Apr 25, 2023
File ITR TDS GST-R | Easiest way to Save & Tax Filing | TaxSpanner, tax efile, Indian tax efiling, tax efile India, online tax filing, Taxsp
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File ITR TDS GST-R | Easiest way to Save & Tax Filing | TaxSpanner, tax efile, Indian tax efiling, tax efile India, online tax filing, Taxsp
Well this is not totally correct, E-filing ITR is quite easy. You can learn how to file ITR in few easy steps.
Forgetting to file your ITR by its due date is not an uncommon scene. It’s been seen especially in individual assesses living in small…
What is Income Tax Refund? How to claim it?
“Refund” in general terms, means “repayment of a sum of money”. “Income tax E-Refund” is issued by the Income Tax Department for excess tax paid by a taxpayer. It is paid directly into the bank account of the taxpayer by electronic mode and hence it is called “E-refund”.
Read More :- What is Income Tax Refund? How to claim it?
File Income Tax return in Delhi
Taxpayers Alert! Things you need to know in connection with pre-filling of ITRs
The income tax department has recently notified new guidelines for the taxpayers. By following the latest amendments, the taxpayers are allowed to reconsider the pre-filling of ITRs very carefully. Along with this, the tax assessee has to verify the pre-filled data and add any additional or other taxable income which has not been pre-filled. Consequently, the tax authority has also modified the income tax return preparation software and schema for AY 2019-20.
Below are the changes made by the Income Tax e-filing portal that has cautioned the taxpayers to note the followings in connection with pre-filling of ITRs-
· Taxpayers should verify the pre-filled data and add any other taxable income which is not pre-filled.
· The last date for filing of TDS statement and the issue of TDS certificate by Deductor is 30th June 2019 and 10th July 2019 respectively. In case the TDS data is not pre-filled, taxpayers are expected to fill these details themselves.
Another Key Changes in the ITR Filing:
Changes in Income Tax Return Preparation Software and Schema-
· Already saved draft data will not be available in case of Online ITR 1 & 4
· In case of Offline utilities, XML has to be re-generated using the latest Income Tax Return Preparation Software.
How pre-filing of income tax is a hassle-free process?
The process of itr filing become a lot easier as comparison to the previous procedure of E-filing ITR. Last year, the tax department decided to introduce pre-filled files through which the information already available with it, hence it has made the tediousness of ITR filing chore hassle free.
In pre-filing of ITR, the Data available from entities that tax deducted at sources such as employers and banks would be used to offer pre-filled tax return forms to people detail such as income, income sources, and personal details as well as bank informationwould be filled up by the CBDT department.
According to the Livemint article, about 80-90% of taxpayers have only salary income and very few have other sources of income. Offering pre-filled income tax return forms will increase compliance and lessen the burden on small taxpayers.
Although, Excel Income Tax Return Preparation utility for ITR 1, 2, 3, 4, 5 & ITR 7 for AY 2019-20 made available for e-Filing. Meanwhile, July 31, 2019 is the last date to file your income tax return for the financial year 2018-19. If you file you ITR on time, you will not be permitted to pay late filing fees. To file ITR, you must first register yourself on the e-filing website of the income tax department.
Here's what will happen if you don't file your ITR before the due date
As the process of filing income tax returns for the new financial year 2018-19 has started, hence every taxpayer needs to e-file their returns before the last date of filing ITR. Although, the Tax department has already notified all the ITR Forms from ITR 1 to ITR 7. Amidst, every tax preparer is liable to fill these forms if they fall under any of the particular categories and depending on the type of income. However, the last date of filing returns is July 31 & it is not too far away. Therefore, it is important for individuals to ensure that they avoid the late filing of returns to evade any consequences by the statutory authority.
The tax authority has a certain set of regulations and provisions which further comprises of consequences and charges in lieu of late efiling of itr. Along with efiling of income tax return on time, it is equally important that the filing should be accurate and complete. In light of the above, this article will help assesses to look at the consequences of late filing and what circumstances they can face at the end of the due date-
What happens if you file your returns late?
• Firstly, if any individual file late returns then he has to pay a late penalty and might even face legal action.
• If a taxpayer misses the deadline, the penalty amount until December 31 will be Rs 5,000.
• In case you missed December 31 deadline, and files return between January 1 and March 31, then one has to pay a penalty amount of Rs 10,000.
• Those who will fail to file Income Tax return might face prosecution under section 276CC.
• 1% interest rate per month will be charged on the unpaid amount.
• Apart from this, the defaulters might even face prosecution.
• If taxpayers are having a loss in capital gains or business and fail to pay tax on time, they won't be permitted to carry forward the loss. Whereas, only the loss in house property is allowed to be forwarded,"
What is an income tax return?
Income tax is a tax imposed and collected by the central government on the income of an individual. The income tax is calculated at specified rates on the total income of a person and paid directly to the central government. Thereon, if you need any information regarding efiling ITR, we provide professional Tax experts who look after your every query.
For more details about file ITR you can visit us at www.allindiaitr.com.
Last Day To File Income Tax Return Today: 5 Things To Remember
Last Day To File Income Tax Return Today: 5 Things To Remember
Last date to file income tax return today. Don’t miss.
New Delhi: Today, August 31, is the last day to file your Income Tax Returns for the assessment year 2018-19 for salaried individuals and people with professional income. Since the government has already given a one-month extension to the original deadline of July 31 for filing ITR, there may not be any further extension in the timeline.…
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