Tax Savings & Deductions under Chapter VI A

Individuals and HUFs (Hindu Undivided Family) can claim income tax deductions on certain investments and expenses undertaken during the financial year.

Section 80C: Income Tax Saving Investments & Payments

Section 80C allows deduction on certain investments and expenses mentioned under the Income Tax Act. The maximum limit for this deduction is INR. 1,50,000.

Investments Eligible for Tax Deductions u/s 80C

  • ELSS – Equity Linked Saving Scheme: It is an equity-based tax saving mutual funds. Investments made up to INR 1,50,000 under ELSS qualify for tax benefits. It has a lock-in period of 3 years.
  • PPF – Public Provident Fund: PPF is a government-backed provident fund with a fixed interest rate of approximately 8% p.a. You can invest a minimum of INR. 500 and maximum INR. 1,50,000 in a financial year. The PPF deposit, interest, and withdrawal amount are exempt from tax. The maturity period for a PPF is 15 years.
  • EPF – Employee Provident Fund: is a savings scheme for employees.  Each month a portion of their salary is deducted towards EPF. This fund is made available to the employee when they retire or change jobs. Employee’s contributions to EPF was tax deductible u/s 80C. However, as per the recent announcement in Budget 2021,  Interest earned on annual PF contribution exceeding 2.5 lacs from April 2021 will now be taxable. While the employer’s contribution is completely tax-free Any withdrawal after the specified period (5 years) is exempt from income tax.
  • NSC – National Savings Certificate: is a small savings scheme offered by the Indian Post office earning an interest rate of 8.0% p.a.
  • Tax Savings Fixed Deposits: also known as term deposits are offered by different banks and financial institutions for tax saving investment u/s 80C.
  • Sukankya Samriddhi Savings Scheme: is aimed at the betterment of girl children in India. The deposits earn an interest of 8.6% p.a. with a maturity period of 21 years.
  • ULIP i.e. Unit Linked Insurance Plan: any amount invested by an individual in a pension fund set up by a mutual fund or UTI is allowed as a deduction u/s 80C up to INR. 1,50,000
  • SCSS i.e. Senior Citizen Savings Scheme: is open to any person above the age of 60 years, or 55 years who have opted for retirement. Savings under the SCSS scheme will earn interest at 8.6% p.a with a lock-in period of 5 years.
  • Pension Fund by UTI: investment amount up to INR 1,50,000 by an individual in a pension fund set up by a mutual fund or UTI is eligible for exemption

Payments eligible for Income Tax Deductions u/s 80C

  • Life Insurance Premium: amount paid as a life insurance premium for self, spouse or children is eligible for deduction. However, the amount paid should be less than 10% of the sum assured.
  • Home Loan Repayment: includes repayment of principal amount towards a home loan taken for construction or purchase of residential house property. The
    stamp duty expenses, registration expenses and transfer expenses paid are also eligible for deduction.
  • Children Tuition Fees: Tuition fees paid for a full-time course to any school, college, university or educational institute in India. The deduction is available for up to two children.

Section 80CCD – Tax Deductions for Contribution to Pension Fund

Any individual who contributes towards the National Pension Scheme (NPS) can claim deduction under this section. There are 3 different parts of the section 80CCD, that allows the deduction subject to different for a different condition.

Tax Benefits of NPS (National Pension Scheme)
Section Component Deduction
80CCD(1) Employees Contribution to Pension Fund INR 1,50,000
80CCD(2) Employers Contribution to Pension Fund

10% of Basic Salary 

80CCD(1b) Voluntary Contribution to NPS INR 50,000

Both Section 80C and 80CCD are covered under section 80CCE. The total deduction amount eligible for deduction u/s 80CCE is INR 1,50,000 in a financial year.

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Section 80D – Tax Deductions for Medical Insurance Premium

Section 80D of the income tax allows individuals and HUFs (Hindu Undivided Family) to claim a deduction for the amount paid towards medical expenditure. The medical expenditure includes:

  • Medical insurance premium
  • Medical expenditure
  • Preventive health checkup

An individual taxpayer can claim the deduction for medical expenses paid for the following:

  • Self
  • Spouse
  • Children
  • Parents

In the case of Hindu Undivided Family (HUF), a deduction is allowed for medical insurance premium paid for a member of HUF.

Section 80DD – Tax Deductions for Differently Abled Dependant

A resident Individual/ HUF can claim a deduction for any expenses incurred on the treatment of dependent family member.
The list of diseases covered u/s 80DD is:

  • Autism
  • Cerebral palsy
  • Blindness
  • Low vision
  • Leprosy cured
  • Hearing impairment
  • Locomotor disability
  • Mental retardation
  • Mental illness

The deduction limit u/s 80DD is:

Category Deduction Amount
Disabled Person (40% or more of the disability) INR 75,000
Severely Disabled Person (80% or more of the disability) INR 1,25,000

Section 80DDB – Tax Deductions for Treatment of Specified Diseases

Section 80DDB is for expenses incurred on the treatment of specified diseases. The list of diseases covered u/s 80DDB are:

  • Neurological Diseases with a disability of at least 40%
  • Malignant cancer
  • AIDS
  • Chronic Kidney failure
  • Haemophilia
  • Thalassemia

The deduction limit u/s 80DDB is:

Age Deduction Amount
Individual or a member of HUF, aged below 60 INR 40,000
Individual or a member of HUF, aged 60 years or above INR 1,00,000

Section 80U – Tax Deductions for Individuals with Disability

Deduction u/s 80U can only be claimed by Resident individuals with a disability. HUF cannot claim tax deduction u/s 80U if any of its members are suffering from a disability. An individual suffering from any of the following disabilities is eligible to claim deduction u/s 80U:

  • Autism,
  • Cerebral palsy,
  • Blindness,
  • Low vision,
  • Leprosy cured,
  • Hearing impairment,
  • Locomotor disability,
  • Mental retardation,
  • Mental illness.

The tax deduction limit u/s 80U is

Category  Deduction Amount
Disabled Person (40% or more of the disability) INR 75,000
Severely Disabled Person (80% or more of the disability) INR 1,25,000

 

Section 80E – Tax Deductions for Interest on Education Loan

Section 80E allows a deduction for interest paid on repayment of education loan taken for higher education. The deduction u/s 80E is not available for principal repayment of the education loan.
There is no monetary limit u/s 80E. An individual can claim the total interest amount paid as a deduction. However, a deduction is available only for 8 consecutive years.

Only individuals are eligible to claim deduction u/s 80E if they fulfil the following conditions:

  • The loan must be taken from the financial or charitable institution.
  • The loan repayment must be done by the taxpayer
  • The purpose of the loan taken should be to pursuing higher education for self or for a relative. Relative includes spouse, children, and student for whom an individual is a legal guardian.

Section 80EE – Tax Deductions for First Time Home Buyer

Sections 80EE allows individuals to claim the deduction for interest paid on the home loan taken for the first residential house. The eligible deduction amount for AY 2019-20 (FY 2018-19) is INR 50,000.
This limit of Rs. 50,000 is over and above the deduction of Rs. 2,00,000 allowed for home loan interest u/s 24.

To claim income tax deductions u/s 80EE following conditions must be fulfilled:

  • An individual is a first time home buyer.
  • Value of residential house should not exceed Rs. 50,00,000.
  • A loan has to be sanctioned between 1st April 2016 to 31st March 2017.
  • A loan must be sanctioned by Financial institutions or Housing Finance Company.
  • Sanctioned loan amount should not exceed Rs. 35,00,000.
  • A taxpayer should not own any other residential house on the date of a sanction of a loan.

Section 80G – Donation to Charitable Organisations

Section 80G allows Individuals, HUFs, and businesses to claim income tax deductions for donations made to certain relief funds and charitable institutions. However, only donations made to funds prescribed by the government of India qualify as a deduction.

The qualifying limit eligible for deduction differ based on the charitable organization. Types of income tax deductions on donations u/s 80G are:

  • 100% Income Tax Deduction without any qualifying limit
  • 50% Income Tax Deduction without any qualifying limit
  • 100% Income Tax Deduction subject to 10% of adjusted gross total income
  • 50% Income Tax Deduction subject to 10% of adjusted gross total income
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Section 80GG – Rent paid

Section 80GG allows a tax deduction for rent paid for furnished or unfurnished accommodation. The deduction is allowed to taxpayers who do not receive any HRA from their employer.

Following conditions must be fulfilled to claim deduction u/s 80GG for Rent paid

  • Only an individual can claim deduction u/s 80GG. The individual can be either salaried or self-employed.
  • In the case of a salaried person, they should not be receiving House Rent Allowance from an employer.
  • For claiming a deduction, Form-10BA needs to be submitted with the Income Tax Department.
  • Assessee or spouse or minor child or HUF of which they are a member should not own be owning any residential accommodation at the place where he/she is residing/performing office duties under-employment/carrying business or profession
  • The assessee should not own a house property at any place, for which income is calculated as income from self-occupied house property.

The eligible deduction limit u/s 80GG is lower of the following amounts:

  • Total rent paid less 10% of total income
  • 25% of the annual salary
  • INR 5000 per month i.e INR 60,000 annually

Section 80TTA – Savings Interest

Section 80TTA of the Income Tax Act allows a deduction on savings account interest. Individuals (other than senior citizens) and HUFs can claim a deduction up to INR 10,000 for a financial year. The bank account statements are required to calculate and claim deduction u/s 80TTA.

Following interests are eligible for deduction u/s 80TTA:

  • Interest earned from Saving Account with Bank,
  • Any interest earned from Saving Account with Co-operative Society,
  • Interest earned from Saving Account with Post Office.

Section 80TTB – Interest Deduction on deposits for Senior Citizens

Section 80TTB under the Income Tax Act which allows resident senior citizens to claim a deduction on interest income up to INR 50,000 for a financial year. This section is applicable from FY 2018-19 (AY 2019-20) onwards.

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Following interests are eligible for income tax deductions u/s 80TTB:

  • Interest earned on Bank Deposits i.e, saving account interest, fixed deposits, recurring deposits.
  • Any interest earned on deposits with Co-operative Society engaged in banking.
  • Interest earned from Post Office Deposits i.e, Saving Account Interest, NSC, Senior Citizens Savings Scheme Accounts, Time Deposits, 5-year recurring deposits, and monthly income schemes.

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FAQs

Can I save more than INR 1.5 Lakh in Taxes?

Yes, apart from Section 80C tax deductions, you could claim deductions up to INR 25,000 (INR 50,000 for Senior Citizens) buying Mediclaim u/s 80D. You can claim a deduction of INR 50,000 on home loan interest under Section 80EE. You can save upwards of INR 2,00,000 in taxes.

Can I claim Chapter VIA deductions under the New Tax Regime?

With the majority of income tax deductions slashed in the New Tax Regime, some Deductions are still claimable.
– Rebate u/s 87A
– Standard Deduction on Rent Received
– Agricultural Income
– Life Insurance Income to Beneficiary
– Retrenchment Compensation
– Voluntary Retirement Scheme
– Leave Entrenchment on Retirement

What is the Section 80CCD(2) of Income Tax?

Section 80CCD(2) allows employees to claim up to 10% of basic plus DA for Tax Deductions. This contribution is considered an additional deduction as its not part of Rs 1.5 lakh allowed under Section 80C.

ITR Forms, TDS Certificate, Tax Credit Statement and Filing

The Income Tax Department has prescribed different ITR Forms for various income situations. The taxpayer is required to prepare and file the ITR Form applicable to them for that particular financial year.

Index

ITR Forms Types

The Income Tax Department has prescribed 7 different ITR Forms. The ITR Form type should vary based on the income situation.

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ITR 1

ITR-1 (SAHAJ) for Resident Salaried Individuals. Individuals earning income from the following sources can file ITR 1:

  • Salary
  • Pension
  • One House Property
  • Other Sources: Savings Interest, Fixed Deposit, etc
  • Agricultural Income less than INR 5,000
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ITR 3

ITR 3 is for individuals and HUFs having income from business or profession. ITR 3 can be filed by a taxpayer having:

  • Partner Income from a partnership firm or LLP
  • Businesses with income more than INR 1 crore not covered under presumptive taxation scheme.
  • Professionals under presumptive taxation scheme with income more than INR 50 Lakhs
  • Capital Gains
  • House Property
  • Salary
  • Other Sources

Any other entity except Individuals and HUFs cannot file ITR 3. Entities like LLPs, Partnership Firm, Companies, Charitable Trusts, Local Authorities, etc. cannot file ITR 3.

List of Documents Required to file the ITR 3

  • Business & Professional income: Bank account Statement/ Passbook
  • Capital Gains: land/building Sales and Purchase Deed, Stock Ledgers, Trading Statement, expenses on a transfer of the capital asset, etc.
  • House Property Income: Rent Agreement, co-owner details, Loan repayment certificate/statements.
  • Salary: Form 16, Salary Slips, Pension Statement/Passbook
  • Other Sources: Dividend warrants, interest certificates, other receipts

Methods to file ITR 3

ITR 3 can be submitted online or physically. However, if the income is more than INR 5 Lakhs, it is mandatory to file ITR 3 electronically.

  • Physical Submission:
    • paper form or
    • bar-code return form
  • Online/ Electronic Submission:
    • After adding Digital Signature
    • Sending the signed copy for verification to CPC Bangalore
    • e-Verification of ITR
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Taxpayers having income from capital gains, speculative business, foreign sources of income cannot file ITR 4.

List of documents required to file ITR 4

  • Business/ Professions: Profit & Loss Statement, Balance Sheet, Supporting documents for expenses, Cash Register, etc.
  • Salary Income: Form 16, Salary Slips, Passbook, Pension Statement
  • House Property: Rent Agreement, co-owner details, Loan repayment certificate/statements
  • Other Sources: Dividend warrants, interest certificates, other receipts

Methods to file ITR 4

  • Physical Submission:
    • paper form or
    • bar-code return form
  • Online/ Electronic Submission:
    • After adding Digital Signature
    • Sending the signed copy for verification to CPC Bangalore
    • e-Verification of ITR

However, it is mandatory to file ITR-4 online for taxpayers who have:

  • income more than INR 5 Lakh
  • any assets outside of India, including financial interest in any entity; or signing authority in any account outside of India
  • claiming relief u/s 90/90A/91 to whom Schedule FSI and Schedule TR to apply
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ITR Documents

Form 16

Form 16 is a TDS certificate on Salary. It contains details of income earned and taxes deducted on it. The employer issues Form 16 to its employee after the end of a financial year. The due date to issue Form 16 for FY 2018-19 is 15th June 2019. Form 16 is divided into 2 Parts:

  • Part A: contains employer, employee details and TDS deducted by the employer
  • Part B: is an annexure of income chargeable under the head of ‘Salary’. It contains a detailed breakdown of salary components.

Sample Form 16 Part A

Sample Form 16 Part B

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You may have multiple Form 16 if you had multiple employers or changed jobs during the Financial Year.

Form 16A

Form 16A is a certificate on TDS income other than Salary, like commission, interest, professional fees, rent. Form 16A is issued by the deductor(Payer) to the deductee(Payee) within 15 days of from the date of filing the TDS return.

Form 26AS

Form 26AS is a consolidated Tax Credit Statement. It contains the following details:

  • Tax Deducted from the taxpayer’s income
  • Tax Collected from taxpayer’s payments
  • Taxes paid during the financial year: Advance Tax, Self-Assessment Tax, Regular Assessment Taxes paid by the taxpayer
  • Details of Tax Refund received during the financial year
  • Details of any high-value transactions

You can set off the tax credit against your net taxable liability while filing the ITR.

You can view and download your Form 26AS from your account on the income tax e-filing website.

Form 12BB

Form 12BB is an investment declaration form submitted by an employee to its employer. The employer uses this Form 12BB for accurate TDS deduction on the employee’s salary, and avoid excessive TDS deduction.

What are the details required to file Form 12BB?

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Form 10BA

Form 10BA is for taxpayers to claim deduction u/s 80GG i.e. for rent paid on house property. Form 10BA contains details of the taxpayer, property, rent paid and the landlord.

How to submit Form 10BA?

You can submit Form10BA for a financial year using the Income Tax Department website.

  • Go to Income Tax Forms under e-file on the Income Tax Website
  • Select Form 10BA from the drop-down
  • Choose the submission mode- Prepare and Submit online
  • Enter the relevant details,
  • Preview and Submit the Form 10BA

Form 15G & Form 15H

Form 15G & Form 15H is to avoid TDS deduction on the taxpayer’s income. It is usually submitted to banks to avoid TDS being deducted on the interest income. Form 15G & Form 15H is required to be at the beginning of the financial year.

Form 15H is for taxpayer above the age of 60 years i.e. senior citizens. Whereas, non-senior citizens use Form 15G.

When to submit Form 15G/15H?

Form 15G/15H can be submitted to avoid tax deduction in the following income sources:

  • TDS on EPF withdrawal
  • TDS on Rent
  • TDS on the interest income from Fixed Deposits with bank/ post office
  • TDS on Corporate Bonds
  • TDS on Insurance Commission

Details required to file Form 15G or Form 15H

  • PAN
  • Residential Status
  • Address Details
  • Contact Information
  • Estimated Income Details
  • Previously Filed Form 15G/ 15H details

Methods file Form 15G & Form 15H

If the tax liability for the financial year is zero, you can file Form 15G & Form 15H with the deductor.

  • Physical Submission
    • Download Form 15G/H from the income tax website,
    • Prepare and Submit it with the deductor
  • Online Submission
    • Go to the Deductor’s website (Bank website)
    • Log in to your account
    • Fill in and submit Form 15G/ 15H

Income Tax : Rates, Due Date and Return Filing in India

Income Tax is a type of direct tax that you pay on income earned during the financial year. In India, a direct tax is governed as per Income Tax Act, 1961 along with Income Tax Rules, 1962 Income Tax is levied based on the different types of incomes and taxpayers.

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Who should file Income Tax Return (ITR)?

A taxpayer is required to file ITR if their income is more than the basic exemption limit. The basic exemption limit for Individuals and HUFs below the age of 60 years is INR 2.5 Lakh in AY 2019-20.

However, a taxpayer with income less than the basic exemption limit can also file an ITR. This is known as a NIL return.

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What are the Due Dates to file Income Tax Return (ITR)?

Category Due Date
Individuals to whom audit is not applicable 31st July of the Assessment Year
Companies 30th September of the Assessment Year
Individuals to whom audit is applicable 30th September of the Assessment Year
Individuals/ HUF who are partners in a firm and firm’s accounts are subject to audit 30th September of the Assessment Year

Due Date for Filing ITR for AY 2021-22

What are the Documents required to file ITR?

The basic documents required to file ITR are:

  • PAN (Permanent Account Number)   
  • Aadhar Number
  • Form 26AS
  • Bank Account Details
  • Challan of any advance tax or self-assessment tax (if paid during the year)
  • Details of the original return (if filing a revised return)

However, documents required to submit ITR may differ based on the income situations and ITR form the taxpayer has to file.

Which ITR Form to File?

The ITR form a taxpayer should file differs based on their income source and residential status. The Income Tax Department has prescribed 7 different ITR forms for different income situations. The taxpayer is required to choose the ITR Form that is applicable to them for that particular assessment year. The most common ITR form filed by individual taxpayers is ITR 1 or ITR 4.

ITR-1 (SAHAJ) The most basic ITR form for individuals having income up to Rs. 50,00,000 from salary/pension, one house property, and interest.
ITR-2 For individuals/HUF having income from salary/pension, multiple house property, capital gains, interest, and partner’s income from the partnership firm.
ITR-3 For individuals/HUF having income from salary/pension, multiple house property, capital gains, interest, and income from proprietary business or profession.
ITR-4 For individuals/HUF/Partnership firms having income from presumptive business or profession.
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What are the Income Tax Rates for AY 2019-20?

Income is taxed based on the category of a taxpayer. In India, income tax rates are declared every year in Union Budget by the finance minister. The Income Tax Slab Rates for Individuals and HUFs below the age of 60 years are:

Taxable Income Tax Rate
Up to INR 2,50,000 Nil
INR 2,50,000 to INR 5,00,000 5%
INR 5,00,000 to INR 10,00,000 20%
Above INR 10,00,000 30%
  • Rebate u/s 87A of INR 2,500 or 100% of the tax (whichever is lower) is available to Individuals with income is less than Rs. 3,50,000
  • A surcharge is applicable if your taxable income is:
    • between INR 50,00,000 to 1,00,00,000 : Surcharge 10%
    • above INR 1,00,00,000 : Surcharge 15%
  • Health & Education Cess is 4% on the total of income tax + surcharge

How to file ITR?

You can file Income Tax Return using:

  • Income Tax e-filing Website
    • Income tax account
    • IT utilities
  • ERI (e-Return Intermediary): these are government-approved intermediaries like Quicko

e-File ITR using Income Tax e-Filing Website

To e-file your ITR by using an income tax e-filing website, you should use your income tax e-filing account.

  • Log in to the e-Filing portal by entering the user ID (PAN), Password, Captcha code and click ‘Login’.
  • Navigate to e-file > Income Tax Return
  • Select ITR Form, Assessment Year and other details
  • Prepare your ITR
  • Pay Self-Assessment Tax if you have outstanding tax dues. Or claim Tax Refund if you have paid excess tax during the financial year.
  • Click on ‘Submit’ to e-File your ITR.

e-File ITR using Income Tax Utilities

Income Tax Department provides Java and Excel utilities to prepare and e-file your income tax returns. These utilities allow the taxpayer to prepare their ITR offline, and using the income tax e-filing account the taxpayer can submit their ITR.

  • Go to incometaxindiaefiling.gov.in click on Offline Utilities under the Download section. Now go to Income Tax Return Preparation Utilities and select the assessment year
  • Select the ITR Form you are required to file and Download ITR Utility for that ITR Form.
  • Extract the files from a zip folder: You need to have java runtime environment to unzip the utility
  • Prepare your ITR offline
  • Upload the utility on your Income Tax e-filing account.
Track Your ITR Status
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What is ITR e-Verification?

ITR filing process is not complete until you e-Verify your return. When a taxpayer files the ITR, they receive ITR V on their registered email id from the income tax department. ITR-V means Income Tax Return Verification Form, it is also known as ITR-V (Acknowledgement). 

You can e-verify your ITR by the following methods:

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FAQs

What is the due date to file the Income Tax Return (ITR)?

The due date to file the Income Tax Return (ITR) for individuals, Hindu Undivided Families (HUF), and taxpayers whose accounts are not required to be audited July 31st unless extended by the government.

What are the Income Tax slab rates for individuals?

The Income Tax slab rates for individuals for the Financial Year 2020-21 are given below. The table consists of both the current regime and new regime tax slab rates.

What are the basic documents required to file Income Tax Return (ITR)?

PAN (Permanent Account Number)   
Aadhar Number
Form 26AS
Bank Account Details
Challan of any advance tax or self-assessment tax (if paid during the year)
Details of the original return (if filing a revised return)

Is it necessary to verify the Income Tax Return (ITR)?

The Income Tax Return (ITR) filing process is not complete until the filed ITR is verified by the taxpayer. The taxpayer can either e-verify the ITR or can send signed ITR-V (Acknowledgement) to the Income Tax Department (ITD). If the e-Verification of ITR is not possible then the taxpayer needs to send the signed ITR-V to the Income Tax Department within 120 days at CPC Bangalore.

GST Registration Online: Process, Documents, Fees, Eligibility in India

GST (Goods and Service Tax) Registration is the application for GST Number or GSTIN online on the GST Portal. A business needs to register under GST if the aggregate turnover is more than the threshold limit.

From 01.04.2019 onwards, this threshold limit for goods and services have been revised. Further, the states have been given an option to opt for old or new limits. Following are the threshold limit for aggregate turnover for each state.

StateUp to 31/03/201901/02/2019 to 31/03/2019From 01/04/2019
Manipur, Mizoram, Nagaland, Tripura10 lacs10 lacs10 lacs
Uttarakhand, Assam, Meghalaya, Sikkim, Arunachal Pradesh10 lacs20 lacs20 lacs
Himachal Pradesh10 lacs20 lacs40 lacs
Jammu and Kashmir20 lacs20 lacs40 lacs
Puducherry, Telangana20 lacs20 lacs20 lacs
Other States20 lacs20 lacs40 lacs
StateUp to 31/03/201901/02/2019 to 31/03/2019From 01/04/2019
Manipur, Mizoram, Nagaland, Tripura10 lacs10 lacs10 lacs
Uttarakhand, Assam, Meghalaya, Sikkim, Arunachal Pradesh, Himachal Pradesh10 lacs20 lacs20 lacs
Other States20 lacs20 lacs20 lacs

Once the taxpayer submits the application, the GST officer issues the GSTIN within 7 working days. However, the registration process can take longer in case the officer wants more documents.

The businesses with a GSTIN can claim Input Tax Credit for the purchases from other GST Registered Dealers. Input Tax Credit under GST allows the transfer of tax credit and avoid double taxation.

Who needs GST Registration?

Following persons should apply for registration.

  • If the Aggregate Turnover exceeds the prescribed threshold limit mentioned in the table above, then registration is compulsory.
  • Entities registered under VAT, Service Tax, Excise, etc. before GST.
  • Inter-State sellers of taxable goods.
  • E-Commerce Operators or E-Commerce Sellers of goods.
  • TDS (Tax Deducted at Source) Deductor or the TCS (Tax Collected at Source) Collector.
  • Non-Resident Taxable Persons i.e. NRTP
  • Casual Taxable Person i.e. CTP
  • Input Service Distributor i.e. ISD
  • Agent i.e. an entity that sells goods and services on behalf of the other person
  • OIDAR (Online Information Database and Access Retrieval) Service Provider
  • Any business that is liable to pay tax under the RCM i.e. Reverse Charge Mechanism
Apply for GST Registration
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Documents required for registration under GST

  • PAN (Permanent Account Number)
  • Proof of Business Registration
  • Proof of Address
  • Bank Account Proof
  • Identity Proof, Address Proof and Photographs of the authorized person
  • Digital Signature
  • Copy of the Board Resolution, Memorandum of Association (MOA) and Articles of Association (AOA)

What is the process of registration under GST?

  • Under New Registration on the Portal, enter the basic details
  • You will see a GSTIN/ UIN / Provisional ID
  • Verify using OTP (One-time Password)
  • You will receive a TRN (Temporary Registration Number)
  • Verify the TRN by OTP Verification
  • Enter the relevant details and Upload the documents
  • Verify your application
  • Submit

After the successful submission of the application, you will receive an ARN (Acknowledgment Reference Number). Further, you can track your registration application by using this ARN.

GST Application Status: Track GST Number Status using ARN
GST Application Reference Number or ARN is generated after GST Registration Application. Track GST Application Status for GST Number or GSTIN using ARN.
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GST Application Status: Track GST Number Status using ARN
GST Application Reference Number or ARN is generated after GST Registration Application. Track GST Application Status for GST Number or GSTIN using ARN.
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What are the GST Registration Fees?

The Government does not charge any fees for GST Registration. However, the GST Practitioner or the Chartered Accountant may charge their professional fees.

What is the penalty for not registering under GST?

If a business is liable to get a registration but does not register, then a penalty is levied. The GST Department charges a penalty in such cases. The penalty is 10% of the total tax amount or INR 10,000, whichever is higher.

Who can cancel GST Registration?

The GSTIN of the business becomes inactive if they cancel their Registration. The following can apply to cancel the registration of a business:

  • Tax Officer
  • Taxpayer
  • Legal Heirs

How to cancel GST Registration?

Following are the steps to cancel registration on the portal:

  • Go to Application for Cancellation of Registration, under the Services
  • Enter the basic details
  • Enter the details of GST cancellation
  • Verify the application
  • Submit

After successfully submitting an application to cancel the registration, you will get an ARN. You can track the application of registration by using this ARN.

FAQs

What are the ways to register on GST Portal?

A person can register itself on GST Portal in the following ways:
1. Taxpayer
2. Tax Deductor
3. Tax Collector
4. GST Practitioner
5. Non-Resident Taxable Person

What are the consequences of GST registration cancellation?

1. The taxpayer will not have to pay GST anymore
2. For certain businesses,  registration is mandatory. If the registration is cancelled and business still continues, it will be considered as an offense and heavy penalties will apply.

Can I save the application for change of details in GST Registration?

Yes. The application made to change or update details can be saved. However, if the application is not submitted within 15 days from the date of starting the application, it will get canceled automatically.

Can PAN be changed after GST Registration?

No, after registration PAN (Permanent Account Number) cannot be changed. This is because GSTIN is based on the PAN of the entity.

How to download GST registration certificate?

You can download the registration certificate from the GST portal. Go to Services > User Services > View/Download Certificates. Click on download. Your registration certificate will be downloaded.

How to change GST registration details?

In order to change the details of your registration, you need to visit GST Portal i.e. gst.gov.in. Go to Services > Registration > Amendment of Registration Non-Core Fields. Select the desired tab and make the necessary changes.

If the entire process of GST Registration is paperless, how will I sign my application?

The process to register under GST is completely paperless. The taxpayer can sign the application using a Digital Signature Certificate (DSC) or the Aadhaar-based E-Sign facility. Please note DSC is mandatory in the following cases.
(a) Public Limited Company
(b) Private Limited Company
(c) Unlimited Company
(d) Foreign Company
(e) LLP
(f) Foreign LLP
(g) Public Sector Undertaking

What is Startup India?

Startup India Scheme is a flagship program by the Government of India, launched in 2016. The goal is to boost the startup ecosystem in India.

Under the Startup India Scheme, the government aims to promote faster growth by reducing barriers. The key focus points for the Startup India is to ease the incorporation process, increase incentives, funding support and develop incubation & accelerator centres. The Startup India scheme insists on design and innovation. The Startup India initiate is believed to change the job-seeking scenario to the job creation scenario.

To support and accelerate startups in India, many programs have been introduced. The government has started with a 19 point action plan, under the Startup India Scheme.

Who is a startup?

A ‘Startup’ under the Startup India Scheme should fulfil the following conditions:

  • The incorporation date should be less than 10 years
  • Turnover should not be more than INR 100 crore in any financial year
  • The funding raised by the startup should be less than INR 25 crore

What are the benefits of Startup India?

The Government of India provides incentives and benefits to registered startups under the Startup India scheme. Advantages available under the scheme are as follows:

  • Tax Benefit
    • A startup can claim tax benefits for 3 consecutive years, in the first 10 years from Incorporation or registration
    • A startup can apply for tax exemption from section 56 or Angel Tax. After getting DPIIT recognition startup.
    • Exemption from Capital gains, if a startup invests in funds Specified by the Government of India. After the asset transfer, the investment should be made within 6 months.
  • Patent Registration
    • Fast-track application, examination and disposal of patents
    • After filing a patent an 80% rebate on fees is available to Startups
  • Funding:
    • A 10,000 crore fund is set up under Startup India. It will give startups better access to fundraising.
  • Government Tender
    • When applying for tenders by a government entity or PSU, there is a mandate of ‘Prior experience/Turnover’.
      Startups in the manufacturing sector are exempt from this requirement of ‘prior experience/ turnover’. It is an advantage for the startups to get public tenders.
  • Startup India Hub:
    • It is a single place where you can contact for all the knowledge and queries for a startup. Startup India Hub will provide access to
      • Investors
      • Mentors
      • Incubators
      • Accelerators
      • Research & Development institutions
  • Easy compliance:
    • The compliance required under the scheme is easy and convenient. Startups can use the Startup India mobile app or website for the same.
    • The startups under the scheme can self-certify themselves with certain labour and environmental law. Under self-certification, there will be no labour law inspection for 3 years.
  • Easy exit:
    • A startup can shut down its business in 90 days after they apply for winding up. They can apply for shutting down the business under the IBC (Insolvency and Bankruptcy Code).

FAQs

Can a Foreign company register under Startup India Hub?

Any entity having atleast one registered office in India is welcome to register on the hub as location preferences, for the time being are only created for Indian states.

For how long would recognition as a “Startup” be valid ?

An entity would cease to be a ‘startup’ upon expiry of:
1. Up to 7 years from the date of its incorporation/ registration; however, in the case of Startups in the biotechnology sector, the period shall be up to 10 years from the date of its Incorporation/ registration;   
OR
2. If its turnover for any of the financial years has exceeded INR 100 crore.

Who can register with Startup India?

An entity incorporated as a Private Limited Company, Partnership Firm or a Limited Liability Partnership can register themselves under the startup India scheme. The annual turnover of these business entities should not exceed 100 crores, and they should have been in existence for up to ten years from the date of its incorporation/ registration. Such an entity should be working towards innovation, development or improvement of products or services or processes.

How to Register for Startup India Scheme?

Startup India Scheme is a flagship program by the Government of India to boost entrepreneurship and startup ecosystem in India. The objective of the Scheme was to build a strong ecosystem for promoting innovation and startups in the country. In order to register for the Startup India Scheme, you need to adopt the following Startup India Registration procedure.

  1. Register on Startup India Page:

    Click on Register on Startup India Website.
    For this, you will require – Name, Email, Mobile Number.
    Create and re-enter the Password.

  2. After the registration is complete.

    You will be required to login to your account using email id and password

  3. Fill in the Basic Information

    1. Stage of the Startup
    Ideation- There exists an idea for the product or the service the startup will deal in
    Validation- A MVP(Minumum Value Product) has been developed for the market
    Early Traction- the startup has acquired customers and started generating revenue
    Scaling- The startup has stabilized and has begun to generate profits
    2. Name
    3. Country
    4. State
    5. City
    6. Brief: You can either write the text and insert a link for the brief. It is a description of a startup- its products, services, mission, vision, etc.

  4. Enter Startup Details

    1. Upload the Company/Entity Logo
    2. Confirm that the logo belongs to your company/institution
    3. Website Link- optional
    4. Mobile App Link-optional

  5. Confirm other Startup details

    1. If the company if Recognized by DIPP(Now known as DPIIT- Department of Promotion of Industry and Internal Trade)
    2. Funding for the company
    Funded- Invested by an external investor
    Bootstrapped- Funded using the Founder/Director’s investment
    3. Udyog Adhaar-Optional

  6. Enter Team Information

    1. Member’s Name
    2. Member’s Role
    3. Profile Picture- Optional
    4. Member’s Profile- education, background, past work experience, etc. Also,
    you can also attach a link to the member’s profile
    5. Linkedin URL- Optional
    6. Twitter URL- Optional
    7. If the case, there is more than one member, you can add more members to the Team profile

  7. Add Business Plan of your startup, it may help to get in touch with investors.

    However, this field is optional and can be avoided.

  8. Select the entities you want to get in touch with

    1. Accelerators
    2. Investors
    3. Incubators
    4. Mentors
    5. Other Startups
    6. All

  9. Read and Agree to the Terms of Use

    Save Profile

  10. A Pop-up message will be displayed saying- the profile has been saved and the changes will be displayed after 24 hours of moderation.

    After it in the case the startup is not recognized by DIPP (DPIIT), an option will be provided to register.
    Click on the option of ‘Get Registered’ in the pop-up box.

FAQs

What documents would qualify as a supporting document to the application to register as a “Startup”?

The application shall be accompanied by
1. A copy of Certificate of Incorporation or Registration, as the case may be, and
2. A write-up about the nature of business highlighting how it is working towards innovation, development or improvement of products or processes or services.

Once my registration is successful, would I obtain a certificate for it? If Yes, would I be able to download the certificate?

Yes. On successful registration, you would be able to download a system generated verifiable certificate of recognition.

How much does it cost to register a startup in India?

The cost of registration of a sole proprietor company is nearly Rs 2,500 while that of a partnership firm is nearly Rs 5,000. If you incorporate a private (LLP or LLC) company with a minimum authorised capital of Rs 1,00,000, the registration will cost you approx. Rs 7,000.

How to get Recognized by DPIIT using Startup India Website?

Under the Startup India initiative, eligible companies can get recognised as Startups by DPIIT, in order to access tax benefits, easier compliance, IPR fast-tracking & more. To apply for ‘Recognition by DPIIT, you can process your application through the Startup India profile. In order to be DPIIT recognized Startup follow the given procedure.

  1. Click on ‘Get Recognized’ option provided on the pop-up box displayed after setting up a startup India profile
  2. Under user details, click ‘View Details’

OR

  1. Login to the Startup India profile
  2. Go the Dashboard, on the Right side navigation bar
  • Click on the Recognition and Tax Exemption, Or
  • Under Recommendations, go to Get DIPP Certified and click on- ‘Register Here’

DPIIT recognition by Startup India website

  1. Go to Startup India Website

    Access the Startup India Website

  2. Enter Entity Details

    Enter details for Nature of Entity, Industry, Sector, Categories, etc.

  3. Enter Full Office Address

    Enter the details regarding Address City/Village, State/Union, Territory, Pin Code, District, Sub-District.

  4. Enter the Information of Authorized Representative

    Enter the details in regards to Name, Designation, Mobile No, Email ID.

  5. Next, Enter the details for Directors and Partners.

    Enter details for Number of Partners
    Details- Name, Gender, Mobile Number, Postal Address and Email ID.

  6. Enter Other Information

    Enter information in terms of the Incumbent number of employees, Intellectual Property Rights Status, etc.

  7. Enter Details of Startup India

    Mention any recognition or awards received by the startup and answer subsequent questions.

  8. Upload Self Certification

    Upload Incorporation/Registration Certificate- It is the certificate issued by MCA(Ministry of Corporate Affairs). Importantly,the file should be less than 5MB in PDF, JPG or PNG format. Click Continue and Submit.

The application will be examined along with the documents submitted. If found satisfactory, the Certificate of Recognition will be issued to the startup.

FAQs

What are the criteria for Startup Recognition?

Eligibility Criteria for Startup Recognition:
1. The Startup should be incorporated as a private limited company or registered as a partnership firm or a limited liability partnership
2. Turnover should be less than INR 100 Crores in any of the previous financial years
3. An entity shall be considered as a startup up to 10 years from the date of its incorporation
4. The Startup should be working towards innovation/ improvement of existing products, services and processes and should have the potential to generate employment and create wealth.
An entity formed by splitting up or reconsutrction of an existing business shall not be considered a “Startup”

What is DIPP startup?

Startup India Registration under DIPP: This scheme supports Startups by providing various benefits to the registered entity. The benefits include financial as well as non-financial benefits. To register under this scheme the entity must fulfill the criteria specified.

What is the time-frame for obtaining certificate of recognition as a ‘Startup” in case an entity already exists?

The certificate of recognition is issued typically within 2 working days upon successful submission of the application.