#how to file income tax return

[cadeveshthakur]

How to file ITR1 AY 2024-25| Offline utility ITR1| Income Tax Return 2024-25 Step-by-Step procedure

[bitchesgetriches]

Screw Up Your Taxes? Here’s How To Get Out of Paying Tax Penalties

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[techalertr]

How to File Your Income Tax Return for Free (2023-2024) | TDS Claim | इनकम टैक्स फाइल करना सीखें Watch video on TECH ALERT yt https://youtu.be/7_EfiRYR2Wg #TechAlert #howto #shorts #technology #youtubeshorts #instagram #reels #reelsinstagram #reelsfb #reelsvideo #reelsviral #viralreels #youtuber #shorts #youtubeshorts #bhfyp #instalike #l #instadaily #likeforfollow #picoftheday #followers #smile #likeforlike  #shorts #Youtube #reelsinstagram  #shorts #youtube #incometax

[rynofpentacles]

Quick PSA since T*rboTax is getting worse and more predatory by the year—people with low-ish income (under $60k) qualify for free federal filing, and many for free state (AR, AZ, DC, GA, IA, ID, IN, KY, MA, MI, MN, MO, MS, MT, NC, ND, NT, OR, RI, SC, VA, VT, AND WV are free if you meet the qualifications for free federal) through TaxSlayer.

It's not quite as easy as T*rboTax, you have to input everything from the documents manually, which is initially intimidating, but it's really not that hard. Not only am I not paying $70 to TT for the privilege of filing my taxes, I'm getting back like $100 more than TT on top of that. And this year is rough for tax returns, we need all we can get.

https://freefile.taxslayer.com

[taxblgs]

At Taxring.com, we offer a wide range of expert tax and business services designed to support your financial and regulatory needs. Our seasoned professionals provide precise ITR filing, efficient GST registration and GST filing, and thorough audit services. We also assist with company registration and a variety of other essential business functions. Whether you’re an individual or a business, Taxring.com is your go-to partner for navigating complex tax regulations and ensuring compliance. Trust us to simplify your financial processes and help you achieve your business goals with confidence.

[fazcinatingblog]

So she was in a bad mood today (who knows why, could be perioding) so when the accountant drove her home, she either would've spent the whole drive ranting about me and Maya how we don't do any work OR lamenting on how rude she was to us and that she feels bad and--- LAURA SHUT UP AND GO TO SLEEP STOP OBSESSING OVER YOUR BOSS

[amarugujarat]

ITR ફાઇલ કર્યા પછી પણ રિફંડ મળશે નહીં, નિયમો બદલાયા, જુઓ સંપુર્ણ માહિતી

ITR નાણાકીય વર્ષ 2022-23 (આકારણી વર્ષ 2022-23) માટે ભરવામાં આવી રહી છે. આવકવેરા તરફથી ITR (ઇન્કમ ટેક્સ રિટર્ન) ફાઇલ કરવાની છેલ્લી તારીખ 31 જુલાઈ નક્કી કરવામાં આવી છે. જો તમે હજુ સુધી તમારું ITR ફાઈલ કર્યું નથી, તો આ કામ સમયસર પૂર્ણ કરો. જો તમે મોડું કરો છો તો તમારે દંડ ભરવો પડી શકે છે. જો તમે છેલ્લી તારીખ પહેલા ITR ફાઇલ કરો છો તો તમારે છેલ્લી ક્ષણે ચિંતા કરવાની જરૂર નથી. ITR રિફંડ એકથી ચાર…

[queerholmcs]

every time i have to convert my income to USD it's like. what is this. this is ridiculous. how am i living off this.

[cadeveshthakur]

How to file ITR-1 AY 2024-25 New changes in ITR-1 FY 23-24 #shorts #viral

[techalertr]

ITR 3 | How to file Income Tax Return | Claim TDS | Vocational Trainers Watch video on TECH ALERT https://youtu.be/MoU8CdH1maU

#techalert #howto #windows #technology #technical #games #gaming #onlinegaming #slowroads #tipsandtricks #tricks #free #love #audio #video #instagram #fbreels #reelsfb #installation #virals #trend #trendingreels #tipsandtricks #IncomeTax #ITR #itr3

[onlineaccountingcourses]

How to file the previous year's Income Tax Return

Individuals are required to Filing ITR Online on or before July 31 of each fiscal year, by the rules established by the Income Tax Department. For instance, you must file your income tax returns by July 31 or earlier for the Financial Year 2018–19, which ends on March 31, 2019. Here, we go through how to submit back-year income tax returns if you forgot to do so.

Filing the previous year's income tax returns

According to the 2016 modification to the Finance Act, delayed IT returns may be filed at any time up until one year following the conclusion of the relevant assessment year.

What should you do if you receive a late payment notice?

You can prepare your tax returns appropriately and submit them to the department if the income tax department issues you a late payment notice instructing you to file the returns that date back more than two financial years. When they receive an IT notification, taxpayers are required to file previous years' returns. The window of time for submitting a revised IT return has been shortened starting of AY 2018–19. Before the end of the corresponding AY, you must make any necessary adjustments to the original, such as fixing any mistakes or omissions. Up to AY 2017–18, a revised return may be filed up to one year after the end of the relevant AY.

What drawbacks are there to submitting IT returns after the fact?

Sections 234A, 234B, and 234C require you to pay interest when filing an IT report after the deadline. A fee of Rs 5,000 will be assessed under Section 234F if the It returns are submitted on or before the 31 March of the relevant AY. The penalties will increase to Rs 10,000 beyond this time.

How should the late returns be filed?

A clause in the Finance Act 2016 modification allows for the filing of IT returns after the taxpayer has missed the deadline or how to file ITR Online. Only in certain circumstances is it permitted to file the missing tax returns. If the IT department determines that your request is legitimate, based on some genuine circumstances, and that a refund is required owing to an excess tax deduction, TDS, advance tax, or self-assessment tax, they will approve it.

Within six years of the assessment year's end, delayed IT returns for earlier years may be filed. For instance, if you missed it, you have until March 31, 2019, to file your IT taxes. For instance, if you haven't paid your tax for the fiscal year 2017–2018, you must do so in addition to any relevant interest under Sections 234A, 234B, and 234C.

You will receive a letter from the IT department requesting that you submit the ITR if you have paid your taxes on time but have not yet filed your returns. In this instance, you will be required to pay a penalty of Rs. 5,000. Penalties, penalties, or even prison time may be imposed for failing to submit the ITR by the deadline.

[taxblgs]

WHAT IS INCOME TAX RETURN: MEANING AND PROCESS OF FILING ITR

Missed the ITR deadline? Don't worry! You can still file your Income Tax Return before December 31st, 2024, with a belated return. Need help? Contact us, Taxring experts, and we'll guide you through the process. Avoid penalties and file your belated return with ease. Reach out to us today!

What is ITR : Income tax return

An Income Tax Return (ITR) is a document individuals submit to India's Income Tax Department, detailing their income and tax liabilities for a specific financial year, spanning from April 1st to March 31st of the following year. Income sources may include salary, business profits, property sales, dividends, capital gains, and interest. Any excess tax paid results in a refund issued by the Income Tax Department.

UNDERSTANDING ITR FORMS: TYPES OF ITR

Navigating the world of tax forms can be daunting, but knowing which Income Tax Return (ITR) form to use can make the process much smoother. Here’s a clear and easy-to-follow guide on the seven ITR forms available in India, so you can file with confidence:

- ITR-1 (Sahaj): Ideal for Indian residents earning up to Rs 50 lakh from salary, a single house property, or other sources. This form isn’t for Non-Resident Indians (NRIs). If you're a salaried employee, just upload your Form 16 to the Cleartax Portal for a hassle-free filing.

- ITR-2: Suited for individuals and Hindu Undivided Families (HUFs) with income from salary, multiple properties, capital gains, or other sources—excluding business income. NRIs with these income types should also use this form.

- ITR-3: Designed for individuals and HUFs who earn income from a business or profession. This includes salaried individuals with side incomes from trading or investments. Report income from various sources including salaries, house property, capital gains, and business.

- ITR-4 (Sugam): For individuals, HUFs, and partnership firms opting for the presumptive taxation scheme. Use this form if your business turnover is up to Rs 2 crore or if you're a freelancer with a turnover up to Rs 50 lakh.

- ITR-5:Applicable for partnership firms, Limited Liability Partnerships (LLPs), Association of Persons (AOPs), and Body of Individuals (BOIs). Report business and other income using this form.

- ITR-6: For companies to report their income from business and other sources. This form helps companies comply with their tax obligations.

- ITR-7: Used by companies, associations, and trusts claiming tax exemptions under various sections of the Income Tax Act

Selecting the correct ITR form ensures you file accurately and stay compliant with tax regulations. For a smoother filing experience, make sure to choose the form that matches your income type and source.

IS FILING ITR COMPULSORY?

Filing your Income Tax Return (ITR) is compulsory if your earnings exceed the government's tax-exempt threshold. Failure to file on time can result in penalties and may hinder future endeavors such as securing loans or visas.

Filing your Income Tax Return (ITR) is mandatory if your income exceeds the tax-exempt threshold set by the government. Late filing may incur penalties and impact future financial transactions like loan applications or visa approvals.

WHO IS REQUIRED TO FILE ITR?

Individuals under 60 must file if their annual income exceeds Rs. 2.5 lakhs; for senior citizens (60-79), the threshold is Rs. 3 lakhs, and for super senior citizens (80+), it's Rs. 5 lakhs.

process of identifying individuals and entities mandated to file income tax returns, we can create a simplified checklist

1. Individuals    - Below 59 years      - Annual income exceeding Rs. 2.5 Lakhs.    - Aged 60 to 79      - Annual income exceeding Rs. 3 Lakhs.    - Aged 80 and above:      - Annual income exceeding Rs. 5 Lakhs.    - Possession of assets or financial interests abroad.    - Non-Resident Indians (NRIs) earning above Rs. 2.5 Lakhs.

2. Enterprises    - Registered companies with any yearly income.    - Companies outside India availing treaty benefits on domestic transactions.3. Specific Cases    - Individuals seeking refunds on excess income tax or deducted tax.

Streamlines the criteria based on age, income range, international financial interests and specific scenarios. This increases clarity and ease in determining the obligation to file income tax returns.

Documents required to file ITR?

To optimize the presentation and readability of the list of common ITR documents required for filing in FY 2023-24 (AY 2024-25):

1. PAN Card: Essential for tax filing, linked with bank account for refund purposes.

2. Aadhaar Card: Required as per Section 139AA of the Income Tax Act. Mandatory for verification and linking with PAN.

3. Form 16: Details salary and TDS deducted by the employer. Comprises Part A and Part B, crucial for salaried individuals.

4. Bank Account Details: All active accounts' details including bank name, account number, IFSC code. One account to be designated as primary for tax refunds.

5. Form 26AS: Annual tax statement reflecting taxes deposited against PAN. Includes TDS details from employers, banks, and other sources.

6.Home Loan Statement: Provides details of principal and interest repayments, necessary for deductions.

7. Tax Saving Instruments Proof: Documents related to investments in tax-saving schemes like ELSS, PPF, etc., for claiming deductions under Section 80C.

8. Capital Gains Details: Documents related to the sale of assets like shares, securities, or property, necessary for reporting capital gains or losses.

9. Rental Income Documents: For individuals earning rental income, including rent receipts and lease agreements.

10. Foreign Income Documents: Necessary if earning income from foreign sources, to claim tax credits and benefit from Double Taxation Avoidance Agreements (DTAA).

11. Dividend Income Documents: Statements or summaries from brokers or Demat accounts reflecting dividend income earned from investments.

This optimized list presents the essential documents required for filing Income Tax Returns, aiding taxpayers in understanding their obligations clearly and efficiently.

WHY SHOULD  FILE ITR?

Filing your Income Tax Return (ITR) is not just a legal obligation—it’s a smart move for several reasons. Here’s why you should make it a priority:

1. Legal Requirement:It’s mandatory for individuals falling within taxable income slabs and for companies or firms, regardless of their financial outcomes.

2. Claim Tax Refunds:Filing allows you to claim any eligible tax refunds you might be due.

3. Carry Forward Losses: Report losses under any income head to carry them forward and offset future gains.

4. Facilitate Loans and Visas: A filed ITR is often required when applying for loans or visas, serving as proof of income and financial stability.

5. Manage Foreign Assets: If you’re an Indian resident with financial interests or assets abroad, filing ensures compliance with foreign asset reporting requirements.

6. NRI Income: NRIs with income from Indian sources must file to ensure proper tax treatment of their earnings.

7. Trust and Charity Reporting:Income from property held under trusts or for charitable purposes requires ITR filing for transparency and compliance.

Filing your ITR not only keeps you compliant but also opens doors to financial benefits and opportunities. Make your filing effortless and efficient—choose a user-friendly platform like Taxring to get started!

HOW TO FILE ITR ONLINE - STEP BY STEP GUIDE TO EFILE INCOME TAX RETURN FOR FY 2023-24 (AY 2024-25)

An Income Tax Return (ITR) is a vital document for taxpayers, encompassing income, expenses, tax deductions, investments, and taxes. The Income-tax Act, 1961 mandates its submission under various circumstances. Yet, filing isn't solely tied to income; it serves purposes like carrying forward losses, claiming refunds, or meeting requirements for visas, loans, or insurance.

HOW TO FILE ITR ONLINE  ON INCOME  TAX PORTAL 

HOW TO FILE ITR WITH TAXRING EXTERT?

File Your ITR with Taxring: Benefits and Process

Taxring offers a streamlined and efficient way to file your Income Tax Return (ITR) online. Here’s how Taxring simplifies the process, its benefits, and a step-by-step guide to get started.

Benefits of Filing ITR Through Taxring

1. User-Friendly Interface:    Taxring’s intuitive platform makes the e-filing process straightforward, even for those unfamiliar with tax filing.

2. Accuracy and Compliance:    With Taxring, you benefit from automated calculations and checks to ensure your return is accurate and compliant with current tax laws.

3. Expert Assistance:    Access professional support and guidance from tax experts to help you with complex tax situations and optimize your returns.

4. Secure Filing:    Taxring prioritizes your data security, ensuring that your financial information is protected with the highest standards of encryption.

5. Time-Saving:    Efficient filing processes and automated features help you complete your ITR quickly, saving you valuable time.

6. Error-Free Submissions:    Automated checks reduce the likelihood of errors, minimizing the risk of delays or penalties.

By choosing Taxring for your ITR filing, you’re opting for a hassle-free, efficient, and secure tax filing experience. For more details and to start the process STEPS OF THE PROCESS

 Choose Your Tax Filing Package: Select the tax filing package that suits your needs and preferences.

 Fill Income Tax Filing Form: Complete the income tax filing form with your relevant financial information.

 Upload Required Documents: Easily upload the necessary documents to support your tax filing.

 Make Online Payment: Securely complete your payment online for the chosen tax filing package.

 Review Your Tax Filing Documents: Take a moment to review all your tax filing documents for accuracy and completeness.

 Provide Tax Return Draft Before Filing: We'll provide you with a tax return draft for your review before finalizing the filing.

 Tax Optimization for Maximum Refund: Our experts will assist in optimizing your tax filing to minimize liability and maximize refunds.

 Assistance with Tax Payments: If you owe taxes, we'll guide you through the payment process seamlessly.

 Expert Guidance and Verification: Expect a call from our tax filing experts for any additional details or documents required. We'll also assist with OTPs for verification or password reset.

 ITR-V (Acknowledgement) Sent to Registered Email ID: Upon successful filing, the ITR-V acknowledgment will be promptly sent to your registered email ID.

By following these streamlined steps, you can navigate the tax filing process with ease and confidence, ensuring compliance and maximizing your returns.

Read also 

Missed 31 july 2024 ITR last date - Learn here how to file your ITR after deadline

What is Revised return and How to file under section 139 (5)

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What is Old and New Tax Regime?

What is income tax audit under section 44Ab?

Understanding capital gain taxes in india

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[allthecanadianpolitics]

On Thursday, Canada’s fiscal watchdog outlined how an automated tax filing system would benefit some Canadians, particularly those in low-income and vulnerable households who have never previously filed a return, or might have gaps in their filing histories. According to a 2020 study(opens in a new tab) conducted by two Carleton University professors, between 10-to-12 per cent of Canadians do not annually file their returns and might, as a result, miss out on benefits they're otherwise entitled to. The PBO revealed that if the automated system were to roll out now, eligible taxpaying households would receive more than $1.6 billion in benefits this current fiscal year. In five years, it will reach $1.9 billion.

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Tagging: @newsfromstolenland