direct tax

Income Tax Return Due Date

INCOME TAX RETURN DUE DATE FOR F.Y. 2022-2023

INCOME TAX RETURN DUE DATE FOR F.Y. 2022-2023 Income tax return filing has started for F.Y 2022-23. Before telling you anything let me tell you first that What is Income Tax Return? Definition of Income tax return Income that you earned during the financial year from sources and we have to pay tax on those incomes for the we file Income Tax Return. Let’s discuss what are Financial year (F.Y.) and Assessment Year (A.Y.)? Financial year Financial is a period of twelve months in which income is earned. A financial year starts from 1st April and ends as on 31st march this is the time when you generate income. A financial year is commonly used in accounting to calculate the financial statement. Assessment year The Assessment Year is the 12 month-period that comes right after the financial year. For example, the Assessment Year for any Income generated between April 1, 2022, and March 31, 2023, would be 2023-24. The assessment year is the year in which income is taxed and all taxes are paid and tax returns are filed. Always remember to file your Income Tax return within the relevant AY. You can file your return through us. we are growing company in this area and we have team of experts who are expertise in theses area. You can reach out to us by our website Trisuka.com, You can easily communicate to our executive by call or WhatsApp. So, now you understood what is Financial Year and Assessment year. It is very important to know these terms specially if you are a taxpayer. Here I am going to share with you all some due dates of filing return for F.Y. 2022-23 (A.Y.2023-24). TAXPAYER DUE DATE OF FILING FOR F.Y. 2022-23   INDIVIDUAL HUFAOPBOI (Those books of accounts not required to audited) 31/07/2023 ORGNIZATION (That required Audited) 31/10/2023 Revised Return 31/12/2023 Belated or late return 31/12/2023 What is a last date of filing ITR for F.Y 2022-23? The last date of filing ITR for Financial year 2022-23 is 31st July 2023. Right now, it is a last date. we do not get any information about extending a date so, do not wait for the extension and file your return now. Merits of Filing Income Tax Return on time. Easy Loan Process ITR makes loan process easy. If you file ITR of at least three consecutive years then it makes your process easy. Example: Home Loan, Car Loan, and personal Loan. Income Proof It is most genuine evidence of your income. It has your detailed Information about your annual income and the tax you have paid is available on the ITR. If you have need to submit your income proof, then it is one of the most – widely accepted Income proof. Quick Visa Processing It makes your visa processing hassle free. The income and tax status are a necessary for international embassies so, if you are making plan to go foreign country then it will help you to make your process quick and easy. Claim Tax Refund You can file Income Tax to claim your refund if you have paid higher than it was actual, so you can claim refund. When you file return then after verification, the tax department will deposit the refund directly on your bank account. Avoid penalties. Late filing of ITR causes penalties. If you file return every year before the due date, you can save yourself from penalties. File your return on time to avoid such penalties. Demerits of not filing Income Tax Return before due date Late fee. In case you forgot to file return before due date then you to suffer from late fee.  If you fail to file return on time, then late fee will impose on you and the charges would be RS. 5,000. It can be reducing to Rs. 1,000 if your Total Income is less then Rs. 5,00,000. Interest If you submit your return after the deadline, you will be liable to pay interest at a rate of 1% per month or part month on the unpaid tax amount. Loss of Adjustment In case you have incurred losses from sources. Example:  the stock market, mutual funds, properties, or any of your businesses, you have the option to carry them forward and offset them against your income in the subsequent year. This provision substantially reduces your tax liability in the future years. However, you will not be allowed to carry forward these losses if you miss filing your ITR before the due date. So, there are some advantages and disadvantages of Income Tax Return, if you want to get benefit of it, file your return on time and enjoy its benefits. We are filing right now, so you can choose us. We provide the  best services. We have many happy costumers. We welcome you, you can easily communicate with us via. What’s app or call or mail.

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Benefits of Income tax

INCOME TAX: Types Of Income Tax, Slab Rates And It’s Benefits.

WHAT IS INCOME TAX? Income Tax is a tax that impose by Government on business income and individuals Income over the course of a year. The first income tax was passed in India in 1860 But it came in force in 1961.Income tax is a government revenue source of India. They use it for public service, pay government obligation and provide goods for citizen. There are two types of Tax. Direct Tax Indirect Tax Direct TaxDirect Tax is a Tax which is directly impose on individuals and organization. In other words, Direct tax is a type of tax where the incident and impact of taxation fall on the same entity. The burden of tax can not be shifted by the taxpayer to someone else. In United State, Direct tax based on Ability to pay principle. This principle states that those who have many sources of income and earn higher income from the same sources should be levied to pay higher Tax. Here are some examples: Real property Tax, Personal property Tax, Tax on asset. Direct tax benefits Promotes certainty.The good thing about direct taxes is that they are determined and made final before they are even paid. In the case of income tax, the annual tax is the same every year as long as the salary does not change. Promotes elasticityTaxes are the earnings of the government, and when they fluctuate, the earnings also change. They can go higher or lower. Indirect TaxIndirect Tax a tax which burden of tax can be shifted by the taxpayer to someone else. In other words, Indirect tax is a type of tax that passed on to another individual or entity. Example: The sellers are required to buy these taxes to the government, but seller sell goods to costumer, so they pass the burden of tax to costumer. Indirect Tax examples: Service tax, GST (Good and service tax), custom duty. Benefits of Indirect Tax. Limit harmful consumptionProducts that is harmful for health like wine, Tabacco etc. These products include higher tax, therefor these products become expensive so, the high cost of product helps to reduce consumption. Easy collectionThe collection of all these taxes generates automatically during the sale and purchase of any good and service. This helps the authority to collect taxes easily while reducing the position of tax envision. ConvenientIt is not a typical as income tax. While calculating income, we have to go through all the five head .it should include all the earning you have made from all these heads. This is why people often evade income tax, but indirect tax is easy to calculate because, these are collected on point of sales and purchase. Different types of Taxable Income Income from salary Income from House property Income from business Income from capital gain Income from other sources Who can pay Income Tax? Under existing rules of the IT Act, any individual/business with income irrespective of the amount earned is liable to file income tax returns. But, currently tax on income is payable only if the net taxable income for a fiscal exceeds Rs. 2.5 lakh. In other words, if you earned income that more than 2.5 lakhs in a previous year so you are eligible to pay tax (in case of Individual). Individual or any body earns then they are liable to pay tax. The following are the key types of individuals and entities who are liable to pay tax provided their net taxable income for FY 2023-24 exceeds the prescribed limit: Salaried person Self employed person Self-employed professional Hindu undivided family Body of individuals Association of person Company and Corporate Firm Local Authority Benefits of filing Income Tax return                         Easy Loan approvalITR makes loan process easy. If you file ITR of at least three consecutive years then it makes your process easy. Example: Home Loan, Car Loan, and personal Loan. Income ProofIt is most genuine evidence of your income. It has your detailed Information about your annual income and the tax you have paid is available on the ITR. If you have need to submit your income proof then it is one of the most – widely accepted Income proof. Quick Visa Processing.It makes your visa processing hassle free. The income and tax status are a necessary for international embassies so, if you are making plan to go foreign country then it will help you to make your process quick and easy. Claim tax refundYou can file Income Tax to claim your refund if you have paid higher than it was actual, so you can claim refund. When you file return then after verification, the tax department will deposit the refund directly on your bank account. Avoid penalties.Late filing of ITR causes penalties. If you file return every year before the due date, you can save yourself from penalties. File your return on time to avoid such penalties. So, these are some benefits of filing income tax. I know there are many more benefits of filing ITR but I mentioned few from them. Now let’s take a look on Income tax slab rate. We file return according Slab rate. so, I am mentioning slab rate below. In India Income tax applies to individual based on a slab rate. As income increases, the tax rate also increases. This type of tax is called progressive tax system. Let us take a look at all the slab rates applicable for FY 2022-23 (AY 2023-24) and FY 2023-24(AY 2024-25). Income Slabs New Tax Regime up to 2,50,000 Nil 2,50,000- 5,00,000 5% (Tax rebate U/s 87A is available) 5, 00,000-7,50,000 10% 7,50,000-10,00,000 15% 10,00,000-12,50,000 20% 12,50,000-15,00,000 25% >15,00,000 30%

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