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The Importance of Filing Your Income Tax Returns on Time

By Amit Gupta, Managing Director, SAG Infotech

In India, taxes are a major source of income for the government and a big portion of it comes from income tax. As the name suggests, It is a tax that is levied on the income earned by individuals and companies. Every year not only its necessary to file your ITRs (income tax returns) but also there is a strict deadline before which you need to file your ITR. Everyone thinks filing income tax returns on time is just a legal requirement. But they don’t know it also has various benefits. In this article, we will deep dive into the world of income tax and discuss the importance of filing your income tax returns on time in India.

Avoid Penalties and Interest

Avoiding penalties and interest is one of the main justifications for timely filing income tax returns. A penalty of Rs. 5,000 must be paid in India if your income tax return is not filed by the deadline. If you keep putting off filing, the fine could reach Rs. 10,000. In addition, if you owe any taxes and don’t pay them by the deadline, you’ll have to pay interest on the amount still owed. These fines and interest fees can be avoided by timely filing your income tax returns.

Claim Refunds

Another important benefit of filing income tax returns on time is that you can claim refunds if you are eligible. Such as you can get a refund on opening a new savings or PPF account and also a refund if you paid more tax than you had to. However, These refunds are subject to the condition, in which you filled your returns on time. You can avoid missing out on refunds by filing your income tax returns on time.

Build Your Financial History

One of the most important benefits of filing your income tax return on time is, it helps you to boost your financial history ie. CIBIL or Experian scores. Because your Cibil scores are essential for banks when they approve your loan applications. Also, these are key factors for credit card allocation and other financial products. And there is a simple reasoning behind this, by filing your income tax you demonstrate to lenders that you are a responsible borrower who pays their taxes on time.

Avoid Scrutiny

You can also avoid Income Tax Department audits by submitting your tax returns on time. You are more likely to be chosen by the Income Tax Department for review. if you submit your income tax returns after the deadline. However by submitting your income tax returns on time. you can easily avoid the time-consuming and stressful process of scrutiny.

Conclusion

Filing your income tax returns on time is not just your legal responsibility. but it comes with more benefits than you think. Ofcource by filing your income tax returns on time. you can avoid penalties and interest charges these are some of the obvious benefits. But some other benefits that are hidden in the shadows are you can claim refunds, build your financial history, and avoid scrutiny from the Income Tax Department. Therefore, it is important to make sure that you file your income tax returns on time every year.

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The Good Creator Co & Bharatmatrimony Host the First- Ever Matrimony Day Creators Party

Mumbai, April 18th, 2023: Dedicated to celebrating new beginnings, long-lasting serious relationships, and married couples, Matrimony Day celebrations kicked off a day early this year. Hosted by The Good Creator Co. in Mumbai, this Matrimony Day party brought together some of the social media’s most loved couples.

As a testimony to the bonds life partners create, the event kicked off with a traditional dhol welcome followed by a ‘Compatibility Meter’ game that helped couples enkindle their connection. With a specially curated menu, courtesy of House of Mandarin, better halves/influencers toasted to loving relationships built from finding their forever partner.

“The power of connections is something we’ve always believed in. It’s why we do what do, and it’s why we were so excited to collaborate again with Bharat Matrimony to spearhead Matrimony Day celebrations. After all marriage – the purest expression of love – deserves to be celebrated too”, shares Malini Aggarwal, Co-founder, The Good Creator Co.

Arjun Bhatia, CMO of Matrimony.com, adds “We love connecting people to their perfect match. And Matrimony Day is a testament to the goal we always align with – a better Bharat starts with happy marriages. Happy marriages begin at Bharat Matrimony”.

Luxury Homes in Demand as Bangalore Real Estate Market Soars: CREDAI

April 18 2023 The real estate market in Bengaluru has displayed an impressive resurgence in the financial year 2022-23. Despite the obstacles created by the COVID-19 pandemic, the city’s real estate industry has exhibited a remarkable rebound.

The market has observed a noteworthy decrease in inventory while displaying an increasing demand for luxury homes. As per CREDAI Bengaluru, there has been a surge in the aspiration for larger homes while the demand for affordable housing has taken a backseat. Furthermore, the trend of ready-to-move-in properties has been gaining momentum among prospective homebuyers.

“Bengaluru’s real estate market has witnessed a significant shift towards luxury homes in FY 22-23. With a high demand for larger, ready-to-move-in properties, homebuyers are showing a willingness to invest in premium homes that offer comfort, style and luxury. This trend is expected to continue in the coming years, making luxury homes a lucrative segment for real estate developers in Bangalore,” said Bhaskar T Nagendrappa. President, CREDAI Bengaluru.

Despite the rising costs of construction, labor, statutory fees, and raw materials, the real estate sector has seen significant growth. The desire for home ownership has been on the rise due to the uncertainty created by the pandemic, resulting in a surge of investments in the real estate sector.

Post-pandemic, the psychology of home buyers has shifted significantly towards luxury homes. According to CREDAI, the uncertainty and upheaval caused by the pandemic have made people prioritize their mental health and well-being, leading them to seek comfort and security in their homes. This trend is not just limited to those with high disposable incomes, but also those with more modest budgets. The pandemic has made people realize the importance of having a home that can serve multiple purposes, such as a workspace, gym, and entertainment center.

“The pandemic has altered the way we look at our homes. People are now seeking more than just a place to live – they want a sanctuary that can cater to all their needs. Luxury homes are designed to offer just that – a space that is not just aesthetically pleasing but also functional and equipped with state-of-the-art amenities. The shift towards luxury homes is not just a passing trend, but a reflection of a broader change in the way people view their homes. The pandemic has accelerated this trend, but it is likely to continue even after the pandemic subsides,” he said.

The sector has also witnessed an upswing due to the drop in interest rates and higher savings among potential homebuyers. These factors have collectively contributed to the growth and sustainability of the real estate market.

“The pandemic has redefined the role of our homes, from mere living spaces to multifunctional sanctuaries. It has been transformed into hospitals, offices, restaurants, and entertainment venues. This shift, combined with reduced expenditures and increased savings, has empowered individuals to invest in their dream homes,” he said.

The IT/ITES sector has emerged as the major homebuyer in Bangalore. People prefer staying closer to their offices due to the city’s heavy traffic. The most sought-after locations by home buyers are xxx, xxxx, xxx. (Need the locations from CREDAI).

Kingdom of Dragons Experiential Project at Vega city Mall.

Bangalore 2023: For all the kids and adventure-seekers, here’s an opportunity to explore the Kingdom of Dragons. Embark on a magical adventure, the incredible indoor jungle display featuring life-size dragons along with dragon eggs. The Dragons spew simulated realistic flames with smoke, which adds to the total experience and gives it a natural look and feel. Movements include head, eye, jaws, natural roaring sound, the flapping of wings, and more.

Information boards are placed next to the dragons, this will help the kids gain insight and to be aware/ learn more about these fascinating mythical creatures.

Weekends are filled with fun activities and games, theme-based workshops, dragon walkabout, and more

The Kingdom of Dragon will be at Vega City Mall till 7th May 2023

That’s not all! Kidzania – Summer fiesta bring to you, Shop & Win. Shop at our Kids specific stores and get a chance to WIN Exciting gift vouchers and Wonderla tickets. Head down to Vega City Mall, to shop for the colorful dresses for your little ones now.

Urbanic India hosts a gala celebration exclusively with their #Urbanicsquad in New Delhi

India, April 2023: UK-based premium fashion brand hosts a one-of-a-kind celebration in Delhi to celebrate their community, the #Urbanicsquad. The media and influencers experienced ‘Good vibes and positivity’ through the Urbanic summer pool party event. The event was themed at the forefront of Urbanic’s ongoing campaign, ‘#UAre’.

The campaign highlights and encourages the influencers to spread positivity by displaying their creativity through content creation and overcoming unwanted online trolling for creators. Urbanic aims to raise awareness via the slang, ‘Kill’em with kindness’. The hashtag is open-ended to complete for anyone to overcome online hatred; such as #UAre- amazing/courageous/ high-spirited and more.

Urbanic presented the media and influencers with their new spring-summer collection. The collection is tailor-made for a memorable, fun, and comfortable summer, just like a breath of fresh, breezy air. The color selection is a mix of hues of pink and white, ruling the summer season at Urbanic. Summer staples like basic tees and denim are a highlight for the customers.

The event was well embraced by the #Urbanicsquad with over 300+ influencers, with names like Ishani Mitra, Shaily Srivastava, Shubhi Bharal, and more who had a glam time and promoted the campaign behind the event, #UAre. The event was a no-hate zone and allowed inclusivity among influencers, via their campaign.

Rahul Dayama, Head of Marketing at Urbanic India said, “ Urbanic has truly bridged the gap for our customers through trending collections at premium quality in India, it’s a pleasure for me to host a celebration that honors the #Urbanicsquad. The event is a reminder that Urbanic is part of a larger community that celebrates good vibes and positivity, which is the theme and highlight of our event. Creators celebrate Urbanic, while we celebrate them”

Vaishali Srivastava, or popularly known as Srivastav jig, a leading fashion and lifestyle influencer based out of Delhi mentioned, “I love Urbanic and the team so much, they literally throw the best parties. It’s such a fun and intimate event where you get to meet your friends and fellow creators followed by some really nice good food and music. The spring-summer collection this time was so nicely curated I can’t wait to try them on and wear it this season.”

Neeta Basnet, one of the first members of #Urbanicsquad mentioned, “I have been part of the #UrbanicSquad since my early days of content creation. I love the community, as it has supported me throughout my journey and helped me become my best self. I always look forward to our community meet-ups, as it’s always so refreshing to interact with new creators and spend time with them. This summer beach house was fun, I got to meet my friends again and preview the new summer collection, which I am thrilled to add to my wardrobe.”

Urbanic’s summer pool party was indeed a memorable experience for media and influencers and marked the celebration of their tribe, #Urbanicsquad.

Promising versatility like never before, Canon India launches All-In-One A1 size desktop Multi-Function Printer

India, 18th April 2023 – Canon, one of the leading digital imaging solutions companies, announced the launch of imagePROGRAF TC-20M, a compact 4-colour pigment ink all-in-one large format printer in India. Fitted with an A4 flatbed scanner, the best-in-class printer allows users to seamlessly make copies from cut sheets and roll papers. Designed to provide optimal productivity, the versatile printer is ideal for remote worksites, small offices and retail outlets.

Equipping users with enhanced capabilities, with this new printer, A4 documents can be easily enlarged and copied. Owing to such technological advancement, it is sure to prove to be very beneficial for printing educational material, official notices and promotional posters for retail outlets and restaurants. Furthermore, it also enables remote site offices to smoothly create large-format prints and copies of engineering drawings.

Sharing his thoughts on the launch, Mr Manabu Yamazaki, President and CEO, Canon India, said, “We are committed to advancing productivity and creativity with cutting-edge technology at Canon India and continuously strive to develop specialized products that cater to modern needs. Driven by our pursuit of innovation, we are proud to add the imagePROGRAF TC-20M to our expansive printer portfolio. Addressing the requirements of remote working professionals, the new space-efficient and multifunctional machine allows them to print, scan and copy large format prints, even without accessing a workstation. It is an all-in-one product that seamlessly fits into tight spaces to cater to the large-format printing industry’s versatile output requirements. We are confident that this revolutionary product will build upon the TC-20 series’ legacy and set new standards in the industry.”

Create a Variety of Output Applications Without a PC

TC-20M can easily enlarge copies of A4 documents to A3 cut sheets, A2 or A1 roll papers and even to the full width of roll paper. Portrait or landscape orientation of the output copies can be selected from the user panel easily. The ‘Repeated copy[1]’ feature enables an original document to be copied and printed repeatedly using roll paper. This can be used for various applications such as wrapping paper or retail store banners. By using the ‘Enlargement copy’ function, A4 handheld leaflets and handwritten manuscripts can be scaled to large-size posters to be used in travel agencies or food and beverage outlets. With the flatbed scanner, thick booklets or brochures can be converted to hard or soft copies for distribution. Apart from copy function, TC-20M supports JPEG & PDF file formats for direct printing and scanning with a USB memory stick without having to access a workstation.

Space-saving To Meet Users’ Needs

Similar to TC-20, TC-20M fits easily in tight spaces to meet various printing needs for remote worksites, small offices and retail outlets. With the front access of the printer, all daily print-related operations such as loading of paper, refilling of ink, and replacing of maintenance cartridge can be performed conveniently. The printer supports roll paper of up to A1 plus width and is equipped with standard auto sheet feeder that can load A3 or A4 cut sheets, hence making copies, scanning and printing can all be done on one machine.

Designed to Be Productive and Environmentally Friendly

For increased productivity, TC-20M is equipped with 70ml ink bottles for four colours (cyan, magenta, yellow & black) for continuous printing, which is useful for CAD drawings and posters printing. Every colour inklet on the printer is designed uniquely to prevent incorrect loading of ink bottles. With the large ink tank capacity system, it reduces time and effort when it comes to ink refilling. Vibrant red colour can be produced in lines and texts commonly used in technical drawings, graphics and flyers. Large format prints and long banners can be collected and held with optional desktop basket[2].

TC-20M achieves low power consumption of less than 26W during operation and 1.9W during standby. With high environmental performance, the TC-20M has been registered as a gold product under U.S. environmental assessment system EPEAT[3].

Customise Your Prints with PosterArtist Web V1.1

With the upgraded PosterArtist V1.1 web application, eye-catching posters can be designed and printed with TC-20M to cater to various needs. Users can choose from an expanded range of new and trendy design templates to create their own flyers, food menus and marketing collaterals to meet business needs or customise calendars and photo collages for personal use. With the variable printing function, users can customise text data through an excel sheet, which would be useful for printing certificates in A4 or A3 sizes, as well as posters for various purpose, up to A1 size on the TC-20M.

TEDxStLouis Hosts “Imagine That!” Talks

Live and in-person TEDxStLouis event spotlights St. Louisans’ stories.

(St. Louis, Mo., April 18, 2023) – TEDxStLouis – a nonprofit community of learners and change-agents in St. Louis – will host its “Imagine That!” talks on Sat., May 13 from 6 to 9 p.m. at the Skip Viragh Center for the Arts at Chaminade College Prep located at 425 S. Lindbergh Blvd. Tickets range from $35 for General Admission and $65 for a VIP experience.

The “Imagine That!” event will spotlight stories by St. Louisans that are real and not just from our imaginations. Speakers include:

• Dr. Nick Holekamp, Chief Medical Officer at Ranken Jordan Pediatric Bridge Hospital, “The Road to OZ: Taking Care Beyond the Bedside to get Better Outcomes for Really Sick Kids.”
• Michael Woods, President and CEO of Dream Builders 4 Equity, “Ownership is the Key to Freedom.”
• Regina Mossotti, Vice President of Animal Care at Saint Louis Zoo, “Who is Afraid of the Big Bad Wolf?”
• Amy Camie, Certified Clinical Musician, “Building Tolerance and Empathy Through Music.”
• “LandSpeed Louise” Noeth, Principal Storyteller at LandSpeed Productions, “How Fast Can She Go?”
• Kelly Pollock, CEO at Berges Family Foundation, “Creativity to the Rescue: The Power of Whole Brain, Whole Body Leadership.”

“Imagine That!” emcee is NFT artist and community builder Myrina Renaissance Otey-Myton. The event includes an interview with Ron Himes, founder and producing director of The Black Rep, along with a live performance by music recording artist Dre’Co.

TEDx is a program of local, self-organized events that bring people together to share a TED-like experience. At a TEDx event, TEDTalks video and live speakers combine to spark deep discussion and connection in a small group. Founded in 2013, TEDxStLouis, formerly TEDxGateway Arch, provides the community with events, connections, and ongoing information. For more information or to register, visit http://www.tedxsaintlouis.org.