As the financial year comes to an end, it is important to take stock of your finances and ensure that you have taken all the necessary steps to maximize your tax benefits and investments. Here are some things that you should do before 31st March in India:

1. File your income tax returns: The deadline for filing income tax returns of Individuals and Non-Audit cases for the financial year 2021-22 was 31st July 2022. However, if you have not yet filed your income tax returns for the previous financial year (2020-21), you must do so before 31st March 2023 to avoid penalties and interest.
2. Utilize your section 80C limit: Under section 80C of the Income Tax Act, you can claim tax deductions for investments and expenses up to Rs. 1.5 lakh. This includes investments in provident fund, National Savings Certificate, tax-saving mutual funds, and life insurance premiums. Make sure you utilize this limit before the end of the financial year to reduce your tax liability.
3. Claim deductions for medical expenses: Under section 80D, you can claim deductions for medical expenses incurred for yourself, your spouse, and your dependent children. You can claim a deduction of up to Rs. 25,000 for medical insurance premiums paid for yourself, your spouse, and dependent children. Additionally, you can claim a deduction of up to Rs. 50,000 for medical expenses incurred for senior citizens. Make sure you have all the necessary bills and receipts to claim these deductions.
4. Check your Form 26AS: Form 26AS is a consolidated tax statement that shows the tax deducted at source (TDS) from your income. Make sure you verify that the TDS has been credited to your PAN number and matches with your records. If there are any discrepancies, you must raise the issue with the relevant authority.
5. Make donations to charitable organizations: Donations made to charitable organizations are eligible for tax deductions under section 80G. Make sure you donate to a recognized charitable organization and obtain a receipt for the same. You can claim a deduction of up to 50% of the donated amount.
6. Check your investment portfolio: Review your investment portfolio and make necessary adjustments before the financial year ends. Make sure you rebalance your portfolio and align it with your financial goals.
7. Check your insurance coverage: Review your insurance coverage and ensure that you have adequate coverage for yourself and your dependents. Make sure you renew your policies before they expire.
8. Link Aadhaar with PAN: As per the government mandate, it is mandatory to link your Aadhaar card with your PAN card. The deadline for linking Aadhaar with PAN has been extended till 31st March 2023. However, it is advisable to complete this task as soon as possible.
9. Plan for the next financial year: Use the last few days of the financial year to plan for the next financial year. Set financial goals, create a budget, and invest in tax-saving instruments to maximize your tax benefits.

In conclusion, the end of the financial year is a crucial time to review your finances and ensure that you have taken all the necessary steps to maximize your tax benefits and investments. Make sure you file your income tax returns, utilize your section 80C limit, claim deductions for medical expenses and charitable donations, check your investment portfolio and insurance coverage, utilize your LTA limit, and plan for the next financial year. By doing so, you can ensure a smooth and financially stable future.

Overview

A trademark is a symbol, word, phrase, design, or combination of these elements that distinguishes and identifies the source of goods or services of one party from those of others. Trademarks serve as a form of intellectual property protection for businesses and individuals, allowing them to prevent others from using their marks in a way that could cause confusion among consumers or dilute the value of the mark.

Trademark registration is the process of legally protecting a brand name, logo, or slogan used to identify a product or service. The following are the steps involved in the trademark registration process:

1. Conduct a Trademark Search: Before filing a trademark application, it is essential to conduct a thorough search to ensure that the chosen trademark is not already registered or being used by someone else in a similar category.

• File a Trademark Application: Once the search is complete, the applicant can file a trademark application with the appropriate government agency in their jurisdiction. In the United States, the U.S. Patent and Trademark Office (USPTO) handles trademark registration.

• Examination of the Application: Once the application is submitted, the trademark office examines it to ensure that it meets all the requirements for registration. If the application is incomplete or does not meet the necessary criteria, the applicant may be asked to provide additional information or clarification.
• Publication for Opposition: Once the trademark office approves the application, it is published in an official gazette or website for a specific period, usually 30 days, to allow others to object to the registration.

• Opposition Proceedings: During the opposition period, anyone who believes they will be harmed by the registration can file an objection to the application. If an opposition is filed, the parties involved will engage in a legal proceeding to determine whether the registration should be granted.

• Registration: If no opposition is filed or the opposition proceeding is resolved in favor of the applicant, the trademark is registered and the applicant is issued a certificate of registration.

Documents and Information for Trademark Registration

The documents and information required for trademark registration may vary depending on the jurisdiction and the specific requirements of the government agency handling the registration process. However, the following are the standard documents and information required for trademark registration:

1. Trademark Application Form: The applicant needs to fill out and submit a trademark application form that includes details such as the trademark owner’s name and address, the trademark itself, and the goods or services associated with the trademark.

• Specimen of the Trademark: The applicant needs to provide a specimen of the trademark, which can be a drawing or a digital image of the logo or design.

• Proof of Use or Intent to Use: The applicant needs to provide evidence that the trademark is being used in commerce or a statement indicating the intent to use the trademark in commerce in the future.

• Classification of Goods or Services: The applicant needs to specify the classification of goods or services associated with the trademark. In the United States, this classification is based on the International Classification of Goods and Services (Nice Classification).

• Government Fees: The applicant needs to pay the government fees associated with the trademark registration process.

It is essential to ensure that all the information provided in the application is accurate and complete to avoid delays or rejection of the application.

Trademark Registration Fee

In India, the trademark registration fees are the same for individuals and other entities, such as companies or organizations. The fees are determined based on the number of classes of goods or services for which the registration is sought. The following is the fee structure for trademark registration in India:

1. For one class of goods or services – INR 4,500 (approximately USD 60) for Individuals and INR 9,000 (approximately USD 120) for Others (Companies, Firms, and other legal entities)
2. For each additional class of goods or services – INR 9,000 (approximately USD 120)

Therefore, the trademark registration fees are the same for individuals and other entities. However, the government offers a fee concession for small enterprises and startups. They are eligible for a 50% fee reduction for trademark registration.

Background: –

In India, Goods and Services Tax (GST) is applicable to the services provided by freelancers. As per the GST law, freelancers are considered to be providing services in the course or furtherance of business, and hence, their services are subject to GST. If the annual turnover of a freelancer exceeds the threshold limit of INR 20 lakhs (INR 10 lakhs for some special category states), they are required to register for GST. This is to be noted that in case of export of services, Registration under GST is required by each freelancer or service provider irrespective of Turnover.

Once registered, they must collect and pay GST on their taxable services at the applicable rate. The GST rate on freelance services in India is 18%. However, certain services may attract a lower rate of GST or may be exempt from GST altogether.

Export of services: –

If you are a freelancer or a business providing services and you want to export those services from India, you need to register for Goods and Services Tax (GST). Export of services is treated as zero-rated supply under GST, which means that no GST is charged on such supplies subject to filing of letter of undertaking (LUT) to the GST Department.

Every supply of service made to a person belonging to the outside India and payment also received in convertible foreign exchange cannot be termed as supply of export of service.

 Export of service is defined under section 2(6) of the IGST Act which is reproduced as under: – “export of services” means the supply of any service when, —

• the supplier of service is located in India;
• the recipient of service is located outside India;
•  the place of supply of service is outside India;
•  the payment for such service has been received by the supplier of service in convertible foreign exchange or in Indian rupees wherever permitted by the Reserve Bank of India; and
• the supplier of service and the recipient of service are not merely establishments of a distinct person in accordance with Explanation 1 in section 8;

Under the Goods and Services Tax (GST) regime in India, the export of goods and services is considered as a zero-rated supply. This means that no GST is charged on the export of goods or services, but the exporter can claim input tax credit (ITC) for GST paid on inputs and input services.

To export goods or services without paying GST, the exporter needs to either:

• Furnish a Letter of Undertaking (LUT): If the exporter has a track record of exports and meets certain conditions specified under the GST laws, they can furnish an LUT instead of paying GST on the export of services. The LUT is a written undertaking by the exporter that they will comply with all the GST rules and regulations, and that they will pay the GST in case of any non-compliance.
• Pay the GST and claim refund: If the exporter is not eligible to furnish an LUT or chooses not to furnish an LUT, they can pay the GST on the export of services and then claim a refund of the same.

When a registered person exports goods or services under an LUT, they are not required to pay any GST on such exports. However, they are required to file GST returns to claim the input tax credit and maintain proper records of their exports.

On the other hand, if a registered person exports goods or services without furnishing an LUT, they are required to pay the applicable GST on such exports. They can claim a refund of the GST paid by filing a refund application with the GST department.

GST Return Filing for Export of services:-

Under the Goods and Services Tax (GST) regime in India, exporters of services are required to file GST returns on a regular basis. The GST return filing process for exports of services is as follows:

1. GSTR-3B: Every registered person is required to file GSTR-3B on a monthly or quarterly basis. In case of exports of services, the exporter needs to report the details of exports made during the tax period in Table 3.1(d) of GSTR-3B.
2. GSTR-1: Every registered person is required to file GSTR-1 on a monthly or quarterly basis, which contains details of outward supplies made during the tax period. In case of exports of services, the exporter needs to report the details of exports made during the tax period in Table 6A of GSTR-1.
3. Invoice details: For exports of services, the exporter needs to maintain proper records of invoices issued for the services exported, along with the relevant documents like shipping bills, airway bills, and bank realization certificates.
4. Refund of GST paid: If the exporter has paid GST on the export of services and has not furnished an LUT, they can claim a refund of the same by filing a refund application in Form GST RFD-01.

1. What is Corporate Tax:-

Corporate Tax is a form of direct tax levied on the net income of corporations and other businesses.

Corporate Tax is sometimes also referred to as “Corporate Income Tax” or “Business Profits Tax” in other jurisdictions

2. Who is subject to Tax:–

Broadly, Corporate Tax applies to the following “Taxable Persons”:

• UAE companies and other juridical persons that are incorporated or effectively managed and controlled in the UAE;
• Natural persons (individuals) who conduct a Business or Business Activity in the UAE as specified in a Cabinet Decision to be issued in due course; and
• Non-resident juridical persons (foreign legal entities) that have a Permanent Establishment in the UAE (which is explained under [Section 8]).

Juridical persons established in a UAE Free Zone are also within the scope of Corporate Tax as “Taxable Persons” and will need to comply with the requirements set out in the Corporate Tax Law. However, a Free Zone Person that meets the conditions to be considered a Qualifying Free Zone Person can benefit from a Corporate Tax rate of 0% on their Qualifying Income (the conditions are included in [Section 14]).

Non-resident persons that do not have a Permanent Establishment in the UAE or that earn UAE sourced income that is not related to their Permanent Establishment may be subject to Withholding Tax (at the rate of 0%). Withholding tax is a form of Corporate Tax collected at source by the payer on behalf of the recipient of the income. Withholding taxes exist in many tax systems and typically apply to the cross-border payment of dividends, interest, royalties and other types of income.

3. IMPOSITION OF CORPORATE TAX::-

As per the Decree Law, the UAE CT shall be imposed on Taxable Income which shall be at the rate of 0% for taxable income up to AED 375000 and 9% for taxable income exceeding AED 375000 in a Tax Period. As regards Free Zone establishments which qualify as Qualified Free Zone Persons, the UAE CT shall be 0% for Qualifying Income and 9% on Taxable Income which is not qualifying Income.

4. Tax Period:-

For the purpose of imposition of the UAE CT, financial year of a Taxable Person shall be the Georgian calendar year or twelve months period for which the taxable person prepares financial statements.

5. Process of Registration, Filing and Paying the Taxes:-

All Taxable Persons (including Free Zone Persons) will be required to register for Corporate Tax and obtain a Corporate Tax Registration Number. The Federal Tax Authority may also request certain Exempt Persons to register for Corporate Tax.

Taxable Persons are required to file a Corporate Tax return for each Tax Period within 9 months from the end of the relevant period. The same deadline would generally apply for the payment of any Corporate Tax due in respect of the Tax Period for which a return is filed.

LLP stands for Limited Liability Partnership, and it is a type of partnership firm where partners have limited liability. LLP registration process in India is straightforward and can be completed in the following steps:

Step 1: Obtain Digital Signature Certificate (DSC)

The first step in the LLP registration process is to obtain a digital signature certificate (DSC) for all the designated partners. A DSC is required to sign the online registration documents.

Step 2: Obtain Designated Partner Identification Number (DPIN)

Every designated partner of an LLP is required to obtain a designated partner identification number (DPIN) from the Ministry of Corporate Affairs (MCA). This is a unique identification number that is required for filing the LLP registration documents.

Step 3: Reservation of Name

The next step is to reserve a unique name for your LLP. This can be done by filing Form LLP-RUN (Reserve Unique Name) with the MCA. The name should be unique and should not resemble any existing company or LLP.

Step 4: File Incorporation Documents

Once the name is approved, the next step is to file the LLP incorporation documents with the MCA. The documents required for LLP registration include Form LLP-INC 32 (Incorporation Document and Subscriber’s Statement), Form LLP-INC 33 (LLP Agreement), and Form LLP-INC 34 (Statement of Consent and Appointment of Designated Partners).

Step 5: Obtain Certificate of Incorporation

After submitting the LLP incorporation documents, the MCA will verify the documents and issue a certificate of incorporation if everything is in order. The certificate of incorporation is the final document that confirms the formation of the LLP.

Once the LLP is registered, it is mandatory to file annual returns and other compliance documents with the MCA to maintain the LLP’s status.

In India, the Goods and Services Tax (GST) is a value-added tax that is levied on the supply of goods and services. GST registration is mandatory for businesses that have a turnover of more than Rs. 40 lakhs (Rs. 20 lakhs for businesses in northeastern states). Here are the steps to register for GST in India:

1. Visit the GST portal (https://www.gst.gov.in/).
2. Click on the ‘Services’ tab and select ‘Registration’ from the drop-down menu.
3. Select the ‘New Registration’ option.
4. Fill out the registration form with the required details, including PAN card, Aadhaar card, business details, bank account details, and authorized signatory details.
5. Upload the required documents, including PAN card, Aadhaar card, business address proof, bank statement, and proof of business constitution (partnership deed, company registration certificate, etc.).
6. Submit the application and wait for the application reference number (ARN) to be generated.
7. Once the ARN is generated, the application will be reviewed by the GST officer.
8. If any additional information or documents are required, the GST officer will request them through the GST portal.
9. If the application is approved, the GST registration certificate will be issued.

The process of GST registration typically takes 5-7 working days. It’s important to note that GST registration is mandatory for businesses with a turnover of more than Rs. 40 lakhs (Rs. 20 lakhs for businesses in northeastern states), and failure to register can result in penalties and fines

If You have any doubt or query regarding the Import Export Code (IEC) Registration , feel free to contact the us

CA Neeraj Bansal

+91-9718046555

In India, the Import-Export Code (IEC) registration process is governed by the Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce and Industry. IEC is a 10-digit code that is required by businesses for any import or export transactions.

Here are the steps to register for an IEC code in India:

1. Create an account on the DGFT website (https://dgft.gov.in/).
2. Fill out the IEC application form (Aayaat Niryaat Form ANF 2A) online.
3. Upload the required documents, including PAN card, GST registration certificate, bank account details, and a cancelled cheque or bank certificate as proof of bank account.
4. Pay the application fee of Rs. 500 through online payment modes.
5. Submit the application form online.

After submission of the application, the DGFT will review the application and documents. Once the application is approved, the IEC code will be generated and sent to the applicant via email.

The process of IEC registration in India typically takes 1-2 weeks. It’s important to note that the IEC code does not have an expiry date and is valid for the lifetime of the business.

If You have any doubt or query regarding the Import Export Code (IEC) Registration , feel free to contact the us

CA Neeraj Bansal

+91-9718046555

There are many Taxpayers who has escaped the income intentionally or unintentionally by not declaring the Saving Interest, Fixed Deposit Interest, Capital gain transactions, Purchase or sale of immovable properties and other as specified by the department under high value transactions. Taxpayers are getting the email/sms alert from the department about these high transactions value.

However, since the date of revision of income tax returns i.e. 31st march 2022 is over so taxpayers was in dilemma that how to revise or deposit the tax amount.

Now the government has come with a solution to file the Updated Tax Return in Form ITR-U along with applicable ITR Forms (I.e. ITR-1,2,3,4,5,6,7 as applicable)

Income Tax department has notified a new form for filing updated I-T returns in which taxpayers will have to give the exact reason for filing it along with the amount of income to be offered to tax. The new form (ITR-U) will be available to taxpayers for filing updated income tax returns for 2019-20 and 2020-21 fiscals.

Updated Income Tax Return can be filed from the AY 2020-21-ITR-U along with applicable ITR-1 to ITR-7 on account of Below

• Return not filed
• Income not reported correctly
• wrong heads of income
• Reduction of c/f Loss
• Reduction of Unabsorbed Dep.
• Reduction of Tax Credit
• Wrong tax

People can now deposit the tax can relax by reducing the chances of any further notices.

On consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22 under the Income-tax Act, 1961(the “Act”), Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22. The details are as under:

1. The due date of furnishing of Return of Income for the Assessment Year 2021-22, which was 31st July, 2021 under sub-section (1) of section 139 of the Act, as extended to 30th September, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 31st December, 2021;
2. The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which is 30th September, 2021, as extended to 31st October, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 15th January, 2022;
3. The due date of furnishing Report from an Accountant by persons entering into international transaction or specified domestic transaction under section 92E of the Act for the Previous Year 2020-21, which is 31st October, 2021, as extended to 30th November, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 31st January, 2022;
4. The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31st October, 2021 under sub-section (1) of section 139 of the Act, as extended to 30th November, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 15th February, 2022;
5. The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 30th November, 2021 under sub-section (1) of section 139 of the Act, as extended to 31st December, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 28th February, 2022;
6. The due date of furnishing of belated/revised Return of Income for the Assessment Year 2021-22, which is 31st December, 2021 under sub-section (4)/sub-section (5) of section 139 of the Act, as extended to 31st January, 2022, vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 31st March, 2022;

It is also clarified that the extension of the dates as referred to in clauses (9), (12) and (13) of Circular No.9/2021 dated 20.05.2021 and in clauses (1), (4) and (5) above shall not apply to Explanation 1 to section 234A of the Act, in cases where the amount of tax on the total income as reduced by the amount as specified in clauses (i) to (vi) of sub-section (1) of that section exceeds rupees one lakh. Further, in case of an individual resident in India referred to in sub-section (2) of section 207 of the Act, the tax paid by him under section 140A of the Act within the due date (without extension under Circular No.9/2021 dated 20.05.2021 and as above) provided in that Act, shall be deemed to be the advance tax.

CBDT Circular No.17/2021 in F.No.225/49/2021/ITA-II dated 09.09.2021 issued. The said Circular is available on www.incometaxindia.gov.in

Applicability & Analysis Section 206AB and 206CCA of Income Tax Act, 1961

The Finance Bill 2021, has inserted two new sections in Income Tax Act 1961, which are related to TDS which are Section 206AB and Section 206 CCA which are applicable from 1^st July 2021.

Brief about Section 206AB

According to these provisions of the income tax act, TDS will be required to be deducted at higher of the following: –

1. At Twice rate of the TDS as specified in the relevant provision of the act; or
2. Twice the rate in force; or
3. At the rate of 5%

Applicability of the Section 206AB

This provision applicable on “Specified Persons”. Specified Persons means: –

• Person who has not filed the Income Tax Return (ITR) for 2 previous years immediately before the previous year in which tax is required to be deducted;
• The time limit of ITR filing under sub-section (1) of Section 139 is expired; and
• The aggregate tax deducted at source (TDS) or tax collected at source (TCS), is Rs. 50,000 or more in each of the 2 previous years.

What is the person does not have PAN not filed Income Tax Return

Sub-section (2) of Section 206AB states that if both Section 206AA and 206AB are applicable i.e. the “specified person” has not submitted the PAN and not filed the return; TDS is deducted at the higher rates amongst Section 206AA and 206AB.

Non-Applicability of 206AB of the TDS: –

1. The section 206AB is not applicable in case of TDS on Salary (192), TDS on Premature withdrawal from EPF (192A), TDS on Lottery(194B), TDS on cash withdrawal in excess of 1 crore (194N), TDS on Income in respect of investment in securitization trust (194LBC), TDS on Horse Riding (194BB)
2. Both Section 206AB/206CCA are not applicable to a non-resident who does not have a permanent establishment in India.

Example: –

M/s GEM Delhi LTD made a contract payment of Rs.80 lakhs to Mr. Akhsay Sinha for 3 consecutive years i.e. FY 2018-19, FY 2019-20 and FY 2020-21 and tax under Section 194C was deducted (Rs.90,000 every year) and remitted by GEM Delhi Ltd. Mr. Akshay Sinha however, did not file his Income Tax Return (ITR) for any of the years. Then, in the financial year 2021-22, From July Onwards GEM Delhi LTD, (the payer) must deduct tax at source (TDS) at the higher rates given above.

How can Tax Deductor/ Collector can identify such persons: –

Since tax deductor/collector is responsible for deducting/collecting TDS/TCS, it becomes their responsibility to identify the specified person of whom TDS at the higher rate is required to be deducted. In the absence of proper mechanism, CBDT has issued Circular No. 11 of 2021 F. No. 370133172021-TPL dated 21st June 2021  Wherein a new functionality “Compliance Check for Section 206AB and 206CCA” is made available through reporting portal of Income Tax department.

Additionally, Deductee/Collectee can give self-declaration to their respective tax deductor/collector about the non-applicability of Section 206AB/206CCA upon them. Format of the same is given below: –

 

Undertaking pursuant to Section 206AB and Section 206CCA of the Income Tax Act, 1961

TO WHOMSOEVER IT MAY CONCERN

Dear Sir/Madam,

Subject: Declaration confirming filing of the Income Tax Return for immediate two preceding years.

I,                                                                           (Authorized person name)in capacity of

Authorized Signatory of                                         (Company Name) having                                     PAN

And turnover or Rs.10 cr. or more _______________________(YES/NO)                 

Registered office at                                                                                                                             _ do

hereby declare, we have filed Income Tax Returns for Two previous years immediately prior to the previous year in which tax is required to be deducted for which due date filing of return of income under sub section(1) of section 139 of the Income Tax Act, 1961 has expired, the details of which are givenunder:

Financial for which Income Tax Return was due u/s 139(1)	Date of Filing	ITR Acknowledgement No.	TDS + TCS is greater than           Rs. 50000/- (Yes/No)
F.Y.2020-21 (If applicable on this date of declaration)
F.Y. 2019-20
F.Y. 2018-19

I hereby undertake to indemnify the entity for any loss/liability fully including any Tax, interest, penalty, etc. that may arise due to incorrect reporting of above information.

                                                                                                  For   (CompanyName)

Signature (Including Companyroundstamp)       :                                                       _________

Place                                                                    :                                          _______________

Date                                                                     :                                          _______________