11 Mar 2019
FDP onE- Filing of Tax Returns and Saving Schemes was conducted on 11/03/19- At Seminar hall -2 Basement Vivekananda Block. Presided by Mr. Phalgun iyengar, an experienced chartered accountant. It was an eye-opening experience into the workings of tax structure and its inextricable link to our society. Speaker thrown light on Income Tax Return filing process with Tax saving Plans.
Speaker Mr. Phalgun iyengar initiated first with the importance of the PAN card (Permanent account number card) and how it's related to the income tax process and its relevance, as well as a comparison to that of the social security number in US. The speaker also taught us to create a PAN card, no middlemen are necessary and it can be done with a minimum fee of 100 at the official website NSDL and also stated that it is illegal to possess more than one PAN card and such a person is liable to pay about 10,000 according to section 272B of the Income Tax Act ,1961.
Then he moves on the concept of interest levied upon by the income tax department they include
-234 A (Delay in filing of Tax Returns)
-234 B (Delay in payment of Advance Tax)
-234 C (Deferred Payment of Advance Tax)
-234 F (Income-tax return is not filed within due date)
Speaker mentions how these are the major pursuits that are levied on salaried people. Then he spoke about the 26AS (which consists of tax deducted on your earnings). The speaker sheds light on the significance of checking whether the TDS that the employers deduct from your profits is remitted to the central government and if not, what the correct path of motion additionally while illuminating the outcome be paying out of your pocket if there is no time available.
He also presented practically steps involved for E- filing in the official website of the income tax department (https://www.incometaxindiaefiling.gov.in/home )
At the homepage we were greeted with the message of warning sign which stated that to pay attention of fake refund messages, the speaker then went onto to complex how scammers would create a fake website and strive to trick others into providing their financial data as nicely as get right of entry to their financial institution accounts. Speaker then confirmed us how the filing gadget worked, first us by means of supporting us create an account by using registering with register your self-option displayed in the right-hand side of the display and which option we need topic out (individual, company, HUF, etc.) then regarding the PAN and different user details.
Finally speaker given the important information about Tips for Tax Planning,Points to be kept in mind while Return filing(Aware of Due date,proper signed Form 16,Mention Interest , Exempt income,Aadhar or Enrollment ID,Income from previous employer,Foreign assets,Agricultural income) and available tax saving schemes according to ITR acts.
Finally the event was concluded with Vote of thanks by Dr. Harani B, Assistant professor and FDP co-ordinator. The entire lecture was benefited for 25 faculty member of school commerce who are actively taken part in the event and made the event a grand success.