#Income tax return

[gwgaccountant]

I've seen a few memes about how being able to deduct property taxes on your taxes but not rent is class warfare. I agree with the spirit, but it mostly makes me think the people writing those memes don't actually know much about taxes.

On one hand, it's not specifically property taxes. You get to deduct all taxes you pay to state and local governments. You could say that rich people getting to deduct more taxes than poor people is class warfare, but that's true of all deductions to some extent, and the state/local tax deduction less than pretty much anything else. After all, the state/local tax deduction is limited to $10,000, no matter how much state income tax you paid.

On the other hand, home mortgage interest is also tax-deductible, without any umbrella rule that happens to include home mortgage interest, and without any cap on how much can be deducted.

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Don’t Miss the Tax Audit Deadline Learn About the Tax Audit Deadline and Late Filing Penalties

Income tax legislation mandates that certain taxpayers perform income tax audits. The scope of this audit includes a thorough examination of the taxpayer’s financial records and books of accounts, particularly for those who get revenue from their business or profession. Verifying the correctness of income tax returns (ITRs) and financial statements is the primary goal of tax audits. The law intends to deter tax evasion and encourage compliance among entities by enforcing tax audits.

Knowing about the penalties for filing tax audit reports beyond the deadline

Many taxpayers are concerned about maintaining compliance as the September 30 deadline for filing tax audit reports draws near. Important information about the tax audit deadline, late filing fines, and any problems taxpayers can have with the ITR e-filing portal will all be covered in this blog.

What is the due date of tax audit The deadline for submitting tax audit reports for the fiscal year 2023–2024 is September 30, 2024. For taxpayers whose professional income surpasses ₹50 lakhs or whose firm sales exceeds ₹1 crore, this deadline is critical. If you miss this deadline, there could be serious consequences.

If you forget to file your tax audit by September 30, here are some important points to consider:

1. Belated Return: You can file a belated return, but there may be penalties associated with it.

2. Penalty: A penalty of up to ₹5,000 may apply for late filing. If your total income is less than ₹5 lakh, the penalty could be reduced to ₹1,000.

3. Interest Charges: If you have any tax due and don’t pay it on time, interest may also be charged on the outstanding amount.

4. Revised Return: If you’ve already filed a return but realize there are errors, you can file a revised return.

5. Consult a Professional: It’s advisable to consult a tax professional to understand the process and implications better.

Read here — why you need tax consultant ?

Summary Taxpayers need to be aware of the consequences of filing tax audit reports beyond the deadline of September 30. Significant penalties may apply, and problems with the ITR e-filing facility might make things much more difficult. Taxpayers can prevent needless stress and fines by being proactive, remaining educated, and making sure their submissions are made on time. Tax specialists can be a great resource for people who need help navigating this complicated procedure.

Related articles: Income tax audit u/s 44ab , Books of account 44aa , How to file Belated return if you missed ITR deadline?

[ebizfilingindia-blog]

Income Tax Exemptions for Startups in 2024: Eligibility and Benefits

India's startup environment has been developing at an outstanding rate, turning into a key driver of innovation and financial increase. To guide this entrepreneurial surge, the government has brought numerous schemes and tax exemptions that purpose to lessen the financial burden on new corporations. Among these are particular income tax exemptions that startups can take advantage of.

In 2024, the landscape for tax exemptions maintains to adapt, providing critical alleviation for eligible companies. This article will delve into the maximum considerable income tax exemptions available to startups in 2024, consisting of eligibility criteria and the key blessings these exemptions provide to new organizations.

Overview of Income Tax Exemptions for Startups

Startups face several demanding situations all through their early tiers, such as coin flow troubles, operational expenses, and market uncertainties. Recognizing these hurdles, the Indian authorities give numerous profits tax exemptions to reduce the monetary burden and inspire more marketers to go into the market. One of the maximum distinguished projects is the Section 80-IAC tax exemption, introduced as a part of the Startup India scheme. This exemption aims to offer tax alleviation to eligible startups for the preliminary years in their operation, when they are most liable to economic pressures.

Key Income Tax Exemptions for Startups in India can enjoy the following primary income tax exemptions:

Section 80-IAC Tax Deduction

Exemption below Section 56 (Angel Tax Exemption)

Capital Gains Exemption under Section 54GB

Tax Benefits on ESOPs for Startups

Exemption from Tax on Long-Term Capital Gains beneath Section 54EE

1. Section 80-IAC Tax Deduction The most full-size earnings tax exemption for startups is provided below Section 80-IAC of the Income Tax Act. This segment lets in eligible startups to claim a a hundred% tax deduction on income for 3 consecutive monetary years inside their first ten years of incorporation.

Eligibility for Section 80-IAC

To qualify for the exemption beneath Section 80-IAC, startups ought to meet the following criteria:

Incorporation Date: The startup should be incorporated between April 1, 2016, and March 31, 2024. This provision has been extended in current years to house more modern corporations.

Nature of Business: The startup should be worried in innovation, development, deployment, or commercialization of new merchandise, offerings, or procedures pushed by using generation or intellectual assets.

Approval: The startup have to be licensed as eligible for tax advantages through the Department for Promotion of Industry and Internal Trade (DPIIT).

Turnover: The enterprise’s turnover need to not exceed INR 100 crore in any of the financial years for which the deduction is claimed.

Benefits of Section eighty-IAC:

Startups that qualify for the Section eighty-IAC tax deduction can avail of numerous blessings:

Complete Tax Relief: Eligible startups do not have to pay earnings tax on income for three consecutive monetary years. This facilitates them reinvesting their profits into increase and operations.

Increased Financial Stability: By saving on taxes, startups can enhance their cash go with the flow, which is essential for the duration of the early stages when capital necessities are excessive.

Flexibility in Choosing Years: Startups can choose any three consecutive years inside their first ten years of incorporation to say the exemption, presenting flexibility primarily based on the employer’s boom cycle.

2. Exemption below Section fifty-six (Angel Tax Exemption) 

Angel investors frequently play a crucial role in presenting initial funding for startups. However, beneath Section fifty six(2)(viib) of the Income Tax Act, the "Angel Tax" used to use to startups receiving investments above the honest marketplace cost, growing great financial burdens. To assist the increase of startups, the authorities have exempted eligible organizations from this tax.

Eligibility for Angel Tax Exemption

The startup must be diagnosed via DPIIT.

The aggregate quantity of paid-up percentage capital and percentage top rate should not exceed INR 25 crore.

Investments made by listed groups with a net well worth of INR one hundred crore or turnover of INR 250 crore or extra are exempt.

Benefits of Angel Tax Exemption 

This exemption lets in startups to stable investment from buyers without the worry of extra tax liabilities, making it easier for them to elevate capital during their increase segment.

3. Capital Gains Exemption under Section 54GB

Section 54GB of the Income Tax Act allows for the exemption of long-term capital gains on the sale of residential belongings if the proceeds are invested in eligible startups.

Eligibility for Section 54GB

The residential belongings ought to be bought, and the capital gains should be reinvested within the startup as fairness.

The startup should use those price ranges for purchasing new property (consisting of computers or plant and equipment) to grow its business.

The startup must be identified by means of the DPIIT.

Benefits of Section 54GB 

This provision encourages funding in startups through allowing enterprise founders and traders to defer their tax liability on capital gains, which may be a massive benefit when securing a budget for commercial enterprise expansion.

4. Tax Benefits on ESOPs for Startups

Employee Stock Ownership Plans (ESOPs) are a popular tool for startups to draw and hold expertise. However, the tax treatment of ESOPs has historically been a challenge, as employees had been required to pay tax on the time of exercising, even supposing they didn’t sell the stocks.

Recent Tax Changes on ESOPs

To ease the financial burden, the authorities now allows deferred taxation on ESOPs for startups. Under this provision, personnel of DPIIT-diagnosed startups can defer the charge of tax on ESOPs for 5 years or till they go away the corporation or sell their stocks, whichever is earlier.

Benefits of ESOP Tax Deferral Attract and Retain Talent: By providing tax advantages on ESOPs, startups could make their reimbursement applications more attractive, supporting them entice pinnacle skills.

Deferred Tax Liability: Employees do not need to pay taxes prematurely while workout their ESOPs, giving them greater flexibility and reducing their instant tax burden.

5. Exemption from Tax on Long-Term Capital Gains beneath Section 54EE 

Section 54EE allows an exemption from capital profits tax if the long-term capital gains from the sale of a capital asset are invested in the government-notified fund of budget for startups.

Eligibility for Section 54EE 

The capital gains need to be invested within the eligible startup fund within six months of the sale of the unique asset.

The most quantity that may be invested and exempted under Section 54EE is INR 50 lakh.

Benefits of Section 54EE 

This exemption gives investors a tax-efficient approach to supporting startups while deferring their capital profits tax, encouraging greater investments inside the startup ecosystem.

Conclusion:

The availability of income tax exemption for startups in India, especially in 2024, offers significant financial alleviation and promotes the growth of recent businesses. Whether it is through the Section 80-IAC deduction, capital gains exemptions, or deferred taxation on ESOPs, startups can get the right of entry to more than a few tax blessings that reduce their economic burden. By meeting the eligibility standards and taking advantage of those income tax exemptions, startups can channel their savings into enterprise boom, product improvement, and expansion efforts.

[eazystartups]

Navigating Income Tax Filing in India challenges even the most conscientious taxpayers between ever-shifting deadlines, rules, and eligibility criteria. Simple yet serious slip-ups often transpire in a rush to complete returns before looming due dates, stalling refunds and risking financial penalties. This blog will review the most frequent Indian Income Tax Return Filing mistakes below to learn how improving vigilance, record-keeping, and comprehension of the latest protocols protects your bottom line this filing season.

[paisainvests-1]

How Income Tax Return Online Filling

Filing your income tax return online can feel like navigating a labyrinth, but with the right guide, it’s more like a walk in the park. We’ll break down each step, simplify the jargon, and get you filing with confidence. Let’s dive in!

Why File Your Income Tax Return Online?

Filing your income tax return online isn’t just about following trends; it’s about leveraging modern technology to make your life easier. Here’s why you should consider it.

Convenience and Accessibility

Gone are the days of standing in long queues or filling out mountains of paperwork. Online filing lets you submit your return from the comfort of your home, anytime. It’s like having a tax office at your fingertips!

Accuracy and Efficiency

Online portals are designed to minimize errors. With built-in calculators and validation checks, you’re less likely to make mistakes. Plus, it speeds up the whole process, so you can get your refund quicker.

Step-by-Step Guide to Filing Your Income Tax Return Online

Ready to get started? Follow these steps to file your income tax return online efficiently and correctly.

Step 1: Gather Necessary Documents

Step 2: Register or Login into the Income Tax Portal

Step 3: Select the Appropriate ITR Form

Step 4: Fill in Your Personal Details

Step 5: Provide Income Details

Step 6: Claim Deductions and Exemptions

Step 7: Review and Verify Your Return

Give your return a thorough once-over. Check for any errors or missing information. Think of it as proofreading an important email.

Step 8: Submit Your Return

Once satisfied, hit the submit button. Congratulations, you’ve filed your return!

Step 9: E-Verify Your Return

E-verification is the final step to validate your return. You can do this through methods like Aadhaar OTP, net banking, or EVC. It’s like signing off on your work.

Common Mistakes to Avoid

Even with the best tools, mistakes happen. Here are common pitfalls to watch out for.

Incorrect Personal Information

Ensure all personal details are correct. Errors in your name, PAN, or bank details can lead to processing delays.

Misreporting Income

Be accurate with your income details. Misreporting can trigger unwanted scrutiny and penalties.

Not Claiming All Deductions

Maximize your tax savings by claiming all eligible deductions. Missing out means paying more tax than necessary.

Benefits of E-Verifying Your Return

Why bother with e-verification? It’s not just a formality—it comes with real benefits.

Faster Processing

E-verified returns are processed quickly, meaning you’ll get your refund sooner. Who doesn’t like faster refunds?

Reduced Chances of Manual Errors

E-verification reduces the chances of manual errors in data entry, making your filing experience smoother and more reliable.

Conclusion

Filing your income tax return online doesn’t have to be daunting. With the right preparation and a systematic approach, you can navigate the process smoothly. Happy filing!

By Paisainvests.com

[taxbhai]

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[fintoo]

[bhavishyafinancenu]

How to File ITR Online?

Filing an Income Tax Return (ITR) online may be a helpful handle. Here’s a disentangled direct The method may change somewhat depending on the charge controls of your nation. Continuously allude to the official rules given by the charge office for the most accurate and up-to-date data. If you’re uncertain or have complex money-related circumstances, looking for help from a charge proficient is fitting.

[gwgaccountant]

are in game currencies you can buy with real money covered under the same laws that make nfts and bitcoin taxable?

DISCLAIMER

I am not an international tax expert. Tax laws are obviously different in different jurisdictions; something that's true in the USA might not be true in the UK or Ukraine or India or Japan or Kenya or whatever. Also, the details of individual games can affect their legal standing. You may wish to consult a local tax expert before filing your return.

Disclaimers aside, probably not.

The thing about NFTs is that you can resell them. If you buy an ugly ape for etherium, you can later sell that ape for etherium and sell the etherium for cash, hopefully more than you paid in. That's what makes crypto stuff taxable; it's an investment.

Most in-game currencies cannot be exchanged for real-world money. You can't buy Fortnite VBucks at 5¢ to the buck and resell it at 7¢ to make a profit, and you can't sell anything for real-world cash. (This the main reason why gambling regulations usually don't apply to lootboxes.)

As far as the law is concerned, buying VBucks in Fortnite is no different from buying DLC on Steam.

Aside from blockchain games like the infamous Axie Infinity, the only ways I can think of for in-game currency purchases to result in taxable transactions probably violate the terms of service. Back in ye olde World of Warcraft days, people would sell their in-game gold for real-world money—profitable, despite (or because of?) being against the TOS.

Obviously, people can buy premium video game currency with their own money; that's what premium currency is for. But hypothetically, if you used that currency to buy an in-game item that you sold for real-world money, that would be a taxable transaction. The amount you sold it for minus the price initially paid for in-game currency would be taxable game.

Again, this is probably a violation of the terms of service you agreed to without reading, which would make this a breach of contract. In the US, you are required to report illegal income; however, as per the fifth amendment, you don't have to report anything that would incriminate yourself. How you report such income without self-incrimination is an exercise for any reader running a Fortnite money laundering business.

[taxring]

Missed the July 31 Deadline? No Worries! You Can Still File Your ITR with a Belated Return! learn more

Taxpayers who did not file their income tax returns on time, before the July 31 deadline, can file a belated return. Let’s learn more about this here.

If you missed the original deadline for filing your income tax return (ITR), you are not alone. Fortunately, you can still file a belated return, which is effectively a late submission of your ITR. Here’s a quick guide to walk you through the process:

Understand the Belated Return Concept

A belated return under Section 139(4) of the Income Tax (I-T) Act is one that is filed after the deadline. Taxpayers who failed to file a return on or before July 31 may file a late return.

People can file a belated return by December 31 of the applicable assessment year.

It is important to remember, however, that taxpayers who file belated returns are not exempt from the late filing penalty.

Eligibility for Filing a Belated Return

The good news is that there are no specific income thresholds or tax liabilities that restrict your ability to file a belated return. If you were initially required to file a return but missed the deadline, you are still eligible to submit a belated return.

When Filing an Income Tax Return (ITR) is Mandatory

To help you understand when filing an ITR is a must, here are some key conditions:

1.Income Threshold: If your total annual income exceeds Rs. 2,50,000, you are required to file an ITR.

2. Bank Transactions: If you have deposited more than Rs. 1 crore in a current account with a cooperative or regular bank during the financial year, filing an ITR is mandatory.

3.Foreign Travel Expenditure: If your spending on foreign travel surpasses Rs. 2 lakhs within the financial year, you must file an ITR.

4. Electricity Bill: If your total electricity bill exceeds Rs. 1 lakh, filing an ITR is required.

Filing Your Belated Return

If any of the above conditions apply to you, and you missed the original deadline, you can still file a belated return. Here’s what to do:

1.Choose the Correct Section: When filing your belated return, make sure to select Section 139(4) of the Income Tax Act. This section is specifically for belated returns.

2. Submit Your Return: Complete the form with all the required details and submit it through the official tax portal.

3. Pay Late Fees: Be aware that there might be late fees applicable, so check the latest guidelines for any penalties.

Filing a belated return ensures that you remain compliant with tax regulations and avoid further complications. Make sure to keep records of your submission and any related documents for future reference.

Additional Tips: Consult a Tax Professional: If you are unsure about any aspect of the process, get help from a tax specialist. They can offer helpful advice and guarantee that your late return is filed correctly.

Stay Informed: Keep track of any changes to tax regulations or deadlines to maintain compliance and prevent excessive penalties.

Filing a belated return may be daunting, but following these steps will help you navigate the process quickly and ensure that you satisfy your tax responsibilities.

Read also:

How to response defective notice ?

Budget 2024 income tax slab

Old Vs New tax regime which is better ?

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