#e-filing portal of the Income Tax Department

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Filing Income Tax Returns in India: A Comprehensive Guide with Ensurekar

Introduction

Filing your income tax return (ITR) in India can seem daunting, but with the right information and guidance, it can be a smooth and efficient process. This guide provides a comprehensive overview of e-filing income tax returns in India, including registration, types of returns, filing procedures, and crucial details for the Assessment Year (AY) 2023-24.

What is eFiling Income Tax Return?

The Income Tax Department of India offers a convenient online platform for electronically filing your ITR. This e-filing portal eliminates the need for physical visits to tax offices and streamlines the entire process.

Why File Your ITR?

Individuals falling under specific tax slabs are mandated to file their returns. Here are some reasons why filing your ITR is important:

Fulfilling Tax Obligations: It ensures compliance with tax regulations and avoids potential penalties for non-filing.

Claiming Refunds: If you've paid excess taxes through TDS (Tax Deducted at Source), filing your ITR is necessary to claim a refund.

Loan and Visa Applications: Many financial institutions and embassies require a clean tax filing history for loan approvals and visa processing.

Carrying Forward Losses: If you've incurred losses under a specific income head, filing your return allows you to carry them forward and offset future income.

Building a Credit History: A consistent record of timely ITR filing can positively impact your creditworthiness.

Types of eFiling Income Tax Returns

There are two main ways to file your ITR electronically:

Self-e-Filing: This involves filing your return directly through the Income Tax Department's e-filing portal. You'll need to fill out the ITR form with all necessary information, attach required documents, and submit it online.

Assisted ITR Filing: You can opt for assistance from authorized professionals like tax consultants, chartered accountants, or online tax-filing platforms. These intermediaries will handle the entire filing process, from collecting information to submitting your return online.

Benefits of eFiling Income Tax Return (ITR):

Convenience: Eliminates the need for physical visits and saves time and effort.

Security: The online process protects sensitive information with secure protocols.

Timely Processing: E-filing leads to faster processing and quicker refunds compared to paper returns.

Accuracy: The online platform helps with accurate tax calculations and reduces the chances of errors.

Environmentally Friendly: E-filing reduces paper usage and contributes to a greener environment.

How to File an eFiling Income Tax Return

Step 1: Registration

New users need to register on the Income Tax Department's e-filing portal using their PAN card details.

Step 2: Gather Documents

Collect all relevant documents like PAN card, Aadhaar card, Form 16 (salary certificate), TDS certificates, bank statements, investment proofs, and any other income or deduction-related documents.

Step 3: Choose the Right ITR Form

The appropriate ITR form depends on your income sources and category. Common forms include ITR-1 (for income up to ₹50 lakhs) and ITR-2 (for income with capital gains or foreign assets). For AY 2023-24, ensure you use the most recent versions of the forms.

Step 4: Fill and Verify the ITR Form

Fill out the chosen ITR form with accurate details about your income, deductions, and exemptions. Carefully review the entries to avoid errors. You can verify the return electronically using Aadhaar OTP or EVC (Electronic Verification Code), or by sending a signed physical copy of ITR-V to the Centralized Processing Center (CPC) within 120 days of filing.

Step 5: File the Return Online

Log in to the e-filing portal, navigate to the 'e-File' section and select 'Income Tax Return.' Upload the prepared ITR form or XML file and submit it.

Step 6: Keep Records for Reference

Maintain copies of the filed return, acknowledgment receipt, and supporting documents for future reference.

How Ensurekar Can Help

At Ensurekar, we understand the complexities of tax filing. We offer a comprehensive range of services to ensure a smooth and efficient ITR filing experience:

Expert Guidance: Our experienced tax professionals can guide you through the entire process, from choosing the right ITR form to maximizing deductions and claiming refunds.

Accurate Calculations: We ensure accurate tax calculations to minimize any tax liabilities or penalties.

Timely Filing: We help you meet all deadlines and avoid late filing penalties.

Stress-Free Experience: We take the stress out of tax filing, allowing you to focus on other important matters.

Additional Information:

Penalty for Late Filing of ITR: Filing your ITR after the due date can attract penalties and interest charges on the tax payable.

Steps to File ITR without Form 16: If you don't have Form 16, you can still file your ITR by gathering income proofs from various sources, calculating your TDS using Form 26AS, and claiming eligible deductions.

Conclusion:

Filing your income tax return is a crucial responsibility. By leveraging the benefits of e-filing and potentially seeking professional assistance from Ensurekar, you can ensure a smooth, accurate, and timely filing process.

#businessstartup #newbusiness #startup #incometaxreturn #incometax #itr #incometaxreturnonline #itrfiling

[legalpillers24]

Your Complete Guide to ITR 1 for Income Tax Return Filing

As tax season s going on, it is the most important thing to make sure about the compliance with income tax regulations. For salaried individuals and pensioners, it is very crucial to understand the complexities of Income Tax Return (ITR) forms. Among these, ITR 1 stands out as a simplified option customized to their needs. Let's explore the ins and outs of ITR 1 and how it can simplify your tax filing process.

Introduction to ITR 1

ITR 1, which is commonly known as Sahaj Form, is specifically designed for individuals with income from salary/pension, one house property, and interest income. but it does not includes the individuals with business income, capital gains, or income from more than one house property.

Essential Sections of ITR 1

Part A: General Information including basic personal details like name, address, PAN, etc.

Part B: Gross Total Income that encloses income from salary, house property, and other sources like interest.

Part C: Deductions that allow taxpayers to claim eligible deductions under various sections including 80C, 80D, etc.

Part D: Tax Computation calculates the tax liability or refund on the basis of income and deductions.

Advantages of ITR 1

Simplified Filing: ITR 1 is known for its user-friendly format, making it accessible to taxpayers who have basic income sources.

Convenient Online Filing: Taxpayers can easily file ITR 1 online via Income Tax Department's e-filing portal, saving your time and effort.

Quick Processing: Due to its simplicity, ITR 1 forms are processed quickly, results in faster refunds if applicable.

Tips for Effective Filing

It will better to gather all relevant documents including Form 16, bank statements, and investment proofs in advance.

Review entries properly to make sure about accuracy and completeness.

It would be best to seek guidance from tax professionals or utilize online resources for any queries or uncertainties.

Conclusion

ITR 1 serves as a ray of simplicity in the complex world of tax filing, offering a straightforward solution for salaried individuals and pensioners. You can navigate tax season confidently and easily by understanding its sections and requirements for Income Tax Return Filing. Always remember, timely and accurate filing is key to financial compliance and peace of mind. Embrace ITR 1 and start your tax filing journey with clarity and assurance.

#income tax #income tax return #income tax return filing #income tax return filing online #ITR #ITR 1 #ITR 1 Filing #ITR 1 Filing Online #ITR 1 Filing Online in India

[babatax]

Income Tax Dept enables early filing of Income Tax returns for FY 2023-24

The Income Tax (I-T) department has announced that starting on April 1, 2024, ITRs 1, 2, 4, and 6 will be accessible through the e-filing portal. Remarkably, about 23,000 returns have already been filed for the fiscal year 2023-24, marking a significant early start to the tax filing season. With this initiative, taxpayers can now promptly file their Income Tax Returns (ITRs) on the first day of…

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#Income tax #itr

[lawyer2ca]

📢 Attention taxpayers! #ITRFiling for AY 2024-25 is now open on the income tax department's e-filing portal. File your ITRs for FY 2023-24 today! Deadline: July 31, 2024. Exciting news: You can file returns on the first day of the new financial year. Stay tuned for more ITR forms! #TaxSeason

https://x.com/incometaxindia/status/1775893696321651116?s=46&t=a-7o33R1ayGHrlilnA2iRw

#Spotify

[ebizfilingindia-blog]

Partnership Company ITR Filing: All you need to know

Introduction

All partnership firms are required to file income tax either manually or digitally. Income tax for a company can be validated with a digital signature or Electronic Verification Code (EVC). When a partnership firm needs to be audited, it is required to file its Income Tax Returns electronically (ITR). All partners must have a Class 3 Digital Signature Certificate (DSC) for filing Income Tax returns to verify the ITR filing process. In this article, we have discussed all about ITR filing for partnership firm which will help you become more

What is a partnership firm?

A partnership is a business structure in which two or more people manage and operate a business in accordance with the terms and objectives set out in the partnership deed. It is owned, operated and controlled by an association of people for profit. Partnership firms are relatively easy to start and are prevalent among small and medium-sized businesses in the unorganized sector. Partnership firms are formed by drafting a partnership deed between the partners.

What deductions are allowed in a partnership firm?

Available deductible income must be taken into account while determining the amount of income tax that should be paid. They are as follows:

Payment of remuneration or interest to partners of a firm who do not comply with the rules of partnership.

Payment of wages, commissions, bonuses and other compensation to non-executive partners of the firm.

Even if the partners receive compensation according to the requirements of the partnership agreement, the transactions involve something that happened before the agreement was signed.

What form for Tax Return filing for partnership firm?

Form ITR-5 must be used to file tax returns on behalf of a partnership firm. Form ITR-5 is used for ITR for partnership firm. Form ITR-5 and ITR-3 should not be mixed. Like all other income tax return filings, ITR-5 filing can be done online through the Internet portal of the Income Tax Department.

Further, it should be noted that no supporting documents are required while completing this return. Only when specifically requested, these documents be filed with the Income Tax Department.

A company must file its income tax return digitally, whether it has a digital signature or not. Businesses are also allowed to file income tax returns using an Electronic Verification Code (EVC). However, when a partnership firm needs to be audited, it should file its income tax returns digitally. Partners must have a Class 3 digital signature to verify the ITR filing process while submitting their ITR.

Online ITR Filing Process

Login to the Income Tax e-filing portal.

Click on the Income Tax Return link from the e-file menu.

Select Assessment Year, ITR Form Number and Submission Mode.

Once the submission mode is selected as Online, click on Continue.

Read the instructions carefully and complete all the fields on the online ITR form which are correct and mandatory.

On the 'Tax Paid and Verification' page, select the appropriate verification option.

Select any e-verify option from the portal.

Once this process is done, click on preview and submit the ITR form.

Later, the filed ITR should be confirmed by using the 'My Account > E-Verify Return' option or by providing the signed ITR-V to the CPC.

Now users can view the uploaded ITR.

Is there a time limit for paying partnership tax?

The deadline for filing income tax returns for a partnership firm is determined based on whether the firm needs to be audited. The due dates for filing ITR for partnership firms are as follows:

In case the firm is not required to be audited, the income tax return must be filed by 31st July.

When a company is to be audited, it must submit its ITR filing by 31st October.

Final Words

Compliance mainly involves ITR filing for partnership businesses, corporate entities such as limited liability partnerships and companies, which must file income tax returns as well as annual returns. Filing ITR can be difficult for a firm. Additionally, wrongly or improperly filing income tax returns can lead to serious penalties and other legal problems for the company.

#ITR #Income tax Returns

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How to Link Aadhaar Card with Pan Card Online

Overview

The linking of the Aadhaar number with the Permanent Account Number (PAN) card has been a significant move in India’s financial landscape. This process aims to streamline and enhance transparency in financial transactions, prevent tax evasion, and promote efficient governance. In this blog, we will delve into the importance of linking your Aadhaar number with your PAN card, the process involved, and the implications of not doing so.

What is PAN and Aadhaar?

The Permanent Account Number (PAN) is a 10-digit alphanumeric identifier issued by the Income Tax Department of India. It plays a vital role in monitoring financial transactions that attract tax liability from a single source, making it convenient for the government to maintain accurate tax records. Notably, having a PAN card is mandatory for filing income tax returns. Moreover, PAN serves as an authentic identity proof for various purposes.

The Aadhaar card is a 12-digit unique identification number issued by the Unique Identification Authority of India to every Indian citizen. It serves the dual purpose of identity and address proof. In recent times, the Indian government has made it compulsory for all citizens to possess a single identification document. This requirement includes linking your Aadhaar card with PAN, irrespective of whether you file an income tax return or not.

Why is it important to link Aadhaar number with PAN card?

Linking your Aadhaar number with your PAN card is essential for several reasons:

Prevent tax evasion: It enables the government to monitor financial transactions effectively, reducing the scope for tax evasion.

Simplified income tax filing: It streamlines the process of filing income tax returns, making it more convenient for taxpayers.

Effective identity verification: Linking Aadhaar with PAN ensures the accuracy of personal details, reducing the risk of identity fraud.

Eligibility for government subsidies:Many government welfare schemes require Aadhaar-PAN linkage for beneficiaries to receive their entitlements.

How to link Aadhaar number with PAN card

There are multiple methods to link your Aadhaar card with PAN, such as through SMS, online portals, and during the PAN application process. The official Income Tax e-filing website provides a user-friendly platform for creating an Aadhaar-PAN link. The online linking facility is accessible to all citizens of the country, ensuring a hassle-free process. This mandate for linking Aadhaar with PAN aims to enhance transparency and streamline financial transactions, making it a crucial step in India’s financial compliance framework.

Online Method of Linking Aadhaar number with PAN

Follow these steps to link PAN with Aadhaar:

Visit the official website www.incometaxindiaefiling.gov.in and click on the link to link Aadhaar.

Provide PAN number, Aadhaar number, enter the actual name as per Aadhaar card and enter the captcha code. Then click on ‘link Aadhaar’.

Make sure the name, gender and date of birth in Aadhaar in PAN is exactly the same.

Follow these steps to link PAN and Aadhaar after logging to the income tax website:

Register yourself on the portal of income tax e-filing.

Go to the profile setting and click on ‘link Aadhaar’.

Enter your login ID, password and date of birth to log in to the official portal of Income Tax Department.

Click on the option ‘Aadhaar link to PAN’ in the pop up window.

Cross check the details that will automatically appear on the e-filing portal.

Enter your Aadhaar card number and captcha code and click on ‘link Aadhaar’ button. A message will pop up confirming the successful linking process.

Apart from the online process, you can link Aadhaar card with PAN card using the simple SMS process:

Send SMS to 567678 or 56161 in the format: UIDPAN <12 DIGIT AADHAAR NUMBER> <10 DIGIT PAN>

Missed due date for Aadhaar-PAN linking? Here’s what you need to know!

The deadline for linking your Aadhaar and PAN card was June 30, 2023, and the government has not granted an extension to this deadline. Failure to link your PAN and Aadhaar by this date will render your PAN inoperative.

Starting from July 1, 2023, if your PAN is not linked with Aadhaar, it will be considered inoperative. However, there is an option to reactivate your PAN by submitting the Aadhaar-PAN linking request after June 30, 2023. This reactivation process will require you to pay a penalty.

It’s crucial to stay updated with any changes or announcements from the government regarding the Aadhaar-PAN linking process to ensure compliance with tax regulations and avoid any disruptions in your financial transactions.

Who is exempted from linking Aadhaar with PAN?

Referece:

There are specific categories of individuals who are not mandated to link their Aadhaar with their PAN card. These exemptions include:

Residents of Assam, Jammu and Kashmir, and Meghalaya.

Non-residents as defined by the Income Tax Act, 1961.

Individuals aged 80 years or above at any point during the previous year.

Non-citizens of India.

It’s important to note that individuals falling within any of these exempt categories can voluntarily choose to link their Aadhaar with their PAN without incurring any fees. Furthermore, it’s essential to stay updated on any potential modifications to these exemptions, as they are subject to change in the future.

Implications of not linking Aadhaar with PAN

If you fail to link your Aadhaar with PAN, the consequences can be significant. The most notable impact is on the Tax Deducted at Source (TDS) rate. Suppose your PAN is not linked to Aadhaar by the specified deadline. In that case, the TDS rate on various financial transactions may increase to 20%, which is substantially higher than the usual rates.

Illustration: Let’s say you have a Fixed Deposit (FD) with a bank that provides an interest rate of 6% annually. Without Aadhaar-PAN linkage, the TDS rate on the interest earned would be 20%. So, if your FD earns Rs. 10,000 in interest, Rs. 2,000 would be deducted as TDS, leaving you with only Rs. 8,000.

PAN Card Status: Operative and Inoperative

PAN cards can have two statuses: operative and inoperative. An operative PAN card is one that is linked with your Aadhaar number, while an inoperative PAN card is not linked.

Consequences of an Inoperative PAN Card

If your PAN card becomes inoperative due to the lack of Aadhaar linkage, you may face difficulties in conducting various financial transactions. Additionally, you could be penalized with a higher TDS rate, as mentioned earlier.

How to Make a PAN Card Operative

After June 30, 2023, PAN which is not linked with Aadhaar, will be considered inoperative. However, there is an option to reactivate your PAN card by submitting the Aadhaar-PAN linking request which comes with a penalty.

If your PAN has become inactive, you can reactivate it by paying a fine. To initiate the Aadhaar-PAN linking request, follow these steps:

Go to incometax.gov.in/iec/foportal/ and navigate to ‘e-Pay Tax’ to start the Aadhaar-PAN linking process.

Enter your PAN details and proceed to CHALLAN NO./ITNS 280 for submitting the Aadhaar-PAN linking request.

Ensure that the fee payment is made under Minor head 500 (Fee) and Major head 0021 [Income Tax (Other than Companies)] in a single challan.

Choose the mode of payment.

Enter your PAN, select the Assessment year, and provide your address details.

Enter the Captcha code and click on the Proceed tab to complete the process.

Conclusion

Linking your Aadhaar number with your PAN card is not just a regulatory requirement; it’s a crucial step toward a more transparent and efficient financial system. Failing to link the two may lead to higher TDS rates and complications in your financial transactions. So, it’s essential to complete this process in a timely manner to enjoy the benefits and avoid unnecessary hassles. Those who failed to complete the process must know the implications and submit a linking request to further make their PAN card operative.

MI Lifestyle is dedicated to incorporating best practices and complying with all regulatory standards, maintaining the utmost levels of ethics and transparency. It is crucial to highlight that the compulsory linking of Aadhaar with PAN is a requirement for all citizens of India. And hence, it is necessary for every Indian citizen, including MI Lifestyle distributors to be vigilant towards the government updates and announcements.

#How to Link Aadhaar Card with Pan Card Online #Link Aadhaar Card with Pan Card #Aadhaar Card with Pan Card

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Form 10B/10BB Filing Issues 2023 & appeal for deferment or extension

 The Summery 0f representation made by the Income Tax Bar Association, Jalandhar, to the Hon’ble Finance Minister of India regarding the challenges and difficulties faced by professionals and non-profit organizations in filing of new form.     Background  - The Income Tax Act, India, provides tax exemptions to certain funds, institutions, trusts, universities, educational institutions, hospitals, and medical institutions that are engaged in charitable, religious, or educational activities, subject to certain conditions and compliance requirements for the form 10B/10BB. - One of the compliance requirements is to get their accounts audited by a chartered accountant and file an audit report in Form 10B/10BB along with their income tax return in Form ITR-7. - On February 21, 2023, the Central Board of Direct Taxes (CBDT) notified new Forms 10B/10BB with revised guidelines and formats for filing the audit report. The new forms are applicable from the assessment year 2023-24 onwards. - The new forms require detailed information and disclosures regarding the activities, income, expenditure, assets, liabilities, foreign contributions, application of income outside India, etc., of the non-profit organizations. The new forms also mandate the use of digital signatures by both the auditor and the auditee. Issues and difficulties with new Form 10B/10BB The Income Tax Bar Association, Jalandhar, a prominent association of tax professionals, has made a representation to the Hon’ble Finance Minister of India on September 17, 2023, highlighting the issues and difficulties faced by them and their clients in filing the new forms. Some of the issues and difficulties are: - The new forms are lengthy, complex, and cumbersome to fill and upload. They require a lot of data and documents that are not readily available or accessible to many non-profit organizations. - The new forms are not user-friendly and compatible with the existing software and systems used by the auditors and the auditees. They also pose technical glitches and errors while uploading on the e-filing portal of the income tax department. - The new forms have been notified very late in the financial year, leaving very little time for the auditors and the auditees to understand, prepare, and file them before the due date of September 30, 2023. This is especially challenging in view of the ongoing Covid-19 pandemic situation that has affected the normal functioning of many non-profit organizations. - The new forms have increased the compliance burden and cost for both the auditors and the auditees. They also expose them to higher risk of scrutiny, penalty, and litigation in case of any omission or mistake. Appeal for deferment or extension for the 10B/10BB form - The Income Tax Bar Association, Jalandhar, has appealed to the Hon’ble Finance Minister of India to defer or extend the applicability of the new forms for one year till the assessment year 2024-25. They have requested that for the assessment year 2023-24, the old forms should be continued to be used. - They have also requested that in case their appeal for deferment or extension is not accepted, at least an extension of the due dates for filing Form 10B, Form 10BB, Form 9A (for claiming exemption under section 80G), Form 10 (for accumulation or setting apart income under section 11(2)), and ITR-7 should be granted till December 31, 2023. - They have made this appeal with utmost respect and sincerity. They have stated that their appeal is based on genuine grounds and practical difficulties faced by them and their clients. They have also stated that their appeal is in line with the government’s vision of ease of doing business and ease of compliance. They have expressed their hope that their appeal will be considered favorably by the Hon’ble Finance Minister of India. You can read more about this representation here 1. Learn more: - taxguru.in - incometax.gov.in - blog.onfiling.com - ctconline.org - blog.saginfotech.com   Read the full article

[ebizfiling01]

Process of TAN Registration and Benefits

What are the process and benefits of the Tax Account Deduction Number (TAN)?

Introduction

The Tax Deduction and Collection Account Number, commonly referred to as TAN, is a crucial alphanumeric identifier issued by the Income Tax Department of India. Mandatory for entities to comply with Indian income tax laws, this blog explores the structure of TAN numbers, the filing application process, and the associated benefits.

What is TAN Application?

The TAN, a 10-digit alphanumeric number, is essential for withholding and depositing taxes at the source. Individuals, organizations, and businesses obtain this special identifier from the Income Tax Department of India when required to withhold or collect taxes at the source.

To apply for a TAN Number, one must submit a correctly filled Form 49B along with required documents and the application fee. Applications can be submitted online through NSDL or UTIITSL portals. The Income Tax Department issues the TAN upon processing and verifying the application, ensuring compliance with Indian income tax laws for all entities.

Structure of TAN Number

The TAN number follows a specific structure: ABBBB89899C

1. City or State Code: The first three characters represent the city or state where the TAN was issued, aiding in identifying the location of the TAN holder.

2. Initial Letter: The fourth character corresponds to the tax deductor’s initial letter.

3. Numeric Numbers: The next five characters are system-generated numeric numbers without specific significance.

4. Check Digit: The last character is an alphabetic number, acting as a verification digit for accuracy and integrity.

Process of Registering for TAN Application

A. Application Process

Fill out Form 49B online and submit it.

Rectify any errors before resubmission.

Confirm provided information or edit as needed.

B. Acknowledgement

Upon successful confirmation, receive a screen displaying a 14-digit acknowledgment number, applicant’s status, contact details, payment details, and a designated area for the applicant’s signature.

C. Payment

The processing fee is 65.00, including an application charge and 18.00% Goods & Services Tax. Payment methods include demand draft, cheque, credit card/debit card, or net banking.

D. Submission

1. Sign the acknowledgment form and send it to the designated address which is 

Protean e-Governance Infrastructure Limited 5th floor,

Mantri Sterling Plot No. 341, Survey No. 997/8

Model Colony Near Deep Bungalow Chowk

Pune – 411016.

2. Write “APPLICATION FOR TAN – Acknowledgment Number” on the envelope.

3. Ensure the documents reach the TIN-Facilitation Centre within 15 days for processing.

Benefits of TAN Registration

1. Receive notifications from the Income Tax Department regarding TCS and TDS.

2. Authenticated login area for secure access to TCS and TDS information.

3. Download the latest Input File for correction statement preparation and check challan status online.

4. Receive a statement showing the status of TDS for monitoring and managing obligations.

5. Simplify reconciliation of TDS to a TAN holder according to Section 200A for proper reporting and compliance.

6. Easily upload e-TDS returns online for streamlined compliance and reporting.

7. Simple and easy registration and verification of TAN details.

Conclusion

Much like the importance of the Tax Deduction and Collection Account Number (TAN) for complying with Indian income tax laws, GST return filing process is a vital aspect for businesses operating in India. Obtaining a Tax Deduction and Collection Account Number (TAN) is a fundamental requirement for entities involved in tax deduction and collection in India. It ensures streamlined tax processes, compliance with tax laws, and minimizes legal risks, allowing entities to efficiently manage tax-related activities. 

#gst filing #gstr filing #TAN #TAN Registration

[captainrtsprofessionalstudies]

More than 30 lakh Audit Reports filed on Income Tax Department’s e-filing portal till 30th September, 2023More than 30 lakh Audit Reports filed on Income Tax Department’s e-filing portal till 30th September, 2023

Ministry of Finance More than 30 lakh Audit Reports filed on Income Tax Department’s e-filing portal till 30th September, 2023 More than 30.75 lakh audit reports, including about 29.5 lakh Tax Audit Reports have been filed for AY 2023-24 on the e-filing portal till the end of the due date on 30th September 2023 with respect to filing of Tax Audit Reports (TARs) and other audit reports in Form…

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[corpstorebusinesssolution]

Partnership firm registration in Chennai

In India, registering a partnership firm is a relatively straightforward process, and it provides legal recognition and protection to the business entity. A partnership firm is a popular choice for small and medium-sized businesses where two or more individuals come together to carry out a business venture with shared responsibilities, profits, and losses.

What is the ITR form for partnership firm?

In India, partnership firms are required to file their income tax returns (ITR) using specific forms provided by the Income Tax Department. The choice of ITR form depends on the nature of income, the type of business, and the annual turnover of the partnership firm.

1. ITR-5:

ITR-5 is the most commonly used form for filing income tax returns by partnership firms. This form is meant for entities other than individuals, Hindu Undivided Families (HUFs), companies, and individuals who are filing ITR-7 (for trusts, political parties, etc.).

Here are some key points about ITR-5 for partnership firms:

A. Eligibility:

Firms with Partnership firm registration in Chennai, including Limited Liability Partnerships (LLPs), can use ITR-5.

It is suitable for firms with business income, such as trading, manufacturing, or providing services.

ITR-5 can be used by firms irrespective of their turnover.

B. Income Sources:

Partnership firms should report income from business or profession, capital gains, income from other sources, and income from investments in this form.

It is essential to provide details of income, such as interest income, rental income, etc.

C. Computation of Income:

Partnership firms need to calculate their total income, deductions, and exemptions as per the provisions of the Income Tax Act.

The firm should provide a balance sheet and profit and loss account, which is audited by a Chartered Accountant, along with the return.

D. Audit Requirement:

If the annual turnover of the partnership firm exceeds Rs. 1 crore (or Rs. 25 lakhs for professionals), it is mandatory to get the accounts audited under Section 44AB of the Income Tax Act. In such cases, the audit report in Form 3CA/3CB and the tax audit report in Form 3CD should be submitted along with the ITR.

E. Due Date for Filing:

The due date for filing ITR-5 for a company with Partnership firm registration in Chennai is usually July 31st of the assessment year. However, it may get extended by the Income Tax Department.

F. Mode of Filing:

ITR-5 can be filed online on the Income Tax Department's e-filing portal.

G. Consequences of Non-Filing:

Failure to file ITR-5 or filing it after the due date can lead to penalties and interest charges.

2. ITR-3:

ITR-3 is another form that can be used by partnership firms, especially if the firm includes individual partners who have income from the business.

Here are some key points about ITR-3 for partnership firms:

A. Eligibility:

ITR-3 is meant for individuals and Hindu Undivided Families (HUFs) who have income from a proprietary business or profession.

It can be used by a partnership firm if it has individual partners who are liable to pay tax on their share of income from the firm.

B. Income Sources:

Firms with Partnership firm registration in Chennai filing ITR-3 should report their business income, income from profession, capital gains, income from other sources, and income from investments.

Individual partners must report their share of income from the partnership firm.

C. Computation of Income:

The partnership firm should calculate its total income, deductions, and exemptions, similar to ITR-5.

Individual partners need to include their share of partnership income in their individual returns.

D. Audit Requirement:

The audit requirement for partnership firms under ITR-3 is the same as that for ITR-5. If the annual turnover exceeds Rs. 1 crore (or Rs. 25 lakhs for professionals), a tax audit is mandatory.

E. Due Date for Filing:

The due date for filing ITR-3 is also typically July 31st of the assessment year.

F. Mode of Filing:

ITR-3 can be filed online on the Income Tax Department's e-filing portal.

G. Consequences of Non-Filing:

Non-filing or late filing of ITR-3 can result in penalties and interest charges, similar to ITR-5.

3. ITR-4:

ITR-4 is primarily meant for individuals and Hindu Undivided Families (HUFs) who have income from a proprietary business or profession.

However, it may be relevant for certain partnership firms, specifically those with a presumptive income scheme.

Here are some key points about ITR-4 for firms with Partnership firm registration in Chennai:

A. Eligibility:

ITR-4 is designed for individuals, HUFs, and firms who have opted for the presumptive income scheme under Section 44AD, 44ADA, or 44AE of the Income Tax Act.

Partnership firms that have opted for presumptive taxation can use this form.

B. Income Sources:

ITR-4 covers income from business, profession, and income from other sources, but it is primarily intended for businesses with presumptive income.

C. Computation of Income:

Under the presumptive income scheme, the firm's income is presumed to be a certain percentage of its gross receipts. Partnerships opting for this scheme do not need to maintain detailed books of accounts.

D. Audit Requirement:

Partnership firms with Partnership firm registration in Chennai under the presumptive income scheme are not required to get their accounts audited unless their total income exceeds the maximum amount not chargeable to tax. In such cases, the audit report in Form 3CD is required.

E. Due Date for Filing:

The due date for filing ITR-4 is typically July 31st of the assessment year.

F. Mode of Filing:

ITR-4 can be filed online on the Income Tax Department's e-filing portal.

G. Consequences of Non-Filing:

Similar to other forms, non-filing or late filing of ITR-4 can result in penalties and interest charges.

In conclusion, the choice of ITR form for a firm with Partnership firm registration in Chennai depends on factors such as the nature of income, turnover, and whether individual partners are involved.

Partnership firms should carefully assess their tax situation, maintain proper records, and consult with a qualified Chartered Accountant to ensure compliance with the applicable ITR form and other tax-related requirements.

#partnership firm registration in chennai

[safe-money]

#taxbuddy #finance #income tax

[legalpillers24]

Understand TDS Return Filing Online 2024: A Comprehensive Guide

In today's digital era, businesses are continuously approaching towards the online platforms for their tax-related tasks. In India, TDS i.e. Tax Deducted at Source return filing is one of the most crucial aspect of tax compliance for businesses. Here is a comprehensive guide to navigate the complexities of the TDS Filing process efficiently and effectively in 2024.

What is TDS?

TDS i.e. Tax Deducted at Source is a mechanism that has been introduced by the Indian tax system to collect taxes on various payments such as salaries, interest, rent, and more at the time of transactions.

Who Should File TDS Return?

It is essential to file TDS Return for any entities or individuals including employers, financial institutions, contractors, and others who have deducted TDS during the transactions throughout the specific financial year.

Process of TDS Return Filing

Online Filing: As the world move towards the digitization, TDS return filing is also done online via official portal of the Income Tax Department.

Preparation: Before jump for the online filing, you should make sure that all the TDS deductions have been recorded and reconciled accurately with Form 26AS, that reflects the tax credit available to the taxpayer.

Choosing the Correct Form: Different forms including 24Q, 26Q, and 27Q are available there for different types of deductees. You should have to select the appropriate form on the basis of the nature of income and taxpayer category.

Online Filing of TDS: Now moving towards the filing process for which firstly you should have to register yourselves on the e-filing portal of the Income Tax Department and then log in using credentials. After which you should move to the 'TDS' section and select the option of 'Upload TDS' to initiate the filing process.

Data Entry and Validation: After that, you have to enter the accurate TDS details, ensuring the consistency with TDS certificates. Then, you should validate the data to identify any errors or inconsistencies before submission.

Verification and Submission: After data entry, you must verify the details and generate the TDS return file in the prescribed format. And lastly you should submit the file on the portal to complete the filing process.

Acknowledgment: After the successful submission of TDS Return, you will get an acknowledgment that has been contain a unique token. It is better to keep this acknowledgment for the future reference.

Compliance with Deadlines: You should have the knowledge about the prescribed deadlines for TDS return filing to avoid penalties and interest charges.

Post-Filing Activities: You can keep the track of TDS returns filed, monitor acknowledgments, and rectify any errors or discrepancies promptly even after the submission.

Conclusion

By understanding the TDS return filing online in 2024, businesses can smoothen their tax compliance processes, avoid penalties, and contribute to the digitization efforts of the nation. Embracing technology not only enhances efficiency but also builds transparency and accountability in the tax administration.

#TDS Return #TDS Return Filing #TDS Return Filing Online

[babatax]

Income tax dept sent mass messages to ITR filers relating to high value transactions

Compliance Portal’s e-Campaign: Many taxpayers are receiving this message from the income tax department: “Attention ABC, (PAN -XXXX) Income Tax Department has identified certain information related to high value transactions, which does not appear to be in line with the Income Tax Return filed by you for the Assessment Year 2023-24 (relating to FY 2022-23). You can view the information on…

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#high value transactions #Income tax

[masllp]

Faceless schemes and e-proceedings

Introduction: The government has taken steps in transforming its judicial system by going completely faceless and using e-proceedings. Faceless e-proceedings started off as a pilot-based email assessment, but has now gone completely faceless. Even the first appellate proceedings as well penalty proceedings have gone faceless with notices and orders being received on a daily basis. Further, the Govt. has also announced an e-filing portal of Income-tax Appellate Tribunal.

Faceless schemes and e-proceedings has been on the move since its inception, with the government rolling out various initiatives to improve ease of doing business. The faceless schemes are not just about e-proceedings… it is also ab\out the whole process of appellate proceedings, penalty proceedings and even regular cases. E-proceedings are electronic in nature and the procedures that are involved include filing of documents, submission and receipt of evidence. E-proceedings are used to give users access to the proceedings around them and they need not physically be present at a court room. A huge benefit of e-proceedings is that you can read all documents in real-time rather than having to wait for it to reach you by courier or post.

What is Faceless E-proceedings: Faceless e-proceedings in Income Tax India is a system of conducting tax proceedings with taxpayers in a virtual, online environment, without any physical interface between the taxpayer and the tax authorities. This system was introduced by the Income Tax Department in India as a part of its e-governance initiatives to make tax assessments more transparent, efficient, and free from any biases.

Under this system, all communication between taxpayers and the tax department is done through electronic means, such as emails, video conferencing, or online chats. The entire process of tax assessment, from the issuance of notices to the final order, is conducted online, without any physical intervention.

The Faceless E-proceedings system is aimed at reducing the scope for corruption, improving efficiency, and providing better taxpayer services. It is a major step towards making the Indian tax system more transparent, accountable, and taxpayer-friendly.

Intention of Faceless Schemes and E-proceedings: Originally, faceless schemes and e-proceedings were used as pilot-based strategies by the Govt. to get feedback on the working of such schemes. The pilot phase was completed within a year, resulting in full-fledged e-proceedings and appellate proceedings. Thereafter, there have been multiple announcements on an increase in automation aspects of papers processing across all income tax cases including admissions, replies and appeals thereby encouraging more companies to shift towards digital solutions for their everyday business already prevailing due diligence processes. The move is intended to make the process of appeal faceless. The Income Tax Appellate Tribunal (ITAT) and other appellate courts will not be served with paper mail and instead all notices, orders and judgments will be sent through electronic means. This will result in lower costs for government ex-chequer, reduce the travel expenses required at various venues while also reducing the time taken by litigants to reach these courts.

Pros:

Increased Efficiency: Faceless e-proceedings can help save time and resources by eliminating the need for physical meetings, which can be time-consuming and may require travel. This can help reduce the backlog of cases and improve the efficiency of the tax administration.

Reduced corruption: The digital processing of Income Tax proceedings through faceless e-proceedings can help reduce the possibility of corruption by eliminating the need for face-to-face interaction between taxpayers and tax officials.

Increased Transparency: The use of technology can increase the transparency of the Income Tax proceedings by reducing the possibility of errors or manipulation, which can help build trust between taxpayers and tax authorities

Cost-effective: Faceless e-proceedings can also be cost-effective as they do not require the deployment of a large number of personnel and resources, which can help reduce the cost of tax administration.

Cons:

Technical Glitches: The use of technology in Income Tax proceedings may lead to technical glitches, such as network failure, which can delay the processing of cases and may require additional time to resolve.

Limited interaction: Faceless e-proceedings can limit the interaction between taxpayers and tax authorities, which may reduce the scope for taxpayers to present their case and may increase the chances of errors in the assessment

Data security concerns: The digital processing of Income Tax proceedings can also raise concerns about the security of personal data and sensitive financial information, which may be vulnerable to cyber threats

Lack of personal touch: The use of faceless e-proceedings may also lead to a lack of personal touch, which can make the process appear more mechanical and may not be suitable for cases that require a more nuanced understanding.

#Faceless schemes and e-proceedings

[taxgoal]

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

[jass22]

About State Tax Filing Pro Automation?

The process of reporting and paying income taxes to the state government is known as state tax filing. It is crucial to check with your state's tax agency to find out what forms you need to file and when they are due because each state has different procedures for filing state taxes.

Generally speaking, if you received income from that state, you must file a state tax return. Each state has a different threshold for how much money you must make to have to file a state tax return. For instance, if your taxable income in California exceeded $1,225 in 2022, you must file a state tax return.

Additionally, each state has a different date for filing state tax forms. Most of the time, you must submit both your state and federal tax returns by the same deadline. There are a few exceptions, though. For instance, in California, the due date for state tax returns is April 15 whereas the due date for state tax payments is June 15.

The forms must be requested by mail or downloaded from the website of your state's tax agency if you choose to file by mail. After filling out the forms, you must mail them to the address listed on the forms.

If you choose to file by phone, you must contact the tax department in your state and speak with a person. The representative will assist you with filing your return electronically and completing it.

You might be eligible to ask for an extension if you are unable to submit your state tax return by the due date. Also different from state to state is the deadline for submitting an extension request. The majority of the time, you must submit an extension request by the same date as your federal tax return. There are a few exceptions, though. The deadline for requesting an extension, for instance, is October 15th in California.

You can be charged fines and interest if you fail to submit your state tax return by the due date. The penalty's size will be determined by your tax debt and how late you filed your return.

Filing Individual Income Taxes

The act of completing an annual tax return with the government to disclose your income and expenses is known as individual income tax filing. Every individual in India who earns more than Rs. 2,50,000 in taxable income during a fiscal year is required to file an individual income tax return.

Depending on your salary and source of income, you can file your taxes using a variety of income tax return (ITR) forms. The most typical ITR forms for people are:

ITR-1 (Sahaj): For people who have a simple source of income, such as a wage, interest, or dividends.

ITR-2: For people having a more complicated form of income, such as capital gains, rental property income, and income from a business or profession.

ITR-3: For those with income from a company or profession who have chosen the presumptive taxation plan.

ITR-4: For those who have chosen the composition plan and have income from a business or profession.

ITR-5: For people who don't live in India but receive income there.

Depending on your preference, you can file your income tax return either online or offline. You must register for an account on the Income Tax Department's e-filing portal before you may submit your return online. You can log in and choose the ITR form you want to use after creating an account. The form will next need to be filled out with your financial and personal information. You may submit the form online once you've completed filling it out.

You can obtain the necessary ITR form from the Income Tax Department's website to file your income tax return offline. After downloading the form, you can fill it out and deliver it to the local tax office.

The advantages of filing your income tax return include the following:

You can claim exemptions and deductions from your income, which can lower the amount of taxes you owe.

Any extra tax that you have paid can be refunded.

Penalties for late or incomplete return submissions are avoidable.

You can document your earnings and outgoings for later use.

A tax consultant or chartered accountant can assist you if you need guidance on how to submit your income tax return.

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