Income Tax Payer - Rightsofemployees.com

ITR Filing Process: You can file income tax return by yourself, know here step by step process

Pravesh Maurya — Sat, 29 Apr 2023 07:15:12 +0000

Income Tax Return Filing Process: It is mandatory for income tax payers to file Income Tax Return (ITR). If an income tax payer does not file ITR, he may have to pay a fine. To fill ITR, it is necessary to complete the correct process along with the necessary documents.

There can be difficulties in filing ITR, but if this work is done with some preparation then it can be filed even without the help of experts. Let us know, how you can file ITR sitting at home.

Keep these things in mind before filing ITR

If you are going to fill ITR, then first calculate the income, tax and return so that the process becomes easier. Also, tax deduction and TDS charge should also be kept in mind. TDS is filed under Form 26AS, under which you have to give information about your income and deductions. Before starting the process, make sure that you have all the necessary documents like your Form 16, bank details, investment details and other sources of income with you. Income tax return facility has been given on the e-filing portal.

Know step by step process

To file Income Tax Return (ITR) online, you have to register on the Income Tax Department website.
If you are a new user then you have to register as a new user after registering your PAN, name and date of birth.
– Different ITR forms are filled depending on the sources of your income. Choose the form that best suits your source of income.
After selecting the form fill all the required details like personal details, income details, tax deductions and exemptions.
Once you have entered all the information, verify all the details and ensure that they are accurate and correct.
Submit your tax return once you are satisfied with the details.
You can do this by sending a physical copy of the return to the Income Tax Department or by uploading the return online.
If there is any tax due, make sure you pay it before the deadline.

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Income Tax Payer: Good News! Income Tax Payer is getting benefit of Rs 3.5 lakh, know details immediately

Pravesh Maurya — Sat, 31 Dec 2022 12:00:46 +0000

Tax saving Idea: If you are an Income Tax Payer, then this news can be of use to you. You can get the benefit of Rs 3.5 lakh. Bank FDs are a safe and a better way of fixed income. The country’s largest bank SBI is paying 5.50 percent annual interest to the general customer and 6.30 percent to the senior citizen on its 5-year tax saver FD. Tax deduction up to Rs 1.5 lakh can be availed under Section 80C of Income Tax in Tax Saver FD.

1.83 lakh interest on 5 lakh deposit

According to the FD calculator, if you deposit a lump sum deposit of Rs 5 lakh in SBI for 5 years, then on maturity you will get Rs 6,57,033. In this, interest of Rs 1,57,033 will be earned. On the other hand, if you are a senior citizen, then on an FD of Rs 5 lakh, you will get Rs 6,83,450 on maturity. In this, there will be an income of Rs 1,83,450 from interest.

SBI Wecare Deposit for Senior Citizen

SBI is running SBI Wecare Scheme for Senior Citizens in Retail Term Deposit / Fixed Deposit. In this scheme, in addition to 0.50 percent, 0.30 percent ie 0.80 percent more interest is being offered to all senior citizens on FDs with tenure of 5 years or more. The bank has extended this scheme till 30 September 2022.

Interest rates of banks

Apart from SBI, Punjab National Bank (PNB) is offering 5.25 per cent annual interest to common customers and 5.75 per cent per annum to senior citizens on its 5-year tax saver FDs. At the same time, HDFC Bank is paying 5.45 percent annual interest to the common customer and 5.95 percent to the senior citizens for FDs above 5 years. Apart from this, if we talk about the tax saver FD of ICICI Bank of the private sector, it is paying 5.45 percent annual interest to common customers and 5.95 percent to senior citizens.

Tax saving on FD up to 1.5 lakhs

Fixed Deposit / Term Deposit of banks is considered safe. This is a good option for risk-averse investors. Tax benefit of tax exemption is available in section 80C on 5 years tax saving FD. You can save tax up to Rs 1.5 lakh in banks. It has a lock-in period of 5 years. However, keep in mind that the return on maturity of the tax saving FD is taxable.

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Income Tax Payer Good News: Income Tax Payer is getting benefit of Rs 3.5 lakh, know details immediately

Pravesh Maurya — Mon, 05 Dec 2022 10:29:13 +0000

1.83 lakh interest on 5 lakh deposit

SBI Wecare Deposit for Senior Citizen

Interest rates of banks

Tax saving on FD up to 1.5 lakhs

The post Income Tax Payer Good News: Income Tax Payer is getting benefit of Rs 3.5 lakh, know details immediately first appeared on Rightsofemployees.com.

Income Tax Payer Good News: Income Tax Payer is getting benefit of Rs 3.5 lakh, know details immediately

Pravesh Maurya — Fri, 25 Nov 2022 09:03:44 +0000

1.83 lakh interest on 5 lakh deposit

SBI Wecare Deposit for Senior Citizen

Interest rates of banks

Tax saving on FD up to 1.5 lakhs

The post Income Tax Payer Good News: Income Tax Payer is getting benefit of Rs 3.5 lakh, know details immediately first appeared on Rightsofemployees.com.

Income Tax Notice: Have you also received income tax notice by mistake? improve like this

Pravesh Maurya — Fri, 25 Nov 2022 04:29:24 +0000

Due to a small mistake of the Income Tax Payer and Chartered Accountant, the notices of the Income Tax Department are reaching other people. On this, the Income Tax Department has said that these problems are being caused by wrongly filling one digit of the PAN card.

In such a situation, some notices are reaching those people, who were not supposed to know these notices. In such a situation, people are getting upset due to getting unnecessary notices. The Income Tax Department has said that in such a situation, if such notices have been sent to any person, then they can give information about it to the Income Tax Department in many ways.

Let us tell you that many things have to be taken care of while filing income tax. All information should be re-checked at least twice after filing an incorrect return. There are three rules for sending notices in the e-verification scheme of the Income Tax Department. If the PAN card number is wrongly entered then all the three notices will reach on the wrong e-mail. Therefore, if you inform the Income Tax Department on time, then this is the best way.

On listening to the notice of the Income Tax Department, fear sets in the mind of the income tax payer.

what do experts say

Chartered Accountant Amresh Kumar says, ‘On hearing the notice of the Income Tax Department, fear sets in the mind of the income tax payer. If the income tax payer has filled wrong information in the return, then the officers of the department scare him. This instills fear in the mind of the income tax payer.

In such a situation, if the e-mail ID of the Income Tax Department from which the notice has been received, the person can also inform by giving his complete information and PAN card number. It can also tell that wrong notice has been sent to him. Apart from this, the income tax payer can also contact the number 18001034215 and speak. Even after this, if the problem is not resolved, then you can go to the office of the Income Tax Department and register your complaint.

Point to be noted is thatIncome TaxMonths have elapsed since the last date for filing the return. But, still the process of assessment is going on in the Income Tax Department. Those filing correct returns are getting refunds from the Income Tax Department, while taxpayers making mistakes are getting notices from the Income Tax Department. Although, getting a notice from the Income Tax Department is not a good thing, but it is also not right to panic as soon as the notice is received. The Income Tax Department sends notices to taxpayers for various reasons.

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