#income tax return filing 2022-23

[thenewsfactsnow]

India's 2022-23 ITRs at Record High; ITR Filing Deadline Ends Today

Today marks the final day for salaried individuals to file their income tax returns for the financial year 2022-2023, provided they do not require their accounts audited. The number of income tax returns (ITRs) filed this year has surpassed 6 crore, exceeding last year’s filings up until July 31. As of July 30, more than 6 crore ITRs have been submitted, with approximately 26.76 lakh ITRs filed…

[newbussinessideas]

टैक्सपेयर्स को फॉर्म 16 का नहीं करना होगा इंतजार, तुरंत कर सकते आईटीआर फाइल, जानें कैसे

ITR Filing: टैक्सपेयर्स को फॉर्म 16 का नहीं करना होगा इंतजार, तुरंत कर सकते आईटीआर फाइल, जानें कैसे Source link

[setupfiling]

Income Tax Return Filing for AY 2022-23, AY 2023-24 & AY 2024-25

[newsssc]

One third of the richest earn income from renting out their homes | Economy

Spain is a country of owners, but also homemade onesOf the nearly 23 million taxpayers who filed their income tax returns in 2022, some 2.1 million recognised income from renting out homes, 9.5% of the total. This situation intensifies significantly as income levels increase. In other words, the percentage of people who rent out houses grows exponentially as income brackets are analysed. Thus,…

[filinggst]

ITR filing Last Date: FY 2022-23 (AY 2023-24) - Tax Craft Hub

The last date for filing Income Tax Returns (ITR) in India typically falls on July 31st of each assessment year for individuals and entities not requiring an audit. However, this deadline may be extended by the government under special circumstances or due to technical difficulties. It's crucial for taxpayers to file their ITR on time to avoid penalties, interest on unpaid taxes, or legal consequences. Missing the deadline can result in a late fee of up to ₹10,000, along with other potential issues like delays in processing refunds or the inability to carry forward losses. Therefore, it is advisable to complete the filing process well before the deadline to ensure compliance and avoid last-minute stress.

For More Information About ITR filing Last Date

[uk-property-accountant]

If a UK resident person gets rental income (either from UK Property or Overseas property) or capital gains from selling the properties, the landlord needs to prepare and file a Self Assessment Tax Return with HMRC, usually referred to as Self-Assessment return (SA100).

Similarly, if a non-UK resident person gets rental income from UK Property, the overseas investor needs to prepare and file a Self Assessment tax return with HMRC.

Who Needs To File A Self Assessment Tax Return In The UK?

Generally, if you have any taxable income not already taxed, you must file a Self-Assessment return with HMRC. If you only have employment income taxed under PAYE, you don't need to file a Self Assessment Tax return.

Usually, the following people need to file a Self Assessment return with HMRC:

You are a self-employed or sole trader (with income of more than £1,000 allowance)

You are a partner in a partnership business

You are landlord receiving rental income of more than £1,000

You are a company director who has income not taxed under PAYE

Your total income is £100,000 or more (even if it is already taxed under PAYE)

Your income from savings and investments is £10,000 or more

You have transferred or sold assets worth more than £49,200 (£24,000 from April 2023 and further reduced to £12,000 from April 2024)

You have net capital gains of more than the annual exemption limit (which is £6,000 for the tax year 2023/24)

You or your partner are receiving a high-income child benefit charge, and your adjusted net income is more than £50,000

What Is The Deadline For The Self Assessment Tax Return?

A tax year runs from 6 April to the following 5 April in the UK. So, for example, the tax year 2022/23 runs from 6 April 2022 to 5 April 2023.

The deadline for an online filing tax return is 31 January, following the end of the tax year. For the tax year 2022/23, the deadline for filing a tax return is 31 January 2024. However, if you are filing a paper return, the deadline is 31 October in the same year as the tax year's end. For the tax year 2022/23, the deadline for filing a paper return is 31 October 2023.

Are There Any Penalties For Late Filing?

If the tax return is filed late, the initial penalty is £100. This penalty is levied even if there is no tax liability. Additional daily penalties of £10 per day will be charged in respect of returns that are more than three months late up to a maximum of £900.

If you are six months late, there will be a penalty of 5% of tax liability (or £300 if greater). For being more than 12 months late, there will be an additional 5% of tax liability (or £300 if greater). So, it is best to file the tax return on time.

In addition to these late filing penalties, you will incur late payment penalties for missing the payment deadline.

What is the Deadline for Payment of Tax Liability?

The taxpayer needs to pay the income tax liability in three instalments on a payment on account basis which means the tax is due even before you have prepared your self assessment tax return. The deadline for making payment of income tax liability is as below:

31st January - 50%

31st July - 50%

31st January Balancing figure

50% of previous year tax liability is payable by 31 January during the tax year.

50% of previous year tax liability is payable by 31 July during the tax year. 

Balancing figure of tax liability is payable on 31 January as per final self assessment tax return. 

For example, for tax year 2022/23, 50% of 2021/22 tax liability is payable on 31 January 2023 as payment on account.

For example, for tax year 2022/23, 50% of 2021/22 tax liability is payable on 31 July 2023 as payment on account.

For example, for tax year 2022/23, balancing figure is payable on 31 January 2024 as per the tax computation.

HMRC What if You Never Completed a Tax Return Before?

For the first-time Landlord, this is quite a common question. If you were used to receiving only employment income taxed via PAYE, you never had to complete a tax return. However, once you start receiving rental income, you must complete your tax return and pay any taxes due to HMRC.

You will need to notify HMRC by 5 October following the end of the tax year if you have any taxable income or capital gains. For example, if you started to receive taxable income during the tax year 2022/23, you will need to register with HMRC for tax return by 5 October 2023.

Generally, even if you failed to notify HMRC before the deadline of 5 October, HMRC may reduce your late-notification penalty to Zero if you pay your tax in full by the usual 31 January deadline.

I Stopped Receiving Rental Income. Do I Still Need to Complete My Tax Return?

Once you register with HMRC for a self-assessment return, you will need to file the tax return even if you don't have any income. Otherwise, you will receive a late filing penalty from HMRC. To avoid this, you will need to notify HMRC about your changed circumstances and ask to cancel your tax return filing requirements.

How Can I Complete My Tax Return?

You can either complete your tax return yourself or use accountancy firms such as UK Property Accountants to complete your tax return. If your tax return is simple and you are confident about filing a tax return, it would be cost-effective to do it yourself. However, you will need to carefully assess that you understand rules around various areas, including repairs vs capital, potential tax reliefs and allowances, etc., before deciding whether to do tax return yourself or engage a professional accountancy firm.

If you decide to file a tax return yourself and do this for the first time, you will need to create a Government Gateway account and Register for Self Assessment as detailed on the HMRC website. Once you have accessed your Government Gateway account, you will be able to complete your tax return online. Read More

[dailylogistics]

A Tough Life With Little Earnings, India's Gig Delivery Workers Lack Financial Literacy: Report

 Borzo, a global delivery company, conducted a study to delve into the financial literacy of gig delivery workers by understanding their awareness and comprehension of savings tools, taxation and slabs, income, etc.

It highlighted that India’s Income tax data presented in parliament during the fiscal year 2022-23 shows that 7.4 crore individuals filed income tax returns. Of these, approximately 70% (5.16 crore) of individuals reported zero tax incidence.

This means that approximately only 1.6 % of the total population paid income tax during the same period. While there has been a rise in income tax compliance from 2019-20 to 2022-23, the surge in individuals with zero tax incidence has outpaced this growth.

Borzo (formerly WeFast) has released a survey report titled, “Understanding the Financial Literacy of gig delivery partners,” to present in-depth insights into the financial literacy and acumen of gig delivery partners.

According to NITI Aayog, in India, there were seven million gig workers, and this number is expected to rise to 25 million by 2030, with a compound annual growth rate of almost 12%.

The sample size of the survey is over 2000 gig delivery workers across 40 cities in India.

Gig Worker Economy

Gig workers are individuals who engage in flexible work arrangements outside traditional employment. This includes platform-based workers like ride-hailing drivers and food delivery agents, as well as freelancers such as writers, designers, and developers.

Other gig workers encompass home tutors, event staff, part-time retail employees, and online sellers characterised by project-based work, no fixed employer-employee relationship, and variable income, the gig economy is a growing trend in India, offering flexible opportunities but also raising questions about worker rights and social security.

Here are the key insights from the report:

Survey Findings:

Income Range: A significant majority (77.6%) of gig delivery workers reported annual incomes less than Rs 2,50,000. Approximately 20% of gig delivery workers earn in the range of Rs 2,50,000 to Rs 5,00,000. 2.6% of gig delivery workers reported income in the range of Rs 5,00,000 – Rs 7,50,000. The data is collected from gig delivery workers simultaneously working on various platforms

Tax Awareness: The majority of Gig Delivery workers, almost 61%, claimed that they are not aware of income tax brackets, while 39% claimed to be aware of income tax brackets.

Tax Compliance: In fact, 33.5% claimed to have filed income tax returns whereas a substantial 66.5% have never filed ITR.

ITR Filing: Of those Gig workers who file ITR, 66% file Zero (Nil) Returns and nearly 34% file Self-Assessment Returns.

Tax Payment: 47% of gig delivery workers that file ITR pay Advanced Tax amounts in regular instalments, while 53% pay One-time Tax.

Willingness to Pay Tax: Interestingly, a considerable segment (42%) of non-ITR-filing respondents expressed willingness to pay taxes if they fall into a tax bracket, however, 58% are not willing to pay taxes despite falling into the bracket.

Tax Amount: Nearly, 75% of gig delivery workers mentioned that they have not paid any tax whereas nearly 20% have paid taxes in the range of Rs 12,500 to Rs 25,000. 4.6% of gig delivery workers pay taxes in the range of Rs 50,000 to Rs 75,000.

Investment Habits:

-Mutual Funds: A substantial 77% of gig delivery workers do not invest in Mutual Funds. Only 23% of gig delivery workers invest in mutual funds out of which 71% make a monthly SIP in the range of Rs 500 to Rs 1000.

-10% invest in the range of Rs 1000 to Rs 2000 and nearly 12% invest in the range of Rs 2000 to Rs 3000 in SIP monthly. Only a handful 4% invest in the range of Rs 3000 to Rs 5000 and only 3% have surplus funds to invest above Rs 5000 in Mutual Funds.

-Stock: A staggering 74% of gig delivery workers said that they do not engage in stock market investments. Approximately, only 26% of gig delivery workers invest in stocks. Out of those who invest in stocks, nearly 48% prefer investing in blue-chip stocks. Approximately, 29% invest in IPO and 23% in penny stocks.

Long-term Savings: Despite the potential for long-term financial stability, only 24% of gig delivery workers save through Public Provident Fund (PPF) accounts, signalling a gap in long-term savings strategies. The majority of those who invest in PPF, invest Rs 1000 to Rs 3000 per month, indicating a manageable contribution.

Life Insurance: 65% of Gig Delivery workers do not possess a life insurance policy, indicating a lack of financial foresight for families during unexpected events.

The Gig Delivery workers surveyed work and delivered simultaneously for multiple delivery companies. Some of the companies mentioned by them include Porter, Zomato, Swiggy, Uber, Delhivery, Ola, Shadowfax, Rapido, Zepto, Shiprocket, Amazon, Flipkart, Dunzo, Ecom Express, Ekart, Domino’s, Jio Mart, Urban Company, DTDC, Country Delight, inDrive, Licious, XpressBees, etc.

Eugene Panfilov, MD, Borzo India and Regional Director, Borzo Brazil, said, “As we navigate the nuances of this dynamic gig economy, it’s imperative to equip gig delivery workers with the knowledge and tools for effective financial planning.

“The debate surrounding minimum income for gig delivery workers, given the complexities of this sector, further emphasises the need for targeted education and support. Addressing these identified financial literacy gaps is paramount, not only for the well-being of gig workers but also for their financial resilience.”

“The data emphasises the importance of guiding millions of gig delivery workers in India about investment tools like mutual funds, stocks, PPF, and the necessity of safeguarding their families financially.”

“When applying for a loan in India, submitting Income Tax Returns is crucial, as banks and financial institutions routinely require them. The fact that gig workers are aware of this requirement and are increasingly filing zero returns is a positive indicator of their financial responsibility.”

The survey was conducted in cities including Tier I and II cities like Mumbai, Delhi, Bengaluru, Hyderabad, Jaipur, Ahmedabad, Kolkata, Chennai, Pune, Gurgaon, Noida, Lucknow, Indore, Chandigarh, Surat, Udaipur, Amritsar, Vadodara, Thane, Kanpur, Bhopal, Haridwar, Guwahati, Ghaziabad, Faridabad, Kanchipuram, Ludhiana and Tier 3 towns such as Pimpri Chinchwad, Raebareli, Kalyan, Chapra, Palghar, Kashipur, Nashik, Jalandhar, Baghpat, Saharanpur, Mohali, Nadiad, Rohtak.

Source Link: https://www.news18.com/business/savings-and-investments/gig-delivery-jobs-borzo-report-freelancer-cab-driver-8990685.html

Website Link: https://borzodelivery.com/

[babatax]

ITR Filing Last Date: 70% of 6 crore income tax forms have been filed so far under new tax structure

For the fiscal year 2022-23, a total of 8.61 crore income tax returns were filed. Approximately six crore income tax returns were filed for the 2023–24 fiscal year, according to Revenue Secretary Sanjay Malhotra’s statement. Of these, seventy percent were filed under the new simplified tax regime, which offers lower tax rates. Malhotra spoke to the PHD Chamber of Commerce and Industry following…

[ritikjadhav]

A step-by-step guide on how to file ITR (Income Tax Return) in just 11 simple steps, as well as all the necessary information for income tax filing ITR Online for FY 2022-23 (AY 2023-34)

[shreecom]

New Rules in the Banking Sector

Banking services must include accepting deposits, lending money, facilitating transactions, and offering various transaction products such as saving accounts, loans, and credit cards. Mainly bank is a type of financial institution that is permitted to accept customers' deposits and provide a loan. There are such types of banking sectors as Retail banks, Commercial banks, corporate banks, cooperative banks, Regional rural banks, central banks, and investment banks.

Why Banking sector is good?

Checking and saving accounts, loans, mortgage services, wealth management, providing credit and debit cards, and overdraft services, are the most important banking services in the banking sector.

How does the banking sector work?

The customers deposit their money in banks, and then banks lend the money in different loans like car loans, credit loans, business loans, home loans, etc. the loan recipients spend the money they borrow, then the banks earn the interest loans, and the process keeps money moving through the systems.

The rules of banking sectors:

Demat account holders' nomination declarations:

Demat account holders will have to provide nomination declarations or opt out of nominations by January 1, 2024. Account holders failing to do so will not be able to transact in stocks. Earlier, the deadline to furnish nomination details was September 30.

Aadhaar Card:

Aadhaar card holders wanting to change their details will be able to do so till December 31, 2024. However post this date, an amount of Rs 50 will be imposed on those wanting to change their personal details in the Aadhaar card.

KYC for SIM card:

All KYC-related work will be done in digital mode only. People applying for new SIM cards will not have to fill out paper forms for the Know-Your-Customer process.

 Bank locker agreement:

People holding lockers in banks will have to sign the revised agreement by December 31, 2023. If customers will fail to do so, their lockers will be frozen.

New rule to save users from online fraud:

As smartphone usage has unscaled in India, online fraud and scams have unscaled and have seen a parallel increase. The government has been taking a decisive stance to curb these issues.

Legal consequences for fake SIMs:

As per the new Telecommunication Bill, individuals who will be found purchasing fake SIM cards will be facing severe consequences and the offenders will further be subjected to a jail term of up to 3 years and a fine worth Rs. 50 lakh.

Mandatory biometric details for verification:

Telecom companies will now collect biometric data which will be mandated for every customer who is purchasing a SIM card. The inclusion of biometric details is a measure to safeguard fraudulent SIM card transactions and ensures strict action against the offenders.

Income Tax Return:

People will not be able to file Income Tax Returns (ITR) for financial year 2022-23 from January 1, 2024. Those who have not filed ITR for 2022-23 can file them with penalty fee till December 31.

Inactive UPI IDs:

The National Payments Corporation of India (NPCI) in a circular dated 7 November, has asked payment apps and banks to deactivate the UPI IDs and numbers that have not been active for more than one year. Every bank and third-party app has to follow these till 31st December.

UPI transaction limit hiked for hospitals, schools.

Deactivation of inactive UPI IDs.

UPI Lite wallets transaction limit increased.

No authentication for UPI auto payments.

Interchange fee on UPI merchant payments.

Google Pay:

The Gpay limit per day for money transfers for users in India is ₹1, 00,000. Moreover, the maximum times you can send money in a day cannot exceed 10 in Gpay or any other UPI app.ShreeCom Infotech Pvt. Ltd. Pune offering different types of banking sectors software’s like Co-Operative credit society software, core banking software, Retail banking software, SMS banking software, Pat pedhi software, Employees co-op credit society software, salary earners society software or you can google search for banking software near me

[setupfilling]

have you missed your Income Tax Return Filing? Don't worry file your ITR for Last 3 year. AY 2021-22, AY 2022-23 and AY 2023-24. Contact Us +91 9818209246

[topcaservices]

Simplifying Your Tax Season: Finding Income Tax Filing Services Near You

Introduction:

As tax season approaches, the task of filing your income tax returns might seem daunting. Whether you're a seasoned taxpayer or a first-timer, having a reliable and convenient income tax filing service near you can make the process smoother. In this blog post, we'll explore the importance of timely tax filing, the benefits of using professional services, and how to find the right income tax filing assistance in your local area.

1. The Importance of Timely Income Tax Filing:

Filing your income tax returns on time is crucial to avoid penalties and legal consequences. Many individuals delay the process due to its complexity or lack of understanding, but with the right assistance, you can ensure compliance with tax regulations and enjoy peace of mind.

2. Benefits of Using Professional Income Tax Filing Services:

a. Expertise: Professional tax preparers are well-versed in tax laws and regulations. Their expertise can help you navigate the complexities of the tax code, ensuring accurate and efficient filing.

b. Time Savings: Filing taxes can be time-consuming, especially if you have a complex financial situation. Professional services can save you time and effort, allowing you to focus on other important aspects of your life.

c. Maximizing Deductions: Tax professionals are adept at identifying eligible deductions and credits, potentially saving you money. They can help you optimize your return and ensure you're not missing out on any available benefits.

d. Peace of Mind: With a qualified tax professional handling your filing, you can have peace of mind knowing that your returns are accurate and in compliance with tax laws.

3. How to Find Income Tax Filing Services Near You:

a. Local Tax Firms: Research local tax firms or accounting offices in your area. Many firms offer income tax filing services and can provide personalized assistance.

b. Online Platforms: Explore online platforms that connect you with tax professionals in your locality. These platforms often allow you to read reviews and compare services before making a decision.

c. Recommendations: Ask friends, family, or colleagues for recommendations. Personal experiences can offer valuable insights into the reliability and efficiency of local tax filing services.

d. Community Centers and Nonprofits: Some community centers and nonprofit organizations offer free or low-cost tax preparation services. Check with local community resources to see if such programs are available in your area.

Conclusion:

Filing your income tax returns doesn't have to be a stressful experience. By utilizing professional income tax filing services near you, you can simplify the process, ensure accuracy, and potentially maximize your returns. Take the proactive step of finding reliable assistance, and make this tax season a smoother and more rewarding experience.

Confused? Talk to our experts. Explore our guides and tools for a smooth filing experience:

- Income Tax e-Filing for FY 2022-23

- Income Tax Slabs for FY 2023-24

- Income Tax Calculator

- Section 80 Deductions

- Old vs New Tax Regime

- Check Aadhar PAN Card Link Status

- ITR Filing Last Date for FY 2022-23

- Capital Gains Tax in India

Have questions? Check out our FAQs or reach out to us. Let's make this tax season stress-free and rewarding for you! 💰📅

[setupfiling]

Income Tax Return Filing for AY 2022-23, AY 2023-24 & AY 2024-25

Have You missed your Income Tax Return Filing? Dont worry! You can file your Income Tax Return Uptoo 3 year under section 139(8A) Do you want to file your ITR for AY 2022-23, AY 2023-24 & AY 2024-25? Contact Us today to get your filed ITR

[tarun123]

Belated Return

A belated return is a return filed after the initial deadline (31st July) but before the extended deadline (31st December of the assessment year). While late filing has consequences, it's still better than facing potential penalties for non-compliance.

The due date to file income tax return for the Financial Year 2022-23 ended on 31st July 2023. If you missed filing your ITR within the original deadline, then you can file a late return, known as Belated Return.

contact us :9844000399

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[filinggst]

What is ITR-2 form: How to file ITR-2 FY 2022-23 (AY 2023-24) - Tax Craft Hub

The ITR-2 form is an Income Tax Return form used by individuals and Hindu Undivided Families (HUFs) in India who do not have income from business or profession, but have income from salary/pension, house property, capital gains, foreign assets/income, and other sources. To file ITR-2 for FY 2022-23, gather necessary documents such as PAN card, Aadhaar card, bank details, Form 16, Form 26AS, and investment proofs. You can file online via the Income Tax e-Filing portal or offline by downloading the form utility, filling it, generating an XML file, and uploading it. After filling in personal, income, tax, and deduction details, validate the form, compute the tax, and submit it. Finally, verify the return electronically or by sending a signed ITR-V to the CPC Bangalore within 120 days. For More Information About What is ITR-2 Form

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Belated Return:

A belated return is a return filed after the initial deadline (31st July) but before the extended deadline (31st December of the assessment year). While late filing has consequences, it's still better than facing potential penalties for non-compliance.

The due date to file income tax return for the Financial Year 2022-23 ended on 31st July 2023. If you missed filing your ITR within the original deadline, then you can file a late return, known as Belated Return.

contact us :9844000399

tax #taxes #accounting #business #taxseason #incometax #accountant #finance #smallbusiness