FINANCE

ITR Refund: Many taxpayers may have got the refund but there will be such taxpayers who would have got the notice of Income Tax Department instead of refund. Here’s what to do when you get a tax notice. The time to file Income Tax Return is over now. The date fixed by the government i.e. 31st July was the deadline for filing income tax returns. In such a situation, now the returns are being scrutinized by the Income Tax Department and the taxpayers whose TDS has been deducted, their refund is being given by the department. Many taxpayers may have got the refund, but there will be such taxpayers who would have got the notice of the Income Tax Department instead of the refund. This happens when the calculation of income and tax is done wrong. Department is doing scrutiny through AI Let us tell you that this time the Income Tax Department is scrutinizing the returns through a software based on Artificial Intelligence. On the basis of this notice is being given to the taxpayer....

Income Tax Filing: ఆదాయపు పన్ను రిటర్న్స్ దాఖలుకు చివరి తేదీ సమీపిస్తోంది. ప్రస్తుతానికి జూలై 31 వరకు ఫైలింగ్ కు అనుమతి ఉంది. మరోవైపు అన్ని కంపెనీలు కూడా జూన్- 15 వరకు తమ ఉద్యోగులకు ఐటీఆర్ ఫారం-16 జారీ చేశాయి. దీని సహాయంతో ఉద్యోగులందరూ తమ టాక్స్ రిటర్న్స్ ఫైల్ చేయవచ్చు. చాలా కాలంగా ఐటీఆర్ ఫైల్ చేస్తున్న వారికి ఫారం-16 గురించి బాగా తెలుసే ఉంటుంది. కానీ.. ఇటీవల ఉద్యోగం ప్రారంభించిన వారు లేదా ఇప్పుడు పన్ను పరిధిలోకి వచ్చిన వారు ఫారం-16 కోసం దరఖాస్తు చేసుకోవాలి. దానిలో ఎలాంటి వివరాలు అందించాలి వంటి పూర్తి వివరాలు ఇప్పుడు తెలుసుకోండి.. అసలు ఈ ఫారం- 16 అంటే ఏమిటి..? కంపెనీలు తమ ఉద్యోగులకు ఫారం-16 జారీ చేస్తాయి. ఇది ఉద్యోగి జీతంపై మినహాయించబడిన పన్నుకు సంబంధించిన మొత్తం సమాచారాన్ని కలిగి ఉంటుంది. మరోవైపు.. ఉద్యోగి HRA లేదా అన్ని రకాల ఇన్వెస్ట్ మెంట్స్ చేయడం ద్వారా పన్ను ఆదా చేసినట్లయితే.. ఆ సమాచారం కూడా ఫారం-16లో ఇవ్వటం జరుగుతుంది. ఒక్క మాటలో చెప్పాలంటే.. ఫారం-16 అనేది ఉద్యోగి జీతంపై పన్ను లెక్కింపు సర్టిఫికేట్ అని చెప్పుకోవచ్చు. ఈ సర్టిఫికెట్‌ను కంపెనీలు ప్రభుత్వానికి కూడా సమర్పిస్తాయి. ఫారం...

The first quarter of a financial year is the time for ‘Investment Declaration’. In the period of April to June, your employer asks you to declare your tax-saving investments for the year to be able to deduct tax accordingly from your monthly salary. Investment declaration at the right time is important for you because it can lead to higher in-hand salary.   The important thing to note is that, in the beginning of the financial year, you just have to make an estimate of the investments that you intend to make in the coming months. These declarations are generally required to be made on the employer’s HR portal. You don’t need to submit actual proofs till the end of the financial year. You can actually invest less or more.   Investment Declaration is made on Form 12BB that has to be submitted at the end of the financial year. Please note that this form is NOT to be submitted to Income Tax Department, but has to be submitted to your employer. It applies to all salaried taxpayers ...

In the New Annual Information Statement, there will be 50 transactions to disclose in Annual Information Statement(AIS) So, if you’re going to use your PAN number, be aware of what you’re doing. The IRS has announced the launch of a new statement called the Annual Information Statement (AIS), which will give you practically all information about your financial transactions throughout the year. The Income Tax Department has been producing Form 26AS to provide information on taxable income and tax deducted at source (TDS) for the past few years, but it will soon be replaced by the Annual Information Statement (AIS). The new AIS statement will provide detailed information on the taxpayer and will be quite helpful when completing a tax return. The data will be available in AIS when duplicate data has been removed, and taxpayers will be able to download it in PDF, JSON, and CSV forms. If the information is incorrect, refers to another person/year, or is duplicated, a taxpayer can offer feed...

Power of Investing Interesting history of Adani Enterprises 1995 September IPO in name of ADANI EXPORTS LTD. PRICE OF  RS. 150 WITH FV RS. 10 100 Shares Allotted. As an example..  1996...  Bonus.. 1:1. ( 100 = 200) Year 1999 Bonus.. 1:1. (200 = 400).   (At that time, shares all time high was 848) Year 2004.  Split into RS. 1 from RS. 10 F.V. (Meaning 400 = 4000.).. Year 2009.. Bonus 1:1. (4000 = 8000). 2015. Demerger into : 1) Adani Port (141:100)  Those has 100 Adani Ent got 141 Shares of Adani Port 2) Adani Power ( 185:100) 3) Adani Transmission ( 100:100) Means , Now latest situation is..👇🏻 1) ADANI ENT.. - 8000  2) ADANI PORT - 11,280 3) Adani Power - 14,800 4) Adani Transmisn - 8000.. 5) Adani Gas - 8000.. 6) Adani Green - 6088.. 25 years of journey and a deposit of Rs 15,000 in 1995 would reward (as on 04/04/2022) Adani Ent. (2066) - 1,65,28,,000 Adani Port(818) - 92,27,040 Adani Power(212)- 31,37,600 Adani Transmsn(2454)-1,96,32,000 AT...

The income tax department has asked taxpayers to check their Annual Information Statement (AIS) or Form 26AS (Tax Credit) to see whether they need to file Income Tax Returns (ITR) or not. “Don’t delay, file a belated ITR no,” the Income Tax department said. ITR LAST DATE The last date to file ITR for AY 2021-22 is March 31, 2022. “Dear taxpayers, Pl check your AIS or 26AS & file your ITR for AY 2021-22. The last date to file ITR for AY 2021-22 is 31st March, 2022,” Income Tax India tweeted. ITR LATE FEE If a taxpayer fails to file ITR for AY 2021-22 before March 31, 2022, then he or she needs to pay a late fee of Rs 1,000 or Rs 5,000. The late fee will be applicable as per section 234F of the Income Tax Act, 1961. AADHAAR-PAN LINK Taxpayers need to link Aadhaar and PAN under the Income Tax Act, 1961. “Link your PAN & Aadhaar to enable quick & easy e-verification of ITRs. The due date to link your Aadhaar & PAN is 31st March, 2022,” Income Tax India tweeted. ...

4 most important things you should finish before 31st March’22 1️⃣ Planning your #TaxSavingInvestments u/s 80C - 80U 2️⃣ Filing Belated or Revised ITR for AY 21-22 3️⃣ Aadhar & PAN linking  4️⃣ Updating #BankAccount KYC 1️⃣ Planning your Tax Saving investments u/s 80C - 80U Action: Invest/spend before this March’22 to become eligible for claiming deductions under respective sections. Consequence for default: Deductions cannot be claimed. 2️⃣ Filing Belated or Revised ITR for AY 21-22 Action: Use this last opportunity to file your belated or revised ITR. Consequence for default: ITR for AY 21-22 CANNOT be filed, unless you show genuine reasons for such default. 3️⃣ Aadhar & PAN linking  Action: Make sure to link them to avoid PAN becoming invalid.  Consequences for default: PAN becomes Invalid, Penalty upto Rs. 10,000 u/s 272B & late fee u/s 234H upto Rs. 1,000 4️⃣ Updating Bank Account KYC Action: Make use of this extended due date by RBI Consequences for defa...