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Income tax notices and what should the tax payer do

The government has extended the Income tax return filing date till August 31st, 2018 which means that you get more time to file the return carefully and ensure that there are no mistakes. However, in case you have received the notice from the Income Tax Authority, there is a process to go about it. Recently, there have been an increase in the number of Income tax notices sent by the department due to changes made in the income tax rules about which most of the income tax payers are not aware. Section 143(1) – Customary Notice - You don’t…

New changes made in ITR filing process this assessment year

Last date of filing the ITR is just around the corned and it is time to be aware of all the rules that have been revised in filing process. It would be good to understand these processes since you do not want to make any mistake while ITR filing the return. Late Fee The date has not been changed but the ITR department has now brought in the provision of fine for late filing of the fee. If an individual files the return by December 31st, late fee would amount to 5000 or Rs 10,0000 if it has been filed after 31st December 2018. However, those…

Here is how to check ITR refund status online ?

The refund banker scheme was started in 2007 under which the refunds generated on processing of Income tax Returns by the Assessing officers/ CPC-Bangalore are transmitted to State Bank of India, CMP branch, Mumbai (Refund Banker) on the next day of processing for further distribution to taxpayers. You can also check the refund status through the process mentioned below. Modes of refund There are two modes of refund:- RTGS / NECS: To enable credit of refund directly to the bank account, Taxpayer. Bank A/c (at least 10 digits), MICR code…

Who is eligible for Presumptive Tax Scheme and how to file it

Presumptive Tax scheme is meant for the small businessman and professionals who cannot afford to hire a professional accountant. On most occasions, incomplete filing can be seen as the under compliance of the taxation or even non-disclosure of the income. To make sure that the honest taxpayers do not have to bear the brunt, the presumptive ITR has minimal compliance requirements. Who can Select Presumptive Taxation Scheme? All eligible resident individuals, Hindu undivided families and resident partnership firms can opt for the taxation…
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Ministry of corporate affairs mandates Dir-3 KYC for all the directors

The ministry of Corporate affairs has announced conducting KYC verification for all the directors in every company by linking it to the mobile number and email ID. The steps would be taken to update the registry of all the directors annually through a new e-form – Dir-3 KYC. Under the new announcement, each director of every company who has Director identification Number on or before 31st March 2018 and if the DIN is approved would require to fill the form DIR-3 KKYC on or before 31st August 2018. The director would need to give the Unique Personal…
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What is e-Pan and how to apply for it?

e-Pan Card facility has been launched by the Income tax department for the ease of the citizens who want instant PAN card, simply by applying online. The card facility is free of cost and as of now Beta version has been rolled out. Eligibility For someone to get the ePan, it is mandatory to have an Aadhar Card. Also, those who have Pan card already cannot apply for the ePan facility. Further, it is not possible to get ePan for company or LLP or partnership firm. Only Indian residents can apply ePan except the minors and people who do not fall…

Six ways to e-verify the Income tax return

After filing the ITR, it should be verified by the assessee and is not deemed valid unless it is verified by the concerned assessee. The authorities have made it possible to e-verify the return either physically or electronically. Those who select the option of e-filing can do so either at the time of uploading or after uploading. When the return has been already uploaded, the taxpayer can verify the return by clicking ‘e-verify return’ option under the option “My account” after logging in the e-filing website. There are six ways…
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Here is how to withdraw 75% corpus from EPFO account?

Under the new rule Employee Provident Fund Organization has given green signal to the employees to withdraw 75% of the fund corpus, one month after the unemployment. The 75% of the total amount in the EPFO account can be withdrawn as advance according to the authorities. Why the decision? An individual is eligible for the pension on his EPFO account if the account is active for 10 years. However, after losing the job, the common trend is to close the account after two months and in that case an Individual loses the provision of pension. To make…

How to check ITR status through acknowledgement number and credentials

After filing the Income tax return, the income tax department starts the verifying and processing the return. In case, the tax payer is looking entitled to refund, same would be credited in his account after the ITR is successfully verified. Once the processing is complete, the individual would be able to see the ITR status as ‘ITR processed’. Once the complete information is processed and the IT department would inform the tax payer if there is some tax payable or the individual is entitled to the refund. The notice under section 143(1) would…