Free Self Income Tax e-Filing Process. Input Tax Credit under GST in India. Five Deadly Mistakes to Avoid during Income Tax e-filing. The online filing of taxes and automation has made the annual filing ritual simpler for the taxpayers. But every year, numerous filing applications are rejected by the IT department for mismatched or incorrect information and other errors. While the problem is very common for first-time taxpayers, people who have been doing it for several years end up making mistakes too. If you are about to e-file the taxes anytime soon, make sure that you do not commit the five deadly mistakes mentioned below- 1. Choosing the Wrong ITR Form One of the most common mistakes when e-filing taxes is selecting the wrong ITR form.
Moreover, the IT department has recently made some changes to the ITR forms. 2. This mistake is very common among people who wait for the last date to e-file the returns. Your application will may not get processed in timely manner if you’ve made a mistake in your personal details. 3. The filing procedure is incomplete unless you get the returns verified by the IT department. 4. 5. Five Handy Tips to File Tax return online by Amol Kale. By Amol Kale Consultant, writer Just like friction which results in wear and tear but facilitates movement; taxes too seem like a burden but play a very important role in the economy.
Within a few months, a lot of new taxpayers would be filing their returns for the first time. As per the IT Act, every taxpayer has to file tax returns with the correct ITR form depending on their status and sources of income. Fortunately, the returns filing process can now be easily done online. While the process might seem challenging for people who are filing returns for the first time, a bit of prudence can take them a long way. 1. To file tax return online, you’d first be required to select the right return form as per the status. For instance, there used to be 9 forms in the past; there are now only 7 of them. 2. While this might require a bit of work, it is still better than missing the last filing date and pay the penalty for the same. 3. 4. 60% Tax on Unexplainable Income 5.
About Amol Kale Comments. Five Common Questions People Have While Using Income Tax Calculator: hrblockincometa. With the increasing awareness about tax saving instruments, every taxpayer now wants to save as much tax on their income as possible. A tax calculator is an excellent way to calculate your income tax with respect to your income, age, and deductions. As compared to calculating the tax manually, online calculators are quick, accurate, simple, and free to use. But while the calculators are designed to be user-friendly, they can look challenging for someone who is using it for the first time. A number of questions can arise when using the calculator, and their answers are essential to calculate the taxes correctly. Q. 1. A. Q. 2. A. Now, deduct the exempted portions, like TA, HRA, medical reimbursement, and other reimbursements.
Q. 3. A. Section 80C for deduction up to Rs 1,50,000 towards LIC, PPF, Mediclaim. Q. 4. A. Q. 5. A. Many of the online calculators also have detailed information about all the important aspect of the income tax to answer all the basic queries. Know The Five Heads Of Income In India To Save Better On Your Taxes | Galaxy99. Do you know the five heads of income included in the Income Tax Act of India? Use this guide to understand the different types of income in India and compute your income tax returns efficiently and save better on taxes.
According to the Section 14 of the Income Tax Act of 1961, an individual’s income is classified under five heads. Every year, as you file your income tax returns, you or your chartered accountant has to pull your income under all these five heads together. Here in this article, you can find a quick primer on these five types of income tax heads and all that they consist of. Income from Salary As the name implies, this is the income you receive from an employer as a pay for your employment. This includes wages (basic salary), pension (annuity), salary advance, commission (bonus), gratuity, leave encashment, salary advance, and other benefits provided by your employer. The total of all the above, after exemptions, is known as your Gross Salary. Income from other Sources. Five Reasons You Should use Income Tax Calculator Before Filing your Returns | General News, Articles, and Information. Calculating your exact income tax liability is something that most of the people still find very confusing and time-consuming.
Fortunately, one can now use an online Income Tax Calculator to accurately and conveniently calculate the income tax. If you are yet to use one such online calculator, we’ll give you five reasons why you definitely should. With constant inflation, it is now very important for every individual to plan their finances and save as much of your income as possible. Saving money on taxes is one of the most efficient ways to have an effective financial plan. Every working professional is now aware of the income tax as well their tax liability.
Fortunately, now there is no need to rely on chartered accountants or expensive software to calculate your annual income tax. Protects you From Complicated Calculations The most important benefit of an Income Tax Calculator is that it protects you from the tedious process of manually calculating your tax liability. Simple and Quick. Simple And Quick Steps For Online Income Tax Payment And Precautions To Take. Taxes play a vital role in building the nation. Especially, income tax is one of the most significant revenue streams for the government, and the proceeds are used for the development of sectors like infrastructure, education, defence, health, etc. Thus, if you want to watch your nation grow, it is the duty of every salaried individual or other individuals who earn any kind of income in India to pay income tax. In the last few years, the government has fully digitised the whole process to offer enhanced convenience to the taxpayers.
However, a lot of people still find the process risky or tiring and prefer hiring experts for the job. Steps to pay income tax online 1.Log on to www.tin-nsdl.com 2.Search for the ‘Services’ tab and move your cursor on it to open a menu. 3.Look for the ‘e-payment’ option in the menu and click on it. 4.You’ll now be required to select a challan for the income category you belong to. 9.Enter your log-in details and process the payment. More info: hrblock.in. Do you Know these Five Important Things about Income Tax in India? Hrblockincometax.kinja. The Best Ways to Save Income Tax in India in 2018.
Looking for smart, simple, and legal ways to reduce the amount of taxes you have to pay? Make use of these top tips listed here and save big on your tax payments. Every adult, be it a salaried professional or a self-employed businessman, wants to increase their income while cutting down on the taxes they pay to the government. Just because you want to reduce the taxes you pay doesn’t mean you have to take the unethical route by fudging numbers, or by investing in Benami property. In fact, there are several legal ways to save taxes in India. Invest in Tax Saving Instruments Yes, you read that right. Also, several of these investments are a part of the EEE category, meaning you don’t have to pay any tax on investment, earning, as well as redemption.
Some of the investment options that save tax include: Some regular expenses that you make are also eligible for tax deductions. Some expenses that are eligible for tax saving include: The interest earned from Savings Account Scholarships. Step By Step Guide To Gst Registration Of Your Business. The GST (Goods and Services Tax) was brought into effect by the government to subsume indirect taxes like service tax, VAT, etc. under a single tax window. As per the provisions of this new tax regime, any entity that supplies goods or services in India and has a turnover more than the prescribed limit has to register themselves for GST.
If you are yet to register for the same, you can follow the below mentioned 8-steps guide to complete the registration. Step 1- GST portal To register, you need to visit the official GST portal at www.gst.gov.in. Click on the ‘Services’ tab and select ‘Registration’. Step 2- Filling the details You’ll now have a form which you need to fill for successful GST registration. Step 3- Entering OTP When the form is submitted, an OTP will be generated and sent to your mail ID and mobile number. Step 4- Receiving TRN After the right OTP is entered, a TRN (Temporary Reference Number) will be generated and sent to the mobile number and email ID. Step 5- Entering TRN. 5 Interesting Income Tax Filing Rules and Policies for NRIs. As an NRI, it can be quite confusing to figure out how your income is taxed in India and the country of your residence.
It goes without saying that each country has its own tax laws and understanding these laws can be challenging if you do not have the expertise in this field. Nonetheless, you are expected to pay your taxes in India and the country you reside in. So, it is best to figure out the tax filing rules and policies that govern non-resident Indians so that you can easily handle the Indian tax liability. Tax on Interest Typically, resident Indian citizens, have to pay taxes on interest that they receive on their savings.
No higher tax bracket now Earlier if an NRI without a PAN card he had to incur a higher TDS deduction. Taxable Income Any short- or long-term gains from investments, the sale of assets and rental income are taxable in India. Tax Exemption in India You need to be aware of the tax laws in your country of residence. Paying Your Taxes in India Double Taxation norms. The Basics of E-filing Income Tax in India. New To Filing GST Returns: Some Do’s And Don’ts You Must Be Aware Of. With all the different types of forms for filing GST Return, taxpayers are still not very clear about the whole filing process. In this post, we have discussed some important do’s and don’ts to make things a little less complicated.
The Goods and Services Tax (GST) was launched on 1st July 2017 to abolish indirect taxes and bring them all under a single umbrella. While it has been months since the launch of this ‘One Nation, One Tax’ regime, but most of the taxpayers are still not very clear about the returns filing process. To make the process even more confusing, depending on the taxpayer’s registration and transaction type, there are more than ten different types of forms which can be used for filing returns. Moreover, even the duration when one has to file the returns varies between different taxpayers. To make things easier, we have created a list of some important dos and don’ts. Do’s 1. 2. 3. There are different GST heads like CGST, SGST, and IGST. Don’ts 1. 2. 3. Ground Rules for Income Tax Filing in India. Home > Finance > Ground Rules for Income Tax Filing in India Return of income is a way through which the government gets to know your mode of income, your profits and losses, tax applicable and thereby providing a platform for you to claim a refund (if any) and other forms of relief.
All of us have to report our income and capitals and details of our allowances and relief claimed, for any particular tax year. This article highlights some basic ground rules and a set of dos and don’ts when filing income tax in India. Keep reading. A lot of people think that filing tax returns is not necessary and dismiss it as burdensome. However, contrary to this popular myth, it turns into a burden only when you don’t file your returns. 1. 2. 3. 4. 5. Keeping these things in mind and being organised is half the job done. Share with your friends. E-filing and Income tax login FAQ: Answers to all your Pressing Queries. As an individual taxpayer, filing an ITR is bound to overwhelm you, what with all the disclosure requirements and numerous forms. Find the answers to all your queries regarding income tax login and e-filing and get rid of your tax worries.
It’s that time of the year when the biggest concern in everyone’s minds is filing income tax returns. Not sure how to proceed? Confused with the tons of documentations and procedures? Let’s get started. What is e-filing of income tax? The two ways in which an individual can file income tax returns are: Traditional Filing – This is the offline method, where you go the income tax office in your city, get the forms, fill them up and physically file the returns. E-filing – This is the newest and most convenient option. Should I file income tax return? As per the Income Tax Act, you are required to file your returns if you meet any of the following conditions. The e-filing of returns for the financial year 2016 – 2017 is now open. E-filing of Income Tax return in a smooth way: Some Valuable Tips.
Come July, August, September, and what do you expect? No, it’s not just the rains, but these are also the months associated with filing your income tax returns and often the chaos and madness around it. Income tax return is a document that you file with the state tax board declaring your income, profits and losses of your business, and also details of your tax refund.
Thanks to the online platform, you can now file your returns online sitting in the comforts of your home or office. However, there is more to it than meets the eye. This article highlights some valuable tips for successfully efiling of income tax return online. Keep reading. Filing your returns shows that you are responsible. You can traditionally file your tax returns, or you can make use of the electronic filing system. Download Income Tax Return Form: First and foremost, you would need to log on to the Indian income tax website and select the appropriate income tax return form, based on your type of income. Dos and Don’ts of Filing Online Income Tax Return. Filing your income tax returns can be an exhausting and confusing process if you are unaware of the basics. But filing your returns is equally important to paying your taxes on time or else you will be liable to paying penalties if you do not file the returns.
Fortunately, now you can file the returns online. But if this is the first time that you are filing your returns, make sure that you remember the dos and don’ts mentioned below to avoid making any mistakes which can earn you notice from the IT department. Dos Select the correct ITR form - To file Online Income Tax Return; you need to select the right ITR form on the basis of your income. Different forms have different conditions and make sure that you select the form which matches your income while filing returns.Check Form 26AS - All the information related to your taxes, like TDC, TCS, refunds, etc. are included in Form 26AS.
Don’ts. Understanding the Components of Form 16 Format. Every employee, whose salary has been deducted as TDS by the employer, is issued a Form 16 which has a detailed record of the income tax paid. In this post, we’ll have a look at the important components of the Form 16 Format. As per the income tax rules in India, your employer is required to deduct some amount from your salary as TDS as per your income bracket if your annual earnings are more than Rs 2.5 lakhs. When the TDS is paid, you are issued a Form 16 which is a detailed record of all the income tax that you have paid. Also, known as Salary Certificate, the form has all the details of your salary too. If it is the first time that you have paid TDS, Form 16 issued to you might appear confusing.
Structure of Form 16 Form 16 Format is divided into two parts- Part A and Part B. What is Part A of Form 16? Part A of Form 16 is your TDS certificate. Important Components of Form 16 Part A Form 16A has the following details- What is Part B of Form 16? Important Components of Part B of Form 16. What All You Need to Know Before You Make Your Income tax payment? Avoid These Mistakes While Utilizing Income tax calculator - Feel One. Own A Small Business? Know These Things About GST Tax! How to link your PAN with Aadhaar. Income Tax Pledge by H&R Block. Income Tax efiling made easier – Steps to follow.
The Tax Rates After GST – The Benefits and Drawbacks for the Middle Class People. Everything You Wanted to Know About Goods and Service Tax. Important Things to Know about Income Tax Payment – Changes Introduced in Budget 2017. A Primer Income Tax efiling. Benefits Of The Goods And Services Tax Bill To The Indian Economy. The What, Why and How of Income Tax Login. What is form 16: What you need to know? Step by Step Guide for Income tax e-filing.