Integrated Solutions Ajmer

Integrated Solutions Ajmer Accounting Taxation Finance

If you missed filing Income tax return by 31.07.2023.. You can still file your ITR with late fee (section 234F of Income...
04/08/2023

If you missed filing Income tax return by 31.07.2023..
You can still file your ITR with late fee (section 234F of Income Tax Act, 1961) till 31st December 2023 by paying as per your Total Income of the relevant year.

Upto 250000 late fee Nil

More than 250000 but Upto 500000 late fee 1000

More than 500000 late fee 5000 and in case tax is payable interest is also to be paid.

It is to be carefully noted that as per section 139(1) of the Income Tax Act, 1961 every individual or huf whose Income exceeds 250000 is mandatorily required to file return of Income.

In case of resident individuals of age 60 or more if Income exceeds 300000 and in case of

Super senior individuals age of 80 or above if Income exceeds 500000.

Please remember filing ITR and paying tax are legal compliances expected to followed by every citizen of India or else rule of law will take it's own course..

Do file your ITR and pay tax along with interest and late fee and comply with legal provisions of Income tax Act.

Your taxes contribute to India's richness and development tò restore it's status in the whole world as Sone ki chiddiya (Golden Sparrow)

Thank you..



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18/07/2023

🔴 Beware of the Scam: "Filing ITR in just Rs. 99/- Explained" | By CA Aman Rajput 🚫It has come to our attention that there is a scam circulating on various...

07/07/2023

Hello Everyone!!!

So the income tax filing season is already here for FY 2022-23 (AY 2023-24)...

Those who are salaried people including or having other sources of income viz. # Receiving House Rent, # interest from Fixed Deposits and saving bank accounts,
# Interest from Loans & Advances given to Others,
on government securities, debentures and any other instruments,
from purchase and sale of shares held as investments,
received from relatives/friends other than blood relations above 50000/- (in aggregate i.e. from all the persons)
other source which is not business income (which needs to be audited by chartered accountant)

Should start collecting documents showing/evidencing above incomes (Form 16, Form 16A, Interest certificates, Sale deed, contract notes or list/details of purchase and sale of shares) earned during the financial year 2022-23 as also the Bank Accounts for the same year to compute the Income Chargeable to Tax for the FY 2022-23..

Also keep the Investments made to save taxes such as LIPs, PPF Receipts, Home Loan Repayment Certificates, Medical insurance premium receipts, donation receipts if any paid for donation elegible for tax savings u/s 80G or 80GGC (political donation)..

Further challans of advance tax paid as also TDS certificates (These should match with online statements such as AIS, 26AS and TIS)..

If you do all above then you are ready to file your tax returns.. The last date for filing income tax return is 31st July 2023 for Salaries and non-audited (other than those having business income and need to get their accounts audited by chartered accountants) taxpayers...

There is still time so start compiling above documents, arrange them and file your returns in time and chill in the confines of your Cool home amidst the extreme heat outside during summers..

Drink lots of water, eat watermelons (if you like) or any other fruit to beat the heat...

Have great summers!!!

Above details are illustrative and not exhaustive therefore In case of further details or queries visit our page by clicking on our icon or contact/visit your tax consultant..

Thanking you,

Regards,

9414980932

07/07/2023

File your income tax returns well before time to make sure you avoid last minute panic and give your tax consultant enough time to prepare the tax…

16/04/2023

All your Accounting and Taxes Solutions at one place.. Do check out.. Truly Go Digital

Reminder1. You can still pay your advance tax for the current financial year till 31.03.2023 and avoid paying interest.....
26/03/2023

Reminder

1. You can still pay your advance tax for the current financial year till 31.03.2023 and avoid paying interest..

2. Still 5 days left to link your AADHAR with PAN to avoid getting your PAN no. become inoperative...

Hurry and do these now..

20/03/2023

1. Please link your Aadhar Card number with PAN Card number till March 31st, 2023 by paying fee of Rs.1000/- on income tax portal otherwise your PAN Card will become inoperative thereby not allowing you to file your income tax return or claiming income tax refunds if applicable...

2. Further at present you have to pay only Rs.1000/- as challan being fee for late linking since last due date was 31.03.2022 without fee.
However from 01.04.2023 penalty of Rs.10000/- could be levied for linking the Aadhar Card number with PAN Card number...

3. A circular issued by the Central Board of Direct Taxes (CBDT) on March 30 said once a PAN becomes inoperative, an individual shall be liable to all the consequences under the I-T Act and will have to suffer a number of implications.

***The person shall not be able to file I-T return using the inoperative PAN; pending returns will not be processed; pending refunds cannot be issued to inoperative PANs; pending proceedings as in the case of defective returns cannot be completed once the PAN is inoperative and tax will be required to be deducted at a higher rate.

***"In addition to the above, the taxpayer might face difficulty at various other fora like banks and other financial portals as PAN is one of the important KYC (know your customer) criterion for all kinds of financial transaction," the circular said.

PS: It takes 5 days for the challan of Rs.1000/- paid as fee to reflect on the portal to allow you to link the AADHAR with PAN.
THEREFORE EFFECTIVE DATE FOR LINKING AADHAR IS 5-6 DAYS BEFORE 31.03.2023 i.e. you have make payment of Rs.1000/- 5-6 days in advance before the due date of 31.03.2023.

Following is the information provided at the income tax india eportal website:

Information :As per CBDT circular F. No. 370142/14/22-TPL dated on 30th March 2022, every person who has been allotted a PAN as on 1st July 2017 and is eligible to obtain Aadhaar number is required to link PAN with AADHAAR on or before 31st March, 2022. Taxpayers who failed to do so are liable to pay a fee of Rs. 500 till 30th June, 2022 and thereafter a fee of Rs. 1000 will be applicable before submission of PAN-AADHAAR linkage request.

Please pay the applicable fee of Rs. 1000 through e-Pay Tax service to proceed with submission of Aadhaar-PAN linking request. Click here for payment related information.

In case payment is already done on Protean (NSDL) portal, please try linking after 4-5 working days from the date of payment.

Please make sure fee payment is done under Minor head 500 - Other Receipts(500) and Major head 0021 [Income Tax (Other than Companies)] in single challan.

Hurry effectively 25 days are left to make payment and then link the AADHAR CARD number with PAN CARD number on Income tax website.

SHARE THIS WITH YOUR KNOWN,ACQUAINTANCES, RELATIVES, FRIENDS AND HELP THEM...

Link: https://eportal.incometax.gov.in/iec/foservices/ #/pre-login/bl-link-aadhaar

9414980932

14/03/2023

Investments or Spendings which gives you tax advantage in terms of reduced tax liability i.e. you save taxes if you investment or incur expenditure in the following:

1. Life Insurance Premium (helps you in insuring yourself against any mishappening - people tend to underrate this especially term insurance) - Payment for Endowment funds policies/unit linked policies equals investment and risk minimisation while Payment for term insurance equals spending/expenditure but provides increased risk coverage as against traditional life insurance plans
2. ELSS Mutual Funds - Provide reasonable returns if invested for long term and also tax savings. Return of Investment in ELSS Mutual funds are subject to Market related risks.

3. PPF/NSCs - Provide fixed guaranteed returns as well as tax savings - this is highly recommended particularly PPF, it gives tax free guarantee on maturity as well as forced lock-in-period ensure that you receive benefits when it is needed for eg - children higher education/marriage etc., Return in PPF is risk free.
4. NPS - Contribution to National Pension System provides additional savings of Rs. 50000/- u/s 80CCD separately other than in 80C of Rs.150000/- i.e. total Rs.200000/-. This is suitable for business class assessees who can reap the benefits at the time of retirement age of 60 years which gives option to withdraw 60% with 20% of which is subject to tax on maturity balance 40% will be paid as annuity every year. Return of Investment in NPS is subject to market related risk.

5. Payment of Tution fee - These days providing education to children have become very costly hence deduction of Rs.150000/- on account of payment of childred tution fee comes as a relief for a tax payer which he claim while filing return of income tax. This payment is a an expenditure and does not provide any financial return but more than that payment made for educating children go long way not only in shaping the future of your own children but also future of the country the return of which cannot be measured in terms of money but beyond that......

6. Repayment of Housing loan - Repayment portion of EMI of Housing loan helps in reducing tax liability as the repayment part of EMI is available for deduction upto 150000/-. Like tution fee this too is an expenditure but creates a assets called Home a dream for everyone especially in a developing country like us India, it brings happiness and smiles when one purchases/build their own house and turn it into home where you go to every evening/night after hard days work... every expenditure is not about getting return back in terms of money but happiness and smile of those you love your family.

7. Honourable Mentions - Five year tax savings Fixed Deposits in bank/post office, notified bonds of NABARD, Deposits in Senior Citizens Saving Scheme, contribution to Provident funds i.e. EPFO, statutory provident funds, GPF etc.,

Limit u/s 80C - upto 150000/- maximum individually or cumulatively i.e. (PPF – 150000 + Tution fee – 30000 + repayment of housing loan – 15000 + LIP – 20000 + ELSS Mutual Fund – 50000 = Total – 265000 but the deduction is capped/limited to Rs.150000/-)

However contribution to NPS u/s 80CCD gives additional tax savings of Rs.50000/- in addition to Rs.150000/- u/s 80C.

Address

595/25 Govind Nagar Near Ram Temple, Ramganj
Ajmer
305003

Opening Hours

Monday 10am - 6pm
Tuesday 10am - 6pm
Wednesday 10am - 6pm
Thursday 10am - 6pm
Friday 10am - 6pm
Saturday 10am - 6pm

Telephone

+919414980932

Website

https://www.google.com/search?sxsrf=AJOq

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