Income Tax Software 2022-23 Free Download Kerala __FULL__
Perry Barillari
Outstanding liabilities: Outstanding liabilities is the accumulation of total borrowings at the end of a financial year, it also includes any liabilities on public account. Outstanding liabilities are set to rise from 31.58% of GSDP in 2019-20 to 37.18% of GSDP in 2022-23.
As per the Kerala Municipality Act 1994, professional tax is levied on every individual's income, including lawyers, Chartered Accountants, entrepreneurs, etc. However, the amount of tax payable varies depending on your income slab as set by the state government. According to the Income Tax Act 1961, the total amount of professional tax you pay in a financial year can be considered a tax deduction.
As stated earlier, every individual earning a specific half-yearly income is eligible to pay professional tax (PT) in Kerala. Take a look at the points below to understand professional tax applicability in Kerala clearly:
Ans. Yes, payment of professional tax is compulsory in Kerala and some of the other states in India, such as Andhra Pradesh, Jharkhand, West Bengal, etc. Any individual in Kerala with a half-yearly income of Rs 12,000 is liable to pay this tax.
Thiruvananthapuram: Revenue from liquor is a major source of income for the Kerala Government and the recently-concluded financial year 2022-23 was no different. Every year, sales skyrocket during celebrations such as Vishu, Onam and Christmas.
As per official data, the state government earned Rs 16,100 crore as tax revenue by selling liquor during the period. The total income from liquor sales across Kerala from March 31, 2022 to the same date in 2023 was Rs 18,500 crore.Of this amount, Rs 2,400 crore was paid to liquor manufacturers and set apart as dividend for the Kerala State Beverages Corporation (BEVCO), which has a monopoly over liquor distribution in the state.
Central Board of Direct Taxes vide Circular No.9/2021 Dated 20/05/2021, in view of severe covid 19 pandemic, extended the due date of various income tax related returns and filings. All returns due on 31/05/2021 is extended to 30/06/2021.
Kerala Water Authority - Guide line issed vide circular No.17684/E20/2020/KWA dated 01/01/2021 regarding the submission of anticipatory income tax statement for the Financial Year 2020-2021 in Kerala Water Authority
The scholarship amount of Rs. 12000/- per annum is provided so that they could continue their secondary education in Government or Aided schools under Government of kerala other than special or residential schools.
THE economic activities of the state government during the financial year 2022-23 can be considered commendable despite the negative attitude of the central government and the imposition of economic sanctions. In March alone, the Kerala government spent Rs 22,000 crore from the treasury on various governmental activities, and funds were made available for all developmental and welfare activities without hindrance. Due to the measures taken by the central government, the state experienced a revenue shortfall of approximately Rs 40,000 crore during this financial year. However, it was by overcoming this difficulty that the state was able to achieve such success on the economic front.
Out of the total revenue income of Kerala in 2022-23, 62.20 per cent was the state's own income, while the average own income of the states at the all-India level was 54.74 per cent. Bihar's share of own income was 24.16 per cent, whereas the figures for Assam, Rajasthan, Odisha, and West Bengal were 29.16 per cent, 56.03 per cent, 57.45 per cent, and 43.43 per cent, respectively. Only industrially advanced states like Haryana and Maharashtra are ahead of Kerala in mobilising their own income. This highlights the deficit in the share of tax revenue allocated to Kerala by the central government and demonstrates the efficiency of the state's systems for collecting tax and non-tax revenues.
The public sector units of the state have also displayed good performance. Kerala State Financial Enterprises (KSFE) handled a 'chitty' business of Rs 875.41 crore, including Rs 54.16 crore mobilised under the 'chitty' scheme for NRIs. The chitty collection for 2022-23 amounted to Rs 36,500 crore, and deposits worth Rs 21,800 crore were also collected. The Kerala Financial Corporation (KFC) achieved its highest growth rate in a decade, with its balance sheet registering a growth of 36.82 per cent, increasing from Rs 4,75,071 crore in 2012 to Rs 6,50,000 crore this year.
The share of Kerala from the divisible pool of the central government, which was 3.875 per cent during the 10th Finance Commission, was reduced to 2.5 per cent during the 14th FinanceCommission and further lowered to 1.925 per cent by the 15th Finance Commission. As per the report of the 15th Finance Commission, the centre is taking 62.7 per cent of total income, leaving just 37.3 per cent to the states. At the same time, the states have to bear the burden of 62.4 per cent of expenditure. This clearly indicates the financial deficit faced by the states, including Kerala, due to the central government's unfavourable policies.
The GST compensation to Kerala has been stopped since June 2022, resulting in a shortfall of around Rs 9,000 crore in the state's receipts compared to the previous year. However, a favourable decision has not been taken on the demand of Kerala and several other states to extend the compensation period for five more years. On conversion to the GST system, the states had to forgo 52 per cent of their own tax income while the loss to the central government was just 28 per cent. Even though the tax rates are being decided by the GST Council, which includes representation from the states, it is ultimately under the control of the central government. The state government can collect its own taxes only on petroleum products and liquor. When the government of Kerala decided to levy a cess of Rs 2 each on petrol and diesel to create a seed fund for paying social security pensions, the opposition tried to mislead the public by organising agitations.
At a time when many economists fear that the international and national economies may slip into recession due to the continuing shocks of Covid-19 and the Ukraine crisis, Kerala has managed its finances successfully this fiscal year. The global economic growth for the financial year 2022-23 is projected to be just 2.9 per cent, according to the IMF's report. The disruption in the global supply chain has caused a significant dip in world trade. Our neighbouring countries, such as Sri Lanka and Pakistan, are in a big economic crisis, experiencing more than 40 per cent inflation.
Kerala's Kochi Metro Rail Limited has recorded a significant increase in its operational income when compared with the figures of the previous years, Kerala Chief Minister Pinarayi Vijayan said on Friday.
The gross GST collection for the first half of the FY 2023-24 ending September, 2023 [Rs 9,92,508 crore] is 11% higher than the gross GST collection in the first half of FY 2022-23 [Rs 8,93,334 crore]. The average monthly gross collection in FY 2023-24 is Rs 1.65 lakh crore, which is 11% higher than average monthly gross collection for the first half of FY 2022-23 where it was Rs 1.49 lakh crore.
In case of receipt in arrears or advance of any some as salary relief can be claimed undersection 89(1). The chargeable income affects tax rate. Tax relief enables to reduce thechargeable income, thereby, it helps to reduce the amount of tax one should pay. In order toclaim it, the assesses should file form 10E before filing the return of income.
It is helpful torecalculate the tax liability of the respective previous year like arrears and tax liability.It is important to remember that 10E form must be filed before filing the Return of income.While doing 10 E relief, a clear idea about this is very essential. Click the link below to know more about 10E relief calculations.
Anxieties and expectations abound in the runup to budget presentations, and the situation in Kerala this year was no exception. Usually there would be discussion on the state of the economy before the presentation of the budget, with the Economic Review prepared by the State Planning Board being tabled on the previous day. This time this did not happen as the Assembly was not in session. However, there were indications about the state of the economy that have been confirmed by the Economic Review presented by finance minister KN Balagopal with Kerala Budget 2022-23 on March 11. The Review says:
The state budget (2022-23) document turned out to be the development vision of the Left Front government. The finance minister made his initial observations in reference to the global situations caused by the pandemic as well as the Ukraine conflict. While he was confident that the changing conditions of the post-pandemic world would cause a transition from solitude to togetherness, he expects that this would lead to wealth creation and increased income for people and the state. He highlighted the risk from a possible fourth wave of Covid-19 and the inflationary potential of the Russia-Ukraine war.
The Government of India levies tax upon the income of both salaried and self employed citizens of all age groups. Once you figure out which tax slab you fall into, it not only becomes easier to calculate and file taxes and evade charges but also avail of deductions or exemptions accordingly.
Several key personal income tax changes have been announced in the Union Budget 2023-24. In a huge relief to taxpayers of the country, the government has taken the initiative to reduce the number of slabs to five and has increased the tax exemption limit to INR 3 lakh. All these changes have been done in the new tax regime which is to be a default regime, however, taxpayers will have the option to choose the old tax scheme.
Remember, there are two income tax slab options available, referred to as the old and new tax regimes, for taxpayers to choose from. While the old tax regime allows taxpayers to avail of tax exemptions under close to 70 income tax deductions available under various sections of the income tax rules, the rates on new tax regime are fixed but offer lower tax rates than the former.
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