Five Reasons You Should Done Your Income Tax Return Filing Before 31 July 2018

The income tax department makes it compulsory for every person to done income tax filing if his gross total income before allowing the deduction of 80C to 80U, exceeds Rs 2,50,000/- in the financial year. However this limit is 3 lakh for senior citizen and 5 lakh for super senior citizens.

Senior citizen means any person more than the age of 60 year at the time of filing return or super senior is the persons whose age is more than 80 years at tha time of filing return.

Normally above limit is to be considered but the assesse can file on voluntary basis even if the income of that assesse is below the above limit.

Now here we will discuss about the 5 reasons of doing income tax filing before 31^st July 2018.

1) Carry Forward The Loss Of Business

The loss done by any individual or business firm in business are known as business loss and it can be forward and settle with the profit up to the next 8 years (Some conditions are there). This loss can be settle in next year only in the case the where income tax return filing done before the due that. In this financial year due that for filing is 31^st July 2018.

2) No Income Tax Refund After Due Date

EFiling income tax is not mandatory for the assesse who wants to take back taxes paid as TDS, in case any TDS paid in extra by any assesse then they need to complete filing before due date. Otherwise income tax refund will not provide by the department.

3) Avoidance Of Heavy Penalty

As per amendment under section 234F of the Income-Tax Act, if a person required to furnish a return of income by July 31 fails to do so, then a fee of Rs 5000 shall be levied if the return is furnished before 31st December. However, the fee shall be Rs 10,000 if it is filed after 31st December. Moreover, if the total income of the person doesn’t exceed Rs 5 lakh, then fee payable shall not exceed Rs 1000.

 4) Legal Sanction To Your Income

Filing income tax return provides you a proof of income. It is suggestion to all assesse to file return even it they are not legally bound for this. However the date for that person should 30^th September. Filling a return gives a legal sanction to your income even if you are not liable to pay taxes for the year.

5) Advantages In The Processing Of A Loan

Banks and other financial institution always demand for income tax return before sanction the loan to any assesse. Its depend on the norms of the bank to take return for continuous 2 or 3 years. So it’s better to file return for maintaining the trend if you want to take loan in coming years.

Click here to know more about detail :-

https://www.ovakil.com/Income-tax-return-filing

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Complete Guide To Online Income Tax Return Filing For Fy 2017-18

This year deadline for income tax return filing for FY 2017-18 or AY 2018-19. The last day for filing ITR is July 31, 2018, and you should not miss the chance at any cost. Filing returns on time is proof of financial prudence.

If you are filing ITR for AY 2018-19 for the first time then its better to go with the quick guidelines, here is a quick guide on what you need to know as a salaried employee.

The Amendments

Many employees believe that they are the most burdened lot, which is clearly a mental trap. The amendments have been introduced to make the online income tax return filing more transparent for assesse.

Some of the notable changes introduced under the Finance Act, 2018, include reintroduction of standard deduction, elimination of allowances (medical and HRA), long-term capital gains (LTCG) tax on equity, and increased income tax cess.

The simplified e-version of the efiling income tax form is not only faster to file but also helps the tax department to keep a strict vigil on those who under report or over report their incomes and expenditures to evade the tax net.

Here's A Handy List Of Documents Required For Efling Income Tax:

1) Permanent Account Number or PAN card

2) Adhaar card

3) All bank statements with bank account details

4) Form 16 issued by your employer or any other TDS information

5) Copy of your last year's ITR

6) Proof of investments for deductions under Section 80 C:

Section 80 C allows the taxpayer to save up to Rs 1.5 lakh in the financial year. It is certainly one of the major parts of tax planning and saving income tax.

You can claim following investments under section 80 C:

1) Premium paid for Life insurance

2) ELSS or Mutual Fund investments

3) Contributions towards Provident Fund

4) Premiums paid for retirement

5) Tuition fees for children

6) Principal for home loan

7) National Savings Certificate bonds

8) Bank FD or similar deposits

9) Amount paid to National Pension System or other similar account

Other Investments

1) Excess house rent paid over the HRA. (Only when the assesse doesn't own a house)

2) Deduction for higher education loans

3) Medical insurance premiums for self, family, or parents

4) Saving account Interest up to Rs 10,000

5) Interest paid on home loan

6) Donation to Prime Minister's Relief Fund

7) Income from patents and royalties

This is an indicative list of documents that will help you claim deductions and save tax. You would need to get the original copies scanned to file the IT return online.

What Time Duration Involve For Different Type of Business Registration Online?

For doing business in India we need to use some identity, and for this purpose Firm registration online is the option to do. Aspirants of business have many option, they can chose different type of business entity.

Every business registration involves some time to get done. Now we will explain time duration with reasons for every type of business registration online.

Company Registration: Company may be public or private limited company people use to take registration. Both companies have almost same method of registration. Only part which make private limited different from the public limited company is rules and regulation to be follow after new company registration.

It take almost 10 working days for whole process to be done, which involves name approval, DSC creation, MOA and AOA, Documentation and other procedures. For New Company registration the all documents to be submitted by the professional to the MCA in Manesar (Near Delhi). The process is 100% and directors need not to present at the time of registration.

LLP Registration: Limited liability partnership is advance form of normal partnership. This is combination of partnership and company registration. LLP is normal partnership with limited liability provision. Normally LLP take 20-25 working days for registration. After LLP registration we need to apply for pan card, which also takes almost 15 days.

Partnership Registration: Partnership firm registration is done by creating simple deed between partners, which normally takes 1 day. With the help of partnership deed we will apply pan card, but will help of deed and Pan card we cannot open bank account and banks demands some government registration for this purpose.

GST registration is best option for opening bank account, so its better to open take registration so that we can open bank account for the company. Partnership firm registration online is possible with simple steps.

Note: In case we are not cover in the GST, then its better to take company registration or LLP registration, because in these registration there is no requirement of GST for opening bank account with the name of business entity.

Sole Proprietorship Firm: If any person wants to register business with his own name then sole proprietorship is best option. This registration requires GST registration. Normal GST registration takes 5 working days. It take almost 1 hour to fill all details for registration. After that department will issue certificate for GST.

Now, we understand that in case we want to register our business in fatest form then its better to go for company registration. If we are individual for doing business the Sole proprietorship is best. All above firm registration online is possible to done with simple steps.