The Income Tax Department has extended the last date for filing Income Tax Return (ITR) for the financial year 2024-25 i.e. from 1 April 2024 to 31 March 2025 to 15 September 2025. Almost everyone knows this update. With the new date instead of 31 July 2025, tax payers have got an additional 45 days of time.

Why was the date extended?

The Central Board of Direct Taxes (CBDT) said that this time many changes have been made in the ITR forms (which are for AY 2025-26). It was taking more time to implement these changes in the system and prepare online tools (utilities) for filing ITR. Therefore, the date was extended so that people do not face any problems.

Which tax system to choose?

New Regime: This is now the default. Meaning, if you do not say anything, your return will be calculated according to this system.

Old Regime: If salaried individuals want, they can choose the old system while filing ITR by the new deadline (15 September 2025). Many deductions are available in this, such as HRA, exemption on interest (home loan) etc.

Keep in mind that if you file ITR after the deadline (i.e. after 15 September 2025) (which is called ‘belated return’), then you can file returns only in the new tax system. There will be no option to choose the old system.

What are the benefits of the new tax system? (For FY 2024-25)

1. Standard Deduction: Salary or pension earners will get a straight deduction of Rs 75,000. This will already be deducted from your income.

2. Section 87A Rebate: If your total taxable income does not exceed Rs 7 lakh in the new system, you will get a tax rebate of up to Rs 20,000. This means that those with taxable income up to Rs 7 lakh will not have to pay any tax!

3. NPS exemption (Section 80CCD(2)): Even in the new system, if you are a salaried employee and contribute to NPS (National Pension System), you can claim deduction of up to 14% of your basic salary.

What about “no tax up to Rs 12 lakh”?

Here understand a very important thing, the government has recently announced that there will be no tax on income up to Rs 12 lakh in the financial year 2025-26 (ie income from 1 April 2025 to 31 March 2026), but this rule does not apply to the current ITR filing (for FY 2024-25). This facility will be available next year, when you file the return of income from April 2025 to March 2026.

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There is a relief news for taxpayers. The Central Board of Direct Taxes (CBDT) has given a big relief regarding those Income Tax Returns (ITR) which were wrongly declared invalid due to technical glitches. Now all such returns, which were e-filed till 31 March 2024, will be processed till 31 March 2026.

CBDT had received complaints that the Income Tax Centralized Processing Center (CPC) in Bengaluru had mistakenly rejected some returns due to technical reasons. Returns whose valid processing deadline was 31 December 2024 can now be processed till 2026 under the new order. That is, those whose ITR was declared invalid earlier can now expect relief.

Exemption given under section 119, refund will also be available

The CBDT has relaxed the time limit under section 119 of the Income Tax Act. Now, these taxpayers will be sent a notice of return processing under section 143(1) by March 31, 2026. After this, if a refund is due, it will also be available—although a condition will apply. The important thing is that if someone’s PAN and Aadhaar are not linked, then they will not be given any tax refund. It has been clarified that Circular 03/2023 will be applicable in such cases.

You can still file ITR

If you have not been able to file your ITR for the financial year 2024-25 yet, then do not worry. Its last date is 15 September 2025. If this date is also missed, then belated return can be filed till 31 December 2025. Even after this, if any mistake is made, then the option of filing updated return is available for 4 years after the end of the assessment year.

Who will get the benefit?

This decision will benefit lakhs of taxpayers whose ITR was declared invalid due to technical reasons and whose refund or tax adjustment was stuck till now. Now these cases will be reconsidered and the processing of those who had e-filed on time will be completed by 2026. According to CA Mohit Gupta, this decision is a big step in the right direction. This exemption given under section 119 will provide relief to those taxpayers who were stuck due to technical reasons.

You can also fill ITR yourself

Let us tell you that if your income is limited to salary, rent or some common investments, then you do not need any CA or expert to file Income Tax Return (ITR). This work has now become very easy, fast and safe on the government’s official website incometax.gov.in . Here you get the ITR form pre-filled, like your salary, bank interest and TDS information is already entered. Just check it carefully once, and if needed, make changes and fill the rest of the information.

However, if your income includes business, capital gains from selling shares or assets abroad, it would be better to take the help of a Chartered Accountant (CA). This will help you to follow the tax rules properly and there will be no scope for error.

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Actually, when a person sells a property bought a long time ago, its price automatically increases due to inflation in the meantime. There is a system to find out the effect of this inflation, which is called Cost Inflation Index (CII). Now the government has increased this index from 363 to 376.

This means that if someone has bought a property earlier and now sells it, then the purchase price will now be considered higher than before. When the capital gain i.e. profit is calculated (selling price – indexed purchase price), the profit will be less and the tax applicable on it will also be less. This new index will be applicable from the financial year 2025–26 and assessment year 2026–27.

Not everyone will benefit

The government’s argument is that when the price of a property increases only due to inflation, then that part should not be taxed. But this time one more thing has been changed. That is, now the benefit of CII will be available only in a few cases. In the 2024 budget, an attempt was made to simplify the tax rules, and now this indexation benefit will be available only on those properties that have been sold before 23 July 2024.

Yes, if someone bought land or house before 23 July 2024, and sells it later, he will get two options. First – pay 12.5 percent tax, without indexation, second – pay 20 percent tax, but with the benefit of indexation. That is, this new CII (376) will be useful for those who have old property. But NRIs, companies and LLPs will not get this option.

According to a report by Livemint, tax expert Amit Maheshwari says that it is important for CII to be updated every year so that people can properly plan their tax on capital gains. Earlier this system was used for long term capital gains on land, house, gold, patent, securities etc. But now according to the new rule, this facility will be closed after 23 July 2024, except for those properties which were purchased earlier.

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Tax experts say that even though the Central Board of Direct Taxes (CBDT) has extended the last date, taxpayers should not wait for the last date to file their returns. The reason for this is that in the rush to file returns near the last date, you can make a mistake, which can cost you a lot.

Be careful and vigilant while filing returns

The Income Tax Department wants to bring maximum people under the purview of compliance. For this, it is constantly strengthening its surveillance system. It keeps a watch on the high value transactions of people. If the department feels that the high value transactions of a taxpayer do not match his income, it sends a notice to the taxpayer.

Therefore, you need to be very careful while filing your income tax return. You have to remember that every income, big or small, has to be declared in the return. If you have earned profit by investing in cryptocurrency, then you have to declare it in the return.

Also Read: Navya Scheme 2025: Central government started ‘Navya’ scheme for girls, Key benefit and how to apply

In case of error, a revised return can be filed.

A partner at a tax consultancy firm said that you should take your income tax return very seriously. Before filing your return, you should collect complete information about all your income. If you forget to declare any income in your return, you may later get a notice from the Income Tax Department. If the department feels that you have done it intentionally, then you can get into big trouble.

Taxpayers may have to pay penalty

Section 276C of the Income Tax Act, 1961 states the steps that the Income Tax Department can take against a taxpayer if it is proven that he is at fault. These include claiming wrong deduction, using fake receipt or certificate for deduction, action to be taken for not disclosing any income in the income tax return.

According to this section, if a taxpayer is found guilty, he may have to pay a fine of up to 200 percent of his tax liability. Not only that, he may also have to go to jail.

A deliberate mistake can result in imprisonment.

Section 276C states that if a taxpayer intentionally evades tax and the amount evaded exceeds Rs 100,000, he can be sentenced to imprisonment. Initially, the sentence will be for 6 months, but later it can be increased to 7 years.

Apart from this, a penalty can be imposed on the taxpayer. Tax experts say that if a taxpayer unintentionally forgets to disclose any income, then he does not need to worry. If he remembers, then he can file a revised return. If you do not remember later and the Income Tax Department sends you a notice, then you can tell the department the truth.

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The post ITR 2025: Giving wrong information in ITR can lead to jail, know what are the rules… first appeared on Rightsofemployees.com.

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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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

The post ITR Filing 2025: CBDT has all ITR forms notified, Key major changes details Here first appeared on Rightsofemployees.com.

1. A major change divides capital gains into two periods, including the period before July 23, 2024 and then after it. This is as per the amendment made in the Finance Act 2024. With the help of this change, companies will be able to adjust their tax calculations based on the revised capital gains tax regime applicable in the middle of the year.

2. Now companies will also be able to claim capital losses on share buyback. The only condition is that the related dividend income should be reported under ‘Income from other sources’ after October 1, 2024. The purpose of this provision is to provide a clear picture for the forms involved in the buyback transaction. Tax experts say that this move will encourage more transparent reporting.

3. The CBDT has also introduced a presumptive taxation rule for non-resident cruise ship operators under section 44BBC, under which 20% of passenger carriage receipts will be treated as taxable profit.

4. Foreign companies selling rough diamonds in designated special areas will now operate under the safe harbour rule (Rule 10TIA), which requires a profit margin of at least 4% on gross receipts. The measure, which comes into effect from April 1, 2024, is aimed at simplifying transfer pricing for the diamond sector.

5. Reporting now also includes mandatory disclosure of TDS section code in Schedule-TDS and deduction claimed under section 24(b) for home loans, reflecting the government’s effort towards income tracking.

The post Income Tax: Big news- New ITR form released, know what are the big changes this time first appeared on Rightsofemployees.com.

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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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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The post ITR-1 and ITR-4 released, but do not rush to file returns, there has been a big change in the form first appeared on Rightsofemployees.com.

When will ITR filing 2025 start?

The post ITR Filing 2025: When will Form 16 be available, when will income tax return filing start? first appeared on Rightsofemployees.com.

If you are a taxpayer then this news is important for you. In fact, the Income Tax Department said on Thursday that taxpayers will not be allowed to deduct the expenses incurred to settle the proceedings initiated under four laws including SEBI and Competition Act. According to PTI news, in a notification issued on April 23, it has been told that the Central Board of Direct Taxes (CBDT) notified that any expenditure incurred to settle the proceedings initiated in respect of violations or defaults under four specified laws will not be considered to be incurred for the purpose of business or profession. No deduction or allowance will be given for such expenditure.

These are the four laws

According to the report, these four laws are – Securities and Exchange Board of India Act, 1992; Securities Contracts (Regulation) Act, 1956; Depositories Act, 1996; and Competition Act, 2002. Amit Maheshwari, Tax Partner at AKM Global, said that the deduction of settlement payments under Section 37(1) of the Income Tax Act, 1961, has long been a subject of judicial debate, especially in cases like Income Tax Officer vs Reliance Share and Stock Brokers (P.) Ltd., where consent fees paid to SEBI were allowed as business expenses on the basis of business convenience.

Any expenditure not eligible for deduction

The CBDT amended the law through the Finance Act, 2024 and has now notified that any expenditure incurred for settlement or compromise of proceedings under specific laws, including the SEBI Act, Securities Contracts (Regulation) Act, Depositories Act and Competition Act, whether in India or abroad, will not be eligible for deduction.

This effectively repeals earlier tribunal decisions and brings much-needed clarity to the tax landscape, although ambiguities remain under other regulatory laws such as FEMA and RBI directions, Maheshwari said.

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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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The post CBDT notifies deadline for THESE taxpayers, do you also fall in this category? first appeared on Rightsofemployees.com.

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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The post PAN-Aadhaar Linking: CBDT issued a new notification regarding PAN-Aadhaar linking, check immediately first appeared on Rightsofemployees.com.

The Income Tax Bill, 2025 was introduced in Parliament last month. Currently it is with the Select Committee for review.

Stakeholders are encouraged to continue to submit their suggestions on the provisions of the bill, which will be compiled and sent to the Select Committee for review. The CBDT said in a statement that efforts are underway to collect suggestions in line with the comprehensive review of the Income Tax Act, 1961 and to simplify the relevant income tax rules and various forms.

The initiative aims to increase clarity, reduce compliance burden and eliminate obsolete rules to make the tax process more accessible to taxpayers and other stakeholders. In addition, streamlining rules and forms aims to simplify tax compliance, improve taxpayer understanding and ease filing, reduce administrative burden and errors, and enhance transparency and efficiency.

Stakeholders can give suggestions like this

As part of a comprehensive consultative process, the committee formed to review the rules and forms invites suggestions from stakeholders in 4 categories, including simplification of language and reduction of litigation and compliance burden. To facilitate this, a facility has been introduced on the ‘e-filing’ platform. It is available to all stakeholders from March 8, 2025. Stakeholders can give their suggestions by entering their name and mobile number. After this, there will be an OTP-based validation process.

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What is Section 87A?

Section 87A aims to provide relief to individual taxpayers, especially those in the low income group. It provides tax exemption to individuals whose total taxable income is up to ₹5 lakh under the old tax regime and up to ₹7 lakh under the new tax regime.

What’s the matter?

A public interest litigation (PIL) filed by ‘The Chamber of Tax Consultants’ argued that the filing utility software updated on July 5 arbitrarily denied taxpayers the right to claim exemption under section 87A of the Income Tax Act, 1961. The petition said that these changes made in the software used for filing returns for assessment year 2024-25 are illegal.

The Bombay High Court said, “The Central Board of Direct Taxes (CBDT) is directed to immediately issue the necessary notification under section 119 of the Income Tax Act and extend the deadline for taxpayers who are required to file returns by December 31, 2024, at least till January 15, 2025. It is necessary to ensure that all taxpayers eligible for exemption under section 87A are given an opportunity to exercise their statutory rights.”

What happens if we miss the new deadline?

• If a taxpayer misses the new deadline to file ITR for 2023-24, then many problems may arise.
• Penalties may increase – Penalties for late filing can go up to ₹10,000.
• Loss of profits – such as losses from business/profession and the opportunity to carry forward capital gains will be lost.
• Payment of Interest – 1% interest will accrue every month under Section 234A.

Important things to keep in mind while filing late return
Late Fees:

• Late fee of ₹5,000 for those with income above ₹5 lakh.
• Late fee of ₹1,000 for those with income less than ₹5 lakh.
• If the income is below the taxable limit, there will be no late fee.
• No Loss Carry Forward: Carry forward of losses from business/profession and capital gains will not be allowed.
• Tax exemptions: Certain special deductions like section 80IA, 80IB will also not apply.
• No change in tax regime: Change to old or new tax regime will not be allowed while filing late returns.

If ITR is filed on time, all these problems can be avoided. Therefore, taxpayers are advised to take advantage of the deadline extended by the High Court and file their returns on time.

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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.

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Budget 2024 has talked about adjusting TDS and TCS from other sources against salary TDS. The Central Board of Direct Taxes (CBDT) has issued a new form regarding this. According to the Economic Times, this information has been given through a notification issued by the CBDT on October 15. It is called Form 12BAA.

This form will be used by employees to inform their firm about tax deductions made from sources other than their salary. Such as, information about fixed deposits, insurance commission, dividend from equity shares or tax deducted in buying a car or foreign currency is included.

How will it help?

Firms usually deduct TDS from salaries as per the declaration of the employees, taking into account the investments and expenses for tax deduction. However, firms did not adjust the tax paid by the employee from other sources. Now, this will change with the new form issued by CBDT.

What will be the benefit?

Through this new form, the employee can reduce the tax deduction from his salary by providing information about TCS deposits and TDS deducted from other sources. This move will help employees deal with cash flow problems and spend or save their income.

What changed?

The new law to inform the firm about TDS and TCS deducted from other sources has come into force from October 1 this year. The employee can inform his firm about the TDS deducted from other income sources or TCS deducted while making any big expenditure. Earlier there was no specific mechanism to give this information to the firm. Now the new form issued by the department will help the employee to give this information to the firm.

What is the difference between TDS and TCS?

TDS and TCS are two ways of collecting tax. If a person has earned more than a certain limit, then a certain amount is deducted from that income. This amount deducted as tax is called TDS. TCS is the tax that the seller collects from the buyer. In both these cases, there is a need to file a return.

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Mayank Mohanka, founder of TaxAaram.com, said the e-dispute resolution scheme was notified in 2022. Now the CBDT has started the facility of electronic filing of online applications. Now the application can be filed through the prescribed Form 34BC through the e-filing portal of Income Tax.

Who can file the application?

Taxpayers whose income as per their income tax return ( ITR ) is up to Rs 50 lakh and the aggregate amount of variation is less than Rs 10 lakh can file an application under this scheme. Mohanka said, “Any person including salaried taxpayers who fulfils the prescribed criteria can file an application under this scheme. For example, salaried taxpayers whose income (as per ITR) is up to Rs 50 lakh and who have received an assessment order containing disallowances up to Rs 10 lakh in respect of HRA claim or section 80C claim can settle their tax matters under this scheme. This will save them from penalty under section 270A in case of under-reporting or mis-reporting of income.”

What are the conditions to avail this scheme?

There are some other conditions as well. For example, the taxpayer should not be facing any detention order under the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974. However, this restriction will not apply if such order has been quashed by the court. Apart from this, if the taxpayer has been convicted under the Unlawful Activities (Prevention) Act, 1967, Narcotics Drugs and Psychotropic Substances Act, 1985, Prohibition of Benami Transactions Act, 1988, Prevention of Corruption Act, 1988 (49 of 1988) and Prevention of Money Laundering Act, 2002, then he cannot file an application under this scheme.

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How will taxpayers benefit from this scheme?

Mohanka said that under this scheme, the principal of income tax and its interest has to be paid. However, the penalty imposed on the taxpayers can be reduced or waived off. The Dispute Resolution Committee will decide on this. This is a kind of amnesty scheme on the lines of ‘Vivaad se Vishwas’. However, there is no deadline for filing the application. This scheme is different in that the penalty can be reduced or waived off, but the interest demand sent to the taxpayers cannot be waived off.

What is the process for filing an application?

The Income Tax Department has issued an FAQ (Frequently Asked Question) in this regard. According to this, taxpayers will have to go to e-DRC (Dispute Resolution Committee). This committee has the right to reduce the penalty of waiving the punishment after the payment of tax. Its purpose is to resolve disputed issues quickly. The taxpayer can access the e-DRS module by logging in to the tax portal of the Income Tax Department. After logging in, he will have to select e-file on the dashboard. After that, he will have to go to Income Tax Forms. Then File Income Tax Forms will have to be selected.

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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.

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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.

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Contrary to recent reports, it is not mandatory for all citizens to obtain Income Tax Clearance Certificate before travelling abroad. In fact, a provision in this regard was made through the Finance Act, 2003 and it mentions the circumstances when it becomes necessary for a person residing in India to obtain a Tax Clearance Certificate.

The recent amendment only adds a reference to the Black Money (Undisclosed Foreign Income and Assets) and Tax Act, 2015 to ensure that liabilities under this Act will be treated like liabilities under the Income Tax Act. The CBDT has clarified that the ITCC rule applies only under specific circumstances.

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According to the current provisions and instructions, income tax clearance certificate will be required only for those people against whom serious cases of financial irregularities are going on or who have a dues of Rs 10 lakh under direct tax and no ban has been imposed on it. This regulation has been in place since 2003 and the recent amendment has not brought any change in it.

It has also been said in the CBDT notification that reasons have to be given for obtaining the Income Tax Clearance Certificate and its approval will be given by the Principal Chief Commissioner of Income Tax or Chief Commissioner of Income Tax. Broadly, CBDT has clearly stated that the Income Tax Clearance Certificate is not necessary for all Indians going abroad, but only those people who are caught in big financial irregularities may need it.

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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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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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The central government has received great good news before the full budget for the financial year 2024-25. Actually, the government is earning a lot from direct tax and so far this year, it has seen a growth of more than 24 percent. This has been revealed by the latest data.

The figure reached close to Rs 5.75 lakh crore

According to the latest data released by the Central Board of Direct Taxes (CBDT) on Friday, the net direct tax collection has increased by 24.07 percent so far this year to Rs 5.74 lakh crore. This figure is till July 11, 2024. In the same period a year ago, the government had earned Rs 4.80 lakh crore from direct tax.

According to CBDT data, corporate tax has contributed Rs 2.1 lakh crore to this figure of net collection of direct tax. On the other hand, personal income tax has contributed Rs 3.46 lakh crore to the total collection. The personal income tax collection figure also includes the income from securities transaction tax i.e. STT.

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This much was earned in the month of June

The government earned more than Rs 4.50 lakh crore from tax collection in the month of June alone. CBDT figures show that in the month of June, the government got a total of Rs 4.62 lakh crore from the collection of direct taxes. This figure is 20.99 percent more than the income from direct taxes in June 2023. The collections made during the month of June include corporate tax of Rs 1.8 lakh crore and personal income tax of Rs 2.81 lakh crore.

The figure had increased so much last year

Direct tax collection had given great relief to the government during the last financial year as well. During the entire financial year 2023-24, the government’s direct tax collection grew by 17.7 percent on an annual basis and the total figure stood at Rs 19.58 lakh crore. During the last financial year, the contribution of personal income tax was significant in this increase. The contribution of personal income tax in the total collection increased to 53.3 percent, while the contribution of corporate tax decreased to 46.5 percent.

The budget is going to come after a week and a half

This tax collection figure has come at a time when the government is going to present a new budget after about a week and a half from now. The new session of Parliament is starting from July 22 and on the second day of the session i.e. on July 23, Finance Minister Nirmala Sitharaman is going to present the full budget for the financial year 2024-25.

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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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The Income Tax Department has given big relief to some taxpayers. In fact, the department said that for the financial year 2020-21, a difference has been found between the rent paid by the salaried employees and the amount received by the recipient. The department has analyzed the data in high value HRA cases.

However, the Central Board of Direct Taxes (CBDT) has denied reports that the department is running a special campaign to reopen House Rent Allowance (HRA) cases. The number of such cases was very less as the rent paid by the tenant and the rent received by the recipient was verified.

The CBDT said in the statement that the data was analyzed in some high value cases involving discrepancies between the rent paid by the employee and the amount received by the recipient for the financial year 2020-21. This verification was done in a very small number of cases and a large number of cases have not been reopened.

The purpose was only to alert.

The Central Board of Direct Taxes said that the purpose of e-verification was only to alert about matters related to discrepancies in information for the financial year 2020-21 without affecting others. CBDT said that some cases of discrepancy between the returns filed by the taxpayer and the information available with the Income Tax Department have come to the notice of the department. This is nothing but a part of the routine steps taken to verify the data. In such cases, the department has alerted the taxpayers so that they can take corrective steps.

House rent allowance is part of salary income or CTC. It is calculated in taxable income. However, if an employee lives in rented accommodation, he can claim income tax exemption for HRA received during the year by submitting a valid rent receipt. However, if taxpayers opt for the new tax regime, they do not get any exemption.

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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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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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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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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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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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Every year crores of people file income tax returns in the country. Those people whose income is taxable, it is necessary to file income tax return. Now important information has come out from the Income Tax Department. In fact, the Income Tax Department has said that Advance Ruling Boards have been started in Delhi and Mumbai. These boards will work through email-based procedures and conduct hearings through video conferences.

Advance ruling

The Central Board of Direct Taxes (CBDT) constituted three boards in September 2021 for advance ruling. Along with this, the scheme of e-advance ruling was launched to make the entire process of advance ruling more efficient, transparent and accountable with minimum direct physical intervention. People are expected to get a lot of benefit from this.

CBDT

The CBDT said in a statement, “Advance ruling boards have started functioning in Delhi and Mumbai. These boards have started working through e-mail-based procedures and conducting hearings through video conference.

Income tax return

Let us inform that those people whose income is taxable in India, they will have to file ITR every year. On the other hand, if people do not file income tax returns on time, then people can also be fined. Also, till 31 July 2023, people could file income tax returns.

However, now if people file income tax return after this due date, then a fine of Rs 5000 thousand can also be imposed on people as late fees. This penalty will be imposed till the filing of income tax return by 31 December 2023.

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The last deadline to link PAN card with Aadhaar is also over. The government had extended it several times before, but this time the date has not been extended. According to the Income Tax Department, the PAN cards which have not yet been linked with Aadhaar have been deactivated from July 1. If your PAN card has also become inactive in the same way, then there is nothing to panic. Because you still have the option to activate it again.

Let us tell you that according to a notification of the Central Board of Direct Taxes, you can reactivate the inactive PAN card by paying a fee of Rs 1000. Let us know what is the process to reactivate PAN card?

How to check PAN is active or not?

If you do not know whether your PAN card is active or inactive, then you can easily check it online sitting at home. To check this, first go to the income tax filing portal incometax.gov.in/iec/foportal/. Here in the Quick Links section, click on the option of “Verify Your PAN” service. Now enter your PAN number, name and date of birth along with mobile number on the “Verify Your PAN” page. After that click on “Continue” and enter OTP. As soon as the verification is successful, you will see the status of PAN on your screen.

How to reactivate PAN?

If your PAN has become inactive, then to activate it again, you have to go to the same portal incometax.gov.in/iec/foportal/. Here go to ‘e-Pay Tax’ and enter your PAN details. After this go to CHALLAN NO./ITNS 280 and pay the fees. After this, select the assessment year and enter the address. Then fill the captcha code and click on the Proceed tab. Your PAN will become active again after 30 days of completing this process.

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The Income Tax Department has issued a warning to PAN users that they must link their PAN with Aadhaar. For this, time has been given till June 30, 2023 (Pan Aadhaar Link Last Date). As per the new instructions of the Central Board of Direct Taxes (CBDT), certain consumers have been exempted from PAN Aadhaar linking. In such a situation, if you come in the list of exempted categories, then you will not need to link PAN with your Aadhaar. At the same time, the users who need to link and did not link within the deadline, then they may face a lot of trouble.

Link PAN-Aadhaar by paying penalty

The Central Board of Direct Taxes (CBDT) had extended the last date for linking PAN with Aadhaar by 3 months on 31 March to 30 June 2023 in the last month of April. According to CBDT, till April, more than 51 crore PANs had been linked with Aadhaar. However, now the penalty for linking PAN with Aadhaar has also been fixed at Rs 1000. PAN can be linked with Aadhaar by paying the penalty on the NSDL website.

These people got exemption from linking PAN-Aadhaar

According to the Central Board of Direct Taxes (CBDT), some people of the country have been exempted from linking PAN-Aadhaar. Such PAN users include residents of the states of Assam, Jammu and Kashmir and Meghalaya and members of other exempted categories. However, the exempted PAN users can voluntarily link PAN and Aadhaar.

Category List of PAN-Aadhaar Exempted Users

The requirement to link Aadhaar with PAN is not applicable to 4 categories of users, which include-

• 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.
• People 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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Last date has been changed. According to the new order, till June 30, 2023, you can link PAN with Aadhaar. Now this date has also come close. With ticking ticking, alarm bells are now ringing for 13 crore PAN holders who have not yet linked their PAN-Aadhaar. If someone does not follow the instructions given by the government, then their business and tax related facilities will stop working. Explain that out of total 61 crore Permanent Account Number (PAN), about 48 crore have been linked to Unique Identification Number Aadhaar so far.

Link PAN with Aadhaar like this sitting at home

1. To link PAN-Aadhaar, first go to the income tax e-filing website www.incometaxindiaefiling.gov.in .
2. On the left side of the site page you will find the option of quick links, here you have to click on the option ‘Link Aadhaar’. 
3. If you do not have an account, register first. Here you have to enter your PAN, Aadhaar number and name. 
4. After giving these details, an OTP will be sent to you.
5. After entering the OTP, your Aadhaar and PAN will be linked.
6. If you have already registered, then after login, select Profile Settings on the page that opens.
7. Now choose the option of Aadhaar Card Link. Here enter your Aadhaar card details and captcha code.
8. After this, click on the option of Link Aadhaar below.
9. Keep in mind that the Income Tax Department crosschecks your details to see if your Aadhaar and PAN information is valid or not.
10. link your pan card by sms
11. You can also link Aadhaar with PAN card through mobile.
12. You will have to link Aadhaar with your PAN through SMS.
13. The Income Tax Department said that Aadhaar can be linked with PAN by sending an SMS to 567678 or 56161.

Check whether Aadhaar-PAN is linked or not

• First of all go to the official website of Income Tax Department. After this, click on Link Aadhaar of Quick links option written on the left side. After this a new page will open on the screen. 
• At the top of this page there will be a hyperlink which will be written in English If you have already requested to link Aadhaar, click here to know the status.
• After clicking on this hyperlink, you will have to enter the details of your PAN and Aadhaar.
• Click on ‘View Link Aadhaar Status’, in its result you will know whether PAN is linked to your Aadhaar or not. If you haven’t linked Aadhaar and PAN, get it done immediately.

PAN card can be invalid

Actually, it is necessary to link PAN and Aadhaar for every citizen filing ITR under Section 139AA of the Income Tax Act. In case of non-linking of PAN card, you will not be able to file ITR online from next time. Your tax refund may get stuck, also, the PAN card will become invalid. 

Aadhaar card link has to be done under this law

Under the Prevention of Money Laundering (PMLA) Act, the central government has made it necessary to link bank account, PAN card with Aadhaar card. Those who do not do this, their PAN card will be declared invalid. Significantly, since many agencies are linked to Aadhaar, it is easy to find out whether the benefits of government schemes are reaching the right people or not.

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You do not need to worry because the last date for income tax filing is far ahead. The Central Board of Direct Taxes (CBDT) had told in the beginning of the year 2023 that the income tax return which will be filed for the financial year 2022-23 (AY 2023-24). The last date for filing ITR for salaried individuals and taxpayers whose accounts do not need to be audited is 31 July 2023.

It is informed that the e-filing portal is not available temporarily, due to Upkeep activity. The services are likely to be available after 11:30 am today.@FinMinIndia

— Income Tax India (@IncomeTaxIndia) June 10, 2023

Issuing a notification, the Income Tax Department said that for the financial year 2022-23 and assessment year 2023-24

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The Central Board of Direct Taxes (CBDT) on May 16 notified the Tax Deducted at Source (TDS) provision for the Post Office Savings Scheme. Under this, an account can be opened in the name of a girl or a woman.

Mahila Samman Bachat Patra Yojana was started in the current financial year. A maximum of two lakh rupees can be deposited in this. 7.5 percent interest will be given annually on this. The deposit will mature in two years. Neeraj Aggarwal, partner, Nangia Andersen India, said that in the CBDT notification, it has been clarified that TDS will not be deducted if the interest received on Mahila Samman Savings Certificate does not exceed Rs 40,000 in a financial year.

How much interest is being made now

Agarwal said, “Under the scheme, 15,000 interest will be made in a year on a deposit of two lakh rupees at 7.5 percent interest. In two years it will be Rs.32,000. In such a situation, it can be said that since the interest in any one financial year is less than Rs 40,000, TDS will not be deducted.

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What is this scheme

Mahila Samman Bachat Patra Yojana has been started with the aim of encouraging women to save and giving more interest. This scheme was started from 1 April 2023. Only Indian women will get the benefit of this scheme. Women of any age can get the benefit of Mahila Samman Savings Letter Scheme. You can open this account in any post office in India. For this, Aadhaar card, PAN card and photo are necessary documents.

For how many years can be deposited

Money can be deposited for 2 years in Mahila Samman Bachat Patra Yojana. In this, you get the interest of 2 years at the same time on maturity. On investing a maximum of Rs 2 lakh at an interest rate of 7.5 per cent, an interest of Rs 320000 will be received after 2 years. That is, you will get Rs 2.32 lakh on maturity. There must be a gap of at least 3 months in each installment.

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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.

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

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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-

1. Residents of the states of Assam, Jammu & Kashmir and Meghalaya.
2. Non-Resident Indians (NRIs) 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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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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However, what happens if a taxpayer is unable to choose between the new and old tax regimes? Regarding this, now a notification has also been issued by the government department.

Income Tax

Now the Central Board of Direct Taxes (CBDT) has issued a new notification regarding the new tax regime. It states that if an employee fails to choose between the new and old tax regime, the employer will default to the new income tax regime and deduct tax deducted at source (TDS) under it. According to Finance Minister Nirmala Sitharaman, the new tax regime will be in default from the financial year 2023-24. Under this, CBDT has issued a circular regarding TDS deduction.

The Income Tax Regime

Notification states, “If the information is not furnished by the employee, it shall be presumed that the employee continues to be in the default tax regime and has not exercised the option to opt out of the new tax regime.” In this case the employer shall deduct tax at source on the income under section 192 of the Act at the rates provided under sub-section (lA) of section 115BAC of the Act.”

Tax It is the responsibility of the employer to ask the employee for information regarding the desired tax regime and after obtaining the information, deduct tax accordingly. In such a situation, let us know the difference between the new and old tax regime…

Under the new tax regime, the basic exemption limit has been increased to Rs 3 lakh. The amount of exemption under section 87A has been increased to a taxable income of Rs 7 lakh. A standard deduction of Rs 50,000 has also been introduced in the system. Salaried employees and pensioners can opt for standard deduction of Rs 50,000 under the new income tax regime.

Old Tax Regime

Those who want to continue with the old income tax regime will get exemptions like Section 80C, which can bring down the taxable income by up to Rs 1.5 lakh. There has been no change in the tax slab and basic exemption limit. The old tax regime also offered deductions on loans and health insurance premiums. Those who want to opt for the old tax regime will have to indicate the same every year.

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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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Failure to do so may result in blocking of NPS transactions. The authority said that NPS account holders should note that their NPS account is KYC compliant. According to the Pension Fund Regulatory and Development Authority (PFRDA) NPS subscribers should ensure that their PAN and Aadhaar numbers are linked before March 31, 2023 to ensure seamless ongoing transactions and avoid penalties .

PFRDA has said that since PAN is a key identification number for the account holder and is part of the KYC requirements for NPS accounts. Hence there is a need to ensure valid KYC for all customers.

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 March 31, 2023, it will become inactive. If this happens, penalty and fine will be applicable under the Income Tax Act 1961. Every person who has been assigned a Permanent Account Number (PAN) as per the provisions of the Income Tax Act, 1961. He needs to inform the concerned authorities of his Aadhaar number so that Aadhaar and PAN can be linked. This should be completed on or before the notification date, otherwise the PAN will become inoperative.

How can existing subscriber update Aadhaar number in NPS account?

1. First of all login to your NPS account through https://cra-nsdl.com/CRA/.
2. After this, click on the sub-menu ‘Update Aadhaar / Address Details’.
3. Now click on ‘Update Details’ under the new menu that opens.
4. After that select the option ‘Add/Update Aadhaar Number’.
5. Now enter your Aadhaar number and click on ‘Generate OTP’.
6. Account holder should enter the OTP received from UIDAI on his registered mobile number.
7. After authentication through OTP, Aadhaar will be linked to your PRAN.
8. NPS account holders may note that the name entered for your PRAN should exactly match the registered name.
9. Thereafter, you will get the message that Aadhaar seeding request is successful for your Permanent Retirement Account Number (PRAN).

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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.

The post Pan Card Holders Account Ban: Big News! Account of these 13 crore customers with PAN card will be banned first appeared on Rightsofemployees.com.

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.

The post PAN card holders Account ! Big Alert! These 13 crore PAN holders did not do this work then their account will be blocked first appeared on Rightsofemployees.com.

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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It can be linked till March 31 with a fine of Rs 1000. The PAN card will be made inoperative if it is not linked by the stipulated deadline. Last year CBDT changed the rules. After the changed rules, there is an exemption to link with fine till 31st March. After this the PAN card will be declared cancelled. If you have linked your PAN-Aadhaar, then check its status.

10 thousand rupees can be fined

After March 31, those who did not link their PAN with Aadhaar number, their PAN card will be inoperative. According to the Income Tax Department, making 2 PAN cards in one name is also illegal. In such a situation, if there are two PAN cards, then the deadline to return it is also 31 March. According to section 272B of the Income Tax Act 1961, its use is prohibited if the PAN card is not linked. If used, a fine of Rs 10,000 can be imposed. Along with this, there is also a provision of punishment.

Check whether PAN-Aadhaar is linked or not

You can find out whether your PAN card is active or not sitting at home. To check this, you can see the status from the website of the Income Tax Department.

Step-1: Go to the Income Tax Department’s website incometaxindiaefiling.gov.in. Here on the left hand side several calls are given from top to bottom.

Step-2: There is an option of Know your PAN. After clicking here a window will open. In this, surname, name, states, gender, date of birth and registered mobile number have to be entered.

Step-3: After filling the details another new window will open. You will be sent an OTP on your registered. OTP has to be submitted. After this, your PAN number, name, citizen, ward number and remark will appear in front of you. It will be written in the remark whether your PAN card is active or not.

You can also check the status of linking through SMS.

Step 1: Type UIDPAN < 12 digit Aadhaar number> < 10 digit Permanent Account Number> in the message box.

Step 2: Send the message to 567678 or 56161.

Step 3: Wait for the message to be received from the server.

If you have PAN-Aadhaar link then this message will appear on the screen- “Aadhaar…is already associated with PAN (number) in ITD database. Thank you for using our services.” 

If there is no PAN-Aadhaar link then this message will appear – “Aadhaar…is not associated with PAN (number) in ITD database.”

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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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Publicity is also being done by the government regarding filing advance income tax returns. In the first quarter of the next financial year, the work of income tax return would have been completed to a large extent. If you too have not yet linked PAN card with Aadhaar (Pan-Aadhaar Link), then definitely read this news.

Transactions may be banned

Capital market regulator SEBI (SEBI) has asked all investors to link PAN card with Aadhaar by the end of March for continuous transactions in the stock market. In a statement issued by SEBI, it was said that non-compliance of this instruction may lead to ban on securities and other transactions till the permanent account number (PAN) and Aadhaar are linked.

It is necessary to complete KYC

The Central Board of Direct Taxes (CBDT) issued a notification in March 2022 saying that if the PAN allotted to a person is not linked to Aadhaar by March 31, 2023, it will become inactive. SEBI said, ‘Since PAN is the key identification number and KYC is necessary for transactions in the stock market. In such a situation, it is necessary to ensure valid KYC for all registered participants and market infrastructure institutions (MIIs).

If you look at the notification issued by SEBI in March 2022, then your PAN card will become inactive. In such a situation, you cannot file income tax return even if you want to. It is very important for your PAN card to be active for filing income tax return. In such a situation, to avoid any problem, link your Aadhaar with PAN card by March 31.

Let us tell you that after the PAN card is deactivated, if you use it as a document, then you can be fined Rs 10,000. You will have to pay this fine under section 272B of Income Tax. That’s why it is important that by March 31, 2023, you must link PAN with Aadhaar card by paying a late fine of Rs 1000.

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An advisory by the Income Tax Department states that “As per the Income Tax Act, 1961, it is mandatory for all PAN holders who do not fall in the exempted category to link their PAN with Aadhaar before 31.03.2023. With effect from 1.04.2023, the unlinked PAN shall become inoperative.”

In fact, persons residing in the states of Assam, Jammu and Kashmir and Meghalaya are included in the “exempted category”, according to a notification issued by the Union Finance Ministry in May 2017;being a non-resident as defined by the Income Tax Act of 1961;To be at least 80 years of age at any time in the previous year and not to be an Indian citizen.

Here’s what can happen if your PAN becomes inoperative:-

The individual would be unable to use an inoperative PAN to file IT returns; Returns that are pending will not be processed; Inoperative PAN will not get any pending refund; Once the PAN ceases to function, it will be impossible to complete pending proceedings, such as in respect of incorrect returns; And a higher rate of tax deduction would be applied.

Urgent Notice!
As per Income-tax Act, 1961, it is mandatory for all PAN holders, who do not come under the exempt category, to link their PAN with Aadhaar before 31.3.2023.
From 1.04.2023, the unlinked PAN shall become inoperative.
Please don’t delay, link it today! pic.twitter.com/YsysxzUjEJ

— Income Tax India (@IncomeTaxIndia) February 28, 2023

Steps to link your PAN-Aadhaar through the portal:

Step 1:Visit the official website of Income Tax e-filing- eportal.incometax.gov.in or incometaxindiaefiling.gov.in.

Step 2:Register yourself if you have not already registered on the portal.Here your user ID will be PAN number.

Step 3:Log in to the portal by entering your User ID, Password and Date of Birth.

Step 4:A pop-up window will appear, asking you to link your PAN with Aadhaar.

Step 5:If the window is not visible, go to ‘Profile Settings’ on the menu bar and click on the link Aadhaar.

Step 6:Information like name, date of birth and gender will already be mentioned as per your PAN card details.

Step 7:Verify the PAN details on the screen with the details mentioned on Aadhaar.

Step 8:If there is any mismatch, you need to correct it in any document.

Step 9:If the details match, enter your Aadhaar number and click on the Link Now button.

Step 10:A pop-up message will inform you that your Aadhaar has been successfully linked with your PAN.

You can also link your PAN by visiting the nearest PAN service center:

The linking process can also be done manually by visiting the nearest PAN service center. A form named ‘Annexure-I’ has to be filled and submitted along with a copy of PAN Card and Aadhaar Card. This will be a paid service.

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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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The Central Board of Direct Taxes (CBDT) has notified forms for filing Income Tax Return (ITR) for individuals and businesses for the financial year 2022-23. Through a notification dated February 10, ITR Forms- ITR-1 SAHAJ, ITR-2, ITR-3, ITR-4 SUGAM, ITR-5, ITR-6, ITR-V (Certification Form) and (Income Tax Return Acknowledgment Form) ITR Acknowledgment Form has been issued. You can see the updated ITR forms by visiting this link- https://egazette.nic.in

ITR Forms issued earlier always

Rajat Mohan, Senior Partner, AMRG & Associates, said that the CBDT has notified the income tax return forms for assessment year 2023-24 (for income in 2022-23) very early, which has helped taxpayers prepare their returns of income. Will help. Last year such forms were issued in the first week of April. There is good news that ITR-1 and ITR-4, used by a large number of small and medium taxpayers, have been made easier than before.

Those Indian citizens whose annual income is up to 50 lakh rupees, they fill Form 1. Your salary, pension or any other source is also included in earning up to 50 lakhs. Agricultural income up to Rs 5000 is also included in this. But if you are a director of a company, have invested in an unlisted company, earn from capital gains, have income from more than one house or property or earn from business, then you cannot fill this form.

ITR Form 2

If your income is more than 50 lakh rupees then this form is for you. Under this, more than one residential property, capital gain or loss on investment, dividend income of more than Rs 10 lakh and agricultural income of more than Rs 5000 have to be disclosed. Apart from this, even if the PF is earning as interest, then this form is also filled.

ITR Form 3

If you are a businessman, invested in equity unlisted shares, earning as a partner in a company, then you can fill ITR Form 3. Apart from this, you can also fill this form if you have income from interest, salary, bonus, capital gains, horse racing, lottery, rental income from more than one property.

ITR Form 4

Applicable for Individuals and HUF (Hindu Undivided Family). If you have income from your business or any profession such as income of doctor-lawyer, running partnership firms (other than LLP), income under section 44AD and 44AE and earning more than 50 lakhs from salary or pension People fill this form. If you are a freelancer but the annual income is more than 50 lakhs, then also you can fill this form.

ITR Form 5

ITR 5 is for those entities who have registered themselves as Firms, LLPs, AOPs, BOIs. The same form is also used for Association of Persons and Body of Individuals.

ITR Form 6 and 7

ITR Form 6 is for those companies which do not get exemption under section 11 of the Income Tax Act. Those companies and individuals who have to file return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) need to fill ITR Form 7.

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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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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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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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Earlier the time for verification was 120 days, but now it has been reduced to 30 days. If you have filed your ITR but have not yet verified it, do it otherwise the problem may increase later.

Why is it necessary to do ITR verification? 

As per the rules of the Central Board of Direct Taxes, you need to verify the ITR within the stipulated time, else your income tax return will be treated as invalid and your ITR filing will be useless. The details you have filed in ITR have to be verified, without this your ITR is not valid. You also have the option to e-verify your ITR. In case of not verifying, ITR filing goes in vain, you may also have to face legal action. A fine ranging from Rs 1,000 to Rs 5,000 can also be imposed on you.

ITR Verification Methods: How to do ITR verification?

You can do ITR verification both online and offline. In offline verification, taxpayers have to give self-declaration.

How to e-verify ITR? 

There are six ways to e-verify – OTP on registered mobile from Aadhaar, through Bank Account Generated EVC, through EVC through Demat Account, through EVC through ATM, through Netbanking and through Digital Signature Certificate .

Prerequisites for e-verification

To do online verification, you have to fulfill certain conditions. For example, you should already have a valid user ID and password on the e-filing portal. Acknowledgment number should be there for e-verify without login on the portal. To e-verify, either you have filed your return yourself or e-Return Intermediaries or ERI have filed returns for you.

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But before the budget, the Finance Minister has given a big gift to the senior citizens. The rules have been amended for this. Fulfilling the promise made to senior citizens, the Finance Ministry has given information about this by tweeting.

what was said in the tweet

According to the tweet, senior citizens above 75 years of age, who have only pension and bank interest as their source of income, will get relief. Apart from this, there will be no need for them to file income tax. The round of discussions is going on before the budget 2022 regarding relief in income tax. Employed people are waiting for relief in the income tax slab. But before that good news has come for the elderly.

As announced in Budget FY 2022-23, senior citizens above 75 years of age, having only pension and interest income, are now exempted from filing Income Tax Return. #PromisesDelivered pic.twitter.com/iuyIzyQPnJ

— NSitharamanOffice (@nsitharamanoffc) January 5, 2023

Will get tax exemption

In the tweet, the Finance Ministry said that tax exemption has been given to elders above 75 years of age. Relief will be given to those people whose income is pension or interest from banks. For this, the government has added a new section in the Income Tax Act. In order to benefit citizens above 75 years of age, a new section section 194-P has been added by amending the rules of the Income Tax Act, 1961. Banks have also been informed about this amendment.

The Central Board of Direct Taxes has said that notification has been issued for the forms and conditions related to it. Along with this, necessary changes have also been made in Rule 31, Rule 31A, Form 16 and 24Q of the tax. The Finance Minister had also announced about this in the 2022 budget. Now the bank in which the elderly will have an account, the same bank will deduct whatever tax is made on their income. For exemption in tax return, senior citizens will have to fill Form 12BBA and submit it to the bank.

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In a tweet on Thursday, the Finance Ministry told about its budget promise that senior citizens above 75 years of age, who have only bank pension account and interest on bank account as their only source of income, now need to file ITR. No need. For this, a new section Section 194P has been added in the Income Tax Act, 1961. This section is applicable from April, 2021. Some rules have been amended regarding this and banks have been informed about it.

According to the information released by the Central Board of Direct Taxes, this section has been operationalized. For this, a notification has been issued regarding the related forms and conditions. Along with this, necessary amendments have also been made in Rule 31, Rule 31A, Form 16 and 24Q.

Relief for Senior Citizens!

Section 194P inserted in IT Act, 1961 exempting senior citizens above 75 years of age, having only pension & interest income, from filing ITR. Specified banks & relevant forms notified.#PromisesDelivered pic.twitter.com/KHQOIyQabr

— Ministry of Finance (@FinMinIndia) January 5, 2023

Finance Minister Nirmala Sitharaman had announced this in her budget address saying that “Now that we are in the 75th year of Independence Day of our country, we will continue our journey with more enthusiasm. We are more than 75 years old in the country.” Will reduce the burden of tax compliance on senior citizens of India. For such senior citizens whose income is from pension and interest, we propose to exempt them from filing income tax returns. The bank in which they have an account, that bank The amount of tax that will be made on the income, he will deduct the tax.”

In fact, this rule has already been implemented that senior citizens above 75 years of age receiving pension and interest income on the same bank account are exempted from not filing ITR. If his income is taxable, then the bank can deduct tax from his account. Regarding this, it has been said that section 194P is now operationalized and banks have been notified about the changes in their declaration form and other related forms.

Please tell here that there will be no change in the rules of common taxpayer and their ITR form.

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Income Tax Department has given permission to claim TDS even without PAN Card. However, this exemption has been given to non-resident taxpayers, who can claim TDS by filling only Form 110F. It is believed that this will reduce the burden of migrant taxpayers. Also, these taxpayers can claim TDS without any hassle.

The Central Board of Direct Taxes (CBDT) has made it mandatory for NRI taxpayers to digitally fill Form 10F for lower TDS claim process in July. In this situation, these taxpayers were facing problems in filling the form. The portal was not allowing to fill the form digitally without PAN card, but now such people have been allowed to fill form 10F without PAN card till 31 July 2023.

What information was given by CBDT

In a notification of CBDT, it has been said that to overcome the problems of Non Resident Taxpayers, exemption has been given till 31 March 2023 to fill 10F form. These people can claim TDS without PAN card by filling the form digitally. Also, there is no need to keep a permanent account.

when was the discount given On December 12, a notification was issued by the Income Tax Department and exemption has been given under this. If you are a taxpayer and an NRI, you can apply for TDS claim by visiting the Income Tax Department portal. For this you will not be asked for PAN card. This exemption is not given to the residents of India.

PAN card is used in these works

Significantly, the PAN card is an important document of the Income Tax Department, which is useful while withdrawing money from the bank, opening an account, taking a loan and filling ITR. In such a situation, if you do not have a PAN card, then many problems can arise.

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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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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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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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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

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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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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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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Filing Income Tax Return (ITR) is considered by almost all the income tax payers to be a difficult task. The biggest problem that a common income tax payer faces is choosing the right form for filing ITR. This is because at present there are 7 different forms for filing ITR. Out of these, the income tax payer has to choose a form for himself. To solve this problem of Income Taxpayer, the Central Board of Direct Taxes (CBDT) has proposed a Common ITR Form. Means same ITR form for all.

CBDT has invited suggestions from all concerned including common people by presenting the draft of Common ITR Form. Among the problems that are present with the ITR form, the big difficulty is that the form has to be selected on the basis of income profile and status. Due to this, taxpayers get confused while choosing the right form. Sometimes they even choose the wrong form. To solve all this, CBDT has moved towards implementing a common ITR form.

What is Common ITR Form?

CBDT intends to have a single form for filing ITR. When income tax payers login to fill ITR, they will see 1 ITR form. This is being called the Common ITR Form. A feature called Wizard has been added to this form. In the beginning, some questions will be asked in the form itself. The taxpayers will have to answer yes or no to them. The widget in which you will do yes, that option (utility) will open. If not, the options that are not for you will not be visible. More than 40 such questions will be in the form.

You will get the option

ITR-1, ITR-4 and ITR-7 forms will continue to exist even after the arrival of the common ITR form. CBD intended to be an option for income tax payers. Taxpayers will have the option to either use the existing form (ITR-1 or ITR-4) or the proposed common ITR form for filing ITR. Whereas, once the common ITR form comes, ITR-2, ITR-3, ITR-5 and ITR-6 forms will be abolished.

According to media report , “ITR-1 and ITR-4 are very simple forms. These do not require additional disclosures. ITR-7 form is for trust. This form is rarely used for filing returns.

Income Tax Payers Will Benefit

CBDT says that the purpose of introducing common ITR form is to simplify return filing and save time. In the new form, it will not be opened in front of the taxpayers as it is not of any use to them. In such a situation, where the income tax payer will be comfortable in filling ITR, his time will also be saved. Apart from this, the fear of choosing the wrong form will also end.

Now these forms are in vogue

• ITR Form 1 : Known by this Sahaj name. People with income up to Rs 50 lakh can fill this form. This is for the income received from salary, house property or other sources.
• ITR Form 2 : Those whose income includes income from residential property, they can fill this form.
• ITR Form 3 : People who get income from business or profession have to fill it.
• ITR Form 4: It is popularly known as Sugam. The Sugam form can be used by individuals, Hindu Undivided Families and firms with an income of up to Rs 50 lakh.
• ITR Form 5 and 6: ITR Form 5 and 6 is to be filed by Limited Liability Partnership (LLP) and businesses.
• ITR Form 7: ITR-7 form can be used by trusts and NGOs.

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Draft Common ITR: There is big news for taxpayers filing Income Tax Return. The Central Board of Direct Taxes (CBDT) has released the draft Common ITR Form. With the introduction of common ITR , people will be able to make tax filing easier. CBDT has sought opinion on the Common ITR Draft by December 15.

Items to be pre-filled in the new Common ITR

According to CBDT, there will be a common form from ITR-1 to ITR-6. Only ITR-7 will be different. ITR-1, ITR-4 will also continue so that people can continue with the old ones. With the introduction of common ITR, it will be easier for people to file tax. There will be no need to look for schedules that are not applicable to them. In the new common ITR, more and more things will be pre-filled.

Based on the answers to some questions, the non-essential schedule will not come. CBDT has sought opinion on the draft common ITR by 15 December 2022.

Purpose of Draft ITR

The purpose of draft ITR is to bring ease in filing returns and significantly reduce the time taken by individual and non-business taxpayers to file ITR.

This will facilitate matching of third party data available with the Income Tax Department with the data to be reported in ITR to reduce the compliance burden on taxpayers. Currently, taxpayers are required to file their IT returns in ITR-1 to ITR-7 depending on the type of person and source of income.

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In the new form, there will be a provision to enter the income from Digital Assets separately. With its arrival, there will be more convenience for the tax payers than before.

Inviting comments by December 15, the Central Board of Direct Taxes (CBDT) under the Ministry of Finance said in a statement that all taxpayers, except trusts and non-profit organizations, can submit their returns through this proposed new ITR form. Comments have been invited from stakeholders on the new form by December 15. At present, income tax returns are filed through ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) for small and medium taxpayers.

Form 1 Sahaj Form can be used by individuals with annual salary income up to Rs 50 lakh for individuals with income up to Rs 50 lakh, while Sugam Form can be used for individuals with income up to Rs 50 lakh, Hindu Undivided Families and firms prescribed Is. ITR-2 form is used by people earning income from residential property while ITR-3 form is for people earning profit from business and profession.

ITR- 7 for Trust ITR- 5 and Form 6 are specified for Limited Liability Partnership (LLP) and businesses whereas ITR-7 Form can be used by trusts. The CBDT said that ITR-1 and ITR-4 will continue to be in force but individual taxpayers will have the option to submit returns through this common ITR form.

The department will provide information on online usage,

CBDT said, “It is proposed to bring a common ITR form by merging all the return forms except ITR-7 form.” The objective of the new ITR is to facilitate and reduce the time taken for filing returns for individuals and non-business taxpayers. The CBDT said that this common ITR prepared on the basis of the suggestions received from all the stakeholders will be notified and the Income Tax Department will also inform about its online usage.

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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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New Delhi. The Central Board of Direct Taxes (CBDT) has extended the deadline for filing quarterly TDS details in Form 26Q for the second quarter by a month to November 30. In a statement issued on Thursday, the CBDT said that in view of the difficulties being faced in furnishing the details of ‘Tax Deduction at Source’ (TDS) in the revised and updated Form 26Q, the deadline for submission of second quarter details has been extended to November 30. .

Form 26Q is used to furnish the details of quarterly return of TDS on non-salary payment. This form contains the details of the total amount paid and tax deducted thereon during a quarter. The deadline for submitting this form for the July-September quarter of the financial year 2022-23 was to end on October 31. But now it has been extended for a month.

Penalty

TDS return is filed after every quarter till the last date of the coming month due to non-filing of time. If you do not file your tax deducted at source (TDS) return on time, you may have to pay a hefty fine of up to Rs 1 lakh along with a late fee of Rs 200 per day. To avoid this, make sure to file TDS return on time.

For late filing of TDS, the Income Tax Officer first collects the late fee from you and then the penalty. Fine also ranging from a minimum of Rs 10,000 to a maximum of Rs 1 lakh. Not only this, the Income Tax Department can end all your claims for late filing of TDS returns. This means that you will not get the benefit of TDS related claim.

Who has to file TDS return Apart from depositing tax, the tax deductor should also file TDS return. TDS return is the statement that is given to the Income Tax Department every three months. Timely submission of TDS return is essential for the tax deductor. To file TDS return, the company, organization which has deposited tax and has Deduction Account Number (TAN) is eligible.

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ITR will be able to be filed by November 7, 2022 The
Central Board of Direct Taxes (CBDT) said in a notification that the deadline for filing audit reports was extended last month, so the deadline for filing ITR has also been extended. The CBDT said, “The date for furnishing the statement of income under sub-section (1) of section 139 of the Act for the assessment year 2022-23 has been extended, which was earlier October 31.” This has now been extended to November 7, 2022.

30 November last date for such companies
Domestic companies are required to file income tax return for the financial year 2021-2022 by 31 October 2022. The due date for filing ITR will be November 30, 2022 for companies whose transfer pricing is under process.

Relief for the festive season
Om Rajpurohit, Director (Company and International Tax), AMRG & Associates said that the extension in the deadline will provide much needed relief during the festive season. Last month, the CBDT extended the deadline for filing audit reports by seven days to October 7. 

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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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ITR being filed with penalty after July 31, this time the last date for filing income tax was 31 July. Till this date not many people have been able to file ITR. Those filing income tax returns after July 31 have to pay a penalty. But hardly you know that in some cases ITR can be filed even after the last date without penalty.

Depends on the Tax Regime Select Doesn’t matter. If you understand in simple language, if a person with an income of up to 2.5 lakhs files income tax return after the due date, then he will not have to pay penalty. However, it also depends on which tax regime you have selected?

Exemption on age and annual income If one selects the old tax regime, then for those below 60 years of age, this exemption is Rs 2.5 lakh. At the same time, income up to Rs 3 lakh for those who are 60 years or more and less than 80 years is tax free. Similarly, the basic exemption limit for those above 80 years of age is 5 lakhs.

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Apart from this, the total income tax refund of Rs 1.14 lakh crore was done by the department. ITR being filed with penalty after July 31, this time the last date for filing income tax was 31 July. Till this date not many people have been able to file ITR. Those filing income tax returns after July 31 have to pay a penalty. But hardly you know that in some cases ITR can be filed even after the last date without penalty.

Depends on the Tax Regime Select Doesn’t matter. If you understand in simple language, if a person with an income of up to 2.5 lakhs files income tax return after the due date, then he will not have to pay penalty. However, it also depends on which tax regime you have selected?

Exemption on age and annual income

If one selects the old tax regime, then for those below 60 years of age, this exemption is Rs 2.5 lakh. At the same time, income up to Rs 3 lakh for those who are 60 years or more and less than 80 years is tax free. Similarly, the basic exemption limit for those above 80 years of age is 5 lakhs.

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The Income Tax Department has sent an e-mail to taxpayers who are filing Income Tax Returns and claiming refunds for the financial year 2021-22. Through this, the Income Tax Department is advising the taxpayers to confirm the refund claim. Actually, a large number of individual taxpayers have claimed refund of ITR, but they are not confirming the authenticity of the given information. In such a situation, the Income Tax Department is making them aware through email messages.

The Income Tax Department has also issued the deadline for the taxpayers for the financial year 2021-22 to confirm the ITR claim to get the refund. Through the email sent, it has been said that the taxpayers who are getting the email will have to confirm the refund claim within 15 days from the day of receiving the mail. Failure to do so may result in problems for the taxpayers.

Chartered Accountant Naveen Wadhwa says that income tax emails are being received by taxpayers whose details do not match with the annual estate. He said that even after receiving the email, the taxpayers who are unable to confirm the due refund claim within the stipulated time frame, can be issued a notice by the Income Tax Department and can ask for more proof of support of ITR.

1.97 crore taxpayers got refund According to the Central Board of Direct Taxes (CBDT), from 01 April 2022 to 31 August 2022, 1.14 lakh crore tax refunds have been issued to 1.97 crore taxpayers. Of these, Rs 61,252 crore has been refunded to 1,96,00,998 individual taxpayers. Whereas, Rs 53,158 crore tax refund has been given to 1,46,871 corporate taxpayers.

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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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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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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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The thing is that CBDT i.e. Central Board of Direct Taxes has changed the rules for doing ITR verification. For example, earlier where the income tax payer did not get time to verify ITR for 120 days after filing ITR online. At the same time, now he will get only 30 days for this work. This means that now ITR has to be verified within a month of filing it. The special thing is that the new rule has come into effect from August 1.

Now they also know what will happen if they do not do this. Form ITR-V has to be filed within 30 days of filing ITR electronically. If ITR-V is filed after this period, it will be deemed that the return in respect of which this form has been filed has never been filed and the income tax payer will have to file again.

Then Form ITR-V has to be filed within 30 days of this. However, the CBDT has clarified that the earlier time limit of 120 days will be applicable in respect of returns filed before the date of coming into force of this notification.

Now let’s understand the story of this ITR verification. The last step in the process of filing income tax return is to verify or verify it. If you do not verify then you will not get income tax refund. Also, ITR without verification will be considered invalid. At the same time, you can get ITR verified both online and offline.

According to the information given on the income tax portal, there are a total of 6 ways to verify ITR. Out of these, 5 methods are online and one way is offline. We will tell you one way now. Income tax return can be verified through netbanking. If you want, you can also verify ITR with your Aadhaar.

This method is of Aadhaar OTP, for which you will have to go to the Income Tax website for verification. You will also have to visit this website for verification through net banking. For e-verification through net banking, one has to login to the bank’s website. In that you will get the option of e-verify in the Tax tab. After this, EVC can be generated by clicking on the My Account tab of the Income Tax Department.

On clicking this, a 10 digit code will come to your email and mobile phone. This code is valid for 72 hours. To verify your income tax return, go to My Account tab and enter EVC. Your ITR will be verified as soon as you submit it.

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The Income Tax Department has reduced the period for verification of ITR. A notification has been issued by CBDT in this regard. It said that the time limit for verifying ITR has been reduced from 120 days to 30 days. The new system came into effect from August 1.

The Central Board of Direct Taxes has issued a notification in this regard on July 29. It said that now the taxpayer will be required to verify the return of income within 30 days from the date of electronically uploading or transmitting the data. It is important to note that taxpayers who have filed income tax returns by July 31 will get 120 days to verify their returns.

Some taxpayers are confused after the CBDT notification. Chartered Accountant Abhishek Aneja said, “Taxpayers need not be confused about this notification of CBDT. This change will be applicable to those who file their income tax return on or after August 1. Those who have filed returns by the tax return filing deadline (July 31, 2022) will get 120 days to verify the return.”

Aneja said that now taxpayers who verify the return in physical mode will be allowed to send the verification to the Income Tax Department’s address only by speed post. Earlier it could also be sent by Ordinary Post. But, CBDB has now made speed post mandatory for this.

It is mandatory for taxpayers to verify the income tax return after filing it. Income tax filing process is not considered complete if ITR form is not verified. The CBDT has said, “Those who wish to send the paper copy of ITR, they will have to send the verified ITR-V in the prescribed format through speed post only. The speed post will be reckoned for the period of 30 days as the date of dispatch.”

According to the Income Tax Department, more than 5.7 crore income tax returns have been filed till July 31, 2022. Taxpayers who could not file their return by July 31, can file income tax return with penalty from August 1 to December 31, 2022.

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