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Filing ITR online? Here’s a Quick Step-by-step Guide

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filing itr online

Online ITR filing is easy if methodical. Just keep all your documents and rough work ready. This article provides contents of income tax guide for online filing of ITR returns. Individuals and entities can follow the stepwise instructions of the guide and complete the task of filing IT returns within a matter of minutes.

Income tax guide: Creating your income tax filing account

In the beginning, the income tax guide portal will tell you to create an account in the IT portal if you already don’t have one. This is easy, and the investors need not seek many directions from the income tax guide.

People who are absolutely new to online processes may need to follow the procedures step by step, but once they have followed the all the steps, they will not have trouble in filing their income tax online from next time.

For creating your own IT filing account, you need to log on at the official website of the income tax department of India. As soon as you log on to the portal on the right-hand side, you will be able to see directions for registering your account.

Income tax guide step one: The registration/login process on the IT portal

Once you click on the tab that says register yourself, you will be guided systematically towards completion. The income tax guide lays down the steps you need to follow to register yourself on the portal.

Selection of user type: an investor would first need to specify his/her type, whether individual, HUF, other than individual/HUF, external agency, chartered accountant, tax deductor /collector, third-party software utility developer.

After specifying the user type say ‘Individual’, you need to click on the continue tab and thereupon the registration form for the individual page will open up

Filling up the registration form: here you would need to provide details Pan, name (surname, middle name, first name), date of birth and residential status (resident/ non-resident)

Verification of registration: in this step of the income tax guide, the individual needs to verify his/her registration by the mentioned process. The individual would need to create an account id and password and save these for future log in

Completion of registration: in the last step of the registration process in the income tax guide, the individual’s registration will be complete, and registration completion notification will appear on the screen. After that individual can log on into his/her account any time for filing the income tax return.

Income tax guide step 2: Online preparation and submission of ITR

Step 2 of the income tax guide lays down the stepwise procedure of preparing and submitting the income tax return form. Here it should be noted that only ITR1 and ITR 4S can be filed online.

Once you are logged on to your own account, you will see the dashboard; there you can click on the option ‘Filing of income tax return’. If you want to view e returns filed earlier, then you can click on the tab ‘view returns/form’.

Follow the income tax guide stepwise process on the filing of the income tax return as mentioned below.

Once you click on the filing of income tax return, you would need to specify assessment year, ITR form name and submission mode.

The assessment year and financial year both start from April 1 and end on March 31. The assessment year is always one more than the financial year. For example, if you are filing the income tax return for the financial year 2017-18, the assessment year will be 2018-19.

Suppose you choose form ITR 1 then you would need to fill in all the columns. Some data will already be present. Tax filers need to provide PAN number, and essential personal details like Aadhaar and data is imported from these in the form.

The process is sequential, and income tax guide leads you through completion. If you require tax details to be filed then access form 26 AS by clicking on ‘my account’.

The next steps of the income tax guide will tell you to upload your digital signature if applicable. Before uploading your digital signature, please ensure that the digital signature has been registered with e filing. Complete all the filling work of the form.

Several times filing columns can pose a problem regarding what amount to fill. Refer to the income tax guide for filing the columns whenever in doubt.

In the final steps of the income tax guide, you will be asked to submit you’re filled in form by clicking the submit button. If you don’t want to complete the entire form filling process in one go, then you can always save your form and return to it later. You would also need to verify your income tax filing.

You can verify just after completion of filing, or you can also verify later. Once you have completed the last step of form filing as per the income tax guide of verifying your form filing you are through with the filing work, and you can click on the save option and save the form filed by you.

Income tax guide steps would caution you to check the figures the form returns you with your personal calculations before you choose to verify. After your form filling is verified making changes will be a tedious process.

So income tax guide advises you to fill correctly in the first go. If you are not sure regarding any data, then save your form, make sure and then fill later.

After completion of the verification process, email is sent by the income tax department which has a copy of the verified form attached. Save this form for future reference. You can also access past income tax filing from your account on the income tax portal.

If taxpayers sometimes would need to change data in verified forms of past years, then that is also possible. Follow the simple steps of the income tax guide and make online tax filing a simple task.

Income tax guide comprises several sections on how to fill certain columns. For example, if you are filling ITR 1 form, then you can refer income tax guide on how to file for tax exemptions and deductions under the various sections of the IT Act.

Income tax guide FAQs

Income tax guide dedicates a long section of FAQS as tax filing can be confusing for taxpayers who are filing their income tax returns on their own for the first time. Income tax guide is a do it yourself step by step procedure for individuals who want to file their own income tax returns.

Income tax guide FAQ 1: What is income tax return and who should file an income tax return?

An income tax return is income and tax details paid by any entity. All entities with taxable income need to file an income tax return.

Income tax guide FAQ2: What is ITR 1 and who should file ITR1

ITR 1 is income tax return form 1. ITR 1 is meant for individuals who have salaried incomes. Salaried individuals should save all documents related to TDS payments, medical insurance premium and bill payment and payments made for investment in tax benefit schemes. ITR 1 form is also called Sahaj form which in English means easy or simple.

Income tax guide FAQ 3: What is form 26 AS?

The form 26 AS is a consolidated form of all tax deducted by various entities at the source. Several taxes are deducted at source by deductors who can be banks, employers, tenant. Form 26 AS is a consolidated statement of all deducted taxes and is issued under section 203AA of the income tax act, 1961.

Individual taxpayers can access Form 26 by logging on to their accounts in the IT department portal and clicking on my account tab. Form 26 AS provides comprehensive data at one place on how much tax has been deducted and by whom. It saves the tax filer a lot of compilation work.

The individual taxpayer can fill in most cells of the ITR 1 form with the help of data provided in Form 26 AS.

Income tax guide FAQ 4: what is form 16 and who issue it?

Form 16 needs to be issued by all entities who deduct tax at source. The entity can be a bank or employer. For example in the case of salaried individuals, the employer may deduct tax at source from the individual’s income.

For individuals who have fixed deposit accounts, a certain percentage of interest income may be deducted by banks. Banks also issue form 16 to account holder for tax deducted at source.

Form 16 has two parts, part A and part B. IT is mandatory for all deductors to issue form 16 to individuals or entities from whom tax has been deducted at source.

Income tax guide FAQ 5: What tax deductions and exemptions can individual taxpayers claim?

The income tax act 1961 sections have provisions for tax deductions and incomes applicable for individual taxpayers. Sections 80C to 80 U lay down several provisions related to tax deductions and tax exemptions. Individual taxpayers are eligible for several deductions and exemptions on tax, the major tax benefits include:

  • Deduction on HRA/rent paid
  • Deduction on health insurance premium (section 80 D)
  • Deduction on listed investment schemes (section 80 C and 10 D)
  • Deduction on PF investment and life insurance premium (section 80 C)
  • Deduction on LTA

Income tax guide FAQ 6: What are the other sources of income?

Besides income from salary, an individual taxpayer may have several other sources of income. While filing income tax returns, individuals must furnish details of income from all sources. The several sources of income include:

  • Income from salary
  • Income from fixed deposits
  • Saving deposit interest
  • Income from investment schemes
  • Income from property
  • Income from self-occupation

Income tax guide FAQ 7: What is tax exemption, tax deduction, tax rebate

These are all the tax benefits applicable to various conditions. Tax exempted items are items that generate income, but the income is not taxed. Tax exempted income items include investment in ELSS, PPF, girl child scheme, pension funds, and several more items. Tax deductible items are essentially invested amounts in listed schemes.

The invested amount for the whole year can be deducted from the taxable income base. Reduction of taxable income base reduces the tax. Tax rebates are applicable to specific conditions like for income under Rs 5 lakh; the rebate is up to Rs 5000.

Income tax guide FAQ 8: What is the taxable income base?

Tax is deducted on the total income and not only from the salary income. Taxable income slab is the total of all income less the deductions. The slab rates are different for different income slabs. If income is less than Rs 2.5 lakhs per year, then no tax is levied on the income. The limit is more for senior citizens and super senior citizens.

Income tax guide FAQ 9: What is the main advantage of ITR 1?

The main advantage of ITR -1 is that the tax filer is automatically supplied with several data that is used for income tax calculation. The software fetches these data from the Pan linkages and forms 26 AS.

However, income tax guide advice individuals to always cross-check data with their own compiled documents and tax sheet.

Income tax guide FAQ 10: What is income tax refund?

Individuals pay several taxes all through the year. These are mainly the tax deducted at source. If in ITR 1 the total tax already paid is more than what is applicable under the income tax slab then the ITR 1 form will show refund amount.

If on the other hand, the income tax payment required under the specific income slab is more than what has been already paid, then individual will have to pay the difference amount.

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Which Business Model Wealthy Affiliate Teaches People? My Review!

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If you have read many wealthy affiliate reviews and you been tempted to join it, but you are curious to know what you will learn if you become part of Wealthy Affiliate, then this post is for you. The best thing about Wealthy Affiliate is that they will guide you and encourage you to start your business based on your interests and hobbies. That’s why you will have a higher chance of getting success. By following this you can prevent yourself from getting bored.

In short, Wealthy Affiliate teaches people a business model known as Affiliate Marketing. Affiliate Marketing is one business model that has been in this world for centuries. Previously, people were doing it offline, but now the majority are doing it online. Definitely, doing it online has far more advantages than doing it offline. The bigger advantage is you can target the whole world which can increase your customers’ base, hence revenue and profit.

The truth is, millions of people are making money online with affiliate programs, although with varying success, and the most successful affiliates have been showing others how they can copy their success so that they can also make money. It is human nature that when someone is successful at a simple concept, such as affiliate programs, other people want to know their secrets.

Please remember that everything takes time and if you start your affiliate marketing journey today, you will start seeing results after a few months. I have joined Wealthy Affiliate a few years back and mastered the art of affiliate marketing there. You could easily find more Wealthy Affiliate reviews to find more about this platform. I suggest you read Wealthy Affiliate review by Online Earning Mentor.

What is an Affiliate or Associate Programs?

Affiliate or associate programs or affiliate marketing can be thought of like a reward system for introducing someone to another website. You add links on your website or blog to another site that is relevant to your visitor, and when someone clicks on it and completes an action, such as signing up for further information or buying a product, you are paid an agreed amount as a referral commission.

The objective for your website is to provide information to your customers and also provide your visitors with other relevant sites to visit via the affiliate ad or link. These links will then help you to earn affiliate income for you in the process.

One of the best aspects of affiliate programs is that you do not have to concern yourself with order fulfillment, as this is all dealt by the merchant. Your job is to help find potential customers and introduce them to the merchant, and by doing so, you can set up streams of income that are paid to you regularly.

The best affiliate platforms are Amazon, Clickbank, Ali Express, Max Bounty and Commission Junction.  

How You Can Make Money With Affiliate Programs?

To make money online with affiliate programs is possible if you follow tried and tested approaches. Rather than reinventing the wheel, you can get training from platforms that have professional with years of experience. That’s why I’m a big fan of Wealthy Affiliate as it has over 1.5 million members.

A common feature of all online businesses is that you need to get visitors to a certain website. Otherwise, nothing happens.

No traffic = no sales or revenue!

One thing you need to do is ‘optimize’ your website or blog. This refers to search engine optimization, as the more popular your site is in the search engine results, the more visitors you will get to your site. As more people visit your site, more of them will click on the relevant affiliate banners or ads and visit the programs that you are promoting and generate more income for you.

To build up your traffic using search engine optimization, you need to research and find high demand keywords that you can build content around while making sure that you offer interesting content and information for your visitors, as they are the primary focus of your affiliate marketing business.

These keywords are the phrases that people type into search engines, and you are aiming for your site to be found in the search engine results so that people will visit you for the information that they are looking for.

You will still need to research and choose affiliate programs that offer relevant, high quality and unique products, and that have high payouts. However, in general, the more popular your website is, the more likely you are to make money online with affiliate programs.

Final Verdict:

There are simple ways to make money online with affiliate programs and build up a residual income stream via your website. The best way is to be part of Wealthy Affiliate and start your journey for free. The platform is designed for beginners who have no prior experience at all.

I hope this Wealthy Affiliate review will let you in detail about its business model and if you have any ambiguity, please ask me in the comment section below.

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Is A Great Talent Enough To Become Rich and Famous?

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Most people, although in various capacities, dream about getting reach and famous. Some of us, however, do more than others to achieve it. Whether we agree that success comes solely from natural talents or not, we might wonder what is the most important factor for success: hard work or a stroke of luck?

Besides the instances in which people accumulated their money due to circumstances such as good fortune or sudden inheritance, one can assume that a certain amount of effort had been indispensable. We’re talking about hard work and good work ethics, intelligence and other natural abilities that help people succeed as well as some general habits that can make them more prosperous in life.

It could involve anything from a proper mindset to reading more books, taking care of yourself to talking more risks. It’s an easy concept of a positive attitude and the right frame of mind to prepare for greatness. That, a little patience, discipline, and self-determination may work wonders.

Of course, there is no shortage of celebrities famous in show business by simple accident, which is something to expect in such a line of work (not pointing at any names). Other than that, fame and wealth don’t necessarily come easy. And the glamorous life might not last too long if being smart about it does not come with it.

The most prolific actors, performers, and other celebrities are like a well-oiled machine nowadays. They have their own companies, expand their brand more than their main area of expertise and generally invest in themselves and what they do.

Still, some of them haven’t forgotten about education. They worked hard for their position, and they continue to do so to keep it and secure their future.  

With that said, it’s hard to assume every gifted person will find their way on top. After all, how many people did not get recognition for their skills because they never got discovered?

How many more didn’t break past settling on some low levels of popularity because they didn’t have that extra spark? Or it’s just that their one career-defining moment didn’t come. It might be true that the real talent will always defend itself, but life is life.

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Process Workflow with Artificial Intelligent Document Management

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document version control

The world we live in is everlastingly reinventing itself, with the old constantly being replaced by the new. Document management is the same. As we approach towards the beginning of Artificial Intelligence (AI) in this field, we are portraying out how our industry will be reproduced and re-established by it.

Throughout the next five years, AI is relied upon to offer ascent to numerous new outcomes, for example, facial acknowledgment, driverless vehicles, and talking records.

Documents are basically papers or sort of digital trails generated by processes and also required by other processes. Any organization directly or indirectly depends on documents and the data that lies within them and in most of the cases, these documents need to be retained as a record in a specific document version control.

We are now already witnessing miracles. At the present time, if you were hunting down a document on your PC, you would either need to know exactly where it was or use the web. Artificial Intelligence changes this. With AI, you can address the machine as though it were an individual and let it know precisely what you’re searching for.

It realizes what you mean, allowing a lot of room for error, and produces the document. This spares time and exertion, as well as expands efficiency as representatives presently have more opportunity to continue ahead with their work instead of remaining at the machine for a considerable length of time chasing for what they require.

Departments capture the data which is processes at later stages and then generates documents for the business processes. Document workflows also involve interdepartmental cooperation which includes contracts, customer and vendor data.

The documents that contain specific data that are related to the process are also required in the future for decision-making purposes based on historical data and analytics. To save and digitize these documents we often require scanners or similar kind of hardware and the image is processed using OCR for meta tagging and extracting text.

Automated workflows make these documents ready for review and storage and for any further processes inside the workflow which include routing to ERP or CMS systems. Automation of the process and detection of any inefficiencies and further optimization of the process are the end-result.

Documents that are digitized must be stored away as they are not much of physical relics but are also used for regulatory requirements or compliance purposes according to industry-specific or national orders and extra legitimate prerequisites.

The link between a few procedures and furthermore among the reports should be kept up so as to gain admittance to every applicable record in a particular context.

Consolidating and de-duplicating the documents is another real necessity. Frequently, records sometimes seem to drift around at a few spots and a few variants of a similar record creates chaos within the organization. It becomes vital to gain access to the reports constantly. Additionally, access to rights management must be made for restricting access.

The archives in this sense are considered as signals that move between various persons and are basic for procedures to be finished so that organization can advance forward.

Intelligent Document Management includes context, consolidation, compliance, and joint effort to remain in the computerized change. Associations as of now utilize an ECM stage to:

  • Reduce Costs: Capture paper-based records to computerized and deal with all electronic unstructured content in a solitary framework.
  • Gain Efficiencies: With a solitary source, immediate access to the content from the gadgets streamlines business forms all over your organization.
  • Reduce Risks: Improve quality, review capacity and consistency, comply with business strategies and controls, and guarantee the security of the content.
  • Create Value: Improve agility of the business and improve revenue by utilizing content all across the applications, business forms, and departments.

Ideally, document version control should be implemented before the task goes into execution. Neglecting this when various forms of a similar ace record exist with various colleagues could result in absolute disarray.

At any given moment during the project execution, there must be just a single adaptation of the document being used. As and when the record is altered or amended, the reexamined adaptation of the archive must be made accessible to all the concerned colleagues.

Each record must have clear insights concerning which colleagues are permitted to alter the substance of the report and to what degree. Likewise, the archive must have someplace to include data about the alters, for example, the name of the individual, the form code and the date of altering.

As far a conceivable a colleague will’s identity in charge of dealing with reports, they should be recognized and each form of each record must go through this individual. Following this convention will guarantee that all colleagues have the most recent variant of the record.

Additionally, this focal channel will guarantee that there are the same variants of the report being utilized by various colleagues.

The report rendition control strategy must be material for both physical and additionally advanced records. Likewise, similar techniques for coding the distinctive archive variants ought to be pursued for both the report types.

A one of a kind adaptation coding strategy must be set up and imparted to all colleagues who are included with making, altering, evaluating or overhauling the records. They should all plainly clarify how the variant code must be changed while presenting the altered or modified adaptations. It is best to utilize the coding either in the header or the footer of the record. The coding arrangement should likewise make reference to how explored and settled reports must be coded particularly.

The significance of archive rendition control comes from the way that most reports experience a ton of corrections and altering, particularly computerized records in which amendments are hard to follow. Regardless of whether for undertakings or for organizations, it’s important that the client knows which variant of the record he is taking a gander at.

Additionally, in tasks where various colleagues are contributing toward building up a community-oriented archive, which may need to experience a ton of modifications before getting concluded, it will be simpler to oversee if the report’s renditions are controlled utilizing a legitimate strategy.

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