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CBDT Tightens Crypto Tax Reporting Rules, Signals Push for Greater Transparency

Chandani — Mon, 27 Jul 2026 15:51:00 +0000

The new guidance aligns India with the OECD’s Crypto-Asset Reporting Framework, while industry experts see it as a step toward a broader regulatory framework for digital assets.

India has strengthened its oversight of the cryptocurrency sector by introducing detailed tax reporting guidelines for crypto service providers under the Income Tax Act. While the move does not introduce new taxes or regulate digital assets, it marks another step toward greater transparency in the country’s fast-growing crypto ecosystem.

The Central Board of Direct Taxes (CBDT) has released a guidance note explaining how crypto exchanges and other Virtual Digital Asset (VDA) service providers must comply with their reporting obligations.

India adopts global reporting standards

The new guidance operationalises the Organisation for Economic Co-operation and Development’s (OECD) Crypto-Asset Reporting Framework (CARF), an international system designed to improve tax transparency by helping authorities track cryptocurrency transactions across jurisdictions.

By adopting CARF, India joins several countries working to strengthen tax compliance in the digital asset sector.

Focus remains on tax reporting

The CBDT’s latest guidance does not alter India’s existing taxation framework for cryptocurrencies.

Instead, it provides operational clarity on how crypto exchanges and VDA service providers should report transactions under the Income Tax Act, helping authorities improve transparency and monitor taxable crypto activities more effectively.

Broader crypto policy may be taking shape

The development comes shortly after the Parliamentary Standing Committee on Finance recommended that the government examine the need for a comprehensive legal and regulatory framework for virtual digital assets.

Together, the two developments suggest that India is gradually moving toward a more structured approach to regulating the cryptocurrency industry.

Industry welcomes the guidance

Industry leaders have largely welcomed the CBDT’s move, describing it as an important milestone for the digital asset ecosystem.

Edul Patel, CEO of Mudrex, said the guidance strengthens transparency while bringing India’s reporting framework in line with international standards.

According to Patel, stronger reporting requirements could help policymakers design balanced regulations that protect investors while supporting innovation in the sector.

He added that the crypto industry has consistently sought greater regulatory clarity, and the latest guidance represents meaningful progress toward a comprehensive framework.

Exchanges see greater operational clarity

Vimal Sagar Tiwari, Co-Founder of CoinSwitch, also welcomed the guidance, saying it provides much-needed operational clarity for crypto service providers.

He noted that a standardised reporting framework will make it more difficult to underreport or conceal taxable crypto transactions through compliant platforms.

According to Tiwari, improved reporting standards are expected to strengthen transparency, accountability and trust across India’s digital asset ecosystem while benefiting regulators, exchanges and investors alike.

What the guidance means

Although the CBDT’s notification does not introduce new cryptocurrency regulations, it reinforces the government’s focus on improving tax compliance and reporting standards.

With Parliament also examining the need for broader legislation, the latest move is being viewed as another step toward a more comprehensive policy framework for cryptocurrencies in India.

FAQ

What has the CBDT announced?

The CBDT has issued detailed guidance explaining how crypto exchanges and other Virtual Digital Asset service providers must comply with tax reporting requirements under the Income Tax Act.

Does this change India’s crypto tax rules?

No. The guidance does not introduce new taxes. It focuses on improving reporting obligations and tax transparency.

What is the OECD’s Crypto-Asset Reporting Framework (CARF)?

CARF is an international reporting standard developed by the OECD to help tax authorities monitor cryptocurrency transactions and improve cross-border tax compliance.

Does this mean India will regulate cryptocurrencies soon?

The guidance itself is limited to tax reporting. However, along with recent recommendations from the Parliamentary Standing Committee on Finance, it suggests that India may be moving toward a broader regulatory framework for digital assets.

New I-T Rules 2026: Foreign Income & Crypto Tax Changes

Chandani — Wed, 25 Mar 2026 16:51:33 +0000

New I-T Rules: Taxpayers with Overseas Income and Crypto Face Strict Scrutiny

Now the Indian tax landscape is getting a major makeover this Monday. The New Income Tax (I-T) Act officially begins on April 1, 2026. Therefore, taxpayers must prepare for a shift in how they report foreign earnings and digital assets. In fact, the Central Board of Direct Taxes (CBDT) has already shared the new rules and form names. These changes aim to increase transparency and close loopholes. Simple as that.

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At a Glance: Key Changes From April 1

Foreign Tax Credit (FTC): CA certificate required for tax over ₹1 lakh.
Crypto Income: Mandatory reporting via AIS/TIS data.
Form Names: Standard forms (like Form 16) are getting new numbers.
Compliance: Automatic flagging of undisclosed crypto holdings.

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New Rules for Foreign Tax Credit (FTC)

Now claiming credit for taxes paid in other countries will require more paperwork. The government is moving away from simple self-declaration for large amounts.

The CA Requirement

First, Rule 76 states that you need a Chartered Accountant’s (CA) verification for FTC claims. Next, this applies specifically if your total foreign tax paid exceeds ₹1 lakh in a year. Thus, merely showing a bank statement or tax receipt will no longer be enough. Furthermore, companies must also provide this CA certificate regardless of the amount. Therefore, you should contact your tax advisor early to avoid delays in your refund. Period.

Crypto Income Under the Scanner

Now crypto investors can no longer keep their transactions hidden from the tax department. The new rules make “automatic exchange” the standard practice.

AIS/TIS Integration

First, Amended Rules 114-F and 114-H force crypto exchanges to share all user data. Next, this information will show up in your Annual Information Statement (AIS). Thus, the tax department will automatically flag any holding you do not disclose. Also, this includes both domestic and international crypto transactions. Consequently, transparency is now the only way forward for digital asset owners.

Mapping the New I-T Form Numbers

Now the names of the forms you use every year are changing. It is vital to learn these new numbers to avoid filing errors.

The Form Conversion Table

First, your employer will no longer give you a “Form 16.” Instead, look for the new version numbers listed below:

Old Form Name	New Form Number	Description
Form 16	Form 130	Salary TDS Certificate
Form 16A	Form 131	Non-Salary TDS (e.g., Bank Interest)
Form 26AS	Form 168	Annual Tax Credit Statement
Form 15G/15H	Form 121	Declaration for No TDS
Form 12BA	Form 123	Statement of Perquisites

Therefore, when you ask your bank for a TDS certificate next month, ask for Form 131. This will save you a lot of confusion during filing season.

Why These Changes Matter

Now these updates are part of a broader push to modernize the Indian tax system. The goal is to make tax evasion much harder in the digital age.

Improved Data Tracking

First, the new AIS (Form 168) acts as a complete mirror of your financial life. Next, by linking crypto and foreign income directly to this statement, the department reduces manual errors. Thus, honest taxpayers will find it easier to verify their data. Overall, the system is becoming more “pre-filled” and automated. Because of this, keeping accurate records of all global income is now more important than ever.

Frequently Asked Questions

Q: Do I need a CA if my foreign tax is only ₹50,000?

Now, if the amount is below ₹1 lakh, you do not need a CA certificate. Thus, standard documentary evidence should still work for your claim.

Q: Will the tax slabs change on April 1?

Actually, the current announcement focuses on rules and forms rather than rates. Therefore, stay tuned for the official budget updates regarding tax slabs.

Q: Is crypto tax still 30%?

Since the base tax law remains the same, the 30% rate on gains usually applies. Thus, the new rules simply make it easier for the government to track those gains.

Q: Where can I find the new Form 168?

Actually, you can download it from the official I-T portal starting in April. Therefore, log in to your account to see your updated tax credits.

The Bottom Line

Now the New Income Tax Rules 2026 represent a major shift toward digital accountability. While the new form numbers might be confusing at first, they simplify the filing process in the long run.

Overall, ensure you speak with your CA about any foreign assets or crypto trades. Therefore, you can avoid penalties and keep your AIS data clean. Thus, you will be ready for the new tax year without any stress. Meanwhile, keep a copy of the form conversion table handy for your records.

Update your forms. File with care. Period.

Form 16 Renamed: New Tax Form Numbers for 2026 Rollout

Chandani — Tue, 17 Feb 2026 17:45:34 +0000

Finance Ministry Renames Tax Forms for 2026 Rollout

The Income Tax Department released draft rules Tuesday to rename key tax forms starting April 1. These changes align with the new Income Tax Act 2025.

The policy affects millions of salaried workers and businesses across India. Under the plan, the board aims to clean up old rules without changing tax rates. Officials say the new system will make filing faster and reduce errors.

New Identity for Tax Forms

The draft rules introduce new numbers for the most common tax papers. After April 1, Form 16 becomes Form 130. Meanwhile, the annual tax statement known as Form 26AS changes to Form 168.

Now, the board calls Form 168 a “Tax Passbook.” This name reflects its role as a live record of tax paid. Since the data stays the same, workers do not need to learn new math. Yet firms must update their payroll software to match the new numbers.

Unifying the Tax Calendar

The new law also changes how we talk about time. In fact, the old “Assessment Year” and “Previous Year” labels are gone. Both are now merged into a single “Tax Year.”

Therefore, forms will soon show “Tax Year 2026-27” for income earned in that period. This shift aims to stop confusion during the filing season. Before this, many people picked the wrong year on their forms. Now, the single-year name makes the process clear for all.

Expert Views on Compliance

Tax experts say the move is mostly a name change. “This is a structural move for the new law,” Vikas Sharma, tax lead at AKM Global, said Tuesday. “The core purpose of these forms stays the same,” Sharma said.

Still, some worry about the shift in systems. “The shift standardizes our papers,” Brajesh Pranami, chief of Flyhi Finance, said Monday. “It does not add a new tax burden,” Pranami said. But he noted that banks must act fast to avoid tech glitches.

Reality Check

Officials call the new portal “foolproof.” Still, history suggests reason for caution. A similar system crashed in 2019 within hours of launch. Therefore, the Ministry had to extend dates by 30 days that year.

In fact, internal memos show the new portal handles just 20,000 filings per hour. Yet over 70 million people file in the final weeks. Thus, the system faces a massive test this April.

The Loopholes

Workers with two jobs face a small gray area. Specifically, each boss must issue a separate Form 130. In fact, the law does not say how to merge these for a single filing. Therefore, some workers might see gaps in their tax credits. Still, the board has not yet fixed this data flow.

What This Means for You

You must check your new “Tax Passbook” regularly. First, log into the portal after April 1. Then, look for the new Form 168. After that, verify that your boss has paid your tax on time. Finally, use Form 130 to file your final return by July.

What’s Next

The board will take public feedback until March 10. Then, final rules will be published by March 25. The new portal goes live on April 1, 2026, according to a department statement released Tuesday.

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New PAN Card Rules 2026: 5 Key Changes from April 1

Chandani — Mon, 16 Feb 2026 16:20:24 +0000

The Indian government plans to update PAN card rules on April 1, 2026. These shifts are part of the new Income Tax Act 2025. Because of these changes, you must know how your daily spending might be affected. Currently, you can still share your views on these draft rules until February 22, 2026.

1. New Cash Deposit Limits

Today, you need a PAN to deposit over Rs 50,000 in one day. However, the new plan looks at your total yearly activity instead. Specifically, a PAN will only be mandatory if you deposit more than Rs 10 lakh in a full year. This rule applies to all your bank accounts combined. Consequently, small daily trips to the bank will become much easier for the average person.

2. Buying Cars and Bikes

Vehicle buyers will soon see a major change in paperwork requirements. For instance, the board wants to set a Rs 5 lakh price limit for PAN reporting. Right now, you often need a PAN for almost any car or bike. Under the proposal, cheaper vehicles won’t require these details at all. In fact, this is great news for those buying budget two-wheelers.

3. Higher Limits for Hotel Bills

If you like eating out, you will notice a higher limit for your bills. Currently, the PAN trigger sits at Rs 50,000 for restaurant payments. Therefore, the new rules suggest raising this limit to Rs 1 lakh. Moreover, this higher cap also covers payments for large parties and wedding events.

4. Real Estate Transactions

Property sales will follow a much higher reporting limit very soon. For example, the threshold is moving from Rs 10 lakh to Rs 20 lakh. As a result, small property deals will involve less stress and fewer forms. Actually, the main goal is to reduce work for small buyers in rural areas.

5. Insurance and New Accounts

Finally, rules for insurance companies are getting much tighter. Specifically, you will need to give your PAN for any new account-based deal. Currently, you only need it if your life insurance premium is very high. Additionally, every new policyholder must link their PAN from the start. Furthermore, this helps the government track high-value investments more effectively.

Quick Summary of Proposed Changes

Banking: Yearly deposits over Rs 10 lakh now require a PAN.
Vehicles: Only purchases above Rs 5 lakh need these details.
Dining: Restaurant bills must cross Rs 1 lakh for the PAN trigger.
Land: Property deals over Rs 20 lakh follow the new reporting rule.
Policies: All new insurance accounts must be linked to your PAN.

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No Change In ITR Forms For AY 2026-27 Despite New Tax Law

Chandani — Sat, 14 Feb 2026 16:10:36 +0000

The central government has shared a major update for all taxpayers. Specifically, the ITR forms for Assessment Year (AY) 2026-27 will not change. While a new tax law starts on April 1, 2026, the old forms will still work. Therefore, you do not need to learn a new filing system this year. Currently, the board wants to make the shift to the new law very slow and easy.

Why Are the Forms Staying the Same?

The government wants to help people transition to the Income Tax Act, 2025. Specifically, they decided that the current ITR-1 to ITR-7 forms are still best for now. Instead of a sudden change, the new rules will roll out in small steps. Furthermore, this move ensures that the 9 crore people who file returns face zero confusion in 2026.

What Changes in 2027?

While 2026 is stable, the real shift starts in 2027. Specifically, the tax department will start using a new data-sharing system then. Therefore, banks and crypto exchanges will have to report more details. Actually, the goal is to find the 3 crore people who pay tax but do not file a return. Meanwhile, the department will focus on “Smart Forms” that fill themselves using your saved data.

Key Points for Taxpayers

New Act: The Income Tax Act, 2025 technically starts on April 1.
Old Forms: You will still use the 1961 Act forms for the upcoming season.
Gradual Shift: Major reporting changes for crypto and digital assets start from 2027.
Compliance: The focus remains on making filing easy rather than harder.

Summary: Filing Status for AY 2026-27

Feature	Status for AY 2026-27	Expected Change Year
ITR Forms	No Change	2027-28
Filing Portal	Same (e-Filing)	Continuous Updates
Data Sharing	Existing Framework	2027
Tax Slabs	As per Finance Act 2025	Yearly Review

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Income Tax Refund 2026: Major Payouts Released in Last 24 Hours

Chandani — Fri, 13 Feb 2026 16:21:49 +0000

Income Tax Department Clears Massive Refund Backlog

The Income Tax Department launched a major refund drive over the last 24 hours. Specifically, tax experts report a sudden surge in credits, including high-value payouts reaching Rs 17 lakh. Therefore, this move brings much-needed relief to millions of taxpayers. Previously, many users had flooded social media with complaints about long wait times.

High-Value Credits Hit Bank Accounts

Meanwhile, professionals noticed a sharp rise in processing speed starting Thursday night. Since many taxpayers waited for weeks, this sudden release has eased a lot of stress. Actually, several CA firms in New Delhi confirmed that their clients received money this morning. Still, many large refunds remain in the system. Now, the department expects to clear these in the very next processing cycle.

Status of Stuck Returns

About 8.8 crore tax returns reached the portal by February 4. However, nearly 24.64 lakh of these stayed stuck for over three months. Therefore, the Ministry of Finance is now pushing the processing center to work faster. Actually, the law gives the department until September 30, 2026 to finish this work. Still, the early release of funds aims to help the public mood.

Data Checks and NUDGE Alerts

Since the launch of the NUDGE plan, the tax office has used data tools to find errors. Specifically, the system flags missing foreign assets and wrong deduction claims. Therefore, some users may get an alert asking them to fix their returns before the refund arrives. Now, experts advise all users to link their PAN and check their bank details. In fact, most delays happen because of old or wrong bank info.

Data Density: The 2026 Refund Benchmarks

24 Hours: The time frame for the latest massive surge in refund credits.
Rs 17 Lakh: The highest individual refund reported by tax experts today.
8.8 Crore: The total number of tax returns filed by early February.
24.64 Lakh: The number of returns that were stuck for more than 90 days.
Sept 30: The legal deadline for the department to process current returns.
100%: The accuracy needed for bank pre-validation to avoid payment failure.

What’s Next First, log in to your tax portal to check your current “Refund Status.” Then, verify that your bank account is “Pre-validated” to avoid any credit errors. Since the department is sending money in batches, you should wait 48 hours for the cash to show up after the status changes, officials said.

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Income Tax Act 2025: Biggest Changes & New Rules from April 1

Chandani — Wed, 07 Jan 2026 04:35:46 +0000

The Income Tax Act, 2025: India’s New Tax Era Begins April 1

Starting April 1, 2026, the Income-tax Act, 2025 will replace the 64-year-old Income-tax Act, 1961. This represents the most significant overhaul of India’s direct tax framework in decades, moving toward a simplified, digital-first system that aligns with modern global standards.

Also Read | Republic Day 2026: Online & Offline Ticket Booking Guide

1. Key Structural Changes

The new Act aims to reduce the “red tape” associated with tax filings by drastically trimming the legal text.

Feature	Old (1961 Act)	New (2025 Act)
Total Sections	819 Sections	536 Sections
Total Chapters	47 Chapters	23 Chapters
Yearly Concept	Previous Year & Assessment Year	Unified “Tax Year”
Primary Goal	Traditional Revenue Collection	Facilitation & Digital Compliance

Also Read | Republic Day 2026: Online & Offline Ticket Booking Guide

2. Major Highlights for Taxpayers

The shift isn’t just about numbers; it changes the logic of how you report income.

Removal of AY/PY Confusion: The dual concept of “Previous Year” (when you earn) and “Assessment Year” (when you pay) has been merged. Now, income and taxation are both tracked under a single “Tax Year” (April 1 – March 31).
Consolidated TDS: All Tax Deducted at Source (TDS) provisions—which were previously scattered across dozens of sections—are now unified under Section 393.
Digital Assets defined: Virtual Digital Assets (VDAs) like cryptocurrencies are now formally defined and integrated into the capital gains framework.
Simplified Language: Over 1,200 provisos and 900 explanations have been removed to make the law easier for citizens to read without a legal background.

Also Read | Republic Day 2026: Online & Offline Ticket Booking Guide

3. How to Transition: The CBDT Mapping Utility

To help taxpayers and professionals navigate the change, the Central Board of Direct Taxes (CBDT) has launched a Mapping Utility.

What it does: It provides a side-by-side comparison between the 1961 sections and the new 2025 clauses.
Availability: You can access it on the official Income Tax Department website.

Also Read | Republic Day 2026: Online & Offline Ticket Booking Guide

4. Action Plan for Taxpayers

Experts recommend a proactive approach to the transition:

Old Rules Still Apply: For the current window ending March 31, 2026, you must continue following the 1961 Act.
Audit Your Software: If you are a business owner, ensure your accounting software is updated to the “Tax Year” terminology by April 1.
Consult Your CA: Ask for a specific “impact note” regarding how the restructuring of TDS and house property clauses affects your specific income profile.

Also Read | Republic Day 2026: Online & Offline Ticket Booking Guide

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Good News! CBDT Gives Extended ITR Processing Time to These Taxpayers

Pravesh Maurya — Tue, 29 Jul 2025 11:04:51 +0000

The Central Board of Direct Taxes has given a big relief to the taxpayers. CBDT has given more time for processing the income tax returns filed through electronic means.

The Central Board of Direct Taxes has given a big relief to the taxpayers. CBDT has given more time for processing the income tax returns filed through electronic means. Let us tell you, these were wrongly validated by CPC Bangalore due to technical reasons.

What has been said in the CBDT circular

In a circular issued by the CBDT on Monday, it was directed that the ITRs filed through electronic means till March 31, 2024 which were wrongly invalidated can now be processed. Information about all these returns will be sent to the taxpayers by March 31, 2026.

This decision will help taxpayers get refund along with interest. It has been clarified in the circular issued that if the PAN card is not linked to the Aadhaar card, then they will not be refunded.

CBDT has directed all parties on this issue to work as per the circular.

Central Board of Direct Taxes issues Circular 10/2025, providing relaxation of time limit for the processing of electronically filed income tax returns.

For detailed information, access the Circular 10/2025 via the link below:https://t.co/S9PYBjgvwn pic.twitter.com/T0fevCCD0S

— Income Tax India (@IncomeTaxIndia) July 28, 2025

Tax File Deadline

The window for filing ITR for assessment year 2025 has opened. Along with this, many changes have been made in it. Especially capital gains have to be kept in mind. Taxpayers should look carefully at the updated tax slab rates

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Aadhaar Card to be Mandatory for New PAN Card from THIS date – Key Details Inside

Jyoti — Tue, 24 Jun 2025 10:01:22 +0000

If you are thinking of making a new PAN card for yourself or a family member, then definitely read this news. You will need to have Aadhaar to make a PAN card.

The Central Board of Direct Taxes (CBDT) has implemented a new rule. Under this, Aadhaar number and Aadhaar verification will be necessary for a new Permanent Account Number (PAN) card from July 1. Let us tell you that till now Aadhaar was not necessary to make a PAN card. Any valid identity card and birth certificate was sufficient for this. But under the new rule, Aadhaar has now been made mandatory.

Why was this change made

Experts say that this step of Aadhaar-based verification has been taken to promote digitization and ensure accountability and compliance in tax filing. This will help in preventing tax evasion. Also, strict action can be taken against those who hide income. Let us tell you that for existing PAN card holders, the last date for linking Aadhaar with PAN is December 31, 2025, without any penalty. PANs not linked to Aadhaar will become inactive from next year.

You will not be able to make a fake PAN

Experts say that making Aadhaar mandatory for making PAN will stop fake PANs. Even now many fraudsters are doing wrong things by making fake PANs. Now all this will not be possible due to Aadhaar biometric. According to the Income Tax Department, no person is allowed to have more than one PAN card. If someone is found to have more than one PAN, then a fine of Rs 10,000 can be imposed on him.

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PAN Card Rules 2025: Big update: Your PAN will be closed after December 31, check new update here

Jyoti — Mon, 23 Jun 2025 11:02:13 +0000

The government has taken a big decision regarding making PAN card and linking it with Aadhaar. The Central Board of Direct Taxes (CBDT) has made it mandatory to provide Aadhaar card for new PAN card from July 1, 2025.

Also, those who already have both PAN and Aadhaar will have to link both by December 31, 2025. After this, the PAN card will be inactive without Aadhaar link, which may cause problems in tax and other financial activities. Let us know the complete information of this new rule and the easy process of linking.

The purpose of this change is to increase transparency in the tax system and strengthen digital processes. Currently, a person could use various identity cards to get a PAN card, but now the application will not be accepted without Aadhaar. This step is an important initiative towards making the process of filing tax returns easy and accountable.

If you want to link your PAN card with Aadhaar, you can go to the Income Tax e-filing website and choose the ‘Link Aadhaar’ option. In this, you have to fill in the PAN number, Aadhaar number and registered mobile number. Finally, the linking process is completed by confirming the authenticity of Aadhaar and a message will appear if it is successful.

Due to this rule, it has become necessary to get Aadhaar-PAN linking done on time, so that any kind of trouble can be avoided. After 31 December 2025, PAN cards without linking will become inactive and this will affect your financial and tax matters.

Headlines:

Aadhaar mandatory for new PAN application from July 1, 2025
Last date for Aadhaar linking for existing PAN holders is 31 December 2025
PAN will be deactivated if Aadhaar is not linked
Easy online process available for linking

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ITR Filing: Relief news for these taxpayers, CBDT issued order, know who will get benefit and who will not

Jyoti — Wed, 11 Jun 2025 06:28:32 +0000

If you filed Income Tax Return (ITR) on time in the financial year 2022-23 and have not received the refund yet, then there is good news for you. The Income Tax Department has said that the ITRs of 2022-23 which have not been processed yet will be processed by 30 November 2025. This decision of the Income Tax Department has brought relief to all those taxpayers whose refunds are still pending or whose ITRs could not be processed in time.

According to an order issued by the CBDT on June 9, 2025 , the deadline for notice under section 143(1) of the Income Tax Act has now been extended. This deadline was earlier till 31 December 2024, but now it has been extended to 30 November 2025.

Who will benefit?

Taxpayers whose ITRs have not been processed yet are now likely to get a refund and will also get interest at the rate of 0.5% per month on the refund. Interest on refunds related to TDS and advance tax will be calculated from April 2023. Interest on refunds related to self-assessment tax will be available from the date of ITR filing.

Who will not get the benefit?

The benefit of this scheme will not be available to those ITR filing taxpayers who were selected for scrutiny. Or those who are stuck due to technical or user error. Also, those whose PAN and Aadhaar are not linked yet will not get the benefit of this scheme. According to the Income Tax Department, refund will not be issued if PAN-Aadhaar is not linked.

Threat of tax demand notice?

Under the new order, no fresh tax demand is allowed as the law stipulates that such a process be terminated after March 31, 2025. However, if tax has been concealed and the conditions are met, an investigation under section 148 can be initiated.

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CBDT has extended the last date for filing ITR for the FY 2024-25 from July 31 to September 15, 2025

Jyoti — Wed, 28 May 2025 10:45:57 +0000

ITR 2025: There is relief news for those who file Income Tax Return (ITR). The Central Board of Direct Taxes (CBDT) has extended the last date for filing ITR for the financial year 2024-25 from 31 July to 15 September 2025. This decision has been taken so that taxpayers do not face any problem in filing returns on time and they get enough time.

Time extended due to changes

CBDT said that changes have been made in the ITR forms for Assessment Year 2025-26 (AY 2025-26). The purpose of these changes is to simplify the process of filing tax. Due to these changes, it is taking more time to prepare the new ITR utility, integrate it into the system and test it. For this reason, the timeline for filing returns has been extended.

Why shouldn’t salaried taxpayers file ITR before June 15?

Although some forms like ITR-U have been released recently on 15 May and the utility has started working. But salaried taxpayers have been advised not to file ITR before 15 June. This is because of Form 16, which is issued by the employer by 15 June every year.

What does Form 16 contain?

Full salary details

Information about Tax Deducted (TDS)

Exemptions like section 80C, 80D

Total taxable income

Even if you have not received Form 16, you can still file ITR, but it is important to get it for correct information.

Form 26AS is also an important document

If you do not have Form 16, you can also file ITR with the help of Form 26AS.

This information is in Form 26AS

Information about TDS, TCS

advance tax details

Information about any high-value transactions

How to download Form 26AS?

Visit the Income Tax e-filing website

Click on the My Account tab

Select View Form 26AS

Select the assessment year and click on View

Select the option to download

The Income Tax Department has given relief to taxpayers by extending the deadline for filing ITR. Now you have time till 15 September 2025. Salaried people can fill ITR correctly by taking Form 16 after June 15. It is also important to check Form 26AS before filing ITR.

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Now you will get 4 years time to file ITR-U, CBDT has released the revised form; Know when is the last date?

Jyoti — Thu, 22 May 2025 10:53:02 +0000

CBDT i.e. Central Board of Direct Taxes has notified ITR-U i.e. updated income tax return form on Tuesday. Many changes related to income tax were made in this year’s budget. These changes have been implemented from April 1. Now CBDT has released the revised ITR-U form according to these changes.

This is the biggest change

The biggest change in this is regarding the duration of the assessment year. Till now, taxpayers were allowed to file ITR-U only within 24 months of the end of the assessment year. But now this period has been increased to 48 months. In this way, now taxpayers will get two years of additional time.

Why and who has to fill ITR-U?

The name of ITR-U itself suggests that it is an updated return. That is, if you have made a mistake while filing the return. Apart from this, if you have forgotten to include any important details in the return, then you can correct your mistake within 4 years from the year in which this mistake was made. Broadly, this return is for those people who could not file ITR on time, or have made mistakes in filing the return.

In what cases can it be filled?

ITR-U can be filled by any person. If you have not filed the return. Also, if you have filed the return but have not been able to report the income correctly. Income has been shown under the wrong head, return has been filed in the wrong tax slab. ITR-U can be used in all such cases.

when is the last date?

ITR-U can be filed within four years of any assessment year. For example, you have to file ITR for the financial year 2024-25, whose assessment year is 2025-26 and it will end on March 31, 2026. If you do not file ITR during this period, or file ITR with incorrect information, then the last date for ITR-U will be March 31, 2030.

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CBDT notified all 7 ITR forms, changes in Capital Gain rules, know full details

Jyoti — Tue, 13 May 2025 12:02:33 +0000

ITR 2025: The Income Tax Department has notified all forms from ITR-1 to ITR-7 for the financial year 2024-25. ITR-1 to ITR-4 are used for small and medium taxpayers, while ITR-7 is important for trusts and charitable institutions. This time the tax department has made an important change in ITR-1 and ITR-4, which will affect salaried taxpayers and small business taxpayers.

The rules related to LTCG have changed

Actually, the Income Tax Department has changed the rules of long term capital gain (LTCG) from shares and mutual funds listed in the stock market. According to the new rule, if a taxpayer’s income is up to Rs 1.25 lakh, then he can file ITR-1 or ITR-4. Earlier, individuals or entities had to file ITR-2. According to the income tax rules, there is no tax on long term capital gain up to Rs 1.25 lakh in a year, while if it exceeds the limit, a tax of 12.5 percent has to be paid.

Rules changed for these forms as well

At the same time, the Income Tax Department has also made some changes to rationalize the capital gain tax in ITR Form-2,3,5,6 and 7. In the Schedule Capital Gain of ITR, now the capital gain will be divided into two parts. First, separate tax calculations will be done on the gains before 23 July 2024 and after that.

Capital gains tax on real estate reduced

Let us tell you that while presenting the budget for the financial year 2025, the government had reduced the capital gains tax on real estate to 12.5 percent (without indexation), whereas earlier it was 20 percent (with indexation). The indexation benefit allows taxpayers to arrive at the value of the property after adjusting for inflation. In such a situation, individuals or HUFs who buy houses before 23 July 2024 can pay tax at the rate of 12.5 percent without indexation or 20 percent with indexation under the new scheme.

Limit increased for ITR-3

Apart from this, the limit for asset and liability reporting under Schedule AL for taxpayers filing ITR-3 has been increased from Rs 50 lakh to Rs 1 crore. This change in the rule has reduced the disclosure burden on taxpayers. Let us tell you that ITR Form-3 is filled by taxpayers who earn profits or income from profession or business.

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ITR Filing 2025: CBDT has all ITR forms notified, Key major changes details Here

Jyoti — Tue, 13 May 2025 04:29:28 +0000

ITR Filing 2025: The Central Board of Direct Taxes (CBDT) has notified all the Income Tax Return (ITR) forms for the assessment year 2025–26 (FY 2024–25). There has been no major change in the structure of the forms, but several important amendments have been incorporated keeping in mind the provisions of the Finance Act 2024.

The most prominent of these changes include relief on small long term capital gains (LTCG), increased threshold for reporting of assets and liabilities, and more detailed reporting of capital gains.

ITR-1 (Sahaj): LTCG relief for small investors

ITR-1 will continue to be applicable for resident individuals with income up to ₹50 lakh, whose income is from salary, one house and other sources. Under the new system, taxpayers will now be able to report LTCG (under section 112A) up to ₹1.25 lakh in ITR-1.

ITR-2: Detailed reporting of capital gains mandatory

ITR-2 is for individuals who have multiple assets, foreign assets or capital gains. In the updated form:

LTCG before and after July 23, 2024 will have to be reported separately.
Unlisted bonds/debentures need to be shown separately as per the holding period.
The amount received from buyback (after October 1, 2024) should be shown at “zero value” in the “Income from other sources” and capital gains section.
Now the asset and liability reporting limit has been increased to ₹1 crore (earlier ₹50 lakh).

ITR-3: Monitoring costly transactions

ITR-3 is for individuals and HUFs who earn income from business or profession. It has now been made mandatory to choose the old or new tax regime (Form 10-IE or 10-IEA). Detailed disclosures related to business such as profit, loss and foreign income will have to be given. Also, high value transactions will now have to be reported clearly. Such as:

Cash deposits above ₹1 crore
Foreign travel above ₹2 lakh
Electricity bill exceeds ₹1 lakh
Credit card bills above ₹10 lakh

ITR-4 (Sugam): Relief in LTCG to presumptive taxpayers

ITR-4 is for those who pay tax on presumptive income. This form now allows taxpayers to report LTCG (Section 112A) up to ₹1.25 lakh. This form is applicable for individuals, HUFs and non-LLP firms.

ITR-5: Verification Process

Taxpayers who have not e-verified their ITR can still print the ITR-V form, sign it and send it to the CPC office in Bengaluru by speed post within 30 days. E-verification can also be done through Aadhaar OTP, net banking or a valid demat/bank account.

ITR-6: New rule on buyback loss

ITR-6, notified on 6 May 2025, is for companies that do not claim exemptions. Some important changes have also been made in it:

It has been made mandatory to report capital gains before and after July 23, 2024 separately.
Losses associated with buyback will be recognised only if the related dividend income is declared after October 1, 2024.
Separate reporting regimes have been added for cruise operators (section 44BBC) and profits from the diamond trade (minimum 4% of gross receipts).
Detailed information of TDS code and Schedule BP has now been made mandatory.

ITR-7: Stricter disclosures for trusts and entities

ITR-7, notified on May 9, is for entities that file tax returns under sections 139(4A) to 139(4D), such as charitable trusts, political parties and research institutions. Changes in this form include:

Capital gains need to be reported separately before and after July 23.
The loss incurred on buyback will have to be explained by combining it with the dividend income.
Reporting of interest exemption on housing loans (Section 24(b)) will also now be mandatory.
TDS section code disclosure has been added for better tax audit.

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ITR Form-6 released with new changes, see six major changes

Jyoti — Fri, 09 May 2025 06:07:31 +0000

ITR: The revised ITR-Form 6 aims to enhance transparency and facilitate better compliance and monitoring by making it in line with existing regulatory and reporting standards.

The Central Board of Direct Taxes (CBDT) of the Union Finance Ministry has released the revised ITR-Form-6 on Wednesday, May 7. According to the notification published in the Gazette of India, the revised form of Form-6 has been implemented from April 1, 2025. Releasing the new form, the Income Tax Department said that the CBDT has issued a gazette notification of revised ITR-Form 6 applicable for companies for the assessment year 2025-26.

This will apply to companies other than companies claiming exemption under section 11 of the Income Tax Act, 1961. These amendments have been introduced through the Income Tax (16th Amendment) Rules, 2025, exercising powers under section 295 read with section 139 of the Income Tax Act.

Purpose of amendment in ITR-Form 6

The revised ITR-Form 6 aims to enhance transparency and facilitate better compliance and monitoring by making it in line with existing regulatory and reporting standards.

Six major changes

1. The first change has been made regarding the division of notified capital gains tax. Under this, capital gains before 23.07.2024 and after that have been separated. For this, the format of ITR-Form 6 given in Schedule-II of Income Tax Rules, 1962 has been completely changed.

2. Major changes also include allowing capital loss due to share buyback. Under this, if dividend income tied to a share is shown as income from other sources, then capital loss due to share buyback can be included in ITR. However, this loss should be after October 1, 2024.

3. In the new form, companies have been asked to make several disclosures, including information like PAN, CIN and date of corporation.

4. While filing income tax returns, companies will now have to clarify the nature of the company, whether it is a domestic or foreign company. Apart from this, whether the company has changed its name earlier or not.

5. Companies will have to state the date of commencement of business. Along with this, details of registered office address, contact details and email id will also have to be given.

6. Section 44BBC has clarified the business. Along with this, its reference has been added. At the same time, Rule 10TIA has been amended, which states that the profit from the sale of rough diamonds has to be reported if it is 4% or more of the gross receipts. Apart from this, changes have been made to include deductions claimed under Section 24 (B). At the same time, changes have also been made regarding the reporting of TDS.

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CBDT notifies ITR-1 Sahaj, ITR-4 Sugam for financial year 2024-25, All You Need To Know

Jyoti — Thu, 01 May 2025 05:08:32 +0000

The new financial year has started from 1 April 2025. After which taxpayers have started preparing to file their income tax return (ITR 2025) for the previous financial year.

At the same time, the Income Tax Department is expected to notify the filing form for the financial year 2024-25 or assessment year 2025-26 soon. In such a situation, before filing income tax return, it is important for taxpayers to ensure that they have all the necessary documents. It is very important to have updated Form-16, especially for salaried people.

What is Form 16 and why is it important?

Actually, to file Income Tax Return (ITR Filling 2025), Form-16 is issued to the employee by the employer. This document contains details of the employee’s salary and the deduction of Tax Deduction at Source (TDS) during the financial year. Therefore, this is a very important document for a salaried person.

Form-16 is available in two ports

Let us tell you that Form-16 is divided into two parts. First Part A: It contains important personal details and details of the employer along with details of tax deduction and deposit on quarterly basis.

Whereas, Part B: It contains detailed information of the employee’s salary. Apart from this, there is detail of deduction under section 10 and deduction under section 80C and 80CD.

Many changes have been made in the format of Form 16

Let us tell you that this year the Central Government has made important changes in the structure of Form-16. According to the information revealed, there is a clear separation of tax-free allowances, deductions and taxable salary benefits in the revised format. In such a situation, taxpayers will now get better information about their income components, which will reduce the errors and confusion while filing ITR.

It is also useful in claiming TDS and taking loan

It is known that many times banks or other financial institutions also consider Form 16 as an income certificate to approve the loan application. Apart from this, it is also an important document for claiming TDS deduction. In such a situation, employees who have changed jobs in the middle of the last financial year should take Form 16 from their old employer.

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ITR-1 and ITR-4 released, but do not rush to file returns, there has been a big change in the form

Jyoti — Wed, 30 Apr 2025 05:52:16 +0000

After a long wait, the Central Board of Direct Taxes (CBDT) has finally released Form 1 and Form 4 of ITR. These notified ITRs are for the financial year 2024-25 i.e. assessment year 2025-26.

After the notification of ITR-1 and ITR-4, it is now expected that the rest of the forms will also be notified soon. There have been major changes in the new ITR form. Earlier there was no provision to show capital gains tax in ITR-1. Now after the new change, if there is long term capital gains from the sale of listed equity shares and equity mutual funds, then ITR-1 can be used to file tax returns.

Earlier, in case of capital gain, taxpayers had to file ITR-2 form. Apart from the inclusion of long-term capital gains from equity in the ITR-1 form, there has been no significant change.

Who can use ITR-1 for FY25 (AY26)?

According to the notification, ITR-1 form can be used in these situations-

a) Resident individuals with income up to Rs 50 lakh

b) Income from other sources like salary, one house property, interest

c) Long term capital gains up to Rs 1.25 lakh arising from sale of listed equities and mutual funds

d) Agricultural income up to Rs 5 thousand

You will not be able to use ITR-1 in these situations

Despite the provision to show long term capital gains in case of short term capital gains from sale of house property or sale of listed equity and equity mutual funds, in some cases one will not be able to use ITR-1 form for returns. Apart from this, if one is a director in a company or has invested in equity shares of an unlisted company or TDS has been deducted under section 194N or tax on ESOP is deferred or one has any property outside the country, then one will not be able to use ITR-1 form.

Who can use ITR-4 for FY25 (AY26)?

ITR-4 can be used by individuals having income from business and profession computed under sections 44AD, 44ADA or 44AE, resident individuals, HUFs and firms (other than LLPs) having income up to Rs 50 lakh and long term capital gains up to Rs 1.25 lakh under section 112A.

Who will not be able to use ITR-4 form

If you are a director in a company or have invested in equity shares of an unlisted company or have deferred tax on ESOP or have agricultural income of more than Rs 5,000 or have any property outside the country, then you will not be able to use ITR-4 form.

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ITR Filing 2025: When will Form 16 be available, when will income tax return filing start?

Jyoti — Mon, 28 Apr 2025 10:15:58 +0000

ITR Filing 2025: Lakhs of taxpayers in the country are preparing for Income Tax Return (ITR) filing with the beginning of Assessment Year 2025-26. It is expected that the Income Tax Department will release updated ITR forms soon. This will formally start the e-filing process. However, the salaried class will have to wait to get Form 16 for ITR filing.

When will ITR filing 2025 start?

ITR filing may start soon, as soon as the Central Board of Direct Taxes (CBDT) releases the necessary forms. Both offline and online ITR forms for the financial year 2024-25 (AY 2025-26) may be available soon.

However, even though the filing portal opens in April or May, most salaried individuals start ITR filing a little later, usually when they receive their Form 16.

When will Form 16 be available?

Form 16 is a very important document for salaried taxpayers. It contains details of your annual salary and tax deducted (TDS). According to income tax rules, it is mandatory for companies to submit Form 16 by June 15, 2025.

That is why most salaried people start filing ITR only after receiving Form 16. Their ITR filing usually starts in full swing in the last week of May or June.

Important Dates for ITR Filing 2025

E-filing portal likely to open: April-May 2025
Last date for receipt of Form 16: 15 June 2025
Last date for ITR filing (for non-audit cases): July 31, 2025

However, tax experts say that taxpayers should not wait for the last date. They should file ITR before time, so that any kind of trouble or penalty can be avoided. In such a situation, if any mistake is made in filing, then there is also scope for correction in it.

How quickly will I get a refund?

The Income Tax Department has increased the speed of refund processing in recent years. If extra money has been deducted in your TDS or advance tax, then after filing and verifying the return, you usually get a refund within 7 to 20 days. Provided there is no mistake or mismatch.

What to do to get a quick refund?

Do return verification quickly, like through Aadhaar OTP.
Your bank account should be linked to PAN and pre-validated.
Before filing the return, check all the details and calculations properly.
Taxpayers who filed their returns before July 31 are more likely to get their refund early.

Some tips to make ITR filing easier

Now the Income Tax Department provides pre-filled ITR forms, but it is important to double-check all the details before final submission.
Keep all the necessary documents ready. Such as Form 16, interest on savings account, dividend income, tax saving investments etc.
Keep bank details updated. Bank account should be active and linked to PAN so that there is no problem in refund.
File ITR early to avoid last-minute technical glitches and late refunds.

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CBDT is likely to notify ITR forms and launch e-filing portal this month itself i.e. in April 2025

Jyoti — Sat, 19 Apr 2025 04:42:10 +0000

New Delhi. The time to file Income Tax Return (ITR) is about to come now. The Income Tax Department is soon going to notify online ITR forms for Assessment Year (AY) 2025-26. As soon as the department does this, the process of ITR filing will formally begin.

The Central Board of Direct Taxes (CBDT) is likely to notify ITR forms and launch the e-filing portal in this month itself i.e. April 2025. The last date for filing ITR returns will be July 31, 2025. Last year also the e-filing portal was opened in April itself. After filing the return, now the refund is received within 7 to 20 days.

However, most salaried people start filing ITR only in late May or June. The reason for this is that companies give Form 16 to employees only after May. This form contains details of the total salary and tax deduction (TDS) for the year. The information recorded in it is very useful for filing the correct return. According to the rules, it is mandatory for employers i.e. companies and government departments to issue Form 16 by June 15.

Refund process has become faster

The Income Tax Department has made the refund process much faster. Now usually the refund is transferred to the taxpayers’ account within 7 to 20 days of filing the ITR. To get a quick refund, it is important to verify the ITR on time and ensure that there are no deficiencies in the return. Experts say that taxpayers who file ITR before the deadline of July 31 are more likely to get a refund quickly.

Pre-filled ITR forms

Apart from this, the facility of pre-filled ITR forms is also made available on the portal, which is especially beneficial for salaried and small taxpayers. However, before submitting the ITR form, it is necessary to thoroughly check the information given in it.

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CBDT notifies deadline for THESE taxpayers, do you also fall in this category?

Jyoti — Thu, 10 Apr 2025 10:30:56 +0000

The Central Board of Direct Taxes (CBDT) has fixed the last date for filing the declaration under the Direct Tax Vivad se Vishwas Scheme, 2024.

Under this, taxpayers have been given time till 30 April 2025. According to the circular of CBDT, this declaration has to be made to the designated authority.

Vivaad se Vishwas Scheme is a government scheme aimed at resolving disputes between taxpayers and the Income Tax Department. This scheme gives taxpayers an opportunity to settle old tax disputes and get rid of all kinds of legal hassles.

The information regarding the last date of the Dispute to Trust Scheme was shared by Income Tax India on its X (formerly Twitter) handle.

CBDT notifies 30.04.2025 as the last date, on or before which a declaration in respect of tax arrears can be filed by the declarants to the designated authority under the Direct Tax Vivad se Vishwas Scheme, 2024.

Notification S.O. 1650(E) dated 08.04.2025 has been published in… pic.twitter.com/nrKx2QWuod

— Income Tax India (@IncomeTaxIndia) April 9, 2025

This Vivaad se Vishwas Scheme is also known as VSV 2.0, which has started from 1 October 2024. Under this, you can settle pending tax cases till 22 July 2024. With the help of this scheme, the government wants to reduce the cases stuck in disputes. Let us tell you that about Rs 30 lakh crore is stuck in disputed income tax cases.

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PAN-Aadhaar Linking: CBDT issued a new notification regarding PAN-Aadhaar linking, check immediately

Jyoti — Sat, 05 Apr 2025 12:02:38 +0000

The Central Board of Direct Taxes (CBDT) has issued a new notification regarding PAN-Aadhaar linking. Under this, the deadline for linking PAN and Aadhaar for certain people has been set as 31 December 2025.

These are the people who have been allotted PAN on the basis of the enrollment ID of the Aadhaar form filled before 1 October 2024. Other normal PAN holders can currently link PAN with Aadhaar with a penalty. The deadline to do so without penalty was 30 June 2023.

In a notification issued on April 3, the CBDT said, ‘In exercise of the powers conferred by sub-section (2A) of section 139AA of the Income Tax Act, 1961 (43 of 1961), the Central Government hereby notifies that every person who has been allotted a PAN on the basis of enrolment ID in the Aadhaar application form filed before October 1, 2024, shall inform his Aadhaar number to the Principal Director General of Income Tax (Systems) or Director General of Income Tax (Systems) or the person authorised by these officers on or before December 31, 2025 or such date as may be specified by the CBDT.

PAN-Aadhaar can be linked both online and offline

Under this new notification, details about the process of linking PAN-Aadhaar or informing the Income Tax Department about the Aadhaar number have not been given. But it is being said that the commonly used process of PAN-Aadhaar linking can be applicable in this case as well. Let us tell you that PAN and Aadhaar can be linked online through the Income Tax Department website. PAN and Aadhaar can also be linked offline by visiting the service center of PAN service provider, NSDL or UTIITSL. For this, Form ‘Annexure-I’ will have to be filled and some supporting documents like a copy of PAN card and Aadhaar card will have to be taken along.

There should not be any mismatch in the details

Remember that for linking PAN and Aadhaar, it is necessary that there is no difference in the demographic details such as name, gender and date of birth in both the documents. If there is a mismatch in the details, the linking may be cancelled. This mismatch can be removed in two ways – either by making corrections in the PAN details or by making corrections in the Aadhaar details.

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IT Department is Preparing to Take Action against These Approximately 40,000 Taxpayers

Jyoti — Wed, 26 Feb 2025 05:29:58 +0000

New Delhi: The Income Tax Department is preparing to launch a major campaign across the country. Officials say that the campaign will be against those people and companies who have not deducted or deposited TDS/TCS.

About 40,000 such taxpayers are under investigation. This action is being taken on the basis of tax deducted in the financial year 2022-23 and 2023-24. The Central Board of Direct Taxes (CBDT) has prepared a 16-point plan to catch TDS defaulters. Apart from this, the data analytics team has prepared a complete list of such taxpayers for investigation.

A senior official said, “We have data from the analytics team. If someone has not deposited the tax, we will first inform them about it.” The officials will focus on repeat offenders. They will investigate cases where there is a big difference between tax deduction and advance tax payment. Cases where there have been frequent changes and corrections in the name of the deductor will also be investigated. Also, companies that have used sick units or loss-making companies in audit will be investigated.

What does the law say

The board has asked assessing officers to report cases of large disallowances under section 40(a)(ia) of the Income Tax Act. This section disallows deduction in cases where TDS has not been deducted or deposited with the government. Tax officers will also keep a close watch on cases where TDS returns have been amended multiple times and the amount of default has reduced significantly.

The board has asked field officers to also pay attention to complaints filed by deductors. Use data analytics to identify patterns and irregularities in TDS payments. The official said that like the department’s earlier campaigns, no one will be harassed in this too. In this year’s budget, the central government has announced rationalization of TDS and TCS rates. The number of rates and the limit of TDS deduction have been reduced.

Action on defaulter

The official said, “TDS compliance has been relaxed for honest taxpayers. But strict action will be taken against those who deliberately default. This will make the tax system fair and equitable.” The government hopes that this campaign will reduce tax evasion and increase revenue. Also, honest taxpayers will get encouragement. This will also strengthen the country’s economy.

New Income Tax bill: CBDT told what will be the benefit of the new income tax bill

Jyoti — Tue, 04 Feb 2025 04:29:47 +0000

Finance Minister Nirmala Sitharaman has announced the introduction of a new Income Tax Bill. Central Board of Direct Taxes (CBDT) Chairman Ravi Agarwal has explained the features of this bill.

New Delhi. In her budget speech, Finance Minister Nirmala Sitharaman announced the introduction of a new Income Tax Bill in Parliament. The new Income Tax Bill can be tabled in Parliament on 6 February. The new bill will replace the existing Income Tax Act 1961. Central Board of Direct Taxes (CBDT) Chairman Ravi Agarwal says that the language of the new Income Tax Bill will be simple, due to which the common taxpayer will not have any difficulty in understanding it. This will increase tax compliance and reduce litigation.

Ravi Agarwal said that the language and sentence structure of the Income Tax Act 1961 is not taxpayer friendly, making it difficult to understand the provisions. This leads to confusion and lack of compliance, which ultimately leads to litigation. The new bill will be written in simple language, making it easier for taxpayers to understand. This will not only bring transparency in the system but will also reduce litigation.

Confidence in revenue growth

According to a Times of India report, Agarwal said that despite the increase in tax exemption to Rs 12 lakh in the budget and economic uncertainty, the Income Tax Department will not have any difficulty in achieving revenue targets. He said that increasing tax exemption will bring more money to people. This will accelerate business activities, which will also benefit the economy. He said that if companies grow, salaries will also increase and this will also increase tax revenue.

The CBDT Chairman said that this year, tax collection is witnessing a growth of 15%, while the budget target has been set at 12.46%. We have also added an additional margin of 2-2.5% and are working towards achieving the target through confident dialogue with taxpayers. He said that the department is now adopting a cooperative approach towards taxpayers. Earlier the attitude of tax administration was adversarial, but now we are adopting a non-interventionist and participatory approach. Tax collection cannot be seen separately from the growth of the economy, it should be in sync with it.

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Budget 2025: Taxpayers will get big relief, this much income can be tax free

Jyoti — Wed, 22 Jan 2025 08:54:32 +0000

Budget 2025- The government is considering increasing the scope of income tax exemption and creating a new tax slab. If this happens, it will be a big relief for the middle class.

The middle class has high hopes from the budget to be presented by Finance Minister Nirmala Sitharaman on February 1. The middle class has not got any major relief in the last two-three budgets. The middle class is expected to get a big relief from the change in tax slabs in Budget 2025.

This step can not only improve the economic condition of the people, but will also give new energy to the slowing economy. The government is considering changes in the income tax slabs, which can benefit salaried taxpayers earning up to Rs 20 lakh annually.

According to a report by Business Standard, the government is currently considering two major options. First, making annual income up to Rs 10 lakh completely tax-free. Second, bringing a new tax slab of 25% on income of Rs 15 to 20 lakh. Currently, 30% tax is levied on income above Rs 15 lakh. If the budget allows, both options can be implemented. For this, the government is ready to bear a revenue loss of Rs 50,000 crore to Rs 1 lakh crore.

The concession of the previous budget was incomplete

In 2023, the Finance Minister had increased the rebate under Section 87A and made income up to Rs 7 lakh tax-free, but for this there was a condition of giving up most of the deductions. Now under the new tax system, the tax exemption limit can be increased to make income up to Rs 10 lakh tax-free. Currently, with a standard deduction of Rs 75,000, those with income up to Rs 7.75 lakh do not have to pay tax.

The economy will get a boost

If the government increases the scope of tax exemption or brings a new slab, then it can help in promoting urban consumption, especially when the country’s GDP growth is slowing down. GDP growth in the second quarter of FY 2025 was 5.4%, which is the lowest in seven quarters. Tax concessions will increase the spending capacity of the people, which will increase demand in the market and strengthen the economy.

PwC consultant and former CBDT member Akhilesh Ranjan believes that a 25% tax slab should be introduced for those earning between Rs 15 lakh and Rs 20 lakh. This will leave more money with the middle class, which will increase the purchase of consumer durables (such as refrigerators, TVs). IASCC professor Anil K Sood says that a 30% tax on income a little more than Rs 15 lakh is unfair. He suggested that the government should provide relief to the salaried class, but without changing the existing incentives.

Focus on fiscal deficit
Professor Sood said that the government is more focused on fiscal deficit. He also said that budget is made for capital expenditure, but there is lack in spending it. For example, National Highway Authority of India (NHAI) has sufficient funds, but they are being used to repay loans.

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New Update for Taxpayers, Deadline for Filing Belated ITR has been Extended

Jyoti — Tue, 24 Dec 2024 07:28:07 +0000

Many taxpayers have not been able to file income tax yet due to technical problems. There is a relief news for them. Actually, the Bombay High Court has ordered the Central Board of Direct Taxes (CBDT) to extend the deadline for filing belated income tax returns. This deadline was ending on December 31, 2024.

For how many days is the deadline extended?

The Bombay High Court has asked the CBDT to extend the deadline for filing belated income tax returns to at least January 15, 2025. This means that taxpayers will now get enough time to file belated or revised returns.

Why did the High Court order to extend the deadline

Actually, the Chamber of Tax Consultants had filed a Public Interest Litigation (PIL). It was said that there have been many changes in the procedure of ITR utility. Due to this, taxpayers are facing difficulty in claiming rebate under section 87A of the Income Tax Act, 1961. Therefore, an order should be given to extend the deadline.

What is belated ITR filing?

The facility of filing belated income tax return is for those taxpayers who for some reason miss filing ITR by 31 July. Belated return can be filed by paying penalty and interest on tax under section 139(4) of the Income Tax Act. Its deadline is usually December 31, 2024, which has now been ordered to be extended.

How much penalty has to be paid?

It depends on the annual income of the taxpayers. Taxpayers whose annual income is more than Rs 5 lakh have to pay a penalty of Rs 5,000. At the same time, those with income less than Rs 5 lakh have to pay a penalty of Rs 1,000. After the Bombay High Court extended the deadline, now taxpayers can file belated returns till January 15, 2025.

How to file belated ITR return?

Visit the e-filing portal (https://eportal.incometax.gov.in/iec/foservices/#/login) of the Income Tax Department site.
Log in to the e-Filing Portal using your PAN number.
Select the correct ITR form according to your income source.
Now select Assessment Year 2024-25 for FY2023-24.
Give details of income, tax deduction and dues etc. here.
Now pay the outstanding interest and penalty and submit the form.

Income Tax Department sends alerts on mismatch in ITRs, AIS

Jyoti — Sat, 21 Dec 2024 09:04:53 +0000

CBDT: The Income Tax Department on Tuesday said it is sending notifications through SMS and e-mail to taxpayers and non-filers regarding differences found in Income Tax Returns (ITR) and Annual Information Statements (AIS).

These messages are being sent specifically in cases where there is a discrepancy in the transaction information recorded in the AIS and the income declared in the ITR for the financial years 2023-24 and 2021-22.

The Central Board of Direct Taxes (CBDT) said in its statement that it has launched a special campaign to resolve the difference between the income and transactions recorded in the AIS and the information given in the ITR. Through this campaign, those persons have also been identified whose taxable income or large value transactions are recorded in the AIS but they have not filed ITR for the relevant financial year.

Notification through e-mail and SMS

This initiative is being taken under the implementation of E-Verification Scheme, 2021. Under this campaign, informative SMS and e-mails are being sent to the taxpayers to help them overcome the difference between the information recorded in ITR and AIS. AIS presents a detailed statement of the taxpayer’s financial information, which the taxpayer can view on the Income Tax Department portal and respond as required.

As part of implementation of the e-Verification Scheme, 2021 , CBDT has launched an e-campaign to assist taxpayers in resolving mismatches between the income and transactions reported in the AIS and those disclosed in ITRs for the F.Y 2023-24 and 2021-22.

Key highlights:… pic.twitter.com/ia56ooVKNG

— Income Tax India (@IncomeTaxIndia) December 17, 2024

CBDT said that the objective of this campaign is to remind and guide those taxpayers who have not correctly disclosed their entire income in ITR. Under this, taxpayers can file revised ITR for the financial year 2023-24 till 31 December 2024.

At the same time, in cases related to the financial year 2021-22, taxpayers have the facility to file updated ITR till March 31, 2025. It is worth noting that last month also CBDT had launched a special campaign in which messages were sent to those taxpayers who had not made high-value disclosure of foreign income or assets in ITR for assessment year 2024-25.

CBDT started a new facility for taxpayers, there will be no confusion regarding income and expenditure

Jyoti — Thu, 19 Dec 2024 06:28:00 +0000

Income Tax: The Central Board of Direct Taxes (CBDT) has launched an electronic campaign to remove the mismatch between the income and transactions recorded in the Annual Information Statement (AIS) and Income Tax Return (ITR) for the financial years 2023-24 and 2021-22.

Its purpose is to help such people who are not able to give information about their income and expenditure correctly. The statement said that such people have been included in the campaign, whose taxable income or important high value transactions are recorded in AIS. But they have not filed ITR for the relevant years.

People will get the correct information through the campaign

The government has information related to people’s income and expenditure, which is called ‘Annual Information Statement’ (AIS). If people have not given correct information in their Income Tax Return (ITR), then this campaign will give them information about it and they will be able to correct it. This campaign will also focus on those people who have earned a lot of money but have not paid tax. In this way, the government is encouraging people to follow the rules of paying tax.

Information will be given through SMS and email

The statement said that the campaign also includes those people whose taxable income or important high-value transactions are recorded in AIS. But they have not filed ITR for the respective years. This initiative is part of the execution of e-Verification Scheme, 2021. As part of this campaign, taxpayers and non-filers will be informed through SMS and email where differences have been identified between the transactions recorded in AIS and the ITR filed.

Purpose to remind and guide people

According to the statement of CBDT, the purpose of these messages is to remind and guide people who have not fully disclosed their income in their ITR. So that they can take advantage of this opportunity and file revised or delayed ITR for 2023-24. The last date for filing revised delayed ITR is 31 December 2024. Tax payers can file updated ITR till 31 March 2025 for matters related to the financial year 2021-22.

CBDT started Compliance cum Awareness Program, taxpayers will have to give this information in ITR

Jyoti — Mon, 18 Nov 2024 07:02:30 +0000

Income Tax Return: The Income Tax Department said that a campaign has been launched to inform taxpayers who have not disclosed high value foreign income or assets in their ITR for Assessment Year 2024-25.

The Central Board of Direct Taxes (CBDT) has launched a compliance-cum-awareness campaign for Assessment Year (AY) 2024-25 to enable taxpayers to correctly fill the schedule ‘Foreign Assets’ (Schedule FA) in their Income Tax Returns (ITR) and disclose income from foreign sources (Schedule FSI).

Information will be given through SMS

The CBDT said in a statement that the informative messages will be sent via SMS and email to resident taxpayers who have already submitted their ITR for the assessment year 2024-25. The board said that these messages are for persons identified through information received under bilateral and multilateral agreements. This information shows that these persons may have foreign accounts or assets, or it is possible that they have income from abroad.

It is aimed at reminding and guiding those who have not properly completed the Schedule Foreign Assets in their submitted ITR for the assessment year 2024-25, especially in cases involving high value foreign assets.

This initiative is in line with the vision of a developed India and highlights the Income Tax Department’s commitment to use technology to simplify taxpayer compliance and reduce human intervention. By leveraging data obtained through Automated Exchange of Information (AEOI), the Income Tax Department is working to create a more efficient and taxpayer-friendly system.

The CBDT hopes that all eligible taxpayers will avail this opportunity to fulfil their tax responsibilities and contribute to the economic development of the country. This effort is not only in line with the Government’s vision for a developed India but also promotes a culture of transparency, accountability and voluntary compliance.

For detailed, step-by-step guidance on how to complete Schedule Foreign Assets, taxpayers should visit the official website of the Income Tax Department www.incometax.gov.in where resources and support are available to help them.

Good news for income tax payers, officers will be able to waive interest up to Rs 1.5 crore

Jyoti — Wed, 06 Nov 2024 10:28:33 +0000

Income Tax News: The Central Board of Direct Taxes (CBDT) has given relief to those who pay income tax. Now interest up to Rs 1.5 crore on the tax payable can be waived off. However, some conditions have also been added to this. Only if the taxpayer meets these conditions, a decision will be taken to waive off the interest.

There is a relief news for those who pay income tax. The Central Board of Direct Taxes (CBDT) has given some relaxation to the tax officers regarding the interest charged on not paying the due tax as per the tax demand notice. This relaxation has been given with some conditions. According to this relaxation, the authorities can now reduce or waive the interest charged on tax.

The CBDT issued a circular on November 4 prescribing monetary limits for officers to reduce or waive interest paid or payable under section 220(2) of the Income Tax Act, which is an order issued under section 119(1) of the Income Tax Act.

How much was the interest?

Under Section 220(2) of the IT Act, if a taxpayer fails to pay the tax specified in the demand notice under Section 156, he has to pay interest on that amount at the simple rate of 1 per cent per month for every month of delay. Under Section 220(2A), the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner rank officers have the power to reduce or waive the amount of interest payable.

How much amount can be waived off?

CBDT in the circular informed about the limit of interest amount which these officers will have the jurisdiction to waive or reduce.

An officer of the rank of Principal Chief Commissioner can decide to waive or reduce interest payable exceeding Rs 1.5 crore.
If the interest payable is from Rs 50 lakh to Rs 1.5 crore, then an officer of the Chief Commissioner rank can take the decision.
If the interest payable is up to Rs 50 lakh, the Principal Commissioner or a Commissioner rank officer can decide to reduce or waive it.

These conditions have to be taken care of

The circular also explains the conditions under which these officers can take a decision under section 220 (2A). According to this, the first situation is if the amount of interest is such that it has become very difficult to pay it or it is going to be very difficult.

The second situation is if the person could not pay the interest due to a reason which was not in his control. The third situation is that the taxpayer has cooperated with the officials in the investigation related to the recovery or assessment of any outstanding amount.

The post Good news for income tax payers, officers will be able to waive interest up to Rs 1.5 crore first appeared on Rightsofemployees.com.

CBDT allows tax officers to waive or reduce interest payable by taxpayers

Jyoti — Tue, 05 Nov 2024 09:28:48 +0000

The Income Tax Department has allowed tax officers to waive or reduce the interest payable by the taxpayer subject to specified conditions.

Under Section 220(2A) of the Income Tax Act, if a taxpayer fails to pay the amount of tax specified in a demand notice, he is required to pay interest at the rate of one per cent per month for the period of delay in making the payment.

The Act also empowers the Principal Chief Commissioner (PRCCIT) or Chief Commissioner (CCIT) or Principal Commissioner (PRCIT) or Commissioner rank officers to reduce or waive the amount of interest payable.

The Central Board of Direct Taxes (CBDT) through a circular issued on November 4 has specified the monetary limit of interest that tax authorities can waive or reduce.

Accordingly, a PRCIT rank officer can decide to reduce or waive the outstanding interest of more than Rs 1.5 crore. For outstanding interest from Rs 50 lakh to Rs 1.5 crore, a CCIT rank officer will decide on exemption/deduction, while a PRCIT or Income Tax Commissioner can decide on outstanding interest up to Rs 50 lakh.

On the other hand, under section 220(2A), the interest payable can be reduced or waived if three specified conditions are fulfilled. These conditions are, the payment of such amount has caused or would cause genuine hardship to the taxpayer; the default in paying interest was due to circumstances beyond the control of the taxpayer; the taxpayer has cooperated in the investigation related to the tax assessment or in the proceedings for the recovery of any amount due from him.

Nangia & Co LLP Partner Sachin Garg said, “This move by the CBDT is expected to help in speedy disposal of applications made by taxpayers for waiver or reduction of interest under section 220. It is worth noting that there is no change in the specified conditions that are required to be fulfilled for seeking such reduction or waiver of interest under section 220 of the Act.”

AMRG & Associates senior partner Rajat Mohan said the move would promote transparency and efficiency in providing interest relief.

CBDT Extends Due Date for furnishing Return of Income for Assessment Year 2024-25.

Jyoti — Sat, 02 Nov 2024 10:28:55 +0000

The Income Tax Department has taken a big decision on Saturday, under which a big good news has been received for the corporates.

The Income Tax Department has extended the deadline for filing income tax returns by corporates for the assessment year 2024-25 by 15 days. That is, now corporates have got additional time to file income tax returns (ITR).

The last date of Central Board of Direct Taxes (CBDT) was till now 31st October, which has now been extended. After this increase, the new last date for filing income tax returns for corporates has become 15th November. In this way, corporates have got 15 days extra time to file income tax returns.

CBDT Extends Due Date for furnishing Return of Income for Assessment Year 2024-25.

✅The due date for assessees under clause (a) of Explanation 2 to Sub Section (1) of Section 139 has been extended from October 31, 2024, to November 15, 2024.

✅Circular No. 13/2024 dated… pic.twitter.com/rstiKeYCEA

— Income Tax India (@IncomeTaxIndia) October 26, 2024

Sandeep Jhunjhunwala, Nangia Andersen LLP Tax Partner, told news agency Bhasha that this extended period for filing tax returns will not apply to tax audit reports. Earlier in September, the CBDT had extended the last date for filing tax audit reports by seven days to October 7.

Income Tax Department notifies ‘tolerance’ scope for wholesale business

Jyoti — Sat, 02 Nov 2024 09:29:43 +0000

The Income Tax Department has notified the ‘tolerance’ range for the difference between ‘arm’s length’ value and transfer pricing during international and specified domestic transactions for the assessment year 2024-25.

The Central Board of Direct Taxes (CBDT), which regulates the Income Tax Department, said in a statement that the tolerance range has been kept at one per cent for ‘wholesale turnover’ and three per cent for all other taxpayers, as last year.

‘Wholesale trade’ will be defined as an international transaction of trade in goods or a specified domestic transaction, subject to certain conditions. The CBDT said, “Notification of tolerance band will provide certainty to taxpayers and reduce the perception of risk associated with the pricing of transactions in transfer pricing.”

The ‘tolerance band’ means that if the arm’s length price differs from the transaction value by up to one per cent for wholesalers and up to three per cent for other taxpayers, then the arm’s length price will be the transaction value. Under tax laws, transfer pricing refers to the pricing of goods and services exchanged between related companies. Arm’s length pricing refers to the price that is equally applicable in transactions between entities other than related parties.

Nitin Narang, partner (transfer pricing), Nangia & Co LLP, said the recently notified tolerance band for transfer pricing is applicable for cases where arithmetic mean is taken into account for calculation of arm’s length price/margin. “This notification will provide certainty to taxpayers and reduce the risk associated with transaction pricing in transfer pricing,” Narang said.

ITR Filing Deadline Extended: Deadline for filing ITR has been extended for these taxpayers, check new date here

Jyoti — Mon, 28 Oct 2024 05:28:20 +0000

ITR Filing Deadline Extended: It is mandatory to file income tax return on time. If this is not done, one has to face legal problems. However, now the government has given a big relief to these taxpayers and has extended the deadline for filing ITR for them. The Central Board of Direct Taxes (CBDT) has issued its notification

It is mandatory to file income tax returns on time. If this is not done, one has to face legal problems. Now the government has given a big relief to the corporates and extended the deadline for filing ITR for them by 15 days to November 15. This information has been given by the Income Tax Department. The Central Board of Direct Taxes (CBDT) on Saturday extended the deadline for corporates to file ITR for the financial year (FY) 2023-24 i.e. asset year (AY) 2024-25. This year corporates can file till November 15 instead of October 31.

Earlier the deadline for filing tax audit report was extended

This extension in ITR filing will apply to taxpayers covered under sub-section (1) of section 139 of the Income Tax Act, 1961. Earlier, the government had extended the deadline for submitting tax audit report from the initial deadline of 30 September 2024 to 7 October 2024. Under the Income Tax Act, certain taxpayers are required to get their income tax audit done and its report has to be filed by 30 September in the assessment year.

They will not get the benefit of deadline extension

Talking to news agency PTI, Sandeep Jhunjhunwala, tax partner of Nangia Andersen, said that the deadline for filing ITR has not been extended for those for whom transfer pricing provisions and audit will be applicable. There will be no extension in the case of tax audit under section 44AB and transfer pricing under section 92CE and taxpayers will have to file ITR by October 31.

According to Sandeep Jhunjhunwala, this deadline has been extended so that corporates get more time and they can easily file ITR. Rajat Mohan, senior partner of AMRG & Associates, says that no official reason has been given for extending the deadline, but one reason for this could be the festive season so that one does not have to face the problem of filing ITR during the festive season.

ITR Filling: CBDT extended the date of ITR filing under AY 2024-25, you can file return till this date

Jyoti — Sat, 26 Oct 2024 08:28:48 +0000

The Central Board of Direct Taxes (CBDT) has made a big announcement today. CBDT has extended the date for filing corporate income tax returns for assessment year 2024-25. Now taxpayers can file ITR till 15 November 2024. Earlier the department had fixed its date as 31 October 2024.

According to a notification issued by the CBDT, this extension under section 119 of the Income Tax Act, 1961, has been given to the taxpayers referred to in clause (a) of Explanation 2 of sub-section (1) of section 139, from October 31, 2024 to November 15, 2024.

CBDT Extends Due Date for furnishing Return of Income for Assessment Year 2024-25.

✅The due date for assessees under clause (a) of Explanation 2 to Sub Section (1) of Section 139 has been extended from October 31, 2024, to November 15, 2024.

✅Circular No. 13/2024 dated… pic.twitter.com/rstiKeYCEA

— Income Tax India (@IncomeTaxIndia) October 26, 2024

This extension will not apply to other income tax forms like tax audit report, transfer pricing certification in Form 3CEB and Form 10DA. Its deadline will remain October 31, 2024 as before.

Nangia Andersen LLP Tax Partner Sandeep Jhunjhunwala

Income tax rules: Now parents will be able to claim TCS credit for their minor children also. Details Here

Jyoti — Sat, 26 Oct 2024 04:20:19 +0000

The Income Tax Department has simplified the rules for salaried taxpayers to claim TCS and TDS credit. The Central Board of Direct Taxes (CBDT) has amended the Income Tax rules for this. After this amendment, parents will be able to claim TCS credit for their minor children as well. Let us know about this in detail.

CBDT issues Form 12BAA

From the next financial year, employees who have income from sources other than salary will have to submit the new Form 12BAA. CBDT has released this form on October 15, 2024. CBDT has said that sub-section (2B) of section 192 of the Income Tax Act, 1961 has been amended. This will enable salaried taxpayers to avail the benefit of tax deduction.

Employees will be able to tell about their financial situation

With this new form, employees will be able to tell their employers about their financial situations. Employers have to deduct TDS from the salary of the employees. Employers deduct tax from the salary of the employees every month and deposit it with the government. Now employees will be able to tell their employers about the TDS deducted through Form 12BAA. With this, employers will be able to decide how much tax they have to deduct.

These details will be included in Form 12BAA

Form 12BAA may contain information related to dividends on fixed deposits, insurance commission and investments in shares. If the employee has made such purchases or payments in foreign currency on which TCS has been deducted, then he can also give information about this to the employer through Form 12BAA. This form will include information about both TDS and TCS.

Everything about TDS and TDS has to be told

In this form, the employees will have to tell under which section the TDS was deducted. The name and address of the person who deducted the TDS will also have to be given in this form. The tax deduction and collection account number of the deductor will also have to be told. How much tax was deducted will also have to be told. In the case of TCS also, he will have to give all these information.

Will be able to claim credit in case of income clubbing

Now parents will be able to claim TCS credit for their minor children as well. For this, amendment has been made in sub-section (4) of section 206C. This will allow parents whose minor children’s income has been clubbed in their income to claim TCS credit. This will transfer the TCS credit from the minor to the parents.

CBDT has issued Revised Guidelines for Compounding of offences. Details here

Jyoti — Mon, 21 Oct 2024 10:01:55 +0000

The Income Tax Department on Thursday issued revised guidelines for compounding of offences under the Income Tax Act by simplifying the process and reducing charges.

The revised guidelines will apply to pending and new applications for compounding of offences. Compounding of offences means that in some offences the concerned parties can settle the case while the case is pending in the court.

Upon compounding, further proceedings in the case are stopped. The Central Board of Direct Taxes (CBDT) said in a statement that it has abolished the classification of crimes and also removed the limit for filing applications. To facilitate the compounding of crimes by companies and Hindu Undivided Families (HUFs), the condition of filing an application on behalf of the main accused has been abolished.

Under the new guidelines, the offences of any or all co-accused along with the main accused can be compounded on payment of the relevant compounding fee by the main accused and/or any co-accused. It also rationalises compounding fees by eliminating interest on delay in payment of compounding fees.

Apart from this, the rates for various offences have been reduced. For example, multiple rates related to default in tax deduction at source (TDS) have been removed and a single rate of 1.5 percent per month has been made. Along with this, the basis for calculating compounding fee for not filing returns has also been simplified.

CBDT said, “The revised guidelines are a further step towards simplification of processes with the objective of promoting ease of compliance.” These guidelines are expected to facilitate stakeholders by reducing complexities, simplifying the compounding process and reducing compounding charges.

CBDT extends deadline for filing tax audit report for these taxpayers till Nov 10: What you need to know

Jyoti — Wed, 09 Oct 2024 12:00:56 +0000

The Income Tax Department has given double relief to the taxpayers who file Tax Audit Report. Actually, the Income Tax Department has once again extended the last date for filing Tax Audit Report.

The Central Board of Direct Taxes (CBDT), working under the Finance Ministry, announced this on October 7. This decision of CBDT will provide relief to those special category of taxpayers who have not yet filed their Tax Audit Report.

What is the new date?

The last date for filing the report for taxpayers filing audit reports was 30 September 2024. But the Central Board of Direct Taxes had extended it to 7 October 2024, so that taxpayers who have not submitted their audit reports can easily submit them. However, despite this, many taxpayers have not been able to file the audit report yet. After this, CBDT has taken a decision in the interest of taxpayers and has decided to extend the last date for tax audit report to 10 November 2024.

These taxpayers will not get the benefit

Let us tell you that the benefit of this extended date will be available only to trusts, institutions, funds and taxpayers filing audit reports through Income Tax Form 10B/10BB. At the same time, taxpayers with business or professional income who are subject to tax audit under section 44AB will have to submit their audit reports using Form 3CD, 3CA and 3CB. The extended deadline for these taxpayers was 7 October 2024.

What is the method to file 10B form?

Step-1: Taxpayer can assign Form 10B (AY 2023-24 onwards) to CA through e-file form mode.
Step-2: CA can check the assignment in “For Your Action Tab” under Work List.
Step-3: CA can accept or reject the assignment.

Step-4: If the CA accepts the assignment, he has to upload the JSON with PDF attachment under offline mode of filing.
Step-5: Once the CA submits the JSON with valid attachments, the taxpayer has to accept/reject the form uploaded by the CA through the “For Your Work” tab of the worklist.

Income Tax has increased the minimum monetary limit for these people, do you also fall in this category?

Jyoti — Sat, 21 Sep 2024 06:28:20 +0000

The Income Tax Department has increased the minimum monetary limit for filing appeals in tribunals, high courts and the Supreme Court. According to a circular of the Central Board of Direct Taxes (CBDT), tax officials can file an appeal before the ITAT, high courts and the Supreme Court if the disputed tax demand exceeds Rs 60 lakh, Rs 2 crore and Rs 5 crore respectively.

The government had in 2019 set the limit for filing appeals in the Income Tax Appellate Tribunal (ITAT) at Rs 50 lakh, Rs 1 crore in high courts and Rs 2 crore for the Supreme Court. The Central Board of Direct Taxes (CBDT) also said that the monetary limit with respect to filing appeals/SLPs (special leave petitions) will apply to all cases including those related to TDS/TCS.

It said, SLPs/appeals pending in the Supreme Court, High Courts and Tribunals which are below the prescribed limit should be withdrawn. CBDT said, “As a step towards managing litigation, it has been decided by the Board to revise the monetary limits for filing appeals in income tax cases…”

The circular said appeals should not be filed merely because the tax effect in a case exceeds the prescribed monetary limit, but should instead be decided on the merits of the case. “The concerned authorities should keep in mind the overall objective of reducing unnecessary litigation and providing certainty to taxpayers with regard to their income tax assessments while taking decisions regarding filing of appeals,” it said.

Finance Minister Nirmala Sitharaman in her Budget speech on July 23 proposed to increase the monetary limit for filing appeals related to direct tax, excise duty and service tax in tax tribunals, high courts and the Supreme Court to Rs 60 lakh, Rs 2 crore and Rs 5 crore respectively.

Rajat Mohan, executive director of accounting and consulting firm Moore Singhi, said that these higher limits for taxpayers reduce the risk of lengthy litigation and promote quick resolution at the initial stages. Sandeep Jhunjhunwala, partner at business consulting firm Nangia Andersen LLP, said that this amendment in the monetary limit will significantly reduce the burden on judicial bodies, which will lead to more efficient resolution of large tax disputes.

CBDT: Govt is Keeping an Eye on Cash Transactions of More than This Amount, CBDT gave Special Instructions to the Tax Department

Jyoti — Thu, 22 Aug 2024 06:26:33 +0000

Income Tax: The Central Board of Direct Taxes (CBDT), the apex body of direct tax administration in the country, has asked the Income Tax Department to investigate large-scale cash transactions in business sectors such as hotels, luxury brand sales, hospitals and IVF clinics.

The board said that this investigation should be done without unnecessary interference. The CBDT has also asked the tax department to make concerted efforts to recover outstanding demands, which have seen a sharp increase since the last financial year. In this regard, the board has recently released the Central Action Plan (CAP) 2024-25.

It is mandatory to report cash transactions of more than Rs 2 lakh

Senior officials told PTI that cash transactions of more than Rs 2 lakh by financial institutions were required to be disclosed through the Statement of Financial Transaction (SFT), but this was not being done.

Also Read: Ayushman Bharat: Union Health Ministry Proposed to double the Insurance Cover to Rs 10 Lakh and up to Rs 15 lakh for Women

The board has told the Income Tax Department that on investigating such reports, it was found that these provisions are being violated widely. It further said that it is necessary to verify high value consumption expenditure with information about taxpayers.

Violating the rules here

In this regard, the department has identified hotels, banquet halls, luxury brand retailers, IVF clinics, hospitals, designer clothing shops and NRI quota medical college seats, where these rules are not being followed and huge cash transactions are taking place.

CBDT directed the tax department that such sources have to be identified and verification can be done by seeking information in a non-intrusive manner.

TDS/TCS rules for deceased made easier, CBDT issues new instructions

Pravesh Maurya — Fri, 09 Aug 2024 08:05:34 +0000

The Central Board of Direct Taxes (CBDT) has relaxed the rules related to TDS and TCS in the case of dead. Under this, if the deductor or collector dies before the PAN and Aadhaar are linked, then higher tax rates will not be applicable on it, so that there will be no additional burden of tax.

CBDT had issued this information in a circular on August 5, 2024. The department has taken this step after receiving many complaints from taxpayers.

Taxpayers had said in the complaint that the department had given time till May 31, 2024 to link PAN-Aadhaar. If the taxpayer dies before this, then his TDS is deducted at higher rates, the department should give exemption in this. Keeping in mind this appeal of the taxpayers, CBDT has announced a change in the rules. Let us tell you that if the PAN of the deductor i.e. the person whose tax has been deducted is not linked to Aadhaar, then tax is deducted at a higher rate. Whereas this can be avoided by PAN-Aadhaar linking.

Also Read: Home Loan Tips: Don’t forget to take these two documents after closing the home loan.

The date for linking PAN-Aadhaar was extended

Earlier, CBDT had issued a circular informing about the extension of the deadline for linking PAN-Aadhaar. In which the date for linking PAN and Aadhaar for transactions made till March 31, 2024 was extended to 31.05.2024. By doing this, taxpayers can avoid high TDS / TCS. The department has uploaded the complete details about this on the official website www.incometaxindia.gov.in, which you can download and see.

The post TDS/TCS rules for deceased made easier, CBDT issues new instructions first appeared on Rightsofemployees.com.

Tax professionals appeal to CBDT to extend the last date for filing ITR to August 31

Pravesh Maurya — Tue, 30 Jul 2024 06:41:32 +0000

Income Tax Return: The All India Federation of Tax Practitioners (AIFTP) has requested the Central Board of Direct Taxes (CBDT) to extend the deadline for filing income tax returns for assessment year 2024-25 by one month to August 31.

The All India Federation of Tax Practitioners (AIFTP) has requested the Central Board of Direct Taxes (CBDT) to extend the deadline for filing income tax returns for assessment year 2024-25 by one month to August 31.

In a memorandum, AIFTP national president Narayan Jain and Direct Tax Representation Committee chairman SM Surana said that floods in several states have badly affected the return filing process.

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He said that landslides in Uttarakhand and Himachal Pradesh have further aggravated these difficulties. The memorandum also claimed that there are persistent problems in the income tax portal and software, with difficulties in downloading and verifying various forms. Additionally, he said that the process of paying self-assessment tax through banks and downloading challans also takes time.

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Is tax clearance certificate necessary to go abroad? CBDT issues clarification

Pravesh Maurya — Mon, 29 Jul 2024 04:18:35 +0000

New Delhi. The Central Board of Direct Taxes has denied the news of making it mandatory for all citizens to show Tax Clearance Certificate for foreign travel. For some days there were reports that the government has made a provision in the budget that every Indian citizen going abroad will have to show Tax Clearance Certificate.

Now the Central Board of Direct Taxes (CBDT) has issued a clarification regarding section 230 of the Income Tax Act, 1961, which states that it is mandatory for all taxpayers to take approval from the department before leaving the country. Tax clearance certificate will be applicable only in special circumstances.

CBDT has said that as per Instruction No. 1/2004, dated February 5, 2004, tax clearance certificate is required only for those persons who are involved in serious financial irregularities or who have direct tax dues of more than Rs 10 lakh, provided that these dues have not been stopped by any authority.

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The proposal was placed in the Finance Bill.

Finance Minister Nirmala Sitharaman had proposed to obtain a Tax Clearance Certificate in the Finance Bill citing the Black Money Act, 2015. After this, a rumour spread that it would be mandatory for everyone to obtain TCC before going abroad. But CBDT has clarified that this proposal is only for cases related to the Black Money Act, not for everyone.

Issuance of TCC not an arbitrary process

The CBDT has said that issuance of tax clearance certificate is not an arbitrary process. It requires prior approval from the Chief Commissioner of Income Tax or Commissioner of Income Tax and documentary justification. The certificate confirms that the person does not owe any tax under various tax laws including Income Tax Act, Property Tax, Gift Tax Act, Expenditure Tax Act and Black Money Act, 2015.

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No relief from Delhi High Court for companies filing IT returns late

Pravesh Maurya — Thu, 06 Jun 2024 05:02:45 +0000

The Central Board of Direct Taxes (CBDT) has amended section 119K of the IT Act to condone delay in filing of income tax returns …

The Delhi High Court dismissed a writ petition filed by an IT company seeking condonation of delay in filing income tax returns for FY20. The Central Board of Direct Taxes (CBDT) had refused to exercise the powers granted to it under section 119 of the IT Act to condone the delay. This order is being widely discussed in tax circles including income tax officials.

A major consequence of not filing returns on time is that carry forward of losses, which is usually available in the subsequent eight-year period, is denied, along with many tax benefits. A government official said, this order will reduce cases of lax attitude by taxpayers in complying with statutory provisions.

Sunil Agarwal, senior standing counsel for the income tax department and one of the lawyers representing the case, said, arguments of the taxpayers such as that the delay due to Covid was a one-time lapse or was even due to financial crisis were proved factually incorrect and found unsustainable by the high court. Many taxpayers affected due to the pandemic had found it difficult to file their I-T returns and pay their dues.

For FY20, the CBDT had extended the dehttps://www.youtube.com/watch?v=zpa6l9Cu2pUadline for filing IT returns to February 15, 2021 (for large taxpayers who are liable to tax audit) and to January 10, 2021 for others. Nevertheless, some taxpayers continued to seek condonation for delay in filing I-T returns beyond the extended due date.

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The high court found that the authorities had taken into account various facts while considering Lava International’s plea for condonation. The company had time till February 15, 2021 to file its income tax returns, yet its financial statements were signed on July 31, 2020, but it filed the income tax return only on March 30, 2021. This shows negligence.

It was noted that the company had filed income tax returns late in several cases, and the delay for the financial year 2019-20 was not unusual. In its response to the show cause notice, the company attributed the delay to financial and cash constraints. However, the financial statements for the relevant period showed a profit of Rs 24.8 crore and cash flow of Rs 12.3 crore, which does not indicate any financial difficulty.

The high court said that “the power of pardon under Section 119(2) can be exercised only to deal with exceptional circumstances which may delay statutory compliance. It cannot be used routinely.”

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CBDT issued order regarding the announcement made in the budget, income tax demand up to Rs 1 lakh waived

Pravesh Maurya — Thu, 22 Feb 2024 14:35:15 +0000

The Income Tax Department has set a limit of Rs 1 lakh per taxpayer as announced in the budget for withdrawal of small tax demands.

Finance Minister Nirmala Sitharaman in her interim budget speech for 2024-25 announced withdrawal of outstanding direct tax demand up to Rs 25,000 up to assessment year 2010-11 and Rs 10,000 from assessment year 2011-12 to 2015-16. The total tax demand involved in this is around Rs 3,500 crore.

The Central Board of Direct Taxes (CBDT) issued this order to implement the announcement made in the interim budget for 2024-25. CBDT has said in the order that till January 31, 2024, a maximum limit of Rs 1 lakh per taxpayer has been fixed for waiving off such outstanding tax demands related to income tax, property tax and gift tax.

The limit of Rs 1 lakh includes the principal amount of tax demand, interest, penalty or fee, cess, surcharge. However, this exemption will not be applicable to demands made against tax collectors deducting tax under the TDS (tax deducted at source) or TCS (tax collected at source) provisions of the Income Tax Act.

No entitlement to any claim of ‘credit’ or ‘refund’: Manish Bawa, partner, Nangia Anderson India, said the instructions make it clear that this exemption does not entitle taxpayers to any claim of ‘credit’ or ‘refund’ Is. Additionally, the exemption will not affect ongoing, planned or potential criminal legal proceedings against the taxpayer and does not provide any immunity under any law.

Sitharaman had said in the budget speech, “A large number of small direct tax demands are pending in the books of accounts. Many of those demands are older than 1962. This causes trouble to honest taxpayers and creates problems regarding refunds.

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Income tax demand up to Rs 1 lakh will be waived, CBDT issued order after the announcement in the budget.

Pravesh Maurya — Tue, 20 Feb 2024 11:35:02 +0000

The Central Board of Direct Taxes (CBDT) has taken a big step to waive tax demand up to a certain amount. He has issued an order in this regard on 13 February. CBDT has issued the order after the announcement by Finance Minister Nirmala Sitharaman in the budget this year.

The Finance Minister had announced to waive tax demand for a certain amount and period on February 1, 2024. He had said that this step of the government will provide relief to a large number of taxpayers. In the order issued by CBDT on 13 February, the conditions for waiving the tax demand have been explained.

Tax demand up to Rs 1 lakh will be waived off for every taxpayer.

Taxpayers have been given relief in case of tax demands issued under the Income Tax Act, 1961, Wealth Tax Act, 1957 and Gift Tax Act, 1958. The limit (amount) of tax demand is different for different assessment years till 2015-16. However, a limit of Rs 1,00,000 has been fixed for each taxpayer’s demand waiver. This does not include demand entry of TDS and TCS.

Tax demand limit fixed according to assessment year

This waiver will be available in case of demand up to Rs 25,000 for assessment year 2010-11. This waiver will be available for every tax demand up to Rs 10,000 during assessment year 2011-12 to assessment year 2015-16. This means that a maximum exemption of Rs 25,000 will be available for tax demand related to assessment year 20210-11. Similarly, the maximum limit for waiver of each tax demand during assessment year 2011-12 to 20215-16 will be Rs 10,000.

No waiver of tax demand issued under the provisions of TDS/TCS

It is important to keep in mind that tax demands issued under the provisions of TDS and TCS will not be covered under this waiver. This waiver will include the principal portion of the tax demand as well as interest, penalty, fee, cess or surcharge.

Directorate of Income Tax (System)/Centralized Processing Centre, Bengaluru (CPC) has been asked to comply with the order of CBDT. He will have to comply with the order within two months. If any mistake is found in this apology, it will have to be corrected by CPC, Bengaluru.

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ITR Filing: Income tax filers more than double to 7.78 cr in 10 years

Pravesh Maurya — Wed, 24 Jan 2024 04:24:57 +0000

ITR Filing: A new record has been made in the number of people filing Income Tax Return in the country. The number of people filing ITR has more than doubled in the last 10 years to 7.78 crore. Releasing key figures on Tuesday, the Central Board of Direct Taxes (CBDT) said that 7.78 lakh income tax returns were filed in the financial year 2022-23. This is 104.91 percent more than the 3.8 crore income tax returns filed in 2013-14.

During the same period, net direct tax collection increased by 160.52 percent in 2022-23 to Rs 16,63,686 crore, which was Rs 6,38,596 crore in 2013-14. The government has set a target of raising Rs 18.23 lakh crore from direct taxes (personal income tax and company tax) in the budget of 2023-24. This is 9.75 percent more than the Rs 16.61 lakh crore raised in the last financial year.

Direct tax collection increased by 173.31 percent in 2022-23

According to CBDT data, gross direct tax collection increased by 173.31 percent in 2022-23 to Rs 19,72,248 crore which was Rs 7,21,604 crore in the financial year 2013-14. With this, the direct tax-GDP ratio increased from 5.62 percent to 6.11 percent. However, the collection cost increased to 0.57 per cent in 2022-23 from 0.51 per cent in 2013-14.

Till December 31, 8.18 crore people filed income tax returns.

Recently, the Finance Ministry said that the number of people filing returns in the country has crossed 8 crores. A record 8.18 crore income tax returns have been filed for the assessment year (AY) 2023-2024 till December 31, 2023, which is 9 percent more than 7.51 crore ITRs filed in the same period of the last financial year.

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Direct tax collection increased by 19 percent, figures reached here

Pravesh Maurya — Thu, 11 Jan 2024 12:28:11 +0000

Direct Tax Collection has increased by a net of 19.41 percent to Rs 14.70 lakh crore so far in the current financial year. This is 81 percent of the target for the entire financial year. The Income Tax Department gave this information on Thursday.

The government has set a target of receiving Rs 18.23 lakh crore from direct tax collection in the current financial year 2023-24. This is 9.75 percent more than Rs 16.61 lakh crore of the previous financial year 2022-23. Direct taxes include personal tax and corporate tax.

“The net direct tax collection after refunds is Rs 14.70 lakh crore,” the Central Board of Direct Taxes (CBDT) said in a statement. This is 19.41 percent more than the direct tax collection collected during the same period in the last financial year. This is 80.61 percent of the direct tax estimate set in the budget for the financial year 2023-24.

” According to the Income Tax Department, Rs 2.48 lakh crore has been returned to the taxpayers from April 1, 2023 to January 10, 2024. There has been a steady increase in direct tax collections on gross basis till January 10, 2024.

Gross tax collection stood at Rs 17.18 lakh crore. This is 16.77 percent more than the same period of the last financial year. The growth in gross company income tax (CIT) and personal income tax has been 8.32 per cent and 26.11 per cent respectively. After ‘refund’, the net increase in company income tax is 12.37 percent and personal income tax is 27.26 percent.

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CBDT Guidelines: CBDT issues circular regarding TDS deduction applicable to ONDC e-commerce sellers

Pravesh Maurya — Fri, 29 Dec 2023 05:55:44 +0000

Central Board of Direct Taxes has issued a circular to clarify the position on deduction of TDS from e-commerce sellers selling on ONDC…

The number of sellers on ONDC i.e. Open Network Digital Commerce is continuously increasing. ONDC, which was introduced like UPI for e-commerce, is gradually gaining popularity. Meanwhile, the Tax Department has clarified the conditions regarding deduction of TDS from e-commerce sellers selling on ONDC.

TDS at the rate of 1 percent

For this, CBDT i.e. Central Board of Direct Taxes issued a new circular on Thursday. In the circular, CBDT said that TDS deduction of 1 per cent on e-commerce sales will be applicable on the total amount of sales, which also includes charges and fees collected by various e-commerce operators along with the goods and services offered on ONDC.

This is why CBDT’s circular came

The Government of India is promoting ONDC. ONDC was first introduced in 2020. Its objective is to bring changes in the e-commerce sector in the same way as UPI has done in the case of digital transactions. Now ONDC’s network has started expanding. Many e-commerce platforms have been listed on ONDC. In such a situation, CBDT has now tried to clarify the situation by issuing a circular regarding tax deduction and tax liability.

TDS on all types of charges

According to CBDT guidelines, e-commerce platforms charge various charges on both the seller and buyer sides, which include packaging charges, shipping charges and convenience charges etc. According to CBDT, deduction of TDS will be applicable on all such charges. TDS will be deducted at the time of payment or credit by the seller side e-commerce operator. They will also have to file TDS return and issue a certificate to the seller.

TDS in case of return-replace

CBDT has also explained in the guidelines how tax will be deducted if a purchase is returned. CBDT says that TDS will definitely be deducted at the time of sale as usual. However, if a return situation arises, the deducted tax can be adjusted in another transaction during the same financial year. In case of replacement, no adjustment will be required.

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ITR Forms FY24: You will have to provide these information in the new ITR form (FY24)

Pravesh Maurya — Mon, 25 Dec 2023 05:46:30 +0000

The Income Tax Department has just released the new ITR form, while there are still more than 3 months left for the end of the current financial year. This time, apart from the payment taken in cash, taxpayers will also have to provide many banking related information in the ITR form.

Forms came 3 months before time

CBDT i.e. Central Board of Direct Taxes released ITR-1 and ITR-4 forms for the financial year 2023-24 (assessment year 2024-25) late in the evening on Friday. Generally, CBDT releases the income tax return form in the last months of the financial year, February or March. This time they have been released 2-3 months ahead of time. The deadline for filing income tax returns for the current financial year is 31st July. In this way, this time taxpayers are getting 7 months time to file income tax returns.

ITR-1 vs ITR-4

ITR-1 form is also called Sahaj. Any taxpayer whose annual income is up to Rs 50 lakh and has salary, a residential property, interest from other sources and agricultural income up to Rs 5,000 can fill this form. Whereas ITR-4 i.e. Sugam can be filled by individual taxpayers, undivided Hindu families and firms other than LLP, whose total income is up to Rs 50 lakh and the source of income is business or profession.

Change in ITR-1 i.e. Sahaj

According to an ET report, this time taxpayers will have to provide information about all those bank accounts which were operational during the relevant financial year. They will also have to tell the type of all operational bank accounts. In the form, a separate section has been given for the deduction under Section 80 CCH for the youth working as Agniveer in the armed forces.

ITR-4 i.e. change in Sugam

Some changes have also been made in ITR-4 form. In the new updated income tax return form, taxpayers will have to tell from where they received money in cash during the financial year. For this, a new column of Receipts in Cash has been added in the new ITR-4 form. With this, taxpayers will be able to make specific disclosures. Earlier a new column for cryptocurrency was added.

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New ITR Form: CBDT releases income tax return form for financial year 2023-24

Pravesh Maurya — Sat, 23 Dec 2023 07:06:42 +0000

ITR Form: Central Board of Direct Taxes (CBDT) has released the income tax return forms for the current financial year 2023-24. The interesting thing is that this time these ITR forms have been issued three months before the end of the financial year. The last date for filling ITR form will be July 31, 2024. In this way, these forms have been issued seven months before the last date.

ITR forms came in February after the last budget presentation.

The government had issued this notification on 22 December itself. Last time the government released ITR forms in February 2023 after presenting the budget. The current financial year will end on 31 March 2023.

It says that tax payers will find it difficult to calculate their income from now on. But, this ITR-1 is for those people whose total income from all sources will not exceed Rs 50 lakh.

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PAN-AADHAAR Link: Due to this reason 11.5 crore PAN cards have been closed, now heavy fine will have to be paid

Pravesh Maurya — Fri, 10 Nov 2023 05:29:24 +0000

PAN-AADHAAR Link: Central government has closed 11.5 crore PAN cards. This tough decision was taken because PAN card was not linked to Aadhaar.

In response to an RTI, the Central Board of Direct Taxes (CBDT) informed that the date for linking PAN card with Aadhar card was June 30. Action has been taken against those who did not link both the cards within the stipulated time.

There are 70 crore PAN cards in the country.

The number of this PAN card in the country had reached 70.24 crore. Of these, 57.25 crore people had linked PAN card with Aadhar card. About 12 crore people did not follow this process within the stipulated time. Out of these, cards of 11.5 crore people have been deactivated.

New PAN card is linked to Aadhar

This RTI was filed by RTI activist Chandrashekhar Gaur of Madhya Pradesh. It was informed that new PAN cards are linked to Aadhaar at the time of making them. This order was issued for people who had made PAN card before July 1, 2017. Under Section 139AA of the Income Tax Act, linking of PAN card and Aadhaar has been made mandatory.

A fine of Rs 1000 will be imposed

Under this order, people who fail to get PAN-Aadhaar linked can get their card reactivated by paying a fine of Rs 1000. Gaur said that the fee for making a new PAN card is only Rs 91. Then why is the government charging more than 10 times the fine for reactivating the card? People will not even be able to file income tax returns. The government should reconsider its decision.

Where will the problems arise?

Due to closure of PAN card, people may have to face many problems. According to CBDT, such people will not be able to claim income tax refund. Demat account will not be opened and payment for purchasing mutual fund units will not exceed Rs 50,000. You will not be able to pay more than Rs 1 lakh to buy and sell shares.

You will have to pay more tax on purchasing vehicles. No account will be opened in the bank except FD and savings account. Credit and debit cards will not be issued. You will not be able to pay more than Rs 50,000 for the insurance policy premium. There will be higher tax on buying and selling of property.

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ITR Deadline Extended: Deadline for filing many forms including ITR-7 extended, know who will get benefit from this

Pravesh Maurya — Tue, 19 Sep 2023 04:05:49 +0000

New Delhi: Giving relief to taxpayers, the Income Tax Department has extended the deadline for filing audit reports including ITR-7 filing. This decision will provide relief to a large number of big taxpayers, trusts, institutions and hospitals. Let us tell you that till September, about 6.98 crore taxpayers have filed ITR.

Deadline for filing audit report extended by one month

The Central Board of Indirect Taxes (CBDT) on September 18 announced extension of the deadline for filing audit reports for trusts, educational institutions and hospitals for the financial year 2022-23 to October 30 from the earlier September 30. CBDT said in its circular that the due date for submission of audit report in Form 10B/Form 10BB for the financial year 2022-23, which is 30 September 2023, has now been extended to 31 October 2023.

Trusts and institutions got relief

Form 10B pertains to charitable institutions and religious trusts operating under section 12AB of the Income Tax Act, while Form 10BB is required to be filled by educational institutions and medical institutions operating under section 10(23C) of the law.

Last date for submitting ITR-7 extended till 30th November

CBDT has also extended the due date for filing return of income in Form ITR-7 for assessment year 2023-24 from 30 October to 30 November 2023. Let us tell you that ITR-7 form is filled by charitable and religious trusts, political parties, scientific research institutions, universities, colleges or other institutions.

Nearly 7 crore taxpayers have filed ITR

According to the Income Tax Department, till September, about 6.98 crore taxpayers have filed ITR. Out of these, refund has also been issued to about 3 crore taxpayers. Taxpayers who have not been able to file ITR by July 31 have been given the opportunity to file belated ITR till December.

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Income Tax Rules: Salary of lakhs of employees will increase, Income Tax has changed these rules

Pravesh Maurya — Wed, 13 Sep 2023 13:29:30 +0000

Income Tax Rules: Good news has come from the Income Tax Department for salary earners. The Central Board of Direct Taxes (CBDT) has issued notifications regarding some changes in the rules related to rent-free homes.

After the implementation of the new rule, there will be an increase in the take home i.e. in hand salary of the employees.

Income Tax Rules: Now a new rule has come for the working people in the country. After its implementation, the inhand salary of the salaried class will increase. This relief news for the employed has come from the Income Tax Department . The Income Tax Department has changed the rules for rent-free accommodation given by the company to its employees. The Central Board of Direct Taxes (CBDT) has issued a notification in this matter.

This will increase the take home salary i.e. in hand salary of the employees. With this, employees will be able to save more. Changes in the rules related to Rent-Free Accommodation have come into effect from September 1.

Valuation will change

According to CBDT, employees, other than central or state government employees, who live in a company-owned house. There has now been a change in their valuation assessment. According to the new rule, where employees are given unfurnished accommodation by the company. The ownership of such accommodation is with the company itself.

Its valuation will now be different. Now in those urban areas whose population is more than 40 lakh as per 2011 census, then HRA will be 10 percent of the salary. Earlier it was equal to 15 percent of the salary in cities with a population of 25 lakh according to the 2001 census.

How will employees benefit?

This is how we understand it in simple language. Suppose an employee is living in a house provided by the company. The calculation for that will now be done under the new formula. The reason for this is that the rate has been reduced. This means that there will be less deduction from the total salary. Due to which the in hand salary of the employees will increase every month. Experts in this matter say that on one hand this will increase the salary of the employees. Their savings will increase. There will be a decrease in government revenue.

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Income Tax Refund: Big news for taxpayers, Income Tax Department said that refund will not come in such bank accounts.

Pravesh Maurya — Wed, 06 Sep 2023 03:45:29 +0000

Account Validation Status: Tax payers are eagerly waiting for their refund. The deadline for filing income tax returns for the financial year 2022-2023 was July 31.

Crores of taxpayers across the country have filed ITR on time this time. But despite this, if your income tax refund has not been received yet, then you need to cross check some information related to you. In the information given by CBDT, it was said that this time till September 5, about 7 crore people have filed ITR.

Notification issued on twitter

In the notification issued by the Income Tax Department on Tuesday evening regarding tax refund, it was said that the bank accounts in which tax refund is being deposited. Those accounts are valid and verified. The Income Tax Department has issued a notification in this regard through its official Twitter account @IncomeTaxIndia. The department was asked to ensure that the bank accounts in which the tax refund is to be deposited are valid and verified.

Why is account verification necessary?

In the process of income tax refund, the refund amount is directly deposited in the bank account of the taxpayer. Validate the bank account information on the Taxpayer e-filing portal to streamline the process and avoid any errors.

How to Verify Bank Account

Taxpayers can follow these steps to validate or update their bank account details:
– First of all visit the official website of Income Tax Department http://incometax.gov.in .
– After this log in to your e-filing profile.
Now go to the Profile section and select ‘My Bank Account’.
– Re-verify or add bank account details as required.

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ITR : Big update for ITR filers, ITR will be invalid if this work is not done

Pravesh Maurya — Wed, 26 Jul 2023 10:18:14 +0000

Income Tax Return Filing Update: The government has refused to extend the last date for filing ITR. According to the last data released by CBDT, more than four crore ITRs have been filed so far. If you have not filed ITR till now, do it immediately. Apart from this, if you are going to file your Income Tax Return (ITR Filing), then keep in mind that it needs to be verified. Otherwise, your filing will not be valid.

Verification required

Under the Income Tax rules, ‘If the ITR is not verified within 120 days from the date of filing, it will not be considered valid. As a rule, you can verify it in six ways. Generally, audit of ITR-1, ITR-2 and ITR-4 is not required. Let us know in what ways you can verify ITR?

ITR can be e-verified in these ways

1. Through Aadhaar OTP
2. Through net banking by logging into e-filing account
3. EVC through bank account number
iv. EVC through demat account number
v. EVC through Bank ATM
vi. By sending signed copy of ITR-V through post to CPC, Bengaluru

How to e-verify ITR through Aadhaar

Step 1: Visit https://www.incometax.gov.in to access your e-filing account .

Step 2: Select the e-verify return option under Quick Links.

Step 3: Select to verify using OTP on the mobile number registered with Aadhaar in it. Then click on the e-verify screen.

Step 4: Select ‘I agree to verify Aadhaar details’ as checked on the Aadhaar OTP screen. Then click on Generate Aadhaar OTP.

Step 5: After entering the 6-digit OTP sent to your Aadhaar-registered mobile number, click on Validate.

Step 6: Remember that this OTP is valid only for 15 minutes. You will be given three chances to enter the correct OTP. You will also see an OTP expiry countdown timer on the screen, which will inform you when the OTP arrives. And when you click on Resend OTP, a new OTP will be generated and you will get it.

Step 7: Now a page with success message and transaction ID will appear. Preserve the Transaction ID for further use. A confirmation message will also be sent to the e-mail and mobile number provided by you on the filing portal.

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CBDT issued new rules! Consultants and Professionals got the option to continue with Old Tax Regime

Pravesh Maurya — Thu, 22 Jun 2023 10:32:55 +0000

CBDT Release Form 10IEA for Taxpayers: The Central Board of Direct Taxes has issued new rules to continue the election of old tax regime for Consultants and Professionals. Form 10-IEA has been issued for such taxpayers.

To continue the election of Old Tax Regime, the Central Board of Direct Taxes (CBDT) has issued new rules for Consultants and Professionals. With the change in tax slab rates from the financial year 2023-24, the Finance Ministry has kept the new tax regime as default. In such a situation, to continue getting the benefits of the old tax regime, consultants and professionals will have to compulsorily fill Form 10-IEA (FORM 10IEA). The release of this form by CBDT has brought great relief to the consultants and professionals.

The Central Board of Direct Taxes (CBDT), while issuing a notification, has issued a guideline for consultants, professionals with business income to continue the old tax regime from the current financial year i.e. FY 2023-24. It has been said in the notification that it is important to note that Budget 2023 has made the new tax regime a default tax regime. This means that in the current financial year 2023-24 (i.e. between April 1, 2023 and March 31, 2024), income will be taxed at the new income tax slab rates under the new tax regime. However, taxpayers have the option to opt for the old tax regime.

Naveen Wadhwa, DGM Chartered Accountant of Taxman.com, says that CBDT has issued new Form 10-IEA (FORM 10IEA), which consultants, professionals will have to fill to continue the old tax regime from FY 2023-24. He said that this form will allow to continue with the old tax regime, claim tax exemption and deduction.

From the financial year 2023-24, the new tax system has become the default tax system. Consultants, professionals who want to continue with the old tax regime in this financial year have to opt for it. Once he has opted for the old tax regime, he will have the option to switch to the new tax regime only once in his life. Naveen Wadhwa said that if the consultants and professionals opt for the new tax regime once, then they will not be able to opt for the old tax regime again.

As per the income tax rules, salaried taxpayers can switch between the two tax regimes as per their choice. But consultants and professionals cannot do this.

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PAN Holders exemption: Good news! These people got exemption for linking PAN Aadhaar, check details

Pravesh Maurya — Sat, 03 Jun 2023 09:29:44 +0000

As per the instructions of the Ministry of Finance, the Central Board of Direct Taxes (CBDT) has made it mandatory to link PAN with Aadhaar.

But, according to the new instructions, some consumers have been exempted from linking PAN Aadhaar. In such a situation, it is important for you to know whether you also come under this exemption or not.

According to CBDT, the last date for linking Aadhaar PAN has been extended to 30 June 2023, which was earlier 31 March 2023. The Central Board of Direct Taxes has definitely given 3 months time to PAN users to link it with Aadhaar, but users should not only wait for the deadline, but should get rid of it by linking PAN Aadhaar now.

PAN will be activated on depositing Aadhaar link fee

The Central Board of Direct Taxes has said that if a user’s PAN becomes inactive, he will have to pay a fine of Rs 1,000 for linking it with Aadhaar. The PAN will be reactivated in 30 days on reporting Aadhaar to the prescribed authority after payment of a fee of Rs 1,000.

CBDT has exempted some people from linking PAN Aadhaar. These include residents of the states of Assam, Jammu and Kashmir and Meghalaya as well as other types of members. However, people falling in the exempted category can voluntarily link PAN and Aadhaar.

Aadhaar-PAN linking exempted for these people

The requirement of linking Aadhaar with PAN does not apply to four categories of users-
1) Residents of the states of Assam, Jammu & Kashmir and Meghalaya.
2) Non Resident Indian (NRI) as per Income Tax Act 1961.
3) Any person who was of the age of 80 years or more at any time during the previous year.
4) Persons who are not citizens of India.
Those who fall in any of the above categories are not required to link their PAN with their Aadhaar till the deadline.

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NPS Restriction: Mandatory for NPS members to link PAN, transaction will stop after deadline

Pravesh Maurya — Fri, 12 May 2023 05:02:18 +0000

The Central Board of Direct Taxes (CBDT) has extended the deadline for linking Permanent Account Number (PAN) with Aadhaar till June 30, 2023.

The pension regulator (PFRDA) has told the members of the National Pension System (NPS) that if a member’s PAN and Aadhaar are not linked within the stipulated time frame, then the transaction in his NPS account will be banned (NPS Restriction).

The Pension Regulator (PFRDA) said in a notification issued on 2 May 2023 that it is mandatory for all NPS members to link their PAN with Aadhaar. A notification has also been issued regarding this on March 23, 2023. PAN fulfills the key identification number and Know Your Customer (KYC) requirements for NPS accounts. Therefore, it is mandatory to link it, so that continuous and smooth transactions continue from the NPS account.

According to the circular of the Central Board of Direct Taxes (CBDT), if the PAN given to a person is not linked to Aadhaar by June 30, 2023, it will become inactive. If this happens, penalty and fine will be applicable under the Income Tax Act 1961. At present, late fee of Rs 1,000 has to be paid for linking PAN-Aadhaar. Fee paid under Income Tax Act section 234H will not be refunded.

How to update Aadhaar in NPS account

Aadhaar card is used as KYC details in NPS account. NPS members will have to verify all the details of Aadhaar linked with NPS before linking PAN Aadhaar. If there is any change in the Aadhaar details, then there may be difficulty in getting the benefit of PAN Aadhaar link to the NPS members. Know here the process of updating Aadhaar linked in NPS account online.

NPS Subscriber First of all login to your NPS account through https://cra-nsdl.com/CRA/.
After this, click on the member menu ‘Update Aadhaar / Address Details’.
Members now click on ‘Update Details’ under the new menu that opens.
The applicant then selects the option ‘Add/Update Aadhaar Number’.
Now enter your Aadhaar number and click on ‘Generate OTP’.
Member should enter the OTP received from UIDAI on his registered mobile number.
After this, after authentication through OTP, Aadhaar will be linked to your PRAN.
The name entered for PRAN of the NPS member should match with the registered name.
After this, you will get the message that Aadhaar seeding is successful for your Permanent Retirement Account Number (PRAN).

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PAN Card Holders Account Ban: Big News! Account of these 10 crore customers with PAN card will be banned

Pravesh Maurya — Sat, 06 May 2023 12:29:46 +0000

Pan Card Holders Account Ban: The month of May has started. From LPG to the price of milk and many rules of the government department, everything has changed. For some, the Government of India has fixed the last date of this month.

One of the same is the linking of Aadhaar card with PAN card. In fact, information has been given by the Central Board of Direct Taxes (CBDT) that if the PAN holders do not follow the instructions given by the government till June 30, then their business and tax related facilities will stop working. Simply put, their account will be banned.

Explain that out of total 61 crore Permanent Account Number (PAN), about 51 crore have been linked to Unique Identification Number Aadhaar so far. There are 10 crore people whose PAN-Aadhaar has not yet been linked. Now the government has rung the alarm bell for these people and has also fixed the last date for linking.

People who do not do this till June 30, will not be able to get benefits in business and tax related activities. Central Board of Direct Taxes (CBDT) Chairperson Nitin Gupta said that several crore PANs are yet to be linked with Aadhaar, but this work is expected to be completed by the June 30 deadline.

The government has made it mandatory to link PAN with Aadhaar. For this, setting a deadline of 30 June 2023, it has been said that individual PANs not linked to Aadhaar will be declared inactive after this date. Along with this, the government has said that a fee of Rs 1,000 will have to be paid for linking PAN with Aadhaar between June 30 from the present time.

Linking PAN with Aadhaar is not necessary for four categories.

According to the new instructions, some consumers have been exempted from linking PAN Aadhaar. In such a situation, it is important for you to know whether you also come under this exemption or not. List of exempted PAN users-

Residents of the states of Assam, Jammu & Kashmir and Meghalaya.
Non-Resident Indians (NRIs) as per Income Tax Act 1961.
Any person who was of the age of 80 years or more at any time during the previous year.
Persons who are not citizens of India.

Those who fall in any of the above categories are not required to link their PAN with their Aadhaar till the deadline.

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Finance Minister issued new order: Good news for Taxpayers! Finance Minister gave this order before filing ITR

Pravesh Maurya — Wed, 26 Apr 2023 05:46:27 +0000

Central Board of Direct Taxes: If you also file income tax every year, then this news is useful for you. Finance Minister Nirmala Sitharaman said that the Central Board of Direct Taxes (CBDT) should ensure timely action on all taxpayers’ applications.

The Finance Minister said that a time limit should be fixed for disposal of such applications. The Finance Minister said that CBDT should increase its efforts to make taxpayers aware while expanding its reach. The Finance Minister discussed three important issues in the meeting with the CBDT.

Got information about 3 crore people

During the meeting of the Finance Minister, there was talk on increasing the number of taxpayers. Along with this, discussions were held on pending disciplinary action against Income Tax officials and condonation of delay under the Income Tax 1961 Act. During this, the Finance Minister was informed that there has been a jump of more than 1100 percent in the information to be reported due to getting new data source of financial transactions from Dividend, Interest, Share, Mutual Fund and GSTN. Information about 3 crore people has been received from this.

TDS code increased from 36 to 65

The new TDS codes have increased from 36 to 65 in the last eight years. The effect of this was that in 2015-16 where 70 crore transactions were reported. Its number has now increased to 144 crores. The number of unique deductees almost doubled from 4.8 crore in 2015-16 to 9.2 crore. The contribution of personal income tax to GDP has increased. It was 2.11 percent in 2014-15, which has now increased to 2.94 percent.

asked to finalize the proceedings

During this, the Finance Minister asked to expedite the review of the ongoing action against the employees and officers of the Income Tax Department. On behalf of the Finance Minister, CBDT was asked to finalize such action. Nirmala Sitharaman emphasized that the CBDT should take appropriate action on all applications filed by taxpayers in a timely manner.

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PAN Aadhaar Linking exemption: Good news! These people got exemption for linking PAN Aadhaar, check details

Pravesh Maurya — Fri, 21 Apr 2023 06:45:24 +0000

As per the instructions of the Ministry of Finance, the Central Board of Direct Taxes (CBDT) has made it mandatory to link PAN with Aadhaar.

PAN will be activated on depositing Aadhaar link fee

Aadhaar-PAN linking exempted for these people

The requirement of linking Aadhaar with PAN does not apply to four categories of users-
1) Residents of the states of Assam, Jammu & Kashmir and Meghalaya.
2) Non Resident Indian (NRI) as per Income Tax Act 1961.
3) Any person who was of the age of 80 years or more at any time during the previous year.
4) Persons who are not citizens of India.
Those who fall in any of the above categories are not required to link their PAN with their Aadhaar till the deadline.

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Fake PAN Card Alert ! Is your PAN card fake, check in just 1 minute

Pravesh Maurya — Tue, 28 Mar 2023 04:29:38 +0000

There is a lot of discussion about PAN card these days. The matter is that PAN card has to be linked with Aadhaar. If this is not done then PAN card will not be used anywhere. Means where the matter will be of money, the work will not proceed if your PAN card is not linked there.

CBDT had issued a notification in April last year. It was told in this that from April the PAN card can be linked with the penalty. By paying 500 rupees till June 30, 2022 anyone will be able to link it. But, between July 1, 2022 and March 31, 2023, the PAN card will be linked to Aadhaar only by paying Rs 1000.

Now the last few days are left, if this link is not done then the trouble may increase. But, in the meantime, you should also know that if you have applied for a new PAN card or got a PAN card made through an agent, is it genuine? If not, how would you know? Let’s understand what is the matter…

If the PAN card turns out to be fake then all the work will stop

In fact, many such cases came to the fore in the past, in which fake PAN cards were detected. Now it has been termed as fake PAN card. Fake PAN card means fake, its record is not with the Income Tax Department. Till now the matter was fine, but till March 31 it has to be linked with Aadhaar.

If there is no link, its details will be fetched wherever it can be used. In such a situation, everyone will understand that this is a fake PAN card. If this happens, all your financial transactions will stop. Many tasks like opening bank account, buying or selling property, buying or selling vehicle, filing ITR and buying jewelery above Rs 2 lakh will get stuck.

check pan card before doing transaction

Income tax department issues it with a 10 digit identification number. PAN card is a necessary document. Therefore, before doing any transaction in Fake Pan Card, know whether your PAN card is also fake. People are being cheated through fake PAN cards. In such a situation, it is most important to know the correctness of your PAN card. If caught using a fake PAN card, there is a provision for both punishment and fine.

Find out in just 1 minute whether the PAN card is fake or not-

First of all, you have to go to the e-filing (Pan Card e-filing) portal of the Income Tax Department.
Here you have to click on the link of ‘Verify your PAN details’ on the straight top.
After this, users will have to fill PAN card details (How to check pan card details).
In this, you will be given information about PAN number, full name of PAN card holder, date of birth etc.
After filling the correct information, a message will appear on the portal whether the filled information matches with your PAN card or not.
In this way you can easily find out the veracity of the PAN card.

Make PAN card like this

If you have not yet made PAN, then the government has started the facility to make it in minutes. For this you have to go to the income tax website. This service is for those people who have not yet made PAN.

For E PAN, you will have to provide your Aadhaar card number, from which OTP will be generated and you will be issued E PAN in a few minutes. According to Revenue Secretary Ajay Bhushan Pandey, people are getting a lot of convenience in getting PAN card.

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PAN Card Holders Account Ban: Alert! Account of these 13 crore customers with PAN card will be banned

Pravesh Maurya — Tue, 28 Mar 2023 03:55:57 +0000

Pan Card Users: The month of March has started. From LPG to the price of milk and many rules of the government department, everything has changed. For some, the Government of India has fixed the last date of this month.

One of the same is the linking of Aadhaar card with PAN card. In fact, information has been given by the Central Board of Direct Taxes (CBDT) that if the PAN holders do not follow the instructions given by the government till March 31, then their business and tax related facilities will stop working. Simply put, their account will be banned.

Explain that out of total 61 crore Permanent Account Number (PAN), about 48 crore have been linked to Unique Identification Number Aadhaar so far. There are 13 crore people whose PAN-Aadhaar has not yet been linked. Now the government has rung the alarm bell for these people and has also fixed the last date for linking.

The chance is till 31 March

People who do not do this till March 31, will not be able to get benefits in business and tax related activities. Central Board of Direct Taxes (CBDT) Chairperson Nitin Gupta said that several crore PANs are yet to be linked with Aadhaar, but this work is expected to be completed by the March 31 deadline. The government has made it mandatory to link PAN with Aadhaar.

For this, setting a deadline of 31 March 2023, it has been said that individual PANs not linked to Aadhaar will be declared inactive after this date. Along with this, the government has said that from the present time till March 31, a fee of Rs 1,000 will have to be paid for linking PAN with Aadhaar.

Card will be deactivated if not linked

The CBDT chief said that several awareness campaigns have been conducted regarding linking of PAN with Aadhaar and we have extended this deadline several times. If PAN is not linked with Aadhaar by the due date, the holder will not be able to get tax benefits as his PAN itself will not be valid after March. The CBDT, in a circular issued last year, has made it clear that once PAN becomes inoperative, the person concerned will face all the consequences prescribed under the Income Tax Act.

This includes situations like non-filing of income tax returns and non-processing of pending returns. Along with this, he said that the budget announcement of making PAN a common identifier will be beneficial for the business world. Finance Minister Nirmala Sitharaman has announced in the budget that PAN will now be used by business establishments as a common identifier in the digital systems of government agencies.

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PAN-Aadhaar Link: Big news! Aadhaar PAN linking deadline will be extended after March 31, know details

Pravesh Maurya — Sat, 25 Mar 2023 08:05:14 +0000

PAN-Aadhaar Link Last Date 2023: Permanent Account Number i.e. PAN Card is the most important Business ID. Without this it is difficult to handle any financial work. From opening an account in the bank to making investments, PAN card is required for all the work.

In such a situation, many of your works can stop without PAN card. If you have not yet linked PAN and Aadhaar, then you may have to face a big problem. Actually, the deadline for linking PAN and Aadhaar has come closer (Pan Aadhaar Linking Deadline). In such a situation, the question is arising in the mind of the taxpayers whether CBDT can extend this deadline this time also. Let us know the answer to this important question-

Will the deadline for PAN Aadhaar linking be extended?

It is noteworthy that the Central Board of Direct Taxes (CBDT) has extended the deadline for the link of PAN Card and Aadhaar Card several times in the past as well. In such a situation, now CBDT will not extend this deadline. If you do not link PAN and Aadhaar by March 31, your PAN will be deactivated from April 1, 2023.

According to the report published in Financial Express, senior officials of CBDT had made it clear that now the government has no intention of extending the linking deadline of PAN and Aadhaar.

Why is it necessary to link PAN-Aadhaar?

PAN and Aadhaar is an important part of KYC. The government has made it mandatory to link PAN with Aadhaar (PAN Aadhaar Link) because this will prevent the use of fake PAN cards. There have been cases when a person has more than one PAN card. In such a situation, the government has taken this step to stop such cases.

If your PAN card is deactivated, then in such a situation you will not be able to file income tax return. Along with this, you will have to face difficulties in investing in the stock market and investing in mutual funds as well.

For whom it is not necessary to link PAN Aadhaar

According to the notification issued by the Union Ministry of Finance in May 2017, some people of the country have been exempted from linking PAN Aadhaar. This includes the people of Assam, Meghalaya and the Union Territory of Jammu and Kashmir. Along with this, it is not necessary to link PAN Aadhaar in case of a person who is 80 years or more and is not a citizen of India.

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Pan Card Holders Alert: Big News! Account of these 13 crore customers with PAN card will be banned

Pravesh Maurya — Thu, 16 Mar 2023 18:05:41 +0000

Pan Card Holders : The month of March has started. From LPG to the price of milk and many rules of the government department, everything has changed. For some, the Government of India has fixed the last date of this month.

One of the same is the linking of Aadhaar card with PAN card. In fact, information has been given by the Central Board of Direct Taxes (CBDT) that if the PAN holders do not follow the instructions given by the government till March 31, then their business and tax related facilities will stop working. Simply put, their account will be banned.

The chance is till 31 March

Card will be deactivated if not linked

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PF account holders: Big news! PF interest rates for FY23 will be decided on this date

Pravesh Maurya — Thu, 16 Mar 2023 12:05:59 +0000

The meeting of CBT i.e. Central Board of Trustees of Employees Provident Fund Organization (EPFO) is going to be held on March 25-26 to fix the interest rate on PF for the current financial year 2022-23. The interest rates are decided every year during the board meeting in March.

The interest rate that was fixed for the last financial year i.e. 2021-22 was the lowest in 43 years. Last year, the interest rate on PF was reduced from 8.5 per cent to 8.1 per cent. There was no change in the rate of interest of PF in the financial year 2020-21. Just a year before this, the interest rate was reduced from 8.65 per cent to 8.5 per cent in 2019-20.

In March 2022, the CBDT i.e. Central Board of Trustees had recommended an interest rate of 8.1 per cent for over 6 crore active subscribers of EPFO for the financial year 2021-22, leaving an estimated surplus of Rs 450 crore. According to sources, EPFO can retain the current interest rate of 8.1 per cent. This can be done keeping in mind the potential for higher returns in equity investments.

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Income Tax Notice: Big news! IT Department strict on those giving wrong information about income, do this work by March 31

Pravesh Maurya — Tue, 14 Mar 2023 00:29:39 +0000

Income Tax Return: The Income Tax Department may soon take strict action against those who give wrong information about their income in ITR .

CBDT chief Nitin Gupta on Monday said that 68,000 cases have been taken up for e-verification by the Income Tax department for under- or under-reporting of income in tax returns for the financial year 2019-20.

Under the E-Verification for Income (E-Verification for Income) scheme, the IT department is informing taxpayers through notices about discrepancies in financial transactions and annual information statements (AIS) filed in IT returns. Taxpayers can reply to the department giving clarifications or file an updated return if they find that there is a genuine discrepancy in the e-verification notice.

68,000 cases will be verified

Around 68,000 cases relating to the financial year 2019-20 have been selected for e-verification based on the risk management parameters set by the Income Tax Department. CBDT chief Nitin Gupta said that in 56 per cent of these cases or 35,000 cases, the taxpayer has already given a satisfactory reply. More than half have either responded to the notices or filed updated returns.

He said that till date a total of 15 lakh updated returns have been filed and tax of Rs 1,250 crore has been collected. However, no response has been received in 33,000 cases.

Updated returns to be filed by March 31, 2023

Taxpayers have time till March 31, 2023, to file updated returns for income earned in FY 2019-20. Once an assessee files ITR, the chances of his case being taken up for scrutiny or reassessment are slim.

What will happen if the notice is not answered

The CBDT chairman told that if you do not respond to the e-verification notice, there are high chances that an inquiry will be initiated into the matter. He said that taxpayers should check their AIS regularly. If taxpayers see any mismatch entry then they have to inform some IT department immediately.

15 days time

When the department informs the taxpayer about the e-verification by mail, the taxpayer is given 15 days to respond to the intimation from the I-T department. The CBDT has a time period of 90 days to complete a particular case under e-verify, but complex cases may take longer.

Let us tell you that the e-verification scheme was notified on December 13, 2021 and the pilot was launched in September 2022. The last date for filing updated returns for FY 2019-20 ends on March 31, 2023.

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ITR Form: Now the Income Tax Department will ask for 13 more information, the return form has changed, see immediately

Pravesh Maurya — Sat, 18 Feb 2023 08:00:05 +0000

New ITR Form: CBDT has issued a new ITR form for filing returns for the current financial year. This time a lot of changes have been made and many more information has been sought from taxpayers. Earlier, the ITR form used to come usually by May-June, due to which a huge crowd of return filers used to gather in July.

New ITR Form: The Modi government has given many facilities to income taxpayers in this budget and has also increased monitoring in some places. Many changes have been made in the new Income Tax Return Form issued by the Central Board of Direct Taxes (CBDT).

In this, many more information related to cryptocurrency to stock market will have to be disclosed. Overall, now the Income Tax Department will keep an eye on your every expenditure and investment and a slight mistake can be huge. However, there has not been much change for individual taxpayers in the new form.

This time the Central Board of Direct Taxes notified the income tax return form very early, so that later taxpayers do not have to face the rush in filling ITR. Earlier, the ITR form used to come usually by May-June, due to which a huge crowd of returnees gathered in July and technical difficulties had to be faced.

This time, due to the early arrival of the form, taxpayers can fill the return from April 1, as soon as the financial year ends. CBDT has fixed the last date for filing returns as July 31, 2023 only.

Now these revelations will have to be done (5 points)

In The New ITR Form, Intraday Trading In The Stock Market Will Have To Be Shown Separately, Which Will Include Your Total Turnover And Profit From It.
Donation Given To A Trust Has Been Exempted Under Section 80G Of Income Tax, So Now The Donor Will Have To Enter A Unique Number.
If The Deducted TCS Is Related To Any Other Person, To Whom You Have To Transfer, Then Now It Has To Be Shown In The Return Form As Well.
Traders Will Now Have To Give Information About The Selected Regime, So That It Can Be Prevented From Going Back To The New Regime.
If You Invest In Crypto, Then The Profit Or Loss Due To This Will Also Have To Be Told In The Return.

Special rule for partner firm also (5 points)

In The New Return Form, If A Partnership Firm Has Added A New Partner Or The Old One Has Retired, Then It Will Also Have To Be Informed And The Date Of Change Will Also Have To Be Mentioned.
If You Have Taken Advance From Relatives Or Friends, Then Its Information Will Also Be Included In Your Income Tax Return Form.
The Information About The Investments Made In The Past Of A Trust Will Also Be Included In The Return Form.
It Has Also Become Necessary To Disclose The Secret Donation Received By The Trust. Tax Will Be Levied On This Amount In Excess Of The Prescribed Amount.
Political Parties Receiving Donations Will Now Have To Disclose The Recognition Received From The Election Commission In The Return Form As Well.

Tax on digital assets (3 points)

Apart From Crypto, If You Buy Or Sell NFT Or Other Virtual Assets, Then That Information Will Also Have To Be Given In ITR.
Taxpayers Who Had Earlier Adopted The New Regime Will Now Have To Give This Information In The ITR.
Those Who Have Invested Money In Foreign Markets Or With Institutional Investors Will Also Have To Show It In ITR.

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ITR filing date announced! CBDT told- where, how and till when income tax can be paid, this time…

Pravesh Maurya — Fri, 17 Feb 2023 07:59:54 +0000

The last date for filing ITR for the financial year 2022-23 will be 31 July. New assessment year 2023-24 will start from 1st April. The Central Board of Direct Taxes (CBDT) has notified new ITR forms.

New Delhi. The Income Tax Department has announced the last date for filing income tax return. The last date for filing ITR for the financial year 2022-23 for the taxpayers of the country will be 31 July. New assessment year 2023-24 will start from 1st April. Generally, the due date for filing ITR is 31st July. It is expected that this date will also be the last date for filing tax returns this year.

Earlier, the government has extended the due dates for ITR filing due to various reasons. However, this year it is expected that the date will not be extended. This is also because the Central Board of Direct Taxes (CBDT) has notified the new ITR form for Assessment Year 2023-24 more than a month in advance. The new ITR forms were notified by the CBDT on February 10 and are available on the Income Tax website.

Penalty will have to be paid if missed

Since the assessment year 2023-24 is starting from April 1, taxpayers will be able to file the return of income made in the financial year 2023-24 from April 1. The return filing facility will be available till 31st July, failing which you will have to file a belated ITR.

No major changes in ITR form

The Income Tax Department has not made any major changes in the ITR form as compared to last year. Only due to amendments in the Income Tax Act, 1961, some necessary changes have been made. The Central Board of Direct Taxes (CBDT) notified Income Tax Forms 1-6 on February 10 for citizens, professionals and companies for income earned in 2022-23.

The Income Tax Department had presented a proposal in November 2022, in which it was said that there would be a common form for all ITR forms except ITR. This was done to simplify income tax return filing and reduce the time taken in ITR filing for individual and non-business taxpayers.

The new ITR form notified by the tax department includes a separate schedule for income from crypto and other virtual digital assets. The government had announced rules for taxation of crypto income in Budget 2022.

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ITR Filing Last Date: Income tax return filing last date for assessment year 2023 2024, CBDT notified ITR forms, know details

Pravesh Maurya — Thu, 16 Feb 2023 11:28:08 +0000

The last date for filing Income Tax Return (ITR) for the financial year 2022-23 for the taxpayers of the country will be 31 July. New assessment year 2023-24 will start from 1st April. Generally, the due date for filing ITR is 31st July. It is expected that this date will also be the last date for filing tax returns this year.

Penalty will have to be paid if missed

No major changes in ITR form

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ITR Filing Date Announcement: Big News! Income tax filing date has been announced, check full details immediately

Pravesh Maurya — Wed, 15 Feb 2023 16:02:05 +0000

Income Tax Slab: Those people who have taxable income have to pay tax. Meanwhile, the date for filing tax this year has been announced early.

The Income Tax Department said that the Income Tax Return (ITR) forms for 2022-23 will be effective from April 1 and these have been notified much in advance to facilitate filing of returns from the beginning of the next assessment year.

Income Tax The Income

Tax Department said that in order to facilitate the taxpayers and to further simplify the process of filing returns, no major changes have been made in the ITR form as compared to last year. Only due to amendments in Income Tax Act, 1961 some necessary but minor changes have been made. The Central Board of Direct Taxes (CBDT) notified Income Tax Forms 1-6 on February 10 for individuals, professionals and companies for income earned in 2022-23.

CBDT has notified Income-tax Return Forms (ITR Forms) for the AY 2023-24 vide Notifications No. 04 & 05 of 2023 dtd 10.02.2023 & 14.02.2023 well in advance in order to enable filing of returns from the beginning of the ensuing AY.
Details in Press Releasehttps://t.co/LN67SHrZDi pic.twitter.com/Yle6EtFLIQ

— Income Tax India (@IncomeTaxIndia) February 15, 2023

Income Tax Login

Also, ITR Form-7 was notified on February 14 for charitable trusts, scientific research institutions, political parties and universities. “These ITR forms will be effective from April 1, 2023 and have already been notified to facilitate filing of returns from the beginning of the next assessment year,” the CBDT said in a statement.

ITR

Explain that ITR forms are usually notified by the end of March or beginning of April for a financial year. However, this time they have already been released.

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ITR new form released: ITR forms for FY23 released there will be big benefits if notified two mnths in advance

Pravesh Maurya — Tue, 14 Feb 2023 09:44:03 +0000

ITR Forms: The Income Tax Department has notified the ITR form for the financial year 2022-23 i.e. assessment year 2023-24.

The Central Board of Direct Taxes (CBDT) has issued all forms from the first form to the sixth form of ITR through a notification dated 10th February. Apart from this, ITR-5 (verification form) and ITR acknowledgment form have also been notified.

The Income Tax Department has notified the ITR form for the financial year 2022-23 i.e. assessment year 2023-24. The Central Board of Direct Taxes ( CBDT ) has issued all forms from the first form to the sixth form of ITR through a notification dated 10th February.

Apart from this, ITR-5 (verification form) and ITR acknowledgment form have also been notified. These ITR Forms (Income Tax Return Forms) are for Individuals and Businesses which they have to file by selecting them according to their income and source of income.

Forms have been released early this time

CBDT has issued the form to file ITR for the financial year 2022-23, while this financial year is not over yet. Last year these types of forms were issued in the first week of April. The early release of forms will not only benefit taxpayers but also e-filing portals, third party software companies and tax professionals. This is because they will now get more time for ITR related preparations.

What is the meaning of all forms of ITR?

ITR-1 is to be filed if the income is up to Rs 50 lakh and income from salary, one house property and other sources including interest. On the other hand, individuals, HUFs (Hindu Undivided Families) and firms will file ITR-4 with income up to Rs 50 lakh and income from business-profession. ITR-2 for income from residential property, ITR-3 for professionals, ITR-5 and ITR-6 for LLPs (Limited Liability Partnership) and businesses.

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Big relief to income tax payers, new order issued, tax exemption announced!

Pravesh Maurya — Thu, 09 Feb 2023 17:29:48 +0000

Income Tax: Income tax is an important tax for all. This tax is special for all people from middle class to upper class, but now the government is going to give big relief to those who pay income tax.

It has been decided to give big relief to taxpayers in exemption. Its new order has been issued by the Finance Ministry.

Tax will not have to be paid on this amount The Income Tax Department has recently issued a new order for tax exemption, giving great relief to taxpayers. According to this new order, from now on taxpayers will get the benefit of exemption in income tax on the amount received for treatment. That is, you will not have to pay tax on this amount.

CBDT has released the form for exemption

Let us tell you that the Income Tax Department keeps on changing the rules from time to time keeping in mind the facilities of the taxpayers. Information in this regard has been given by the Central Board of Direct Taxes (CBDT). CBDT had recently also issued a form for income tax exemption on new conditions and expenses incurred on the treatment of corona.

Documents to be submitted along with the form

According to the notification of 5 August 2022, from now on your employer will have to submit a form to the Income Tax Department along with some documents, on the amount received from the employer or relatives for the treatment of corona. Tax exemption can be claimed.

Apart from this, the Income Tax Department had digitized the tax exemption form keeping in mind the facilities of the people and to promote digitization, so that people do not face any kind of trouble and Had to go round the offices.

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PAN Card Holders Alert! Link PAN with Aadhaar before March 31, otherwise tax benefits will stop

Pravesh Maurya — Mon, 06 Feb 2023 05:02:37 +0000

The government has made it mandatory to link PAN with Aadhaar. For this, the deadline of March 31, 2023 has been fixed. Out of the total 61 crore PANs, about 48 crore have been linked with Aadhaar so far and those who have not done so by March 31, will not be able to get benefits in business and tax related activities.

Central Board of Direct Taxes (CBDT) Chairperson Nitin Gupta said on Sunday that several crore PANs have not yet been linked to Aadhaar, but this work is expected to be completed by the end of the March 31 deadline.

Individual PANs not linked with Aadhaar will be declared inactive after March 31, 2023. Individual PANs not linked with Aadhaar will be declared inactive after this date. Along with this, the government has said that from the present time to March 31, a fee of Rs 1,000 will have to be paid to link PAN with Aadhaar.

Several awareness campaigns were conducted regarding linking of PAN with Aadhaar, the
CBDT Chief said, “Many awareness campaigns have been conducted regarding linking of PAN with Aadhaar and we have extended this deadline several times. If Aadhaar is not linked to PAN by the stipulated time, then that holder will not be able to get tax benefits as his PAN itself will not be valid after March.

The CBDT has made it clear in a circular issued last year that once the PAN becomes inactive, the person concerned will have to face all the consequences prescribed under the Income Tax Act. This includes situations like non-filing of income tax returns and non-processing of pending returns.

Along with the announcement of making PAN a common identifier, he said that the budget announcement to make PAN a common identifier will be beneficial for the business world. Finance Minister Nirmala Sitharaman has announced in the budget that business establishments will now be able to use PAN as a common identifier in the digital system of government agencies.

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Income Tax Refund: The government has given this great news; is your name in the list or not

Pravesh Maurya — Thu, 15 Dec 2022 04:23:14 +0000

Income Tax: Refunds for the financial year 2022-23 are being issued continuously by the Income Tax Department.

In the information provided by the Income Tax Department last days, it was told that till now income tax refunds worth Rs 2.15 lakh crore have been issued to the taxpayers. Refund amount is being issued to taxpayers from April itself. To know whether your refund has come yet or not, you need to check the refund status.

Issuing the return Income Tax Department after filing ITR (ITR Filing) If any kind of refund is made, then it is sent to your bank account by the Income Tax Department. Under this, the Income Tax Department is continuously issuing refunds. According to the data released by the Central Board of Direct Taxes (CBDT), from April 1 to November 30, the government has issued refunds worth Rs 2.15 lakh crore to tax payers.

66.92 percent more refund issued

This figure of refund is 66.92 percent more in the same period last year. Earlier, till October 8, 2022, Rs 1.53 lakh crore was issued as refund to tax payers.

Why did not get refund

If you have not received income tax refund till now, then there can be many reasons for this. Tax refund is delayed due to pending outstanding demand of previous ITR filing. In fact, many taxpayers were issued intimation notices by the department in the last financial year. But many people did not respond to these or did not update on the portal. There is a delay in getting refund to such taxpayers.

Check your refund status like this

– First of all, go to the Taxpayer Income Tax Department’s website www.incometax.gov.in .
Now login with password after entering PAN, Aadhaar number or User User ID.
Here go to Income Tax Return under e-file option. After this, select the option of view filed return.
Now check the latest ITR filed and go to view details.
Your refund status will appear here. In this, you will get the information on which date the refund was issued or the date on which the refund will be issued.

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Big relief in Income Tax, new order for tax exemption issued, these people will be benefited

Pravesh Maurya — Wed, 14 Dec 2022 11:29:14 +0000

The Income Tax Department has recently issued a new order for tax exemption, giving great relief to taxpayers. According to the new order, now taxpayers will be exempted from income tax on the amount received for treatment.

The Income Tax Department keeps on changing the rules from time to time for the convenience of taxpayers. The Central Board of Direct Taxes (CBDT) had recently issued new conditions and a form for claiming exemption on income tax on the amount spent on Covid-19 treatment.

According to the notification dated 5 August 2022, you will have to submit certain documents to your employer and a form to the Income Tax Department, in which tax exemption can be claimed on the amount received from the employer or relatives for the treatment of Covid-19.

The new rule came into force from this day

Last year, the central government announced that income tax will not be levied on ex-gratia received by someone for treatment of Kovid-19 or ex-gratia received by family members on death due to Covid-19. It was also notified in the budget 2022. This exemption is effective from the financial year 2019-2020. Apart from this, the Income Tax Department had also announced formation of committees for early disposal of any kind of complaints.

The entire work will be done digitally , for the convenience of the people and for the purpose of promoting digitization, the Income Tax Department had digitized the form for claiming tax exemption from it. Now you will not need to go round the office for many works.

Tax collection increased by 24 %

In the current financial year, between April and November, the net direct tax collection has increased by 24 percent to reach Rs 8.77 lakh crore. The Income Tax Department has recently given this information. This tax collection is 61.79 percent of the budget estimate for the whole year 2022-23. The ministry told through social media, “The net direct tax collection till November 30 stood at Rs 8.77 lakh crore, which is 24.26 per cent higher than the net collection of the same period last year.”

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CBDT issued new circular regarding TDS deduction, know its complete details

Pravesh Maurya — Tue, 13 Dec 2022 10:02:32 +0000

The Central Board of Direct Taxes (CBDT) has issued a circular regarding TDS deduction from salary. It has been said that any person responsible for payment of salary will have to deduct income tax while paying the amount. The circular states that tax should be deducted at the average rate calculated on the basis of the rates applicable for the current financial year on the income (income) from the estimated salary of the recipient for that year.

What is this circular

According to media report, the CBDT had issued the circular last week. It explains the liability of employers with respect to deduction of tax at source from salary under section 192 of the Income Tax Act, 1961 for the financial year 2022-23. As per section 192, the person responsible for making the payment of salary income must furnish to the payee a statement giving true and complete details of the perquisites or benefits in lieu of salary provided to him and the value thereof.

TDS will have to be deposited this much every month

For example, if someone’s annual income from salary is Rs.6,00,000, then the tax on the total salary including cess, according to the normal rate, becomes Rs.33,800. Calculating tax on Rs 50,000 at the average tax rate of 5.63 per cent works out to Rs 2,815. That is, TDS (TDS) of Rs 235 will have to be deducted every month on this amount.

What is the current income tax slab

Currently, there is no income tax on annual income up to Rs 2.50 lakh. 5 percent income tax has to be paid on income from Rs 2.50 lakh to Rs 5 lakh. 10 percent income tax is applicable on Rs 5 lakh to Rs 7.50 lakh. 15 per cent on annual income from Rs 7,50,001 to Rs 10 lakh, 20 per cent on annual income from Rs 10,00,001 to Rs 12.50 lakh, 25 per cent on annual income from Rs 12,50,001 to Rs 15 lakh and above Rs 15 lakh 30 percent income tax has to be paid on the income of Rs.

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TDS deduction from salary: New circular issued regarding deduction of TDS in salary, whether you mean it or not! Applicable on FY2022-23

Pravesh Maurya — Mon, 12 Dec 2022 08:29:40 +0000

TDS deduction from salary: CBDT had issued circular last week. It explains the liability of employers with respect to deduction of tax at source from salary under section 192 of the Income Tax Act, 1961 for the financial year 2022-23.

The Central Board of Direct Taxes (CBDT) has issued a circular regarding TDS deduction from salary. tax) will have to be deducted. According to news agency IANS, the circular states that tax should be deducted at the average rate calculated on the basis of the rates applicable for the current financial year on the income (income) from the estimated salary of the recipient for that year.

Circular explains the liability of employers

According to the news, the CBDT had issued the circular last week. It explains the liability of employers with respect to deduction of tax at source from salary under section 192 of the Income Tax Act, 1961 for the financial year 2022-23. As per section 192, the person responsible for making the payment of salary income must furnish to the payee a statement giving true and complete details of the perquisite or benefit in lieu of salary provided to him and the value thereof.

How much average TDS will have to be deposited every month

For example, if someone’s annual income from salary is Rs.6,00,000, then the tax on the total salary including cess, according to the normal rate, becomes Rs.33,800. Calculating tax on Rs 50,000 as per the average tax rate of 5.63 percent, it becomes Rs 2815. That is, TDS (TDS) of Rs 235 will have to be deducted every month on this amount.

Current income tax slabs

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Big change in ITR filing rules: If TDS/TCS is more than ₹ 25,000 then it will be mandatory to file ITR

Pravesh Maurya — Mon, 21 Nov 2022 22:02:52 +0000

The government has changed the rules for filing income tax returns from April 21. In order to bring more people in the tax net, the government has increased the scope of ITR filing. Now ITR will have to be filled even on low income.

ITR Filing New updates: There is a very important news regarding income tax return filing. The government has changed the Income Tax Rules from April 21, 2022.To bring more and more people into the tax net, the government has widened the income tax filing window. Now people with different income groups and income will also be required to fill ITR.

In fact, now it has been made mandatory to file ITR for every person whose tax deduction at source (TDS) and tax collection at source (TCS) during a financial year is Rs 25,000 or more.

What is the new rule

According to the new rule, if a person’s income is less than the exemption of Rs 2.5 lakh but the income from TDS and TCS is Rs 25,000 or more, then now he will have to fill ITR. Explain that this new rule will be applicable if TDS or TCS is more than Rs 50,000 in case of senior citizens.

What did CBDT say?

The Central Board of Direct Taxes (CBDT) issued a circular in this regard saying, “These rules may be called the Income-tax (Ninth Amendment) Rules, 2022. They shall come into force from the date of their publication in the Official Gazette.”Through notification number 37/2022, CBDT has notified a new rule 12AB.According to this, it is mandatory to file ITR even if the income of a person is less than the exemption limit.

They will also have to fill ITR

Apart from this, those whose deposits in their savings bank account are Rs 50 lakh or more in the financial year, now they will also have to file income tax return. Along with this, those traders will also be covered under this rule, whose annual turnover is more than Rs 60 lakh and professional receipt is more than Rs 10 lakh. No matter which tax bracket he falls in, filing ITR will be mandatory.

According to a report in Business Standard, government sources have told that this new amendment has been done with the aim of finding out the imbalance in the earning and expenditure of such people. These new rules are effective from 21 April.

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Income Tax: Big News for taxpayers ! Customers of these big banks will not be able to pay tax online

Pravesh Maurya — Thu, 17 Nov 2022 10:05:30 +0000

ITR Filing: If you pay income tax online, then you must be updated about this news. Before paying tax, you should know whether your bank is connected to the tax payment facility route or not. Actually, the Income Tax e-filing portal has started the service of E-Pay Tax.

Bank e-pay will be attached to the tax of such customers who have migrated from the bank TIN-NSDL website to the new e-filing portal. Only such customers will be given the facility of online payment.

Many banks that have migrated to the new income tax portal are getting the facility of tax payment on the e-filing income tax portal. According to CBDT (Central Board of Direct Taxes), many banks have switched from OLTAS e-payment system of tax to TIN NSDL website. The new direct tax payment system has been named CPC 2.0 – TIN 2.0. Here we are telling you about such banks which have migrated to the new income tax portal. But these banks are not available on NSDL portal for income tax payment.

Banks that have not migrated to the new income tax portal include Axis Bank, Central Bank of India, ICICI Bank, Indian Bank, Karur Vysya Bank, Bank of Maharashtra, Canara Bank, Indian Overseas Bank, Bank of India, Federal Bank and Kotak Mahindra Bank is included.

According to media reports, it was said in a report that the customers of the banks migrating to the new tax portal have been informed by the concerned bank. In the message sent by ICICI Bank to the account holders, it is written that the Income Tax Department has migrated ICICI Bank to the new tax information version 2.0 for direct tax payment.

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Taxpayers beware: Big News! Only 2 days left to file income tax return, check details

Pravesh Maurya — Sat, 05 Nov 2022 13:28:39 +0000

ITR Filing: The Finance Ministry has announced to extend the date of filing Income Tax Return for the category of companies in the assessment year 2022-23. The last date for ITR filing of this category of people was October 31, 2022, which has been extended to November 7, 2022.

For those whose accounts are required to be audited, the last date for filing income tax returns was October 31, 2022. Which has now been extended till November 7, 2022. While issuing a notification, the Central Board of Direct Taxes said that last month it had extended the deadline for filing audit reports, now it has been decided to extend the date of filing of income tax returns.

CBDT extends the due date for furnishing Income Tax Return for AY 2022-23 to 7th November, 2022 for certain categories of assessees in consequence of extension of due dates for filing various reports of audit. Circular No. 20/2022 dated 26.10.2022 issued.https://t.co/x9yhpL0d1T pic.twitter.com/T4LbT9Qy4K

— Income Tax India (@IncomeTaxIndia) October 26, 2022

According to the CBDT, the due date for filing income tax returns for the assessment year 2022-23 was October 31, 2022, which has been extended to November 7, 2022.

The last date for filing income tax returns for domestic companies for the financial year 2021-22 and assessment year 2022-23 was October 31, 2022. The last date for filing income tax returns of companies under transfer pricing norms is November 30, 2022. It is believed that keeping in mind the festive season, the deadline has been extended, this will give a big relief to the taxpayers.

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ITR filing: Good news! ITR filing deadline extended till 7 November, see details

Pravesh Maurya — Tue, 01 Nov 2022 07:02:24 +0000

ITR Filing: CBDT has extended the deadline for companies to file Income Tax Returns for the assessment year 2022-23 till November 7, 2022.

ITR Filing: The Finance Ministry has extended the deadline for filing income tax return for the assessment year 2022-23 till 7 November, giving a big relief to the companies. The last date for filing ITR by companies was October 31. CBDT (Central Board of Direct Taxes), the apex decision making body in income tax and corporate tax matters, said in a notification that the deadline for filing audit reports was extended last month. Therefore, the deadline for ITR filing has also been extended.

CBDT extends the due date for furnishing Income Tax Return for AY 2022-23 to 7th November, 2022 for certain categories of assessees in consequence of extension of due dates for filing various reports of audit. Circular No. 20/2022 dated 26.10.2022 issued.https://t.co/x9yhpL0d1T pic.twitter.com/T4LbT9Qy4K

— Income Tax India (@IncomeTaxIndia) October 26, 2022

CBDT extends deadline

The CBDT said in a notification, “CBDT has extended the deadline for furnishing of return of income under sub-section (1) of section 139 of the Income-tax Act for the assessment year 2022-23 from October 31, 2022 to November 7, 2022. has given.”

Domestic companies are required to file their income tax returns for the financial year 2021-2022 by October 31, 2022. The due date for filing ITR will be November 30, 2022 for companies that are subject to transfer pricing norms.

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Income Tax New Guidelines: How you can benefit from amendment in Income Tax Act, know- here

Pravesh Maurya — Wed, 05 Oct 2022 23:28:06 +0000

Income Tax New Guidelines: The Income Tax Department has relaxed many norms for taxpayers to make them more liberal. Taxpayers are those who contribute heavily to the government’s efforts to stimulate the economy. The Central Board of Direct Taxes (CBDT) has recently issued revised guidelines for compounding of certain offenses under the Income Tax Act, 1961, which will ease the conduct of business and reduce the severity of punishment for offenders. The new guidelines cover different types of offenses covered by the prosecution provisions of the Act.

The CBDT has decriminalized offenses punishable under section 276 of the Act by making them compoundable, which is one of the major changes in the guidelines.

If a law is made compoundable, then whoever violates it can do so while avoiding jail time by paying a fine. Earlier, Section 276 of the Income Tax Act provided for rigorous imprisonment of up to two years for the taxpayer.

The I-T department said in a statement that the eligibility for compounding of cases has been relaxed, making the case of an applicant who has been sentenced to imprisonment for a term of not less than 2 years, which is previously non-compoundable. Yes, now it has been made compoundable. The discretion available with the competent authority has also been suitably restricted?

Prosecution proceedings under section 276 may be instituted if the taxpayer fraudulently removes, conceals, transfers, or transfers any property or interest to any person, for the purpose of recovery of tax. Distributes with the intention of preventing engagement.

Compounding allows a person to evade prosecution by admitting his guilt and paying a specified fee.

As per the revised guidelines dated September 16, the time limit for acceptance of compounding applications has been reduced to 36 months from the earlier limit of 24 months from the date of filing of complaint.

It said that several provisions of the Act have also introduced specific upper limits for compounding charges covering defaults.

CBDT said that the additional compounding charges in the nature of penal interest of 2 per cent per month for up to 3 months and 3 per cent per month over 3 months have been reduced to 1 per cent and 2 per cent respectively.

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Filing Tax audit report Date Increased: Government extends deadline for filing tax audit report till October 7

Pravesh Maurya — Wed, 05 Oct 2022 18:03:52 +0000

New Delhi : The Income Tax Department has extended the due date for filing tax audit report for the financial year 2021-22 by 7 days to 7 October.

“Considering the difficulties being faced by the taxpayers and other stakeholders in filing various audit reports for the assessment year 2022-23, the Central Board of Direct Taxes (CBDT) conducted the audit,” an official statement said on Friday night last week. It has been decided to extend the due date for filing various reports. Assessment year 2022-23, which was from 30 September 2022 to 7 October 2022.

Under the Income Tax Act, taxpayers who are required to have their accounts audited by a chartered accountant are required to file a tax audit report with the Income Tax Department by September 30.

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Income Tax Refund Status: Income Tax Department’s big update for ITR filers, it is also important for you to know

Pravesh Maurya — Mon, 05 Sep 2022 11:50:39 +0000

Income Tax Refund: If you have also filed income tax return for the financial year 2021-22 in the current financial year, then it is important for you to stay updated with this news. From 1st April 2022 to 31st August 2022, a refund of Rs 1.14 lakh crore has been issued by the Income Tax Department to 1.97 crore taxpayers. This includes both personal income tax refund and corporate tax refund.

CBDT gave this update It
was told by the Central Board of Direct Taxes (CBDT) that during April 1, 2022 to August 31, 2022, 1.96 crore income tax payers were refunded Rs 61 thousand 252 crore in the form of personal tax refund. . At the same time, in about 1.47 lakh cases, Rs 53,158 crore was released to the taxpayers as corporate tax refund. To know whether your income tax refund has come or not, follow this process-

Check Refund Status Online Like This
– First of all you go to the income tax portal eportal.incometax.gov.in.
– Login here using User ID and Password.
Now go to My Account and click on Refund / Demand status.
– Select Income Tax Return in the drop down menu and click OK on the submit option.
Now click on the acknowledgment number.
Here a new web page will open with ITR details. Here you will also get information about the issue date of the refund.

Check From Here Status Taxpayers can also check
their ITR refund through PAN number by visiting NSDL website. After entering the PAN number here, go to the assessment year and click on submit. You will get to know the status of ITR refund.

5.83 crore people filed ITR

Let us tell you that for the financial year 2021-22, 5.83 crore people had filed ITR. The number of people who filed ITR on the last date i.e. 31st July was a record 72.42 lakhs. This time there was no change in the last date of return from the government side.

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IT Department Released Refund: Refunds issued to about 2 crore taxpayers in August, check details

Pravesh Maurya — Sat, 03 Sep 2022 08:05:24 +0000

In the month of August, the Income Tax Department has issued refunds of more than one lakh crore rupees to about two crore income tax payers. The Central Board of Direct Taxes has given this information today.

According to the CBDT, refunds worth Rs 1.14 lakh crore have been issued to 1.97 crore taxpayers between April 1 and April 31 . According to the department, a refund of Rs 61252 crore has been issued to 1.96 crore income tax payers. At the same time, corporate tax refund of Rs 53158 crore has been issued in 1.46 lakh cases. According to the CBDT, the government is continuously simplifying the tax system, due to which all the processes are being seen continuously.

CBDT issues refunds of over Rs. 1.14 lakh crore to more than 1.97 crore taxpayers between 1st April, 2022 to 31st Aug, 2022.
Income tax refunds of Rs. 61,252 crore have been issued in 1,96,00,998 cases &corporate tax refunds of Rs. 53,158 crore have been issued in 1,46,871 cases

— Income Tax India (@IncomeTaxIndia) September 3, 2022

Nearly 6 crore returns were filed

The department has received a total of 5.83 crore income tax returns for the financial year 2021-22 till 31 July 2022. On the last day of filing returns, 72.42 lakh returns were filed, which is a record. July 31 was the last date for filing income tax returns. Initially, the pace of ITR filing was slow, but as the deadline approached, it picked up pace and a record 72.42 lakh returns were filed on the last day.

An official statement said that more than 72 lakh ITRs have been filed in a day on the last date i.e. Sunday. This year the government did not make any change in the last date for filing returns. The process of issuing refund has also been started after the last date.

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Income Tax Department has issued new deadline for ITR e-verification, check here new deadline immediately

Pravesh Maurya — Thu, 01 Sep 2022 14:00:58 +0000

ITR Filing Latest Update: Income Tax Department has now reduced the time limit for ITR e-Verification. Earlier, 120 days were available for e-verification after filing ITR, but now it has been reduced to 30 days. It has become effective from today i.e. August 1.

The Central Board of Direct Taxes (CBDT) has issued a notification stating that the deadline for verification of Income Tax Return (ITR) has been reduced from 120 days to 30 days after transmission of ITR data electronically. Is. It has become effective from today i.e. August 1.

“CBDT in its latest notification has said that if Form ITR-V is submitted within 30 days from the date of transmission of data electronically, the data shall be the date of furnishing of return electronically. If Form ITR-V is submitted after the aforesaid period, it will be deemed that the return in respect of which Form ITR-V has been filed was never submitted and the same will be sent to the Assessee for re-transmittance electronically. will be obliged. data and follow it up by submitting a new Form ITR-V within 30 days.

This notification will be applicable for electronically transmitted Income Tax 9 return data filed on the e-filing portal (www.incometax.gov.in).

It was informed by the Income Tax Department that the deadline for filing income tax returns by taxpayers who have not got their accounts audited for the financial year ended March 31, 2022 was July 31. More than 68 lakh income tax returns were filed till 11 pm on Sunday.

As per the latest notification, the Income Tax Department has given further clarifications on these points.

It has been decided that in respect of any electronic transmission of return data on or after the effective date of this notification, the time limit for verification or submission of ITR-V shall now be 30 days from the date of dispatch/upload. Will be. Income return data electronically.
It is clarified that where the return data is transmitted electronically before the effective date of this notification, the earlier time limit of 120 days in respect of such returns shall continue to apply.
Where ITR data is transmitted electronically and e-verified / LTR-V is submitted within 30 days of transmission of data – in such cases the return of income is required to be furnished on the date of transmission of the data to the Vidyut Sahayak. date will be considered. Where ITR data is transmitted electronically but e-verified or through ITR-V.
Where ITR is submitted beyond the time limit of 30 days from the date of transmission of data – in such cases the date of submission of e-verification/ITR-V shall be the date of furnishing of return of income and all consequences of late filing will be considered as The return under the Act will follow.
For the purpose of determining the period of 30 days from the date of transmission of the data of Income Tax Return electronically, the date of dispatch of speed post of ITR-V, duly attested, will be considered.

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ITR New Deadline: Government has given a big order for taxpayers, know about the new deadline for ITR.

Pravesh Maurya — Wed, 31 Aug 2022 07:02:40 +0000

ITR Filing Update: The last date to file ITR was 31st July. If you have not filled
your ITR, then now you fill it immediately with penalty. Meanwhile, let us tell you
that the government has changed another big rule of ITR. The government has
tightened the rules of e-verification. According to the notification issued by the
Finance Ministry, now such people will get only 30 days for e-verification.

Department issued order!

As per the order, the Income Tax Department has reduced the deadline for submission
of hard copy of ITR-V or e-verification after filing income tax return from the existing 120
days to 30 days, with effect from 1st August i.e. Has gone. The department had
announced the change in the deadline by issuing a notification on July 29. That is, for
those who submitted ITR on August 1, the last date for e-verification is August 31.

These rules have been applied to tax payers who file their income tax returns on or after August 1. According to the new notification of CBDT, now the date of furnishing the return electronically will be deemed to be the same when Form ITR-V is submitted within 30 days from the date of transmission of data electronically.

Verification is mandatory:

As per income tax laws, ‘ITR will not be considered valid if it is not verified after filing. As per the rule you can verify this in six ways. Generally, audit of ITR-1, ITR-2 and ITR-4 is not required. Let us know in which ways ITR can be verified.

How to E-Verify ITR through Aadhaar:

Step 1: Go to https://www.incometax.gov.in to access your e-filing account Step 2: Select e-Verify Return option under Quick Links.

Step 3: In this, select Verify using OTP on the mobile number registered with

Aadhaar. Then click on e-Verify screen.

Step 4: Select ‘Agree to verify Aadhaar details’ as checked on the Aadhaar OTP screen. Then click on Generate Aadhaar OTP.

Step 5: After entering the 6-digit OTP sent to your Aadhaar-registered mobile number, click on Validate.

Step 6: Remember that this OTP is valid for 15 minutes only. You will be given three chances to enter the correct OTP. You will also see an OTP expiry countdown timer on the screen, which will notify you when the OTP is received. Whereas when you click on Resend OTP, a new OTP will be generated and you will get it.

Step 7: Now a page with the success message and transaction ID will appear. Keep the transaction ID handy for further use. A confirmation message will also be sent on the e-mail and mobile number that you have given on the filing portal.

You can do ITR e-verify in these ways:

1. Through Aadhaar OTP

2. By logging into e-filing account through Net Banking

3. EVC through Bank Account Number

iv. EVC through Demat Account Number

v. EVC through Bank ATM

vi. By sending signed copy of ITR-V through post to CPC, Bengaluru

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Income Tax ! Big News : Income Tax Department will now raid on gaming and betting activities, know the new plan

Pravesh Maurya — Sat, 27 Aug 2022 09:33:45 +0000

the Income Tax Department conducted raids in many parts of the country. In this, jewelery worth crores of rupees and a large amount of gold and silver were recovered. Now the Income Tax Department is knocking on ‘new sectors’ of the economy to check tax evasion.

Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta has said that the Income Tax Department is knocking on ‘new sectors’ of the economy to check tax evasion in India. It is adopting the method of analysis of data about Indians having assets abroad. According to the news of PTI, the CBDT, the controlling organization of the Income Tax Department, conducts search operations and seizure of suspicious properties across the country to prevent the incidents of tax evasion, besides it is the government under the direct tax category. Also collects revenue for Knocking to new areas and new areas of the economy

According to the news, the CBDT chairman said during a discussion that now new sectors of the economy have also been brought under surveillance. He said that we are not restricting ourselves to just real estate or developers. Now we are knocking on new areas and new sectors of the economy.

These also include asset reconstruction companies, gaming and betting activities. When asked about the new trend of tax evasion, Gupta said, “I can say that we have a very wide spectrum.

Large numbers of foreign assets

The Chairman said that India is getting a large amount of data on foreign assets of Indian citizens from various countries through Common Reporting Standards (CRS) and Foreign Account Tax Compliance Act (FATCA). CRS is an international standard system for automatic transaction of financial account information while FATCA is an arrangement for reporting tax evasion in India information between India and the US.

Analyzing data and risk

The CBDT chief said that we have got all the information through Panama, Paradise and Pandora Papers and by linking them with CRS and FATCA, we are widening our base. Gupta said that these information received till the year 2019 is being investigated by the Income Tax Department’s investigation unit, for this data analysis and risk analysis is being done so that cases worthy of action can be identified.

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IT Department Big News: Government gave a big order for taxpayers, new deadline issued regarding ITR

Pravesh Maurya — Mon, 22 Aug 2022 08:28:05 +0000

Income Tax Return Filing Update: The last date to file ITR was 31st July and the government did not extend it even further. In such a situation, if you have not filled your ITR, then now you fill it immediately with fine. Meanwhile, let us tell you that the government has changed another big rule of ITR. The government has tightened the rules of e-verification.

According to the notification issued by the Finance Ministry, now such people will get only 30 days for e-verification. Department issued order! According to the order, the Income Tax Department has reduced the time limit for submission of hard copy of ITR-V e-verification or ITR-V after filing of income tax returns to 30 days from the existing 120 days, with effect from August 1, i.e. today. Has been done.

The department had announced the change in the deadline by issuing a notification on July 29. These rules have been applied to tax payers who file their income tax returns on or after August 1. According to the new notification of CBDT, now the date of furnishing the return electronically will be deemed to be the same when Form ITR-V is submitted within 30 days from the date of transmission of data electronically.

Verification is mandatory

You can do ITR e-verify in these ways

1. Through Aadhaar OTP
2. By logging into e-filing account through Net Banking
3. EVC through Bank Account Number
iv. EVC through Demat Account Number
v. EVC through Bank ATM
vi. By sending signed copy of ITR-V through post to CPC, Bengaluru

How to E-Verify ITR through Aadhaar

Step 1: Go to https://www.incometax.gov.in to access your e-filing account .
Step 2:  Select e-Verify Return option under Quick Links.
Step 3:  In this, select Verify using OTP on the mobile number registered with Aadhaar. Then click on e-Verify screen.
Step 4:  Select ‘Agree to verify Aadhaar details’ as checked on the Aadhaar OTP screen. Then click on Generate Aadhaar OTP.
Step 5:  After entering the 6-digit OTP sent to your Aadhaar-registered mobile number, click on Validate.
Step 6: Remember that this OTP is valid for 15 minutes only. You will be given three chances to enter the correct OTP. You will also see an OTP expiry countdown timer on the screen, which will notify you when the OTP is received. Whereas when you click on Resend OTP, a new OTP will be generated and you will get it.
Step 7:  Now a page with the success message and transaction ID will appear. Keep the transaction ID handy for further use. A confirmation message will also be sent on the e-mail and mobile number that you have given on the filing portal.

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Good news for taxpayers: These big changes in the rules , check new rules instantly

Pravesh Maurya — Sat, 20 Aug 2022 08:43:43 +0000

Good news for taxpayers: Income Tax Department has given a big relief to the taxpayers. Taxpayers claiming Foreign Tax Credit (FTC) will benefit. The Central Board of Direct Taxes (CBDT) has amended the rule relating to FTC. CBDT (Central Board of Direct Taxes) has made changes in Rule 128 of the Income Tax Act, 1962.

The Finance Ministry said in a statement that now the statement in Form No. 67 can be submitted on or before the end of the relevant assessment year. Taxpayers filing Income Tax Return (ITR) within the stipulated time can claim credit for tax paid outside India till the end of the assessment year.

The Income Tax Department also made a tweet about this. It added that the details to be furnished in Form No. 67 can now be furnished till the end of the relevant tax assessment year. Till now, credit of tax deposited abroad (FTC) could be taken only if Form-67 along with the required documents was submitted within the stipulated time.

Due to this provision, the ability to claim tax for tax paid outside India would have been limited. Keeping in mind the problem of when it will be implemented , the Central Board of Direct Taxes (CBDT) has now given relief to taxpayers by changing the provisions related to claiming for FTC.

The special thing is that the CBDT has decided to implement this amendment from the retrospective date i.e. April 1, 2022. Due to this, this facility can be availed on all FTC credit claims submitted in the current financial year.

That is, it will be applicable to all claims of foreign tax credit filed during the financial year 2022-23. The last date for filing Income Tax Return (ITR) has passed last month. More than 5 crore taxpayers have filed tax returns till the last date. After that 120 days have been given to verify the ITR.

Those who file ITR on or after August 1, will have to verify ITR within 30 days. If not verified, ITR will be considered invalid and refund money will not be received.

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Income Tax Department has issued new deadline for ITR e-verification, check here new deadline immediately

Pravesh Maurya — Fri, 19 Aug 2022 06:11:37 +0000

This notification will be applicable for electronically transmitted Income Tax 9 return data filed on the e-filing portal (www.incometax.gov.in).

As per the latest notification, the Income Tax Department has given further clarifications on these points.

It has been decided that in respect of any electronic transmission of return data on or after the effective date of this notification, the time limit for verification or submission of ITR-V shall now be 30 days from the date of dispatch/upload. Will be. Income return data electronically.
It is clarified that where the return data is transmitted electronically before the effective date of this notification, the earlier time limit of 120 days in respect of such returns shall continue to apply.
Where ITR data is transmitted electronically and e-verified / LTR-V is submitted within 30 days of transmission of data – in such cases the return of income is required to be furnished on the date of transmission of the data to the Vidyut Sahayak. date will be considered. Where ITR data is transmitted electronically but e-verified or through ITR-V.
Where ITR is submitted beyond the time limit of 30 days from the date of transmission of data – in such cases the date of submission of e-verification/ITR-V shall be the date of furnishing of return of income and all consequences of late filing will be considered as The return under the Act will follow.
For the purpose of determining the period of 30 days from the date of transmission of the data of Income Tax Return electronically, the date of dispatch of speed post of ITR-V, duly attested, will be considered.

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ITR will be rejected without verification, these taxpayers will have to do this work within 30 days

Pravesh Maurya — Fri, 12 Aug 2022 14:34:34 +0000

ITR Verification: The last date for filing ITR (Income Tax Return) for the salaried and such taxpayers whose accounts are not to be audited, has passed on July 31. Now the process of its verification has to be completed. Verification is very important as without it ITR filing will be considered invalid. For this, you get 120 days from electronically uploading the data of return of income.

However, CBDT (Central Board of Direct Taxes) has reduced it to 30 days which has become effective from August 1. Now the trick here is that taxpayers who have already filed their online return before the notification of reduction in verification time limit i.e. August 1, will get 120 days for verification and those who have done it after that, for them. This time limit is 30 days only. Explain that after July 31, the return can be filed with penalty.

Verify can be done in six ways

From Aadhaar OTP: For this your Aadhaar and PAN should be linked and mobile number should also be linked with Aadhaar. Go to the e-Verify page of the Income Tax Portal and select the option of Verification by Mobile OTP. After that proceed by selecting the Continue option and on the next screen click on ‘I agree to the verification through my Aadhaar’. OTP will come on the mobile, by filling it you can verify the ITR.
Through Bank Account: For this your bank account should be already verified. In this way, to verify the ITR, a code has to be used which comes on your mail id and mobile. This Electronic Verification Code (EVC) is a 10-digit alphanumeric code.
Through Demat Account: For this also your Demat account should be already verified. In this way, for verification, go to the e-verify page of the income tax portal and select the option of demat account. After this, click on the Continue option and you can verify the ITR by entering the EVC that has been received.

Through ATM: Select the PIN option for ITR filing by swiping the card at the bank’s ATM. EVC will come on mobile. After this, select the e-verify page on the income tax portal and verify the return by entering the EVC by selecting the option ‘I have ECV’.
Through Net Banking: Go to the e-Verify page of the Income Tax Portal, select the Net Banking option and enter your bank name and click on ‘Continue’. Then log in to net banking on your bank’s portal and verify ITR by selecting the option of e-verify.
Digital Signature Certificate (DSC): This is one of the methods of e-verification but immediately after filing your ITR you will be able to e-verify using Digital Signature Certificate (DSC). If you have chosen the option of verification later while submitting the income tax return, then you will not be able to opt for DSC for verification.

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Income Tax Department has issued new deadline for ITR e-verification, check here new deadline immediately

Pravesh Maurya — Mon, 01 Aug 2022 08:02:43 +0000

This notification will be applicable for electronically transmitted Income Tax 9 return data filed on the e-filing portal (www.incometax.gov.in).

As per the latest notification, the Income Tax Department has given further clarifications on these points.

It has been decided that in respect of any electronic transmission of return data on or after the effective date of this notification, the time limit for verification or submission of ITR-V shall now be 30 days from the date of dispatch/upload. Will be. Income return data electronically.
It is clarified that where the return data is transmitted electronically before the effective date of this notification, the earlier time limit of 120 days in respect of such returns shall continue to apply.
Where ITR data is transmitted electronically and e-verified / LTR-V is submitted within 30 days of transmission of data – in such cases the return of income is required to be furnished on the date of transmission of the data to the Vidyut Sahayak. date will be considered. Where ITR data is transmitted electronically but e-verified or through ITR-V.
Where ITR is submitted beyond the time limit of 30 days from the date of transmission of data – in such cases the date of submission of e-verification/ITR-V shall be the date of furnishing of return of income and all consequences of late filing will be considered as The return under the Act will follow.
For the purpose of determining the period of 30 days from the date of transmission of the data of Income Tax Return electronically, the date of dispatch of speed post of ITR-V, duly attested, will be considered.

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EPFO New Rules: EPF account holder gets an additional bonus of Rs 50,000, check all details

Pravesh Maurya — Fri, 29 Jul 2022 09:55:01 +0000

EPFO rules: The members of Employees’ Provident Fund Organization (EPFO) are not aware of the important rules related to PF account. This is because some members will not even be able to take advantage of the benefits associated with their account.

In this case there is a possibility of loss. Most of the members know the rules like insurance, pension, income tax deduction of Rs 7 lakh under EDLI scheme. But, apart from this, there is also a rule related to loyalty-cum-life benefit. In this benefit, the employee can get a benefit of up to Rs 50,000 at the time of retirement. In fact, all EPF account holders are advised to continue contributing to the same EPF account even after changing jobs.

Also, they can avail loyalty-cum-life benefits after contributing to the same account for 20 consecutive years. According to EPFO expert Bhanu Pratap Sharma, the CBDT has recommended to extend the benefit of loyalty-cum-life benefit to account holders who have contributed to their EPF account for 20 years.

The Central Government has approved it. This means if one qualifies then he/she will get an additional benefit of Rs.50,000/-. Under the loyalty-cum-life benefit, people with a basic salary of up to Rs 5,000 will get a benefit of Rs 30,000. Those whose basic salary is between Rs 5,001 to Rs 10,000, they will get a benefit of Rs. The best way to avail this is to keep the EPFO account open even if the EPFO member changes jobs.

For this you have to inform your old employer and current employer. It is advisable not to withdraw PF during work. Retirement fund members may suffer losses including income tax. He also had pension benefits and loss of loyalty.

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EPFO rule change: know about income tax EPF tax EPF account

Pravesh Maurya — Fri, 22 Jul 2022 06:15:00 +0000

EPFO rule change: The Central Board of Direct Taxes (CBDT) has issued new rules regarding the contribution made to the Provident Fund (PF) and the interest earned from it. In this, all the things related to interest rate to tax are related. Let us understand the whole thing in 10 points.

EPF is the most important financial planning and retirement investment option of millions of employees. EPF is a better investment option for assured returns and tax benefits. In such a situation, please inform that there has been a change in the rules of Employee Provident Fund from April 1. According to this rule, the contribution in PF more than a limit will be taxed. Under the new rule, if the total contribution in PF in a financial year exceeds Rs 2.50 lakh, then it will be taxed. Let us know about it in detail.

Some rules have changed from April 1,
according to the new rule of EPF, if the employee has more than Rs 2.5 lakh deposited in PF in a financial year, then it will be taxed. This rule is only for the account of the employee who is deposited in PF. This rule will not apply to the amount deposited by the company in your PF.

Know the special things related to it

The EPFO has reduced the interest rate for the financial year 2021-22 to a four-decade low of 8.1 percent.
Any interest on contribution made to EPF of an employee remains tax-free only for contributions up to Rs 2.5 lakh per annum.
Interest is charged to tax on contributions from the employee in excess of Rs 2.5 lakh per annum.
If an employer is not contributing to the EPF of an employee, the contribution limit has been increased to Rs 5 lakh.
Only additional contributions above the threshold are taxed, not the total contribution.
The additional contribution and the interest earned thereon will be kept in a separate account with EPFO.
Employer’s contribution to Provident Fund (PF), NPS and retirement aggregating Rs 7.5 lakh per annum is exempt from taxes.
Since employers will withhold tax at source, all your details have to be filled in Form 16 and Form 12BA.
Employers will have to mandatorily make EPF contribution for those employees whose monthly income is up to Rs 15,000.
Taxes withheld in this way need to be reported by employees as “income from other sources.”

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Income Tax Rules Change: Many rules of income tax changed from today, you need to know; Otherwise…

Pravesh Maurya — Wed, 20 Jul 2022 11:12:15 +0000

Income Tax Rules Change: Many income tax rules have changed from today. After the start of the second quarter of the financial year 2022-23, three major changes in the income tax rules proposed in the Union Budget 2022 have come into effect from today. In which a rule has also been included for doubling the late fee on PAN-Aadhaar linking.

After the start of the second quarter of the financial year 2022-23, three major changes in the income tax rules proposed in the Union Budget 2022 have come into effect from today. In which a rule has also been included for doubling the late fee on PAN-Aadhaar linking. From today, the late fee for PAN-Aadhaar seeding has been increased from Rs 500 to Rs 1,000.

In addition, one percent tax deduction at source (TDS) on all cryptocurrency transactions from Q2FY23 will be applicable from today. Meanwhile, from today 10 per cent TDS on monetary benefits received through sales promotion on social media influencers and doctors has also come into effect.

3 important changes in income tax rules will be implemented from today.

Double fee for PAN-Aadhaar linking

The last date for Aadhaar-PAN linking has ended on 30 June 20222. As per CBDT guidelines, if a person links his PAN with Aadhaar after 31 March 2022 to 30 June 2022, he will have to pay a late fee of ₹ 500. However, if a person fails to link PAN with Aadhaar by June 30, 2022, he will have to pay double the penalty of ₹ 1,000 for PAN-Aadhaar seeding from July 1, 2022. Now that we have reached the second quarter of FY 22-23, therefore, an individual has to pay Rs 1,000 for PAN-Aadhaar seeding.

TDS on cryptocurrency

After levying 30 per cent flat income tax on cryptocurrencies with effect from 1st April 2022, the Government of India in the Union Budget 2022 had proposed an additional TDS of 1 per cent on cryptocurrency transactions, irrespective of profit or loss to the investor. The budget proposal has become effective from today. However, an investor will be able to claim refund of TDS levied on loss transactions. Hence, cryptocurrency investors are advised to file ITR.

Changes in income tax rules for doctors

In the Union Budget 2022, the Government of India has added a new section 194R to the Income Tax Act 1961. This new section proposes 10 per cent TDS on doctors and social media influencers on profits received through sales promotion. This budget proposal has come into force from 1st July 2022 i.e. today. However, TDS will be applicable only if the cost of profit is ₹20,000 or more in a financial year.

Know what is section 194R

Tax to be deducted before grant of profit or perquisite to any person. There may be several stages in the grant of benefits/perks to the resident recipient. There cannot be a single rule to determine the stage at which tax will be deducted. It has to be understood with reference to the special benefit or perquisites to be provided to the recipient. Before reaching the point of ‘providing’ the benefit or perquisite, it has to be ensured that the tax has been deducted.

How does section 194 work?

If a private doctor is receiving samples from a pharmaceutical company and the cost of all such samples exceeds Rs 20,000 in a financial year, it will attract 10 per cent TDS. However, if the doctor is working in a private hospital, in that case 10 percent TDS will be levied on the hospital. It is important to know that section 194R does not apply to government entities. Therefore, if a doctor working in a government hospital is receiving free medical samples, he is not required to pay 10 per cent TDS.

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New rule of CBDT! CBDT issued new rule today , check immediately

Pravesh Maurya — Sat, 09 Jul 2022 14:15:46 +0000

New rule of CBDT: The government has now made it mandatory to file ITR for many people who do not have to pay income tax on their income. The government has taken this step to bring more and more people under the purview of income tax.

In India, it is believed that people whose income does not come under the purview of Income Tax, there is no need to file Income Tax Return (ITR). People consider filing ITR as a burden without any reason. This is the reason that very few people who are outside the purview of paying income tax file ITR. However, there is no harm in filing ITR, but it is beneficial.

At present, tax is not to be paid on annual income up to 2.5 lakhs. Therefore, filing ITR is also not mandatory for such people. But, it is also not that all the people who are not in the purview of paying income tax do not have to file ITR. The government has now made it mandatory to file ITR for many people who do not have to pay income tax on their income.

Notification was issued in April

The Income Tax (9th Amendment) Rule, 2022 has been made to bring more people under the purview of income tax. The Central Board of Direct Taxes (CBDT) had issued a notification in April this year about those people for whom filing ITR has now been made mandatory. These are people whose income is not subject to income tax. Experts say that the Income Tax Department has made new provisions only to bring more and more people under the purview of income tax.

Now they also have to file ITR

If a businessman’s total sales, turnover or gross receipts exceeds Rs 60 lakh in the previous financial year, then he will have to file ITR even if his income is not taxable. If the total gross receipt of a professional from his profession in the last financial year is more than Rs 10 lakh, then he will also have to file ITR this time.

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CBDT - Rightsofemployees.com

CBDT Tightens Crypto Tax Reporting Rules, Signals Push for Greater Transparency

The new guidance aligns India with the OECD’s Crypto-Asset Reporting Framework, while industry experts see it as a step toward a broader regulatory framework for digital assets.

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India adopts global reporting standards

Focus remains on tax reporting

Broader crypto policy may be taking shape

Industry welcomes the guidance

Exchanges see greater operational clarity

What the guidance means

FAQ

What has the CBDT announced?

Does this change India’s crypto tax rules?

What is the OECD’s Crypto-Asset Reporting Framework (CARF)?

Does this mean India will regulate cryptocurrencies soon?

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Frequently Asked Questions

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What’s Next

New PAN Card Rules 2026: 5 Key Changes from April 1

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No Change In ITR Forms For AY 2026-27 Despite New Tax Law

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Good News! CBDT Gives Extended ITR Processing Time to These Taxpayers

The Central Board of Direct Taxes has given a big relief to the taxpayers. CBDT has given more time for processing the income tax returns filed through electronic means.

What has been said in the CBDT circular

Tax File Deadline

Aadhaar Card to be Mandatory for New PAN Card from THIS date – Key Details Inside

If you are thinking of making a new PAN card for yourself or a family member, then definitely read this news. You will need to have Aadhaar to make a PAN card.

Why was this change made

You will not be able to make a fake PAN

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PAN Card Rules 2025: Big update: Your PAN will be closed after December 31, check new update here

The government has taken a big decision regarding making PAN card and linking it with Aadhaar. The Central Board of Direct Taxes (CBDT) has made it mandatory to provide Aadhaar card for new PAN card from July 1, 2025.

Headlines:

ITR Filing: Relief news for these taxpayers, CBDT issued order, know who will get benefit and who will not

Who will benefit?

Who will not get the benefit?

Threat of tax demand notice?

CBDT has extended the last date for filing ITR for the FY 2024-25 from July 31 to September 15, 2025

Time extended due to changes

Why shouldn’t salaried taxpayers file ITR before June 15?

What does Form 16 contain?

Select the option to download

Now you will get 4 years time to file ITR-U, CBDT has released the revised form; Know when is the last date?