In Conversation With Vishvajit Sonagara
Outlook Money in conversation with Vishvajit Sonagara, Founder & CEO, Quicko.com. Who is explaining everything you need to know about Income Tax Return.
#IncomeTax #TaxReturn #VishvajitSonagara #Interview #Money #OutlookMoney #OutlookMagazine #OutlookGroup
#IncomeTax #TaxReturn #VishvajitSonagara #Interview #Money #OutlookMoney #OutlookMagazine #OutlookGroup
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NewsTranscript
00:00 My name is Vishwajith, I am founder at Quaker.com
00:02 It's an online tax planning, preparation and filing platform
00:05 and since we are in middle of tax season
00:07 I am here to share insights
00:10 tell how simple it is to file income tax returns online
00:13 and answer any questions you might have
00:15 So ITR is Income Tax Return
00:22 and anybody who earns income in India has to file ITR
00:28 contrary to general misconception that since your employer deducts TDS
00:32 there is no need to file ITR, you actually have to file ITR
00:35 So I would urge everyone, 31st July is the due date
00:38 so go out there, whatever works for you
00:40 there are lot of online platforms, government has utilities
00:43 so file your income tax returns by 31st July
00:46 Oh wow! So...
00:54 If you delay your ITR filing, there are interest penalties
00:58 If you don't file your ITR by 31st July, since last year
01:02 there is a Rs. 5000 penalty under Section 234F
01:06 So I would urge everyone to file their returns by 31st July
01:08 First and foremost, if you don't file your ITR, you don't get refund
01:16 All the TDS that got deducted, you won't be able to reclaim it
01:21 if you don't file your ITR
01:22 Of course, as we talked about penalties
01:24 because there are consequences of not filing ITR
01:27 If you go for visa, loan, home loans
01:33 invariably, people ask for income tax returns for past 3 years
01:38 So there are lot of good reasons why you should be filing income tax return
01:42 If not anything else, in order to keep your personal finances on track
01:47 you should file your income tax returns
01:49 There are different income tax return forms
01:51 They keep on changing year over year
01:53 Form 16 is a TDS certificate that employees get from their employer
02:00 when TDS is deducted on their salary income
02:03 There is also Form 26AS which is tax credit statement
02:07 So in case somebody deducted your TDS
02:10 you could go and download your Form 26AS from your e-filing account
02:14 which I think lot of people do
02:16 It's an easy way to verify that your TDS got deducted and deposited
02:19 When we talk about income tax return forms
02:22 and specifically about individuals
02:23 there are 4 forms that we have to care about
02:25 ITR 1, 2, 3 and 4
02:27 ITR 1 is for salaried individuals
02:31 and ITR 4 is for presumptive taxation scheme
02:33 which lot of business owners and professionals can take advantage of
02:38 ITR 2 is for capital gains
02:40 and ITR 3 is for tax credit statement
02:43 ITR 3 is for small businesses, partnership firms
02:48 who maintain books of accounts
02:50 Last year there were about 7 crore returns filed
02:53 out of which about 3 crore ITR 1s were filed
02:57 about 1.5 crore ITR 4s were filed
03:01 So together they constitute about 75% of all the tax returns filed in India
03:05 Absolutely, I think it's a nice segue
03:12 As I said, 75% of all the ITR returns were filed
03:15 were ITR 1 or 4
03:17 There were about 80 lakh notices sent out last year
03:23 primarily because when employers file TDS return
03:27 24Q, Form 24Q as it is called
03:33 they disclose certain information in TDS return form 24Q
03:38 through which Form 16 gets generated
03:41 What government has done this time is rationalized both
03:44 TDS return form and Form 16 format
03:47 So when you file income tax return
03:49 most of the information you require is present in your Form 16
03:53 So there are lesser chances of you getting a defective return notice for that reason
03:57 So there are different ways to file your income tax return
04:05 Paper returns has kind of become obsolete
04:09 Anybody who has taxable income more than 5 lakh has to file income tax return online
04:14 There are different ways to e-file your income tax return
04:18 You can go through Income Tax India e-filing website
04:21 You can go to platforms like Quikco.com
04:24 We add a lot of value for our customers
04:29 For example, if you receive Form 16, you can simply upload your Form 16
04:33 and we use machine learning to read information exactly out of your forms
04:38 and prepare your income tax returns automatically
04:40 What we also do is we try to optimize your tax deductions
04:44 So lot of times we are able to get you more refund than you would have expected
04:48 No, I mean 31st July is the due date
04:52 So go out there, file your income tax return
04:53 Contrary to misconception, it's very easy to file your income tax return
04:57 And the best part about it is you get refund
05:00 So spend it on holiday, buy something, indulge yourself
05:04 So go file your return
05:07 [Music]