Back in 1966, the Beatles sang “If you drive a car, I’ll tax the street / If you try to take a seat, I’ll tax your seat…” (“Taxman” from the album Revolver).
It’s that time of the year when the taxman’s piercing gaze falls on mortals who eke out an honest residing. The closing date for submitting the I-T return for 2018-19 is July 31. Like most other years the final date may be prolonged.
The threshold exemption restrict is Rs 5 lakh. However, when you have spent Rs 2 lakh on an overseas journey or have run up energy bills of Rs 1 crore annually then you need to record income tax go back.
Even in case, you omit the closing date you can report your I-T to go back any time all through 2019-20 (until March 31, 2020). But there may be a hefty excellent to be paid for no longer filing by the due date.
If you file your I-T go back through December 31 then the satisfactory is Rs five,000. The penalty for filing January 1 and March 31, 2020, is Rs 10,000. For those whose income is beneath Rs 5 lakh, the past due fine is capped at Rs 1,000.
The economic slap does no longer prevent at paying an overdue price. There is more inclusive of hobby on due taxes. You will not be allowed to hold forward certain losses – capital loss or loss below earnings from residence belongings – to a subsequent year.
The taxman can even send you to prison if you fail to report profits tax return. And if the tax due is greater than Rs 25 lakh then a seven-year time period inside the cooler awaits you.
So what earnings tax return paperwork should you record?
ITR 1 for those of you who’ve salaries and feature earning from residence or hobby; overall annual earnings capped at Rs 50 lakh.
ITR 2 for those incomes from earnings or pension; profits from rent; overseas income; for NRIs amongst others.
ITR 3 for those wearing out a commercial enterprise.
ITR four for those taxpayers who’ve opted for presumptive earnings scheme underneath Sections 44AD, 44ADA, 44AE of the Income Tax Act.
ITR 5 is not for individuals. It is for corporations, estates, trusts, and endowments.
ITR 6 is for charities and religious bodies.
ITR 7 is for individuals or organizations that fall underneath Sections 139 (4A or 4B or 4C or 4D) of the Income Tax Act.
There are a number of websites that help in the e-filing of I-T return. Don’t dilly-dally, except for the direction you need to pay an excellent or spend time in jail.
Ghana as a country can improve considerable numbers of hardworking women who no matter their barriers with formal literacy schooling, try and make ends meet while imparting their families with all the fabric needs. This is authentic of those diligent women who guide their husbands in tendering the house. There are endless unmarried moms who’ve taken upon themselves the dual roles of fathers and moms, offering the physical and nonsecular desires of their children. The finest contribution of these industrious Ghanaian business girls that have no longer obtained literary attention is their tremendous business abilities.
The Ghanaian commercial enterprise ladies do now not rapidly leap into any commercial enterprise venture. They undertake market surveys to discover the opportunity of registering higher revenue from the proposed commercial enterprise challenge. They do this to find a sustainable supply in their tradable gadgets, possible target marketplace, and successful distribution vents. In addition, they carefully select strategic areas to perch their tents, kiosks or shops. They deliver a thorough seek to find out clients who ply the location, their choices, and interests especially items that sign up short income earlier than beginning the enterprise venture. Though they don’t have any properly documented business plans, they have got their commercial enterprise established and properly deliberate.
Interestingly, Ghanaian commercial enterprise ladies have a completely unique manner of attracting customers. They have great client family members. They talk gently and very respectfully to their clients, on occasion using flattery speech to trap customers into forging an enduring business courting with them. Hardly would they vent their anger on customers. This is unusual of standard Ghanaian commercial enterprise ladies! They conceal their personal embattled ache and soreness and wear, as it has been, their enamel openly to portray friendliness as a way to win customers. They are also quick to apologize and amend items that clients whinge as having industrial faults.