Ans: Yes. We charge nearly 50% less than traditional CAs for the same services (Filing ITR, GST etc.)
Ans: In order to protect your data from unauthorised access, we use industry best practices. All of your data is encrypted so that our applications can only use it with your permission.
Ans: Both direct and indirect tax compliance for individuals and businesses.
Ans: We provide filing ITR & GST returns as well as Tax saving consultation.We deal with all kind of tax works both for individual as well as business.
Ans: Yes. You’re entitled to cancel your order within 14 days of purchase. You must inform us of your cancellation decision in a clear manner in order to exercise your right to cancel. You can inform us of your decision by: Via Whatsapp : 7619269839 Via email - info@taxtummy.com We will reimburse your payment no later than 14 days from the day on which we receive the confirmation of termination of our service. In order to reimburse You, we will use the same payment method as you used when placing the Order. You will not incur any fees for such reimbursement.
Ans: Under Indian tax laws, salary income refers to the remuneration received by an individual for the services rendered by them in their employment. It includes wages, salaries, bonuses, commission, and any other remuneration received by the employee from the employer.
Salary income is taxable in India, and the tax liability is determined based on the individual's tax slab, which is determined by their income level. The tax slab rates for individuals in India for the financial year 2021-2022 are as follows:
Up to INR 2.5 lakhs: No tax INR 2.5 lakhs to INR 5 lakhs: 5% INR 5 lakhs to INR 7.5 lakhs: 10% INR 7.5 lakhs to INR 10 lakhs: 15% INR 10 lakhs to INR 12.5 lakhs: 20% INR 12.5 lakhs to INR 15 lakhs: 25% Above INR 15 lakhs: 30%The tax slab rates for individuals in India for the old regime (prior to the implementation of the new regime in 2021) were as follows: For individuals below the age of 60 years: Up to INR 2,50,000: Nil INR 2,50,001 to INR 5,00,000: 5% INR 5,00,001 to INR 10,00,000: 20% Above INR 10,00,000: 30%
For individuals above the age of 60 years but below the age of 80 years: Up to INR 3,00,000: Nil INR 3,00,001 to INR 5,00,000: 5% INR 5,00,001 to INR 10,00,000: 20% Above INR 10,00,000: 30%
For individuals above the age of 80 years: Up to INR 5,00,000: Nil INR 5,00,001 to INR 10,00,000: 20% Above INR 10,00,000: 30% Note: These tax slab rates are applicable for financial year 2020-21 (assessment year 2021-22) and are not applicable in the current regime.
Ans: Allowances are amounts paid by an employer to an employee in addition to the employee's salary or wages. These allowances may be tax-free or taxable, depending on the type of allowance and the circumstances under which it is paid. In India, the tax treatment of allowances is governed by the Income Tax Act of 1961.
Some common allowances that are tax-free in India include:
House Rent Allowance (HRA): This allowance is given to cover the cost of rent for an employee's residence. It is tax-free up to a certain limit, depending on the employee's location and the amount of HRA received.
Children's Education Allowance: This allowance is given to cover the cost of education for an employee's children. It is tax-free up to a certain limit, which is currently INR 100 per month per child for up to two children.
Transport Allowance: This allowance is given to cover the cost of commuting to and from work. It is tax-free up to a certain limit, which is currently INR 19,200 per year.
Other allowances may be taxable, depending on the circumstances under which they are paid. For example, if an allowance is given to cover general expenses that are not specifically related to a particular purpose, it may be taxable
It is important to note that the tax treatment of allowances can change from year to year, as the government may modify the income tax laws. Therefore, it is advisable to consult with a tax professional or refer to the latest income tax rules to determine the tax treatment of a particular allowance.
Ans: Under Indian tax laws, any payment made by an employer to an employee that is not specifically designated as salary is generally considered to be a perquisite or a fringe benefit. The tax treatment of these perquisites depends on their nature and the specific circumstances under which they are provided.
If your employer reimburses you for your grocery expenses and your child's education fees, these amounts would not be considered as salary income. However, they may be considered as taxable perquisites if they are provided in addition to your salary and are not specifically related to the performance of your duties as an employee
If the reimbursement of these expenses is included as part of your salary package and is included in your salary certificate, it may be taxable as part of your salary income. You should consult a tax professional or refer to the relevant tax laws and guidelines to determine the tax treatment of these reimbursements.
Ans: In India, family pension is generally treated as a taxable income and is subject to tax under the head "salaries" in the hands of the recipient. However, there are certain exemptions and deductions available to the recipient of family pension, which can help reduce the tax liability.
The income tax treatment of family pension depends on the source of the pension and the status of the recipient. If the pension is received from a government source, it is generally exempt from tax. However, if the pension is received from a private sector employer, it is taxable as salary income
The recipient of the family pension can claim deductions under section 57 of the Income Tax Act, 1961 for any contributions made towards a recognized provident fund or a pension fund, or for any premiums paid for a life insurance policy. The recipient can also claim deductions for any amount paid towards medical insurance or medical treatment under section 80D of the Income Tax Act.
It is important to note that the income tax laws in India are subject to change and it is advisable to consult a tax professional or refer to the latest income tax laws to determine the tax treatment of family pension in India.
Ans: If no taxes have been deducted from your salary, your employer is not required to issue Form 16 to you. However, your employer may still be required to file an annual return with the tax authorities, stating the details of the salary paid to you and the taxes deducted at source, if any.
If you are a salaried individual and your employer has not deducted tax at source from your salary, you will still be required to file an income tax return and pay taxes on the salary income earned by you. You can use the salary details provided in your salary slip or the salary certificate issued by your employer to file your income tax return.
Ans: The contributions made by the employer to the employee's provident fund account are generally taxable as salary income in the hands of the employee. However, the employee can claim a deduction for the contributions made towards the PF up to a certain limit under section 80C of the Income Tax Act, 1961. The withdrawal of the accumulated balance in the provident fund account is tax-free if the employee has completed five years of continuous service with the same employer. If the employee has not completed five years of continuous service, the withdrawal is taxable as salary income, subject to certain exemptions and deductions.
Note: W.e.f. Assessment Year 2022-23, no exemption shall be available for the interest income accrued during the previous year in the recognised and statutory provident fund to the extent it relates to the contribution made by the employees over Rs. 2,50,000 in the previous year.
However, if an employee is contributing to the fund but there is no contribution to such fund by the employer, then the interest income accrued during the previous year shall be taxable to the extent it relates to the contribution made by the employee to that fund in excess of Rs. 5,00,000 in a financial year.
Gratuity is a lump sum payment made by an employer to an employee in recognition of the employee's long service and good work. Gratuity is generally payable to an employee who has completed at least five years of continuous service with the same employer. The gratuity received by an employee is generally taxable as salary income in the hands of the employee. However, the employee can claim a deduction for the gratuity received up to a certain limit under section 10(10) of the Income Tax Act.
It is important to note that the income tax laws in India are subject to change and it is advisable to consult a tax professional or refer to the latest income tax laws to determine the tax treatment of retirement benefits such as provident fund and gratuity in India.
Ans: In general, arrears of salary are taxable as salary income in the year in which they are received, as per Indian tax laws.
If the arrears of salary relate to a period of time that falls in a previous financial year, the employee will be required to pay tax on the arrears in the year in which they are received. The tax on the arrears of salary will be calculated based on the income tax slab applicable to the employee in the year of receipt.
Ans: In India, pension is generally treated as a taxable income and is subject to tax under the head "salaries" in the hands of the recipient. However, there are certain exemptions and deductions available to the recipient of pension, which can help reduce the tax liability.
The income tax treatment of pension depends on the source of the pension and the status of the recipient. If the pension is received from a government source, it is generally exempt from tax. However, if the pension is received from a private sector employer, it is taxable as salary income.
The recipient of the pension can claim deductions under section 57 of the Income Tax Act, 1961 for any contributions made towards a recognized provident fund or a pension fund, or for any premiums paid for a life insurance policy. The recipient can also claim deductions for any amount paid towards medical insurance or medical treatment under section 80D of the Income Tax Act.
Ans: In India, the Goods and Services Tax (GST) is a comprehensive indirect tax that is levied on the supply of goods and services. GST is a destination-based tax, which means that the tax is collected on the supply of goods and services made within a state and is allocated to the state where the goods or services are consumed.
GST registration is mandatory for businesses that exceed the threshold limits specified by the government for turnover and/or supply of goods and services. The threshold limit for GST registration is currently INR 40 lakhs (INR 10 lakhs for special category states) for businesses engaged in the supply of goods, and INR 20 lakhs (INR 10 lakhs for special category states) for businesses engaged in the supply of services.
In addition to the threshold limits, certain businesses are required to mandatorily register for GST, regardless of their turnover. These include businesses that are engaged in inter-state supply of goods and services, businesses that are engaged in the supply of goods and services through an e-commerce platform, and businesses that are required to pay tax under the reverse charge mechanism.
It is important to note that the GST laws in India are subject to change and it is advisable to consult a tax professional or refer to the latest GST laws to determine the GST registration requirements in India.
Ans: Your Bank.
