Income Process in India by July 2017: By the Beginning of July 2017, as per Rule announced for Indian Citizen as a part of Swatch Bharat, the Black Money will be abandoning completely from India by Introducing GST and Income Tax Moderation Process.
In detail, the process of executing Income Tax moderation from 5 lakhs Monthly Income to 2 lakhs monthly setup for SB Account In terms of Income Transaction as well as Current Account Income Transaction has been made possible. In fact, on the basis of this Percentage of IT will be different and it will based on the Users Business.
However, on the basis of the Same, GST effect will be validated. Perhaps, If you are a non residential citizen, it may not reflect from July and in future, depends on the law going to get passed.
More in Detail on Income Process in India by July 2017:
As by July 1st, as the PAN Card as well as Aadhar Card of Indian Citizen has already Linked with the Bank Accounts as well as Important Accounts related with the same will play a significant role in Income Tax Process.
In general, If you are planning to take a sim card for your phone, shop keeper will ask for the Aadhar Card. Alike, you need to update it with you personal Banking to make it safe and well precised. 🙂
Well, if you are employed or non employed, IT want to know the Detailed source if your bank start recurring source of your money. This will be reflected once they start noticing you on the basis of Bank Transaction. However, it’s already linked with your PAN Card and Aadhar Card of India.
As there is no CSR alike happened in UAE,not yet registered in India, the High Business Professional can make a relief as a part of it.
So, if you think that, getting more than 2 or more account with and funding more amount can be get away from this strategy. Is that right?
Sounds an Ugly procedure.
As we already said, that your all details are happening under the Aadhar Card Process and sounds like its a core part of your entire updates in India.
If you wish to do any sort of malpractice on Tax updates with your bank on the basis of Aadhar Card and PAN Card update with more 45k crossed account, will no doubt gets banned.
So, In order to Make it Lie, every Individual who play with money should update their PAN and Aadhar details properly with your bank.
Important Things You should Know as a Part of Taxation In India:
- You’ve to Pay Sr-charge fee when your monthly income transaction beyond the limit of 2 lakhs or more.
- Every one should Provide minimum balance in their Account based on the Region you were living.
- While the Transaction through Debit Card and Credit Card made it very tight, In fact of doing so, please follow the RBI Rule in concern with the same.
- Please be careful while, dealing with Cheque facility attached with your personal account on the basis of IT.
- If you were planning to take account more than 2, please make sure that 3rd one mayn’t be a SB account.
- If you provide more than 2 account in other bank, you should have to link your both PAN and Aadhar card successfully with your account for avoiding ban.
- In order to maintain better status with IT, please make sure than Bills were properly arranged with respect to your Income Transaction.
However, as its sounds like we were challenging with third Generation world and its for Online. However, most of them working online as Entrepreneurs as well as Marketers for business.
Does this GST and Tax effect them also? 🙂 🙁
Well, Tax is commonly to all, as said above with concern with monthly transaction. BTW GST not for all Entrepreneurs, but its basically reflects marketers while dealing with Goods and service online.
Does Tax Effect NRI?
NRI’s also Effect Income tax, well most of them working abroad and bring their Goods here or sell here. As a part of the same, the transaction most probably done via banking.
While doing so, the IT will get mentioned automatically and He/She will be awarded with the Income Tax at Earlier. Apparently the money they spend for their vacation might be Huge and for sure, it will exceeds 2 lakhs,more possibly start reflecting the strategy of TAX.
Even more, You Might Have Doubts appears on my Like;
- Does this TAX Effect Under 18?
- Does this effect to Dual bank account on same time?
- Does this affect that we transfer money from one to other bank by Transferring the same amount to make under 2 lakhs?
- Does if we IT effect while we maintain 2 lakhs?
- Do IT effect while transfer to other account and maintain below 2 lakhs in Individual account?
In Detail with respect to above Queries:
- TAX effect Under 18 or 18+ matters at earlier stage. As the Introduction done by GST and New Tax scenario it will certainly reflects you and have to ready with IT queries with respect to the source. Whereas the queries mayn’t come today,tomorrow or day after.At any moment in this year or by future days you can expect.
- The Effect of Dual bank or multiples of 10 bank of you’ve doesn’t matters. If your Income (Not transaction),the Income values here and if it crossed more than 2 lakhs in recurring stage will only you have to bother this Issues.
- Suppose your account had credited with 2 lakh or more, once if you hear the issue regarding income tax will effect your account, you will be panic in transferring amounts to other SB or Current account to maintain a border or below 2 lakh. It doesn’t matters, and its a false thing you were doing. Maintain the amount in one account is good rather go for multiplying the amount to other.
For more details, regarding the Income Tax Process will be reflected in our Next Update. Stay Tuned.