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🌟Must Know If you Earn 50 Lakh per Annum and Avoid Fine of 50k 😱 | Schedule AL Explained

🔹Welcome to another episode of Sunday Express with Pankaj Dhingra! 📅 File Your Schedule AL Before 31 July to avoid ₹50k Fine! 🚨 Stay informed about the crucial deadline for Schedule AL filing in India. Learn why compliance matters and avoid penalties with expert insights and tips. Watch now to ensure you meet the deadline and protect your finances!

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Certified Financial Accounting And Taxation Course At Nicat Institute. . For More Contact us-+91-8922949666 . . .

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𝐈𝐧𝐜𝐨𝐦𝐞 𝐓𝐚𝐱 𝐑𝐞𝐟𝐮𝐧𝐝: 𝐇𝐨𝐰 𝐭𝐨 𝐂𝐥𝐚𝐢𝐦

For further information, refer to this Article By SoOLEGAL

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How Does the Double Tax Avoidance Agreement (DTAA) Benefit NRIs in India?

Determining the taxation of an individual's income in India depends on their residential status for that particular year. Non-resident Indians (NRIs) and persons of Indian origin (PIOs) often plan their stay in India to avoid being taxed in both countries.

However, an individual's residential status is not always within their control, and circumstances may change it. In such cases, the individual's income from a single source may become subject to taxation in both countries.

To address this issue and promote positive economic relations, countries enter into double tax avoidance agreements (DTAAs). This article explores how residential status can impact taxation and explains the benefits provided by the DTAA for NRIs in India.

Understanding Residential Status:

An individual's residential status is primarily determined by the number of days they spend in India during the relevant year, along with the preceding 10 years. Generally, there are three categories: residents, non-residents, and residents who are not typically residents (RNOR). The scope of taxable income in India varies based on residency.

For example, even if an NRI qualifies as an RNOR for a particular year, their income from a foreign business may still be subject to taxes in India if they operate it from India during their stay.

Benefits Provided by DTAAs:

A Double Taxation Avoidance Agreement is a treaty signed by two nations to alleviate taxpayers' burden of paying taxes multiple times. DTAAs achieve this through the following measures:

Granting exclusive taxation rights to one country.

Allowing both countries to tax the income but with a provision that limits the tax rate.

Granting residents the right to seek refunds or credits for taxes paid in the source country.

It is important to note that the DTAA solely aims to prevent NRIs from paying excessive taxes in both countries.

DTAA Rates:

The DTAA specifies the rate at which tax should be deducted from the income received by citizens of each country. Therefore, if an NRI earns income in India, the tax deduction will be based on the rates outlined in the DTAA with that specific country. The rates may vary between countries, typically ranging from 7.50% to 15%.

Income Categories Covered by DTAA:

Under the DTAA, NRIs are exempted from paying taxes twice on the following types of income:

Salary received in India

House property in India

Capital gains in India

Fixed deposits in Indian banks

Savings bank accounts in India

The Bottom Line:

An individual residing in a country that has a DTAA with India can avail themselves of the benefits outlined in the treaty. Their tax liability will be limited according to the rules specified in the DTAA with the source country.

While the scope of taxation under the income tax laws in India is extensive, NRIs and RNOR individuals can benefit from the provisions under Section 90 of the Income Tax Act, 1961, subject to fulfilling the requirements, such as providing the Tax Residency Certificate (TRC) of the other country.

Please note that the information provided here is based on general principles, and it is advisable to consult with a tax professional for specific guidance related to individual cases.

Conclusion

With us as your trusted provider of Income Tax Return Services, you can rest assured knowing that your financial matters are in capable hands. Their commitment to professionalism, integrity, and client satisfaction sets them apart. Experience the difference Taxgoal can make in simplifying your financial journey and achieving your tax goals. Contact them today and take the first step toward a brighter financial future.

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Consultancy services refer to professional advice and expertise offered by specialized individuals or firms to assist businesses, organizations, or individuals in addressing specific challenges, improving processes, and achieving their goals. Consultants are typically experts in their respective fields and provide unbiased, objective insights and recommendations.

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File your Income Tax Return (ITR) at the best cost with Accteez

For more details Call: +91-8860632015

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

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How to link Aadhaar with Income Tax Return? - Tax Craft Hub

Linking your Aadhaar with your Income Tax Return (ITR) is a simple process that can be done online through the Income Tax e-filing portal. First, ensure that your Aadhaar number is updated in the e-filing portal by logging into your account. Once logged in, go to the "Profile Settings" section and select "Link Aadhaar." Enter your Aadhaar number and name as per your Aadhaar card, then click "Link Now." If your details match with the records, the Aadhaar will be successfully linked to your PAN. This linkage is crucial, as it is mandatory for processing your ITR and avoiding penalties.

For More Information About How to link Aadhaar with Income Tax Return

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Income tax filing rajajinagar 

Due date of filing ITRLast date to file ITR for financial year 2023-24 (AY 2024-25) without late fees is July 31, 2024. October 31 of the relevant assessment year. For FY 2023-24 (ended on March 31, 2024), the AY is 2024-25. November 30 of the relevant assessment year.1 

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Income tax filing Rajajinagar

July 31The last date for filing an income tax return (ITR) for the assessment year 2024-25 (FY24) is July 31 and missing this deadline could attract legal repercussions affecting your financial planning

Contact us : 9844000399

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GST AUDIT PREPAREDNESS: SAFEGUARDING YOUR STARTUP

The Goods and Services Tax (GST) system has transformed India's taxation environment by including a slew of indirect levies. While it simplifies the tax structure, it also imposes onerous compliance obligations on enterprises, particularly startups. GST audit readiness is one such critical aspect. This article examines the significance of GST audits for startups, describes the essential compliance criteria, provides a complete guide to GST audit readiness, and offers practical advice for protecting your firm. Read More..

[taxgoal]

Filing Late ITR for FY2023-24: New Tax Regime Guide

Missed the ITR deadline? No worries! You can still file a late return for FY2023-24 (AY 2024-25) under the new tax regime. Visit Taxgoal for a straightforward guide on the steps to file, avoid penalties, and stay compliant with tax regulations. Get expert assistance today! Contact us (+91-9138531153) today for Online Income Tax Return Filing Services Delhi.

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Filing Income Tax Returns in India: A Comprehensive Guide with Ensurekar

Introduction

Filing your income tax return (ITR) in India can seem daunting, but with the right information and guidance, it can be a smooth and efficient process. This guide provides a comprehensive overview of e-filing income tax returns in India, including registration, types of returns, filing procedures, and crucial details for the Assessment Year (AY) 2023-24.

What is eFiling Income Tax Return?

The Income Tax Department of India offers a convenient online platform for electronically filing your ITR. This e-filing portal eliminates the need for physical visits to tax offices and streamlines the entire process.

Why File Your ITR?

Individuals falling under specific tax slabs are mandated to file their returns. Here are some reasons why filing your ITR is important:

Fulfilling Tax Obligations: It ensures compliance with tax regulations and avoids potential penalties for non-filing.

Claiming Refunds: If you've paid excess taxes through TDS (Tax Deducted at Source), filing your ITR is necessary to claim a refund.

Loan and Visa Applications: Many financial institutions and embassies require a clean tax filing history for loan approvals and visa processing.

Carrying Forward Losses: If you've incurred losses under a specific income head, filing your return allows you to carry them forward and offset future income.

Building a Credit History: A consistent record of timely ITR filing can positively impact your creditworthiness.

Types of eFiling Income Tax Returns

There are two main ways to file your ITR electronically:

Self-e-Filing: This involves filing your return directly through the Income Tax Department's e-filing portal. You'll need to fill out the ITR form with all necessary information, attach required documents, and submit it online.

Assisted ITR Filing: You can opt for assistance from authorized professionals like tax consultants, chartered accountants, or online tax-filing platforms. These intermediaries will handle the entire filing process, from collecting information to submitting your return online.

Benefits of eFiling Income Tax Return (ITR):

Convenience: Eliminates the need for physical visits and saves time and effort.

Security: The online process protects sensitive information with secure protocols.

Timely Processing: E-filing leads to faster processing and quicker refunds compared to paper returns.

Accuracy: The online platform helps with accurate tax calculations and reduces the chances of errors.

Environmentally Friendly: E-filing reduces paper usage and contributes to a greener environment.

How to File an eFiling Income Tax Return

Step 1: Registration

New users need to register on the Income Tax Department's e-filing portal using their PAN card details.

Step 2: Gather Documents

Collect all relevant documents like PAN card, Aadhaar card, Form 16 (salary certificate), TDS certificates, bank statements, investment proofs, and any other income or deduction-related documents.

Step 3: Choose the Right ITR Form

The appropriate ITR form depends on your income sources and category. Common forms include ITR-1 (for income up to ₹50 lakhs) and ITR-2 (for income with capital gains or foreign assets). For AY 2023-24, ensure you use the most recent versions of the forms.

Step 4: Fill and Verify the ITR Form

Fill out the chosen ITR form with accurate details about your income, deductions, and exemptions. Carefully review the entries to avoid errors. You can verify the return electronically using Aadhaar OTP or EVC (Electronic Verification Code), or by sending a signed physical copy of ITR-V to the Centralized Processing Center (CPC) within 120 days of filing.

Step 5: File the Return Online

Log in to the e-filing portal, navigate to the 'e-File' section and select 'Income Tax Return.' Upload the prepared ITR form or XML file and submit it.

Step 6: Keep Records for Reference

Maintain copies of the filed return, acknowledgment receipt, and supporting documents for future reference.

How Ensurekar Can Help

At Ensurekar, we understand the complexities of tax filing. We offer a comprehensive range of services to ensure a smooth and efficient ITR filing experience:

Expert Guidance: Our experienced tax professionals can guide you through the entire process, from choosing the right ITR form to maximizing deductions and claiming refunds.

Accurate Calculations: We ensure accurate tax calculations to minimize any tax liabilities or penalties.

Timely Filing: We help you meet all deadlines and avoid late filing penalties.

Stress-Free Experience: We take the stress out of tax filing, allowing you to focus on other important matters.

Additional Information:

Penalty for Late Filing of ITR: Filing your ITR after the due date can attract penalties and interest charges on the tax payable.

Steps to File ITR without Form 16: If you don't have Form 16, you can still file your ITR by gathering income proofs from various sources, calculating your TDS using Form 26AS, and claiming eligible deductions.

Conclusion:

Filing your income tax return is a crucial responsibility. By leveraging the benefits of e-filing and potentially seeking professional assistance from Ensurekar, you can ensure a smooth, accurate, and timely filing process.