#income tax filing process

[heyitsphoenixx]

.

[pavitrapavi]

KVR TAX Services is the Udyam Registration services in Hyderabad. Apply now for the new udyam aadhar registration, in Gachibowli, Flimnagar, Kondapur, Lingampally.

[paisainvests-1]

How Income Tax Return Online Filling

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

Why File Your Income Tax Return Online?

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

Convenience and Accessibility

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

Accuracy and Efficiency

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

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

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

Step 1: Gather Necessary Documents

Step 2: Register or Login into the Income Tax Portal

Step 3: Select the Appropriate ITR Form

Step 4: Fill in Your Personal Details

Step 5: Provide Income Details

Step 6: Claim Deductions and Exemptions

Step 7: Review and Verify Your Return

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

Step 8: Submit Your Return

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

Step 9: E-Verify Your Return

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

Common Mistakes to Avoid

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

Incorrect Personal Information

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

Misreporting Income

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

Not Claiming All Deductions

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

Benefits of E-Verifying Your Return

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

Faster Processing

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

Reduced Chances of Manual Errors

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

Conclusion

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

By Paisainvests.com

[bhavishyafinancenu]

What is Income Tax Return (ITR): Know your ITR Status Manual

Income Tax Return (ITR) is a document that is filled out by the taxpayers of India in order to provide the details of the Income Tax Department. Income tax returns need to be filed by entities and employers that receive over the set threshold of the government for exemption. This facilitates the operations of checking transactions and enables the government to monitor and collect taxes more efficiently They are legal obligations that every earner of a specific kind of revenue and the filing of the income tax returns cannot be avoided.

[psrcompliances]

ITR Filing Online Process

File your income tax return (ITR) online hassle-free. Our streamlined process at PSR Compliance ensures accurate and timely submissions. Simplify tax compliance, maximize refunds, and avoid penalties. Trust us for efficient ITR filing.

To learn more about the ITR Registration process, documents, and fees you can simply visit our blog page.

https://www.psrcompliance.com/blog/step-by-step-guide-to-itr-filing-and-income-tax-return

[thetaxguyin]

The Delhi High Court has shed light on the extended review period for Income-Tax (I-T) assessments

In a landmark ruling, the Delhi High Court has shed light on the extended review period for Income-Tax (I-T) assessments, offering clarity to taxpayers and practitioners alike. Justices Rajiv Shakdher and Girish Kathpalia emphasized that the 10-year review period applies only in cases where the estimated undisclosed income exceeds Rs 50 lakh. They clarified that in “normal cases,” no notice…

[companyshurukaro]

12a and 80g Registration - Process, Documents

Introduction

12A and 80G registration are two important tax registrations for Indian charities that allow them to access certain exemptions from the Income Tax Act. 12A allows a charitable institution to be eligible for exemption from income tax while 80G permits donors of such organizations to claim deductions on their donations. These registrations provide several advantages such as allowing organisations to avail various kinds of tax benefits, risk mitigation and compliance with legal requirements. The process of obtaining these registrations is both time-consuming and tedious but it is essential in order to ensure smooth functioning of the organization. With this guide, we aim to make the process easier by providing step-by-step instructions on how to apply for 12A or 80G registration as well as details about its various benefits.

Requirements for 12A Registration

Eligibility Criteria for 12A Registration: In order to apply for a 12A registration, the organisation must be a charitable or religious trust/society registered under the Indian Trusts Act of 1882 or any other law that applies in India. Furthermore, it should have been set up with an intention to promote charitable activities and not be engaged in carrying out any commercial activity.

Registration Process: After submitting all relevant documents along with your application form, you will receive an acknowledgement letter from income tax department confirming that your request has been received. You will then need to submit Form 10G which is used by IT department officials to inspect your organization’s premises before they can grant approval for taxation purposes. Once this step is completed successfully, you will receive an official letter granting permission for availing exemption from income tax under Section 11(

(a) as per Rule 21AAB(. This document must be renewed every 5 years in order to continue enjoying exemptions provided under Section 11((a).

Requirements for 80G Registration

Eligibility Criteria for 80G Registration: In order to be eligible for an 80G registration, the organisation must be a charitable or religious trust/society registered under the Indian Trusts Act of 1882 or any other law that applies in India. Furthermore, it should have been set up with an intention to promote charitable activities and not be engaged in carrying out any commercial activity.

Registration Process: After submitting all relevant documents along with your application form, you will receive an acknowledgement letter from income tax department confirming that your request has been received. You will then need to submit Form 10B which is used by IT department officials to inspect your organization’s premises before they can grant approval for taxation purposes. Once this step is completed successfully, you will receive an official letter granting permission for availing deductions under Section 80G(

(vi) as per Rule 11AAB(. This document must be renewed every 5 years in order to continue enjoying deductions provided under Section 80G((vi).

Required documents for 80G & 12A registration online?

The details & documents required for 80G & 12A registration are-

The applicant's Income Tax Portal login ID and password

A copy of the applicant's PAN card 

The applicant's contact information (mobile number and e-mail ID)

Nature of the applicant's activity 

Copy of the applicant's registration certificate 

Trust deed along with the applicant's MOA

List of the applicant's items or modified objects, if any

The details of DARPAN registration, if the applicant is registered on the DARPAN portal; 

The details of FCRA registration, if the applicant is registered under this Act.

Settlor/trustee/members of the trust/charitable institution details such as PAN, Aadhar number, address, mobile number, and e-mail ID 

Financial statements since foundation/previous three years

A self-certified copy of any existing registration under Section 80G, if any

A self-certified copy of any existing registration under sections 12A, 12AA, or 12AB, as applicable.

Benefits of 12A and 80G Registration

Tax Benefits: The 12A and 80G registrations provide several tax benefits to registered organisations. The 12A registration allows the organisation to avail exemptions from income tax, while the 80G registration permits donors of such organisations to claim deductions on their donations. This means that donors can reduce their taxable income by the amount they donate which in turn reduces their tax liability. Additionally, it also helps in attracting more donations as many people are willing to donate if it gives them a financial benefit or advantage.

Risk Mitigation and Advantages of Compliance: These registrations ensure that all activities undertaken by the charitable organization are compliant with legal requirements. As a result, not only does this help mitigate any potential risks associated with non-compliance but also provides assurance to stakeholders about the legitimacy of its operations and activities. Furthermore, having these registrations is important for building trust among donors which can be beneficial for fund-raising efforts as well as increasing visibility and credibility for an organization within its respective sector or industry.

Process of Filing Returns

The process of filing returns is an important aspect of the taxation system and it must be done timely in order to avoid any penalties or legal hassles. As such, it is essential to understand the various documents and requirements needed for filing returns as well as the deadlines associated with them.

Required Documents: Depending on your tax slab, you will need to submit certain documents along with your return form which are required for verification purposes. These include proof of income such as salary slips, bank statements/passbooks indicating investments made throughout the financial year, details about capital gains from sale of assets etc. Additionally, if you have received any reimbursement from your employer then you will also need to provide relevant receipts and bills in order to claim deductions under section 80C or other applicable sections.

Submission of Returns: Once all necessary documents are collected, they can be uploaded onto the e-filing portal provided by Income Tax Department (ITD) where one can file their taxes electronically using a digital signature. Alternatively, individuals may also opt for manual submission where they must fill out Form 2A or Form 3CA depending on their status and submit it at their respective ITD office within due date i. e 31st July every year (for both salaried employees and self-employed individuals).Deadlines for Filing Returns: The deadline for filing returns varies according to different categories; salaried employees must do so before 31st July while those who fall under presumptive tax scheme have until 30th September every year. Furthermore, taxpayers who receive income from sources like house property rental income should file their return either on or before 31st March after end of assessment year whereas those earning foreign remittances need not file unless there’s a specific requirement mentioned in law books applicable in India (such as Section 115E).

The Impact of 12A and 80G Registration

The 12A and 80G registrations have a positive impact on charitable organisations as they provide several tax benefits to registered organisations. Firstly, the 12A registration allows the organisation to avail exemptions from income tax, while the 80G registration permits donors of such organisations to claim deductions on their donations. This means that donors can reduce their taxable income by the amount they donate which in turn reduces their tax liability. Additionally, it also helps in attracting more donations as many people are willing to donate if it gives them a financial benefit or advantage.

Furthermore, these registrations ensure that all activities undertaken by the charitable organisation are compliant with legal requirements. As a result, not only does this help mitigate any potential risks associated with non-compliance but also provides assurance to stakeholders about the legitimacy of its operations and activities. Moreover, having these registrations is important for building trust among donors which can be beneficial for fund-raising efforts as well as increasing visibility and credibility for an organization within its respective sector or industry.

Finally, registering under 12A and 80G makes filing returns easier since all necessary documents can be uploaded onto the e-filing portal provided by Income Tax Department (ITD). This eliminates time consuming paperwork associated with manual submissions making filing taxes much faster and efficient process than before thus saving valuable resources like money & energy while eliminating potential errors due to manual entry of data into forms etc.

Conclusion

In conclusion, it is evident that registering an organization under 12A and 80G can provide a wide range of tax benefits to both the charity itself as well as donors. It helps in promoting charitable activities by providing exemptions from income tax while also allowing donors to claim deductions on their donations thus reducing their overall taxable income. Moreover, having these registrations ensures compliance with legal requirements which not only helps avoid potential risks associated with non-compliance but also builds trust among stakeholders regarding the legitimacy of its operations and activities. In addition, filing returns becomes easier due to the availability of e-filing portal provided by ITD making taxation process faster and efficient than manual submissions. Therefore, it is important for all organizations involved in charitable activities to register themselves under 12A and 80G registrations in order to avail these benefits.

[sffgtrhyjhmnzdt]

Best Accounting and Tax Services Providers in Madhapur Hyderabad.

[eazystartups]

Before the Registrar accepts your registration application, you are required to adhere to certain guidelines. For Best Trademark Registration Process Online, contact us.

[starlithunter]

PSA

If you are in the US and do your taxes, use the official IRS site for free filing!

Many companies will advertise free filing and then claim you have deductions or needs that require their paid solutions, and they will not tell you until the end of the process when you are exhausted and want it to be over. These ones are fully free and approved by the IRS!

Save yourself money and stress.

[pavitrapavi]

Streamline Your Business with KVR TAX: Your Go-To Partner in Hyderabad

Starting and managing a business in Hyderabad involves several critical steps, from registration to tax filing. Navigating the complex regulatory landscape can be overwhelming, but with the right guidance, it becomes a seamless process. At KVR TAX, we specialize in offering comprehensive solutions for all your business needs, including gst registration certificate in hyderabad, income tax filing in Hyderabad, and much more.

Goods and Service Tax Registration in Hyderabad

One of the primary requirements for any business in India is the goods and service tax registration in hyderabad. GST is a crucial tax that every business dealing in goods or services must comply with. Our team at KVR TAX ensures a smooth and hassle-free firm gst registration process in hyderabad. From understanding the legal requirements to completing the paperwork, we assist you at every step.

Register Your Business Effortlessly

If you're planning to register a business in hyderabad, KVR TAX is your reliable partner. Whether you want to register a company in Hyderabad or set up a small firm, we provide end-to-end services. The registration of firm process in hyderabad can be daunting, but our experts make it simple and straightforward. We guide you through each phase, ensuring that your business complies with all necessary regulations.

Income Tax Filing Made Easy

Tax filing is another essential aspect of running a business. Whether you're an individual or a corporate entity, timely and accurate tax filing is crucial. KVR TAX offers expert services in income tax filing in hyderabad. Our professionals are well-versed in the latest tax laws and help you with incometax return filing in hyderabad, ensuring compliance and minimizing liabilities.

MSME Registration Consultants in Hyderabad

For small and medium enterprises, obtaining MSME registration is vital for availing various benefits. At

[batboyblog]

Things Biden and the Democrats did, this week #9

March 9-15 2024

The IRS launched its direct file pilot program. Tax payers in 12 states, Florida, New Hampshire, Nevada, South Dakota, Tennessee, Texas, Washington, Wyoming, Arizona, Massachusetts, California and New York, can now file their federal income taxes for free on-line directly with the IRS. The IRS plans on taking direct file nation wide for next year's tax season. Tax Day is April 15th so if you're in one of those states you have a month to check it out.

The Department of Education’s Office of Civil Rights opened an investigation into the death of Nex Benedict. the OCR is investigating if Benedict's school district violated his civil rights by failing to protect him from bullying. President Biden expressed support for trans and non-binary youth in the aftermath of the ruling that Benedict's death was a suicide and encouraged people to seek help in crisis

Vice President Kamala Harris became the first sitting Vice-President (or President) to visit an abortion provider. Harris' historic visit was to a Planned Parenthood clinic in St. Paul Minnesota. This is the last stop on the Vice-President's Reproductive Rights Tour that has taken her across the country highlighting the need for reproductive health care.

President Biden announced 3.3 billion dollars worth of infrastructure projects across 40 states designed to reconnect communities divided by transportation infrastructure. Communities often split decades ago by highways build in the 1960s and 70s. These splits very often affect communities of color splitting them off from the wider cities and making daily life far more difficult. These reconnection projects will help remedy decades of economic racism.

The Biden-Harris administration is taking steps to eliminate junk fees for college students. These are hidden fees students pay to get loans or special fees banks charged to students with bank accounts. Also the administration plans to eliminate automatic billing for textbooks and ban schools from pocketing leftover money on student's meal plans.

The Department of Interior announced $120 million in investments to help boost Climate Resilience in Tribal Communities. The money will support 146 projects effecting over 100 tribes. This comes on top of $440 million already spent on tribal climate resilience by the administration so far

The Department of Energy announced $750 million dollars in investment in clean hydrogen power. This will go to 52 projects across 24 states. As part of the administration's climate goals the DoE plans to bring low to zero carbon hydrogen production to 10 million metric tons by 2030, and the cost of hydrogen to $1 per kilogram of hydrogen produced by 2031.

The Department of Energy has offered a 2.3 billion dollar loan to build a lithium processing plant in Nevada. Lithium is the key component in rechargeable batteries used it electric vehicles. Currently 95% of the world's lithium comes from just 4 countries, Australia, Chile, China and Argentina. Only about 1% of the US' lithium needs are met by domestic production. When completed the processing plant in Thacker Pass Nevada will produce enough lithium for 800,000 electric vehicle batteries a year.

The Department of Transportation is making available $1.2 billion in funds to reduce decrease pollution in transportation. Available in all 50 states, DC and Puerto Rico the funds will support projects by transportation authorities to lower their carbon emissions.

The Geothermal Energy Optimization Act was introduced in the US Senate. If passed the act will streamline the permitting process and help expand geothermal projects on public lands. This totally green energy currently accounts for just 0.4% of the US' engird usage but the Department of Energy estimates the potential geothermal energy supply is large enough to power the entire U.S. five times over.

The Justice for Breonna Taylor Act was introduced in the Senate banning No Knock Warrants nationwide

A bill was introduced in the House requiring the US Postal Service to cover the costs of any laid fees on bills the USPS failed to deliver on time

The Senate Confirmed 3 more Biden nominees to be life time federal Judges, Jasmine Yoon the first Asian-America federal judge in Virginia, Sunil Harjani in Illinois, and Melissa DuBose the first LGBTQ and first person of color to serve as a federal judge in Rhode Island. This brings the total number of Biden judges to 185

[genericpuff]

Here's your regular service reminder that $48k/year sounds like a dream come true to people who have never made a living off their art or comics before, until you factor in the following:

Cost of assistants which is out-of-pocket (some creators literally don't hire assistants because of this which makes the process of meeting their deadlines even harder)

Cost of additional tools necessary to making webtoons and meeting deadlines, such as paying for drawing software, 3D models, etc.

Cost of emergency services such as healthcare are not covered by WT, so if your health deteriorates while you're working on your comic (which it often does for many creators whose bodies are destroyed from working long hours at a desk 7 days a week), WT will not help you.

No paid vacation time, no paid sick leave, no accommodations for people with kids, disabilities, etc. meaning if you have to take time off, WT will not be covering it.

Speaking of vacation time, Webtoons ONLY pays creators for completed and submitted episodes, meaning they will not pay you for pre-production time leading up to a series release OR have your back when you have to go on hiatus. Some creators manage multiple series to make ends meet and avoid stretches of unpaid hiatuses (IIRC I believe KitTrace does this with Nevermore and Shiloh rotating on and off hiatus one at a time) and others simply have to go without pay relying solely on their Patreons and other forms of income when they go on hiatus. And, as we've seen in the past, when they return from hiatus is often up to Webtoons, not them.

That $48k is basically just an average ballpark of what Webtoons pays creators for a season of content, and for those who recall, FastPass earnings are not given to creators until they make back that payment.

It's really hard to get people to FastPass when Webtoons is deliberately not advertising your series and, in some cases, outright SABOTAGING your attempts to advertise.

I don't even know if that $48k is before or AFTER taxes, I'm assuming before considering this is a self-employment contract, meaning you likely have to put away a good few thousand for taxes depending on your state tax rate and what you're able to write off. This also includes having to track assistant expenditures for filing.

The 60-80+ hour weeks many creators are having to pull to meet their deadlines turns that $48k/year into an ASTOUNDING drum roll ... $11 - $15/hour! Which is just barely over minimum wage in many states, and absolutely 100% not a living wage in most! And that's BEST CASE scenario in which you don't pay an assistant, don't suffer any health expenses, don't pay for 3D models / software, and POSSIBLY don't pay your taxes. Yaaaaay! 😒🖕

TL : DR $48k/year hasn't been a salary worth bragging about since 2005 ESPECIALLY not for such high-demand specialized work like this, fuck you Webtoons <3

[prokopetz]

So the Canada Revenue Agency is in the process of digitising all of their records from before electronic tax filing was available and back-filling everybody's online profiles with the resulting data; consequently, I have just now discovered that they owe me $117 in low-income tax refunds from 2006, because they were still issuing refunds via mailed cheques at that point, and apparently the cheque in question just plain never reached me.

Unfortunately, government-issued cheques in Canada can't be cancelled and never expire, so before they'll actually Give Me My Fucking Money, I'm informed that I'll have to go through a whole Process to prove that I haven't, I dunno, just been hanging onto the original cheque for the past seventeen years as part of an extremely protracted scheme to defraud the government of Canada of one hundred and seventeen dollars.

Given the nature of the process in question (it involves signatures and witnesses and waiting periods and documents which can only be submitted via regular post), I'm 100% certain the CRA is going to incur more administrative expenses verifying my claim than they could possibly stand to lose if I was in fact scamming them, but I suppose it's the principle of the thing.

(Am I going to go through with it? Of course I am. Even if I wasn't broke, for me it's also the principle of the thing – the principle in question being Give Me My Fucking Money.)

[sugiwa]

The AIPAC, one of the leading zionist lobbying groups in Washington, has held tax-exempt status in the US since 1968. I don't think it's fair that the average American, many of whom are vehemently against the genocide of the Palestinians, have their tax dollars taken to fund Israeli war crimes while the AIPAC pays nothing in federal taxes. They are so committed to defending their colonization project overseas, but aren't willing to send their tax dollars to pay for it? Anyway, it'd be really great, if we all collectively filed a tax complaint with the IRS to remove their non-profit status: https://www.irs.gov/charities-non-profits/irs-complaint-process-tax-exempt-organizations

There are a number of reasons that a non-profit may be in-violation of tax law, but of all of them, it would send a loud and clear message if we all used the following:

Income/Assets are being used to support illegal or terrorist activities

The best way to force a ceasefire is to make sure they never stop hearing about it and nothing will hurt more than their pockets.

[hometoursandotherstuff]

Got this off-campus rental ad before they removed the wording. It's for the University of North Georgia near Dahlonega campus. The ads on the realty sites were cleaned up, b/c the house has been renovated, but it still mentions drugs in the description. Take a look.

New kitchen, but "No evictions or eviction filings within the past 3 years, All money judgments must be satisfied, Bankruptcy, if finished at owner’s discretion."

Hall with closets. "Must not have been convicted of any Violent crimes or drug-related offenses."

Cozy living room. "Verifiable Proof of income making three times the rental amount, self employed two years worth of tax returns and bank statements. SSI will need reward letter." (I think that's an award letter.)

Odd, is that wainscoting?   "Also must have verifiable rental history (no family) and verification of employment//// Once your application is received, we will email you a form to sign and send back to us, so we can obtain verifiable rental and employment history."

"Non-refundable Administrative fee based upon your credit score that will be due at the time you move into the property for processing paper work, Minimum score 550// Fee can be from $200 up to $350." More orders than the Joint Chiefs of Staff!

Stairs to the bedrooms.  "Pets- Maximum of two pets, under 40 pounds combined, NO AGGRESSIVE breeds, Onetime $250 NON-refundable pet fee per pet with $25 per pet added to monthly rent." ***Certified letter for Service animals*** We pay $300yr. for each pet and $50mo. this is a bargain.

Standard 3pc. bath. "Copy of a valid driver’s license and/or State issued ID"

Primary bedroom with a nice ceiling. "$50 Non-refundable application fee per Adult living in the home, that is anyone 18 years or older."

The other 2 bds. Must like dull gold walls. "You are required to carry renters insurance with a liability rider of $100,000 with AHC as the additional insured, /// We will not move you in, until you provide us with the Dec page." I have to have renter's ins., too.

Small deck w/large yard. I'd rent it, it's $200mo. less than my 1bd. lofted apt.  "You are welcome to drive by the property, it is the due diligence of the renter to check out the property they are renting, morning, afternoon and night." What? Are shady people still lurking about? This property must've been trashed and the owner must've had some legal problems, too. All those rules! Too much trouble to rent this place.

Credit Score

700+ $200.00

650-699 $250.00

649-600 $300.00

599-550 $350.00

549 and under DENIED

https://www.forrent.com/ga/cumming/beautiful-home-totally-renovated-with-priv/jgn4nw