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New ITR filing record: More taxpayers choose the New regime
New regime: Over 7.28 crore income tax returns (ITRs) were filed by the July 31 deadline for the assessment year (AY) 2024–25, according to the Income Tax Department, setting a new record. The tax authority reported that this is a 7.5% increase over the 6.77 crore ITRs filed by July 31, 2023, the total for the previous year. More taxpayers accept the new tax regime The move to the New Tax Regime…
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Simplifying ITR Filing with Peopleworks HRMS
Filing Income Tax Returns (ITR) is an annual responsibility for taxpayers, ensuring compliance with tax regulations and financial transparency. While the process may seem daunting, leveraging advanced HRMS (Human Resource Management System) solutions like Peopleworks HRMS can significantly streamline and simplify ITR filing for both employees and organizations.
Understanding ITR Filing
Income Tax Return (ITR) is a form used by taxpayers to report their annual income and taxes paid to the Income Tax Department. Timely and accurate filing is crucial as it helps avoid penalties, facilitates refunds, and ensures financial credibility. Individuals and businesses must file their ITRs based on their income brackets and sources of income.
Challenges in ITR Filing
Complexity: The ITR filing process involves understanding various forms, deductions, and exemptions, which can be overwhelming.
Documentation: Gathering necessary documents like salary slips, Form 16, investment proofs, and more can be time-consuming.
Deadlines: Missing the filing deadline can lead to penalties and legal complications.
Accuracy: Errors in filing can result in notices from the tax department and may require rectifications.
How Peopleworks HRMS Simplifies ITR Filing
Peopleworks HRMS is an integrated HR management solution that offers numerous features to ease the ITR filing process for both employees and HR departments. Here’s how:
Automated Data Management: Peopleworks HRMS automatically captures and organizes employee salary details, tax deductions, and other financial data. This ensures that all necessary information is readily available for accurate ITR filing.
Digital Documentation: The system stores and manages digital copies of essential documents like Form 16, investment proofs, and salary slips. Employees can easily access these documents when needed, reducing the hassle of manual document collection.
Tax Calculation: Peopleworks HRMS includes a robust tax calculation module that computes taxable income, deductions, and exemptions accurately. This minimizes errors and ensures that employees have precise data for ITR filing.
Compliance Alerts: The system provides timely reminders and alerts about important deadlines, ensuring that both employees and the organization stay compliant with tax regulations.
Employee Self-Service: With the self-service portal, employees can view their tax-related information, download necessary documents, and even simulate their tax liabilities. This empowers employees to take charge of their ITR filing process.
The Peopleworks HRMS Advantage
By integrating Peopleworks HRMS into your organization, you can significantly reduce the complexities associated with ITR filing. The system’s comprehensive features ensure accurate data management, timely compliance, and hassle-free documentation. This not only benefits employees by making the ITR filing process smoother but also enhances organizational efficiency.
For more detailed insights into ITR filing and how Peopleworks HRMS can assist, check out our previously published blog for more understanding on ITR filing.
Conclusion
Filing ITRs is a crucial aspect of financial responsibility. With Peopleworks HRMS, organizations can simplify this process, ensuring accuracy and compliance. By leveraging advanced HRMS solutions, employees can focus on their core responsibilities without worrying about the complexities of tax filing. Make your ITR filing process seamless and efficient with Peopleworks HRMS — your partner in HR and tax management.
ITR Filing 2024: Penalty is there for filing income tax returns over the deadline
ITR Filing 2024: July 31, 2024 is the deadline for submitting income tax returns for the financial year 2023–2024 (assessment year 2024–25). Depending on the duration of the delay, late taxes may be subject to penalties or interest charges. Since the Income Tax Return (ITR) summarizes a taxpayer’s earnings for the fiscal year, filing it on time is crucial to avoid penalties. In addition, the…
ITR filing 2024: Approved banks for tax payments, refunds, and additional
ITR filing 2024: The last date to file the income tax return (ITR) is July 31, 2024 for financial year 2023-24 (assessment year 2024-25). You will have to pay the difference if your taxable income is greater than the TDS (tax deducted at source) that you paid for the year. Any of the 28 banks that have been approved by the Income Tax Department can be utilized for doing this online. Axis Bank,…
