Important Suggestions : 26-4-2022

Important Suggestions : 26-4-2022

Important Suggestions : 26-4-2022

Important Suggestions : 26-4-2022


TDS – Double Rate for Non-Filers

This law started first time from 1-7-2021 , so this FY 21-22 was the first ever year for this law.

In last year’s budget, a new provision was inserted to provide for a higher tax deduction at source (TDS) rate from payments to persons who have not filed their returns of income (non-filers). The TDS to be applied in such cases is the higher of twice the normal applicable TDS rate or 5%.
So, 1% rate could rise to 5% for a Contractor, who does not file his IT Returns.
10% TDS rate could jump to 20% in case of Rent to Landlord , who does not file his IT Returns.

0.1% TDS rate could jump to 5% in case of TDS Purchase u/s. 194Q , for someone does not file his IT Returns.
So, What to do ? Check this in detail

And how to take it out from Finsys : Extract from Accounts Master, or from your TDS Software.


TDS 194Q : on Purchases

This New law also started first time ever, from 1-7-2021 , so this FY 21-22 was the first ever year for this law also.
You have to Deduct TDS on Purchases of Goods also
This includes even Machines, Even Furniture, Even Moulds, Dies, anything.
This includes Raw Material, Steel, Plastic Granules, Kraft Paper,  anything.
And if you did not deduct, deduct now
This is the last chance – 30th April 2022

And how to take it out from Finsys  : There is a Menu to help you on this



10 more important topics to do in April 2022 and May 2022

GST – Actions you must do now in March 2022

Topics Covered

1. Things you must do in April 2022 for a Better Balance Sheet, – Current Ratio, Debt Equity Ratio, DSCR Ratio

2. Term Loan repayment, is that a good idea ?

3. CC Limit vs OD limit against Property – Which is better ? and when ?

4. GST – Actions you must do now in March 2022

5. TDS and TCS – Actions you can take, to make yourself safer

6. Fixed Assets – Measure you can do, should do Now

7. Importance of Funds Flow – How to show to your management. Key Points

8. Importance of CARO Report – many important para’s for 2022 ( First time ever )

Suggest you , not to miss these important videos


Faster Data entry of Customer TDS ? – Semi Automatic

 


Section 80JJAA – Big Income Tax Benefit

Dont lose this benefit for the world. People are saving Lakhs and Crores… are you ?  check our circular on this topic for details. or contact us info [at] finsys.in, 

 

WordPress Image Lightbox