The Liberalized Remittance Scheme (LRS) is part of the Foreign Exchange Management Act (FEMA) 1999, laying down the guidelines for outward remittance from India. Under LRS, all resident individuals, including minors, are allowed to freely remit up to USD250,000 per financial year (April – March).
How CA on Web Pvt. Ltd. can assist
We CA on Web Pvt. Ltd. are a Chartered Accountant consulting firm providing all kinds of consultancy and compliance services related to the Liberalized Remittance Scheme. Our expert advisors assist clients with all compliances with the Liberalized Remittance Scheme
The services that we offer in relation to Liberalized Remittance Scheme include the following:
FEMA Compliances related to the Liberalized Remittance Scheme.
Applying to RBI in relation to approval for the Liberalized Remittance Scheme, if required.
Submission of documents to AD for release of remittance.
Drafting of documents for approval from RBI
Advising various routes for the acquisition of immovable property in or outside India,
Liasoning with AD Bank and RBI in relation to Limited Remittance Scheme
🟢Form 10BD required to be filed for donations received is now live. Excel CSV Upload option available.
📢 REMINDER TO TRUSTS REGISTERED U/S 80G:
All the Donations which are eligible for exemption u/s 80G received by the Trusts for the Financial Year 2021-22 required to be filled in Form No. 10BD and should be electronically uploaded accompanied with signed by the Managing Trustee/Office Bearer before 31st May 2022.
📢 Updation of UDINs at e-filing Portal
After receiving various complaints by the members for Invalidation of the UDINs at the e-filing portal of Income Tax Department, certain technological changes have been made in the site. So, now the Members are advised to again try updating those UDINs which have been invalidated earlier at the e-filing Portal.
Members are also hereby intimate to kindly update all the pending UDINs for FORMs or certificate etc. at the e-filing portal on immediate basis. Points to be noted that the last date with which UDINs are required to be updated at the e-filing portal is 31st May 2022.
Further, while generating the UDIN all the members are advised to be careful in selecting the Correct fields.
For any clarification, please get more information to Click Here: CAONWEB
For some online ITR filing is more like a stressful issue while for some it is not. Ever wondered why? The only thing which differentiates both is the income tax consultant, a financial expert who is guiding you throughout your financial year. Finding the best CA Services online was a difficult task up till now, but now it’s pretty much easy to find an income tax consultant in your area and get your online ITR filing done, before the due dates dodging every scope for non-filing of income tax return on time.
DUE DATES OF ONLINE ITR FILING:
Income tax return is done via a prescribed form which specifies the income earned throughout the financial year and taxes paid on it thereafter. This information on income tax return filing must be provided in the format prescribed to the income tax department before the due dates. Since income tax return filing requires calculations to be done, therefore it’s a sheer possibility that there are some miscalculations or some over or underestimations made. This is when you will have to focus on online ITR filing.
Online ITR
filing is an electronic mode of ITR filing which through which a taxpayer can
carry forward they lose or claim refunds from the income tax department. There
are different ITR filing forms which are associated with different
categories assesse?
ITR FORMS
PARTICULARS
ITR-1/Sahaj
Individuals
having income from salary, House property & other sources
Total
income up to 50 lacs.
ITR-2
Individuals/HUF
not carrying business or profession under proprietorship.
ITR-3
Individuals/HUF
earning income from proprietorship
ITR-4/Sugam
Opting
for Presumptive tax scheme
ITR-5
LLP,
Firm, Trust, Co-operative society etc.
Those
covered under ITR-7 shall not fill this form.
ITR-6
Companies
other than those claiming exemption under section 11 of Income tax act.
ITR-7
Entity
(person or company) required to furnish details u/s 139 [4A, 4B, 4C, 4D, 4E]
of Income tax act, 1961
You can make your IT Return filing much more effective and less burdening process if you follow the checklist: (1) Don’t forget the due date of online ITR filing. (2) Plan your investments beforehand. (3) Find Online CA Service. (4) E-Verification of IT Return. (5) ITR Form which you are eligible for. (6) Documents required for online Income tax return filing. (7) Check your online ITR filing status.
6. Fill in your details such as PAN card number, Acknowledgment number & Captcha.
7. Click “Submit”
Q What are the documents required for
Income tax return filing?
·
PAN Card: PAN is a ten-digit alphanumeric
number which is issued to an individual by the income tax department.
·
Form 16
issued by the employer: Form
16 is divided in 2 parts viz. Part-A & B. Part-A contains the details of
tax deducted/deposited in the central government account. Part-B contains the
details of the salary paid and any other income tax deducted.
·
Interest
income documents:
Bank statement, Interest statement on fixed deposits, TDS Certificate & any
other form which specifies the interest income which you have earned in the
previous year.
·
Form 26AS: 26AS is an annual consolidated
credit statement which contains all information of tax being deducted on your
income throughout year. This is an auto generated form which an individual can
download from the income tax website.
·
Document
required to claim the expenses:
Certain deduction depends on the actual expenditure being done on the same
therefore keeping the track of these expenses is needed such as:
–
Contribution to
provident fund
–
Children’s
school fees
–
LIC premium
–
Stamp
duty/registration charges
· Other documents: Interest on housing loan, education loan and stock trading statement which will specify your tax on capital gains.
Income tax department has released an advisory for all the income taxpayers that they must validate their mobile numbers & E-Mail ID before online ITR filing. This advisory came up in the wake of many online ITR filing being declined rather they were not submitted properly. It is much to your convenience because Mobile & E-Mail ID validation before online ITR filing will help in smooth functioning of your business with any hurdle. You will receive all income tax updates on time, Notifications, Due dates, Circulars/Notice etc.
What is ITR Filing?
Income tax return (ITR) is form in which the assessee furnishes the information related to his Income in the previous year to the Income Tax Department. ITR should be filed before the due date or else you will miss on to your Income tax return. There are different ITR Forms which an individual needs to fill depending on the source of Income of the assessee.
FORM
PARTICULARS
ITR-1/Sahaj
Individuals having income from salary, House property & other sources Total income upto 50 lacs.
ITR-2
Individuals/HUF not carrying
business or profession under proprietorship.
ITR-3
Individuals/HUF earning income from
proprietorship
ITR-4/Sugam
Opting for Presumptive tax scheme
ITR-5
LLP, Firm, Trust, Co-operative
society etc.
Those covered under ITR-7 shall not
fill this form.
ITR-6
Companies other than those claiming
exemption under section 11 of Income tax act.
Why the need of Mobile & E-Mail ID validation before online ITR Filing Arise?
Income tax department has identified various cases where the default Mobile & E-Mail ID of the chartered accountants were provided instead of the actual income taxpayers because of which they are unaware of the government scheme, notifications, updates, notice & circulars. Since the access of the Income tax account is being held by their Chartered accountants the actual income taxpayers remains unaware.
Institute of chartered accountants of India (ICAI) is authorized to certify the professional chartered accountants (CA) having requisite knowledge about all the aspects of finance, accounting and IT. Whereas Institute of company secretary (ICSI) is authorized to certify company secretary in India having appropriate knowledge of business/corporate law etc. which will help in smooth functioning of the business. Both these professional qualifications have a different genre of specialization which cannot be supplemented by the other.
Being a Chartered Accountant (CA) is nothing less than a doctor. Like doctor is the specialist of a living being in the same way a Chartered Accountant (CA) is a financial specialist. Like a sick person has to visit a doctor for check-up or advice, it is a financial one should visit if he is facing any issue in his business, need some advice regarding their investments, filing of ITR, GST etc.
Since we all know that India is an emerging economy and we are aspiring to become $5 billion economy by 2024, giving a boost to “Make in India” all these dreams would be fulfilled only with the help of the Chartered accountant/company secretary. There are various services that a tax consultant (chartered accountant/company secretary) provides to their clients which helps them in managing their tax related issues.
Investment Advise
Financial advisory
Management consulting service
Due diligence service
Forensic audit
Project financing
Compliance laws
Timely filing of ITR, GST etc.
BookKeeping
Auditing etc.
Authorized signatory
A chartered accountant plays an
important role in bringing sustainable growth in the organisation and most
effective & efficient use of resource, with minimal waste and maximum
productivity. We can say that CA/CS & business firms are like inseparable
twins which cannot exist without each other. For example: A business firm
cannot work efficiently without the consultation of CA/CS and vice-versa.
Consulting a chartered accountant is very essential for your business because of many reasons-
Financial
viability: ability to generate sufficient funds so as to meet the
requirements of the project; be it long term or short term, capital intensive
or working capital requirement.
Business
valuation: Most appropriate valuation of a business can only be done by an
expert who is qualified and well trained. Talking about the business
environment in India a CA is the right candidate for this work.
Project
analysis: Before starting a new project, a complete market and competitor’s
analysis must be carefully done before making that project a reality; therefore
a CA is the right choice for project analysis part.
Capital structuring: There must be a balance between the equity and debt components of an organization which is decided by a CA depending on the type of business.
Legal representation: A CA could possibly be a legal representative of you in any court in income tax/GST or tax related matter where he has authorized your returns.
Consulting a company secretary is very essential for your business because of many reasons-
Link
between management & other stakeholders: since management and other
stakeholders are not directly in touch with each other that’s when a company
secretary comes into picture and works to bridge the gap between the two
important parties.
Compliance norms: It is the duty of company secretary to look into compliance related norms before taking in any decision for the organization.
If you are earning taxable income, then you should contribute some amount by way of taxes for the benefit of Nation. It is the responsibility of all taxpayers to declare Income and deposit tax their on for the benefit of economic growth of the country. Many people are confused about the Income Tax Return filing process, income tax return form applicable for them and documents required for it.
To help you, we are providing answers to all your common questions regarding income tax return filing:
Who is required to file an income tax return?
Online income tax return filing is mandatory for Individuals having annual income exceeding Rs2, 50, 000. There is a relaxation in this income limit for senior citizens i.e. Rs.3, 00,000 for senior citizens (more than 60 years old, but less than 80 years old) and Rs.5, 00,000 for super-senior citizens (more than 80 years old).
What is the due date to file an income tax return form?
The due date for online income tax return filing not liable for a tax audit is July 31 of the assessment year. If you miss this deadline of ITR filing, and if you have a tax liability, then you have to file a belated return and pay your tax along with simple interest of 1 percent per month.
How to file an income tax return?
You can either file an income tax return form yourself by visiting the website of income tax department or take help of professionals through our online platform CAONWEB for filing and any queries relating ITR filing, income tax return form and, ITR due date.
What are the documents required to file an income tax return?
The documents required for ITR filing are PAN, Aadhar Card, Form 16 and 16A, Form 26AS, bank statements, interest statements, details of investments, insurance, and home loans. If you earn more than Rs.50 lakhs than you will also have to fill an additional column “AL” or assets and liabilities.
Which income tax return form to fill?
You have to select the applicable income tax return form for Online income tax return filing as per your income. Income Tax Department has provided seven forms ranging from ITR 1 to ITR 7 for ITR filing.
Why you should file an income tax return even if your annual income is not taxable?
You should file an income tax return even if your annual income is not taxable as there are various benefits of ITR Filing like you can claim income tax refunds, apply for a loan, and carry forward capital losses.
Why there is tax due even after TDS was deducted?
There may be tax due even after TDS was deducted as your employer deducts TDS based on the tax slab you fall, which is based on your annual income. However, if you haven’t declared your investments or income from a previous employer, the calculations may go wrong. And, Banks also do not know your slab and they deduct TDS at 10%, which may lead to a tax due in your return if you belong to the 20% or 30% tax slab.
Yes, it is mandatory to report all your savings and current bank accounts other than dormant accounts while online income tax return filing.
How do I verify income tax return?
Online income tax return filing process is incomplete and ITR is invalid unless your ITR V is verified. For verification of ITR-V, you can electronically verify or mail the signed ITR V to the processing center in Bengaluru within 120 days of filing the return.
What happens if you do not file an income tax return?
If you do not file an income tax return, then you will be liable for interest, late filing fees and penalties levied under the Income Tax Act.
