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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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The Future Predictions Of Aluminium Market And Its Career Opportunities

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Aluminium Market

With the rising number of automobiles across the globe, the aluminium market has seen rapid growth in the last few years. The aluminium market is expected to expand further with the increase in the number of vehicles, as the maximum demand for aluminium is in the growing transport industry. Increased construction activity is also responsible for the rapid growth of the aluminium market.

Aluminium and its top uses

Aluminium is a metal found in abundance in the earth’s crust. It is silvery white in colour, soft, non-magnetic and ductile in nature. Aluminium makes up for about 8 percent of the earth’s crust by mass. Due to its low metal density and resistance to corrosion, it is one of the most favoured metals in the market.

It can be moulded into thin sheets which have high strength and are durable. Many industries such as transport, durables, packaging, construction, machinery, and equipment make use of aluminium metal. The metal is exceptionally lightweight, possesses a high degree of conductivity and can be allowed.

What drives the growth of the aluminium market?

The aluminium market is expanding globally due to growth in the transport industry and improvement in aluminium manufacturing technologies. A few of the driving factors for the growth of the aluminium market include:

  • The improvement in the technology of manufacturing and its use in automobiles due to its light weight are major reasons for growth in the aluminium market.
  • Being a good conductor of electricity, aluminium is widely used in electrical transmission lines.
  • It also has a high volumetric energy density and therefore is used as a primary propellant in space shuttles.
  • Aluminium has various industrial applications due to its resistance to corrosion, reflectivity, and recyclability.
  • It can also be used in food packaging and pharmaceutical industry due to its non-toxic nature.
  • Aluminium use has also increased in buildings and constructions, increasing the demand for aluminium production.

Global Market Size and Analysis

In the year 2016, aluminium production declined by 3 percent. This was due to the planned supply cut from China which is one of the leading producers of aluminium. China produces more than half of the total production of aluminium. However, cutbacks were planned by China for its aluminium and Alumina production in the second half of 2017.

With this fall in supply, aluminium will end in a deficit and is expected to remain in the condition of a deficit for the next two to three years with overall supply loss expectations.

Regional Analysis and future predictions

As China plans to gear up the new air pollution prevention methods and various other control action plans, its aluminium production capacity is set to decline in the coming years. Though, due to the increasing global population, the demand for aluminium and products made from aluminium is going to increase.

With the use of aluminium instead of steel in certain truck models and increased use of aluminium in vehicles, the consumption of aluminium is expected to increase in the coming years by the automobile industry. Also with the increase in fuel efficiency and standard of vehicles used, the demand is expected to increase further.

Moreover, airlines in the US and European Countries are replacing their aircraft models with newer and more fuel-efficient models, due to which the consumption of aluminium is expected to increase.

In developed countries like the U.S., Japan, and European Countries, aluminium is used more in lightweight vehicle production which makes cars more fuel efficient and environmentally friendly. While the infrastructure sector consumes high volumes of aluminium in developing countries like India and China to satisfy the demand for rapid urbanization.

Career opportunities in Aluminium Market

There are excellent growth opportunities in various sectors including passenger cars and commercial vehicles. This makes future career opportunities in aluminium based automotive industries grow exponentially. The major driving forces in this sector are the increased use of vehicles, regulations by fuel companies and the need for emission control. Other factors that affect the industry include stringent safety regulations and an increase in gasoline prices.

Significant volumes of aluminium are used for construction work, increasing the demand for aluminium substantially and thereby offering attractive career opportunities in the construction industry.

The rapid use of aluminium as a metal in various sectors has increased the opportunities and income of people engaged in the trade of aluminium. Workers directly deployed by the U.S. Aluminium industries earn more than the national average.

Also, growth in the aluminium industry translates into more opportunities for ancillary industries such as transportation, banking, insurance etc. creating further opportunities for employees.

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6 Safety Tips For Security Guards

Satendra Kashyap

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Security Guards

Almost every site in the world needs a security guard on patrol. Whether you’re in construction security, hotel security or hospital security, there are patrol skills that you must know to protect yourself and others from harm. Here are several safety tips you need to know to do your job optimally.

1. Heroism

Even though the safety of others depends on you, it’s wise to never put yourself in the line of danger. This means never playing hero in potentially hostile (or fatal) situations.

It does, however, mean assessing the threat-level damage of situations – and if it is dangerous, call the police. It is a security guard’s duty to keep people safe, not to endanger your own life.

2. Armor

The body armor you wear will depend on the local crime rates in your region and the setting of your work. This is why there is a wide variety of armor that is resistant to different threats. These can include knives, spiked objects, and pistols.

Discuss with your boss or manager about the proper armor that’s suitable for the threat risk level of your patrol.

Your beat will be less effective if you are wearing armor that is too heavy for your needs, as you never know when things will spiral out of control and you’re in the hot seat. Other safety equipment includes a radio, pepper spray and/or a baton.

3. Safety

You never know who is an attacker. Although you will generally be caught by surprise very rarely, it’s best to maintain a certain distance from people when you’re talking with them.

This means being out of arm’s reach. Even though they wear friendly faces, they could be someone who’s going to attack you. Stay Frosty.

4. Change Intervals

Never (under any circumstances) be predictable on your patrol. Always do your best to do your beats at different intervals throughout the day. Aside from giving possible threats intelligence about your whereabouts, being predictable also makes you powerless.

According to author Robert Greene, in 48 Laws of Power, he states: “Nothing is more terrifying than the sudden and unpredictable. That is why we are so frightened by earthquakes and tornadoes. […]

People are always trying to read the motives behind your actions and to use your predictability against you.” You can do this by beginning your shifts in half-hour segments, quarter-hour segments, or ten-minute segments.

5. Vary Your Route

We talked earlier about the importance of walking your beats at random intervals. Equally important is to keep varying your route on your beat. It’s wise to backtrack occasionally (such as every other fifth beat) between checkpoints.

Varying your routes will prevent criminals from tracking you, which will allow them to know where you are not – giving them an opportunity to attack.

6. Stop

How often do you stop and smell the roses? While you’re on the beat, you should do so more frequently. Paying attention to your surroundings, standing still, gives you opportunities to spot moving people or objects (such as a possible perp carrying a weapon) more easily.

It’s tough to spot slight movements when you yourself are moving. Listening is also an underrated safety technique, as it familiarises you with your surroundings.

Conclusion

It is important to reiterate the main point: stay unpredictable in your beats by making them more frequently. Criminals like to attack when there is a lack of authority.

Making yourself more present will diminish their will. You will also disarm threats from building plans around your location and time for trapping you.

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5 Of The Top Deadliest Plane Accidents That Ever Happened

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What could be more terrific and disastrous than these horrible air accidents and aeroplanes crashes? Out of all the transport accidents, they are one of the most catastrophic and tragic incidents as it lead to the loss of a huge number of lives.

One plane crash can kill a large number of people at one go as compared to the people those who travel by car or bike.

We have listed some of the deadliest air accidents in the history and the impact they have made on the aviation industry and on the world as a whole.

1. Korean Air Flight 801 crash

This is one of the deadliest aeroplanes crashes in history. Despite having protests from the flight engineer that the captain was unable to detect the correct signal for landing.

In spite of the warning, the pilot had pressed on the button to guide the flight to land on from Seoul, South Korea directly into the Guam mountainside. More than 228 passengers were found dead in this aeroplane crash, leaving only 26 survivors.

2. Lauda Air Flight 004 crash

This plane crash happened on 26 May 1991 flight from Bangkok to Vienna that broke up in the air near the Burma-Thailand border after the left wing of the aeroplane caught fire. Reports indicate that after this plane got crashed, no survivors were left on the plane.

3. Air Algerie Flight 5017 crash

The Air Algerie disaster crashed on July 24, 2014, which has resulted in the loss of lives of approximately 116 individuals on the board. The plane got crashed due to some of the technical difficulties in it causing near desert Gossi, Mali.

The plane was on the way to Algiers, Algeria from Burkina Faso. This was one of the deadliest and worst aviation disasters in the year 2014 following Indonesian AirAsia crash and the two involving Malaysia Airlines.

4. Iranian Air Force Ilyushin II-76 crash

Iranian Air Force Ilyushin II-76 crash

via: Wikipedia

As per the official reports, this military aircraft got crashed on February 19, 2003. The aeroplane got crashed in the Sirach Mountains near Kerman in Iran.

It happened due to bad weather conditions including high winds and fog which brought the plane down that has killed almost everyone on the board including all the members of the Revolutionary Guards.

5. Japan Airlines Flight crash

The crash of Japan Airlines Flight happened on August 12, 1985. The plane got crashed due to some mechanical failure in the engine of the plane. Nearly more than 524 people got killed in the air accidents that were there on board.

This was also one of the deadliest aviation accidents. The flight was on its way from Tokyo to Osaka when an explosion took place causing the aeroplane to suddenly destroy and tearing off the plane’s tail.

However, the plane’s crew managed to stay in the air for over half an hour after the explosion occurred, but the flight unexpectedly crashed into Mount Takamagahara.

So, these were some of the glimpses of the deadliest and horrible aeroplane crashes ever which might have given you Goosebumps all over.

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