Do not worry…! Section 139(8A) of Income tax Act offers a chance to those who missed to file/report by allowing them to file ITR – U
The situations wherein the ITR U(updated return) can be filed is shown in the funnel below
What is the deadline for Filing ITR-U ?
The updated return can be furnished within 24 months from the end of the specific assessment year. Yet, this benefit of filing ITR U comes with a cost of paying additional taxes depending upon when you file the ITR U
When ITR U cannot be used?
Updated return cannot be filed if there is no tax payable. Other situations are depicted in the picture below :
Exercise care while filing ITR U since this updated file once filed cannot be revised...!
December is the month to rejoice the
closing of a calendar year and also a month to close all tax compliances
pertaining to FY 2021-22.
Income tax
Under Income tax Act, 31st December is the last date for filing the original return as well as Revised Return for FY 2021-2022. After 31st December, filing would not be allowed and Refund cannot be claimed. One will be left with only option of filing ITR – U where tax payment is mandatory.
Advance Tax payment
Plan your taxes ahead…!
Advance tax payment helps you to
avoid interest
The due date for Advance tax for 3rd
Installment (October to December ) for FY 2022-2023 is 15th December
2022
GST
– Annual return filing
Under Goods and Services
Act, filing of the Annual returns(GSTR 9) is mandated. Annual returns(GSTR 9)
is an annual compilation of outward supplies, Inward Supplies , tax liability
& input tax credit availed during a financial year.
GSTR 9 C on the other hand is a reconciliation
statement between GSTR – 9 ie annual return for a financial year and the
audited financial statement of the tax payer.
The different types of forms, category of tax payers, applicability in turnover and statutory dates are tabled below…
Penalty on non – filing
Late fee of Rs.200/- per day (Rs.100/- per day under CGST Law and Rs.100/- under SGST Law) could be levied which would be capped to a maximum of half percent of turnover in the state or union territory.
Remember in December to comply with the
above listed compliances & Get ready to meet the prosperous calendar year 2023 ahead…!
Exports under GST are Zero rated supplies. Zero rated supplies means goods and services sold by the companies are free from Goods and Service Tax.
There are two options available with a dealer to claim refunds:
Refund procedures in case of Option 1
Refund application has to filed claiming the ITC paid on
procurement of goods.
Refund procedures in case of Option 2
There is no need to
file refund application (GST RFD-01) separately. The shipping bill filed by the
exporter is sufficient to claim refund. The law specifies that shipping bill is
to be considered as a refund claim on satisfying following two conditions:
A person carrying the export goods should file
an export manifest; and
Applicant should have filed the returns GSTR-3
or GSTR-3B appropriately.
Once the above two documents are filed
appropriately, the refund is processed by the department.
August is coming to an end. If you
haven’t filed your income tax yet, you need to step up because the due date is
nearing. Thanks to the finance ministry for extending the due date to 31st
august.
Filing of income tax returns can be a
toilsome task but actually it is a rather very simple process.
Here are 3 points to help you
understand what is income tax return and how to file it without any errors.
Why to file income tax returns
Filing tax returns is an annual activity seen as a moral and social duty
of every responsible citizen of the country. It is the basis for the government
to determine the amount and means of expenditure of the citizens and provides a
platform for the assessee to claim refund, among other forms of relief from
time to time.
The government mandates that individuals who earn a specified amount of
annual income must file a tax return within a pre-determined due date. The tax
as calculated must be paid by the individual. Failure to pay tax will invite
penalties from the Income Tax Department.
Know your slab rate
Different income groups are taxed under different slabs. For instance, a
person earning up to Rs 2,50,000 does not require filing tax returns.Those
earning anything between Rs 2,50,001 and Rs 5,00,000 fall under the 5 per cent
category while people earning over Rs 5,00,000 to Rs 10,00,000 fall under the
20 per cent tax bracket.
Anything income above Rs 10 lakh will be taxed at 30 per cent. However,
individuals earning between Rs 50,00,001 and Rs 1 crore are required to pay an
additional 10 per cent surcharge. For people earning more than Rs 1 crore but
less than Rs 2 crore will have to pay a 15 per cent surcharge besides the 30
per cent base tax. Anyone earning between Rs 2 crore and less than Rs 5 crore
will have to pay a 25 per cent surcharge and those with incomes exceeding Rs 5
crore have to pay a mammoth surcharge of 37 per cent. A 4 per cent additional
cess also applies to all income groups except for those earning up to Rs 2.5
lakh. It should also be noted that a full rebate of Rs 12,500 can be claimed by
individuals whose net taxable income does not exceed Rs 5 lakh.
Income Threshold
Tax rate applicable
Up to ₹ 2,50,000
NIL
₹ 2,50,001 to ₹ 5,00,000
5% on income exceeding Rs. 2.5 lakh (max. Rs. 12,500)
₹ 5,00,001 to ₹ 10,00,000
20% on income exceeding Rs. 5 lakh (max. Rs. 1 lakh) + Rs.
12,500
Over ₹ 10,00,000
30% on income exceeding Rs. 10 lakh + Rs. 1 lakh + Rs. 12,500
Meanwhile, for senior citizens above 60 years of age, the income tax
exemption threshold is Rs 3,00,000. Income between Rs 3,00,001 and Rs 5,00,000
attracts a 5 per cent tax rate, while those with income above Rs 5,00,000 and
below Rs 1,00,00,00 have to pay 20 per cent income tax. Those earning over Rs
10,00,000 will attract income tax of 30 per cent.
Income Threshold
Tax rate applicable
Up to ₹ 3,00,000
Nil
₹ 3,00,001 to ₹ 5,00,000
5% on income exceeding Rs. 3 lakh (max. Rs. 10,000)
₹ 5,00,001 to ₹ 10,00,000
20% on income exceeding Rs. 5 lakh (max. Rs. 1 lakh) + Rs. 10,000
Over ₹ 10,00,000
30% on income exceeding Rs. 10 lakh + Rs. 1 lakh + Rs. 10,000
For very senior citizens above 80 years, the income tax exemption limit
is Rs 5,00,000. Those with income between Rs 5,00,001 and Rs 10,00,000 have to
pay 20 per cent tax while those earning above Rs 10,00,000 have to pay a 30 per
cent tax.
Income Threshold
Tax rate applicable
Up to ₹ 5,00,000
No tax
₹ 5,00,001 to ₹ 10,00,000
20% on income exceeding Rs. 5 lakh (max. Rs. 1 lakh)
Over ₹ 10,00,000
30% on income exceeding Rs. 10 lakh + Rs. 1 lakh
FILE ITR ONLINE
In this modern era with everything getting digitalised life has become so easy and comfortable. So
is filing your ITR.
Filing ITR offline is a cumbersome process when compared to online
process. Offline filing requires pinpoint accuracy. Moreover when you are filing ITR online you will get
instant acknowledgement from the tax department also ensuring your privacy.
Therefore filing online is the best way to file your return at one shot.
Filing ITR online is not that complex.
You need to first create an e-filing account on the Income Tax website
(https://www.incometaxindiaefiling.gov.in/home) and get yourself registered.
Once you have completed the
process, you will get an activation link sent to your e-mail ID.
Once the process is complete, download the Form 26AS and Form 16. Form
26AS is a consolidated tax statement which provides an overall view of income
tax deducted in a particular financial year.
From Current year, there is a very easy option specifically available
for simple return filing assesses, which is e-FILING LITE.
Assessees with simple filing details can use this option. It is designed
in a way that immediately after entering your pan all the details will be auto
filled. Thus ensuring a very peaceful ITR filing.
