[30 Min Live Discussion with Expert] on ‘All you need to know about Tax Declaration and Filing’; 3:30 to 4:00PM, November 10th, 2022

General Discussions
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Hello community members,

Hope you all are doing well.

It gives us immense pleasure to announce our next Greytribe live session, being conducted on November 10th, Thursday from 3:30 PM to 4:00 PM.

This time, there will be an exclusive 30 minutes of LIVE discussion thread with the Expert CA Agnel Pereira on the topic ‘All you need to know about Tax Declaration and Filing.

Requesting members to post their doubts/queries related to Tax declaration and filing on this post and get them answered by the Industry Expert on November 10th, 2022.

We thank each one of you for the continuous support and enthusiasm that you bring to the LIVE community session. Your support motivates us and we strive harder every time to come up with new, exciting and informative sessions. Much appreciated.

Regards,
Community Manager.

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Hi Kaulin,
Is there a link for registration or attending the discussion?

Regards
Apoorva

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Hey @apoorvak.

Hope you are doing well.

Do note that you don’t need to register to attend this session. Just join this discussion post on 10th November and you can chat with our expert directly. You can even post your questions in advance and our expert will pick it first to respond to them.

Regards,
Community Manager.

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Dear Community Members,

Join the Greytribe live session on ‘Tax Declaration and Filing’ and get all your queries answered by expert CA Agnel Pereira from 3:30 pm to 4:00 pm on Thursday, November 10th.

#greytHR #Greytribe #GreytribeLive #LiveSession #TaxDeclaration #TaxFiling

Social Post_greytribe Live_Nov 2022-01
Social Post_greytribe Live_Nov 2022-011201×628 103 KB

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Let’s welcome today’s expert for the session, CA Agnel Pereira, Bcom FCA ACS CWA(Int).

Since 1990 when he passed his CA Final exam with an All India Rank, Mr. Agnel has built a professional track record in diverse fields, covering, among others, Management Consulting, Audit & Risk Advisory for the banking sector (with KPMG, Bahrain), Corporate, Merchant & Investment Banking, MSME & new business Setup and Advisory, Training and Counseling covering multiple industries/sectors and geographies.

Apart from his rich experience in the professional fields, he has also taken up many NPO responsibilities in professional, social, community, cultural, and sports organizations, the major being the Chairman, VC, and Secretary roles at the Bahrain Chapter of ICAI and Technical Director of Bahrain Cricket League.

Since returning to India in 2012, Agnel now advises MSMEs and HNWIs on their various business and investment needs, including advising them on corporate/commercial laws and tax matters.

We are thankful to him for joining our session today as the expert to share his views, expertise, thoughts, and knowledge.

Once again, a very warm welcome to you Mr. Agnel.

We also open the session for questions after this post.

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Thanks Kaulin. I am ready to go. Sorry for the delay - blame it on technology.

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Sure sir no problem. Let us start the greytribe live.

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Is it mandatory to submit tax declaration? What if someone fails to submit tax declaration?

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Hi Chitra,
Tax Declarations are a benefit given to an employee under the Income Tax Act so that he/she can provide the relevant investment/expense deductions for which he/she is eligible. It is not a mandatory document under the Act.
If a declaration is not provided, the employee will be the loser, as the employer will proceed to deduct tax on entire salary income without considering any deductions for which an employee would have been otherwise eligible for.
Hope this answers the question.

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What is TDS on salaries, how is it calculated and what are its provisions?

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Hi Sandeep,
This question involves a lengthy answer and perhaps is not easy to summarise in one section/session - basically covers the entire chapter on Salaries contained in the IT Act and more. Still, will try to write in summary.

TDS means tax deduction at source, meaning the person responsible for making the payment of any ‘income’ to another person is responsible to deduct applicable tax on such payment on the specified dates and pay such TDS amounts to the IT dept account at specified intervals/due dates, and then file appropriate monthly/quarterly/annual returns giving the details of the amounts paid, TDS deducted and details of the person on whose behalf the TDS is deducted. Also, provide the details of such deductions to the person in relevant forms (Form 16 for salary income, or Form 16A for all other income categories) within the specified period.

TDS on salaries is computed in accordance with the provisions of the IT Act, applying the tax rates as applicable for that particular financial year (also called as the Previous Year in IT language) relating to the Assessment Year. Employers are required to do this at the beginning of the year, on the estimated salary payable for the year and deduct the tax so computed equally over the period of 12 months; modifying the same for any increase/decrease in the salary income during the year (and also after adjusting the various deductions based on an employee’s submission of Form 12BB (if submitted) – investment/tax declaration and relevant investment/ expense documentary proofs).

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Our Company is providing Group Medical Insurance for Employee+Spouse+2 kids company will pay the premium, if employee is interested then they can include their parents, but the employee has to pay the premium cost for their parents. The amount paid by employee is eligible for claim under 80D exemption?

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Yes, premium upto Rs25000 if parents are aged less than 60 years, and Rs50000 for parents aged above 60 years.

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Form 12BB is the tax declaration form, can you elaborate for us what all it includes?

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Form 12BB contains the details of amounts incurred or invested by the employee which the employee is eligible to get a deduction from his salary income for the purpose of assisting the Employer while making the tax deduction at source. Some examples are:

  • Rent details if the employee gets HRA and intends to claim the applicable deduction under HRA
  • Various expenses/investments eligible under sections 80C, 80D, 80E, 80G etc – such as Life Insurance premium, PPF, Medical Insurance premium, Interest on Education Loans, Principal portion of Home loans, NPS, NSC, School fees, eligible Donations and so on. (List is quite large, easily available on the web)
  • Interest on Home loan on Self Occupied House Property

An employee may also provide the details of income received from any other employment (even part time) or previous employment if the employee joined the current employer during the year. Though this is not a field shown in the Form 12BB format in the IT Act.

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What is form 16 and 16A?

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Form 16 is the record of the amounts paid to, and tax deducted from, an employee by an employer – for payments treated as Salary income.
Form 16A is the record of all payments other than salaries where TDS is required to be deducted under the Act. It covers TDS on rent, commission, fees, interest, dividends, capital gains and various other income/payments.
These forms relate to a Financial Year and are normally issued within 2 months from the end of the FY, to enable the tax payer to file his/her IT returns.

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Hi
How to get into this discussion and view the same

Thank you!

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@Srikalaivani

Just post your questions here.

Regards,
Anisha,

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What are the common mistakes while submitting investment declarations and how to avoid those?

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