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vakilkarosblog · 7 months

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The PAN card is a fundamental document for taxpayers in India, playing a crucial role in the ITR filing process. It not only serves as a means of identification but also aids in preventing tax evasion and ensuring transparency in financial transactions. Therefore, it is imperative for individuals and entities to obtain and maintain an active PAN card for their financial activities. Read More

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poonamranius · 2 years

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ITR फाइल कर चुके हैं तो इन 6 तरीकों से कर लें वेरिफाई ताकि जल्द मिल सके आपके रिफंड का पैसा

ITR Filing Process: असेसमेंट ईयर 2022-23 के लिए 5 करोड़ 82 लाख 88 हजार 962 लोगों ने अभी तक इनकम टैक्स रिटर्न दाखिल किया है। इनमें से 3.01 करोड़ आईटीआर सत्यापित होने की प्रक्रिया में हैं। आईटीआर भरने की लास्ट डेट निकल चुकी है। अब इसे लेट फीस के साथ ही भरा जा सकता है। इनकम टैक्स डिपॉर्टमेंअ की वेबसाइट पर दिए गए आंकड़ों के मुताबिक 10.54 करोड़ इंडिविजुअल रजिस्टर्ड यूजर हैं। असेसमेंट ईयर 2022-23 के…

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shreecom · 2 months

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New Rules in the Banking Sector

Banking services must include accepting deposits, lending money, facilitating transactions, and offering various transaction products such as saving accounts, loans, and credit cards. Mainly bank is a type of financial institution that is permitted to accept customers' deposits and provide a loan. There are such types of banking sectors as Retail banks, Commercial banks, corporate banks, cooperative banks, Regional rural banks, central banks, and investment banks.

Why Banking sector is good?

Checking and saving accounts, loans, mortgage services, wealth management, providing credit and debit cards, and overdraft services, are the most important banking services in the banking sector.

How does the banking sector work?

The customers deposit their money in banks, and then banks lend the money in different loans like car loans, credit loans, business loans, home loans, etc. the loan recipients spend the money they borrow, then the banks earn the interest loans, and the process keeps money moving through the systems.

The rules of banking sectors:

Demat account holders' nomination declarations:

Demat account holders will have to provide nomination declarations or opt out of nominations by January 1, 2024. Account holders failing to do so will not be able to transact in stocks. Earlier, the deadline to furnish nomination details was September 30.

Aadhaar Card:

Aadhaar card holders wanting to change their details will be able to do so till December 31, 2024. However post this date, an amount of Rs 50 will be imposed on those wanting to change their personal details in the Aadhaar card.

KYC for SIM card:

All KYC-related work will be done in digital mode only. People applying for new SIM cards will not have to fill out paper forms for the Know-Your-Customer process.

Bank locker agreement:

People holding lockers in banks will have to sign the revised agreement by December 31, 2023. If customers will fail to do so, their lockers will be frozen.

New rule to save users from online fraud:

As smartphone usage has unscaled in India, online fraud and scams have unscaled and have seen a parallel increase. The government has been taking a decisive stance to curb these issues.

Legal consequences for fake SIMs:

As per the new Telecommunication Bill, individuals who will be found purchasing fake SIM cards will be facing severe consequences and the offenders will further be subjected to a jail term of up to 3 years and a fine worth Rs. 50 lakh.

Mandatory biometric details for verification:

Telecom companies will now collect biometric data which will be mandated for every customer who is purchasing a SIM card. The inclusion of biometric details is a measure to safeguard fraudulent SIM card transactions and ensures strict action against the offenders.

Income Tax Return:

People will not be able to file Income Tax Returns (ITR) for financial year 2022-23 from January 1, 2024. Those who have not filed ITR for 2022-23 can file them with penalty fee till December 31.

Inactive UPI IDs:

The National Payments Corporation of India (NPCI) in a circular dated 7 November, has asked payment apps and banks to deactivate the UPI IDs and numbers that have not been active for more than one year. Every bank and third-party app has to follow these till 31st December.

UPI transaction limit hiked for hospitals, schools.

Deactivation of inactive UPI IDs.

UPI Lite wallets transaction limit increased.

No authentication for UPI auto payments.

Interchange fee on UPI merchant payments.

Google Pay:

The Gpay limit per day for money transfers for users in India is ₹1, 00,000. Moreover, the maximum times you can send money in a day cannot exceed 10 in Gpay or any other UPI app.ShreeCom Infotech Pvt. Ltd. Pune offering different types of banking sectors software’s like Co-Operative credit society software, core banking software, Retail banking software, SMS banking software, Pat pedhi software, Employees co-op credit society software, salary earners society software or you can google search for banking software near me

#co-op credit society software #pat pedhi software #pat sanstha software #salary earners society software #retail banking software

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topcaservices · 5 months

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Simplifying Your Tax Season: Finding Income Tax Filing Services Near You

Introduction:

As tax season approaches, the task of filing your income tax returns might seem daunting. Whether you're a seasoned taxpayer or a first-timer, having a reliable and convenient income tax filing service near you can make the process smoother. In this blog post, we'll explore the importance of timely tax filing, the benefits of using professional services, and how to find the right income tax filing assistance in your local area.

1. The Importance of Timely Income Tax Filing:

Filing your income tax returns on time is crucial to avoid penalties and legal consequences. Many individuals delay the process due to its complexity or lack of understanding, but with the right assistance, you can ensure compliance with tax regulations and enjoy peace of mind.

2. Benefits of Using Professional Income Tax Filing Services:

a. Expertise: Professional tax preparers are well-versed in tax laws and regulations. Their expertise can help you navigate the complexities of the tax code, ensuring accurate and efficient filing.

b. Time Savings: Filing taxes can be time-consuming, especially if you have a complex financial situation. Professional services can save you time and effort, allowing you to focus on other important aspects of your life.

c. Maximizing Deductions: Tax professionals are adept at identifying eligible deductions and credits, potentially saving you money. They can help you optimize your return and ensure you're not missing out on any available benefits.

d. Peace of Mind: With a qualified tax professional handling your filing, you can have peace of mind knowing that your returns are accurate and in compliance with tax laws.

3. How to Find Income Tax Filing Services Near You:

a. Local Tax Firms: Research local tax firms or accounting offices in your area. Many firms offer income tax filing services and can provide personalized assistance.

b. Online Platforms: Explore online platforms that connect you with tax professionals in your locality. These platforms often allow you to read reviews and compare services before making a decision.

c. Recommendations: Ask friends, family, or colleagues for recommendations. Personal experiences can offer valuable insights into the reliability and efficiency of local tax filing services.

d. Community Centers and Nonprofits: Some community centers and nonprofit organizations offer free or low-cost tax preparation services. Check with local community resources to see if such programs are available in your area.

Conclusion:

Filing your income tax returns doesn't have to be a stressful experience. By utilizing professional income tax filing services near you, you can simplify the process, ensure accuracy, and potentially maximize your returns. Take the proactive step of finding reliable assistance, and make this tax season a smoother and more rewarding experience.

Confused? Talk to our experts. Explore our guides and tools for a smooth filing experience:

- Income Tax e-Filing for FY 2022-23

- Income Tax Slabs for FY 2023-24

- Income Tax Calculator

- Section 80 Deductions

- Old vs New Tax Regime

- Check Aadhar PAN Card Link Status

- ITR Filing Last Date for FY 2022-23

- Capital Gains Tax in India

Have questions? Check out our FAQs or reach out to us. Let's make this tax season stress-free and rewarding for you! 💰📅

#business consulting #charteredaccountants #company registration

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taxgoal · 10 months

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Last-Minute Income Tax Return Filing Guide: Don't Miss Today's Deadline!

Today marks the final day for filing your online income tax return in Delhi as emphasized in multiple official bulletins by the income tax department, with no extension being granted for the FY 2022-23 (AY 2023-24). If you have yet to file your income tax return, it is crucial to do so promptly today.

According to data released by the Income Tax Department, a considerable number of taxpayers have already successfully filed their ITRs for FY 2022-23 (AY 2023-24), and numerous taxpayers have also received their refunds.

Nevertheless, there are still several hundred salaried taxpayers who have not yet submitted their income tax returns for FY 2022-23. It's important to note that failing to file your ITR before the due date can lead to several consequences. If you miss today's deadline and file your return after the due date, you will be subject to a late fee. Non-furnishing or late furnishing of the return of income can also incur interest under section 234A. Additionally, there are fees under Section 234F for delayed filing, ranging from ₹1,000 to ₹5,000. It is, therefore, advisable to file your returns before the end of the due date.

If you are handling the income tax return filing process yourself, follow this step-by-step guide to avoid any errors:

Important documents needed:

The e-filing portal now provides pre-filled ITR forms, but certain incomes, such as capital gains, require manual filling. Prepare the following important documents while filing your income tax returns:

Form 16

Form 16A

Form 26AS

Capital gains statements

Proof of tax-saving investments

PAN Card

Medical insurance statement (if applicable)

Step-by-step guide to filing ITR:

· Go to the Income Tax e-Filing portal.

Log in to the portal using your user ID (PAN), Password, and Captcha code.

Click on the 'e-File' menu and select the 'Income Tax Return' link.

Choose the appropriate Income Tax Return (ITR) form. As a salaried taxpayer with Form 16, you can use either ITR-1 or ITR-2.

Select the assessment year (AY) for which you want to file the ITR. In this case, choose the assessment year 2023-24.

Validate all the data entered in the form and submit it.

After submitting your return, verify it through any available options, such as Aadhaar OTP, etc.

Finally, re-check all your details and upload the form. Remember, your job is not complete until you verify your Online Income Tax Return Service in Delhi.

Conclusion

You all go with your trusted provider of Income Tax Return Services, and you can rest assured knowing that your financial matters are in capable hands. Their commitment to professionalism, integrity, and client satisfaction sets them apart. Experience the difference Taxgoal can make in simplifying your financial journey and achieving your tax goals. Contact them today and take the first step toward a brighter financial future.

#Taxgoal #OnlineITRServices #TaxFiling #ITRDeadline #FinancialFreedom #lastdateITR #ITRforSalariedEmployess #ITRFiling

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filinggst · 11 months

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A GUIDE ALMANAC TO INCOME TAX RETURN FILING

Are you someone who has moved to Hyderabad recently to find a job or to do a job? Are you someone, In case if you are residing and doing a job in Hyderabad then you must know that all earning individuals in Telangana must file pay professional income tax returns (ITR) as per their Income, as per Indian Govt rules

According to the 2023 Oxford Economics report, Telangana’s capital city is expected to beat economic growth among many global cities in the Asia Pacific region. ( Add citation link as a superscript )

The city has surpassed Bengaluru in the new office space addition in the first half of the financial year 2022-23. The city is on its way to becoming a larger economy with different types of businesses. ( Add Graph screenshots )

The need for income tax filing also increases as there is exponential growth in the economy and the number of people filing.

Most people refrain from doing it because of the hectic procedures, but do you know that it is mandatory and also your right as it is the confirmation of your income?

If not, then you must read more about Income Tax filing and its benefits.

What is Income Tax Return Filing?

According to the Income Tax Act, Filing IT to the government of India is mandatory for all Indian Citizens to file Income tax returns. All individuals, an association or a firm, LLP, a local authority, or a Hindu undivided family are required to pay the income tax for each financial year under Income Tax laws.

Income Tax Return is often termed as ITR or IT returns. Through this ITR filing a taxpayer must record his total income earned during the fiscal year. Individuals can file their taxes Online or Offline at their convenience. It is filed in seven different forms: ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7

ITR Forms Applicable Individuals/Bodies ITR 1 or Sahaj Form It is exclusively for individual taxpayers and not applicable to any other assessee. It can be used by individuals who earn a salary or pension, have income from a single property, have no income from capital gains or windfall wealth, and have no foreign assets or income. It can also be used to combine the income of a spouse or underage child if it meets the mentioned criteria, and if the agricultural income is less than Rs. 5,000. It applies to individuals who earn from multiple sources such as investments and have no foreign income or assets. ITR 2 Individuals or HUF who earn money from the sale of assets/property or foreign sources. It is also applicable to those who own multiple residential properties, have foreign assets, or earn above Rs 5,000 from agriculture. ITR 2 A Individuals or HUFs who earn income from multiple rental properties or various sources such as investments, fixed deposits, shares, etc. It is also applicable to those whose primary income is a salary or pension, and who have no income from foreign sources, capital gains, or windfall gains. Additionally, they should not have assets outside of India, and their agricultural income should be less than Rs 5,000. ITR 3 To be used by individual taxpayers or HUFs who are partners in a firm but do not conduct any business through the firm and do not earn any income from the firm’s operations. Typically filed by taxpayers whose only taxable income from the business is in the form of the following- CommissionRemunerationInterestBonusSalary ITR 4 Business persons and professionals such as doctors, engineers, designers, agents, retailers, and contractors, among others. ITR 4S Companies are other than companies claiming exemption under section 11. Section 11 pertains to charitable trusts / religious trusts for which ITR 7 is applicable. ITR 5 Individuals earning income from a business, a single housing property, or agriculture (below Rs. 5000), and those owning assets only in India. ITR 6 Companies other than companies claiming exemption under section 11. Section 11 pertains to charitable trusts / religious trusts for which ITR 7 is applicable. ITR 7 Persons including companies required to furnish return u/s 139(4A), 139(4B), 139(4C) or 139(4D) or 139(4E) or 139(4F). This includes religious & charitable trusts, political parties, scientific research associations, universities & colleges.

Documents required for Filing ITR

To file income tax returns online, certain documents are necessary. These include,

Pan card

Form 26AS

Form 16A, 16B, 16C

Salary Pay slips

Bank statements

Interest certificates

TDS certificate

Proof of tax-saving investments

Process of Filing Income Tax Returns

Step 1 – Evaluate your income tax liability using the procedures outlined in the Income Tax Rules.

Step 2 – Check Form 26AS for a summary of your TDS payment for each quarter of the assessment year.

Step 3 – Check which group you fall into based on the eligibility requirements provided by the Income Tax Department (ITD).

Step 4 – Go to the Income Tax Department’s official e-filing portal at https://eportal.incometax.gov.in/iec/foservices/#/login.

Step 5- If you are a first-time user, click the ‘Register’ button to create an account. If you have registered before, click the ‘Login’ option.

Step 6 – Under the ‘e-file’ menu, select the ‘File Income Tax Return’ option.

Step 7- From the website’s list, select the category that applies to you – individual, Hindu Undivided Family (HUF), and so on.

Step 8 – Select the appropriate ITR Form for your situation.

Step 9- Enter your bank account information. If you have previously submitted the same information, you will be requested to pre-validate the information.

Step 10 – Review the pre-filled details of your ITR on a new online page. Check the details and make any necessary adjustments. Once you are certain that all of the relevant data in the form is correct, confirm and validate it.

Step 11 – When the process is finished, verify the returns and mail a hard copy to the Income Tax Department.

Due Date for filing ITR 2023-2024

According to the Income Tax Act, penalties may arise if the income tax is not paid within the specified period. Income tax return filing should be completed within the assessment year following the financial year. The government may extend the due dates, and there are penalty provisions under Sections 234 A and 234 F of the Income Tax Act.

Category of Taxpayer Category of TaxpayerDue Date for Tax Filing- FY 2023-24 (unless extended) Individual / HUF/ AOP/ BOI (books of accounts not required to be audited) 31st July 2023 Businesses (Requiring Audit) 31st October 2023 Businesses requiring transfer pricing reports (in case of international/specified domestic transactions) 30th November 2023 Revised Return 31st December 2023 Belated/late Return 31st December 2023

Penalties for Late Filing ITR

Huge penalties are imposed on the taxpayer if the returns are not filed by the deadline. If the returns are not filed, the person may experience extra hassles and repercussions in addition to penalties. Individuals may be subject to fines ranging from Rs. 1,000 to Rs. 10,000 depending on when their returns are filed beyond the deadline. Due Date of ITR FilingPenalty for Income below Rs.5 lakhPenalty for Income above Rs.5 lakh Before 31 July Nil Nil From 1 September to 31 December Rs.1000 Rs.5,000 From 1 January to 31 March Rs.1000 Rs.10,000

Importance of Filing ITR

Failing to file an income tax return can result in fines and legal repercussions. Income tax reports are required to be filed by everyone with a particular level of income.

Submitting an ITR is evidence of income and is frequently needed when requesting loans, visas, or other official documents.

Filing an ITR enables people to claim tax credits and benefits, lowering their tax obligations and raising their take-home pay.

It indicates financial responsibility and dependability to lenders and financial institutions, completing ITR on a regular basis can help improve a credit score.

Last but not least, submitting an ITR also aids in the development of the country because taxes collected by the government are used for the development of infrastructure, social welfare programs, and other public services.

For taxpayers in India, Filing Income Tax Returns (ITR) is a requirement that must be fulfilled in order to reap several benefits. ITRs are also used as proof of income for self-employed people, and they can speed up the loan and visa application process.

The Income Tax Department’s streamlined e-filing approach makes it simple for people to file their ITRs from the comfort of their homes. To avoid any inconvenience and enjoy the benefits that come with it, it is therefore advised that all taxpayers file their ITRs on time.

If you still need help regarding filing your income tax, Contact our Tax filing experts at 24efiling by clicking here

Reference:

https://www.bankbazaar.com/tax/income-tax-return.html

https://groww.in/p/tax/income-tax-return

https://www.financialexpress.com/money/income-tax/itr-e-filing-start-date-2023-on-incometaxgovin-when-will-income-tax-return-filing-begin-this-year/3051603/

#trademark #income tax #gst #tds #msme

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24efiling · 11 months