#can itr filled after 31 july

[financeguidebangalore]

A Comprehensive Guide to Income Tax in India (2024): Everything You Need to Know

Introduction

Income tax is a pivotal component of India’s financial system, serving as a primary revenue source for the government. This guide aims to provide a comprehensive overview of income tax in India for the financial year 2023-24, including its structure, rates, filing procedures, and benefits.

Understanding Income Tax on Income in India

What is Income Tax?

Income tax is a direct tax imposed by the government on the income earned by individuals and businesses. The tax is calculated based on the income slab rates determined by the Tax Department of India. It helps fund various public services, infrastructure projects, and government schemes aimed at the welfare of the citizens.

Who is Liable to Pay Tax?

Individuals: Including salaried employees, self-employed professionals, and freelancers.

Hindu Undivided Families (HUFs): A family consisting of all persons lineally descended from a common ancestor.

Companies: Both domestic and foreign companies operating in India.

Firms: Partnerships and LLPs.

Associations of Persons (AOP) and Body of Individuals (BOI).

Trusts: Including charitable and religious trusts.

How to Calculate Income Tax?

Determine Gross Total Income: Sum of income from all sources – salary, house property, business or profession, capital gains, and other sources.

Claim Deductions and Exemptions: Subtract eligible deductions under various sections such as 80C, 80D, 80G, etc.

Compute Taxable Income: Gross Total Income – Deductions

Apply Relevant Tax Slabs: Apply the applicable tax rates based on the income slab.

Account for Tax Rebates: Apply rebates, if any, such as under Section 87A.

Add Surcharge and Cess: Include any applicable surcharge and 4% health and education cess.

Deductions and Exemptions Income Levy.

Deductions and exemptions play a crucial role in reducing the tax liability of an individual. Some of the common deductions available under the Tax Act are:

Section 80C

Investments in instruments like Public Provident Fund (PPF), Employees’ Provident Fund (EPF), National Savings Certificate (NSC), and life insurance premiums qualify for deductions up to ₹1.5 lakh.

Section 80D

Premiums paid for health insurance for self, spouse, children, and parents can be claimed as deductions. The limit is ₹25,000, which increases to ₹50,000 for senior citizens.

Section 24(b)

Interest on home loan for a self-occupied property can be claimed up to ₹2 lakh.

Section 80E

Interest on an education loan for higher education is deductible without any limit.

Section 80G

Donations to specified relief funds and charitable institutions qualify for deductions.

Filing Tax Returns (ITR)

Step-by-Step Guide to Filing ITR

Gather Documents: Start by collecting necessary documents like Form 16, bank statements, investment proofs, and TDS certificates.

Choose the Correct ITR Form: Determine the appropriate ITR form based on your income sources.

Log in to the Income Tax Portal: Access the e-filing portal of the Income Tax Department.

Fill in the Details: Enter all required details in the selected ITR form.

Verify the Details: Ensure the information entered is accurate by cross-checking it.

Submit and E-Verify: Finally, submit the ITR and complete the e-verification process using methods like Aadhaar OTP, net banking, or EVC.

Due Dates for Filing ITR

Individuals and HUFs: July 31 of the assessment year.

Businesses requiring audit: October 31 of the assessment year.

Revised or belated returns: December 31 of the assessment year.

Penalties for Non-Compliance

Late Filing Fee: Up to ₹10,000 for filing returns after the due date.

Interest on Late Payment: Interest under Sections 234A, 234B, and 234C for late payment of taxes.

Penalty for Underreporting Income: 50% to 200% of the tax due on underreported income.

Benefits of Filing Tax Returns

1. Loan Approvals: ITR receipts are essential documents for loan approvals. 2. Visa Applications: Many consulate offices require ITR copies for visa processing. 3. Claiming Refunds: Filing on time enables taxpayers to claim refunds for any excess tax paid. 4. Proof of Income: Serving as a valid proof of income, ITR is useful for various financial transactions. To Read more - https://blog.poweroffactorial.in/income-tax/

[financelatestnews]

Missed Filing ITR? File Income Tax Return for AY 2022-23 Now

https://www.smfgindiacredit.com/knowledge-center/missed-filing-itr-revised-date-for-ay-2022-23.aspxWe Indians belong to a country that is still developing. To be entirely developed is still a long way ahead. Our government needs money for conducting the welfare of the country. Taxes are considered to be the primary source for most governments. The money collected from taxes is used for the betterment of the country. Activities like building and maintaining the country’s infrastructure, public services, emergency conditions, and more are done with the help of this money. 

Direct tax and Indirect tax are the 2 types of tax under The Income Tax Act, of 1961. Direct taxes are those that need to be paid by the person the same is levied, it cannot be shifted. Some examples that indicate direct tax are income tax and wealth tax. On the other hand, indirect taxes are levied on products and services. Indirect taxes can be shifted from one person to another until finally paid by the ultimate customer. GST, VAT, and service tax are some examples of indirect tax.

We shall focus on direct taxes and that too income tax, paid by individuals like you and me.

Income Tax Returns

Income tax is paid after the income has reached the earning individual’s pocket. Tax collection is a very difficult task and thus the government has set deadlines for the same. You pay income tax returns after 1 financial year if you are an earning individual. The last date for filing income returns for the financial year 21-22 is 31st July 2022 in the assessment year 2022-23. If you do not wish to pay any late fee or penalty, you are advised to file your income tax returns before the due date.

The general last filing date depends on the taxpayer’s category also. As an earning individual has to file ITR on or before 31st July 2022, corporates need to conduct audits and thus can file ITR on or before 31st October 2022. The ITR is filed in the assessment year that is after the financial year has ended.

Revised Date for Filing ITR for AY 2022-23

Taxpayers who have not filed ITR till now or have missed it can file their return till 31 July 2022. Although, there are some costs associated with it due to late filing.

The last date to file ITR for AY 2022-23 was 31 July 2022. But some people have missed it. Now they all can file belated ITRs till 31 December 2022.

For the assessment year 2022-23, below are 3 important dates that taxpayers need to keep in mind.

31st July: ITR filing for individuals and entities that do not require conducting of tax audit and are not involved in any international or specified domestic transactions.

31st October: Businesses that need to conduct an audit need to file their ITR for the year along with the audit report.

30th November: Businesses that require transfer pricing reports need to file their ITR before the said due date.

While filing ITR, here are some of the major pointers:

Taxpayers shall have all their documents handy while filing their returns. The income tax department pre-fills forms, and those too shall be cross-checked.

If you are a person that has multiple bank accounts, ensure you have provided all such information. In case you miss reporting the same, it may lead to penal provisions.

Ensure that the Tax deducted at source (TDS) by your employer is submitted to the income tax department.

The 2 forms involved in the filing of ITR are forms 16 and 26AS. Ensure that both the forms have the same amount of tax payable to avoid inconsistencies.

If you have taken up a personal loan, ensure the same is disclosed. It has become a personal loan for salaried people who can be claimed as a deduction in income tax. Personal loans are costly and thus one shall use a personal loan EMI calculator before taking up the same.

These are some of the points that you shall keep in mind while filing your income tax returns.

Must Read: How Salaried Employees Can Get a Personal Loan in India?

How to File Income Tax Returns Online for Salaried People?

For businesses, such duties are outsourced to different people with the respective industry knowledge. On the other hand, salaried people conduct this activity on their own. Before filing ITR you must know how to file income tax returns online for salaried employees. Thus, below are the steps that can be followed by salaried people to file their income tax returns online:

Open the e-filing portal of the Income Tax Department.

Login or register into the portal. All you need is your PAN card number which serves as a user ID.

Click the e-file section dropdown button and choose “Income tax return.” An ITR form needs to be then downloaded. ITR-1, ITR-2, or ITR-3 are the 3 options salaried employees can opt for.

The filing type shall be “Original” if you are not filing a revised return.

Click on “Prepare and submit online” and then click “continue.”

Fill in all required ITR details such as income, deductions, expenditures, and all. It is advisable to click on “save the draft” to not lose any data filled.

The tax payable shall be computed. (if any tax liability exists)

Confirm the details and click “submit.”

Your screen will prompt about successfully e-filing. You can then verify your returns through modes such as – Aadhar OTP, Bank account number, Net banking, and more modes.

This is how you file ITR for salaried professionals online.

Source URL: https://www.smfgindiacredit.com/knowledge-center/missed-filing-itr-revised-date-for-ay-2022-23.aspx

[igsdc]

Last date for filing belated and amended income tax returns (age 2022-2023)

As the new year is coming we all are planning for the celebration. Before that, one thing that needs to be done is to do your tax work. The last date to file your revised income tax return is 31 December 2022.

As per the income tax laws, if a person has forgotten to file the original income tax return on or before 31st July 2022, then the financial year 2021-22 (AY 2022-23) has been given a chance to file the dues on or before 31st December. If anyone has made any mistake while filling original ITR then you have a chance to make corrections by filing revised income tax return till 31st December 2022.

Late ITR filing process

The procedure for late ITR filing is the same as for filing ITR before the due date. This process of late income tax filing comes under section 139(4) of the Income Tax Act, 1961. Being a late taxpayer a person should take care of these two things. First one has to select section 139(4) in the tax return form and second pay the applicable penalty amount, penalty interest and tax due. A penalty of INR 5000 is applicable on a person not filing due ITR and is under section 234F of the Income Tax Act. However, those paying small taxes with an income of less than Rs 5 lakh have to pay Rs 1000 as penalty. This applicable late fee needs to be paid before starting the process of late ITR filing

Procedure to File Revised ITR

The process is the same as that of filing original ITR, the only difference is that revised ITR is under section 139(5) of the Income Tax Act. Things to remember while filing Revised ITR Section 139(5) of the Income Tax Act, to ensure that the applicable Income Tax Return Form and the original ITR number are to be preserved as applicable while filing Revised ITR form It will be needed. 

File belated ITR for FY 2021-22 (AY 2022-23) by 31st December 2022!

If a taxpayer misses the last date for late ITR filing, then a person has the option of filing an updated ITR. This new option has been announced by the government in the budget 2022. A person can file an updated ITR (ITR-U) even if he has filed the original, belated or revised ITR or has missed the ITR form for a particular income. 

But there are some restrictions while filing updated ITR under certain circumstances. A person can file ITR-U in these cases - if they have missed the deadline or revise their ITR if they have neglected to disclose income earlier. ITR-U cannot be used to declare any loss, get income tax refund or do any other such work.

If a person has filed ITR-U for FY 2021-22 (age 2022-23) within the first assessment year i.e. 1st April 2023 to 31st March 2024 then the person will have to pay an additional tax of 25% on the outstanding tax . But if ITR-U is filed between 1 April 2024 to 31 March 2025, then 50% of the outstanding tax will have to be paid as additional tax.

After filing the income tax return, it has to be verified within 30 days. If it is not up for verification then the Income Tax Department will not process further.  

Be a responsible citizen of India by paying your taxes on time.  IGS Digital Center Limited  Contact us and keep yourself stress free from the hassle of filing your ITR on time. Our services will help your clients to file ITR on time.  

[poonamranius]

ITR फाइल कर चुके हैं तो इन 6 तरीकों से कर लें वेरिफाई ताकि जल्द मिल सके आपके रिफंड का पैसा

ITR फाइल कर चुके हैं तो इन 6 तरीकों से कर लें वेरिफाई ताकि जल्द मिल सके आपके रिफंड का पैसा

ITR Filing Process: असेसमेंट ईयर 2022-23 के लिए 5 करोड़ 82 लाख 88 हजार 962 लोगों ने अभी तक इनकम टैक्स रिटर्न दाखिल किया है। इनमें से 3.01 करोड़ आईटीआर सत्यापित होने की प्रक्रिया में हैं। आईटीआर भरने की लास्ट डेट निकल चुकी है। अब इसे लेट फीस के साथ ही भरा जा सकता है। इनकम टैक्स डिपॉर्टमेंअ की वेबसाइट पर दिए गए आंकड़ों के मुताबिक 10.54 करोड़ इंडिविजुअल रजिस्टर्ड यूजर हैं। असेसमेंट ईयर 2022-23 के…

[humongousdreamerkitten]

ITR Filing After Death: Is it necessary to file ITR even after someone's death? If yes then know who and how to fill itr filing after death: is it mandatory to file itr of a dead person also, all you should know

ITR Filing After Death: Is it necessary to file ITR even after someone’s death? If yes then know who and how to fill itr filing after death: is it mandatory to file itr of a dead person also, all you should know

New Delhi: ITR Filing Last Date is fast approaching. If you do not file ITR by July 31, then you can be penalized. Many times this question comes in the mind of people that if a person dies, is it necessary to file ITR too (ITR Filing of a dead person) or not? The answer is that it is also necessary to file the ITR of the deceased person. Now the question is, who will file the ITR of a person…

[cagmc001]

ITR FILLING IN INDIA

In India, for FY 2020-21 (i.e. Assessment Year 2021-22), filing of Income Tax Return (ITR) is due. In general, the Due Date of filing is July 31, 2021 for non-auditbusiness assesses, and Oct 31, 2021 for audited-business-assesses. Therefore, in most of the cases, generally, July 31 (i.e. presently July 31, 2021) is relevant due date (generally for mostly Individuals). Hence, it is high time and important for all individuals to get ready with all information & documents for the preparation of an Income Tax Return. Some people (for various reasons) do not pay much attention for ITR Filling in India before the due date. Here, it is important to understand that why the ITR must be filed before the due date. Here are certain useful & relevant points, which show the importance of ITR filing by the due date and must be considered for the purposes of filing of ITR before the Due Date: • Levy of Interest Penalty: The very first impact of not filing of ITR by due date is that a Penal Interest @ 1% gets attracted (u/s 234A of the Income Tax Act, 1961 "Act")). This penal interest is charged on Tax Liability Payable, and is charged in addition to normal interest of section 234B of the Act. Hence, non-filing of an ITR, by Due Date, will lead to double interest i.e. one, a normal interest u/s 234B and two, a penalty interest for non-filing of ITR by Due Date. Any person, once misses the due date, awakes very late (i.e. after receiving an IT Deptt Letter or Arising of a need for Loan/Visa/Otherwise) and till that date a big amount of interest gets accrued, which become a burden for assessee at that stage. • Levy of Penalty Fee: U/s 234F of the Act, if ITR is not filed by due date then a late penalty fee needs to be paid which varies from Rs 1,000 to 10,000. Also, there are prosecution provisions in case of non-filing of ITR. • Late ITR Late Refund: If ITR is filed with delay then the ITR will get processed also with delay and the same will lead to late processing of ITR in Refund cases. Hence, assesse will face delay in getting the refund back from the IT Deptt. Here, it is important to understand that most of the assesses (who file their ITR by due date) are used to file their ITR in last 10 days before Due Date. However, if the ITR is filed much before the due date (i.e. 1-2 months before) then the processing of those ITRs will be done first and refund processing shall also happen accordingly on FIFO basis. Hence, in addition to filing ITR by Due Date, filing well before Due Date is important for hereby mentioned reason. • Less Time For Filing of Income Tax Return: As per the latest provisions of the Act, ITR can not be filed after the end of relevant assessment year (even with late fee). Hence, If ITR filling in india is not done by the due date, there will be left very less time to file the ITR. And once the ITR is missed and not filed by the end of assessment year it will lead lots of inconveniences in the form of IT Deptt Notice, Refund loss etc. • Chances of Income Tax Notice as well Scrutiny Notice: In today scenario, through various sources IT Deptt is aware of assessees major financial transactions, property transactions, bank deposits, credit card transactions etc. Also, if any income is earned by assessee, the IT deptt is aware of those transactions through TDS records (i.e 26AS). In these kind of situations, if assesse does not file the ITR by due date and thereafter, the same may lead to some Income Tax Notice from the IT Department (through IT Deptt Compliance Cell or otherwise) and in some cases to Income Tax Scrutiny Notice as well. • Reminders From Income Tax Department: Now, the IT Deptt have full records of assesses. If an ITR is not filed by due date, IT Deptt starts sending communications via emails, sms etc. These communications trouble the assesse. Also, in IT Deptt records, assesse information gets place in defaulter/non-compliant assesse. Hence, for these reasons also, it is very important to comply the Tax Rules (specifically for filing ITR before Due Date). • Carry Forward of Losses Not Allowed: If assesse has incurred some losses during the year (business loss, loss on sale of shares/mutual funds etc) then as per the provisions of the Act same can be carried forward to next years to set off against future year profits. However, if the assesse files the ITR late (ie after due date) then assesse loses the right of carry forward of losses. Hence, in nutshell, for losses ITR, one should be very cautious to file ITR wrt filing of same by due date. Here, it is important to understand that in loss cases, assesse thinks that there is no tax payable, hence, ITR lapses for filing by Due Date, which become a bottleneck in carry forward of losses and the losses lapses. • Importance of Tax Return: ITR is a very important legal document and is very helpful before various authorities and at various places e.g. for VISA purposes, Loan purposes etc. Even in various proceedings in the Income Tax Department, ITR Filing in india(by Due Date) provides lots of strengths to assesses representations. • Prosecution: As per the new provisions of Income Tax Law, intentionally non-filing of ITR (by due date) can lead to initiating of prosecution provisions by the the Tax Authorities. • Foreign Assets: As per the latest Budget (passed by Loksabha & RajyaSabha) i.e. Finance Act 2019, it is proposed that all Resident Assessees, who have foreign assets or financial interest, are compulsorily required to file their ITR whether they have taxable income or not. Here, even in honest assesse cases, through filing of ITR the due needful can be taken care by them, which will avoid unnecessary hassles to them by the Investigation Deptt of Income Tax Office. • Black Money Act: Now, with the passage of Black Money Bill (in relation to foreign undisclosed assets and income) it is very pertinent for Resident Assessees, who have foreign sources of assets and/or income, to file an ITR and take needful timely decisions in relation to disclosure so that harshest penal provisions of this new Act can be minimized or avoided or taken care of. Here, it is important to understand that though as per the provisions of the Act, one has time of one year to file belated returns. For instance, for FY 2019-20, belated returns can be filed till March 31, 2021 (with late fee penalty etc). Though this date is extended upto May 31, 2021 due to covid. However, this should not be considered a tool to sit back and relax as the same may lead to various penal provisions & inconveniences. In the current era, where various new information technologies have been launched by the Tax Department, delay in ITR filing will automatically lead to triggering of various trouble-raising mechanism by the Department. Also, in the light of insertion of new laws (e.g. Black Money Act), ITR filing (By Due Date) is very very important. Also, it is found that once the ITR is not filed by Due Date, assesse even lapses the maximum time available for filing an ITR, and in that case non-filing of ITR leads to non-repairable losses to assesses. It is also very important to understand that ITR should not only be filed by Due Date but should be filed well before Due Date so that last hours inconveniences can be avoided and benefits of early filing are gained. Get your ITR filing in India by CA Goyal Mangal & CO.

https://www.cagmc.com/income-tax-returns-for-individuals/

[allindiaitr]

Income Tax Department Launches 'Lite' E-filing facility for Taxpayers

Income Tax Department has launched the 'Lite' e-filing website to to help taxpayers file returns quickly. And more efficiently. The facility was operationalised on the official portal of the department income tax India efiling login www.incometaxindiaefiling.gov.in.The home page has a new 'Quick ITR Filing' link that users can click on to continue to 'e-Filing Lite', which offers services only for registered e-Filing PAN users

"The Income Tax department is launching 'e-Filing Lite', a lighter version of e-Filing portal with a focus on filing of Income Tax Return (ITR) by the taxpayers," the department said in a public advisory.

Meanwhile, the income tax officials said that a new tab for lite will be provided on the web portal and once the registered taxpayers login efiling website, they will only be provided essential links that enable e-filing of ITRs and Form 26AS. Although, the tax assesse can download pre-filled or XML forms and view their past filed returns. Other regular tabs like e-proceeding, e-nivaran, compliance, work list and profile setting were taken off from the 'lite version' but retained in the standard version of e-filing facility, he said.

As per the tax authority reports, the 'lite' version is aimed to enable easy and quick ITR filing by all categories of taxpayers, the official said. The tax the government extended the due date for filing income tax returns by individuals for the financial year 2018-19 by a month till August 31. Initially, the last date was July 31. The July 31 deadline was set for most individuals and HUFs.

"The Central Board of Direct Taxes (CBDT) extends the 'due date' for filing of Income Tax Returns from July 31, 2019 to August 31, 2019 in respect of the said categories of taxpayers," the finance ministry said in a statement.This extension comes after the government was appealed by many entities to extend the efiling of income tax return date so as to allow sufficient time to tax payers to file their returns.

[taxolawgy123]

Procedure of Income Tax Filing In India

Filing for income tax returns in India can be confusing for some. Since it is a mandatory process this article will explain you the ITR filing procedure under taxation policy in India in the simplest way.

To begin with the basics, an income tax return is the tax form utilized ITR filing with the Income Tax Department. The tax return is normally in a predefined worksheet format where the income figures used to determine the tax liability are transcribed into the documents.

The law states that individual or business that receive income during the year must file ITR annually, whether through regular income (wages), bonuses, interest, capital gains or other sources. Tax returns, of an individual or a business, must be filed by a specific date without any fail.

In any of the subsequent cases, the Income Tax Department has made it compulsory to e-file your Return. Paper returns can only be filed by those who are above 80 years of age. Individuals or HUF whose income does not exceed 5,00,000 INR and who haven’t claimed a refund in the return of income can also file paper returns.

1.   Who is required to file income tax returns?

If you fall in any of the subsequent criteria under Taxation policy in India, then you must file an income tax return:

Less than 60 years of age and your total annual income exceeds 2,50,000 INR.

Senior citizen i.e. 60 years or above and below 80 years of age, and your total annual gross income surpasses 3,00,000 INR.

Super senior citizen i.e. 80 years or above and your total annual gross income exceeds 5,00,000 INR.

A company or a firm, regardless of profit or loss, filing ITR for the financial year is a requirement.

If you are looking forth to claiming a tax refund for the fiscal year.

An Indian citizen and act as a signing authority for any foreign account.

An Indian citizen and maintain an asset or business interest established outside India.

If you have traded equity shares in a company or unit of equity-oriented mutual funds or unit of business trust for more than 2,50,000 INR and have earned tax-exempt long-term capital gains from the same.

If you accept any income earned from the trade of a property which had been held under a charitable or religious trust, political party, educational institution, and any other authority, body or trust.

A foreign company which has been using any treaty benefit on any deal made in India.

An NRI (Non-Resident Indian) but if your cumulative yearly gross income earned or accrued in India exceeds 2,50,000 INR.

File ITR if you are looking for a loan. ITR filings are taken as legitimate income proofs. You will need them while opting for any kind of loan.

If you do not file an ITR even after falling into any of the preceding criteria, you are liable to respective penalties for the error.

2.   Mandatory Filing of Return in case of assets stationed outside India

Furnishing of return is compulsory in case of a person who fulfills the following conditions:

They are ordinary-residents in India or resident in India and is not under the obligation to furnish return u/s 139

Such a person at any time during the P.Y.

Someone who holds, as a profitable owner or otherwise, any asset positioned outside India

Is a possessor of any asset located outside India

However, if an individual is a beneficiary, they wouldn’t be required to file the return of income under this provision, where, `income, if any, resulting from such asset is included in the income of the person referred to above in accordance with the terms of the Income-tax Act,1961

3.   What is the Due Date for Income Tax Filing In India? The fiscal year 2018-19, AY 2019-20

The last day for filing Income Tax Returns for FY 2018-2019 for Individuals is 31st July 2019. 

Taxpayer Category

Tax Filing Due Date – FY 2018-19

Individual

31st July 2019

Body of Individuals (BOI)

31st July 2019

Hindu Undivided Family (HUF)

31st July 2019

Association of Persons (AOP)

31st July 2019

Businesses (Requiring Audit)

30th September 2019

Businesses (Requiring TP Report)

30th November 2019

  4.   Documents Needed for Filing Income Tax Returns

According to the Taxation policy in India 31st July is the final day to file your Income Tax Returns in India in any given financial year. The procedure of Income Tax Filing in India requires some preparation. This is why the Government provides you with four months’ window period to organize all documents like salary/income details, bank statements, previous tax statements, etc.

The procedure varies as per the income earned annually and income source like salary, business profit, investment profit, etc. Collating all your records is just one aspect of it.

Choosing the applicable ITR form

Taxpayers have to determine the appropriate ITR form for them in the AY 2019-20.

Link Aadhaar with PAN

It is compulsory for taxpayers to link Aadhaar with PAN for the AY 2019-20 on or before the filing of income tax returns.

For Salaried Employees

If you are a salaried employee, collect these documents to e-file your income tax returns in India. Go through this list to examine the documents you’ll need to pay your taxes.

PAN

Form-16 issued by your employer

Month-wise salary slips

From the AY 2019-20, it is necessary to gather the data on all taxable allowances received and the amount claimed excluded out of such allowances e.g., house rent allowance, leave travel allowance, etc., and reveal the same in the IT return.

Documents related to interest income

Bank statement or passbook for interest on the savings account.

Interest income statement for fixed deposits.

TDS document issued by banks and others.

Clear Tax automatically gives you tax benefit as per Section 80TTA when you register your income from savings account interest. You would not need every document listed here as they vary on a case-by-case basis.

Form 26AS

Form 26AS is an outline of taxes deducted on your behalf and taxes paid by you. This is given by the Income Tax Department. It shows aspects of tax deducted on your behalf by deductors, information on tax deposited by taxpayers and tax refund collected in the financial year. You can access the form, from the Income Tax Department’s website.

Section 80 Investments

Section 80C investment documents. The investments made under PPF, NSC, ULIPS, ELSS, LIC qualify for deductions under Section 80C.

Documents Required to Claim Expenses as Deductions

Keep these documents ready to claim the following expenses as deductions:

Your supplement to Provident Fund

Your offspring’s school tuition fees

Life insurance premium payment

Stamp-duty and registration charges

Principal repayment on your home loan

Equity Linked Savings Scheme/Mutual funds investment

The highest amount that can be claimed under Section 80C is Rs 1.5 lakhs

Additional Investment Documents

Interest paid on housing loan: Interest on housing loan is qualified for tax saving up to 2,00,000 for a self-occupied house. For let-out property, there is no limit of interest on housing loan qualified for tax saving till FY 2016-17.

From FY 2017-18, the total loss from house property available for set off against other income is bound at 2 lakhs INR and accordingly, interest on housing loan is suitable for tax saving up to 2,00,000 INR for let-out a property as well.

Education loan interest payments.

Stock trading statement: The stock trades that were produced during the year can possibly be taxed under Capital Gain.

 The Procedure for Filing Income Tax Return In India

Every year it is important to file ITR on time as there exists a late filing fee on overdue ITR filing.

One can fill the ITR form online. This step by step guide will help you file your ITR on time at the ease of your house 

Visit the e-filing website: https://incometaxindiaefiling.gov.in/

If you are a first-time user or filing your returns for the first time then click on the ‘New Registration’ tab and register yourself by providing important details and creating your profile and password. While creating your user ID, you must ensure that you have an active e-mail id and mobile number and it is cited correctly.

Communication from the Department

It is essential as communication by the department will be sent on this. You can finish the registration by clicking the activation link sent via an email and providing a one-time password (OTP) which you receive on your mobile. Click on the tab ‘Registered User’ if you have already registered yourself on the website. For any help, one can click on the ‘Customer Care’ tab to get the helpline number and contact the customer care centre.

Next click on the login tab and enter the required details: your User ID i.e. your PAN, password and captcha code. Click on the log-in button at the bottom to sign in.

After signing in, your account dashboard will show up as displayed in the image below. Click on the ‘e-file’ tab and select the ‘Income Tax Return’ option. Please note that the process of filing returns for FY 2017-18 has some new modifications done by the tax department. Therefore, the image has new screenshots.

Next, choose the assessment year, i.e., 2018-19, form i.e. either ITR-1 or ITR-4 and then submission mode – “Prepare and Submit Online”. Click on the tab “Continue”. For example, some screenshots of ITR-1 are provided below.

Here you will also be asked to select the option to verify your returns Three options are provided to verify your returns: a) Via Aadhaar OTP which is valid for 30 minutes, b) Generated EVC option through My Account or Bank ATM that is valid for 72 hours or c) by sending signed copy of ITR-V to, “Centralized Processing Centre, Income Tax Department, Bengaluru – 560500”.

After selecting one of these options, click on “Submit”. You also have a choice to fill your ITR form in Hindi. Select Language “Hindi” if you wish to change your language and then press “Continue”.

The website will redirect you to the page for filling the form chosen by you. Before starting to fill the ITR form, one should read the ‘General Instructions’ given at the start of the form to know do’s and don’ts.

After that, you will have to fill in the necessary data in various tabs i.e. ‘General Data’, ‘Revenue Details’, ‘Tax Details’ ‘Taxes Paid and Verification’ and ’80G’ in the ITR form. One should make sure that the Tax payable shown in the online form is the same as your calculations.

Before finalizing the submission, it is prudent to save the data and recheck it to evade any mistakes. Once you click the ‘Preview and Submit’ button, your form will appear, providing you with a “Preview” of your ITR filing form before completing the final submission.

Once you click ‘Submit’, your ITR will be uploaded. You will have to verify your return using any of the options available.

Click here to know 6 ways to verify your ITR.

For FY 2016-17, people had the choice to submit their ITR by utilizing their digital signature. They can select the option to digitally sign their ITR while submitting data of ITR form using which they want to file their return. However, for FY 2017-18, this option is not on display on the e-filing website when you submit the data.

You can verify your return either electronically using the Aadhaar OTP or Electronic Verification Code method or by the offline method of shipping a signed printout of the ITR V Document to CPC – Centralized Processing Center, Bangalore before 120 days from the date of e-filing.

You will receive an acknowledgement or an ITR V is simultaneously on your registered email once you upload your return successfully. This acknowledgement will also show up in your account on the e-filing website from where you can download it if required.

The department processes your ITR on verification by you. After your ITR is processed, you will be intimated about the same via email and SMS on your registered mobile number.

Consequences of failure to furnish return of income

Mandatory interest for delayed submission or non-submission of return:

Where an assessee files a return of income after due dates prescribed, interest at the rate of 1% for every month of delay in filing the return will be levied u/s 234A. Starting from the date promptly following the due date and ending on the following dates:

Circumstances Ending of the following dates:

Where the return is filed after the due date

Where no return has been furnished at the date of completion of the AY

Fee for default in furnishing return of income:

Where a person who is required to furnish a return of income u/1139, fails to do so within the prescribed time limit u/s139(1), he shall pay, by way of fee, a sum of:

5000 INR if they furnish the return on or before 31st December of the A.Y.

10,000 INR in any other case

However, if the total income of the person does not exceed 5,00,000 INR the fees payable shall not exceed 1,000 INR.

Willful failure to furnish return of income may also attract prosecution u/s 276CC. In case, the tax evaded exceeds 1 Lakh INR, there is rigorous imprisonment for a term of a minimum of 6 months and up to 7 years along with fine.

If individuals do not file the return, then the best judgment will be taken u/s 144.

Conclusion

We hope the complete process explains you everything about taxation policy in India and ITR Filing as per the standard procedure. In case you need legal or financial assistance please feel free to write to us at contact@taxolawgy.com and our experts will be happy to guide you.

[vramaratnam123]

Don’t Delay Filing Your Income Tax Returns

The government gives its taxpaying citizens a window of at least 4 months to consolidate the income details and file the income tax returns every assessment year from 1 April to 31 July for the previous year which ended on 31 March. Since filing your ITR, takes only a few minutes reasonable. Besides paying taxes on time, we must also file the returns by the due date or face consequences.

The Income Tax Department makes it a must for everyone to file an income tax return if your gross total income is more than Rs 250,000 in a financial year (before allowing the deductions under the section 80C to 80U). This limit is extended to Rs 300,000 for elderlies who are past the 60 years old mark but the age is lower than the 80 years old) and the amount increases 500,000 for super-senior citizens ( that is more than 80 years old). However, you can file your income tax returns even if your income is less than the maximum exemption limit. Get help from the best CA firms.

You can file ITR1 through TDS return service with the help of accountants of Chennai, where you need to fill up the income from salary and other sources. Show your salary income under the category of “income from salary” and the income you earn from part-time from “income from other sources. “ An online platform helps us file TDS returns with effortless ease. People are now going for e-TDS as it is a simple procedure. There are many e-TDS filing software that you can utilize. It makes the process of filing TDS returns simple and something that you can rely upon. You can go for Host Books TDS is listed on NSDL as it is an e-TDS service provider. The income tax department has withdrawn, the filing of manual returns.

Ministry of corporate affairs has shaken things up and transform the entire filing process online. The just introduced GST can also be conducted online, starting from the registration process to the returns filing process. Are you looking for reasons to e-file your income tax returns? Check out the below reasons,

1 ) Carry forward of loss When the firm or an individual incurs business losses such as speculative and non-speculative or capital losses (both short-term and long-term) it cannot be shown as an exemption to extend and carry forward last year’s losses. However, a person only benefits if he/she files one’s income tax return.

2) Income tax refund Tax return filing is not merely fulfilling one’s duty towards the nation but to claim an income tax refund.

3) Avoiding penalty Under the section 234F of the Income-Tax Act, if a person fails to file his returns by July 31 then he is supposed to cough up a fee Rs 5000 if the return is furnished before 31st December. The fee would shoot up to Rs 10,000 if it is filed after 31st December. However, it must be noted if the total income of a person does not cross the Rs 5 lakh marker then the money should not cross Rs 1000.

4) Legal sanction to your income The assessees' income must be audited according to the IT Act, the date of filing the return would be 30th September.  If you regularly file your returns you will give a stamp of legal sanction to your income even if you are not supposed to pay the taxes for the year.

5) Your loan would be easily processed You need to submit your income tax returns to process different types of loans such as home loans, educational loans and so on. You need to file your returns to enable the process of any visa. Even some of the credit card companies require your proof of tax returns before providing a card.

6) Registration of immovable property A few states demand that your income-tax return of the last three years must be registered as per the immovable property. Also, a legal sanction pertaining to taxable or otherwise helps you to prepare for the property owned.

Filing income tax return ensures you perform duties as a senior citizen and also ensures smooth governance. Also, it protects the hassles of being served a show-cause notice from the I-T department.

[letscomply]

What are Income Tax Returns?

INCOME TAX RETURNS

Income Tax returns are required to be filed if the gross total income exceeds the basic exemption limit. For the year ended 31st March 2019, the basic exemption is Rs. 2.5 lakhs for an ordinary individual, Rs. 3 lakhs for an individual over 60 years and Rs. 5 lakhs for an Individual above 80 years.

After collecting all the needed documents and verifying all the taxes that are deducted from the income, the total income chargeable to tax is computed. The word gross total income is not the same as the income on which your tax liability is calculated. Gross total income is the income calculated before any deduction under Sections like 80 C, 80 CCC, 80 CCD, 80D,80DD, 80DDB 80E, 80EE, 80G and 80 GGA, 80U and 80 TTA is availed.

In case you are required to file a return as discussed, the due date is July 31. The due date is applicable generally in the case of individual taxpayers. However in case you are carrying on a business and your accounts are required to be audited, the due date gets extended till 30th September. Even for the people who are working partners in partnership firms, whose accounts are audited, the due date is 30th September.

Income Tax Returns

The Income Tax Department has notified various ITR forms for different Taxpayers who are based on the source of Income of different taxpayers. This is done in order to create a simple tax structure in our country. Based on the source of Income, a taxpayer chooses ITR form and file his/her return. The return is required to be filed every year subsequent to the year of Income. Now the details of PAN and Aadhaar card is mandatorily required to be furnished with the department while filing the ITR return. There are various forms like ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7 which is required to be filed by the different Taxpayer. However, it is to be noted that it is not mandatory to file the return by all taxpayers, this is only the certain individual having threshold income more than as prescribed under the Income Tax Act who are required to submit the Income-tax return. The return must be filed before the due date in order to avoid late fees and penalties. Further, aforesaid forms are designed for different taxpayers and it shall be processed by the income tax department accordingly.

ITR FORM 1

ITR Form 1 is a small and simple form for individuals who are having Income upto Rs. 50 lakh through below sources of Income ie., from:

1.   Salary/Pension

2.   House Property

3.   Income from Other Sources

ITR FORM 2

A Taxpayer who is deriving their Income from sources except for form “Profits and Gains from Business or Profession. Hence, one can say that Taxpayer who is earning Income from the following source is required to file ITR Form 2.

From Salary or from Pension

From any Foreign Assets

From House Property

From Capital Gains/loss which can be Short Term or Long     Term

Income from Other Sources

From Agricultural if Income exceeding Rs 5000

Resident not ordinarily resident and a Non-resident

All Directors of any listed and unlisted companies

ITR FORM 3

A taxpayer who is deriving their Income from “Profits and Gains from Business or Profession. Hence, one can say that a Taxpayer who is earning Income from the following source is required to file ITR Form 3.

From House Property, whether single or multiple.

From any Foreign Assets.

From Capital Gains/loss which can be Short Term or Long     Term

If the Taxpayer is a company or carrying out Business     through a firm.

ITR FORM 4

ITR Form 4 is to be filed by individuals or HUFs or Partnership Firm whose total Income includes:

All business income computed in accordance with provisions of Sections 44AD and Section 44AE of the Income Tax Act.

All Income from any Profession computed in accordance with provisions of Sections 44ADA

Income from Salary or from pension but up to Rs 50 lakhs.

Income from One House Property.

Income from Other Sources

ITR FORM 5

The ITR FORM 5 is design for Taxpayer as shown below

Firms,

Limited Liability Partnerships(LLPs),

AOPs & BOIs,

Artificial Juridical Person,

Cooperative society and Local authority, who do not     file the return under section 139(4A), 139(4B), 139(4C), 139(4D)

ITR FORM 6

WHO IS ELIGIBLE TO FILE THE ITR FORM 6

As discussed above, every company which has not claimed any exemption as provided under Section 11 of the Income Tax Act, 1961 can file the ITR Form 6. Hence we can say that if you are a company and has not claimed exemption as provided under the provisions of the Act. It is interesting to notice that the ITR Form 6 do not have any annexure means it is an annexure less form. There is no requirement of any attachment while filling and filing the ITR Form 6.

ITR FORM 7

WHAT IS ITR FORM-7

The ITR Form-7 is to be filed by all taxpayers which includes a Company, any firms, AOP, and also other organizations that falls under the Section 139 (4A), Section 139 (4B), Section 139 (4C) and Section 139 (4D).

Section 139 (4A) of the Income Tax Act, 1961 provides for aforesaid Taxpayers which are getting their Income from any properties involved in religious or charitable purposes.

Section 139 (4B) of the Income Tax Act, 1961 provides for aforesaid Taxpayers which is a Political party. As we know that Political parties are exempted from any levy of tax as provided under Section 13A of the Income Tax Act, 1961 however, it is applicable only if Political party filed the Income tax return in ITR Form-7.

Section 139(4C) specifies following Taxpayers who required to file ITR Form-7.

Any News Agency

An Association involved in Scientific research

All Institutions as categorized under Section 10(23b)     of the Income Tax Act, 1961

Any Associations / Institutions as mentioned under     Section 10(23a) of the Income Tax Act, 1961 and

Various Funds, Universities, Institutions, any     educational institution, and medical institutions including a hospital

Section 139(4D) provides for educational institutions which are not covered above shall file ITR Form 7.

ONLINE/ELECTRONICALLY FILING OF ITR FORM 7:

The ITR Form 7 can be furnished online, for this one needs to login to the account which shall be prepared on the website of Income-tax department and shall be verified. Thereafter, an acknowledgment shall be send to the registered email id of the Taxpayer. The online return can be verified through Aadhaar OTP/EVC. The Acknowledge can also be sent physically through post at the below address:

Income Tax Department

Post Bag No. 1, Electronic City Office, Bengaluru, 560500, Karnataka.

Every year ITR Form 7 has to be filed on or before 31st July of the subsequent year. Thereafter, the late fee shall be levied. Here is a tabular representation of late fees for easy understanding::

Filing Date

If Income is Below 5,00,000/-

If Income is Above 5,00,000/-

31st July 2019

00

Between 1st August to 31st Dec 2019

1,000/-

5,000/-

Between 1st Jan 2020 to 31st March 2020

1,000/-

10,000/-

 LetsComply is a full-service law firm and is the best platform for all your Legal, Finance and Taxation needs. Letscomply is one of the leading law firms in India and having a team comprises of Corporate Lawyers, Company Secretaries, Chartered Accountants, Cost Accountants, IP Attorneys, and Management Experts with rich experience in their respective filed. We believe in long-term alliances for mutual growth.

For More Information and Contact US: https://www.letscomply.com/income-tax-returns-php/

Contact Us:

+91-97-1707-0500    

info@letscomply.com

https://www.letscomply.com/

[neusourcestartupminds]

Statutory Compliance Checklist for LLP Companies

Starting a business and running it is never an easy task. You need a lot of patience, skills, time, determination and very importantly a good amount of money to make it move ahead. There are a lot of formalities, law adherence, GST filings, return filings, registration in various departments and so on. To make your business run smoothly, it becomes mandatory that you follow all these rules and regulations and that you are saved from heavy penalties.

Today, we are going to discuss one such entity i.e. LLP and all the mandatory Annual Compliance for LLP Company.

What is an LLP?

LLP refers to a limited liability partnership. It is one of the business entities which are registered under the MCAs (Ministry of corporate affairs). In order to get registered under LLP, a minimum of two people are required as partners and one out of them should mandatorily be an Indian native and resident. It is the responsibility of both the partners to file the income tax returns, maintain accounts book and file the annual returns every financial year.

Benefits of Limited Liability Partnership

Some of the major benefits that are associated with LLP are as follows:

·        Within two partners, no one is liable to answer for the negligence or misconduct of each other.

·        The business can be directly managed by the partners in an LLP.

·        The limited liability protection is provided by the LLP for all owners.

·        If in case one partner leaves the company, the remaining person can search for a new partner to fill the vacant position.

·        After incorporation of the company, LLP can have as many partners as required.

·        The LLPs have the right to raise the funds from the banks, partners and NBFCs.

Mandatory Annual Compliance for Limited Liability Partnership

All the LLPs that are registered in India need to have the statements of the annual returns and accounts every year. There are three major compliances that are compulsory to be followed:

1.     Filing of the annual return

2.     Filing of ITR

3.     Books of the accounts of the company

Filing annual return

There are two types of annual returns that need to be filed by LLP every financial year. These are as follows:

·        FORM 8

The form-8 consists of a complete statement of solvency and account of the LLP. The form 8 needs to be filed within the first 30 days of the ending of six complete months of the financial year. The financial year ending for the LLPs is set as 31st March.

The form needs to be signed by the partners digitally and must be certified by the auditor or CA or the company’s accountant. The form has information about the LLP assets statement along with the total income and expenditure in the entire year. Form 8 has two types: Part A that consists of solvency statements and Part Bb that has account, income and expenditure statements. If the form is not filed in times, a penalty of 100 RS is charged per day.

·        FORM 11

Form 11 consists of the annual returns. It has details of every partner along with each one’s contribution to the organization. The form 11 needs to be filed within the first 60 days of the ending financial year i.e. on or before May 30 every year.

Filing Income tax

Another important Annual Compliance for LLP Company is filing of the income tax returns if the annual turnover crosses Rs 40 Lakhs. The account books need to get audited by the company CA if in case the capital crosses Rs 25 Lakhs. The last date to file ITR is September 30th every year. If in case the tax audit is not required, the last date is July 31st.

The income tax return has to be filed via FORM-5. This form can be submitted online through the income tax official site or through offline submission. The payments can be made online or through the banks.

Account Books

Proper account books have to be maintained by all the LLPs on accrual or cash basis. Every year, the report needs to be submitted on or before 31st March. The books need to be presented in the office as and when needed. The accounts have to be audited by the company chartered accountant.

These are some of the major Compliance for LLP Company that needs to be adhered to strictly in order to run the business smoothly.

 The NeuSource Startup Minds official the best Business Startup Consultant offer services like Proprietorship Firm Registration, Partnership Firm Registration, GST Registration, Trademark registration, and Compliances services like Startup Compliances Packages, One Person Company Compliance, Partnership Firm Compliance, Annual ROC Compliance, Compliance for LLP, Annual Compliance for OPC and GST Compliances Services.

[hiddennewz-blog]

10 points to check before you file your IT returns

Filling an ITR form is not really difficult. One can actually take care of it all alone. The procedure is quite straightforward. In any case, you have to keep in mind a couple of things before recording the income tax form. Likewise, this year, the I-T office has informed a few new assessment form frames which are appropriate for the monetary year 2017-18. Thus, on the off chance that you are prepared to record your ITR, keep in mind these 10 things before you continue to claim your income tax return.   Select the right ITR Form: Now, there total 7 ITR form and you have to make sure to pick the correct one which will directly depend on your income. If in case, you fail to pick the right UTR form, then your ITR submission will be dismissed by the assessment division.   Furnish individual subtle elements legitimately: Make sure to give correct PAN, Email ID, Contact Number, Bank Account Number and IFSC code precisely to maintain a strategic distance from the dismissal of ITR Filing. In the event that you give the wrong PAN, there will be an information jumble prompting the dismissal of e-documenting.   Mention all wellsprings of pay: Some people avoid mentioning their tax-exempted amounts, however, it is always better to mention both the assessable and non-assessable income. In the event that you don't specify all wage, the duty office calls this 'covering of wage'. You could get an Income Tax Notice for this. So, better to mention both of them.   Claim conclusions under the fitting Section: If you try to claim deductions under the wrong segments, you would arrive up with more assessment liabilities. In the event that you have made ventures wherein you could achieve tax cuts and neglect to specify them when documenting ITR, you pay a higher duty.   Check Form 16 and Form 26AS for any crisscross: Form 26 AS gives subtle elements of TDS deducted by employers and bank, progress charges paid, and even self-appraisal impose. In the event that you are a salaried worker, check pay and expense points of interest in Form 16 opposite Form 26AS for a jumble. Not doing as such could mean paying higher taxes or a lesser discount and in the direct outcome imaginable, an income tax notice for sure.   Your TDS is deducted more than once: This normally happens when you change employment in a Financial Year. Your first business has deducted TDS and stored charges with the duty office relying upon salary earned. The second manager could likewise deduct TDS for the same monetary year, being unaware about the prior tax deduction at your previous company. Share your TDS details with the new employer to maintain a strategic distance from twofold reasonings.   Calculate charge risk precisely: After recognizing the wellsprings of wage, figure assesses obligation precisely. On the off chance that you end with the wrong expense figures, you could get a notice.   Claim a misfortune if any: If you have brought about a misfortune while selling a property, you can claim such a misfortune when recording ITR, the only condition is you do this by the due date. In the event that you miss the due date, the misfortune can't be conveyed forward.   Information on certain predefined ventures: Information on certain predetermined speculations: a) These could be cash deposit which is more than Rs 10 lakhs. b) Mutual Funds in an overabundance of Rs 2 Lakhs. c) Property purchased/sold in an overabundance of Rs 2 Lakh.   File your ITR on time: The remainder of recording your ITR is 31 July, neglecting to do as such, you should pay a fine of Rs 5000. In addition, if you document your ITR after 31st December, you need to pay a fine of Rs 10000. Be that as it may, salaried people whose pay salary is under Rs 5 lakhs, they have to pay a settled fine of Rs 1000. Consequently, one must file their ITR form on time to avoid serious consequences. Read the full article

[yesusefullstuff]

Fill Income Tax Return With This Best ITR app

As soon as we hear the term Income tax returns, we all feel anxious and worried. We imagine an arduous task that is meant to be done and cannot be escaped by any means. Meeting Chartered Accountant and understanding their ‘language’ isn’t everyone’s cup of tea. But one need not worry anymore. Technology like all aspects of our life has also simplified the process of filing ITR. Many ITR apps have been developed by tech-companies that help you file your ITR in a few clicks. An ITR app is definitely more convenient, cost-effective and time saving as well. Though there are many mobile apps on both Android and Apple store that can help you file income tax return. We won’t discuss all ITR apps here and will only talk about Hello Tax, which is simply the best ITR app - income tax return , that has ever rolled out on the stores.

What Makes Hello Tax Best ITR App?

Hello Tax app has the simplest interface of all ITR filing apps. The User interface of this ITR app is extremely intuitive and is very easy to use even for a layman. This results in filing the income tax return within a few clicks. Navigating from one screen is extremely easy on the app

The application developed by New Delhi-based ITech-flow software has got tremendous acclaim in the form of downloads also because the ITR app charges only a meagre sum of RS 125. What can be better for a person to save money as well as time! It’s like icing on a cake.

The application adheres to all the rules and regulations of the Government of India. Hello Tax ensures that your confidentiality is not breached by any means. Thus, it assures you of information security.

Some Amazing Features Of This ITR App.

Quick access to Income Tax Refund Status, Tax Calculator, Income Tax Transaction History, Form 16 Storage etc.

After filing the ITR, one can get details when he/she is going to get back the income tax refund expected by them. Another thing one does not need to worry about is calculation of the Income tax.

One simply doesn’t need to take help of a CA or any other accountant.

So in all, one simply needs to upload Form 16 and within 3-4 clicks, you have filed you ITR. Can anything get easier than this?

So hurry up, download this amazing ITR app and file your ITR ASAP because the last date of filing ITR is July 31, 2018 for individuals and August 30, 2018 for Businesses!

[royvelasco]

How Did I Get My First Ever Tourist Visa With Multiple Entries to South Korea?

Yes, you read it right! Even if it’s your first time to apply, you can easily get a tourist visa with multiple entries to South Korea good for 3 to 5 years!

Update: As of July 1, 2018, The Korean Embassy in the Philippines located in McKinley, Taguig City no longer accepts walk-in applicants for a Korean visa. This should now be done through an accredited travel agency. Please click the link for more details: http://news.abs-cbn.com/news/05/30/18/visa-application-for-korea-now-only-through-travel-agencies

Your love for kimchi, cosmetics, and k-dramas, will finally go to the next level as you can now easily get to South Korea as a tourist. Though unlike our neighboring ASEAN countries, Filipinos need a visa to get to the land of Oppas. I cannot blame you; by just hearing the word visa, I used to get intimidated by it despite of me traveling around the region for quite some time now. I just had a perception of a strict and thorough process when it comes to visa applications.

For first time travelers, a single entry visa with a validity of up to 3 months might be appropriate. It may not give the flexibility the multiple entry visa has but at least it’s enough for now to get us to SoKor. It’ll suffice for our trip that is most probably more or less a week.

First, I will discuss the normal process of getting a South Korean Tourist Visa. Like I mentioned above, you’ll most likely get only a single entry visa valid for three months from the issuance date especially if you’re a first-time traveler.

Step 1: Complete All Requirements.

Listed below are the BASIC requirements and they are all need to be completed upon submission to the embassy.

Application Form

You need to fill out every field in CAPS LOCK and should be readable. Put N/A for not applicable.

You can download the form HERE.

1 35 mm x 45 mm Colored Passport Photo with Plain White Background

Make sure to paste the picture on its designated space on the form. When I was on the embassy, I saw a lot with their pictures attached on the most upper left or right of the form. Some are even just stapled or clipped on the paper. Glue is available there so no need to worry if you haven’t pasted it yet.

Philippine Passport

Must be valid at least 6 months.

Photocopy of Passport Bio Page

This is the page 2 of your passport; the one with your picture and personal details.

Valid Visa/s and Arrival Stamps to OECD Member Countries within the Last 5 Years (If Applicable)

I don’t have any so this is not a requirement for me. But for those who have, it gives you a better chance of getting approved. Click HERE for the list of OECD member countries.

There are additional requirements depending on your employment status. I’ll only be talking about my first-hand experience so this post would basically benefit employees out there. For additional requirements for businessmen, housewives, students and minors, retirees, etc., you can click HERE to be directed to the South Korean Embassy website.

Additional Requirements for Employees:

Original Certificate of Employment (COE)

This needs to be printed on your company’s official letterhead and must contain your position at the company, date hired, salary, office address, HR landline number (cellphone number is not allowed), and HR e-mail address.

Original Personal Bank Certificate

It must include account type, current balance, account opening date, and ADB.

Original or Certified True Copy of Bank Statements / Passbook for the last three months

Photocopy of ITR (Income Tax Return) Form 2316

You can get this from your company’s HR.

Frequent travelers who have travelled as tourist to OECD member countries within 5 years are exempted from submitting ITR.

Copy of PRC or IBP card (if Applicable)

If invited by a Korean National, you must also provide an invitation letter and photocopy of your invitor’s passport or ID card.

On the other hand, if invited by a company in Korea, you must also provide an invitation letter and photocopy of the Korean company’s business permit.

The requirements seem a lot but don’t be overwhelmed as I was only able to complete them in 2 days in exemption of the financial documents. It also depends on your company’s HR if how fast they provide your COE.

Tip: Getting my Multiple Entry Visa

Speaking of the financial documents, I was no longer required to submit them since I availed the BDO Credit Card Promo. It’s through this why I was granted a multiple entry visa valid for 3 years!

If you’re a BDO Gold Credit cardholder like me, you are exempted to submit the financial documents such as bank certificate, bank statements, and ITR. You just need to present a photocopy of your eligible credit card (front only) and the original hard copy of recent Monthly Billing Statement (MBS). For cardholders with electronic Monthly Billing Statement (MBS), you need to get an original copy from the bank. You also need to show the credit card itself on your application.

Multiple entry visa for up to 3 years are provided for BDO cardholders below:

Gold Visa Credit Card

Gold Mastercard Credit Card

Gold UnionPay Credit Card

Gold JCB Credit Card

While it’s 3-5 years for the below BDO cardholders:

Platinum Visa Credit Card

Titanium or Platinum and World Elite Mastercard Credit Card

Gold, Platinum, Cathay Pacific and American Express Charge Cards issued by BDO

Diamond UnionPay Credit Card

Diners Club Premiere

For complete details on this BDO promo, click HERE.

BPI Cardholders are also eligible for this promo. BPI Gold Master Cardholders are entitled for a multiple-entry visa valid for 3 years. BPI SkyMiles Platinum Master Card, BPI Amore Visa Platinum, and Gold BPI Express Teller Debit Cardholders can be granted with a validity of up to 5 years.

Only principal cardholders are eligible for BPI while it’s both principal and supplementary for BDO.

Please do take note though that eligible applicants are not automatically issued a multiple entry visa. Issuance of visa whether single or multiple entry is still subject for approval of the consul in-charge.

The best thing here is that this promo is extended until December 31, 2019!!!

Step 2: Submit your Requirements to the Consular Office.

Once you have completed the applicable requirements, submit them at the Consular Office at 122 Upper McKinley Road, McKinley Town Center, Fort Bonifacio, Taguig City from 8:30AM to 11:00AM only. Please arrive before 10:30AM to allow enough time for processing. Applicants who arrive after 10:30AM may not be accommodated.

No appointment is needed and it’s a first-come first-serve basis. Representatives may file the application on your behalf as long as the required documents are complete.

Take note that the free visa is only good for a maximum of 59 days of sojourn (Mine was 30 days). More than that comes with a fee.

Upon arrival, fall in line near the entrance for your documents to be checked. You will be given a stub indicating your number and assigned window. Windows 1 and 2 are for first-time travelers while Window 3 is for frequent travelers with OECD-member countries visa/s and stamps, and BDO/BPI promo applicants. You just need to wait until your number got called. 

After they review your requirements, a claim slip with a tentative release date for your passport will be given.

I consumed a total of 2 hours for the whole visa application process.

Step 3: Wait for 3-5 Business Days for the Result.

Photography is actually prohibited on the embassy. XD

Releasing is after 3-5 business days from 1:30PM to 4:00PM only; 3 business days for frequent travelers and BDO/BPI promo applicants while 5 working days for first time travelers. Write your complete name and contact number at the back of your claim slip. Fall in line again near the entrance to get a stub and wait for your number.

I only waited for 30 minutes to get my passport with the approved visa attached to it! :)

My Questions/Worries before the Visa Application

I’m just on my 4th month in work and not yet regularized. Do I have a chance?

YES! ‘As long as you have the required details in your COE. 

The BDO/BPI Credit Card Promo exempts applicants in submitting financial documents. Per the Korean Embassy and the bank’s website, it clearly states that we are exempted from submitting Bank Certificate and ITR (Income Tax Return) when applying. How about the Bank Statements / Passbook which were not mentioned?

This actually was my greatest concern. I tried to get an original or certified true copy of bank statements from BDO but I still need to request it from my account’s branch. Good thing, it’s a passbook account so I just brought it with me and photocopied its pages to be sure. Well, it turned out that they didn’t ask for it therefore it’s not a requirement as well.

I have a BDO-issued Blue by American Express. Am I qualified?

I have both Amex Blue and BDO Gold Mastercard but went with the latter since the listed Amex cards are quite vague. It may seem that it is not qualified but it turned out that it is. I know someone who was able to get a multiple entry visa valid for 3 years using his Amex Blue. His agency told him it’s valid otherwise.

DISCLAIMER: All information are accurate as of date of posting. Please visit the Korean Embassy Website for the most updated details or feel free to correct or provide updates on the comment section below.

NOTE: I own all the images used in this blog post unless otherwise stated. Please don’t use these for any purposes, unless you acknowledge the owner. Thank you.

[allindiaitr]

Here's why Govt has extended due date for filing ITR to August 31

After the income tax department has extended the deadline to 31st August from 31st July ‘19’, the taxpayers have now adequate time to file their returns. Reportedly, the extension notice came as a relief for individuals who have been facing multiple snags while filing returns. Meanwhile, as per some tax professionals, the Tax Department has examined and understood the hassle that taxpayers were facing someissues while filing ITR due to changes in the ITR form, utility software, late issuance of form 16 reason because of the extension in Corporate TDS Return filing deadline to June 30, 19 and others.

With the extension in ITR filing, there is no pressure on tax assessee. But this time, the taxpayers should act attentively while filing returns. Likewise, all the information needs to be properly filled so that any legal consequences can be evaded. Avoiding so can land you in trouble and you can get a notice from the income tax department for many reasons. These could include not filing income tax return (ITR) on time, calculation errors, not reporting income correctly or even claiming excessive losses. The move by the tax authority is part of an effort to reduce vagueness in filing returns and to make assessment easier by taking accurate details.

How to claim Income Tax Refund?

Here are the steps with the help of which you can claim income tax refund-

·         The first step is to file your income tax return by log-in to income tax e-filing website.

·         After successfully login-in, you will get acknowledgement number for filing the return online with the digital signature.

·         Income Tax Department will check and process the refund, if any.

·         Mode of payment of refund will be created on the details submitted by you in income tax return file.

·         It can be through ECS (electronic clearing system) or through demand draft /cheque.

·         If you choose to get the refund credit through ECS, it’s important to provide all the necessary details such as bank account number, bank branch and IFSC code appropriately in the income tax return file.

·         If you choose to receive the refund through demand draft or cheque, it will be sent to your address which you’ve mentioned in the ITR file.

·         Generally, it takes about 3-6 months to get the refund from the date of e-filing of income tax return.

·         In case youhave paid in excess, then the extra amount paid has to be claimed as refund separately.

·         It’s important to ensure that the excess tax paid reflects in your Tax credit statement Form 26AS to get the tax refund.

[allindiaitr]

Hurry up! Just a few days left to File Income Tax Return for the FY 2018-19

As only nine days left for the income tax return filing and the clock is ticking for taxpayers who are still waiting to file their income tax return for the assessment year 2019-20. Generally, if individuals would not fileincome tax return will be responsible to pay penalty for not filing ITR before the deadline. Therefore, to avoid a last-minute rush, it is necessary to pay your taxes on time or before 31st July ’19’.

With the due date hovering around, the central board of Taxes has been continuously notifying the updates to make taxpayers aware and support them go through a seamless filing process without facing any last-minute glitches. Meanwhile, the income-tax authority has been saying to all taxpayers across India that delaying in ITR is something that one should always evade. The department said, “File your income tax return on or before July 31.” Adding the department also emphasized that, “Avoid Last Minute Rush!”

How to file Income Tax Return Online-

Online filing is one of the easiest process to get your return filed without stressing yourself. Simply, the process depends on the source of your income, for this, you have to put details in different forms for your income tax, hence, this is important that you file Income tax return accurately with the correct form. There is a total of seven ITR form that will be filed according to the eligibility of the taxpayers. Like, if you're getting income from salary, pension, or from interest on investment need to fill-up the form ITR 1. Simultaneously, if you are earning income from capital gains or house or property and other sources, you have to fill-up the form ITR-2 and so on. Thus, one should be careful when it comes to filing ITR.

For the online process of ITR filing, you first have to log in to income tax department e-filing login portal. Download the returns software available on the website. Keep all your income details and documents with you which includes your income, deductions and Form 16.

In case you've already operated online software, you can log in and pre-fill some of the fields on the form by clicking on ‘Pre-Fill’ option. Make sure that you are entering correct details so that form could be completed. After you have filled out all information, click on the calculate button, although you also take help of the income tax calculator to find out your tax liability. The final amount is either refundable to you or payable by you. If it is owed, make the payment immediately and fill in the details in the returns form. Save and generate the tax return file on your computer. Visit the income tax website and log in using your ID. Once logged in, you can upload your ITR and submit the same.

Once you submit the ITR file, the ITR-V form will be generated. Tax assesses can choose to digitally sign it and complete your ITR process or print out the ITR-V form, sign it and send ITR V to CPC Bangalore address by post.