AT Consultancy

29/05/2024

AIS now includes 56 types of Incomes, here is the list:

1. Salary
2. Rent received
3. Dividend
4. Interest from savings bank
5. Interest from deposit.
6. Interest from others.
7. Interest from income tax refund
8. Rent on plant & machinery
9. Winnings from lottery or crossword puzzle u/s 1158B
10. Winnings from horse race u/s 115BB
11. Receipt of accumulated balance of PF from employer u/s 111
12. Interest from infrastructure debt fund u/s 115A(1)(a) (ia)
13. Interest from specified company by a non-resident u/s 115A(1)(a)(aa)
14. Interest on bonds and government securities
15. Income in respect of units of non-resident u/s 115A(1) (a)(ab)
16. Income and long-term capital gain from units by an offshore fund u/s 115AB(1)(b)
17. Income and long-term capital gain from foreign currency bonds or shares of Indian companies u/s 115AC
18. Income of foreign institutional investors from securities u/s 115AD(1) (1)
19. Income of Specified Fund from securities u/s 115AD(1)(1)
20. Insurance commission
21. Receipts from life insurance policy.
22. Withdrawal of deposits under national savings scheme
23. Receipt of commission etc. on sale of lottery tickets
24. Income from investment in securitization trust
25. Income on account of repurchase of units by MF/UTI
26. Interest or dividend or other sums payable to government
27. Income of specified senior citizen
28. Sale of land or building
29. Receipts for transfer of immovable property.
30. Sale of vehicle
31. Sale of securities and units of mutual fund
32. Off market debit transactions
33. Off market credit transactions
34. Business receipts
35. GST turnover
36. GST purchases
37. Business expenses
38. Rent payment
39. Miscellaneous payment
40. Cash deposits
41. Cash withdrawals
42. Cash payments
43. Outward foreign remittance/purchase of foreign currency
44. Receipt of foreign remittance
45. Payment to non-resident sportsmen or sports association u/s 1158BA
46. Foreign travel
47. Purchase of immovable property.
48. Purchase of vehicle
49. Purchase of time deposits
50. Purchase of securities and units of mutual funds
51. Credit/Debit card
52. Balance in account
53. Income distributed by business trust
54. Income distributed by investment fund
55. Donations received
56. Receipt on transfer of Virtual Digital Assets 57. Winning from Online Games u/s 115 BBJ

19/11/2021

Rate Increased from 01/01/2022

For Fabrics from 5% to 12%

For Article of Apparel of value upto Rs.1000/- per piece @ 12%
(Earlier GST Rate was 5% for sale value upto Rs 1000 per piece)

For Footwear of upto Rs.1000/- @ 12%
(Earlier GST was 5% for sale value upto Rs 1000 per pair)

18/07/2021

10 Personal Finance Rules that will make your life easy

1️⃣ Rule of 72 -

No. of yrs required to double your money at a given rate, U just divide 72 by interest rate
Eg, if you want to know how long it will take to double your money at 8% interest, divide 72 by 8 and get 9 yrs

At 6% rate, it will take 12 yrs
At 9% rate, it will take 8 yrs

2️⃣ Rule of 114

No. of years required to triple your money at a given rate, U just divide 114 by interest rate.

For example, if you want to know how long it will take to triple your money at 12% interest, divide 114 by 12 and get 9.5 years

At 6% interest rate, it will take 19yrs

3️⃣ Rule of 144

No. of years required to quadruple your money at a given rate, U just divide 144 by interest rate.

For eg, if you want to know how long it will take to quadruple your money at 12% interest, divide 144 by 12 and get 12 yrs.

At 6% interest rate, it will take 24yrs

4️⃣ Rule of 70

Divide 70 by current inflation rate to know how fast the value of your investment will get reduced to half its present value.

Inflation rate of 7% will reduce the value of your money to half in 10 years.

5️⃣ 100 minus your age rule

This rule is used for asset allocation. Subtract your age from 100 to find out, how much of your portfolio should be allocated to equities

Age 30

Equity : 70%
Debt : 30%

Age 60

Equity : 40%
Debt : 60%

6️⃣ 10-5-3 Rule

One should have reasonable returns expectations

10℅ Rate of return - Equity / Mutual Funds
5℅ - Debts ( Fixed Deposits or Other Debt instruments)
3℅ - Savings Account

7️⃣ 50-30-20 Rule - Allocation

Divide your income into
50℅ - Needs - Groceries, rent, emi
30℅ - Savings - Equity, MFs, Debt, FD, etc
20℅ - Wants - Entertainment, vacations, etc

8️⃣ 6X Emergency Rule

Always put atleast 6 times your monthly income in Emergency funds for emergencies such as Loss of employment, medical emergency, etc.

9️⃣ 40℅ EMI Rule

Never go beyond 40℅ of your income into EMIs.

Say you earn, 50,000 per month. So you should not have EMIs more than 20,000 .

This Rule is generally used by Finance companies to provide loans. You can use it to manage your finances.

1️⃣0️⃣ 10times Life Insurance Rule

Always have Sum Assured as 10 times of your Annual Income

10 X Annual Income

Say you earn 5 Lacs annually, u shud have atleast 50lac insurance (20X if possible)

07/05/2021

02/05/2021

🔊 *AT Consultancy GST Updates:*

*Due Dates Extended, Interest and Late Fee Waived*

✳️ Due Date to file GSTR-1 for April 2021 extended to 26th May, 2021.

✳️ Due Date to file IFF for April 2021 extended to 28th May, 2021.

✳️ Late Fees waived for filing of GSTR-3B for March & April for period upto 15 days and 30 days from the due date, respectively, for turnover more than Rs. 5 Crores and upto Rs. 5 Crores.

01/05/2021

Important update in case you missed filing your ITR for FY 2019-2020.
You can get it filed now without applying for condonation, the facility is available till 31st May 2021.