Extension of Due Date for filing of Income Tax Returns; For full details, please Log on: https://t.co/wshz48Lsk1— Ministry of Finance (@FinMinIndia) July 26, 2018
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Thursday, 26 July 2018
Deadline for I-T return extended till August 31
Saturday, 21 July 2018
Layman's guide to file your Tax Return
The due date for filing of income tax return (ITR) for the
financial year 2017-18 (assessment year 2018-19) is 31 July 2018. ITR filing process starts from choosing the correct form, which
depends on the nature of income and the status of the taxpayers.
Who all are liable to file the Income Tax Return?
Don’t presume that if tax has already been paid (via TDS), you don’t
need to file the return. Irrespective of tax liability, every person whose
total income is more than the basic exemption limit of Rs.2.50 lakh (3.00 Lakh
in case of Senior Citizen), is liable to file his ITR.
How to go about it?
Step 1| Organize documents
Besides
basic documents like your Permanent Account Number (PAN) and Aadhaar number or
enrolment ID, you need to have documents related to income, investments,
assets, bank accounts and so on. You don’t have to attach supporting documents
along with the income-tax return form, you will need them to fill it.
If you
had any income other than salary, like capital gains, rental income, divided
income and so on, keep those documents handy too. Also, if you have any foreign
income or assets, you need to have documents of that to put in details.
Step 2| Create your ITR e-filing
account
If you
are a first-time filer, you need to create an account on the ITR
e-filing website. To login, you need to enter user ID (your PAN), password,
date of birth and captcha code.
Step 3| Select the ITR Form
Login
and select “filing of income tax return” on the dashboard. After that, choose
the assessment year (AY) for which you want to file the ITR. The current AY is
2018-19, where you file returns for financial year (FY) 2017-18. FY is the year
in which you earn the income, while AY is the year in which you assess your
income and file your return. Next, choose the applicable ITR form.
Step 4| Fill in the details
Ensure
you fill in the correct details. Aadhaar Number or enrolment ID is mandatory to
file the return electronically. This year ITR forms are seeking a lot of new
information like break-up of salary and house property income to be furnished
in ITR-1 form instead of a single amount of income/loss, as required to be
furnished earlier.
Step 5| Upload,
e-verify return
The last
step is to re-check all your details and upload the form. There is a window of
120 days from the date of uploading the return till which you can e-verify your
return or send a signed copy of ITR-V to the tax department’s Central
Processing Center, Bengaluru. If you are sending ITR-V physically, make sure
you send it through ordinary or speed post and not by any private courier service.
What is 26AS, Form 16, Form 16A? Why is it important?
Form
26AS
Form
26AS is essentially a type of tax passbook that has details of various taxes
deducted from your income. It can be downloaded from the income-tax
department’s website. A taxpayer should ensure that ITR data is in sync with
that of Form 26AS. The most common mistake done by the people is filing their
ITR only using the form 16. However, you must check the other supporting
documents like 26AS, Form 16A, saving proof etc.
Form 16/Form
16A?
Form 16
is a document issued by the employer to the employee listing the amount of
income tax deducted and deposited with the government. Form 16 is issued after
the end of the financial year for which tax was deducted. It essentially has
two parts: Part A has details of the employee and tax deducted. Part B has
lists salary break-up and deductions claimed. While Form 16 is for salary
income, Form 16A is for income other than salary.
What is e-Verification of IT Returns?
Filing your income tax return (ITR) is not enough, you need to
verify it too. Otherwise your return will not get processed. You can do the
verification either offline or online. If you fail to either e-verify your ITR
or post it to Centralized Processing Centre (CPC) of the income tax department
in Bengaluru, return will be treated as an invalid return.
What happens if you miss the July 31 deadline?
One can file the income tax return after the July 31 deadline. However, the delayed income tax return attracts a late fee. If return is filed beyond due date but before December 31, then fees payable will be Rs.5,000 whereas in other cases it will be Rs.10,000.
One can file the income tax return after the July 31 deadline. However, the delayed income tax return attracts a late fee. If return is filed beyond due date but before December 31, then fees payable will be Rs.5,000 whereas in other cases it will be Rs.10,000.
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Wednesday, 11 July 2018
Monday, 2 July 2018
Director? Get your KYC done before 31st August 2018!
As part
of updating its registry, MCA would be conducting KYC of all Directors of all
companies annually through a new eform viz. DIR-3 KYC to be
notified and deployed shortly.
Applicability:
Accordingly, every Director who has been
allotted DIN on or before 31st March, 2018 and whose DIN is in ‘Approved’
status, would be mandatorily required to file form DIR-3 KYC. Filing of DIR-3 KYC would be mandatory for Disqualified Directors also.
Timeline:
On or
before 31st August,2018.
Details Required:
While filing the form,the Unique Personal Mobile
Number and Personal Email ID would have to be mandatorily indicated and would
be duly verified by One Time Password(OTP). The form should be filed by every
Director using his own DSC and should be duly certified by a practicing
professional (CA/CS/CMA).
What if not complied?
After expiry of the due date by which the KYC form is to be
filed,the MCA21 system will mark all approved DINs (allotted on or before 31st
March 2018) against which DIR-3 KYC form has not been filed as ‘Deactivated’
with reason as ‘Non-filing of DIR-3 KYC’. After the due date filing of DIR-3
KYC in respect of such deactivated DINs shall be allowed upon payment of a
specified fee only, without prejudice to any other action that may be taken.
For further assistance in getting your KYC done and filing DIR-3 KYC contact us at +91 9900397777 or mail us at info@preethamandco.com.
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