How to Check Income Tax Return Status

How to Check Income Tax Return Status

The following article is a guest post.

The general consensus is that income taxpayers are the good lot, the ones who pay their bills on time and are model citizens who uphold the virtues and morals of the nation.

What no one speaks about is that what actually drives them to pay their tax, and how many actually get their share back through income tax return. The fact is that tax is something that is part of the societal makeup, so it is not something that is always done by choice.

Those Who File Returns are The Actual Winners in This Game

But the actual winners here are those who are aware of what the advantage of filing income tax return is, and who actually go ahead with the same.

Many people who start off with jobs are not told about or don’t know what and how to file their income tax return status. They don’t even know what it entitles them, and what its importance is.

So here’s a brief lowdown on what income tax and income tax return for the uninitiated.

What is Income Tax?

Income tax is a form of tax that is imposed on individuals/groups/entities (called taxpayers) that depends on what their income or profit (known as taxable income) is.

In many instances, authorities call tax levied on business organizations as corporate or companies tax. In a partnership firm, the tax is imposed not on the entity itself but on each partner and their share of profits.

Taxation Reforms Are All Modern Additions to Assist Governance

A modern concept, taxing helps make sense of economies, accounts, receipts expenses, profits and helps maintain an orderly society based on the maintenance of records.

The precursor to tax can be seen in the form of practices like tithing, or an offering of fruits, which was prevalent in ancient times.

Criticism Has Been Abound as Well.

If there is any criticism of this modern practice, it has been that individuals/organizations have found ways to maneuver the rules and find ways to either pay less tax than they are eligible to or completely avoid doing so.

This leads to lawmakers having to add extra rules and legislation in order to close said loopholes, which could make the whole process complex and cumbersome. And the fines that are levied on defaulters are such that the more privileged are able to afford them without hassle, which obviously means they are at an advantage.

What is Income Tax Return?

5 Bookkeeping Tips for Being Successfully Self-Employed

Income tax return is a kind of refund or repayment that is made to taxpayers by those within the income tax jurisdiction when their tax liability is less than the actual taxes that they have paid.

This refund is normally paid at the end of the tax year. It is also termed as income tax rebate.

There are many criteria under which someone is eligible for income tax return:

  1. If more tax has been paid as self-assessment by the taxpayer whereas he is accountable to pay a smaller amount of tax through regular calculation
  2. If the TDS (Tax Deducted at Source) that is crossed off by the employer of the taxpayer or the bank is more than the latter’s accountability through regular taxation
  3. If an income of the taxpayer has been taxed twice (in an overseas country, where the Indian government has agreed to waiver off double taxation, and India as well)
  4. If there were some investments that could have provided tax benefits to the taxpayer but were not declared by him/her

In India, people can claim income tax return by filing their return of income. The due date for filing their IT return forms is normally the 31st of July each year unless there is an extension of some kind.

How Much Can One Expect Back as IT Refund?

To find out how much income tax return someone is owed, they need to calculate their actual tax liability.

If taxes that were paid are more than what one’s tax liability, then the excess amount will be refunded to the person by the tax department.

There are many online sites that help people calculate how much tax they were liable for, and whether they are eligible for getting any kind of return.

So How Does Someone Who Has Applied for a Return Check The Status in India?

Once someone has filed their income tax return and gotten it verified, the IT department will begin processing the same. As expected, the liable amount is only paid once the processing is complete. here are the following steps:

Without login credentials:

  1. Click on the ITR Status option on the extreme left corner of the screen, under the services tab
  2. A new page will appear, where the PAN number needs to be filled, along with ITR acknowledgment and a CAPTCHA code. Then click submit.
  3. The following page will display the status of the income tax return on the screen.

With login credentials:

  1. After keying in the ID and password on the homepage login option from the above link, a page will appear with an option to ‘view returns/forms’.
  2. Select that option, and in the next screen that appears, select the tax returns option and year and click submit.
  3. The following page will display the status of the process.
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How to Find The Best Jewelry Deals: 6 Tips to Shop Wisely

How to Find The Best Jewelry Deals: 6 Tips to Shop Wisely

Shopping for jewelry can be a daunting task. Not only do you have the pressure of choosing the perfect piece for the person you are buying for, but also the stress of selecting from the never-ending jewelers and online marketplaces. It’s overwhelming, to say the least.

With that being said, it doesn’t have to be. Armed with a little bit of know-how and a sprinkling of common sense, choosing the best piece of jewelry for the best price doesn’t have to cause you any more stress than it should.

If you are in the market for the perfect piece of jewelry for your friend or loved one, but don’t want to pay an armload, here are some excellent tips for the best jewelry deals.

Finding The Best Deals on Jewelry

1. Avoid Prestigious Brands

Companies spend millions of dollars every year on improving their brand and their awareness. The bigger the brand, the more they can charge for their products because of their perceived value. If you want to save yourself a pretty penny when shopping for jewelry, whether that’s an engagement ring, a diamond bracelet, a watch or an earring, take a look at the smaller, less obvious jewelers. The quality tends to be exactly the same, just at a marginally lower price point.

2. Shop Online

To build on the previous point about branding, another massive cost for regular retail businesses are the overheads associated with owning a brick and mortar business. Online business doesn’t have that problem. They need a domain name, hosting and a good-looking website design. That’s it!

Online jewelers tend to have far fewer overheads than a regular brick and mortar business, meaning a lot of that extra money is given to you, the customer, in the form of cheaper products.

When shopping online for expensive jewelry, make sure the vendor you choose is reputable. It’s easier to be scammed on the internet than it is in real life, so be diligent when buying jewelry online.

3. Consider Silver

Gold is all the rage right now, though, it’s always been a popular item. However, silver is becoming trendier, seen everywhere on the fashion scene. It’s also considerably cheaper!

If you don’t mind compromising on the type of metal that your new piece of jewelry is made of, consider choosing silver as opposed to gold. The amount of money you will save is enough to justify the compromise.

4. Second-Hand Jewelry

This tip on finding the best jewelry deals is not for everyone, but it’s worth mentioning anyway. Pawn shops and second-hand jewelers often stock some amazing pieces of jewelry that look as good as new, just at a heavily discounted price.

Second-hand jewelry also has the mystique and history attached to it that brand-new jewelry does not. Always make sure that the jewelry is certified before you buy it. Again, it’s easier to be scammed by a pawn shop than it is from a reputable dealer.

5. More Carats Does Not Always Equal Better

The term carat refers to the weight of a stone, not its size. If you take a 1-carat diamond and a 0.9-carat diamond in the palm of your hand, the visible difference is often negligible. However, the difference in cost between the two is usually dramatic.

Save yourself some money by considering a step down in carat. Your eyes won’t tell the difference, but your bank account certainly will.

6. Set a Strict Budget

When you don’t have a strict budget in place, it’s easy to overspend. You are more likely to justify paying a higher price for something if you are loose with your budgeting. The first rule of saving money on a purchase is to know the highest price you are willing to pay, and sticking to it.

These 6 tips should help you find the best jewelry deals online.

 If you are in the market for the perfect piece of jewelry for your friend or loved one, but don’t want to pay an armload, here are some excellent tips for the best jewelry deals. #savemoney #onlineshoppingtips #shoppingtips