How income tax is levied on your stock market transactions

Ever since the covid-19 pandemic set in, many people resorted to direct trading in stocks. Some of the brokerages have seen a surge in the number of new demat accounts . If you are among those who traded in stocks during the financial year 2020-21 and are planning to file tax returns for the year, you should know how the gains from stock trading are taxed. Also, let’s understand where to report them in the income tax return (ITR) and which ITR form to file. While filing one's Income Tax Return (ITR) one needs to mention all its sources of income including stock market investments. Below are few Advices.

Intraday Trading:

In our Opinion in case, the taxpayer is an intraday trader, then he or she will have to file ITR-3 Form.

Buying or selling of stocks on the same day is known as intraday trading. In the case of investing, the investor takes the delivery of shares and holds it for at least a day. In intraday trading, the intention of the trader is not to hold the stock for the long term based on the growth prospects of the underlying stock, but to make foreseeable gains based on the volatility of shares on that particular day. Therefore, income from intraday trading is either speculation gain or loss, which comes under the head of business income.
As intraday trading is done with the objective to earn income or profit from fluctuation in prices of the stocks, thus it is arguably considered under business income category taxable under the head ‘Income from business or profession’.
While arriving at the income or loss from trading of stocks, you are allowed to deduct the expenses related to trading in stocks as business expenses. “Expenses such as internet charges, telephone charges, broker’s commission and demat account charges can be claimed as deduction. Also, losses arising from intraday trading are allowed to be set off only against profit from any other speculative business, provided ITR is filed in time. The Income from intraday trading is added to Total Income .Income Tax is Applicable as per Income tax Slabs on Total Income.
The taxpayer has stock investments in the derivative market; in that case too, ITR-3 Form will be applicable.

Investment Taxability:

In our Opinion If a taxpayer has investments in cash segment, then he or she will have to file ITR-2.

For stock market investors who have investment in cash segment like Equity Shares, units in Equity Oriented Funds there are two types of income tax being levied — Short Term Capital Gain (STCG) and Long Term Capital gain (LTCG).
Short Term Capital Gain (STCG) and Long term Capital Gain (LTCG) For Equity Oriented Schemes

Short Term Capital Gain (STCG)is any gain on sale of Shares ,If the stock holding is for less than 12 months, STCG will be levied atm15 per cent of the net income.

Long term Capital Gain (LTCG) is any Gain arising from sale of Shares held for more than 12months. LTCG up to 1 lakh is tax free. However, for LTCG, the taxpayer will be levied 10 per cent of its income beyond 1 lakh in single financial year.

If the taxpayer has incurred loss from its investment in stock market, then it can be set off against against Gains as per income tax Provisions and further it allows him or her to carry forward the loss for the next 8 years. This carry forward of loss for 8 years is applicable only when taxpayer has filed his return with in the due date.

However these tax implications will be applicable for Equity shares and Units of Equity funds which are subject to Securities Transaction Tax (STT). STT is a charged on purchase and sale of securities that are listed on the recognized stock exchanges in India.

Note: The contents of this document are solely for informational purpose. It does not constitute professional advice or a formal recommendation. While due care has been taken in preparing this document, the existence of mistakes and omissions herein is not ruled out. The above information will be subject to further vetting during which the list may undergo some changes. The article is meant for General awareness purpose only for any practical usage purpose. kindly refer the income tax act 1961, Official notification, Press Release Act. Further the Article is subject to any translation mistakes.

INCOME TAX UPDATE:FEW ADVICES AND THINGS TO BE DONE BEFORE 31 MARCH BY INDIVIDUALS

Tax Planning

Tax planning refers to financial planning for tax efficiency. An individual can optimally utilise tax exemptions, tax rebates, and benefits available as per the Income Tax Law to minimise tax liability.

Estimate the tax liability

Firstly, taxpayers should estimate their tax liability after considering investments or payments that qualify for a tax deduction and ensure that advance tax has been paid. Contribution towards EPF, repayment of home loan principal and interest repayments, NPS contribution as part of their salary package (if any), term insurance plans, tax deduction on HRA, medical insurance, health insurance etc qualify for tax deduction. However, profits made from investments could add to taxable income. Therefore, understanding one’s taxable income is a requisite to be able to plan taxes.

Identify the tax regime

Individuals should further identify which tax regime is good for them (the old one or the new one). For better tax management, investors should calculate their tax liability under both tax regimes and opt for one involving the least tax liability. Budget 2020 introduced a new tax regime with a lower tax rate in the interest of those unable to avail of benefits under the older tax regime. However, this regime is optional.

Invest with a long-term approach

Experts suggest individuals avoid taking a piecemeal approach while making tax-saving investments. Instead, they should align investments with long-term financial goals to derive the dual benefit of tax saving and wealth creation.

Making investments with proper planning

While making an investment, many people forget to check its rate of return. The rate of return on investments like PPF and FDs is readily available on websites, advertisements, etc. But the rate of return on investments like ELSS, ULIP, etc., whose values fluctuate daily, is uncertain. So, while making the investment in these, experts suggest that an individual must check whether their returns are enough if they are compared with the return on other investments.

Invest in voluntary investments eligible for tax deductions

The residual tax liability can be saved through various voluntary investments or payments eligible for tax deduction under various sections of the Income Tax Act. These include investments in ELSS, NPS, ULIPs, VPF, PPF and other small savings schemes qualifying for Section 80C deduction, eligible up to Rs 1,50,000. An additional deduction for investments of up to Rs 50,000 in NPS under Section 80CCD (1B). Deduction under Section 80GG can be availed for those living on rent but not receiving HRA.

These deductions are applied to the total amount of tax owed. It is totally as per Income Tax Act and, in fact, a wise decision when tax planning is done within the boundaries set by the respective authorities. However, employing unscrupulous methods to avoid paying taxes is prohibited, and you could face penalties and other Consequences. Hence, it is advised to do your tax planning conforming to the provisions under taxation laws, thereby minimizing any litigation.

Further, the last date to file ITR-U for Financial Year 2019-20 is 31 st March 2023. After 31 March there will be no opportunity available to file ITR for the Financial Year 2019-20.

Note: The contents of this document are solely for informational purpose. It does not constitute professional advice or a formal recommendation. While due care has been taken in preparing this document, the existence of mistakes and omissions herein is not ruled out. The above information will be subject to further vetting during which the list may undergo some changes. The article is meant for General awareness purpose only for any practical usage purpose. Kindly refer the income tax act 1961, Official notification, Press Release Act. Further the Article is subject to any translation mistakes. For any queries please contact catabrezkhan@gmail.com.

Fundamentals of Goods & Services Tax (GST)

Goods and Services Tax is an indirect tax introduced in India from 1st July 2017. It is a value-added tax levied on the manufacture, sale, and consumption of goods and services. GST can also be defined as a destination-based tax where the tax is collected on the place where the ultimate consumption is done. There are differential GST rates prescribed by Central Board of Indirect Tax & Customs. There is also a GST Council set up to make and implement the by-laws. The government has adopted concurrent model of GST. As a result of which, both Centre and State government will levy GST. The GST structure is categorised under four heads:

(1). IGST is a Central Government levy and collection of tax on Import & Export and Interstate supplies (outside the state). (2).CGST is a Central Government levy and collection of tax on intrastate supplies (within the state). (3). SGST is a State Government levy and collection of tax on intrastate supplies (within the state). (4). UGST is a Levy and collection of GST on Union territories on intrastate supplies (within the state).

Registration under GST : For registration under Goods and Services Tax in India, the government has prescribed an exhaustive list. This can be divided into two – Mandatory Registration and Registration on the basis of Turnover.

Mandatory Registration: The following persons are required to get mandatorily registered under the GST Act i.e., no turnover limit is applicable in the following cases:
A person required to pay tax under Reverse Charge Mechanism.
A person who makes interstate supplies (except person making interstate taxable supply of notified handicraft goods and notified handmade goods up to Rs.20 Lakhs having PAN and following the procedure of E-way bill. This exception also applies to a Casual Taxable Person).
A Casual Taxable Person
A Non-resident Taxable Person making taxable supply
A person who makes taxable supply of goods or services or both on behalf of other taxable persons whether as an agent or otherwise
Notified E-commerce operators.
Input Service Distributor.
A person required to deduct tax u/s 51.
Those giving OIDAR (Online Information and Database Access or Retrieval) services from outside India to a non-registered person in India.
Any person notified by the Central Government.

1. Registration on the basis of Turnover:

Under the Goods and Services tax regime in India, Business is required to register for GST if annual turnover exceeds specified limits. In case of Telangana state if aggregate turnover exceeds Rs 20 Lakhs then business is required to register for Goods and Services Tax. For each state limit is different.

Composition Scheme:

Composition scheme under GST is a scheme designed for small tax payers with a limited Turnover to simplify their requirements and reduce the tax liability. The Scheme is optional and allows eligible businesses to pay a fixed percentage of their turnover as GST instead of regular GST rate. The eligibility criteria for the composition scheme are as follows:

Composition Levy under Section 10(1)

A taxpayer whose turnover is below Rs 1.5 crore can opt for Composition Scheme. (In case of special category states the limit is Rs 75 lakh except Assam, Himachal Pradesh and Jammu & Kashmir). The Tax Rates for Composition Taxpayers are-

1% for Traders and manufacturers
5% for Suppliers of Food and Beverages Service (Restaurant etc.)

Composition Levy under Section 10(2A)

Registered Persons, whose aggregate turnover in the preceding financial year did not exceed Rs 50 Lakhs, may opt to pay at 6% (CGST 3% +SGST 3%). The eligible criteria for the composition scheme under section 10 (2A) are as follows:

The annual turnover of the business must not exceed Rs 50 Lakhs in the previous financial year.
This scheme is predominantly for service providers.
Business must not be involved in inter-state supply.
Business must not supply services through E- commerce Platform
He should not be a casual taxable person or a non-resident taxable person *For Financial Year 2023-24, Application to opt for composition Levy and filing Form CMP-02 is available on GST Portal till 31st March, 2023.

Cancellation of Registration under GST

The registration can be cancelled under two cases:

I. Voluntary cancellation by when the proper officer may, either on his own motion or on an application filed by the registered person or by his legal heirs, in case of death of such person, cancel the registration, in such manner and within such period as may be prescribed, having regard to the circumstances where:

the business has been discontinued, transferred fully for any reason including death of the proprietor, amalgamated with other legal entity, demerged or otherwise disposed of
there is any change in the constitution of the business
The taxable person is no longer liable to be registered under section 22 or section 24 or intends to opt out of the registration voluntarily made under sub-section (3) of section 25.

II. Suo-moto cancellation where the proper officer may cancel the registration of a person from such date, including any retrospective date, as he may deem fit, where:

a registered person has contravened such provisions of the Act or the rules made thereunder as may be prescribed
a person paying tax under section 10 has not furnished [the return for a financial year beyond three months from the due date of furnishing the said return]
any registered person, other than a person specified in clause (b), has not furnished returns for a [such continuous tax period as may be prescribed]

HIGHLIGHTS FROM 49TH GST COUNCIL MEETING

The 49th GST Council meeting took place on Saturday, 18th February 2023, in New Delhi. The GST Council has, inter-alia, made the following recommendations relating to GST compensation, GST Appellate Tribunal, approval of the Report of Group of Ministers (GOM) on Capacity Based taxation and Special Composition Scheme in certain Sectors on GST, recommendations relating to GST rates on Goods and Services and other measures for facilitation of trade: -

The Government of india has decided to clear the entire pending balance of GST compensation cess for June 2022; to fund it using own resources and future revenues.
GST rate cut on Rab/Liquid jaggery from 18% to 5% (if sold labelled/packaged) to Nil (if sold Otherwise).
GST on pencil sharpeners has come down from 18% to 12%.
GST on tracking devices fixed on durable containers now nil, subject to conditions.
It has been decided to extend the dispensation available to Central Government, State Governments, Parliament and State Legislatures with regard to payment of GST under reverse charge mechanism (RCM) to the Courts and Tribunals also in respect of taxable services supplied by them such as renting of premises to telecommunication companies for installation of towers, renting of chamber to lawyers etc.
Exemption is granted to educational institutions and Central and State educational boards for conducting entrance exams to any authority, board or a body set up by the CG or SG including National Testing Agency (NTA) for entrance exams for admission to educational institutions.
Rationalization of late fee for delayed filing of annual returns FY 2022-23 onwards -

Registered persons with Aggregate turnover up to Rs.5 Crore in the said financial year is fixed at Rs. 50 per day subject to max cap 0.04% of turnover in state or union territory.

Registered persons with Aggregate turnover more than Rs.5 Crore upto 20 Crore in the said financial year is fixed at Rs 100 per day subject to max cap 0.04% turnover in state or union territory.

Council recommended GST amnesty scheme for GSTR-4/9 & 10 by way of Conditional waiver/reduction of late fee.
Approval of the Report of GoM on Capacity Based Taxation and Special Composition Scheme in certain Sectors on GST: With a view to plug the leakages and improve the revenue collection from the commodities like pan masala, gutkha, chewing tobacco, the Council approved the recommendations of the GoM.
GST Appellate Tribunal: Council adopted the report of GoM on Appellate tribunal was considered with some modifications which will be circulated to members for their comments.
The Council recommended to revise Section 62 (Best Judgment Assessment) by increasing the time period for filing of return for allowing deemed withdrawal of such best judgment assessment order, from the current 30 days to 60 days, that can be extended further by another 60 days, subject to certain conditions.
Further, Council also announced a conditional deemed withdrawal of assessment orders in previous cases where the relevant return could not be filed within 30 days of the assessment order but filed later along with applicable interest and late fee up to a specified date, irrespective of whether appeal was filed or not against the assessment order, or whether the said appeal was decided or not.
For More details refer to press release of 49 th GST council meeting.

Note: The contents of this document are solely for informational purpose. It does not constitute professional advice or a formal recommendation. While due care has been taken in preparing this document, the existence of mistakes and omissions herein is not ruled out. The above information will be subject to further vetting during which the list may undergo some changes. The article is meant for General awareness purpose only, for any practical usage purpose. Kindly refer the Press release, GST Act, Relevant circulars , Official notification, law amendments etc. The article is prepared in a simplified manner containing brief details from the press release. Further the Article is subject to any translation mistakes. For any queries please contact catabrezkhan@gmail.com.

GST Council decisions Applicable from 1 January

Many decisions related to Goods and Services Tax (GST), decisions signed off by the GST Council at its meeting earlier in December, will kick in from 1 January, showed orders issued by the Central Board of Indirect Taxes and Customs (CBIC). Decision were taken with regards to Tax Rates, Measures for facilitations of Trade, measures for streamlining compliances in GST. Few important items are listed below:

CBIC notified that no GST is payable where a residential dwelling is rented to a GST registered person if it is rented it in his or her personal capacity for use as his or her own residence. This exemption is applicable when the dwelling is rented on his own account and not on account of his business. This brings clarity about the GST liability of proprietors of businesses on rented properties.

CBIC also said that the tax rate changes cleared by the Council will be effective from 1 January. Accordingly, ethyl alcohol supplied to refineries for blending with motor spirit (petrol) will only attract 5% GST against 18% now.

The Council had decided to lower the rate on the husk of pulses, including chilka and concentrates, to zero from 5%. It had also decided to include supply of mentha arvensis under reverse charge mechanism as has been done for mentha oil in order to improve tax compliance.

At the last Council meeting on 17 December, Centre and states had clarified on the applicability of GST cess on sports utility vehicles and decided to decriminalise certain provisions of the law.

As per this, the minimum threshold of tax amount for launching prosecution under GST has been raised to ₹2 crore from ₹1 crore, except for the offence of issuing invoices without supply of goods or services.

The Council had also decided to reduce the compounding amount from the present range of 50-150% of tax amount to 25-100%.

Refund to unregistered persons: There is no procedure for claim of refund of tax borne by the unregistered buyers in cases where the contract/ agreement for supply of services, like construction of flat/house and long-term insurance policy, is cancelled and the time period of issuance of credit note by the concerned supplier is over. The Council recommended amendment in CGST Rules, 2017, along with issuance of a circular, to prescribe the procedure for filing application of refund by the unregistered buyers in such cases.

Incentive paid to banks by Central Government under the scheme for promotion of RuPay Debit Cards and low value BHIM-UPI transactions are in the nature of subsidy and thus not taxable

The Council recommended to insert Rule 37A in CGST Rules, 2017 to prescribe the mechanism for reversal of input tax credit by a registered person in the event of nonpayment of tax by the supplier by a specified date and mechanism for re- availment of such credit, if the supplier pays tax subsequently. This would ease the process for complying with the condition for availment of input tax credit under section 16(2)(c) of CGST Act, 2017.

Issuance of the following circulars in order to remove ambiguity and legal disputes on various issues, thus benefiting taxpayers at large:

a. Procedure for verification of input tax credit in cases involving difference in input tax credit availed in FORM GSTR-3B vis a vis that available as per FORM GSTR-2A during FY 2017-18 and 2018-19.

b. Clarifying the manner of re-determination of demand in terms of sub-section (2) of section 75 of CGST Act, 2017.

c. Clarification in respect of applicability of e-invoicing with respect to an entity.

Kindly refer the 48 th meeting of GST Council dated: 17-12-2022 for all the decisions and detail understanding.

Note: The contents of this document are solely for informational purpose. It does not constitute professional advice or a formal recommendation. While due care has been taken in preparing this document, the existence of mistakes and omissions herein is not ruled out. The above information will be subject to further vetting during which the list may undergo some changes. The article is meant for General awareness purpose only for any practical usage purpose. Kindly refer the, Official notification, Press Release, CGST Act, and SGST Act. Further the Article is subject to any translation mistakes.

Email id: catabrezkhan@gmail.com

FILE REVISED INCOME TAX RETURN TO CORRECT ERRORS IN ORIGINAL ITR BY DECEMBER 31, 2022 AND A BRIEF OVERVIEW ON UPDATED RETURN.

In continuation of last week’s Article, on this week we would like to highlight the importance of Revised Return. Section 139 (5) of the Income Tax Act, 1961 allows you to file a revised income tax return if you’ve made mistakes in the returns which were filed earlier. Incorrect bank details, incorrect personal information, use of an incorrect income tax form, mismatch of income between the Income Tax Return and Form 26AS, unintentional omission of recording foreign income and in other cases of mistakes committed by the tax-payer, the facility of a revised income tax return is allowed by the Income Tax Act. When the taxpayer corrects and re-files his ITR, it is called a Revised ITR.

Who can file a Revised Income Tax Return U/s. 139 (5) and the due date?

Any taxpayer who has already filed his Income Tax Returns can revise and re-file an Income Tax Return. Even if the return is filed after the due date which is called a Belated Income Tax Return, a revised income tax return can be filed on such belated returns. The time duration within which the revised income tax return should be filed for Financial Year 2021-2022 is 3 months before the completion of the relevant assessment year i.e. 31 st December 2022.

A revised income tax return would substitute the original income tax return completely. Thus, once the revised return is filed, it is considered the final Income Tax Return. No penalty or charge is levied by the income tax department if you file a revised income tax return. You can file a revised income tax return as many times as you want as there is no limit to the number of times of filing the return. So, if you’ve made an error in filing your ITR given the technicalities involved, don’t worry, you can file a revised return and correct the errors which you’ve made.

If you haven’t filed a revised return and there are any mistakes in your previous return, the Income Tax Department will issue you a notice stating your mistakes. Moreover, if you’re eligible for any Income Tax refund, the refund may not be processed till a revised return is filed. Hence, you are advised to revise your return before December 31, 2022.

What is an Updated Return?

In many real-life situations, returns are required for period for which option to file return U/s. 139(1) original return/ 139(4) belated return has expired. In such circumstances, you may file lapsed return in later period in form of an updated return. Updated return is an opportunity given to the Assessee to correct the mistake, omissions etc. in the original return filed U/s. 139(1) or in the belated return U/s. 139(4) or in the revised return U/s. 139(5). Similarly, in cases where no return could be filed U/s. 139(1) / 139(4), it is also a last opportunity to voluntarily file the return.

The updated return cannot be filed during the Assessment Year. It can be filed only after the end of the Assessment Year i.e. 31 st March of the relevant assessment year. This facility will be available thereafter up to 24 months after the end of the assessment year. During this period no other voluntary filing facility U/s. 139(1) or 139(4) or 139(5) will be available.

Updated return is to be filed in Form ITR-U. ITR-U is to be filed by all assessee irrespective of the fact that original return form applicable was ITR-1 or ITR-2 or any other ITR form. ITR-U is a complete return. It is sufficient to file ITR-U only for updated return. The updated return cannot be revised because the time limit for revising the return U/s. 139(5) (31 st December) will always expire prior to the commencement of filing of updated return. Therefore, only one updated return for a particular assessment year is permissible.

Note: The contents of this document are solely for informational purpose. It does not constitute professional advice or a formal recommendation. While due care has been taken in preparing this document, the existence of mistakes and omissions herein is not ruled out. The above information will be subject to further vetting during which the list may undergo some changes. The article is meant for General awareness purpose only for any practical usage purpose. Kindly refer the income tax act 1961, Official notification, Press Release Act. Further the Article is subject to any translation mistakes. For any queries please contact catabrezkhan@gmail.com.

NRIs EXPECTATION ON TAXATION IN BUDGET 2023

From Non-resident Indians (NRI) perspective, some relaxations in terms of compliance requirements and rate of taxes applicable on certain sources of income in India could be considered.

The government may also provide additional incentives and benefits to NRIs who are already in India or are planning to return home.

NRIs remit funds to India for various reasons which may include the upkeep of their dependents staying in India, the continuation of their retirement benefit accounts, investments in Indian securities and Real estate for Returns etc. However NRIs expects that compliance requirements for NRIs can be further simplified.

Below is the List of Few of the Expectations of the NRIs

Ease of Compliance and Compliance through Digital means

To begin with the NRIS Expects, the government may make it easier for NRIs to understand their taxation process. This could include providing clarifications on when a non-resident is required to file a tax return in India, introducing digital means for submitting all returns and forms, and making further improvements in the documentation required for an NRI to file their returns.

An NRI who maintains a Non-resident Ordinary (NRO) bank account in India may earn interest on the funds just like a resident taxpayer. However, the payer bank is obligated to deduct TDS on the amount of interest paid to the NRI which is usually at a maximum slab rate of 30%. Therefore, even though the NRI may not have any active source of income in India other than interest from such NRO bank account, his income suffers tax deduction at a maximum rate which may be ultimately claimed as a refund in the income-tax return (ITR). Moreover, in this case, the NRI is mandatorily required to file a lengthy ITR-2 form compared to a resident taxpayer who needs to file a much simpler ITR-1 form. The government may consider easing the compliance for NRIs not having capital gains or business/professional income.

Non-Resident Indians (NRIs) would prefer a reduction TDS across asset classes through Budget 2023. TDS reduction is important for NRIs as in many cases their tax liability is less than the tax deducted at source and they have to wait till Income Tax Return (ITR) filing to claim the same.

TDS on rentals was another key concern raised by NRIs who participated in the survey. TDS @ 30% is deducted by tenants, which leads to low cash in hand.

TDS on sale of Property by Non-residents

In the case of the sale of immovable property by an NRI, the buyer of the property is required to deduct TDS at 20%+ cess on the gross sales amount if the properties sold after two years i.e. long- term capital gain. And for properties sold before 2 years, the TDS rate is 30%+cess, deducted as Short Term Capital Gains Tax. This TDS rate is further enhanced by the applicable surcharge if the gross sales consideration of the property is more than INR 50 lakh. This leads to substantial blockage of funds for an NRI if the ultimate tax liability on capital gains income is lower the TDS deducted from his hands. The applicable TDS rate for a seller of an immovable property who is a tax resident is only 1% in case the gross sales amount exceeds INR 50 lakh. This has been a pain point for the NRIs who wish to dispose of their immovable property in India. Although there is an option to apply for a lower TDS certificate from the jurisdictional tax officer, the process is marred with its own encumbrances. Therefore, relaxation in TDS provisions in the case of an NRI seller will simplify the whole process of the sales transaction.

Further, the benefit of presumptive taxation is available only to resident taxpayers doing eligible business/ profession wherein they are required to pay taxes at a fixed rate without the need to maintain any books of accounts and get them audited. Such benefit is not available to an NRI and he ends up maintaining books and records of business/ profession done in India, although the income may not be substantial. NRIS expect extending the benefit of presumptive taxation to NRIs will provide a simpler administrative framework, especially in those cases where the turnover of business/ profession or the actual taxable profit is not substantial.

While an NRI may be able to rationalize the applicable tax rate on certain sources of income by availing the benefits under the tax treaties which India has with other countries, to avail such benefits, an NRI will be required to obtain and submit with the Indian tax authorities a Tax Residency Certificate (TRC) which can be obtained from the tax authorities of the overseas jurisdiction.

Obtaining a TRC has its own procedural challenges and may also involve the financial cost of NRI which adds to the overall administrative burden for the NRI, especially where the tax saving in India may not be substantial. The NRIs expect the government to further ease the process or consider specifying a certain income or tax threshold beyond which TRC should be made mandatory to avail of tax treaty benefits.

Few of other Expectations

Intimation of various communications from the IT department should also be sent on the international contact number.
Regarding tax notifications, NRIs want more time to respond to and act on enquiries. They find it difficult to supply data while they are abroad, as NRI must be physically present in India to collect specific documents – such as those stored in a locker
To enhance the ease of Investing in India, the implementation of Online KYC and Demat Account Opening for Indians located overseas will be a highly welcome step.
An exclusive NRI Helpline Number for Taxation and Compliance can be established.

Having due regard to the above challenges, NRIs would look forward to a progressive budget that rationalizes the tax rates and administrative requirements .Further Ease of compliance framework and rationalized tax regime will encourage the NRIs to invest more time and resources in India which may ultimately prove as a bridge for nation-building for these NRIs who continue to maintain socio- economic ties with India.

Note: The contents of this document are solely for informational purpose. It does not constitute professional advice or a formal recommendation. While due care has been taken in preparing this document, the existence of mistakes and omissions herein is not ruled out. The above information will be subject to further vetting during which the list may undergo some changes. The article is meant for General awareness purpose only for any practical usage purpose. Kindly refer the income tax act 1961, Official notification, Press Release Act. Further the Article is subject to any translation mistakes. For any queries please contact catabrezkhan@gmail.com.

If you have missed deadline of December 31, 2022 to file ITR for FY 2021-22, then this is what you can do.

If you are one of those individuals who missed the last date of December 31, 2022 to file an original, belated or revised income tax return for Financial Year 2021-22, do not worry. There is still a chance for you to file the Income Tax Return.

Below are few important details of Updated return: With the introduction of updated return concept last year, an option to file an Updated Return (ITR U) has been given to the individuals who have missed the chance to file their tax returns. Before the introduction of this facility, an individual could mainly file their Income under three types of Income Tax Returns i.e. Original Return U/s. 139(1) (filed on or before the due date), Belated Return U/s. 139(4) (filed on or before December 31) and Revised Return U/s. 139(5) (submitted after the original is filed but on or before December 31) and now Income Tax Return 139(8A) has been added.

Hence, if you have not filed an original, belated or revised return and it also gives an opportunity to the assessee to correct the mistakes/omissions etc, in the return already filed. The assessee can file Updated ITR from January 1, 2023.As per the Section 139(8A) An Updated ITR can be filed within 24 months from the end of the relevant Assessment Year.

ITR U Process

The process of filing an Updated Return is the same as that of any other Income Tax Return. An Updated Return is filed U/s. 139(8A) of the Income Tax Act, 1961. Once the Income Tax Return has been filed, it has to be verified after which, the Income Tax Department will process the return.

An NRI who maintains a Non-resident Ordinary (NRO) bank account in India may earn interest on the funds just like a resident taxpayer. However, the payer bank is obligated to deduct TDS on the amount of interest paid to the NRI which is usually at a maximum slab rate of 30%. Therefore, even though the NRI may not have any active source of income in India other than interest from such NRO bank account, his income suffers tax deduction at a maximum rate which may be ultimately claimed as a refund in the income-tax return (ITR). Moreover, in this case, the NRI is mandatorily required to file a lengthy ITR-2 form compared to a resident taxpayer who needs to file a much simpler ITR-1 form. The government may consider easing the compliance for NRIs not having capital gains or business/professional income.

Interest on filing ITR U

An individual filing an Updated Return is liable to pay penal interest. An individual will be liable to pay 25% additional tax on the tax due if the ITR-U for Financial Year 2021-22 is

filed within the first relevant assessment year(for the first 12 months). If the ITR-U is filed between 12 months to 24 months , then 50% additional tax on the tax due must be paid. For the previous Financial Years, the dates for filing Updated Return and percentage of applicability of additional tax has been summarized as follows:

An individual can also file an updated return if they have not filed any ITR earlier and have no pending income tax dues. However, the person will have to pay a penalty for the late filing of the return U/s. 234F. Under Section 234F of the Income-tax Act 1961, a penalty of Rs 5,000 is levied on an individual filing an ITR after the expiry of the due date i.e. July 31, 2022. However, small taxpayers with a taxable income of up to Rs 5 lakh have to pay a penalty of only Rs 1,000. This late filing fee must be deposited before you start the process of filing ITR.

Under certain situations, an individual cannot file an Updated ITR. For example, Updated return already filed, Nil return, Loss return, to enhance the refund amount, Updated return results in lower tax liability, there is no additional tax outgo, 133A Survey case, Books or documents seized under 132A, Assessment / Reassessment/Revision/Recomputation pending

Note: The contents of this document are solely for informational purpose. It does not constitute professional advice or a formal recommendation. While due care has been taken in preparing this document, the existence of mistakes and omissions herein is not ruled out. The above information will be subject to further vetting during which the list may undergo some changes. The article is meant for General awareness purpose only for any practical usage purpose. Kindly refer the income tax act 1961, Official notification, Press Release Act. Further the Article is subject to any translation mistakes. For any queries please contact catabrezkhan@gmail.com.

HIGHLIGHTS OF PROPOSED TAX CHANGES IN BUDGET 2023

The Union Finance Minister on Wednesday, 1 st February 2023 presented the Union Budget 2023, the last full-fledged Budget before the general elections next year. Changes in tax slabs under the new tax regime and big hike in allocation for railways and capital expenditure were announced.

For the taxpayers, the most anticipated were the personal income tax announcements. There will not be any changes in the tax slabs for taxpayers in Old Tax regime, meanwhile the New Tax regime has seen some of the major reforms. New tax regime is to become the default tax regime; however, citizens can opt for the old tax regime too. Rebate under section 87A has been introduced in the New Tax regime, and thus no tax up to 7 lakhs. A Rs 50,000 standard deduction to salaried individuals has been introduced under the new regime. Moreover, the Government proposes to reduce highest surcharge rate on Income above Rs 5 crore from 37% to 25% in the New Tax regime. Below are Few of the Important Direct and Indirect Tax Proposals.

HERE ARE THE KEY DIRECT TAX PROPOSALS OF BUDGET 2023:

1. Changes in Section 115BAC (New Tax Regime) With Effect From AY 2024-25(FY 2023-24)

New Income Tax Slabs under New Regime:

2. Rebate under section 87A introduced in New Tax regime, and thus no tax up to 7 lakhs.

3. A Rs 50,000 standard deduction to salaried individual and deduction from family pension up to Rs. 15000 has been introduced under the new regime.

4. Tax exemption removed in insurance policies with premium over Rs 5 lakh.

5. Increase In threshold Limits for Presumptive Taxation Schemes for Eligible Business under Section 44AD and for Specified Professionals under Section 44ADA with effect from AY 2024-25. Revised Tax slabs under Presumptive Taxation shall be applicable if receipts in cash does not exceed 5%.

6. For online games, govt proposes to provide for 30% TDS on net winnings at the time of withdrawal or at the end of fiscal year and removing the ₹10000 threshold. New Section 194BA is inserted with effect from 1 st July 2023.

7. Tax exemption on leave encashment on retirement of non- government salaried employees hiked to Rs 25 lakh from Rs 3 lakh.

8. A higher limit of Rs 3 crore for TDS under Section 194N on cash withdrawal to be provided to co-operative societies.

9. TDS rate to be reduced from 30 per cent to 20 per cent on taxable portion of EPF withdrawal in non-PAN cases.

10. Deduction on reinvestment of long-term capital gains from sale property or any other long term capital asset in a New Residential house property under sections 54 and 54F would be limited to ₹10 crores, instead of being completely exempt as in the case of old tax regime.

11. Income of authorities, boards and commissions set up by statutes of the Union or State for the purpose of housing, development of cities, towns, and villages, and regulating, developing an activity or matter, proposed to be exempted from income tax.

12. Certain acts of omission of liquidators under section 276A of the Income Tax Act to bedecriminalized with effect from 1st April, 2023.

13. Income from market linked debentures to be taxed.

14. The rate of TCS on Overseas Tour Packages increased from 5% to 20% without any threshold limit.

INDIRECT TAXATION

HERE ARE THE KEY INDIRECT TAX PROPOSALS OF BUDGET 2023:

GST RELATED AMENDMENTS

CGST Related Amendments, below are the Amendments in CGST Act 2017.

1. Changes in Section 10(2) and Section 10(2A)

To remove the restriction on registered persons supplying goods through electronic commerce operators (ECOs) from opting to pay tax under the composition levy, thus to allow persons supplying goods through ECO to opt for Composition Scheme.

2. Change in Proviso to Section 16(2)

Change in the manner to address non-payment of consideration to the supplier within 180 days. In case of the recipient's failure to pay consideration or part thereof to the supplier within 180 days, the ITC availed is proposed to be paid by way of reversal instead of adding it to the output tax liability of the recipient. Further, the recipient can re-avail the ITC after paying the consideration to the supplier.

3. New clause (fa) to be inserted in section 17(5): No ITC on expense incurred towards corporate social responsibilities.

It is proposed to disallow ITC on goods/services used or intended to be used for fulfilling the Corporate Social Responsibilities ['CSR'] under the Companies Act, 2013.

4. Change in section 23: Removal of ambiguity regarding the availability of exemption from registration under section 23.

Section 23 has been substituted in a way that it starts with a non- obstante clause i.e., 'Notwithstanding anything to the contrary contained in sub-section (1) of section 22 or section 24'.

Earlier, a person who was exclusively engaged in making exempt supplies was still required to obtain GST registration due to mandatory registration under section 24 (e.g., in the case of RCM).

As per the proposed change, if registration is not required under Section 23, there is no need to obtain registration irrespective of any mandate in terms of other provisions.

5. Change in sections 37, 39, 44 & 52 insertion of time limit of 3 years for filing certain returns under the GST law.

Provisions relating to GSTR 1, GSTR 3B, GSTR 9 (Annual Return) & GSTR 8 (return filed by ECO) to be amended to restrict late filing of the returns by putting a capping of three years from their respective due dates, however there are immediate repercussions for non-filing within due dates.

6. Amendment of Section 122.

To provide for penal provisions applicable to electronic commerce operators in the event of a violation of provisions relating to supplies of goods or services made through them by unregistered persons or composition taxpayers.

7. Insertion of new Section 158A.

To provide for the manner and conditions for sharing of the information furnished by the registered person in his application for registration, in his return filed, or in his statement of outward supplies, on the common portal with such other systems, as may be notified.

Below are the Amendments in IGST Act 2017.

1. Definition of OIDAR services is amended to remove the condition of being essentially automated and involving minimal Human intervention.

2. Amendment of Section 12:

The proviso to Section 12(8) to be omitted and thereby place of supply (POS) in case of transportation of goods shall be the following even if the destination of goods is outside India –

(a) A registered person shall be the location of such person;

(b) A person other than a registered person shall be the location at which such goods are handed over for their transportation.

CUSTOM DUTIES:

HERE ARE THE KEY CUSTOM DUTY CHANGES OF BUDGET 2023.

Below are the important changes in customs duty with effect from 02-02-2023:

1. Tax hike on certain cigarettes.
2. Basic customs duty on crude, glycerine reduced to 2.5%.
3. Customs rate are increased on the import of Electric kitchen
chimney, compounded rubber, Imitation jewellery, bicycles, toys, etc.
4. No customs duty on the import of camera lens and parts for use in the manufacture of the camera module of cellular phones, capital goods to manufacture Lithium-ion cells used in the battery of electrically operated vehicles.
5. Custom rates are reduced on the import of inputs used in the manufacture of TV panel cells, heat coils for use in the manufacture of electric kitchen chimneys etc.

STARTUP RELIEFS

For startups, the government has proposed to extend the date of incorporation for availing income tax benefits to March 31, 2024, previous date was March 31, 2023.
To provide the benefit for carry forward of losses on change of shareholding for eligible startups from 7 years of incorporation to 10 years.

Note: The contents of this document are solely for informational purpose. It does not constitute professional advice or a formal recommendation. While due care has been taken in preparing this document, the existence of mistakes and omissions herein is not ruled out. The above information will be subject to further vetting during which the list may undergo some changes. The article is meant for General awareness purpose only. Kindly refer to the finance bill 2023. Further the Article is subject to any translation mistakes. For any queries please contact catabrezkhan@gmail.com

TCS ON FOREIGN REMITTANCE AND CHANGES IN BUDGET 2023

Recently budget 2023 has introduced some significant changes. We have tried to incorporate experts view on the same in following analysis. The purpose of this clause is to collect tax on (a). Remittances made under Liberalized Remittance Scheme (LRS) of Reserve Bank of India and (b). Remittance made towards Overseas Tour Program Package.

On October 1, 2020, a tax collected at source (TCS) deduction on foreign remittances made via the Liberalised Remittance Scheme (LRS) was introduced. Under the LRS all resident individuals are allowed to freely remit up to USD $250,000 per financial year (April to March) without any approval of RBI for any permissible current or capital account transactions or a combination of both. Under this, all resident Indians can undertake any financial transactions involving sending money outside the country such as, private visit, gift/donation, business trip, medical treatment, studies abroad, going abroad on employment, Emigration, Maintenance of Close Relative Abroad etc. It is mandatory for the resident individual to provide PAN for all the transactions under LRS made through Authorised persons.Pl refer to RBI FAQS and FEMA Act for detailed provisions.

Overseas Tour Program Package means any tour package which offers visit to a country or countries or territory or territories outside India and includes expenses for travel or hotel stay or boarding or lodging or any other expenditure of similar nature or in relation thereto.

The purpose of introduction of TCS was to monitor the remittances made and to correlate these with the income tax returns of the persons who made the remittances. The credit for the amount of TCS paid on any transaction is available to the person who has paid the amount of TCS to adjust against their tax liability for the year; you can claim credit for TCS at the time of income tax return filing. The tax shall be Collected by: (a). An Authorized Dealer who remit amount out of India and (b). Seller of Overseas Tour Program Package The Collector shall provide a TCS certificate within specified due date, which shall be used while claiming TCS in your Income Tax Return filing. .

Before Budget 2023, there was a specified limit of Rs. 7 Lakh for foreign remittances under the Income Tax Act except for overseas tour program

package, beyond which any money transfer was taxable at the rate of 5% on the amount exceeding Rs. 7 Lakh during a Financial Year and further If the collectee does not furnish PAN to collector, then collector shall collect TCS at (a) Double the rate specified or (b) 5% whichever is higher.

The Finance Minister has proposed the following changes in the TCS structure in Budget 2023, to be applicable from 1st July 2023

Note: The contents of this document are solely for informational purpose. It does not constitute professional advice or a formal recommendation. While due care has been taken in preparing this document, the existence of mistakes and omissions herein is not ruled out. The above information will be subject to further vetting during which the list may undergo some changes. The article is meant for General awareness purpose only for any practical usage purpose,Kindly refer the Income Tax Act 1961,FEMA Act, RBI Acts Official notification, Press Release,FAQ. Further the Article is subject to any translation mistakes. For any queries please contact catabrezkhan@gmail.com.

IF YOU HAVEN’T FILED YOUR ITR FOR FY 2021-22, FILE BY 31 st DECEMBER 2022

Income Tax Return

An Income tax return (ITR) is a form used to file information about your income and tax to the Income Tax Department. The tax liability of a taxpayer is calculated based on his or her income. In case the return shows that excess tax has been paid during a Income Tax Department. year, then the individual will be eligible to receive an income tax refund from the

As per the income tax laws, the return must be filed every year by an individual or business that earns any income during a financial year. The income could be in the form of a salary, business profits, and income from house property or earned through dividends, capital gains, interests or other sources.

Tax returns have to be filed by an individual or a business before a specified date. If a taxpayer fails to abide by the deadline, he or she has to pay late fee among other consequences.

Is it mandatory to file Income Tax Return?s

As per the tax laws laid down in India, it is compulsory to file your income tax returns if your income is more than the basic exemption limit(presently it is Rs 2,50,000/- for individuals). The income tax rate is pre-decided for taxpayers. A delay in filing returns will not only attract late filing fees but may also hamper your chances of getting a loan or a visa for travel purposes.

The due date to file the income tax return for the financial year 2021-22 ended on 31st July 2022. If you were required to file the return but missed filing your income tax return within the original deadline, then you can file a late return before 31 st December 2022, known as Belated Return.

What is belated income tax return?

If an individual fails to file their ITR before the due date, then as per section 139(4) of the income tax Act, he can file a belated return. Belated return is a return filed after the initial deadline (31 st July) but before the extended deadline (31 st December).

Late Fee

If you are filing a belated ITR, then you will have to pay a late filing fee. A late filing fee/penalty for filing belated ITR is levied under section 234F of the Income- tax Act, 1961. As per the law, a late filing fee of Rs.5, 000 will be levied on individuals who file belated ITR. However, as a relief to small taxpayers, the late filing fee will not exceed Rs.1, 000 if the total income does not exceed Rs.5 lakh.

The penalty of filing belated ITR is payable using challan number 280. The payment can be made online on the NSDL website or by visiting the bank branch.

Why should you file ITR?

Non filing of your ITR may result in multi-fold penal consequences. Moreover, in case your income does not cross the exemption limit specified, it is advisable to file your ITR to reap benefits such as hassle free access to loans and credit facilities, easy visa processing and claiming tax refund if any among others.

If someone still misses to file their belated return, the only option that would be available after 31 st December would be an updated return. The Act does not allow the Taxpayers to file the updated return if there is no additional tax payment, further the income tax department may send them a notice and ask them to file the return. Therefore is advised to file your ITR by December 31, 2022 to save yourself from notices, late fee and scrutiny among other consequences.

Note: The contents of this document are solely for informational purpose. It does not constitute professional advice or a formal recommendation. While due care has been taken in preparing this document, the existence of mistakes and omissions herein is not ruled out. The above information will be subject to further vetting during which the list may undergo some changes. The article is meant for General awareness purpose only for any practical usage purpose. Kindly refer the income tax act 1961, Official notification, Press Release Act. Further the Article is subject to any translation mistakes.

BUDGET 2023 FEW IMPORTANT EXPECTATIONS

Ahead of the Union Budget 2023 due on February 1 2023, with expectations and demands from the taxpayers, the Union Finance Minister is ready to present her 4th full budget. Taxpayers, especially lower and middle income earners are expecting a host of relief measures from the Budget this time. Below are a few of them.

The revision of income tax slabs is one anticipation for the 2023 budget. According to the analysis, many respondents believe that modifying certain aspects of personal taxation will improve the in-hand income. The 5% tax rebate under the new tax system implemented in earlier years helped taxpayers pay less in taxes, however it eliminated some deductions. The government maybe reportedly considering increasing the basic tax exemption limit from Rs 2.5 lakhs to Rs 5 lakhs. This change would not affect individuals earning up to 5 lakhs, as they already receive a rebate under Section 87A. However, it may eliminate the need for them to file mandatory tax returns. The old taxation system imposed a 30% tax on income beyond 10 lakhs. The taxpayers in the coming budget anticipate that the tax slab would be enlarged, pushing the threshold for the 30% tax rate up from 10 lakhs to 20 lakhs. Moreover, the government may consider reducing the tax rate from 30 percent to 25 percent under the new regime.

For Salaried Individuals, around 50 per cent of the income tax returns filed in 2022 were by salaried professionals. They are eagerly awaiting the upcoming budget, in the last few budgets there were not many changes, except for the optional new tax regime in the Budget 2020. However this tax regime was not widely preferred due to lack of deduction benefits. The increase in the 80C limit is another expectation in the budget. The Section 80C of Income Tax Act, 1961 allows for deductions from taxable income on a variety of investments up to 1.5 lakh rupees annually. Currently, a taxpayer can deduct up to Rs 1.5 lakhs from their total income, but there is demand from taxpayers for an increase to Rs 2.5 lakhs.

Currently, there are varying tax rates for various industries. The corporate sector anticipates that uniformity in tax rates should be implemented for India to stand as a center for both the manufacturing and services industries. The MSMEs are expecting an easier line of credit which is one of their essential requirements. The defence sector expects higher allocation and more focus on research and development. There has been growth in India’s infrastructure. The thrust of the government on infrastructure mostly continue in the 2023 Budget, too.

The Union Budget 2023-24 will be the government’s final full budget before the 2024 elections, Industry expects it to be one that helps maintain the steady economic growth trajectory. Experts are also of the view that boosting consumption by leaving more money in the hands of the consumers is quick way for further recovery in economic growth. Apart from above All taxpayers and general Public expect that the Budget will Improve the Infrastructure boost, Education and medical boost among others.

Note: The contents of this document are solely for informational purpose. It does not constitute professional advice or a formal recommendation. While due care has been taken in preparing this document, the existence of mistakes and omissions herein is not ruled out. The above information will be subject to further vetting during which the list may undergo some changes. The article is meant for General awareness purpose only for any practical usage purpose. Kindly refer the income tax act 1961, Official notification, Press Release Act. Further the Article is subject to any translation mistakes. For any queries please contact catabrezkhan@gmail.com

BUDGET 2023 EXPECTATIONS

Ahead of the Union Budget 2023 due on February 1 2023, with the high expectations and demands from the taxpayers, the Union Finance Minister is ready to present her 4th full budget. Taxpayers, especially lower and middle income earners are expecting a host of relief measures from the Budget this time. Below are a few of them.

The revision of income tax slabs is one anticipation for the 2023 budget. According to the analysis, many respondents believe that modifying certain aspects of personal taxation will improve the quality of life of people. The 5% tax rebate under the new tax system implemented in 2017 helped taxpayers pay less in taxes, however it eliminated some deductions. The government is reportedly considering increasing the basic tax exemption limit from Rs 2.5 lakhs to Rs 5 lakhs. This change would not affect individuals earning up to 5 lakhs, as they already receive a rebate under Section 87A. However, it would eliminate the need for them to file mandatory tax returns. The old taxation system imposed a 30% tax on income beyond 10 lakhs. The taxpayers in the coming budget anticipate that the tax slab would be enlarged, pushing the threshold for the 30% tax rate up from 10 lakhs to 20 lakhs. Moreover, the government is likely to reduce the tax rate from 30 percent to 25 percent under the new regime.

Around 50 per cent of the income tax returns filed in 2022 were by salaried professionals. They are eagerly awaiting the upcoming budget as they have not seen many positive changes in the last few budgets, except for the optional new tax regime in the Budget 2020. However this tax regime was not widely preferred due to lack of deduction benefits. The increase in the 80C limit is another forecast on the budget. The Section 80C of Income Tax Act, 1961 allows for deductions from taxable income on a variety of investments up to 1.5 lakh rupees

Blogs

How income tax is levied on your stock market transactions

INCOME TAX UPDATE:FEW ADVICES AND THINGS TO BE DONE BEFORE 31 MARCH BY INDIVIDUALS

Tax Planning

Fundamentals of Goods & Services Tax (GST)

HIGHLIGHTS FROM 49TH GST COUNCIL MEETING

GST Council decisions Applicable from 1 January

FILE REVISED INCOME TAX RETURN TO CORRECT ERRORS IN ORIGINAL ITR BY DECEMBER 31, 2022 AND A BRIEF OVERVIEW ON UPDATED RETURN.

NRIs EXPECTATION ON TAXATION IN BUDGET 2023

If you have missed deadline of December 31, 2022 to file ITR for FY 2021-22, then this is what you can do.

HIGHLIGHTS OF PROPOSED TAX CHANGES IN BUDGET 2023

TCS ON FOREIGN REMITTANCE AND CHANGES IN BUDGET 2023

IF YOU HAVEN’T FILED YOUR ITR FOR FY 2021-22, FILE BY 31 st DECEMBER 2022

Income Tax Return

BUDGET 2023 FEW IMPORTANT EXPECTATIONS

How income tax is levied on your stock market transactions

Intraday Trading:

Investment Taxability:

INCOME TAX UPDATE:FEW ADVICES AND THINGS TO BE DONE BEFORE 31 MARCH BY INDIVIDUALS

Tax Planning

Estimate the tax liability

Identify the tax regime

Invest with a long-term approach

Making investments with proper planning

Invest in voluntary investments eligible for tax deductions

Fundamentals of Goods & Services Tax (GST)

1. Registration on the basis of Turnover:

Composition Scheme:

Composition Levy under Section 10(1)

Composition Levy under Section 10(2A)

Cancellation of Registration under GST

HIGHLIGHTS FROM 49TH GST COUNCIL MEETING

GST Council decisions Applicable from 1 January

1. Novotel Hyderabad Convention centre

Studio-PRICE FOR PUBLIC-8500 –, members- 8075

AREAS - Hitec City

BOOKING – online through website , offline

BRANDING - Website Accorhotels.com/Novotel

2. SKYLA Serviced Apartments & Suites Jubilee Hills Hyderabad

AREA- Jubilee Hills, Hyderabad

STUDIO PRICE - 6000

Amenities

One Bedroom Apartment – BHK PRICE - 7,500

Two Bedroom Apartment – 2 BHK PRICE- 12,500.00

BOOKING : ONLINE THROUGH WEBSIDE , OFFLINE

BRANDING : through online media and advertisement

3.Fairfield by Marriott

AREA : IT Park Gachibowli.

STUDIO : ₹ 7,502

Amenities

Wi-Fi

Parking

Air conditioning

Airport shuttle

Fitness centre

Spa

Business facilities

Meeting facilities

Business centre

Food and drink

Banqueting service

Healthcare and accessibility

First aid room

Healthcare and accessibility

Disabled facilities

Hotel and outdoor facilities

Garden

Non-smoking

Smoking areas

Laundry

Shops

Hotel and outdoor facilities

Hairdryer

Air conditioning

Desk

Leisure and entertainment

Bicycle hire

Massage

Nightclub

Spa