Check Income Tax Refund Status Online
As you all know to get income tax refund, we have to file income tax return by showing the excess tax paid or excess TDS deposited or Excess advance tax pay as the case may be. Income Tax department on the basis of return file will issue income tax refund to the assessees. Some time it is delayed by the income tax department because of some mismatch, errors or any reasons. But we have the right to know what is the reason behind to delay of income tax refund. You can also check the status of your income tax refund for particular year or assessment year.
Find how to check income tax refund status?
The procedure is very simple and easy. Income Tax Department with the help of TIN facility provide the service to check status of income tax refund.
Write your PAN number and select assessment year for which you want to track. Submit the form and it will tell you the status not the reason. You can contact to ITO of your range or ward. It all works because of (Centralized Processing Center) as defined in ‘Refund Banker Scheme’.
What to do when receive refund voucher
When the refund voucher sent to you for income tax refund then simultaneously the advices is also sent to RBI. So when you will go to cleared the refund it may be returned by the bank if RBI has not received the advice paper. So we advice to assessee that present the refund voucher after 4 or 5 days or 1 week of its receipt, so RBI can also receive the advice for your refund. It will save your time and avoid any harassment by the bank. You can also claim interest on delayed refund but we will cover detail in next articles. So stay with us subscribe your email id like our facebook page to get updates on Income Tax Refund status.
Please comment if you have query regarding income tax refund status.
What Are the Tax Return Requirements for an LLC in Wisconsin?
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One of the advantages of a Limited Liability Company is its flexibility in how it is taxed, as a sole proprietorship, a partnership or a corporation. That flexibility extends to the state level, as Wisconsin requires filing of different forms to reflect the tax status an LLC choose for its federal return. By default, taxes on LLCs are passed through to its members, as owners are called for such companies.
Single-member LLCs are by default treated by the U.S. Internal Revenue Service as a "disregarded entity" and taxed as a sole proprietorship. The LLC member reports profit and loss details on Schedule C in his federal return, and reports the results on Form 1040. Any net profit is subject to self-employment tax as well as income tax. Wisconsin follows the IRS lead for LLCs treated as a disregarded entity and treats it that way as well, requiring the member to include the income and expenses on the member's return.
Multi-member LLCs are by default treated by the IRS as partnerships, and will need to file Form 1065, U.S. Return of Partnership Income, filed by the managing member or elected manager of the company. All members need to report their pro-rata shares of income, credits and deductions on Schedule K-1 (1065) Partner's Share of Income on each individual's personal return. Wisconsin LLCs treated as partnerships must file Form 3 Wisconsin Partnership Return, signed by a general partner.
LLCs can choose to be taxed as a corporation by filing federal Form 8532 to elect its business entity classification. The LLC electing to be taxed as a C corporation must file Form 1120 U.S. corporation Income Tax Return. With this form, income is reported and taxed on the corporate level, and any distribution of profits to members are subject to income tax. If the LLC chooses to be taxed as an S Corporation, it files Form 1120S, and each member reports pro-rata share of income on Schedule K-1 (Form 1120). Wisconsin allows LLCs to make the same election by attaching a copy of the federal election statement to Form 3 and filing it with the Department of Revenue for the year of the election. LLCs treated for federal tax purposes as a corporation must file a Wisconsin corporation franchise or income tax return, Form 4 or 5.
LLCs may be subject to sales, use and withholding taxes. Any Wisconsin partnership, including LLCs treated as a partnership, that has gross receipts of $4 million or more is also subject to a state recycling surcharge.