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What’s New in the iPhone 16 Series?

The iPhone 16 series introduces various updates that enhance functionality and design. From smarter AI features to improved camera capabilities and larger displays, these upgrades focus on delivering better performance and user experience. Here's a detailed look at what's new in the iPhone 16 lineup. Smarter with Apple Intelligence All iPhone 16 models feature Apple’s latest AI technology, which brings: Improved Siri Functionality: Faster and more accurate responses to commands. Real-Time Audio Transcription: Converts speech into text seamlessly, ideal for note-taking. Advanced Writing Assistance: Helps with writing tasks, including emails and messages. Bigger Displays for a Better View The Pro models now come with larger displays: iPhone 16 Pro: Features a 6.3-inch screen, up from the previous 6.1 inches. iPhone 16 Pro Max: Sports a 6.9-inch display, up from 6.7 inches. The larger screens provide more space for viewing content, multitasking, and gaming. Fresh Colour Options The iPhone 16 lineup includes updated colour choices: Standard Models: Ultramarine, Teal, Pink, White, and Black. Pro Models: New titanium finishes, including the unique “Dessert Titanium” option. Enhanced Button Features Apple has redesigned some buttons for added versatility: Action Button: This button replaces the mute switch on the iPhone 16 and 16 Plus. It is customizable and can be set up for different tasks, like launching apps or activating shortcuts. Camera Control Button: Makes adjusting camera settings quicker and easier. Camera Improvements The cameras in the iPhone 16 series come with several enhancements: 48MP Main Camera with Deep Fusion: Offers sharper, more detailed photos. 12MP Ultrawide Lens: Enables macro photography and wide-angle shots. 5x Telephoto Zoom (Pro Models): Allows for higher-quality zoomed-in shots. These upgrades aim to provide more options for photographers, from casual users to professionals. New Chips for Better Performance Advanced chips power the iPhone 16 series: A18 Chip: Found in the standard models, improving speed and efficiency. A18 Pro Chip: Equipped in the Pro models with an additional graphics core for demanding tasks. These chips improve overall performance while optimizing battery life. Creative Tools for Photos and Videos The iPhone 16 lineup introduces new creative options: Photographic Styles: Updated to give more control over photo aesthetics while keeping natural tones. Audio Mix: Allows users to adjust audio focus in videos during editing, providing greater flexibility for creators. iPhone 16 Series Pricing & More Details iPhone 16 Variant Price Key Features iPhone 16 (128 GB, 256 GB, 512 GB) ₹69,900, ₹79,900, ₹99,900 Display: 6.1 inches Super Retina display Ram: 8GB Main Camera: Dual - 48 MP (wide), 12 MP (ultrawide) Selfie Camera: 12 MP (depth/biometrics sensor) Battery: Li-Ion 3561, non-removable, 50% in 30 mins Colours: Black, White, Pink, Teal, Ultramarine CPU: Hexa-core GPU: 5-core Apple GPU OS: iOS 18.1 iPhone 16 Plus (128 GB, 256 GB, 512 GB) ₹89,900, ₹99,900, ₹119,900 Display: 6.7 inches Super Retina display Ram: 8GB Main Camera: Dual - 48 MP (wide), 12 MP (ultrawide) Selfie Camera: 12 MP (depth/biometrics sensor) Battery: Li-Ion 4674, non-removable, 50% in 30 mins Colours: Black, White, Pink, Teal, Ultramarine CPU: Hexa-core GPU: 5-core Apple GPU OS: iOS 18.1 iPhone 16 Pro (128 GB, 256 GB, 512 GB, 1TB) ₹119,900 ₹129,900 ₹149,900 ₹169,900 Display: 6.3 inches LTPO Super Retina XDR OLED display Ram: 8GB Main Camera: Triple - 48 MP (wide), 12 MP (ultrawide), 12 MP (telephoto) Selfie Camera: 12 MP (depth/biometrics sensor) Battery: Li-Ion 3582, non-removable, 50% in 30 mins Colours: Black Titanium, White Titanium, Natural Titanium, Desert Titanium CPU: Hexa-core GPU: 6-core Apple GPU OS: iOS 18.1 iPhone 16 Pro Max (256 GB, 512 GB, 1TB) ₹144,900 ₹164,900 ₹184,900 Display: 6.9 inches LTPO Super Retina XDR OLED display Ram: 8GB Main Camera: Triple - 48 MP (wide), 12 MP (ultrawide), 12 MP (telephoto) Selfie Camera: 12 MP (depth/biometrics sensor) Battery: Li-Ion 4685, non-removable, 50% in 30 mins Colours: Black Titanium, White Titanium, Natural Titanium, Desert Titanium CPU: Hexa-core GPU: 6-core Apple GPU OS: iOS 18.1 Final Thoughts The iPhone 16 series introduces significant upgrades in hardware and software, focusing on larger displays, enhanced AI, and improved photography tools. These updates aim to deliver a more seamless and versatile smartphone experience for a wide range of users.

22-11-2024

Guide

Tax Benefits on Second Home Loan and How to Claim Them?

Purchasing a second home is a significant financial milestone, whether it's for investment, rental income, a vacation retreat, or future retirement planning. The Indian tax system offers various benefits that can help you save significantly on your second home loan. Understanding these tax advantages can be crucial for efficient financial planning. In this article, we explore the key tax benefits and considerations when applying for a second home loan. 1. Deductions on Principal Payment Under Section 80C A home loan consists of two main components: principal and interest. The principal portion of your EMI (Equated Monthly Installment) qualifies for a tax deduction under Section 80C of the Income Tax Act. You can claim a deduction of up to Rs 1.5 lakh per financial year under this section. This limit applies even if you have multiple properties. It’s important to note that the Rs 1.5 lakh cap under Section 80C includes other investments like ELSS, PPF, and life insurance premiums. This tax benefit applies irrespective of whether the property is self-occupied or rented out, offering flexibility to homeowners. 2. Interest Payment Tax Deduction Under Section 24 The interest you pay on your second home loan is eligible for tax benefits under Section 24 of the Income Tax Act. For a single home, the maximum deduction allowed for interest paid is Rs 2 lakh per year. In the case of multiple properties, the interest deduction for the second home is also capped at Rs 2 lakh annually, whether the second home is rented or vacant. If the property is rented out, you can also claim deductions such as a 30% standard deduction for maintenance, municipal taxes paid, and the interest on the home loan. If your net loss exceeds Rs 2 lakh, the excess can be carried forward for up to eight years of assessment. 3. Scenario-Based Tax Benefits: Self-Occupied vs. Rented Property Tax benefits can vary depending on the use of your second property: a) Both Properties Are Self-Occupied or Vacant If you own two properties, and neither is rented out, both are considered self-occupied. Under this situation, the maximum interest deduction is capped at Rs 2 lakh for both properties combined. b) One Property is Self-Occupied and the Other is Rented Out If the second property is rented out, you must declare the rental income in your tax filings. The deductions you can claim include: A 30% standard deduction for maintenance expenses. Interest paid on the home loan, up to Rs 2 lakh. Property taxes paid to local authorities. Any losses above the Rs 2 lakh limit can be carried forward for eight assessment years. 4. Tax Benefits with Joint Home Loans Opting for a joint home loan can provide additional tax benefits: Each co-owner can claim deductions separately for the interest and principal components under Section 24 and Section 80C, respectively. This is particularly advantageous if both co-owners fall into higher tax brackets. Ensure that both individuals are listed as owners in the property documents and that the loan is taken jointly to maximize the benefits. 5. Steps to Claim Tax Benefits To take full advantage of the tax benefits associated with a second home loan, follow these steps: Ensure that the home loan is in your name. For joint home loans, the property must be in the name of both borrowers. Provide your Interest Certificate to your employer to adjust the Tax Deducted at Source (TDS). Keep the loan sanction letter and documentation of principal and interest payments for annual tax filings. Key Considerations Before Buying a Second Home Before deciding to purchase a second home, take into account the following factors: Clarify whether the purchase is for tax benefits, investment, or retirement purposes. Evaluate the rental potential of the area if you plan to lease out the property. Factor in additional costs, such as maintenance, property taxes, and repairs, to get a comprehensive view of your financial commitment. Assess the impact of a second home loan on your overall cash flow, particularly if you are still servicing a first home loan. Bottom Line Buying a second home is a significant decision with long-term financial implications. Understanding the tax benefits on a second home loan can help you make informed choices and optimize your financial strategy. By taking advantage of these tax benefits, you can reduce your financial burden and make your second home purchase more affordable and rewarding.

24-10-2024

Know More

What is Form 16A and How to Get It?

In the Indian tax system, Form 16A is an essential document for taxpayers who earn income from sources beyond their regular salary. This form is a Tax Deducted at Source (TDS) certificate, issued by the deductor (the entity deducting the tax) to the deductee (the person receiving the income). Below, we'll break down what Form 16A is, when it applies, and why it's crucial for accurate tax filing. What is TDS? Tax Deducted at Source (TDS) is a system in India designed to collect tax at the point of income generation. This means that the payer deducts a portion of your income and directly deposits it with the Income Tax Department. For example, if you earn interest from a fixed deposit, the bank (deductor) may deduct TDS and issue you a Form 16A as proof of the tax payment on your non-salary income. Why Form 16A Matters Form 16A is not only proof of tax payment but also an important tool for filing your Income Tax Return (ITR). It gives a transparent view of the taxes deducted and deposited under your PAN, ensuring your income records are accurate. When Does Form 16A Come into Play? According to the Income Tax Act, 1961, TDS is applicable when payments exceed specified thresholds (generally Rs. 30,000 for non-salary income, excluding exempt categories). Here are the most common situations where Form 16A is issued: Interest Income: If the interest earned from your fixed deposits or savings account surpasses the prescribed limit, the bank will deduct TDS and issue Form 16A. Rental Income: If you receive rent from your property, TDS might be deducted by the tenant, who will provide you with Form 16A. Commission Earnings: Professionals like insurance agents receiving commissions will get a Form 16A from the company deducting TDS. Investment Income: TDS may be deducted on dividends from stocks or mutual funds, with the issuing entity providing Form 16A. Miscellaneous Income: Income from lotteries, puzzles, or horse races, as well as fees for professional or technical services, can also require TDS and generate a Form 16A. Key Components of Form 16A Form 16A contains crucial details, making it an official record of your non-salary income: Deductor Information: This section includes the name, PAN (Permanent Account Number), and TAN (Tax Deduction and Collection Account Number) of the entity that deducted the TDS. Deductee Information: Your personal details, such as your name and PAN, will be listed here. Nature of Payment: Specifies the type of income subject to TDS, like interest, rent, or commission. TDS Payment Details: Includes the date, challan identification number, and the amount of TDS deposited with the Income Tax Department. Benefits of Form 16A Form 16A offers several advantages for taxpayers, making tax filing and financial management easier: Accurate Tax Filing: Helps you calculate your tax liability accurately by clearly displaying TDS details. Proof of Income: Acts as an official record of your income from various sources, which can be helpful when applying for loans or other financial products. TDS Tracking: Ensures you have a comprehensive overview of the TDS deducted on your non-salary income, reducing the chance of discrepancies. How to Download Form 16A Downloading Form 16A is straightforward if your deductor has filed the TDS returns. Here’s a step-by-step guide: Visit the Income Tax Department's official website - https://contents.tdscpc.gov.in/ Log in to get Form 16A from TRACES portal (TDS Reconciliation Analysis and Correction Enabling System). Go to the "Downloads" section. Select "Form 16A". Enter the necessary details like PAN and assessment year. Click on "Go" to download the form. Verifying Form 16A It’s crucial to verify the details mentioned in Form 16A to avoid any inaccuracies. You can: Check on the TRACES portal: Cross-verify details like TDS amount and deductor information. Compare with Form 26AS: Form 26AS, a consolidated tax statement, includes all TDS entries and serves as a verification tool against Form 16A data. Form 16A vs. Other TDS Certificates It’s important to distinguish Form 16A from other similar forms: Form 16: Issued by employers to employees, detailing TDS deducted from salary income. Form 16 is only applicable for salaried individuals. Form 16B: A TDS certificate issued by a property buyer to the seller, relating to TDS deducted on the sale of immovable property. Common Mistakes to Avoid To make sure your Form 16A is correct and useful, avoid these common mistakes: Ignoring Form 16A When Filing Taxes: Make sure to use the details in Form 16A while filing your ITR to avoid discrepancies. Not Verifying TDS: Always cross-check your Form 16A against Form 26AS to ensure that all TDS payments have been accounted for. Misplacing Form 16A: Keep digital and physical copies of Form 16A for future reference, especially if applying for loans or facing tax scrutiny. Frequently Asked Questions (FAQs) Q1: Is Form 16A mandatory for all non-salary income? A: Form 16A is issued when TDS is deducted on eligible non-salary payments. Not all non-salary income is subject to TDS, but when it is, Form 16A becomes mandatory. Q2: What should I do if there’s a discrepancy in Form 16A? A: Report any discrepancy to the deductor for correction. You can also contact the Income Tax Department for guidance. Q3: Can I get a duplicate Form 16A? A: Yes, the deductor can re-issue Form 16A if the original is lost or has errors. Conclusion Understanding Form 16A is crucial for managing non-salary income and ensuring tax compliance. It simplifies the tax filing process by providing a clear record of the taxes deducted on your behalf. Always verify your Form 16A details to ensure an accurate and hassle-free tax filing experience.

23-10-2024

Business Loan

Business Loan for Bharat

Business Loan ke liye kuch kaagaz hi kam hai?Aaiye, baat karte hain. What is the Neeyat Initiative? At Piramal Finance, we are committed to helping the entrepreneurs of Bharat achieve their dreams. With our #PeopleNotJustPapers initiative, we make business loans easier to access, especially for those who need them the most. We believe every business owner, no matter their background, should have the opportunity to grow. By offering simpler and faster access to business loans, we’re helping small businesses across the country reach their goals, expand, and contribute to the nation’s growth. We celebrate the hard work and spirit of Bharat's entrepreneurs and are proud to support their journey. Let’s explore new financial opportunities and build a brighter future together. Join us as we grow with Bharat's businesses!

04-10-2024

Home Loan

Home Loan for Bharat

Home Loan ke liye kuch kaagaz hi kam hai?Aaiye, Baat Karte Hain. What is the Neeyat Initiative? At Piramal Finance, we’re deeply committed to supporting the dreams and ambitions of Bharat. Our #PeopleNotJustPapers initiative is designed to make formal credit more accessible to those who need it the most, ensuring that even underserved communities have the opportunity to take charge of their financial journey. We believe that financial inclusion should be within everyone’s reach, regardless of background or circumstances. By simplifying access to credit, we’re empowering individuals across the country to achieve their goals, build a better future, and contribute to the growth of our nation. As we work hand-in-hand with the people of Bharat, we celebrate their resilience, determination, and the endless possibilities that lie ahead. Let’s come together to explore new financial horizons and build a brighter future for all. Join us in celebrating the spirit of Bharat as we grow and prosper together!

04-10-2024

Tax

Understanding Goods and Services Tax (GST) on Bikes in India

The Indian two-wheeler industry, a vital cog in the nation's transportation network, has undergone a significant shift with the implementation of the Goods and Services Tax (GST). This streamlined tax system impacts both new and used bike purchases, with rates varying based on engine capacity and fuel type. Understanding GST intricacies empowers you to make informed decisions as a buyer or a business owner in this dynamic market. GST Rates for Bikes The current GST structure for bikes in India (as of May 20, 2024) categorizes them based on engine capacity and fuel type. Let’s break it down to make it easier: Two-Wheeler Insurance: A flat 18% GST applies to two-wheeler insurance premiums, regardless of the bike's engine size or fuel type. Non-Electric Bikes: Engine capacity plays a crucial role in determining the GST rate for conventional, fuel-powered bikes. Those with an engine displacement below 350cc attract a base GST rate of 28%. However, for bikes exceeding 350cc, an additional 3% cess is levied on top of the 28% base rate, resulting in a total GST of 31%. Electric Bikes: Recognizing the environmental benefits of electric vehicles (EVs), the government offers a significant incentive. Electric bikes, irrespective of their engine capacity, enjoy a considerably lower GST rate of just 5%. This translates to a more attractive price point for both manufacturers and consumers, fostering a shift towards eco-friendly transportation. The Impact of GST on the Two-Wheeler Market The initial implementation of GST, particularly for non-electric bikes, presented a challenge for the two-wheeler industry. The higher tax rates compared to the pre-GST regime led to a decline in sales and impacted manufacturer profits. Consumers, especially budget-conscious buyers, found the overall cost of ownership to be higher due to the additional tax burden. However, the government's push for electric vehicles is reflected in the significantly lower GST rate for electric bikes. This has led to a surge in the adoption of electric two-wheelers, particularly in urban areas. The lower cost of entry and the promise of lower running costs are making electric bikes a compelling alternative for many consumers. Potential Changes and Opportunities Recognizing the potential for growth in the two-wheeler industry, the government is considering lowering the GST rate for non-electric bikes. This move, if implemented, would be a positive step for both consumers and manufacturers. Consumers would benefit from potentially lower bike prices, making them more accessible. This, in turn, would likely lead to increased sales and a revitalized two-wheeler market. Manufacturers would gain from a potential GST reduction through increased production volumes. The lower tax burden would allow them to invest in research and development, potentially leading to more innovative and fuel-efficient bikes. Additionally, a thriving two-wheeler market could attract further investment, boosting the overall economy. GST and Business Purchases If you're a business owner involved in the buying and selling of bikes, understanding GST becomes even more crucial. As a registered taxpayer, you can apply for a GST number to claim input tax credit (ITC) on bike purchases. This helps to offset the GST you pay on your sales. Furthermore, you can update your two-wheeler insurance policy with your GST number by contacting your insurer's customer service. This ensures proper documentation and facilitates claiming any applicable tax benefits. Making Informed Choices Understanding GST empowers you to make informed decisions in the Indian two-wheeler market. Whether you're a consumer looking for a new bike or a business owner navigating the complexities of purchase and sales, familiarizing yourself with the current structure and potential changes in GST rates is essential.

27-09-2024

Tax

Understanding GSTR 9A: Annual Return for Composition Taxpayers under GST

The GSTR 9A is an annual filing that consolidates details from quarterly returns (GSTR-4) submitted by composition taxpayers during a specific financial year. It captures information on inward and outward supplies, tax liabilities under various heads (IGST, CGST, SGST), and any adjustments made due to scheme switching. Who Needs to File GSTR 9A? The responsibility of filing GSTR 9A falls solely on composition taxpayers. Here are some key points to determine your eligibility: Composition Scheme Registration: Your business must be registered under the Composition Scheme of GST. Turnover Limit: Your business's annual turnover must be below the prescribed limit. This limit is generally Rs. 75 lakhs, with a concession of Rs. 50 lakhs for businesses located in North-Eastern states. GSTR-4 Filing: You must have successfully filed all GSTR-4 returns for the relevant financial year. Transaction Records: Maintaining accurate records of all business transactions throughout each quarter is essential. Exemptions from Filing GSTR 9A Casual Taxable Persons: Businesses making occasional taxable supplies are not obligated to file GSTR 9A. Non-Resident Taxable Persons: Entities without a permanent establishment in India are exempt from filing this return. TDS Payers: Businesses paying Tax Deducted at Source (TDS) under Section 51 of the CGST Act are not required to file GSTR 9A. TCS Operators: E-commerce operators collecting Tax Collected at Source (TCS) under Section 51 are exempt from filing. Input Service Distributors: These businesses are not required to file GSTR 9A. Understanding the GSTR 9A Format Part I: Basic Information: This section contains pre-filled details such as your GST Identification Number (GSTIN), legal name, and trade name. Part II: Supply Details: This part summarizes inward and outward supplies declared in your GSTR-4 returns for the financial year. Part III: Tax Liability: This section showcases the total tax amount you've paid under various heads like CGST, SGST, IGST, and any applicable penalty charges. Part IV: Previous Year Transactions: This part reflects details of transactions undertaken in the previous financial year, already declared in your GSTR-4 returns filed between April and September of the current year. It also includes any adjustments made to entries from the previous year. Part V: Sales, Refunds, and ITC Adjustments: This section provides a breakdown of your sales, refunds received, tax paid, and any balance payable. It also captures adjustments made to Input Tax Credit (ITC) if you switch from the composition scheme to a regular scheme. How to File GSTR 9A Online? The deadline for filing GSTR 9A is December 31st of the financial year following the one for which the return is being filed. Currently, there's no offline option for filing this return. Visit the Goods and Service Tax Council's official website. Log in to the GST portal using your credentials. Navigate to "Services," then "Returns," and select "Annual Returns." Choose the relevant financial year for which you want to file the return. Answer the provided questionnaire and indicate if you wish to file a NIL return (no transactions during the year). If not filing NIL, enter details in designated sections, including inward/outward supplies, turnover, tax paid, transactions from the previous year, differential tax (if applicable), and information on demands, refunds, credit availed/reversed. Preview the draft return in PDF or Excel format. Calculate any late fees (if applicable) and proceed to make the payment using available online payment methods. After payment (if any), re-preview the return to ensure late fees are reflected accurately. Select the declaration checkbox and choose an authorized signatory to electronically sign and submit the GSTR 9A.

27-09-2024

Tax

Understanding Perquisites and Tax Implications

Perquisites, often referred to as "perks," are benefits offered by employers on top of an employee's regular salary. These perks come in many forms, from a company car to free meals or a gym membership. While some perks are a welcome addition to an employee's compensation package, it's important to understand how they are taxed. Taxable vs. Tax-Free Perquisites Not all perks are created equal when it comes to taxes. Here's a breakdown of how perquisites are categorized for tax purposes: Taxable Perquisites: These perks are added to an employee's taxable income and taxed at their regular income tax rate. Common examples include rent-free accommodation (except in certain cases), club memberships, domestic help provided by the employer, and reimbursements for certain expenses beyond medical treatment. The tax paid on these perks is typically the responsibility of the employer. Tax-Free Perquisites: Fortunately, some perks are exempt from taxation. These perks don't get added to an employee's taxable income. Examples include medical and recreational facilities provided by the employer, a laptop or computer for work purposes, refreshments during office hours, and interest-free salary loans up to a certain amount. Additionally, the use of facilities like sports clubs, health clubs, and telephone lines for business purposes often fall under tax-free perks. Perquisites Taxed by Employees: In some cases, the employer provides a perk but the employee is responsible for paying the taxes on it. This might apply to company cars or educational opportunities for the employee's children. The employer typically calculates the tax value of the perk and withholds it from the employee's salary. How are Taxes on Perquisites Calculated? The tax on taxable perquisites is generally calculated as a percentage of the perk's value. The exact rate depends on the specific perk and the employee's income tax bracket. However, employers often calculate an average tax rate based on the employee's salary and the value of the perks provided. This average rate is then used to determine the amount of tax to withhold from the employee's salary. Perquisite Tax Calculation Example Let's consider an employee who earns a salary of Rs. 800,000 annually and receives Rs. 90,000 in non-monetary perks from their employer. These perks might include educational benefits or health club membership. Following the Income Tax Act, the employer would calculate the perquisite tax as follows: Salary: Rs. 800,000 Tax on Salary (including cess): Rs. 75,400 (assuming a 4% rate) Average Tax Rate: (Rs. 75,400 / Rs. 800,000) x 100 = 9.4% Tax on Perks (Rs. 90,000 x 9.4%): Rs. 8,316 In this scenario, the employer would withhold Rs. 693 per month (Rs. 8,316 / 12) as tax on the employee's perks. Understanding Tax-Exempt Perquisites Perquisites for Overseas Services: If an Indian citizen is employed outside of India, certain perks related to their work abroad may be exempt under Section 10(7) of the Income Tax Act. Rent-Free Accommodation for Officials: In specific cases, rent-free housing provided to certain officials, such as judges or government ministers, may be exempt from tax. Medical Treatment Loans: Interest-free or concessional loans provided for medical treatment of specific diseases (as per Rule 3A) or petty loans not exceeding Rs. 200,000 are generally tax-exempt. Telephone or Mobile Phone Expenses: Employers can cover the cost of phone bills for business purposes without incurring tax implications for the employee. Conclusion Perquisites can be a valuable part of an employee's compensation package. However, it's crucial to understand how these perks are taxed. By being aware of the tax implications of different perks, both employers and employees can make informed decisions and avoid any unexpected tax burdens.

27-09-2024

Tax

Understanding GSTR 9: Annual Return for GST Registrants

GSTR 9 is an annual return mandated by the GST regime. It encapsulates a year's worth of a taxpayer's inward and outward supplies, the tax paid on those supplies, the input tax credit (ITC) availed, and refund claims (if any). It also provides insights into the taxpayer's annual turnover and, for certain cases, audit details. Who Needs to File GSTR 9? Not all GST registrants are required to file GSTR 9. Here's a breakdown of who falls under the ambit of GSTR 9 filing: Regular Taxpayers: Businesses registered under the GST regime as regular taxpayers must file GSTR 9, provided they have filed GSTR 1 (sales return) and GSTR 3B (summary return) for the relevant financial year. SEZ Units and Developers: Special Economic Zone (SEZ) units and developers operating under GST also need to file GSTR 9. Composition Taxpayers Who Migrated Out: Taxpayers who opted out of the composition scheme during the financial year and transitioned to the regular taxpayer category must file GSTR 9. Understanding the Components of GSTR 9 Casual taxpayers, non-resident taxpayers, and Input Service Distributors (ISDs) don't need to file. A comprehensive form structured into six parts: Part 1: Basic Details - This section gathers basic information like the taxpayer's GST Identification Number (GSTIN), financial year, and legal/trade name. Part 2: Outward Supplies - This part details all outward supplies made during the year, including those exempt from tax, along with the tax paid on them. Part 3: Input Tax Credit (ITC) - This section is further divided into three subsections: Details of ITC claimed and reflected in returns filed for the year (typically obtained from GSTR 3B) Information on ineligible and reversed ITC claimed in returns for the year Auto-populated ITC details Part 4: Tax Paid - This part captures the total tax paid during the financial year. Part 5: Amendments - Taxpayers can use this section to report any amendments made to supply details in tax returns filed between April and September of the current year or the previous year's annual return (whichever is applicable). Part 6: Other Information - This part gathers details like tax demands, refunds, supplies received from deemed suppliers and composition taxpayers, goods sent on approval basis, an HSN summary of both inward and outward supplies, and any applicable late fees. How to File GSTR 9 Online The process of filing GSTR 9 is primarily online through the GST portal. Here's a simplified breakdown of the steps involved: Login: Access the GST portal using your credentials. Navigate to Returns Section: Go to "Services" and then "Returns." Select Annual Return: Click on "Annual Return." Choose Financial Year: Select the relevant financial year for which you want to file GSTR 9. Prepare Online: After clicking "Search," review the "Important Message" and select "Prepare Online." Choose Filing Option: Select "Yes" to file a nil return (if applicable) or "No" to proceed with a regular return. Fill in Details: Click on each displayed section and fill in the required information. Preview and Compute: Utilize the "Preview" button to view a summary of your GSTR 9 in Excel or PDF format. Select "Compute Liabilities" to calculate any late fees. Payment (if applicable): If there's any tax liability after calculating late fees, you can proceed with payment. The system will auto-generate a challan for the amount payable. Choose your preferred payment mode for the challan. Review and File: Download a draft of your GSTR 9 for review. Verify the declaration box and authorized signatory details.

27-09-2024