Taxpayers are now gradually filing income tax. So that the last minute rush can be avoided. If you are also going to file ITR, then before that know which form is right for you among ITR-1, ITR-2, ITR-3 and ITR-4. Along with this, what are ITR-1, ITR-2, ITR-3 and ITR-4 and what are their uses?

The post ITR Filing Made Easy: Which Form – ITR-1, ITR-2, ITR-3, or ITR-4 – Suits You Best? first appeared on Rightsofemployees.com.

What is the last date to file ITR?

If you are an individual or Hindu Undivided Family (HUF) and your account is not required to be audited, then the last date for filing income tax return for you is 15 September 2025. The government has extended this date for the assessment year.

This is the last date for companies

At the same time, audit of the accounts of these taxpayers is mandatory, the last date for filing income tax returns for them is 31 October 2025. These include companies, proprietorship firms or working partners of a firm. However, these taxpayers will have to submit their audit report by 30 September 2025.

This is the last date for ITR with international transactions

At the same time, the last date for filing income tax returns for taxpayers making international transactions is 30 November 2025. However, taxpayers falling in this category have to submit a report under section 92E and it is mandatory to submit their audit report by 31 October 2025. This rule will apply to those taxpayers whose business or income involves international transactions.

Last date for filing belated ITR

Apart from this, if you have missed the last date for filing ITR and want to file the return even after the deadline, then the last date for you to file belated ITR will be 31 December 2025. That is, if you are a taxpayer of any category and have not been able to file the return on time, then you can file a belated return till 31 December 2025.

The post ITR Filing Last Date 2025: The last date for filing ITR has changed, know what is the new deadline? first appeared on Rightsofemployees.com.

Apart from this, several changes have also been made in Form 16 which is given to employees by the employer. In such a situation, a question has arisen in the minds of many taxpayers that whether the last date of ITR will be different this time.

This time taxpayers will have to file income tax returns for the financial year 2024-25. However, the rush to fill the ITR form among taxpayers has not started yet. The main reason for this is the non-receipt of Form 16 from employers. First, many changes are being made in Form 16 this time and secondly, employers should make Form 16 available to their employees by June 15. Obviously, the real rush to file income tax returns will start only after June 15. If someone does not get Form 16, then he can also file his return through Form 26AS.

What is the deadline?

The last date for filing ITR is usually July 31 and it is believed that the last date will be the same this time too. For the convenience of taxpayers, the government has simplified the ITR form, in which most of the information will be pre-filled. To avoid last-minute rush, taxpayers are advised to file their returns well in advance.

What happens if the deadline is missed?

If a taxpayer misses the deadline of July 31, he still has time to file his return with penalty and interest. Such taxpayers can file their returns till December 31. They will only have to pay some penalty and interest. However, if there is a taxpayer who needs to get his account audited, then he gets a chance to file his return till October 31 without any penalty or interest.

How much is the penalty?

If an individual taxpayer fails to file his ITR by July 31, he will have to pay a penalty. The penalty amount is Rs 1,000 for income up to Rs 5 lakh, while taxpayers earning more than Rs 5 lakh are given a chance to file their returns by December 31 by paying a penalty of Rs 5,000. However, such taxpayers are not given any further opportunity to adjust their losses.

The post ITR Deadline: What is the last date to file ITR? Government has given information to crores of taxpayers first appeared on Rightsofemployees.com.

In the old days when companies used to pay salaries to their employees, every year by the time June came, a “Form 16” envelope was also handed over. But now that era is over. Now to file ITR i.e. Income Tax Return, you neither need a printed Form 16, nor do you need to go to the Income Tax Office with it in hand.

What is the role of Form 16 in the digital era?

Now Form 16 is available digitally and is generated directly from the Income Tax Department’s TRACES portal. This means that its data is absolutely confirmed and reliable. It already contains complete information about your yearly salary, tax deduction (TDS) and all the tax-saving investments made. Usually companies issue Form 16 after June 15, only after that you can file your ITR.

Method 1: If you have Form 16, you can upload it on any trusted tax filing platform (like ClearTax, TaxBuddy etc). These platforms read all your data and file your return in a few minutes. Yes, there is some fee for this.

Method 2: File ITR without Form 16 – Absolutely Free
Now the question arises that what to do if you do not have Form 16, or you do not want to pay the fee?

You can file ITR directly by visiting the Income Tax Department’s e-filing website https://www.incometax.gov.in — that too without any charge. Just log in, choose your tax regime (old or new), select the correct ITR form, and follow the step-by-step guide. Most of the data will be pre-filled, such as salary, TDS, bank interest, etc. All you have to do is cross-check it — and this is where Form 16 can prove to be helpful.

But be careful…

If you have income from multiple sources such as freelancing, rent, stock market or foreign income and you have difficulty understanding the ITR form or tax calculations, it would be better to seek the help of a Chartered Accountant (CA) or tax professional.

The post ITR Filing: Now you can file ITR even without Form 16, know the easy way first appeared on Rightsofemployees.com.

If you are a taxpayer then this information is very important for you. The last date for filing Income Tax Return (ITR) is 31 July 2025. Memorize this last date. Like every year, this time also some changes have been made in the rules and forms of Income Tax Return, which is very important to understand, so that you can avoid mistakes and do not fall prey to penalty.

Choosing the right ITR form is the first and most important step

The Income Tax Department has issued different ITR forms for different income groups. First of all, you have to decide which form should be filled according to your income and profile.

• ITR-1: For salaried persons, pensioners and small taxpayers
• ITR-4: For those having income from business or profession
• ITR-7: For trusts or charitable institutions

If you are in doubt about which form is suitable for you, it is better to seek the help of a tax advisor.

Changes in ITR form

This year, some changes have been made which have brought relief to taxpayers. Now those people whose long term capital gain (LTCG) is less than Rs 1.25 lakh can also use ITR-1 or ITR-4. Earlier, in this situation, ITR-2 had to be filled. This is especially beneficial for those people whose income is from salary or small business.

Which is better, old or new tax system?

Now taxpayers have two tax options to file ITR.

• Old tax regime: Where various types of exemptions and deductions were available.
• New tax regime: Where there are lower tax rates but no exemptions.

You can choose any of these options while filing the return. If you had chosen any option at the beginning of the financial year, it is now possible to change it.

Do not ignore small income

Many times we ignore the interest received on savings account or the income earned from any small investment. But, according to the Income Tax Department, every income matters. It includes many things.

• Bank Interest
• Income from rent or gift
• Income from any investment

It is important to give correct details of all these sources, so that no notice or fine is received in future.

Avoid penalties and fines by filing on time

If you do not file ITR by 31 July 2025, you may have to face late fees and penalty. Along with this, tax refund may also get delayed. So gather the documents in time and file ITR.

Take ITR filing seriously

Filing income tax returns is not just a legal requirement, but also your financial responsibility. With the right information, the right form, and timely filing, you comply with the law and can also avoid future tax problems.

The post ITR Filing Deadline: Who all need to file ITR by this timeline and other finer details first appeared on Rightsofemployees.com.

After this, penalty and interest on tax will have to be paid on filing the return. Tax experts advise not to wait for the last date to file the return. This time, despite filing the return before the deadline, there may be a delay in getting the refund. Let us know about this in detail.

Refund comes soon if you file ITR before the deadline

The Income Tax Department starts processing the return after the ITR is filed within the deadline. If there is no mismatch in the ITR , the refund is issued. Then in a few weeks this money is credited to the taxpayers’ savings bank account. Generally, the taxpayers who file ITR first, their returns are also processed first. Due to this, they get the refund money soon. This whole process is very simple.

Income Tax Department has sent email to taxpayers

According to the Economic Times report, some taxpayers have received an email from the Income Tax Department. In this, they have been told that since their tax returns have not been assessed or reassessed, their tax refund amount will be withheld until the tax officer investigates it properly. It has also been told in the email that if any previous tax dues are found, then it will be adjusted with the taxpayers’ refund amount.

Taxpayers should check their email carefully

This email has been sent by the Deputy Director of Income Tax on March 11, 2025. This means that the people to whom this email has been sent may take longer to get their refund this year. It is also possible that they may get less refund or no refund at all. Taxpayers should check their email properly. Experts say that if a taxpayer has not received such an email, it means that his return does not need to be re-assessed. There will be no delay in getting the refund of such taxpayers.

Income Tax Department will use section 245

The Income Tax Department has also said that if the refund amount of a taxpayer is adjusted after assessment, then for this the department will use section 245(2) of the Income Tax Act, 1961. This section gives the Income Tax Department the right to adjust the taxpayer’s current year tax refund with the tax demand of earlier years. The special thing is that there is no time limit for adjustment in cases related to section 245.

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The post Income Tax: Despite filing ITR this year, there may be a delay in getting the refund, know the reason first appeared on Rightsofemployees.com.

Therefore, to avoid such problems while filing tax return, it is important to keep all the necessary documents ready with you in advance. Although every taxpayer may need different documents according to his income and financial transactions, but there are some documents which are needed by most people.

Whether you work in a company, are a business owner or have many other sources of income, some documents are mandatory for all taxpayers. To help you, today we are going to tell you a checklist of such documents.

List of documents required to file ITR

Given below is the list of important documents you will need to file ITR for the financial year 2024-25 (assessment year 2025-26).

PAN Card: First comes your PAN (Permanent Account Number), which is very important for filing your ITR. It is used for TDS deduction and keep in mind that it should be linked to your bank account for direct income tax refund. If you are not getting your PAN card, then you can also use your Aadhaar number to file ITR.

Aadhaar Card: Under Section 139AA of the Income Tax Act, you have to provide your Aadhaar details while filing your return. If you have applied for Aadhaar, and you have not received it yet, then you can use the enrollment ID in your ITR. Linking PAN and Aadhaar allows online verification of your ITR through OTP.

Form 16: This document is issued by your employer i.e. company and contains details of your salary and TDS (Tax Deducted at Source). This is a very important document for salaried individuals filing ITR. Form 16 has two parts: Part A contains details of tax deducted by the company, and Part B contains TDS calculations such as salary breakup.

Form-16A/ Form-16B/ Form-16C: These forms are required for TDS deducted on income other than salary (such as deposits or income from sale of property). Form 16A is issued to you by the bank or paying institution, while Form 16B deals with property transactions and Form 16C deals with rental income.

Bank Account detail: You have to disclose all active bank accounts in your ITR, as well as specify an account for tax refund. Bank statement or passbook is required to report interest earned on savings account or fixed deposit.

Form 26AS: This is an annual tax statement which shows the tax deposited against your PAN. In simple words, Form 26AS contains details of all your important financial transactions during the entire financial year. It includes TDS details of bank, employer or other organization. To claim tax credit, it is necessary to match the information filled in your return with the details given in Form 26AS. If there is a difference between the two, the Income Tax Department can ask for clarification from you.

Home Loan Statement: If you want to claim tax exemption on the interest on your home loan, then keep the home loan interest certificate ready with you, because you will need it while filing ITR. If you have taken a home loan, then you will easily get this statement from the bank.

Tax Saving Instruments : Keep documents related to tax-saving investments such as FD (Fixed Deposit) or Equity Linked Savings Scheme (ELSS) ready for filing tax returns, especially if you want to claim tax deduction of up to Rs 1.5 lakh.

Capital gains details: If you have sold an asset like shares or property, keep the broker statement or sale deeds to report the capital gain or loss on it.

Rental income: You will also have to declare the rental income from the property in your ITR.

Foreign income: To claim tax benefit or DTAA (Double Taxation Avoidance Agreement) benefit, documents related to income earned abroad are required. Actually, taxpayers can claim deduction on tax paid to foreign governments in their country of residence i.e. where they live.

Dividend income: It is necessary to show dividend income from investment in shares or mutual funds while filing returns. For this, details can be taken out from broker statements or Demat account summaries.

By keeping all these documents ready while filing returns, you can make your tax filing process easier. Keep all these documents safe to show to the tax consultant or the Income Tax Department later if needed. Let us remind you that the last date for filing ITR for the financial year 2024-25 (assessment year 2025-26) is July 31, 2025.

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The post ITR Filing 2025: These documents are necessary to file income tax return, see list first appeared on Rightsofemployees.com.

That is, taxpayers will not have to pay tax on annual income up to Rs 12 lakh. After this announcement, salary class taxpayers are wondering whether they will now have to file Income Tax Return (ITR)? Will such employed people whose annual income is up to Rs 12 lakh have to file ITR? Know the details here

Do I have to file ITR for income up to Rs 12 lakh?

According to the budget announcements, there will be no income tax on income up to Rs 12 lakh. But filing ITR is still necessary. If your annual income is more than Rs 4 lakh, then you will have to file ITR i.e. Income Tax Return.

New Tax Regime – New Tax rate FY 2025-26

What are the benefits of filing ITR?

Even if you do not have to pay any tax, filing income tax returns is important for many reasons. Filing returns is necessary to claim refund on excess TDS deduction. ITR is required as a financial record to apply for a bank loan or visa. It helps in carrying forward losses for the future and availing tax benefits.

Who is required to file ITR?

If your income is less than Rs 12 lakh, but you are involved in capital gain, foreign income, or foreign business, then it is necessary for you to file ITR.

New and old tax system: Which one is better for you?

New Tax Regime : It has lower tax rates but no exemptions or deductions are available.

Old Tax Regime: It offers more tax exemptions and deductions, but the tax rates are higher. The new tax system has become the default tax regime from FY 2023-24. If you do not choose any tax regime, your tax will be calculated under the new tax regime. Currently, taxpayers have the right to choose between the new and old tax regimes.

Why is it necessary to file ITR?

Filing ITR is not just a legal formality, but it helps you in financial and future planning. Filing ITR on time keeps you financially secure and legally strong.

The post Budget 2025: You don’t need to file ITR for income up to Rs 12 lakh! Government made changes in Income Tax first appeared on Rightsofemployees.com.

New Delhi. Modi government has given a big gift to the elderly of the country in the budget. Not only has it given them tax exemption and relief on savings, but it has also made it easier for them to follow the income tax rules. The government knows that most of the elderly of the country invest money in FD, which is considered the safest investment scheme. Keeping this in mind, the scope of tax exemption on FD has been increased. Along with this, a big exemption has also been provided for filing income tax returns.

Finance Minister Nirmala Sitharaman has made many big announcements for senior citizens while presenting Budget 2025 in Parliament today. She announced that the TDS exemption on interest income for senior citizens will be doubled. Apart from this, the burden of filing ITR, NSS account and tax compliance has also been reduced.

How much discount is there on FD?

Most of the elderly people of the country invest in FD to keep their money safe. Till now, elderly people are given TDS deduction of up to Rs 50,000 on interest income from FD. This means that interest up to Rs 50,000 received on FD remains outside the scope of tax, but now this scope has been increased to Rs 1 lakh. This means that interest up to Rs 1 lakh on FD will remain outside the scope of tax.

Exemption in filing ITR

Senior citizens have also been given exemption in filing income tax returns. Till now, senior citizens earning up to Rs 5 lakh per annum were exempted from the hassle of filing income tax returns. Now this limit has been doubled to Rs 10 lakh. This means that senior citizens earning up to Rs 10 lakh per annum will not need to file ITR.

Relief on NSS account too

The government has also given relief to those senior and super senior citizens who have old National Savings Scheme (NSS) accounts. Withdrawals made after 29 August 2024 from accounts which are no longer getting interest have also been made tax free. Apart from this, the government has also announced tax benefits for NPS Vatsalya accounts. Now NPS Vatsalya accounts will also get the same tax benefits as normal NPS accounts. It will remain within the overall limits. Senior citizens and taxpayers are expected to get a lot of relief from these decisions of the government in Budget 2025-26.

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The post Senior Citizens Tax Deduction: Senior citizens will get double discount on FD, no need to file ITR if earning up to 10 lakh first appeared on Rightsofemployees.com.

Pakistan’s Finance Minister Muhammad Aurangzeb introduced the Tax Laws (Amendment) Bill, 2024 in Parliament on Wednesday. It is being described as one of the actions being taken by the government against tax evaders.

Bank accounts will be frozen

The amendment proposes that those who do not file ITR will be banned from buying shares above a certain limit and opening bank accounts. They will also not be able to transact more than a certain limit through the bank. The bill states that the bank accounts of non-registered business persons with the Federal Board of Revenue (FBR) will be frozen and they will be banned from transferring property. The FBR can freeze bank accounts and stop property transfers if they do not register with the apex collection body to file sales tax returns. However, their accounts will be unfrozen two days after registration.

There is a struggle to get a loan from the IMF

The bill states that the restrictions will come into effect after the approval of the federal government. The bill comes at a time when the government is struggling to increase revenue collection in accordance with the agreement reached with the International Monetary Fund (IMF) in September this year to obtain a loan package of USD 7 billion. Pakistan has set a target of Rs 12.913 trillion for the financial year 2024-25, which is 40 percent more than the tax collected in the previous fiscal year.

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The post Bank accounts of those who do not file ITR will be frozen, why did this situation arise? first appeared on Rightsofemployees.com.

They may also have to go to jail. The amount of penalty may also increase after 31 December. Some other complications may also have to be faced. The belated return defined under section 139(4) applies to any income tax return not filed within the original time limit under section 139(1).

The original deadline was till July 31

The deadline for filing Income Tax Return (ITR) for the financial year 2023-24 (assessment year 2024-25) was only till July 31. Taxpayers who missed this deadline have time till December 31 to file belated returns. According to section 234F of the Income Tax Act, now a late fee of five thousand rupees will have to be paid on filing. If missed even after this, other complications will increase.

What will happen if you miss it till 31 December?

For those who do not file income tax returns by 31 December, the penalty on annual income of more than Rs 5 lakh will increase to Rs 10,000. Apart from this, legal action and financial loss may also have to be faced in the future, including limited ability to carry forward some losses. The deadline for giving information about any foreign property or income has also been given by the Income Tax Department till 31 December.

If you do not give this information to the Income Tax Department till then, legal action can also be taken against you. A fine of up to Rs 10 lakh may also have to be paid for hiding information. Not only this, in some circumstances, jail can also be done.

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The post ITR Filing: These people still have a chance to file ITR, correct the mistake by paying this late fee first appeared on Rightsofemployees.com.

NIL ITR: The last date for filing Income Tax Return (ITR) is 31st July. Now you will have to pay a penalty for not filing income tax. But, zero return i.e. return with zero tax liability can still be filed without any penalty. The thing to keep in mind in this is that you will not be able to claim any deduction. Your total income should fall directly within the basic exemption limit.

In the new tax regime, the basic exemption limit is Rs 3 lakh for everyone. Whereas, in the old tax regime, the basic exemption limit for people below 60 years of age is Rs 2.5 lakh. For 60-80 years, it is Rs 3 lakh and for people above 80 years of age, it is Rs 5 lakh. People falling in this category can file returns without penalty.

Let us know why one can file zero return, why it is filed, what are its benefits.

Easily get loan

Income tax return serves as proof of your income. When you file ITR, it becomes a solid proof that you are earning from some source. This also creates your credit profile. This makes it easier for you to get a loan from a bank or NBFC (Non-Banking Finance Companies).

TDS will be refunded

If you are a salaried person and are unable to submit Form 15G/H, then TDS (Tax Deduction at Source) will be deducted from your salary. In such a situation, zero return can save you from loss. With its help, you can claim the refund of the TDS amount which your company has deducted from your salary.

The advantage of showing a loss

If you invest in business or stock market, you may incur loss during the financial year. In such a situation, you can show your loss by filing zero return. When you make profit in the future, you can adjust that loss in taxable income. This will reduce your tax liability.

You will get visa easily

With zero ITR, you can easily get visa for many countries. Sometimes visa officers ask for ITR of a few years for foreign travel. They actually want to verify your income level. In such a case, ITR may also be required along with bank statements and other financial documents.

Also Read- GST taxpayers Alert! GSTR-1 will not be filed without bank account information, the rule will be applicable from this day

Also helpful for scholarship

Many scholarships or fellowships are given on the basis of income. If you have filed zero ITR, then you can easily show your income limit. This will make it easier for you to get those government fellowships, which are especially for low-income families.

Who can file zero return?

If you are filing income tax return for the first time and your total income does not fall under the taxable income bracket, then you can file NIL return. It can also be filed by those who have been filing returns for the past several years, but this time their income has fallen below the income tax bracket. However, filing a zero return after the deadline does not provide benefits like carrying forward of losses.

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The post NIL ITR: What are the benefits of filing ‘Zero Return’? know in details first appeared on Rightsofemployees.com.

Out of these, 46,015,630 ITRs have been filed for the assessment year 2024-25. Whereas, ITRs of 42,288,847 have been verified. A total of 18,942,439 ITRs are in process.

If you have not yet filed your ITR, then do so soon as there is very little hope of its date being extended. You may have to pay a penalty for filing ITR after July 31. You are allowed to file delayed ITR until the end of the year, but then you will be fined between ₹1,000 and ₹10,000 depending on the period of delay. Also, you may be deprived of some deductions and may also face investigation by the Income Tax Department.

Who is required to file ITR?

If the sum of all your income/salary before deductions exceeds the basic exemptions, you are required to file your ITR.

You must file ITR if you are a resident of India for income tax purposes and own any property outside India or are a beneficiary of any property outside India. You must file your ITR even if you are an authorised signatory to any account, immovable or movable, held outside India.

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If you have invested in shares, bonds or mutual fund schemes of foreign companies or have employee stock options (ESOPS), you will have to file ITR irrespective of your income level.

You will have to file ITR if you have paid electricity bill of more than Rs 1 lakh last year even if the electricity connection is not in your name. If you have spent more than Rs 2 lakh on foreign travel, you will have to file ITR. Whether you have spent it yourself or someone else, provided you have borne the travel expenses.

If the bank deposits in your name exceed Rs 50 lakh in one or more savings accounts combined or Rs 1 crore in one or more current accounts, you will have to file ITR. If the value of all sales from your business exceeds Rs 60 lakh, then you will have to file ITR.

The post ITR Filing: Who is required to file ITR? first appeared on Rightsofemployees.com.

The most common question is whether it is necessary to file ITR if your annual income is less than Rs 7 lakh? Let’s know the answer to this question here. Also, let’s understand why filing ITR can be necessary even if you have a low income.

Ankit Jain, partner, Ved Jain & Associates, explains that all companies and firms are required to file their tax returns. Individuals are required to file their tax returns if their total income before deductions is more than Rs 2.5 lakh. However, this does not mean that you have to pay income tax. There is a provision for tax rebate under Section 87A of the Income Tax Act, 1961.

You are eligible for this rebate if your taxable income does not exceed Rs 5 lakh under the old tax regime or Rs 7 lakh under the new tax regime. For senior citizens (60+ age), this limit is Rs 3 lakh and for super senior citizens (80+ age), this limit is Rs 5 lakh.

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ITR will have to be filed in these situations also

Apart from this, if a person has deposited Rs 50 lakh or more in his savings account or his business is more than Rs 60 lakh or his professional income is more than Rs 10 lakh, then he will also have to file his tax return.

Jain says that if a person’s TDS is more than Rs 25,000, then he will also have to file his tax return. Even if the above conditions are not met, if someone wants to claim a refund, he will have to file a tax return. No refund will be processed without filing a tax return.

Under the old tax regime, you can get a maximum tax rebate of up to Rs 12,500. In the new tax regime, the maximum rebate is Rs 25,000. So, if your income is within these limits, you will not have to pay any income tax.

However, you must file ITR even if your tax liability is zero. You must file ITR if your total income exceeds the basic exemption limit before deductions under Chapter VI (such as Section 80C, 80D, etc.). The basic exemption limits under the old tax regime are as follows:

• Individuals below 60 years of age: Rs 2.5 lakh
• Individuals above 60 years but below 80 years of age: Rs 3 lakh
• Individuals above 80 years of age: Rs 5 lakh

Understand the new tax regime

Under the new tax regime, the basic exemption limit for the financial year 2023-24 (assessment year 2024-25) is Rs 3 lakh. This arrangement is the default. If a taxpayer does not file his ITR and does not opt ​​for the old tax regime by submitting Form 10-IEA, then his income tax will be calculated under the new tax regime by default. This means that they may miss out on deductions that could have been claimed under the old regime.

It is important to file ITR even if your income is less than Rs 7 lakh and tax liability is zero. This is because the filing requirement is based on your gross income before deductions and not filing could cause you to miss out on potential deductions or exemptions. Make sure which tax regime applies to you and file your ITR accordingly to avoid any problems with the tax authorities.

The post ITR: Is it necessary to file ITR even if the salary is less than Rs 7 lakh? first appeared on Rightsofemployees.com.

Last year 8.18 crore ITRs were filed. That is, more than six crore taxpayers have not filed ITR yet. The Income Tax Department has asked taxpayers to file ITR as soon as possible to avoid last minute rush. Last time 18 lakh ITRs were filed in the last two days. Here we are telling you what documents are required to file ITR.

Form-16

Form-16 is the most important document for employed people. ITR is filed with its help. This document is given to any employee by his company. It contains complete information about the tax deducted from the employee’s salary and also the salary given. Information related to this is pre-filled in ITR. You have to confirm it.

Form 26AS

This form is issued by the Income Tax Department. It contains complete information about the tax imposed on the income of the taxpayers. It can be obtained from the Income Tax Department website by entering your PAN number. If you want, you can also compare your Form-16 and Form 26AS to see if the tax deduction is the same in both places or not.

Also Read: Employed people Update: Basic tax exemption limit will be ₹5 lakh in the budget! Employed people in focus

​Interest Income Certificate

If you have made an FD in a bank or post office or have deposited money in any other interest-bearing scheme, then it is necessary to keep a certificate of income from interest or a bank statement so that you can fill in the correct information while filing income tax return. You can get tax exemption on interest income up to Rs 10,000 under section 80TTA of the Income Tax Act.

Proof of tax saving

Many taxpayers make some tax saving investments to save tax. Those who are unable to provide these documents to their employer within the stipulated time need to provide proof of the same while filing income tax returns. This tax saving investment proof can be LIC premium receipt, PPF investment passbook, proof of ELSS, donation receipt and tuition fee receipt etc.

Medical insurance document

Under section 80D, you can claim tax exemption on health insurance premium up to Rs 25,000. These insurance policies can be for you, your spouse or children. If you are a senior citizen, you can get tax exemption on health insurance premium up to Rs 50,000. So keep the receipts of all these with you while filing income tax returns.

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Every employed person tries at some point of time to reduce his income tax liability, and the government also provides many deductions and exemptions in income tax so that taxpayers can save money. One such exemption is the exemption in House Rent Allowance, which is called HRA Exemption or HRA Rebate.

House Rent Allowance (HRA) is a head that can help any taxpayer a lot in saving income tax, and many salaried people also use it. To save income tax, many salaried people pay monthly house rent to their parents and then get exemption on that amount, but it is very important for such people to keep some things in mind.

Those who pay rent to their parents should remember…

The most important thing in this context is that the house for which the salaried taxpayer is paying or claiming to pay the rent, that house (i.e. property) should not be in his own name. As per the rules, the house should always be in the name of the landlord (to whom the rent is being paid). So, keep in mind, it is wrong to show your mother or father as the landlord collecting the rent while living in your own property.

Also Read: ITR Filing: You can file income tax return till July 31, 2024 without penalty, these documents are required

Landlords must also file ITR…

Another thing to remember for a salaried person who is claiming or going to claim HRA Rebate is that the parent, whoever is shown collecting the rent, should include the rent amount in his or her income and file income tax return. In fact, under section 10 (13A) of the Income Tax Act, any salaried person is exempted from income tax on the lowest amount – 50 percent of his basic salary, the amount received as HRA, or the amount remaining after deducting 10 percent of the basic salary from the actual rent paid. Therefore, many salaried people get exemption by giving rent receipts in the name of their mother or father. The most important thing to remember for such people is that it is necessary for the mother or father to show this rent amount in their income and pay tax on it.

Always keep documentary evidence ready…

There is one more important thing – always keep documentary proof of the rent paid to your parents ready. That is, you must have the rent receipts, and it would be better if you always pay the rent online, so that your and the landlord’s bank account statements can also be presented as proof.

How much will the mother or father’s income be recorded…?

If you are claiming HRA Rebate by paying house rent to your parents, then the same amount will be included in the income of the parents. For example, if a person gets ₹50,000 basic salary along with ₹25,000 as HRA, and he actually shows ₹25,000 as the rent amount, then he will get HRA exemption only on ₹20,000 per month, because this is the amount left after deducting 10 percent of the basic salary from the amount of rent paid. So, now the income of the parents collecting the rent will increase by ₹20,000 per month (even if their income is zero, their income will now be considered as ₹20,000), and after deducting 30 percent maintenance expenses from this amount, they will have to pay income tax on the remaining amount.

So, overall it is very important that the rented house should not be the property of the tenant, and the rent paid to the parents should be paid through the bank, and the tenant (parent) should include the amount received as rent in his income and pay income tax on it.

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At the same time, the income tax payer who chooses the new tax system does not get the benefit of most of the tax exemptions and deductions. An attempt has been made to make the annual income of up to Rs 7 lakh tax free for those adopting the new income tax regime. Apart from this, there are some deductions which salaried employees can also get in the new tax regime.

Income tax payers choosing the new tax system can definitely avail the benefit of two deductions. One is standard deduction and the other is deduction on the contribution made by the employer in NPS. By availing the benefit of both these deductions, a salaried person can significantly reduce his tax liability. If his total annual income is Rs 8 lakh then he will not have to pay even a single penny as income tax.

Standard deduction

Standard deduction is the deduction which is deducted from the income of the taxpayer and after that tax is calculated on the remaining income. Employed individuals get a tax deduction of up to Rs 50,000 as standard deduction, while family pensioners are given a tax deduction of Rs 15,000 as standard deduction.

Suppose the annual income of a working person is Rs 8 lakh. In such a situation, if you get the benefit of standard deduction up to Rs 50,000 in the total package, then its tax will be calculated on Rs 7,50,000 instead of Rs 8 lakh. No documents have to be submitted to avail this discount.

Income taxpayers who have adopted the new tax system can also now avail the benefit of standard deduction. While filing Income Tax Return or ITR, standard deduction is claimed under the head Income from salaries/pension under Section 16(ia) of the Income Tax Act. Family pension is kept under the head “Income from other sources” in ITR.

Deduction on amount deposited in NPS

Under the new tax regime, employed employees also get the benefit of standard deduction on the amount deposited in the National Pension System (NPS). To get this, certain conditions must be fulfilled. The first condition is that this amount in NPS should be deposited by the employer in the Tier-1 NPS account of his employee. Secondly, this amount should not be more than 10 percent of the salary of private sector employees.

For government employees this limit is 14 percent. Salary means the amount made by combining basic salary and dearness allowance. Employed people can avail the benefit of this deduction under Section 80CCD (2) of the Income Tax Act. This amount deposited in the NPS account will be mentioned in Part B of Form 16.

Income up to Rs 8 lakh can be tax free

After availing the benefit of both these deductions, the income of a working person earning Rs 8 per year can be tax free. After deducting Rs 50,000 as standard deduction from the annual income of Rs 8 lakh, his taxable income will be Rs 7.5 lakh. Now if the employer deposits Rs 50 thousand in the employee’s Tier-1 NPS account, then the taxable income will further reduce to Rs 7 lakh. On which no tax will have to be paid under the new tax regime.

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Time will be saved

According to the Income Tax Department this website has been designed accordingly. So that users can do all the work with one click. The interface and navigation of this website has been improved. Along with that, a latest update column has also been provided in the website.

In this column, the taxpayers will get information about all the instructions issued by the Income Tax Department. The website also provides an option called Mega Menu. It includes all the links related to Income Tax like Penalty, Income Tax Returns Forms, Tax Calendar.

Good option on mobile

The new portal is designed mobile friendly. As soon as the mobile is opened, only one button code is given, on the other hand other information like e-verified system, link Aadhaar status, income tax returns status etc. columns have been given. Due to this, now it will be easier for taxpayers to pay ITR through mobile. Let’s say if one has any doubts about this then watching the video will clear all your doubts. This video is on the website itself.

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Taxpayers and tax experts have been demanding for the last several years to increase the limit of Section 80C. Not only this, in the Pre-Budget 2023 recommendation, ICAI had suggested the government to increase the deduction for Public Provident Fund (PPF) under Section 80C from Rs 1.5 lakh to Rs 3 lakh.

July 31 was the last date to file ITR

Now that the last date for filing ITR has been completed on July 31, the situation has been cleared by the government regarding increasing the limit of 80C. According to the Finance Ministry, there is no proposal under consideration to increase the exemption limit under Section 80C of the Income Tax Act, 1961. At present, annual investment up to Rs 1.5 lakh in various tax saving schemes such as home loan and life insurance policy is eligible for deduction under section 80C.

Proposal to increase exemption under 80C not under consideration

Tax saving schemes for deduction under section 80C include PPF, EPF, NSC, NPS, SCSS, 5 year FD in banks and post office, ELSS Mutual Fund etc. . As such, there is no proposal under consideration to increase the exemption under section 80C of the Income Tax Act, Union Minister of State in the Ministry of Finance Pankaj Chowdhary said in a written reply to a question in the Lok Sabha on July 31.

The Minister of State for Finance was responding to a question ‘whether the government has recognized the need to streamline small savings schemes and simplify and enhance exemption under section 80C of the Income Tax Act in view of the changing economic environment and interest rate scenario. Have done. Let us tell you that in the year 2023-24, a record 6.77 crore ITRs have been filed.

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Apart from this, there are some works, whose deadline will end today. Some new rules will come into effect from August, which will either affect your pocket, or some such deadlines will have passed, for which you will only have the option of regretting. Below you can read for which works are getting the last chance today.

Last date to file ITR

Today is July 31, the last date for filing income tax return for the assessment year 2023-24. Till noon on July 31, 6.13 crore ITRs have been filed. Just till date, more than 11 lakh tax returns have been filed. In such a situation, ITRs are being filed quickly at the last moment.

Fill ITR quickly

If you have not yet filed your ITR, then you should do so immediately, otherwise you may have to pay a fine of up to Rs 5,000. Late filing attracts a fine of Rs 5,000. At the same time, taxpayers whose income is less than 5 lakhs, they have to pay a fine of Rs 1,000 for late filing.

Prime Minister Crop Insurance Scheme Registration

A big crop insurance scheme is run by the Modi government for the farmers – Pradhan Mantri Fasal Bima Yojana. Under this scheme, the government provides financial assistance to the farmers in case of loss of their crops. But for this first they have to register for crop insurance scheme. However, today i.e. July 31, 2023 is the last date for registration.

Ministry of Agriculture appealed

Giving information about the deadline in a tweet today, the Ministry of Agriculture said, “Get your crops insured under the Pradhan Mantri Fasal Bima Yojana, and get complete protection from natural calamities! All farmer brothers and sisters should get their crops insured soon. Insurance Registration The last date is 31 July 2023.”

How to register for Pradhan Mantri Fasal Bima Yojana?

You can get your crops insured online under this scheme by visiting the official website- https://pmfby.gov.in/. On the other hand, farmers having Kisan Credit Card can contact their bank branch and get registered under Crop Insurance Scheme. Apart from this, registration can also be done by taking information from the Public Service Center (CSC Center) or from the Agriculture Officer of your district. The toll free number of Kisan Call Center is 18001801551, information can be obtained by calling on this also.

Last date of admission in IGNOU

Candidates desirous of taking admission for online, regular or distance learning under Indira Gandhi National Open University (IGNOU) also have the last chance to register and submit admission applications today. IGNOU has given a deadline of July 31 for fresh admission and re-registration. Candidates can register by visiting ignou.ac.in or ignouadmission.samarth.edu.in.

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The Income Tax Department is sending messages and emails to taxpayers daily asking them to file their returns as soon as possible. Usually people have a habit of filing ITR at the last moment. Due to this many times the system hangs and there is a problem in filling the ITR. Therefore, you should also file your ITR as soon as possible without waiting for the last date. Its process is very easy and you can complete this work yourself in 15 minutes sitting at home.

Taxpayers are often nervous about filing their ITR. They find this work very difficult. In such a situation, they get ITR filled from CA who charge hefty fees. But it is very easy to fill. Today we are going to tell you about the process, with the help of which you will be able to file your income tax return sitting at home. The process of filing income tax return is quite easy. You will not have to face any kind of problems in this. Let’s know about it in detail…

Fill ITR like this

To file income tax return, first of all visit the e-filing portal www.incometaxindiaefiling.gov.in. If you already have an account then you have to login. If there is no account, then in this case select the option of registration.

After this you have to select the option of e-file on the homepage and select the option of File Income Tax Return. Now the option to choose the assessment year will appear in front of you. You have to go to Personal option to file ITR online. After doing this, you have to select the most important appropriate form.

If you do a job then you come in the salaried class. In this case you have to choose ITR-1 form. The salaried taxpayer will get a pre-filled form. With this you can merge data from salary slip, Form 16 and AIS. Check your bank details before claiming the return. After checking all the necessary things, you have to submit the ITR. After doing this process, ITR has to be e-verified. You can easily do this online with the help of bank details. The Income Tax Department processes the ITR in a few days. With the help of acknowledgment number, you can easily check your status.

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Filing of Income Tax Return is mandatory under the Income Tax Act 1961. This is the reason why senior citizens are not exempted from filing ITR in India. Senior citizens who are Indian residents and whose taxable income exceeds a certain limit, then they have to file ITR. Senior citizens and super senior citizens have to file ITR in the country.

Who is Senior Citizen and Super Senior Citizen?

A resident who is of the age of 60 years or more but less than 80 years at any time during the previous year is treated as a senior citizen for the purpose of income tax. Super Senior Citizen who is 80 years or more is considered. The Income Tax Act 1961 does not provide any exemption to senior citizens or super senior citizens from filing return of income.

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The last date for filing ITR for the financial year 2022-23 is very near. According to the Income Tax Department, a citizen whose annual income is more than 3 lakhs must file ITR. The last date for filing income tax return has been fixed as 31 July 2023. If you fail to file ITR, then you will have to pay penalty, as well as you may have to face income tax notice.

Penalty on delay in filing ITR

According to the Income Tax Department, if you do not do this work before July 31, the last date for filing ITR, then penalty or fine will have to be paid. As per the rules, the late ITR filing fee is Rs 1,000 for small taxpayers ie those earning up to Rs 3 lakh. On the other hand, those whose income exceeds Rs 5 lakh may have to pay a penalty of Rs 5,000. Let us tell you that till 2021, Rs 10,000 had to be paid as late penalty, but it has been reduced under the new rules.

Documents required to file ITR

• If you are salaried then you got form 16 from office
• Form 26AS
• If there is FD in the bank or dividend is received then its documents
• Documents of mutual funds, property, shares and gold
• If there is property abroad, then its documents

How to file ITR online

1. Log on to the official website of Income Tax at incometax.gov.in.
2. After that click on view return or form.
3. View e-filed tax returns.
4. After this, select Assessment Year, ITR Form Number, Filing Type Original/Revised Return on the page.
5. After that click on continue and enter the requested information.
6. Tax paid and verification page will open, on this you have to choose the option accordingly.
7. After that preview and submit the form after checking it properly.

Note- In case of any problem in ITR filing, take help from the information available in the user manual given on the website of the Income Tax Department.

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Form 16

If you are a salaried taxpayer, Form 16 is the most important document for filing your ITR. This is a TDS deduction certificate issued by your company or employer, which contains the details of salary and tax deducted and deposited on it. If your employer has deducted TDS from your salary during any financial year, it is mandatory for him to issue Form-16.

Form 16A and other TDS certificates

Apart from Form 16, the taxpayer will also have to collect other applicable TDS certificates. One such certificate is Form 16A. If the interest earned on FD in FY2022-23 exceeds Rs 40,000, the bank will deduct tax on it. You need to issue Form 16A for tax deducted on dividends paid during the financial year to mutual fund companies, provided it exceeds Rs.5,000.

Interest income and other interest certificates

While filing ITR, taxpayers have to give details of interest income received from various sources like savings account, FD etc. That’s why it is necessary to take interest certificate from banks, post offices and other financial institutions. Enter correct income details in ITR and also claim tax deductions and exemptions for your investments.

This document is also necessary to file ITR

1. Annual Information Statements (AIAs)
2. Tax Saving Investment and Expenditure Certificate
3. Capital gain from sale of property, shares, mutual funds
4. bitcoin sale documents
5. aadhaar number
6. Details of investment in unlisted shares
7. bank account details

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Last date for filing ITR is 31 July

According to the Income Tax Department, the last date for filing ITR for the financial year 2022-23 is 31 July 2023, in which now less than 15 days are left. According to the Income Tax Department, a person with an annual income of Rs 3 lakh or more should file ITR. Relief has been given only to those who are exempted from the Income Tax Act.

Kind Attention: Holders of foreign bank accounts, assets, and income!

Please don’t forget to fill the Foreign Asset Schedule in your Income Tax Return (ITR) for Assessment Year 2023-24.

Please ensure you disclose all Foreign Assets (FA) and Foreign Sources of Income (FSI) if… pic.twitter.com/0l8CntCm9Q

— Income Tax India (@IncomeTaxIndia) July 14, 2023

Disclosure of foreign income received in ITR is mandatory The Income Tax Department has cautioned taxpayers who have assets or bank accounts abroad or receive any income from abroad, saying- Please note: Foreign bank accounts, properties and holder of income. Please do not forget to disclose foreign assets in your Income Tax Return (ITR) for Assessment Year 2023-24. Please ensure that you disclose all Foreign Assets (FA) and Foreign Sources of Income (FSI) if you have foreign bank accounts, or assets, or receive income from abroad.

10 lakh fine for hiding foreign assets

The Income Tax Department further said that the last date for filing ITR is 31 July 2023. Remember: Failure to disclose foreign assets/income can result in a penalty of Rs 10 lakh under the Black Money (Undisclosed Foreign Income and Assets) and Tax Act 2015.

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If you have not yet filed ITR return, then do it soon. The deadline for filing ITR returns without fine or penalty is ending on 31 July. If you have paid any extra tax during this period, you can claim refund at the time of ITR filing. Let us tell you, if your tax is more than the liability then you are entitled to get refund at the time of ITR filing and can claim extra tax refund.

However, for this, while filing income tax return, you have to attach some documents to show that how much tax you are entitled to pay and how much extra money is being spent from your pocket. Let us tell you how you can get refund.

File returns on time to avoid penalty and interest

First of all, if you want tax refund, then it is very important to file ITR on time. If you do not file ITR on time, you may have to pay heavy penalty and interest for filing belated income tax return. Also, you should select such tax slab which is better for you. Let us tell you, the government has brought a new tax slab in the budget this year.

Under which people’s income up to 7 lakhs is tax free. In such a situation, you should choose a better tax slab for you. Apart from this, also fill your bank account details correctly so that you do not have any problem in getting the refund.

Verify within 30 days of filing ITR

After filing income tax return, you have to verify it within 30 days. If you do not verify your details then it will become invalid. On the other hand, if the deadline for ITR filing is not over, then you can file a new ITR. If the deadline is over then you cannot file ITR return for that financial year.

Avail exemption under Income Tax Sections

To save more tax during ITR filing, you can save tax under many sections under the Income Tax Act. In this, you can avoid tax liability in many ways including PF, PPF, NPS, Life Insurance, Home Loan, Mutual Fund. Along with this, the amount paid extra tax can also be refunded.

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The last date for filing income tax return for the financial year 2022-23 is 31 July 2023. Before this you have to file ITR, otherwise you will be allowed to file income tax return with penalty. You can file returns by visiting the official website of the Income Tax Department. However, some changes have been made by the Income Tax Department as compared to last year.

These changes are not major, but if you are going to file ITR, then you should know about these changes. This may be of use to you. Let us know what changes have taken place regarding the income tax return form.

Details of Income from Virtual Digital Assets (VDA)

Certain specifications have been added to the Income Tax Act to tax income relating to virtual digital assets from 1 April 2022. TDS under section 194S will be applicable on the transaction of crypto. The form has been modified to provide necessary disclosures regarding income from VDA. Taxpayers will have to give complete details of income from VDA.

If a person has received any income from cryptocurrency during the financial year 2022-23, then he will have to enter the details of date of purchase, date of transfer, cost and sale proceeds for the filing of tax. Along with this it is necessary to verify Form 26AS and AIS.

ARN details for claiming 80G deduction

If someone has donated during the financial year 2022-23, then he is eligible for deduction under section 80G. In this case, the ARN number of the donation will have to be given in the ITR form. Where 50 per cent deduction is allowed on donations.

Tax collection at source

Taxpayers are allowed to claim Tax Collected at Source (TCS) against their income tax liability. Also, if a taxpayer has claimed relief under section 89A in previous years and subsequently becomes a non-resident, details of taxable income from such relief are required in the ITR form.

Disclosure of income on 89A relief

Indian residents have the option to defer tax on income earned from Foreign Retirement Benefit Accounts till withdrawal. Section 89A provides tax relief on income from retirement benefit accounts maintained in the country by the IT department. If a person has claimed such relief, then they will have to give details in the salary section.

Foreign Institutional Investor Information

Many other changes have also been made in the ITR form for the financial year 2022-23, such as additional information will have to be given in the balance sheet in ITR-3. Along with this, the SEBI registration number will need to be shared, where the taxpayer is a Foreign Institutional Investor (FII), or a Foreign Portfolio Investor (FPI) registered with SEBI.

Disclosure on Intraday Trading

As per the new ITR form, turnover and income from intraday trading will have to be reported under the newly introduced section ‘Trading Account’.

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The facility of e-PAN is made available to the customers on behalf of Income Tax. In case of lost PAN card, you can easily download it. Here we are telling you its step-by-step process. Let us know how you can download e-PAN.

Download e-PAN card like this

To download e-PAN, you must first go to the e-filing website of Income Tax. For this type “https://www.incometax.gov.in/” in your web browser. If you are not already registered here, then register by clicking on the option of “Register Yourself” and if you are already registered, then log in here. After this go to the “e-PAN” section on the website.

Submit the details by selecting the option of e-PAN

On the e-PAN page, you will get options like “New PAN” or “PAN Card Reprint”. You already have a PAN card which has been lost, so choose the option of “PAN Card Reprint”. Here you will be asked to enter PAN number, Aadhaar number, date of birth and captcha code etc. Submit by filling the complete details. After this an OTP will be sent to the mobile number linked to your Aadhaar. Verify by entering OTP.

Fees to be paid for e-PAN

After verification, you will also have to pay fees for e-PAN. Usually a charge of around 50 rupees is taken but it can be a little more or less. Once the fee payment is successful, you will get a verification message. After this, check your registered email by going back to the e-PAN page. You will get a link to download e-PAN on your e-mail. By clicking on this link, you can download your e-PAN in PDF format.

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File ITR on time

Experts are advising personal tax payers to file their ITR as soon as possible to avoid any kind of haste or disturbance at the last moment. With this you will be saved from any kind of mistakes. Let us know how to file step-by-step ITR by yourself-

How to file ITR?

You have the option of filing ITR through e-filing portal and app or through a chartered accountant. If you are filing ITR by yourself then most of you have to file it online on the website of Income Tax Department.

Documents required for ITR

even if there is a pre-filled ITR form on the e-filing portal. But some income like capital gain needs to be filed manually. Following are some of the important documents that you should keep handy while filing ITR. As-

– Form 16
– Form 16A
– Form 26AS
– Capital Gains Statements
– Tax saving investment proof

Step-by-step file ITR like this

• First of all go to Income Tax e-filing portal.
• Now login using your user ID (PAN), password and captcha code.
• After this, click on ‘Income Tax Return’ in the ‘e-File’ tab.
• Select the right Income Tax Return (ITR) form based on your income and other factors. If you have Form-16, you can use either ITR-1 or ITR-2.
• After this, select the Assessment Year (AY) based on the year you are filing ITR. At present, you should select the assessment year 2023-24.
• Validate all the data entered in the form and click on submit.
• After submitting the return, e-verify it through any of the available options like Aadhaar OTP etc.
• Now upload the e-verify return.

In the last step, double-check all the information given by you and upload the form. Your ITR is not complete until you verify the return. Let us tell you that this time the last date for filing ITR on behalf of CBDT has been fixed as 31 July 2023. In such a situation, complete your work on time this time.

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The last date to file income tax return is coming. There will be many people who have not yet filed the return. 31st July is the last date to file ITR. Those who do not file ITR on time, action is taken against them by the Income Tax Department.

That’s why you should also file income tax return as soon as possible. You may face many problems after the last date to file income tax. Because the server gets down at the last moment. Along with this, the possibility of making many mistakes also increases.

Avoid These Mistakes While Filing Returns ( ITR Filing Checklist)

• If you are employed then you must have Form 16. Which is given to you by the company. In this form, you have complete information about the tax levied on your salary.
• It is also necessary to check Form 26AS before filing the return. Which contains all the information. If there is any wrong information then it may take 7 to 10 days to get it corrected. That’s why start the process of filing income tax return well in advance.
• You will also need the Annual Information Statement. That’s why prepare it beforehand.
• If you have invested in any stock or mutual fund, then information about capital gain has to be taken.
• You have to give information about all the sources of your income. Like earning from interest somewhere, investing in crypto, its information or other earnings. You have to give all the details.
• While filing income tax return, if you have given half incomplete information or have not mentioned any income, then you may have to face problems for that too.
• Do not file income tax return in haste. After filling the form, it is necessary to read it several times.

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Till the time of writing this information, this information has been received from the website of the Income Tax Department. Salaried employees will be able to file their returns for assessment year 2023-24 soon after receiving Form 16 from their employers by June 15.

What is ITR-1?

Tax filing season has started, so the steps given below will be very useful for salaried taxpayers. Most of the salaried employees will be eligible for ITR-1 (Sahaj). ITR-1 is filed by those who receive income from salary, one house property and other sources like interest etc. with income up to Rs 50 lakh.

You can file ITR by following these steps

• Visit the Income Tax e-filing portal https://www.incometax.gov.in/iec/foportal/
• Login to e-filing portal by entering User ID (PAN), Password, Captcha Code 
• Click on the menu ‘e-File’ and then click on the link ‘Income Tax Return’
• After filling all the details, click on ‘Continue’.
• In this step, read all the instructions carefully and fill the mandatory fields of the online ITR form. Also, click on ‘Save Draft’ button to avoid data loss due to session time-out.
• Check the total income, deductions, taxes paid and tax liability (if any) thoroughly to ensure maximum tax benefit.
• Submit your ITR after this. An OTP will come on your mobile. Verify your filing by entering it.

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If you want to file ITR without any penalty, then you have time till July 31, 2023. At the same time, till December 31, you can file it by paying a fine. It is often seen that people whose salary is outside the tax slab do not file ITR, but you should avoid doing so. Even if the salary is less than the tax slab, filing ITR can provide many benefits. Let’s know about it-

Can work like necessary documents

You should file ITR even if your salary is less than the income tax slab. You can use these documents as income proof in many ways. At the time of taking loan from bank to credit card, you need income proof everywhere. In this case, after filing ITR, you can use this document as income proof.

Refund can be claimed

Many times companies deduct TDS from people’s income, while their salary is out of the tax slab. In such a situation, you can easily claim your deducted TDS by filing income tax return. The Income Tax Department transfers the deducted TDS to your bank account.

Easy to apply for Visa

If you file ITR, you can easily apply for Visa. ITR related documents are sought for visa application. People’s income is seen before getting visa for many countries. In such a situation, they get to know the financial status of that person.

Can claim for damages

If you claim ITR within the prescribed limit, then you can claim for capital gain or loss in business. According to the rules of income tax, the benefit of carry forward loss is available only to those people who file ITR in the same financial year at the specified time.

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Form 16 is provided by the employer, and serves as a document for income and tax deductions. Sometimes many companies may take a lot of time to provide their Form 16 to the employees, but the absence of this document should not prevent taxpayers from completing their tax tasks.

In such a situation, if you have not yet received Form 16 for filing tax, then you can file ITR without Form 16 as well. You can file ITR by collecting income-related documents like salary slips, bank details, interest certificates, and rent income receipts. These documents will facilitate accurate calculation of total income from various sources. Make sure that no detail of all the income earned during the financial year should remain incomplete.

First of all, identify the deductions and exemptions for which you are eligible under the Indian Income Tax Act. Such deductions can include insurance premium, contribution to provident fund and home loan payment etc. Check supporting documents to find out applicable deductions.

Form 26AS will be available online

Access Form 26AS, which is available on the e-filing website of the Income Tax Department. Presents a comprehensive overview of tax credits and taxes paid as recorded. Thoroughly verify the accuracy of tax deducted by employers and other entities, ensuring that no tax credits have been inadvertently overlooked.

Use the Income Tax Filing Portal

Use the online income tax filing portal offered by the Income Tax Department to file tax returns. The customer friendly interface will guide you through the form filling process and assist in entering accurate information. While declaring income, be careful and transparent, relying on available documents and computed figures.

Pay special attention to this

It is very important to maintain a record of supporting documents including salary slips, bank details and investment proofs for filing income tax returns. These documents may have to be produced for verification purposes by the tax department in future. Retain a copy of the tax return application for reference and record keeping. So that there is no problem in future. Individuals who are facing problems can take help from tax professionals or chartered accountants.

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The Income Tax Department has enabled online filing of ITR-1 and ITR-4. ITR-1 is filed by individuals, including salaried persons and senior citizens. The ITR-4 form can be used by individuals, HUFs and firms (other than Limited Liability Partnership firms) having a total income of up to ₹50 lakh.

Form-16 is generally used by salaried persons to file their ITR. However, this is not always necessary. Actually Form-16 is a certificate of tax deduction at source issued by the employer and plays a vital role in ITR filing for salaried individuals. It gives the details of salary paid to the employee, deduction claimed by the employee and tax deducted from him.

What is Part A and Part B of Form-16

Part A gives the summary of taxes deducted and deposited by your employer as TDS. Part B of Form-16 shows the details of salary income and deductions claimed by the employee to reach his taxable income.

When is Form-16 issued?

Every salaried person generally receives Form-16 from his employer on or before 15th June of the assessment year. Section 203 of the Income Tax Act, 1961 makes it mandatory for the employer to issue Form-16 to his employees, indicating their total TDS on income.

What are the things to be kept in mind while filing ITR in Form-16?

Before filing your ITR, it is necessary to cross-check and verify the information in Form-16 with your salary slips, AIS (Annual Information Statement), and Form 26AS.

According to Abhishek Soni, Co-founder and CEO of Tax2win, it is important for salaried individuals to pay attention to the following aspects of Form-16 while filing ITR:

PAN and personal details

Verify that the PAN mentioned in Form-16 matches with your PAN. Additionally, cross-check your name, address and employer’s TAN (Tax Deduction and Collection Account Number) and PAN.

Part A of Form-16

It is important to compare the tax deduction details in Part A of Form-16 with the information in your Form 26AS, which is a consolidated statement of taxes deducted and paid and AIS.

Part B of Form-16

It summarizes the income paid by your employer. Make sure that any tax, deduction and exemption claimed by you is reflected correctly in Form-16.

Cross-verify tax deductions

It is important to cross-check the actual tax deducted from your salary income, by comparing it with the taxes reflected in Form-16, Form 26AS and AIS (Annual Information Statement). If you identify any mistakes, immediately bring them to the notice of your employer and request them to rectify the information in Form-16. It is important to ensure that the correct details align with Form 26AS and AIS.

Job change and multiple employers

If you have changed jobs during the financial year 2022-23, it is important to take Form-16 from both the employers. This will help you determine actual taxable wages and ensure accurate reporting. Remember that additional tax may be payable on account of change of job if you have not informed the present employer about the income earned with the previous employer.

What to do before getting Form-16?

Before obtaining Form-16, employees should keep handy the details of capital gains, interest income of fixed deposits, rental income and any investment made to claim the deduction.

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Those who are not, those people can also fill the ITR form. It is very useful in taking loan. The Income Tax Return Form (ITR Form) to be filled for this year has been released by the Income Tax Department recently. These forms have become effective from April 1, 2023.

Let us tell you that there are 7 types of ITR forms in the country. Their numbers range from ITR-1 to ITR-7. These forms have been prepared according to people with different income and sources of income. Apart from these, there is also Zero ITR form. For AY 2023-24 (Assessment year 2023-24), if a person’s annual income is above Rs 2.5 lakh according to the old tax slab or above Rs 3.5 lakh according to the new tax slab, then he must file ITR. In such a situation, Zero ITR can also be filled.

How many types of ITR forms

Let us tell you that there are mainly seven types of ITR forms. It includes ITIR-1 (ITR-1), ITIR-2 (ITR-2), ITIR-3 (ITR-3), ITIR-4 (ITR-4), ITIR-5 (ITR-5), ITIR-6 ( ITR-6) and Itir-7 (ITR-7).

ITR-1 can be filed by a resident individual who:

• Total income during the financial year does not exceed ₹ 50 lakh
• Income from salary, one house property, family pension income, agricultural income (up to ₹5000/-) and other sources, which includes:
• interest from savings accounts
• Interest on Deposits (Bank/Post Office/Cooperative Society)
• Interest from income tax refund
• Interest received on enhanced compensation
• any other interest income
• family pension
• The income of the spouse (except those covered under the Portuguese Civil Code) or the income of the minor is added (only if the source of income is within the specified limits mentioned above).

ITR 2 (ITR-2): Who is eligible to file ITR-2 for the assessment year 2021- 22?

• ITR-2 can be filed by any individual or HUF:
• Not eligible to file ITR-1 (Sahaj)
• Such persons who are not deriving profits and gains from the business or profession and are not deriving the following types of income from the profits and gains of business or profession:
• interest
• Salary
• Bonus
• Commission or remuneration, by whatever name called, received from a partnership firm
• If the income of any other person such as spouse, minor child, etc. is to be clubbed with his income – if such income falls in any of the above categories.

ITR 3 (ITR-3) : Let us tell you that this form is chosen by individual taxpayers and HUFs who earn income from owning a profession or a business. Taxpayers who have income from investment in unlisted shares, are partners in a company, are directors of a company or have a business turnover of more than Rs 2 crore, file this form.

ITR 4 (ITR-4): Individuals, HUFs and partnership firms who are residents of India, earning income from any business or profession (doctor, lawyer etc.); They have to select ITR-4. It is also called SUGAM Form. Explain that there is no limit on the income earned in this.

ITR 5 (ITR-5) : Let us tell you that this ITR-5 form is for institutions. Entities that are registered as Firms, LLPs, AOPs, BOIs have to fill ITR-5 form.

ITR 6 (ITR-6) : ITR 6 is for any company which is not claiming exemption under section 11 of the Income Tax Act, 1961. Firms filing income tax return under this section can file it electronically only.

ITR 7 (ITR-7): ITR 7 form is filed by political party, hospital, medical institution, university, fund, news agencies, scholarly research association and other educational institution, college or university or commercial trust.

What does Zero ITR mean?

Another special thing is that only those people who come under the ambit of income tax do not have to file income tax return. Apart from the normal ITR, zero ITR form would have been a kind of ITR return, which is called Nil Income Tax Return filing. If a person is outside the tax slab issued by the Income Tax Department and still fills the tax return form, then it is considered as zero ITR filing. 

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Penalty for not filing ITR till the deadline

If you have not filed ITR till the last date, then according to the rules, you may have to pay a fine of up to Rs 10,000. Apart from this, you may also have to pay interest on tax due to delay in ITR filing.

ITR comes in handy

If you file income tax return continuously, then any government or private bank gets ready to give you loan easily. ITR is an important document for any type of loan approval. Section 70 and 71 of the Income Tax Act 1961 also provides for carry forward of loss in any year to the next year. This means that you can carry forward your loss to the next assessment year.

Government gives exemption

The government allows you some exemptions when you file ITR. This helps the taxpayers to reduce their burden. This motivates more and more people to file ITR.

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Now Tata Consultancy Services ( TCS ) has also issued Form-16 for its employees ahead of time. With this, TCS employees can file ITR ahead of time and will be free from the hassle of paying late fees.

According to the new tax regime, the deadline for filing income tax returns for the taxpayers for the financial year 2022-23 has been fixed as 31 July 2023. For this, the Income Tax Department has issued offline forms for Income Tax Return Form ITR-1 and ITR-4. Salaried taxpayers need Form-16 to file ITR to avail tax deduction.

According to the Income Tax Department, Form 16 contains the complete record of salary and tax paid by salaried taxpayers. It acts as an essential proof whether you have paid tax to the government or not. While filing income tax return, salaried taxpayers have to submit Form 16 as a strong proof of their income and tax paid.

Lakshminarayanan GS, deputy chief finance officer of Tata Consultancy Services (TCS), told that the company has made Form 16 available to its more than 6,00,000 employees. It usually continues till June. Salaried taxpayers can obtain Form 16 from their employer immediately following the financial year in which tax is deducted.

If an employer delays or fails to issue Form 16 by the specified date, 16th June, then he has to pay a penalty. he internal payroll team of TCS started the process for Form 16 in early September 2022 itself. Ashwini Kennedy, Head of Global Employee Services, Corporate Finance, TCS, said that we actually have more than 6,00,000 associates spread across more than 50 countries.

We process over 1 million payslips annually. He said that the main purpose of issuing Form 16 ahead of time is to provide a bigger window to the employees to file their tax returns.

Related Article

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Now you have to file your ITR by 31st July. If you do not do this, then you can also get into trouble. This time, along with legal action against those who do not file ITR, the government has also made a provision to increase the amount of fine.

Last date will not be extended further

The government said that this time the last date for filing Income Tax Return (ITR) will not be extended further. Because of which it is necessary for all tax payers to file their ITR before the last date. Taxpayers who do not file ITR will also not be able to carry forward the losses of the current financial year. Apart from this, if you file your ITR later, then you will also have to pay a hefty penalty on it.

That’s why it is necessary to file ITR

According to experts, if a person has regular income. Also, if he comes in the tax slab set by the government, then he is required to file income tax return. If he does not do this, then he can also be blacklisted by the department. Apart from this, if this happens, he will not be offered loan from any bank. Along with this, legal action can also be taken against you on the matter of tax evasion.

Works like documents too

ITR filing also serves as a document. You can use it as a proof in different financial applications. Many times, while applying for a loan, bankers ask for a copy of ITR for verification. This also shows your regular income. Apart from this, ITR also helps you in credit card, insurance policy and other such important work.

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The government has told that taxpayers are getting the benefit of exemption in both the old tax regime and the new tax regime. Finance Minister Nirmala Sitharaman had announced in the budget this time that the new tax system implemented by the government would be default from the financial year 2023-24. Under the new system, tax exemption can be given on income of Rs 7 lakh annually.

Many changes in the new tax regime

Many changes have been made regarding income tax in this budget. The special thing is that you have to decide in advance under which tax regime you want to pay tax. If you do not select any tax regime yourself, then your ITR will automatically be filed in the new tax regime. Along with this, the government has also made changes in the slabs of the new tax regime.

What to do if the income is more than 10 lakhs?

Let us tell you that in the old tax regime, those with income above 10 lakh have to pay more tax. If your income is more than 10 lakhs and you select the old tax regime, then you will have to pay tax at the rate of 30 percent. At the same time, all such individual taxpayers in the age group of 60 years to 80 years also come in the 30 per cent slab.

How much will be the benefit of choosing the new tax regime?

Apart from this, if we talk about the new tax regime, then the highest rate in it is 30 percent, but at this rate tax has to be paid by those earning above 15 lakhs. If your annual income is Rs 15 lakh or above, then you will have to pay tax at the rate of 30 per cent.

On the other hand, in the old tax regime where people above 10 lakhs have to pay tax at the rate of 30 percent. Apart from this, in the new regime, tax is levied at the rate of 10 per cent only on those earning 10 lakh to 12 lakh. Apart from this, the government imposes tax at the rate of 20 percent on income from 12 lakh to 15 lakh.

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Taxpayers are required to file ITR within the stipulated time limit to avoid any kind of penalty. According to the website of the Income Tax Department, a penalty of up to Rs 5000 is imposed for late ITR filing. Let us know about the benefits of filing ITR before July 31-

If you have not filed ITR till the last date, then according to the rules, you may have to pay a fine of up to Rs 10,000. Apart from this, you may also have to pay interest on the tax due on delay in ITR filing.

If you file income tax returns continuously, then any government or private bank gets ready to give you loan easily. ITR is an important document for any type of loan approval.

Sections 70 and 71 of the Income Tax Act 1961 contain certain provisions for carry forward of loss of a particular year to the next year. This means that you can carry forward your loss to the next assessment year.

The government allows you some deductions when you file ITR. This helps in reducing the burden on taxpayers. This motivates more and more people to file ITR.

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The financial year 2023-24 has started. In such a situation, now the time for filing income tax return has come back. Salaried class people often use Form 16 to file ITR in India, but in many cases people can file income tax return without Form 16 as well. Form 16 is such a document through which the account of the entire taxable income of the employee can be obtained. It has been seen many times that the salary of some employees does not come under taxable income. In such a situation, the company does not issue Form 16 for them. In this case, you can file ITR without Form 16 as well.

What is Form 16?

Form 16 is an important document for filing income tax. In this document, the account of the entire income of the person is kept. From this it is known that how much money the person has spent in total. How much tax has been deducted and TDS information is also available in the financial year. In this, information about your investments etc. is also recorded.

ITR can be filed through Form 26AS-

If you do not have Form 16, you can get information about your TDS and TCS through Form 26AS. In this form, information about the person’s advance tax and high value transactions is available. Apart from this, you also need to have salary slip, HRA slip, proof of investment under Section 80C and 80D of Income Tax etc. Along with this, you will also have to deposit the proof of your home loan etc. After this you can easily file income tax return without Form 16.

How to download Form 26AS-

• If your salary does not come under income tax but you want to file ITR, you can download Form 26AS from the Income Tax website.
• For this, click on the e-file portal https://www.incometax.gov.in/iec/foportal/.
• Next you will see My Account option, click on View Form 26AS link.
• After this, select the assessment year in it and click on View Time.
• After that click on the download option and this form will be downloaded.

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 The Finance Minister has tried his best to give a lot to the salaried middle class in this budget. When the Finance Minister started announcing the personal income tax in the budget, it took some time for people to understand it. But later she justified her statement that she understands the aspirations of the middle class.

The goal of making the new tax regime attractive is that under the new tax regime, those earning up to Rs 3 lakh will not need to file ITR. Earlier this limit was Rs 2.5 lakh. It has been increased by Rs 50,000 on behalf of the Finance Minister. This is the reason that now it will not be necessary to file ITR for those earning up to 3 lakhs. Actually the aim of the government is to make the new tax system more attractive. Earlier, those earning up to 2.5 lakh were exempted from ITR.

Proposal to make the new tax regime a default

Due to the promotion of the new tax regime, it has been proposed to make the new tax regime a default. Now whenever you start filing income tax return, you will automatically be under the purview of the new tax regime. If you want to file income tax under Old Tax Regime, then you have to select Old Tax Regime for this.

Along with the country, the eyes of the world were also focused on this budget. In the budget, along with pleasing the middle class, the Finance Minister has also taken care of the farmers. The biggest change has been made by Nirmala Sitharaman regarding income tax. For the first time, the government has made changes in the new tax regime. In this, instead of the earlier 7 tax slabs, they have been reduced to 4. Now you will not have to pay any tax on income up to 7 lakhs.

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At the same time, while filing income tax online, some things should be kept in mind, so that there is no problem of any kind. There is no more hassle in filing income tax return as before. Gone are the long queues and endless worry of meeting tax-filing deadlines.

E-filing

Now income tax can be filled online as well, that is, its e-filing can be done. Income tax return can be filed in a very short time from your home or office. At the same time, after filing income tax return, one important thing should be kept in mind.

How to download Income Tax Return?

It is important to file ITR on time to avoid last minute stress and penalty. Once you file your ITR, an Income Tax Verification Form is generated through the Income Tax Department so that the taxpayer can verify the validity of the e-filing. These are applicable only if you have filed your return without digital signature.

Income Tax Return Verification Form

After filing income tax, also download the Income Tax Return Verification Form. This form can be downloaded in easy steps. For this, login to the website of Income Tax India. View the e-filed tax return by clicking on the ‘view return/form’ option there.

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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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A fine of Rs 1000 will have to be paid for linking PAN and Aadhaar. If PAN is not linked with Aadhaar card, not only will ITR filling stop, but you will also not be able to take advantage of other PAN card related facilities. That’s why the government has instructed that the citizens should get this work done as soon as possible.

Although most of the people have completed this work, but many people do not know whether their Aadhaar-PAN has been linked or not. This can also be detected very easily. For this you have to go to the website of the Income Tax Department. After this you click on ‘Link Aadhaar Status’. A new window will open in front of you. In this you have to click on ‘View Link Aadhaar Status’. A message will appear in front of you. From this you will know whether your Aadhaar and PAN are linked or not.

See here the steps to link Aadhaar-PAN

• First of all go to incometax.gov.in.
• Find and click on the option ‘Link Aadhaar Status’
• Click on ‘View Link Aadhaar Status’ in the new window that opens in front.
• If Aadhaar-PAN is linked then a message will be displayed to you.
• If Aadhaar and PAN are not linked then you can also link them here.

How to link Aadhaar and PAN

• First of all go to the Income Tax website whose address is given above.
• After this click on ‘link Aadhaar’.
• Here you will be asked to login.
• Enter your date of birth in it along with PAN number and user ID.
• Enter the date of birth as printed on the Aadhaar card.
• After this go to the profile setting of your account.
• Click on the Aadhaar card link option here.
• Now enter the Aadhaar number and captcha code.
• You will see the option of Aadhaar link below. Click it.
• After this your PAN card will be linked with Aadhaar.

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By filing ITR, you convey your total income and tax related information to the Income Tax Office. A certificate is received when the income tax return is filed. This is an official proof, which tells that you are a responsible citizen. Through this certificate, you can take many big benefits in future. Know here the benefits of filing ITR.

Easy to get loan

The biggest advantage of filing ITR is that you get the loan easily. In today’s time, every person needs a loan for land, business, house or vehicle etc. Meanwhile, the financial institution giving the loan asks for proof of income from you. If you are employed then you can give proof by giving salary slip, but if you are not employed, they can submit copy of income tax return of last 2 or 3 years. With this, they get loans easily.

ITR is necessary for Visa

America and some developed western countries ask for a copy of income tax return in the process of issuing visa. It is checked through ITR that what is the financial status of the person who is coming or wants to come to their country. That is, it is necessary to file ITR for visa also. For those who do not earn themselves, a copy of the ITR of their parents or guardian can be given.

Can take contract from government department

Many people do business by taking contracts from government departments. If you also want to take a contract from any department, then it is very important for you to file ITR. ITR of last 5 years is necessary for taking contract in any government department.

For a large sum insurance policy

When you buy any insurance policy of Rs 50 lakh, Rs 1 crore or more, then you need to show the ITR receipt for it. In LIC, especially on taking a term policy of 50 lakhs or more, you will be asked for ITR documents. From this it is decided whether you are eligible to get such a huge amount of insurance or not.

Helpful in compensation for accidental death

In case of third party insurance, in case of death of a person in an accident, the amount of insurance to help his family is determined according to the income of the deceased. During the court proceedings, the insurance company asks the family for proof of income of the deceased. A copy of ITR proves helpful in this situation. Due to this, the family of the deceased gets the insurance claim easily.

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The Income Tax Department has launched the co-browsing feature on its official website e-filing. With its help, taxpayers will be able to connect with their experts in real time and seek their help.

This feature will allow the ITR filer to connect directly and personally with his expert or CA. With this, taxpayers will be able to talk to their CA or advisor sitting at home. Your expert will be able to type, scroll and do all other work on the site and you can give him directions.

With the co browsing feature, taxpayers will be able to take the advice of their experts and CAs even on live chat and phone calls. The most important thing is that through this feature even a person sitting far away can fill ITR on the Income Tax Portal with the advice of his expert in real time.

In this feature, the facility to fill forms, change settings, complete transactions and upload documents will also be available. The co-using agent or CA will not be able to see any other information on the desktop or laptop of the income tax payer. The taxpayer can stop using this facility whenever he wants.

There is no need for both the parties using this feature to download any third app or take help of any other third party application. However, this would be different from screen sharing. In this, the agent or expert will not be able to see the entire screen of the taxpayer, but only the active window.

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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.

The post Big change in ITR filing rules: If TDS/TCS is more than ₹ 25,000 then it will be mandatory to file ITR first appeared on Rightsofemployees.com.

Income Tax Return Filing:  It is mandatory for the taxpayers to file Income Tax Return. A deadline is issued by the government to fill it, within which taxpayers have to pay tax in any case. But some people are not able to file their Income Tax Return even by the due date. After that they have to pay tax along with fine. This penalty is collected as Income Tax Return (ITR) late fee. The Finance Ministry has extended the due date for filing income tax returns.

Extended date for filing ITR 

The Finance Ministry has once again extended the last date for filing Income Tax Return. The ministry has extended the deadline for filing income tax returns (ITR) by companies for the assessment year 2022-23 to November 7. 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.

Form 10A can be filled by November 25

CBDT has also extended the deadline for filing Form 10A to November 25, 2022. Earlier it was to be filled electronically only by 30 September. CBDT said, keeping in view the needs of the taxpayers, the last date for filing Form 10A is extended.

fine will have to be paid

The last date for filing Income Tax Return (ITR) for the financial year 2021-22 was 31 July 2022. Taxpayers whose accounts are not required to be audited were to file income tax returns by this date. Such taxpayers who have not filed ITR by July 31 will have to pay a fine of Rs 5000 i.e. late fee.

Know till when can you pay tax?

The last date for individuals or HUFs or AOPs or BOIs (whose accounts are not to be audited) was July 31, which has passed. At the same time, the deadline for the accounts to be audited is 7 November 2022. Apart from this, business people whose TP report is required can file ITR till 30th November.

Know what are the terms and conditions? 

Those whose date of 31 July has passed and they could not file their return due to some reason, they will now be able to file their return till 31 December 2022, but there will be some conditions. This return is called belated return, late return or revised return. Under this facility, you will file the return but you will be deprived of the benefits of interest and set-off, along with paying some penalty.

Income tax filing is mandatory 

Significantly, the department has been continuously requesting the taxpayers to submit the returns within the stipulated time to avoid the burden of late fee. However, this year a large number of taxpayers have filed returns as compared to the previous years. At the same time, now the holders of the account to be audited should also pay the tax in time.

The post ITR Filing Date Increased: Good news! Then the last date for filing ITR increased, now you will be able to file income tax return till this date first appeared on Rightsofemployees.com.

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.

The post Income Tax Rules: If you file ITR even today, you will not be fined, know this rule related to income tax first appeared on Rightsofemployees.com.

Income tax rules say that the taxpayer cannot refund TDS if the ITR is not filed by the deadline or within the stipulated time. However, this does not mean that all doors to getting TDS money are closed. Benefit of TDS refund, exemption, deduction is given under section 119(2)(b).

In fact, through section 119(2)(b), the Central Board of Direct Taxes directs the Income Tax Officers to provide the facility of such refund claim even after the expiry of the ITR period. However, this facility is given only if the taxpayer gives a valid reason for not filing ITR. In this, the officers are given the responsibility according to the amount of the claim.

If there is a claim of 10 lakhs in an assessment year, then the Principal Commissioner or Income Tax Commissioner can pass or reject that claim. The Principal Chief Commissioner has the right to settle the refund claim from 10 to 50 lakhs. If there is a claim of more than 50 lakhs, then the CBDT settles it at its level.

Understand this with an example. Ramchandra is a senior citizen whose TDS has been deducted on the interest of fixed deposits. Since his health deteriorated, he could not file ITR on time. In such a situation, they can file TDS refund claim with the tax officer.

The post How to file TDS refund claim after missed ITR filing, check details first appeared on Rightsofemployees.com.

The last date for filing Income Tax Return (ITR) for the financial year 2021-22 was July 31, 2022. A record 72.42 lakh income tax returns were filed on the last day, taking the total number of returns filed to 5.83 crore. The Income Tax Department informed about this through a tweet.

The coming department tweeted and told that till July 31, 2022, about 5.83 crore ITRs were filed for AY 22-23. A new record was made for the Income Tax Department for filing more than 72.42 lakh ITRs in a single day i.e. on 31st July, 2022. The Income Tax Department expresses its gratitude to the taxpayers/stakeholders on time.

The government had extended the deadline for filing ITR in the last two years. Some people were waiting till the last minute to announce the extension of ITR filing deadline. But this year the deadline was not extended.

If you have already filed the return, that is great. What happens if you fail to do so even after the July 31 deadline has passed?

If you have missed filing your return, you can still file it till December 31, 2022. However, you will have to pay a late fee. This will have some other financial consequences as well.

Return can be filed by paying fine

For taxpayers whose annual income is up to Rs 5 lakh, the late fee is Rs 1,000. If your annual income is more than 5 lakhs, then the late fine has been fixed at Rs 5,000. However, if your gross total income does not exceed the basic exemption limit, you will not be liable to pay penalties for late filing.

In addition to late fees, there are many other implications of indefinite deadlines. If you miss the deadline, you will have to pay interest on late payment of taxes.

After the deadline, you will have to deposit the outstanding tax with interest retroactively from July 31.

Verify within 30 days by filing late ITR

The Central Board of Direct Taxes (CBDT) has announced a reduction in the time limit for verification of ITR.

The time limit for verifying ITR in respect of any electronic transmission of return data on or after August 1, 2022 has been reduced from 120 days to 30 days. The CBDT announced this through a notification issued on July 29, 2022. It has become effective from 1st August 2022.

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The last deadline for filing income tax returns for the financial year 2021-22 and assessment year 2022-23 is over. The Income Tax Department has refused to extend its earlier deadline. However, the income tax payers raised their voice on social media for this. It also trended on Twitter.

The Income Tax Department had announced a helpline number and portal to assist taxpayers in seamless ITR filing. By filing ITR, a taxpayer can report his income and taxes paid in a financial year to the department. If there is a refund from the government, then ITR will help the taxpayers to claim the amount.

ITR is mandatory if your income exceeds the basic exemption limit. There is no extension in the time limit for filing ITR. With less than 24 hours, it is important to file your ITR to avoid any penalties.

On Sunday, the Income Tax Department said through its Twitter account, around 68 lakh ITRs were filed till 11 pm tonight.

It is worth noting that at present, there are seven ITR forms available, however, these forms differ depending on the category of taxpayers and their source of income. These forms are ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7.

ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers. Sahaj can be filed by a person having income up to Rs 50 lakh and who draws income from salary, a house property / other sources (interest, etc.). Similarly, Sugam is filed by Individuals, Hindu Undivided Families (HUFs), and Firms (other than Limited Liability Partnerships (LLPs)) having total income of up to ₹ 50 lakhs and businesses computed under the presumptive taxation provisions and Profession brings income.

Also, individuals and HUFs not having income from business or profession (and not eligible to file Sahaj) can file ITR-2, while those having income from business or profession can file ITR Form 3. Individuals other than individuals, HUFs and companies i.e. partnership firms, LLPs, etc. can file ITR Form 5. Companies can file ITR Form 6. Trusts, political parties, charitable institutions, etc. can file ITR-7 claiming exempt income under the Act.

If you fail to file your ITR on time, you will be liable to pay a certain amount as penalty to the department. Under section 234F of the IT Act, if the return is furnished on or before 31st December of the assessment year, a fine of Rs 5,000 will be levied. Whereas in any other case the fine will be Rs 10,000. It needs to be noted that if the total income of the individual does not exceed Rs 5 lakh, the fee payable under this section will not exceed Rs 1,000.

The basic exemption limit is Rs 2.5 lakh for individuals below 60 years of age, while the exemption limit is Rs 3 lakh for individuals above 60 years but below 80 years of age, and above 80 years. Individual exemption limit is 5 lakhs.

The post ITR Filing Deadline: Deadline not extended to file ITR, know here what will happen if you file after the last date? first appeared on Rightsofemployees.com.

Let us tell you that till Thursday evening, the number of ITR filers had crossed 4 crore, which is 68 percent of the people who filed income tax returns till December 31, 2021. Last year the deadline was extended due to the second wave of Covid and all the glitches in the I-T portal. As the last date approached, the pace of ITR filing picked up. The Income Tax Department tweeted on Sunday morning that more than 5 crore ITRs have been filed in 2036 hours. In view of this boom, the Income Tax Department expects that most of the returns will be filed today.

Those who do not file ITR today will be fined
If you have filed your return, then there is nothing to worry about, but the consequences of late filing of income tax return can be very serious. There is a penalty for late filing of return. Apart from this, if you suffer loss in business, then it cannot be carried forward. Not only this, if you pay tax after July 31, then interest of 1 percent per month will have to be paid as penalty. If you fail to file ITR on July 31, the ITR filing fee is Rs 5,000 with late fee till December 31 for income above Rs 5 lakh. Those earning less than Rs 5 lakh will have to pay Rs 1,000.

6 months to 7 years in jail
Earning individuals who miss the due date of filing ITR will have to pay a late fee of Rs.5,000. If he does not do this, then he can also be sentenced to 6 months to 7 years in jail.

The post ITR Filing Big Alert ! Today is the last day to file ITR, if you miss, you will be fined or jailed first appeared on Rightsofemployees.com.

The department sends the Income Tax Intimation Notice to the registered email id of the tax filer under Section 143(1) of the Income Tax Act 1961. The department also sends an SMS alert to the tax filers informing them that the intimation notice has been sent to them on their registered email id.

The deadline for issuance of income tax notice notices has been revised to three months with effect from April 1, 2021. As per the tax rules, the intimation notice needs to be sent to the department within 9 months from the end of the financial year in which the ITR is filed. For example, if someone has just verified his ITR, then the last date for receipt of this notice is 31st December 2023 (nine months from the last date of the current financial year i.e. 31st March, 2023).

However, these days the tax department sends information notices very quickly. Sometimes you get the notice even a few hours after filing the ITR. The information notice provides details as to whether the income tax calculations given by the taxpayer in the ITR match the calculations made on the basis of the information provided by the department. The department investigates various errors. After this process the information is sent.

Taxpayers should read the notice notice carefully

According to tax experts, taxpayers should read the intimation notice carefully. The process of ITR done by the Income Tax Department cannot be final, as the department conducts a prima facie inquiry only after the ITR is verified by the taxpayer. The department may send notice under any other section for further information in future.

What’s in a tax information notice?

Taxpayers should check information notices carefully. This includes income statement, deductions claimed, etc. In some cases the information notice may demand additional tax if the taxpayer has failed to report any income in ITR or has wrongly claimed deduction. If the taxpayer has paid additional taxes, the intimation notice may mention the refund payable to the taxpayer.

Income Tax Notice Letter Password

The password to open the Income Tax Intimation Sheet is your PAN number in lowercase followed by your date of birth in DDMMYY format.

The post Income Tax Intimation Letter: What is Income Tax Intimation Letter? What is its importance? Learn Passwords and Everything Here first appeared on Rightsofemployees.com.

In fact, the Revenue Secretary has said that the government has no idea at present to extend the date for filing ITR beyond July 31. Let us tell you that the filing of Income Tax Return for the financial year 2021-22 and assessment year 2022-23 has started from June 15, 2022. Government told the deadline Actually, like the last two years, this time too the last date for tax filing was expected to be extended, but now the government has made its stand clear.

If you have received Form-16 from your office, then fill it without delay. If you do not fill it before the deadline, then you may have to pay a penalty. Apart from this, the load increases when more taxpayers file returns on Income Tax E-filing website. In such a situation, if you also want to avoid the problems in income tax filing, then do not wait for the last moment. File your return before 31st July It is noteworthy that the last date for filing income tax returns for the financial year 2021-22 and assessment year 2022-23 without any late fee is July 31, 2022.

If you file income tax return after the deadline, then you will have to pay interest on tax along with penalty under section 234A and under section 234F of income tax. Detailed deadline for filing ITR Apart from this, let us tell you that the last date for filing income tax return for personal HUF is July 31, 2022. At the same time, the last date for filing income tax returns for those who require audit is October 31, 2022. And for those who have business and in which TP report is required, the last date for filing income tax return is November 30, 2022. That is, the department has introduced a deadline for all types of income tax payers, if you do not pay tax before the deadline, then you will have to pay a penalty.

The post ITR Latest Update: The government gave a big update on the last date to file ITR, know what is the deadline now? first appeared on Rightsofemployees.com.

The last date for filing ITR for the financial year 2021-22 or assessment year 2022-2023 is July 31. This time the government has categorically refused to extend its deadline. Last week, over 2.3 crore income tax returns were filed for the financial year 2021-22 till July 20. Union Revenue Secretary Tarun Bajaj on Wednesday said that the government is not planning to extend the last date for filing ITR this year. However, many users on Twitter are complaining that the website is not working properly, so the deadline should be extended.

Will have to pay a fine of 5 thousand rupees

Taxpayers who fail to file ITR by July 31 can still file returns till December 31, 2022. However, keep in mind that for the year 2021-22, any unpaid tax will have to be penalized along with interest. Deepak Jain, chief executive, tax e-filing and compliance management portal TaxManager.in, says, “If you fail to file your ITR by the due date, you can file the belated return by December 31, 2022. If the return is filed after the last date but before December 31, 2022, you will have to pay a fine of Rs 5,000.

In this case, a fine of Rs 1000 will have to be paid.

As per section 234F, Rs 5,000 will have to be paid as penalty for filing ITR after the last date. However, if the total income of the person does not exceed Rs 5 lakh, then in this case a fine of Rs 1000 will have to be paid. If the total income of a person is not exceeding the basic exemption limit under the tax regime chosen by him, then he will not have to pay any penalty while filing belated ITR.

The post Income Tax Return: You can file ITR after July 31, know here all details immediately first appeared on Rightsofemployees.com.

The season for filing income tax returns has started once again. The last date to file income tax returns for assessment year 2022-23 and financial year 2021-22 is July 31, 2022. The Income Tax Department is continuously appealing to the people to file ITR without delay through various means. At the same time, this time the Income Tax Department has changed some rules regarding ITR filing. It is necessary to know before filing ITR, otherwise later you may get a notice from the Income Tax Department.

In fact, the Income Tax Department has recently introduced TIS (Taxpayer Information Summary) and AIS (Annual Information Statement), which aims to simplify things for taxpayers and bring transparency in income tax return filing. First of all, let us know about the information related to Taxpayer Information Summary and Annual Information Statement.

What is AIS and TIS?

In the AIS (Annual Information Statement) taxpayers will have all the information about the income earned through different channels. In this, information about the interest received from savings account, interest received from recurring and fixed deposits, money received as dividend, income from transactions in mutual funds and other places will be found. At the same time, in TIS (Taxpayer Information Summary), information about the taxable amount will be found at one place. If you file ITR without seeing this, then the chances of making mistakes will increase. In such a situation, if there is a mistake in the income tax return, then the income tax department can send you a notice.

How to download AIS and TIS?

For this, first you have to go to the Income Tax Department’s website www.incometax.gov.in.
Now enter your information and login there.
After this, go to the Services tab in the menu.
Now select ‘Annual Information Statement (AIS)’ from the dropdown menu.
After this the option to download will come, from there you can download the statement in any format.
Similarly, you can download the taxpayer information summary by selecting it from the dropdown menu.

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Even if you do not fall in the tax slab, your TDS is deducted every month. Actually, the employer has to deduct TDS of his employees till a certain date. TDS is deducted from the salary of the salaried employees every month, this is because if the employees have not submitted their investment proofs in the company, then the company deducts the tax on time as per its rules.

If TDS is deducted more then do this work 

If your TDS has been deducted too much then you can get your full money back. For this, you can get back the tax deducted more than your salary by filling the income tax return. The portal of the tax department for filing income tax return for the financial year 2021-2022 has been opened since July 15, its last date was kept as July 31. So in any case, you fill it before 31st July. With this, your deducted tax will be returned in the form of refund in time.

File ITR 

To get TDS refund, you must file your income tax return before 31st July 2022. Keep in mind that you must mention it while filing the return, only then you will get your money back. Apart from this, to get the deducted TDM, you can fill the form 15G and submit it to the bank, you will also get the TDS money back. Let us know its complete process.

Know how to claim TDS 

1. First you file your ITR. 2. Now you go to the website of www.incometax.gov.in
to get the status of payment  . 3. Now enter the User ID and Password. 4. After this you will see the option of e-filing.  5. Now click on ‘View File Returns’.  6. After this you will see the details of ITR.

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It is mandatory for almost every person earning income to file ITR. However, in some cases the government has given its exemption. Filing of ITR is not mandatory for many senior citizens. But who are these senior citizens who are exempted from filing ITR? Actually, senior citizens are not required to file ITR after the age of 75 years.

However, this is possible only if the source of their income is pension and interest from hard earned money deposited in the bank. The government had given this exemption to people above the age of 75 years in 2021 under a new rule. A new section 194P was inserted in the Income Tax Act, 1961 under the Finance Act 2021, under which senior citizens above 75 years of age, who receive pension and interest from bank deposits, are exempted from filing ITR. Finance Minister announced this Nirmala Sitharaman was did.

What are the other conditions

To get exemption from filing ITR, a citizen who is above 75 years has to fill Form 12BBA and submit it to the bank. In this form, you will have to give details of earning from pension and interest on FD. The tax mentioned in the form has to be deposited in the bank. On submission of tax, ITR will be deemed to have been filled and no separate ITR will be required to be filed. However, there is also a big condition here that the FD account and pension account of the citizen should be in the same bank, only then he will get this exemption. Apart from this, even if the interest on FD is taxable, you will not get exemption from returns. If you are above 75 years of age but do not fulfill the above conditions then you have to file ITR. Failure to do so may result in fines.

31st July is the last date to file ITR

The last date for filing ITR for the financial year 2021-22 and the year under review is July 31, 2022. This date for those people whose annual income from business, job or any other source is up to Rs 50 lakh. There itself. If audit is necessary for a business, then the last date for filing ITR for its owner is 31 October 2022.

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Around seven Income Tax Return (ITR) forms are available for filing before the due date of a financial year for different categories of taxpayers. ITR-1 (Sahaj) is one of the simpler forms and covers a large number of small and medium taxpayers.

Sahaj form is to be filed by taxpayers whose income is up to Rs 50 lakh and who draw income from salary, a house property/ other sources (interest, etc.). Notably, the ITR filing for the financial year 2022-23 FT 22 is scheduled to take place on July 31, 2022.

According to the Income Tax Department website, pre-filing and filing of ITR-1 service is available for registered users on the e-filing portal. This service enables individual taxpayers to file ITR-1 online through e-filing portal.

To fill the ITR-1 form, the taxpayer needs to have a registered user ID and password. Also their Permanent Account Number (PAN) status should be active. Other important details are – PAN linked with Aadhaar, pre-validate at least one bank account and enroll it to get refund, and valid mobile linked with Aadhaar / e-filing portal / bank account / NSDL / CDSL Number.

Under ITR-1, a taxpayer has to file five sections. These are – personal information, total income, total deduction, tax paid and total tax liability.

Step-by-Step Process to File ITR-1 Form (Sahaj) Online

1. Log in to the e-filing portal using your User ID and Password.
2. On your dashboard, click on e-File > Income Tax Return > File Income Tax Return.
3. Select the assessment year as 2021 – 22 and click on continue.
4. Select the mode of filing as online and click on proceed.
5. If you have already filed Income Tax Return and it is pending for submission, click on Resume Filing.
6. If you want to discard the saved return and start preparing the return afresh, click on Start New Filing.
7. Select the status applicable to you and click Continue to proceed.
8. You have two options to select the type of Income Tax Return.
9. Firstly, if you are not sure which ITR to file, you can help me decide which ITR form to file and click on proceed.
10. Once the system helps you determine the correct ITR, you can proceed to file your ITR.
11. If you are unsure which ITR to file, select “Know which ITR form I have to file” and then select the applicable income tax return from the dropdown and click on proceed with ITR.
12. Once you have selected the ITR applicable for you, go through the list of documents required and click on Let’s Get Started.
13. Select the checkbox applicable to you and click Continue.
14. Review your pre-filled data and edit it if necessary. Enter the remaining/additional data (if required). Click Confirm at the end of each section.
15. Enter your income and deduction details in different sections. After completing and confirming all the sections of the form, click on proceed.
16. If there is a tax liability, you will be shown a summary of your tax calculations based on the details provided by you.
17. If there is a tax liability calculated based on the payable tax, you get the Pay Now and Pay Later options at the bottom of the page.
18. After paying tax if there is no tax liability (No Demand/No Refund) or if you are eligible for refund, click on Preview Return.
19. If no tax liability is due, or if there is a refund based on the tax calculation, you will be taken to the preview and submit your return page.
20. On the Preview and Submit Your Return page, enter the place, select the declaration checkbox and click on Proceed to Validation.
21. After verification, on your preview and submit your return page, click on proceed for verification.
22. On the Complete Your Verification page, select your preferred option and click Continue.
23. On the e-Verify page, select the option through which you want to e-verify the return and click on continue.
24. Once you have e-verified your return, a success message is displayed along with the transaction ID and acknowledgment number.
25. You will also receive a confirmation message on your mobile number and email ID registered on the e-filing portal.

The post Income Tax Return Filing: Last date to file ITR is near, know how to e-file Sahaj Form? first appeared on Rightsofemployees.com.

The season for filing income tax returns has started once again. The deadline for filing Income Tax Return for the Financial Year 2021-22 (FY22) i.e. Assessment Year 2022-23 (AY23) is near. The Income Tax Department is constantly telling people not to wait for the ITR Filing Deadline and file your ITR immediately without delay.

Currently, the deadline for filing ITR is 31 July 2022. There is no guarantee that the deadline will increase. In such a situation, late-late taxpayers can be heavy. From this time, some rules of ITR filing have been changed. It is important to know about these changes before filing ITR, otherwise it is possible that even after filing ITR, you may get a notice from the Income Tax Department.

Keep these documents ready before filing return

The Income Tax Department has recently introduced AIS i.e. Annual Information Statement and TIS i.e. Taxpayer Information Summary. The department has started these to bring transparency in ITR filing and to make things simpler for the taxpayers. The Income Tax Department itself is also saying that before filing the return, keep some documents ready. The documents that the Income Tax Department is talking about include Form 16, bank statement, interest certificate from the bank, statement of home loan, if there is any deduction, its details, statement of profit and loss of demat account, 26AS and Annual Information Statement, if the tax invoice has been filled then its details, if any donation has been given then its details, if there is income from other sources then its details etc.

This is AIS/TIS

Let us first know what is AIS and TIS… In the new AIS form, taxpayers are given the details of all the income earned through different mediums. These include interest earned from savings accounts, income from recurring and fixed deposits, income from dividends, mutual funds, including Income from securities transactions, money received from abroad, etc. are included. To make ITR filing easier, the Income Tax Department has introduced TIS. In this, the taxpayers get a lump sum information about the taxable amount. Earlier the department started it on trial basis, now it has been made compulsory.

ITR filing made easy

Generally people, especially the salaried class, file ITR on the basis of Form-16. However, apart from this, many types of income and even gifts also come under the purview of income tax. This is where AIS and TIS prove to be helpful for taxpayers. In AIS, you get the details of every income from sources other than salary, which have been specified under the Income Tax Act 1961. Meaning it will get information about every income that belongs to the taxable category. In simple words, AIS can be called the detailed statement of all the financial transactions done during any one financial year. TIS is the summary of this.

How to Download AIS/TIS Online in this way…

First of all go to the Income Tax Filing Portal (www.incometax.gov.in).
Now log in to your account with the help of PAN Number, Password.
Go to the Services tab in the top menu.
Select ‘Annual Information Statement (AIS)’ in the dropdown.
A different website will open as soon as you click on Proceed.
Select the option of AIS on the new website.
Now you will get the option to download both AIS and TIS.
You can download AIS and TIS in PDF or JSON format.

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Before filing Income Tax Return, you should check Form 16 once. It is also necessary to check whether the amount of TDS mentioned in the TDS certificate is included in Form 26AM or not. Form 26AS is also one of the documents required to file income tax return.

Form 26AS contains details of the TDS amount deducted from your income in a financial year and deposited with the government. The company deposits the deducted amount with your PAN number with the government. Apart from salary, Form 26AS also contains information about TDS deducted by the bank on interest income and advance tax deposited by you.

As per Income Tax rules, if you buy a vehicle worth more than Rs 10 lakh, the dealer is required to deduct TCS (Tax Collected at Source) from you. A percentage of the total amount you pay is collected as TCS. In lieu of this, the dealer will issue you Form 27D. The information about the TCS amount taken from you is also in Form 26AS.

It may happen that the information given in the TDS certificate that you have received does not match with the information given in Form 26AS. The information given in Form 26AS can be wrong due to various reasons. Correction of misinformation is necessary. The process of correction depends on what is the reason for the misinformation.

For example, your company or bank may have made a mistake in depositing tax with the government with your PAN number. If this happens, you will have to contact your tax deducting company or bank. You have to ask the company or the bank to revise the TDS return. Once you file your TDS return with the correct details, your Form 26AS will show the correct information.

The last date for filing income tax return is July 31. You are required to file Income Tax Return for the previous financial year (2021-22) by this date. If you do not do this you will have to pay a fine. Therefore, before filing the return, you should check the information given in your Form 26AS. If you make a mistake, you can get it rectified before filing the return.

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In India, it is believed that people whose income does not come under the purview of Income Tax, there is no need to file Income Tax Return (ITR). People consider filing ITR as a burden without any reason. This is the reason that very few people who are outside the purview of paying income tax file ITR. However, there is no harm in filing ITR, but it is beneficial.

At present, tax is not to be paid on annual income up to 2.5 lakhs. Therefore, filing ITR is also not mandatory for such people. But, it is also not that all the people who are not in the purview of paying income tax do not have to file ITR. The government has now made it mandatory to file ITR for many people who do not have to pay income tax on their income.

Notification was issued in April

The Income Tax (9th Amendment) Rule, 2022 has been made to bring more people under the purview of income tax. The Central Board of Direct Taxes (CBDT) had issued a notification in April this year about those people for whom filing ITR has now been made mandatory. These are people whose income is not subject to income tax. Experts say that the Income Tax Department has made new provisions only to bring more and more people under the purview of income tax.

Now they also have to file ITR

If a businessman’s total sales, turnover or gross receipts exceeds Rs 60 lakh in the previous financial year, then he will have to file ITR even if his income is not taxable. If the total gross receipt of a professional from his profession in the last financial year is more than Rs 10 lakh, then he will also have to file ITR this time.

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Even if the income of a person is not taxable, then such person can also file income tax return. Such individuals also get many benefits of filing income tax return. However, people are also facing a lot of difficulties in filing income tax returns. For which the Income Tax Department has also taken steps.

Took many steps

The Income Tax Department on Saturday said taxpayers are facing difficulties in accessing the e-filing portal and software company Infosys is taking “proactive steps” to tackle the “irregular movement” on the portal. . The Income Tax Department has also tweeted about this.

Problems coming

Income Tax Department tweeted, “It has been found that taxpayers are facing problems in accessing the e-filing portal of Income Tax Department. As reported by Infosys, they have noticed some irregular movement on the portal, which is being proactively taken to deal with it.

Let us

tell you that the new e-filing portal “www.incomtax.gov.in” was launched on June 7, 2021. Since its inception, taxpayers and professionals have faced turmoil. Infosys was awarded the contract to develop the portal in 2019. The government has paid Rs 164.5 crore to Infosys for setting up a new income tax e-filing portal.

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