs), Artificial Juridical Person (AJP), Estate of deceased, Estate of insolvent, Business Tryst and Investment Fund, Limited Liability Partnerships( LLPs), Cooperative societies and Local authority.

The ITR2 should be applied as per the category of the source of income and the taxpayer to ensure easy compliance. As a matter of fact, the ITR 2 can be filed only by HUFs and individuals who do not generate any earnings from profession or business. One can visit an e-filing portal to file ITR2 online or just by filling an excel utility. This article is presented to make you know about the facts of the ITR 2 form and its further process. If you want to know more about it, you can keep on reading.  

What is ITR 2?

ITR 2 means Income Tax Return form which is used by non-resident Indians and Indian citizens to submit their tax returns with the Income Tax Department of India. It is an assessee who needs to fill up the different forms as per the category of the assessee that falls under. If we talk about the ITR-2 form, it is a form that needs to be filled and submitted during the process of tax filing. 

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Who can File ITR 2?

The registered taxpayers who are HUFs and individuals can file ITR2 but they should gain income during the assessment year which is as follows. 

• Earnings from house property (income more than Rs. 50 lakhs)
• Pension or salary income (income more than Rs. 50 lakhs)
• Earnings from other sources (comprising any earnings generating from racehorses or winning the lottery – income more than Rs. 50 lakhs)
• A taxpayer who is a director in a company
• A taxpayer who earned any foreign income or owns any foreign asset.
• Agricultural earnings that exceed Rs. 5000
• Registered taxpayer possessing an investment in unlisted equity shares during the financial year.
• Earnings from capital gains

Major Changes in ITR 2 in 2021-2022

Check out the new changes made in ITR 2 in the assessment year 2021-2022 which are as follows:

• One of the major changes in ITR forms is to involve a declaration of selecting among new or old tax regimes presented by Finance Act 2020 under section 115BAC. Before submitting ITR, form 10IE should be submitted to the department of ITR if the assessee prefers to pay tax as per the new tax regime. 

• As per Finance Act 2020, a shift of dividend income taxability has been made from the hands of the company to the investor. Sections 115BBDA, 115-R, 115-O, 10 (35), 10 (34) have been amended. Moreover, a new row has been included in Schedule OS to enable deduction of expenses such as interest from the dividend income and one more row is to accumulate data of dividend income taxable in the trustable unitholder’s hands. 

• Deduction of tax on ESOPs assigned by an eligible startup appeared under Section 80-IAC has been allowed by Finance Act 2020. The Part B of Schedule TTI allows the disclosure of the deferred tax if the above condition is applied. 

• As per Section 50C, if the consideration of sale is lower than the value of stamp duty, then it would be regarded as the full value of consideration except for a 5% difference. The tolerance limit has been increased from 5% to 10% by Finance 2020 and reflected the changes in the ITR. 

• A new column has been added under schedule 112A and 115AD (1)(b)(iii) proviso to offer the information of the transferred nature of securities. In addition, both the schedules have been given ‘grandfathering clause’ effect by letting to add the data like FMV, Sale price, and COA of the securities. 

• The ITR forms have been added with the effect of marginal relief by exhibiting ‘after marginal relief’ as well as ‘surcharge calculated ‘before marginal relief’. 

• Separate cash donation disclosure is needed under schedule 80GGA along with the date in the ITR form.

• Every ITR form brings about the return filers to render a quarterly breakup of income of dividend for interest calculation under section 234C.
• Any investment made for the extended period of 1st April 2020 to 31st July 2020 under Schedule DI in the old ITR forms has now been removed from all the ITR forms. 

How to File ITR 2?

Below is given certain steps to file ITR 2 via the online portal:

Step 1: Visit the e-filing portal and log in using your user ID and password

Step 2: Once you get into the dashboard, press e-File, click Tax Returns, and then File Income Tax Return. Choose Assessment Year as 2021-22 and press Continue. You have to choose Mode of Filing as Online and then hit Proceed. Choose Status as per the requirement and press Continue to move ahead further.

Step 3: At this point, you have to choose any of the two options of Income Tax Return:

• If you are unsure about filing ITR, you can choose to Help me to determine which ITR form to submit and hit Proceed. Once you know about the eight ITR, you can go ahead with issuing your ITR. 

• If you are sure about filing the right ITR, you can choose I know which ITR form I need to file. Then choose the applicable ITR from the dropdown list and press Proceed with ITR.

Step 4: Note the list of essential documents and hit Let’s Get Started.

Step 5: Tick the applicable checkboxes and hit Continue.

Step 6: You can check your pre-filled details and edit them if required. Fill in the remaining details if necessary. Press Confirm at the end of every section. 

Step 7: Provide your deduction as well as income data in a separate section. After you confirm each and every section, hit Proceed. Again, there would be two options at this point which you have to choose as per your condition.

• You will get the options of Pay Now and Pay Later at the end of the page if there is tax liability payable based on the computation.

• Once you pay the tax, you can click Preview Return and if there is a refund or no tax liability payable based on tax computation, you will be redirected to the Preview and Submit Your Return page.

Step 8: You have to enter a location, choose the declaration checkbox, and hit Proceed to Validation. Press Proceed to Verification once validated.

Step 9: Once you land on the Complete your Verification page, choose your applicable option and hit Continue.

Step 10: Once you get into the e-verify page, you can choose your preferred option for return e-verification and press Continue. 

Difference between ITR 1 and ITR 2 

Check out distinguish between ITR1 and ITR 2 forms given below in a tabular format

FORM	ITR 1	ITR 2
Earnings from Property	A person gets income from only one house property.	A person generates income from more than one house property.
Earnings from Other Sources	An individual does not earn from other sources like gambling, lottery, etc.	An individual earns from other sources like gambling, lottery, and so on.
Losses from Property	A person faces losses from other income sources.	A person has brought forward the losses under earnings from other sources.
Tax-free Income	A person gets a tax-free income such as agricultural income that is less than Rs. 5000	A person gets a tax-free income such as agricultural income that is more than Rs. 5000

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FAQs on ITR 2

1. What changes have been made in ITR 2 as compared to previous years?
Ans: In ITR2 of the financial year 2021-22, you can opt for the new tax regime as per section 115BAC. However, it should be noted that this option would only be available till the last date of the ITR 2 filing.

2. What earnings are payable taxes under the head Capital Gains?
Ans: Any gain or profit that is generating from a capital asset transfer during the AY year is payable taxes under the head Capital Gains.

3. Can I claim a rebate u/s 87A if I am a non-resident?
Ans: Not possible as rebate u/s 87A is accessible only to a person who is living in India. 

4. Can anyone claim rebate u/s 87A other than an individual (HUF/Firm)?
Ans: No. Only an individual can access a rebate under section 87A. Therefore, HUF/Firm cannot claim rebate u/s 87A. 

5. How to download an ITR copy?
Ans: There are several steps to have a copy of ITR 2 download from the online portal which are as follows:

Step 1: Visit the Income Tax India portal and log in using valid credentials.
Step 2: Choose the ‘View Returns/Forms’ option to view e-filed tax returns
Step 3: Press the acknowledgement number to download your ITR 2.
Step 4: Choose ‘ITR 2/Acknowledgement’ to start the download. 

Income Tax Return has several forms, and people are required to file each form based on their business or profession and income from these. Anybody who falls under the benchmark of ITR must mandatorily file the ITR without any fail. This guide is all about ITR 3, and you can learn about who can file ITR 3 and what are the changes made to this ITR form, and more.

What is ITR 3?

ITR 3 means the Income Tax Return 3, which is a form that should be used by an individual and HUF who receives income from profits and gains from occupation or business. This will include a business or a profession, both tax audit and non-audit cases. The return includes income from house property, salary, pension, capital gains, and income from other sources.

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Who can file ITR 3?

For the assessment year 2020- 2021, any individual taxpayer or a HUF is applicable to file the ITR3. Moreover, an individual taxpayer or a HUF who is earning income from a proprietary business or an individual who earns income from a profession during the financial year should file the ITR 3. In another scenario, Individual taxpayers’ or a HUF’s total income exceeds the amount that is not subject to income tax. Before enabling deductions under Chapter VI-A of the Income-tax Act, such income is determined. For each kind of taxpayer, the amount not subject to income tax is different. In case if the taxpayer’s total taxable income is not more than the basic exemption level but one or more of the following conditions are met, Form ITR 3 must be filed:

• If the taxpayer is in a director position of a company
• If the taxpayer has an investment which is unlisted equity shares during the financial year at any time.
• If the taxpayer is a partner of a firm and if he has income from the firm
• When the aggregates of the amount are more than one crore in one more current accounts that are held by the taxpayer
• When the taxpayer acquires a travel expense for a foreign trip either for himself or for any other person with the amount exceeding Rs 2 lakhs
• If the taxpayer incurs more than Rs 1 lakh for the expense of the consumption of electricity
• Individuals can additionally file income from wage or pension, income from other sources, and revenue from housing property while filing income from business or profession under ITR 3.

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Who is not Required to File ITR 3 for 2021-2022?

When it comes to ITR 3 filings, there are certain factors to fulfill. Any individual taxpayer and HUF who are entitled to file ITR 1 Sahaj, ITR 2, or even ITR 4 Sugam will not be able to file ITR 3. They should file ITR1 Sahaj, ITR2, or ITR 4 Sugam as required based on the conditions given. 

What is the Change in ITR 3 in 2021-22?

The major changes in ITR form 3 for 2021- 2022 are as follows:

• The recipient of a dividend will be required to pay tax from April 1, 2020. The Act has been revised to include relevant parts such as 10(34), 10(35), 115-O, and others. As a result, appropriate adjustments are made to the ITR form.
• If the dividend is not received, the taxpayers are exempt from paying the advance tax liability. As a result, the ITR form permits taxpayers to submit quarterly details of dividend income to compute interest under section 234C for failure to pay advance tax.
• If cash payments are less than 5% of total sales or turnover, the threshold limit for a tax audit is increased to Rs.10 crores from Rs.5 crores as amended by the Finance Bill 2021 in section 44AB. In the ITR form, the corresponding amendment is included.
• In the ITR form for AY 2021-22, the Schedule DI added for AY 2020-21 to claim deductions for investments or expenditures made in the extended period (1st April 2020 to 30th June 2020) has been eliminated.
• A new column is added to Schedule 112A and Schedule 115AD(1)(b)(iii) provisos to describe the kind of securities transferred to calculate capital gains tax under section 112A or section 115AD(1)(b)(iii) of the Income Tax Act. The schedules are also changed to allow the taxpayer to include information on the security’s sale price, fair market value, and cost of acquisition.
• When the taxpayer is offered the option of choosing a new tax system under section 115BAC, Part-A General Information is amended.
• The date of submitting Form No.10-IE and its acknowledgement number must be mentioned by the taxpayer who has income from a business or profession and is choosing an alternative tax regime.

How to file ITR 3?

People who want to file ITR 3 can do it online through the official website of Income Tax. Follow the steps given here to file your ITR 3 easily.

1. Click on this link www.incometaxindiaefiling.gov.in to open the website and access the Income Tax e-Filing portal.
2. Then log in to the e-filing portal. To do that you must enter the user ID (PAN) and password. You will be also asked to fill in the Captcha code and then click on the Login button. You must create an account on the income tax e-filing platform if you are a new user.

3. After accessing your account, click on the e-file option
4. Then select the Income-tax Return option from the drop-down menu

5. Your PAN details will be automatically entered on the Income Tax Return Page
6. The next step is to select the Assessment Year for which you want to file the ITR 
7. Select the ITR form number as ITR 3

8. Select the Original option under the Filing Type. But if you are filing a revised return against an already filed original return, then you must select the option Revised Return
9. Now select Prepare and Submit Online button under the Submission Mode
10. Then click the Continue button
11. You must now fill in the details of your income, deductions, exemptions, and your investments. Moreover, you should add the details of your tax payments through TDS/TCS, advance tax, and self-assessment tax.
12. You must fill the schedule accurately, and you should save the draft so that you do not lose any data. To do that, just click on the Save Draft button. The saved data will be available for a month which is 30 days from the date you saved the file. But this draft will not be available once you file the ITR or if there is no change in the XML scheme of the ITR.

E-Verification Steps for ITR 3 

1. Select the verification choice under the Taxes Paid and Verification schedule section. You can e-verify and re-verify within 120 days or send a signed ITR- V through regular mail to the centralized processing centre, Income Tax Department, Bengaluru, within 120 days of filing the ITR. When you click on I would like to E-verify, then you can do it by entering the EVC/OTP ( EVC generated through bank ATM or generate EVC under My Account section, Aadhaar OTP, pre-validated Bank or Demat account) when asked. 

2. You must enter the EVC/OTP within 60 seconds; otherwise, the Income Tax Return will be auto-submitted. But you can verify the ITR later by logging in to your account. 

3. Then click on the Preview and Submit button to check and verify that the details you have entered are correct
4. Click on the Submit button.

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FAQs on ITR 3

1. Will the IT department accept ITR3 filing by mail?
   Ans: You can send the filled ITR 2 form by mail to the Income Tax Department at the following address. Post Bag No. 1, Electronic City Office, Bengaluru–560100. 

2. Do you need Aaadhaar for ITR3?
   Ans: Aadhaar is a mandatory document required to file ITR3. You must give the Aadhaar details in the ITR 3 form while filing.

3. What are the liabilities that should be declared in ITR 3?
   Ans: If your total income from these sources exceeds Rs.50 lakhs, you must state value assets and liabilities on your ITR-3. All of your other immovable property, such as houses, jewellery, and gold bullion, must also be declared. In addition, you must declare any profit earned from other assets, such as shares and debentures as well.

4. Is it mandatory to mention the nature of business in ITR 3?
   Ans: It is necessary to include the details of your business like the nature of business, code of your business, trade name, and even a short description of your business. You must also include the details of the balance sheet filed as of March 31st of the financial year. 

5. What is unexplained income?
   Ans: Unexplained income can include credit-earning or investment earning that should not be less than Rs. 10 lakhs to mention in the ITR.

On the 7th of June, 2021, the Income Tax Department has announced an update about its new e-filing website that has been soon going to replace the current

portal www.incometaxindiaefiling.gov.in. 

This new portal would be user-friendly thereby offering a great e-filing experience to the taxpayers. In fact, this website makes sure that the taxpayers should have a seamless and quick ITR filing process. At present, filing of ITR1, ITR2, and ITR 4 is possible on the new portal and the taxpayers can have the new ITR filing software free of cost. As this article is all about the facts of filing the ITR4 form, we should look at it in a detailed way. The taxpayers who issue their income tax return under section 44 AD of the Income Tax Act, 1961 should submit the ITR 4 form to get the advantages of the presumptive taxation scheme. This scheme eases the undertaking of small-scale businesses by avoiding the monotonous task of maintaining their accounts and books. 

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What is ITR 4?

ITR-4 form is an income tax return form filed by those taxpayers who have selected the presumptive income scheme under Section 44AD, Section 44AE, and Section 44ADA and whose earnings do not exceed Rs. 50 lakhs. On the other hand, if the business turnover given above is more than Rs. 2 crores, the taxpayer would need to file ITR-3.  

Who can File ITR 4?

As mentioned above, ITR 4 means income tax return that is submitted by those registered taxpayers who have opted for the presumptive income scheme as per section 44 AD of the Income Tax Act, 1961. The ITR4 is issued by the Partnership firm or HUF or individuals whose sum of income of AY 2020-21 comprises as given below:

• Earnings from a profession that comes under section 44ADA
• Business income as per section 44AE or 44AD
• Earnings from other sources that are of up to Rs. 50 lakhs (except earnings from horse races and winning from the lottery)
• Earnings from One House Property that is of up to Rs. 50 lakhs (except the loss to be carried forward or brought forward loss cases under this head)
• Income in the form of salary or pension that is of up to Rs. 50 lakhs. 

It is to be noted that freelancers involved in the profession mentioned above can also choose this scheme if their gross receipts do not go more than Rs. 50 lakhs. 

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Who is not Required to File ITR4 for 2021-2022?

Let us have a look at those individuals who do not need to submit ITR4 for the assessment year 2021-2022 which are as follows:

• A person, partnership enterprise, or HUF whose books of accounts should be calculated as per the Income Tax Act, 1961.

• A person who has invested in unlisted equity shares or is a director in a company cannot make use of this form. 

• A person who has earnings or income from house property, salary, or other sources with the limit of above Rs. 50 lakhs cannot use this form. 

What is the Change in ITR4 in 2021-22? 

There are several changes that have been made in ITR4 of the assessment year 2021-2022 which are given below:

• ITR4 form cannot be issued when it comes to deferment of tax on ESOPs

• This form should be made into use by a registered taxpayer to file the income tax return for 2021-2022.

• In the case of the ITR4 form, the exercise of option has been authorized as per section 115BAC.

How to File ITR 4?

You can either file ITR4 online through an e-filing portal or offline through an offline utility. To file the form through online mode, you can check out the steps given below:

Step 1: Visit the e-filing portal and log in using your valid credentials.

Step 2: Once you land on the dashboard, click the options e-File 🡪 Income Tax Returns 🡪 File Income Tax Return as shown below. Then in the page that opens you can follow these steps. 

• Choose financial year as 2021-22 and hit the option CONTINUE
• Choose the mode of filing as online and then press PROCEED
• As applicable, select status and click the option CONTINUE to go with the further process.

Step 3: Choose ‘Help me decide which ITR Form to file’ and hit ‘Proceed’. Once you get the right ITR from the system, you can go ahead with filing your ITR. Go through the instructions carefully to fill the form and keep the list of required documents in mind and press ‘Let’s Get Started.’ Choose the checkboxes that apply to you and hit ‘Continue’.

Step 4: Check out all of your pre-filled details and edit if required. If necessary, enter the additional details and click ‘Confirm’ right at the end of each portion.

• Fill in the details of your income and deduction in another section. Once you complete and confirm all the portions of the form, you can click ‘Proceed’. However, there are two options to follow as per the condition.

• In case if there is a need to pay tax liability based on the computation, you will get the options ‘Pay Now’ and ‘Pay Later’ at the end of the page.

• If the condition is reverse which means after paying tax, if there is a refund or no tax liability payable based on tax computation, you will be redirected to the page ‘Preview and Submit Your Return’.

Step 5: Once you reach the ‘Preview and Submit Your Return’ page, you have to fill location, choose the declaration checkbox, and hit ‘Proceed to Validation’.

Step 6: Once validation has been done on your Preview and Submit your Return page, you can click ‘Proceed to Verification.’

Step 7: Choose your applicable option on the Complete your Verification page and press ‘Continue’.

Step 8: Once you get into the page of e-Verify, choose your preferred option through which you need to e-Verify the return and hit ‘Continue’.

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FAQs on ITR 4

Q. Where to show speculation loss in ITR 4?
Ans: Speculative business is treated as a separate business for setting off the loss provisions. Under Section 73, speculation business losses can be resolved only against speculative business profits. However, other business losses can be set off against any business profits. Moreover, speculation business loss carried forward to the following year can be set off only against the gains or profits of any speculative business in the succeeding year. 

Speculation business transactions are considered as intra-day trading according to Section 43(5) of the Income Tax Act, 1961 and the earnings generated would be either speculation profits or speculation losses. However, earnings from speculation profits are taxed at reasonable rates. Speculation loss can be claimed in ITR 4 if Tax Audit u/s 44AD is undertaken by a professional Chartered Accountant. The speculation loss can be carried forward and set forth against future speculation gains to decrease the income tax liability. 

What is Section 194A?

Deduction of TDS on interest on items other than securities, such as interest on fixed deposits, loans, and advances from non-bank sources, is covered by Section 194A.

This section applies only to residents. Thus, the limitations of section 194A do not apply when paying interest to a non-resident. The TDS method also applies to payments made to non-residents. However, tax in this situation must be subtracted following Section 195.

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When must TDS under Section 194A be deducted?

The person who pays/deducts taxes shall do so if the amount of interest being paid or credited in a financial year is likely to exceed 40,000, and the payer is:

• A banking corporation, a bank, or another financial institution
• A cooperative society that does banking business
• Postal Service (on deposit under a scheme framed and notified by the Central Government).
• 5,000 in any other circumstance.

No TDS would be taken from older adults’ interest earnings up to INR 50,000 starting in FY 2018-19. The following sources should yield the required amount of interest:

• Regular deposit schemes
• Bank deposits
• Postal service deposits
• Fixed-deposit plans

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When is Tax deducted at NIL rate or lower rate?

This happens under the following scenarios:

When a declaration is submitted using form 15G or 15H, per section 197A

No tax is deductible if the following criteria are met, and a Section 197A declaration is provided to the payer by the receiver along with their PAN:

• Recipient is a person rather than a business or organisation.
• The entire amount of tax for the prior year (PY) is NIL.
• Total income is below the exemption threshold (i.e. for AY 2020-21, Rs.2,50,000 or Rs.3,00,000 or Rs.5,00,000, as applicable). If the receiver is a local elderly citizen, this condition does not apply.
• This declaration must be made in duplicate using form 15G. (15H for senior citizens). Investors may submit the Senior Citizens Savings Scheme (SCSS) declaration, established in 2004.
• The declaration may also be presented by nominees of SCSS investors when the depositor’s death is being paid following.
• Banks are not allowed to deduct taxes from interest payments upon submission of a declaration (under certain conditions).

When a Section 197 application is presented in Form 13,

• According to Section 197’s requirements, the recipient may submit an application in Form No. 13 to the Assessing Officer to get a certificate allowing the payer to withhold tax at a lesser rate (or deduct no tax if certain conditions are satisfied).
• There is no deadline for submitting an application, which may be done whenever the tax is deducted. The recipient cannot apply for the certificate if he does not have a PAN.
• The certificate must be given on plain paper with a warning to the applicant directly to the person in charge of paying income.
• Retrospective issuance of the certificate is not permitted.
• In exchange for a lesser or no source tax deduction, the beneficiary may give a copy of this certificate to the person responsible for collecting the income.

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What is the rate of TDS?

The applicable tax rates are as follows:

• 10% at the time the PAN is provided (7.5% for interest credited between 14 May 2020 and 31 March 2021 as a COVID-19 relief mechanism);
• 20% is deducted if the PAN is missing.
• The previous rates shall not be subject to any additional fee, education cess, or SHEC. Tax will therefore be taken out at the source at the basic rate.

What is the time limit for depositing TDS?

Taxes deducted from paychecks between April and February must be deposited by the 7th of the month, at the latest. Taxes withheld in March must be deposited by April 30 at the latest.

For instance, tax deducted on April 25 must be deposited by May 7 and tax deducted on March 15 must be deposited by April 30.

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When it comes to Form 16 and Form 16A, both are important for taxpayers as they have a vital role in regulating the payable tax amounts. Also, they are necessary to file income tax returns as both documents are quite confusing for the taxpayers. Therefore, taxpayers should understand the difference between both forms to ensure a smooth tax filing experience and make the most out of it. 

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What is Form 16?

Form 16 is a document where the information about the salary you have earned during the year and the number of TDS deducted has been certified by the employer.  

Types of Form 16

There are two kinds of Form 16 other than this which you will get to earn income besides salary. They are as follows:

Form 16A

Form 16 is a TDS document that consists of the TDS deducted on the salary issued by your employee details. On the other hand Form 16A reflects the TDS on incomes that are not the salary received. For example, TDS will be deducted on insurance commission, rent receipts, and interest income earned from Fixed Deposits is obtained in Form 16A. This form discloses the information of the TDS deducted and deposited on the income earned. Moreover, it even includes PAN details, the name and address of deductor/deductee, challan details of TDS deposited, and TAN details of deductor. 

Form 16B

TDS deducted in property sales is issued as Form 16B. The amount of TDS deducted on the property bought by the purchaser deposited in the IT department is presented in Form 16B. A deduction of 1% should be done on the property by the buyer and he has to just pay the amount remaining after deduction during the sale of immovable property. He can then submit the TDS later with the Income Tax Department and offer Form 16B to the property seller. This form acts as proof that the deposit of the TDS amount has been made with the Government after the TDS deduction on the property sale. 

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What is Form 16A and what are its components?

According to Section 203 of the Income Tax Act, 1961, Form 16A is a TDS certificate issued every quarter by employers. As of a note, the payments that are more than Rs. 30000 cannot claim deductions as they are liable for TDS. The certificate provides the correct details of the TDS amount deducted on non-salary income sources such as professional charges, rent, commission, and so on. This form is issued to address that the TDS rate is dependent on the earnings from sources other than salary. When it comes to its components, it comprises details such as:

• The name, PAN, and TAN of the employee
• Bank and TAN details of the employer
• TDS payment number
• Payment details
• Deposited tax amount and date of deposit

These details are also provided in Form 26AS.

What are Form 16B and its components?

Form 16B is a document that consists of data about the tax to be paid or refundable and the calculation of taxable income. In addition, it involves salary and its breakup that has been paid to the employee at the time of fiscal year no matter if it is from one employer or more, and details of any other income provided to an employer by the employee. If we talk about the components of Form 16B, they are as follows:

• Deductions made under the income tax act of chapter 6A.
• Detailed salary details including HRA, deductions claimed like NSC, PPF, Pension, Leave Encashment, Gratuity, LTA, etc. 
• Educational tax and surcharge (if any).

One will receive more than one Form 16 if he or she is having more than one job in a year. 

How to download Form 16?

Employers only can use the Form 16 download feature. No individual can do this. It is a common misconception that anyone can download Form 16 from the website using the PAN number. But, make a note that only the employers can provide access to or allow Form 16A download to the salaried employees. The employer should issue your Form 16 on deducting TDS from your salary as it is a TDS document that mentions the deposit of TDS amount to the Government. Furthermore, the employer must file Form 16 before the due date of May 31 of every fiscal year. 

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Difference between Form 16 and Form 16A

Have a look at the table below that shows the difference between Form 16 and Form 16A.

	Form 16	Form 16A
Definition	Form 16 is a document that includes the information of tax amount deducted at source from taxable salary earnings.	Form 16A is a document that involves the details of tax deducted at source from non-salary earnings.
Eligibility	It is eligible for salaried persons with regular earnings.	It is eligible for professionals or self-employed persons
Issuer	This TDS document is filed or issued by the employer.	This TDS certificate is furnished by banks, financial institutions, and more.
Issued against whom	It is furnished or issued against salaried individuals.	It is furnished against non-salaried individuals.
Frequency of issuance	It is issued every one year.	It is issued in a quarter part of the year.
Applies to	Form 16 applies to interest on securities, dividends, etc.	Form 16A is applied to rent, commission agents, professional charges, and more.
Components	PAN details of the employerTAN details of the employerPAN details of employeeTax paidAcknowledgement of paymentEducation cessSurcharges	Bank and TAN details of the employerPAN details of employeeTax paidTDS payment receipt number
Law	According to Section 203 of the Income Tax Act, TDS is applicable on chargeable income.	According to Section 203 of the Income Tax Act, TDS is applicable on non-salary income.
Relationship with Form 26AS	Includes only the TDS details of Form 16.	Involves all details contained in Form 16A.
Verification	Verification through the online portal is possible.	Verification through the online portal is possible.

With the help of this table, you will know the actual difference between both the forms and how they both are very crucial for taxpayers. These forms are beneficial for the verification of important income details along with the TDS amount deducted as well as the right TDS rate. 

FAQs related to Form 16 and Form 16A

1. When Form 16 is furnished?

Form 16 is issued every year, for one fiscal year by the employer.

2. What the furnishing of Form 16A takes place?

A Form 16A is issued quarterly and every 15th of the month following the due date for quarterly TDS return is the due date to issue Form 16A.

3. In what situation does an employer issue Form 16?

An employer issues Form 16 to the employee when he deducts TDS on salary paid to a particular employee. 

4. How can Form 16 and Form 16A benefit me?

You can make use of information of TDS and income from Form 16 and Form 16A to issue your income tax return, compute, and pay your tax. 

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Everyone is aware of what a TDS or Tax Deducted on Source is. But some people may not be aware of how it is calculated on the salary and when TDS is deducted from their salary. This guide is all about Tax Deducted at Source on Salary, which means you will get a clear understanding of who will have to pay TDS on salary, who can deduct TDS, and how TDS is calculated.  

What is Section 192 of Income Tax?

Section 192 of the Income Tax Act says about the TDS deduction on salary. Usually, the TDS (Tax Deducted at Source) on salary is deducted from your salary by the employer and they pay it to the government. The TDS on salary will be deducted on an average rate of income tax which will be according to the present slab rate during the appropriate financial year. This will be done by considering the estimated income of an employee.

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When is TDS Deducted under Section 192?

Now let us see when this TDS is deducted from the employee and what is the salary slab to consider an employee to pay TDS. If an employee is receiving salary every month, then the TDS will be deducted by the employer before paying the salary to the employee. But if the employer is paying the salary to the employee every 4 months or 6months depending on the nature of the business, then the TDS will be deducted according to that. 

The employer must deduct the TDS from an employee who comes under that certain income slab. In case if the employer does not take away the TDS and deposit on time, then he/she will have to face the consequences and will also be liable to pay the penalty along with the interest. In another case, if the employee is receiving salary in advance from the employer, the TDS will be deducted from the advance salary paid by the employer.

Who can deduct and how to deduct TDS on salary monthly for example?

Employers such as partnership firms, co-operative societies, trusts, HUF, individuals, and both private and public companies can deduct TDS on salary. These employers must deduct TDS on salary at the precise time and the amount should be paid to the government. To deduct the TDS on salary, there should be an employer-employee connection. When it comes to deducting the TDS on salary certain factors should be considered. Some of these points are given below.

• TDS is deducted not only on salary. If the employer has given rent for the employee, then it should also be considered while calculating the TDS on salary.
• If there is a home loan and if the interest on such loans is only up to Rs.2,00,000, then it will be set off from the salary income to get the estimated incomes for the TDS calculation. This will be done only if the evidence is provided by the employee in the form 12BB.
• In some cases, employees might make investments to get more tax benefits. This means investments are made to reduce the tax liability. But if the employee does not inform the employer regarding these investments, then the TDS amount will increase than what the employee is liable for. If an employee has made tax-saving investments, it should be declared in form 12BB and submit the same to the employer. Only then the employer will consider the employee’s investments when calculating the TDS on salary.

Let us check an example here that explains the TDS deduction.

Particulars	Amount
Estimated Salary Income of Mr. A	9,60,000
Standard Deduction on Salary	50,000
Estimated Gross Total Income of Mr. A	9,10,000
Tax Saving Investments	1,50,000(this is maximum allowed amount)
Estimated Total Income of Mr. A	7,60,000
Approx. Tax Liability of Mr. A	64,500
Health and Education cess @ 4 % on Rs.64.500 (to be added)	2,580
Expected  Total Tax Liability	67,080
TDS per month (67,080/12)	5,590

So the monthly salary for Mr. A is Rs.80, 000. But, after deducting the TDS of Rs 5,590, Mr. A will receive Rs. 74,410.

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How to Calculate TDS on Salary?

The first step to calculate TDS on salary starts with calculation an employee’s total earnings, including commission, bonus, perks, etc. Then the employer should collect declarations from the employees regarding the investment plans (if any). The proof of such investment should be collected during the end of the year. Then the total amount which is eligible for tax exemption should be calculated by the employer by deducting the allowable exemptions from the gross salary of the employee in a year. Then the employer should deduct the TDS from the taxable income and deposit the TDS collection to the central government within the stipulated time.

Ways to claim TDS on salary?

Employees can claim a TDS refund online by registering

on  https://www.incometax.gov.in/iec/foportal. After registering yourself, download the accurate ITR form to file your tax return. You must fill in the necessary information asked in the form and upload the same and click on submit button. You will receive an acknowledgement after submitting the ITR and you should verify it by adding a digital signature, OTP based on Aadhaar or using your net banking account.

Exemption from TDS on salary

There is an exemption limit for TDS on salary and if an employee’s salary does not exceed the basic exemption limit, then the employer will not deduct the TDS. The basic exemption limit according to the age is given below for your reference. A resident in India who is below 60 years of age and if his annual minimum income is Rs.2.5 lakh, then TDS will not be deducted from his salary. But, in the case of senior citizens between 60 years and below 80 years and if their minimum income per annum is Rs. 3 lakh, the TDS will not be deducted. In the case of super seniors (age above 80 years) whose minimum income is Rs.5 lakh annually; the TDS will not be deducted.

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The Time Limit for Depositing the Tax Under Section 192

When a government employer is deducting the TDS from the employees, then the amount should be paid on the same day itself. But in the case of a non-government employer, if the TDS is deducted from the employee’s salary in March, then it should be deposited on or before April 30th. Now when the TDS is deducted during any other month of March, then the amount should be deposited seven days before the end of every month.

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FAQs related to TDS on Salary

1. Does TDS have to deduct every month?

Yes. TDS on salary must be deducted every month by the employer if the salary is paid every month.

2. Is the TDS deducted from my salary refundable?

TDS amount will only be refunded if the amount deducted is more than the amount the employee is liable for.

3. What is form 16 and 16A?

Form 16 is a TDS certificate type that is issued by the employer to employees and it will include the details regarding the TDS on salary. Whereas Form 16 A is another type of TDS certificate in which the details regarding the TDS deductions other than that on salary are mentioned.

What is DPT-3 Form

DPT 3 was notified to protect the interests of the Company’s deposit holders or creditors, the Central Government in consultation with the Reserve Bank of India (RBI) in the Companies (Acceptance of Deposits) Amendment Rules, 2020 to amend the Companies (Acceptance of Deposits) Rules, 2014.

DPT-3 is an annual return that must be filed every year by companies for every volume of loan or advances as of 31st March. Every transaction other than the deposits is to be filed in the DPT-3 form by every company, excluding the Government Organisations. Using DPT3, the company registrar is notified about the loan/money received by the Company.

The DPT-3 e-type is a dynamic firm that operates based on radio buttons chosen by the operator. The below are the two forms of returns: 

1. One-time return: The return submitted for an unpaid sum of money collected that was not classified as a deposit could only include money received after April 1, 2014, and the amount should have remained outstanding as of March 31, 2019.
2. Annual return: The annual return is filed on any money collected that was not listed as a deposit. That will include money earned before April 1, 2014, and still owed as of today. This return must be filed last year.

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Who all should file DPT 3 form

The following businesses are expected to file the DPT-3 form. As a result, if you fall into any of these categories, you must file Form DPT 3:

1. Private Limited Company
2. Public Limited Company
3. One Person Company (OPC)
4. Small Company
5. However, since insurance providers are licensed with IRDA, they are also required to file DPT-3. Even if the Holding Company, Subsidiary Company, or Associate Company obtains the loan, the DPT-3 Form must be filed.

The DPT 3 filing fees are calculated based on the company’s paid-up capital. This Form does not apply to the following companies:

• a government company
• a banking company
• non-banking but financial organizations that are registered with the RBI – Reserve Bank of India
• Housing loan corporations that are registered with the National Housing Bank. 

Is there a due date for DPT 3 form filing

The DPT 3 due date is defined in Rule 16 of the Companies (Acceptance of Deposits) Rules, 2014: 

“Every company to whom these laws concern shall file, on or before June 30th of every year, a return in Form DPT-3 with the registrar of companies along with the invoice provided for by the Rules of Procedure 2014 on the registers (registration offices and fees) and shall provide the particulars contained therein, duly audited by the auditor of the corporation as of March 31st.

Explanation– It is hereby explained that Form DPT-3 shall be used by any entity other than the Government company for filing return of deposit or details of transaction not considered as deposit, or both.”

DPT 3 Extension was given by the government for F.Y. 2019-20 up to 30^th December 2020 due to the covid-19 pandemic.

Elements of a DPT 3 form

1. The most recent audited balance sheet
2. Dates of publication and expiration of advertisements or circulars
3. Deposit particulars
4. The total number of deposits and depositors
5. The number of reserves that have matured yet has not been claimed
6. Charge Specifications

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Required Attachment for DPT 3:

1. Certificate of Auditors
2. Deposit Insurance contract – Required whenever a business has deposit insurance and the particulars are included in the document.
3. Copy of trust deed – Required if a corporation has a trust deed and the particulars of the same are included in the form.
4. Instrument making charge copy – Required if a corporation has a trust deed and the particulars of the same are stated in the form.

Steps involved in DPT 3 filing (Online procedure for DPT 3 filing)

Following are the online procedure for DPT 3 filing :

• Enter your CIN and press the Pre-fill button.

Open the form, enter the Company’s CIN, and press Pre-fill. The Company’s specific information would be pre-filled. However, you can edit the Company’s e-mail ID and enter a new one.

• Choose the reason for filing the form.

Click on the appropriate tab based on the purpose of filing the form and enter if the corporation is a government company.

• Enter the company’s Objects.

If the company’s Objects are not pre-filled, you may join them.

•  Type with the most current fiscal year’s end date.

Just enter such material if the object is ‘Return of Deposit’ or ‘Particulars of transactions by a corporation not considered as a deposit or ‘Return of Deposit and Particulars of transactions by a company not considered as a deposit.

• Enter the details required to measure your net worth.

You must enter the details from the most recent audited balance sheet preceding the date of the Company’s return.

• Enter the overall deposit limit, the total number of deposit holders as of April 1st and at the end of the fiscal year, and deposit details.

Just enter such material if the goal is ‘Return of Deposit’ or ‘Return of Deposit and Particulars of Transactions by a Firm Not Regarded as a Deposit.’

• Enter the particulars of your liquid assets, as well as the specifics of the fee you paid, as well as the total amount you owe.

Amount of investments due to mature by March 31st of the following year, Amount required to be invested in net assets, and so on.

• Attach the necessary paperwork, sign the form, then submit and upload.

Attach the required documentation, then digitally sign the form. Finally, fill out the form and send it to the MCA server.

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FAQs related to DPT 3

1.  What is the penalty if the Company does not submit the Form?

If a company fails to comply with any clause stated in the Deposits Rules for which no penalty is given in the Act, the company and any officer of the company who is at fault are liable for a fine of up to five thousand rupees and, if the contravention is pending, with prison, according to Rule 21 of the Companies (Acceptance of Deposits) Rules, 2014.

2. Can the interest and principal balance be used when filing DPT 3 Form?

As of March 31, the amount outstanding in DPT-3 shall include both principal and interest.

3. What numbers would a newly formed corporation need to fill out the form?

If no audited reports for the previous year are valid, file the form with unaudited estimates.

4. In which column shall the loan obtained from Shareholders be listed in the case of a private limited company?

The sum received from the shareholder must be noted in columns 9 and 10, i.e. Deposit. A loan from a shareholder would be treated as a deposit.

5. What remote button in DPT-3 should be selected if the company only has non-deposit entries?

In this case, Remote Button 3 in DPT 3 must be set to “Particulars of transactions by a firm that is not called deposits under Rule 2 (1) (c) of the Companies (Acceptance of Deposit) Rules, 2014.”

Any payment or remittance made to a non-resident is subject to a plethora of laws and regulations. Initially, when a person made a payment or remittance to a non-resident, he was required to include a certificate in the format prescribed by the RBI. Re-filling of data in certificates is now implemented to verify and trace transactions properly. The person making the remittance to a non-resident must have an undertaking (in Form 15CA) along with a Chartered Accountants Certificate (in Form 15CB).

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What is Form 15CA and 15CB?

Form 15ca is a statement of remitter that is used to gather information on payments that are taxable in the hands of a non-resident receiver. If the remittances or payment are not liable to Non-Resident Indians, Form 15CA is not necessary. To be excluded from the submission of Form 15CA, a customer may send a declaration in the form of a notice to the bank stating the purpose of the payment and the reason why it is not chargeable under the tax. Banks are being more diligent in ensuring that all Forms are issued by them before remittance, as an obligation to supply Form 15CA to an income-tax authority for the benefit of any proceedings under the Income-tax Act is now imposed on them under the revised Rule 37BB. 

As a result, Form 15CA must be submitted electronically to the Income-tax department. This copy must be sent to the bank as evidence of tax clearance from the tax department. The four portions of Income Tax Form 15CA are mentioned below. Certain portions of Form 15CA must be completed correctly based on the volume and taxability of the remittance.

A portion of the form description

• Part A: If the remittance is taxable and the gross amount of such transfers during the fiscal year is less than INR 5 lakhs.
• Part B: Whether the remittance is taxable and the gross amount of such payments within the fiscal year exceeds INR 5 lakhs, and an order or certificate under Section 195(2)/ 195(3)/ 197 of the Income Tax Act has been issued from the Assessing Officer.
• Part C: If the remittance is taxable and the cumulative amount of such payments within the Fiscal Year exceeds INR 5 lakhs, and a certificate in Form No. 15CA from an accountant as defined of the description below, sub-section (2) of Section 288 has been obtained.
• Part D: To be completed if the remittances are not taxable, rather than the payments referred to in Rule 37BB(3) made by the person referred to in Rule 37BB(3) (2).

Form 15CB and CB is a certificate that must be filed by the Chartered Accountant When payment to a non-resident or international corporation crosses Rs. 5,00,000/-, an order/certificate has not been issued from the Assessing Officer and the payment is taxable (AO). This is a kind of certification for the prices and type of tax charged by you. Certain information from Form 15CB is needed when filing Form 15CA.

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How to Fill Form 15CA

If a user is already registered on the web, he must log in with the correct credentials, which are normally the PAN number and the password. If he is not already enrolled, he must click on the “Register” button on the website and then fill in all of the necessary information and fields to complete his registration on the web. After successfully logging in, click on the “e-file” option, which will bring up a dropdown list. The “Prepare and Submit Online Form (Other than ITR)” button should be chosen. Then, from the dropdown list, pick ‘Form 15CA’ and press the ‘Continue’ button. Following submission, a pop-up window occurs in which the Part of the Form 15CA must match the current scenario is to be picked.

The related fields must be filled out depending on which section of Form 15CA is chosen. The following are the most important fields on the Form 15CA:

• Remitter’s First Name
• Specifics about the address
• Contact Information
• Remitter’s residential status
• Name of the remitter’s receiver PAN (if available)
• Remittance details

– Country of Remittance 

– Currency 

– Amount of Remittance in Indian Currency

– Proposed Remittance Date 

– Proposed Remittance Date 

– Remitter’s Bank Details 

– Remitter’s Name and Bank Branch Name

– Bank BSR Code

• TDS Specifications
• Form verification

If the person is unable to complete the document directly. In that case, there is a “Save Draft” alternative that provides a lifeline in this respect, so that the person is not troubled by having to fill out all of the information again.

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How to File Form 15CA

Step 1: Go to the website of the Income Tax Department.

Step 2: Use the required authentication credentials to access the correct account.

Step 3: Pick the Income Tax Forms page from the drop-down menu after clicking on the e-File tab.

Step 4: From the drop-down menu, select Form 15CA and then press the Continue button.

Step 5: From the drop-down menu, choose the Type of Form 15CA appropriate to the user.

Step 6: Fill out Form 15CA and press the Submit button to finish the process.

Note:

It is mandatory to upload Form 15CB before submitting Part C of Form 15CA. To prefill the specifics in Part C of Form 15CA, the acknowledgement number of the e-Filed Form 15CB must be given.

After the procedure is completed, the user will see a message on the screen signalling successful filing as well as a confirmation email in the user’s registered email address.

How to File Form 15CA and 15CB

• The prerequisite “Add CA” must be done first.
• The “Add CA” choice is to be chosen under the “My Account” tab.
• The CA’s Membership Number must be entered here.
• Following that, enter 15CB as the Form number.
• Since the CA has now been effectively added, the remainder of the procedure will be performed by the CA himself.
• The CA’s user account must be registered as a CA and not as a default account on the web.
• The Form 15CB Utility must be downloaded from the “Downloads” tab. This is because the.xml file must be imported for Form 15CB to be successfully submitted.
• When the download is over, the.xml file must be prepared offline and ready for upload.
• On the website, under the “e-File” tab, press the “Upload Form” button and fill in the following information:
  • The Assessee’s PAN
  • PAN of the CA 
  • Form 15CB
  • Original filing type
• The prepared.xml file is then imported and created by the Utility.
• The DSC Management Utility must also be downloaded. This is useful for downloading the Digital Signature File such that the submission is complete in any way.
• Wait for the Success page after clicking the “Submit” button.

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Benefits of Using myBillBook to Generate Invoice 

• A well-designed automated approach will eradicate the various problems associated with manual intervention.
• myBillBook helps in generating invoices for the goods that are subjected to TDS which can be submitted along with the form 15ca and form 15cb for refunds.
• Also, the invoice generated online can help in making a payment towards the import settlement of any invoice.
• Audit Trail – An audit trail is designed into the system to enable you to track bank transactions to their inception.
• Productivity – Reduced turnaround time as a result of the removal of manual interference
• Reduced Costs – Software can save up to 95% of all costs.
• Accuracy – A high degree of precision and no clerical mistakes.
• Reliability – a solution that is available 24 hours a day, seven days a week.

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