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

Notification issued on twitter

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

Why is account verification necessary?

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

How to Verify Bank Account

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

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Must file these things in the return –

Give information about children’s accounts

If you have invested anything in the name of your child and you are getting income from it, then you will have to register it while filing income tax return. Many times it happens that parents get bank accounts opened in the name of minor children. Let’s invest in his name. But do not include the interest income received in your total taxable income. For this, you can also get a notice from the Income Tax Department. By adding this income to your income, a benefit of Rs 1500 can also be taken.

return of savings bank account

While filing returns, people often forget to include the interest earned from savings bank account in their total income. Because they ignore it considering it as a small income. You also need to include this in ITR. In this, you can also claim a rebate of ten thousand rupees under section 80TTA within one year.

Include accrued interest as well.

Accrued interest means the income from interest is also your income. In which payment will be made only on maturity. TDS will be taken in this. You have to file all your investments in ITR.

Return on investment

While filing the return, you must also show the return on investment. If you have invested in Public Provident Fund, then the interest earned in it is tax free. That’s why you have to show it as your income.

Information about investments made abroad

If you have made any investments abroad. Which holdings, foreign funds, property also you have to show while filing ITR.

The post Income Tax: If these 5 earnings are not mentioned in ITR, then notice will come from Income Tax Department first appeared on Rightsofemployees.com.

On the other hand, if a child or teenager below 18 years of age earns income from any source (YouTube, Social Media or others), he will also have to pay tax. For this, his income should come under the purview of taxable income. Although there is a ban on child labor in India, but nowadays children are earning huge amount in many other legitimate ways which comes under the ambit of tax.

If this is not done, the Income Tax Department can issue a notice to the parents. The Income Tax Department has put the income of a minor child (ITR on Minor Child Earnings) or money received as gifts, property, investment etc. in the tax net. Let us know what are the rules….

Over 4800 minors filed ITR

Age is no excuse when it comes to filing Income Tax Return (ITR). Many taxpayers are not aware that children/minors also have to pay tax and file returns if they are earning some income. In the financial year 2022-23 till January 31, 2023, more than 4800 minors below the age of 18 years filed their ITR.

What does the income tax law say According to Sujit Bangar, founder of Taxbuddy, ‘Income tax rules say that persons below the age of 18 years are considered minors and are taxed differently. Minors are not required to file their own tax returns, and their income is clubbed with the income of their parents or legal guardians,” under section 64(1A) of the Income Tax Act for persons under 18 years of age. The children’s money will be clubbed with the parent’s income tax return. This means that the income tax return on the child’s wealth will have to be filed by the father.

When is the exemption available

If the child earns less than Rs 1,500 in a year, it will be added to the parent’s income, and exemption under section 10(32) will be available on income up to Rs 1,500. So no tax will be levied in such a case. This income may include interest income, dividend income etc. If the income is more than Rs 1500 in a year, then this income will be considered as the income of the parents, and the parents will have to pay tax here. However, a tax exemption of Rs 1,500 per year per child is available to parents on the income of minors.

According to experts, if a minor is generating income through influencer marketing or other means, then it is considered the responsibility of the parent or guardian to pay tax on behalf of the minor. However, if the income of the minor exceeds the basic exemption limit in a financial year, which is currently Rs 2.5 lakh, then the minor will have to pay tax on the excess amount.

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