This year the deadline for return filing (15 September 2025) has been kept shorter than last time, so it is important to prepare in advance.

The utility required for ITR filing is not yet available on the portal

The ITR filing facility was started on the portal in mid-April last year, but the portal has not been updated for AY 2025-26 (FY 2024-25) till 26 May 2025 this year. That is, returns cannot be filed right now. Till then you can use this time to prepare for filing and gather information.

How to file ITR online? Know the complete step-by-step guide here

Step 1: Login or Register

• Website: https://www.incometax.gov.in
• If you are already registered, login (User ID/PAN, Password and Captcha).
• New users will need to register first.

Step 2: Select the ‘File Income Tax Return’ option

• Click on the ‘e-File’ tab on the dashboard
• Then select ‘Income Tax Returns’ and then ‘File Income Tax Return’

Step 3: Fill in the details

• Select Assessment Year: AY 2025-26
• Mode of Filing: Online

Step 4: Select filing status

• Select from Individual, HUF or Other

Step 5: Choose the correct ITR form

Step 6: Specify the reason for filing ITR

• Your taxable income is above the basic exemption limit
• Or you have fulfilled certain special conditions like foreign travel expenses of more than Rs 2 lakh etc

Step 7: Check the pre-filled details

• Check the pre-filled details on the portal like PAN, Aadhaar, bank details etc.
• Provide correct information about all income, tax exemptions and deductions

Step 8: Verify the return

• Verification is required within 30 days
• You can verify in the following ways:
  • Aadhaar OTP
  • E-Verification Code (EVC)
  • Net Banking
  • Or send ITR-V form by printing it

Why is it beneficial to file ITR yourself?

• You have direct control over your financial details
• You will need a professional only if you have foreign income, share trading, business etc.
• Ordinary salaried persons or persons having income from a single source can file on their own

What’s new in ITR for AY 2025-26?

• Relief in rules for small taxpayers
• Changes in ITR forms
• New rates of capital gains tax
• Incentives to promote digital payments
• New compliance rules

The post ITR Filing: It is easy to file ITR online yourself, know step by step first appeared on Rightsofemployees.com.

The Income Tax Department has clarified that now there will be no exemption just by entering a lump sum amount. It will be necessary to provide detailed breakup for all deductions and details of related investments or expenses. The purpose of this is to stop wrong deductions and fake refund claims.

What changes have been made in tax deductions?

The post ITR Filing 2025: Rules have become strict for the old tax regime, now deduction will not be available without proof first appeared on Rightsofemployees.com.

Who is required to file ITR?

Filing ITR is mandatory for all individuals whose annual income exceeds the basic exemption limit. If your income does not fall under the tax bracket, you can still file zero ITR.

In some cases, it becomes mandatory to file ITR even if your taxable income is less than the exemption limit. Such as bank deposits of more than ₹ 1 crore, savings account balance of more than ₹ 50 lakh.

Tax rates in the new tax regime (FY 2025-26)

The post ITR Filing 2025: Are you filing income tax return online? Keep these 5 things in mind first appeared on Rightsofemployees.com.

Taxpayers have to file income tax returns by July 31. Most people feel that they do not have enough income to file a return. But here let us tell you that even if your income is less than the limit prescribed by the income tax, you should still file a return. Even if the income is less than this limit, filing ITR can still prove to be beneficial. Experts also believe that every person should file ITR because it has many benefits. Let’s know why.

1. To get tax refund

If TDS (Tax Deducted at Source) has already been deducted from your income, then you can get this money back by filing ITR. This TDS can be deducted on your salary, commission, interest or fees. Many times more TDS is deducted on a person’s income than required. The only way to get it back is to file ITR. If you do not do this, then your money will remain stuck with the government.

2. To adjust future losses

If you have suffered any financial loss (such as loss in stock market, business or property) in a financial year, then it can be adjusted with the profit of the next year. But for this it is necessary that you file ITR. If you do not file the return for the year of loss, then you will not be able to adjust this loss with the profit in future. In particular, ITR is necessary to carry forward the loss related to house property and capital assets.

3. Ease in taking loan

If you want to take a loan (like home loan, car loan or personal loan) from a bank or NBFC, then ITR acts as a strong income proof. Banks and financial institutions accept the loan application only when you provide proof of your income. You can get a loan even if you do not have ITR, but then the interest rate may be high. Therefore, if you are planning to take a loan in the future, then filing ITR will be beneficial.

4. For foreign travel and visa application

If you are planning to travel abroad, visa authorities of many countries may ask you for income proof. Especially, if you are applying for a visa to countries like the US, Canada, Europe or Australia, it may be necessary to submit ITR of the past few years. This document can make the visa process faster and easier, as it shows your financial stability.

5. To increase reliability in financial transactions

If you are planning a big financial deal, buying property or starting a business, ITR helps you show your financial position as strong. This improves your credit history and makes your transactions with banks and other financial institutions easier.

Related Articles:-

Aadhaar Verification: Central govt made major changes regarding verification of Aadhar card

Income Tax Notice: Income Tax Department is sending notices to taxpayers, know why?

Gratuity Rule: Those rules of gratuity which every employee should know

The post ITR Filing Benefits: 5 Big Benefits of filing income tax return, Key Details first appeared on Rightsofemployees.com.

In such a situation, ClearTax has launched a WhatsApp feature to make tax filing easier for more than 2 crore gig workers including drivers, delivery executives, home service providers. With the help of AI, QuierTax’s new service will provide a chat-based experience directly through WhatsApp. Currently, only ITR 1 and ITR 4 forms can be filled in it.

Features and Benefits

ClearTax’s WhatsApp service for ITR is available in 10 languages ​​including English, Hindi and Kannada. This process has been designed in such a way that the user will not face any problem and can easily fill the form and make payment. If there is still any problem, AI bot is there to help, which is there to guide in every step of the process. The special thing is that this AI based system will tell which tax regime will have more savings.

Also Read: DA arrears: Govt has received a proposal to release DA arrears of 18 months- It can be announced in the budget

ITR Filing via WhatsApp: How to avail the service?

Save ClearTax’s WhatsApp number and send ‘Hi’. Choose your language from 10 languages ​​including English, Hindi and Kannada. After this, provide details like your PAN, Aadhaar and bank account. You can easily upload the required documents through images or send them as audio-text messages. AI bot will help you at every step in filling both ITR 1 and ITR 4 forms. Once the form is filled, review it and confirm it by editing it where necessary. Then complete the process by making payment through WhatsApp. After submission, a confirmation message will come which will contain the acknowledgement number.

The post File ITR 2024 via WhatsApp before July 31: Here’s a step-by-step guide first appeared on Rightsofemployees.com.

The last date for filing income tax returns is about to end. In such a situation, if you have not filed income tax returns yet, then do it in time. At the same time, if you have filed income tax returns but you have not received its refund yet, then today we will tell you how you can get a quick refund after filing ITR. Salaried class people whose 10 percent TDS is deducted can also claim it by filing ITR.

Why does the refund get stuck?

Taxpayers can easily fill the income tax return by following just a few simple steps. If you are also going to file ITR for the first time, then it is very important to understand this process. Just by filing income tax return, you will not get the refund money on time. After this, you will also have to complete its last step. If you file ITR but do not complete the e-verification process, then your refund may get stuck.

Also Read: ITR Filing Documents: These documents will be required to file income tax return. check list here

E-verification is necessary

If taxpayers want to get their refund on time, then they must complete the process of e-verification after e-filing. If you fail to do so, your ITR will be considered incomplete and you will not receive the refund on time.

The post Tax return: You have filed your income tax return but did not get a refund, this is the way to get it first appeared on Rightsofemployees.com.

This will tell how much benefit the taxpayers will get from tax exemption by filing IT Return under the new tax system and how much benefit will be there under the old system. After getting this information, it will be easy to choose the new and old tax system. Let us know what the experts say about the exemptions available under the new tax system and the old tax system.

Exemptions under the new tax regime

Tax manager Surendra Pandit said that under the new tax system, if a salaried person is going to file IT return, then he will get exemption under standard deduction in the new tax system on salary up to Rs 50,000. Apart from this, there is a provision of exemption on family pension up to Rs 15,000 under the same standard deduction. He said that in the new tax system, there is a provision of exemption under normal depreciation (Income Tax Section 32) for businessmen, Income Tax Section 80CCD (2) for NPS employers, Income Tax Section 80CCH for Agniveers and Income Tax Section 80JJAA for new employees.

Also Read: Post Office RD Scheme: By depositing Rs 7000 every month, you will get Rs 4,97,400 on maturity date

Who will not get exemption under the new tax system

Surendra Pandit further said that in the new tax system, there is no provision for exemption of entertainment tax under section 16 (ii) of Income Tax and professional tax under section 16 (iii) for salaried people. Apart from this, there will be no exemption on House Rent Allowance (HRA), Leave Travel Allowance (LTA) and other types of allowances in the new tax system. Along with this, there will be no exemption under section 80C, 80D and 80G of Income Tax in the new tax system.

What is the provision of exemption in the old tax system

He said that while filing IT returns in the old tax system, there is a provision for exemption under standard deduction in the new tax system for salaried and businessmen on salary up to Rs 50,000, exemption on family pension up to Rs 15,000, normal depreciation ( Section 32 of Income Tax ), Income Tax Section 80CCD (2) for NPS employers, Income Tax Section 80CCH for Agniveers and Income Tax Section 80JJAA for new employees. Apart from this, salaried people will also be given exemption in entertainment tax under Section 16 (ii) of Income Tax and professional tax under Section 16 (iii), exemption on House Rent Allowance (HRA), Leave Travel Allowance (LTA) and other types of allowances and exemption under Section 80C, 80D and 80G.

What a taxpayer should do and what he should not do

Surendra Pandit advises taxpayers that the tax slab rate has been reduced in the new tax system. The advantage of coming to the new system is that if you claim a total exemption of Rs 4 lakh or Rs 4.5 lakh, then you have an advantage in staying in the old tax system. Now what is in this 4.5 lakh? So, if you have to claim a deduction of Rs 4.5 lakh by combining Rs 1.5 lakh in 80C, Rs 50,000 in 80D, Rs 50,000 in NPS and Rs 2 lakh interest on housing rent, then there is an advantage in choosing the old tax system, otherwise the new tax system is beneficial for common people.

File ITR on time to remain in the old system

Chartered Accountant Vinod Banka says that the point to note is that the Income Tax Department has made the new tax system by default. If a person does not opt ​​for the old tax system, he will automatically go to the new tax system. In such a situation, those who take big exemptions in income tax will not get it. They will have to opt before the option. Therefore, you will have to opt for the old tax system before filing IT returns . Not only this, it is necessary to file IT returns on time to remain in the old tax system.

The post Income Tax Slab: Which is the most beneficial in the old and new tax system, know what the experts say? first appeared on Rightsofemployees.com.

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.

The post How To File ITR: This time the date will not increase! File ITR in 15 minutes while sitting at home first appeared on Rightsofemployees.com.

Most people take the help of Chartered Accountant ie CA to file ITR. Taxpayers can also fill ITR with the help of third party online platform. But it charges. Let us know which website charges how much money.

EZTax has free self service ITR filing. If you take the help of an expert (less) then it will cost Rs 799. Rs 999 will be charged for the help of expert (medium) and Rs 2999 for the help of other experts.

For tax filing with assistance on Taxspanner, it will cost Rs 799, if you have foreign income, you will have to pay Rs 5999 and for file and save tax (with the help of CA), you will have to pay Rs 1499.

The charge for salaried employee on Tax2Win portal is Rs.249 to Rs.649. On the other hand, for the help of computerized CA, which includes income from salary, house property and other sources, then a charge of Rs 849 to Rs 1149 will have to be paid.

On TaxBuddy, you will have to pay Rs 799 for income from salary, house property and other sources. Rs 2399 will be charged in case of capital gain. Rs 3999 for future and option trading, Rs 5999 for cryptocurrency plan and Rs 5999 for filing ITR for foreign income.

The charges on Clear are Rs.1499 for Salary Class Basic, Rs.1999 for Salary Class Pro and Rs.3599 for Capital Gains.

The post ITR Filing websites Charges: Check how much is being charged on ITR filing websites, see details first appeared on Rightsofemployees.com.

The last date for filing Income Tax Return (ITR Filing) is 31 July. Many people have also filed returns till now. Now they are waiting for their refund. Refund (ITR Refund) usually comes within 20 to 60 days of e-verification of ITR.

You can check your refund status online. You can check the income tax refund status either by visiting the website of NSDL or by visiting the e-filing portal of the Income Tax Department.

As on 2 July 2023, around 1.32 crore ITRs have been filed for assessment year 2023-24. Of these, about 1.25 crore income tax returns have been verified so far. So far only 3,973 ITRs have been verified for the assessment year 2023-24. After filling ITR, you must keep checking your e-mail from time to time. This is because the Income Tax Department informs the income taxpayers about ITR through e-mail only.

Check Status on E-Portal Like This

If you have paid more tax than your actual tax liability, you can get refund by filing ITR. For this, first go to the e-filing portal www.incometax.gov.in. After this click on the quick link section. Now scroll down and on going down a bit you will see ‘Know your refund status’. Now click on it. Here you have to enter your PAN number, assessment year and mobile number. After doing all this OTP will come on your mobile number. You will see the refund status as soon as you enter the OTP at the designated place. If you have any problem with ITR bank details, then it will appear on the screen that no record was found.

This is the process to check refund status on NSDL website

• Visit https://tin.tin.nsdl.com/oltas/refundstatuslogin.html.
• Now enter PAN, assessment year and captcha and click on ‘Proceed’.
• Select the assessment year for which you want to check the refund status.
• After entering the captcha code, click on submit.
• The status of your ITR refund will appear on the screen.

The post Income tax return (ITR): How to check IT refund status online first appeared on Rightsofemployees.com.

Otherwise you will have to face the consequences. Timely filing of returns would be considered good. But if you file income tax return after the deadline, you will have to file belated return. For which also you are given a time limit by the Income Tax Department. But along with this you will also have to pay the penalty.

How much fine will have to be paid?

First of all, if we talk about the fine, then if your income is less than five lakh rupees, then you will have to pay a fine of one thousand rupees. If your income is more than five lakh rupees, then the amount of fine will increase to five thousand rupees. Along with this, you will not get the benefit of many deductions and exemptions.

Due to which your tax burden will increase. That means you will have more loss in this too. Time from 31 July to 31 December is given by the Income Tax Department for filing belated i.e. late returns. If even then you have not filed the income tax return, then ten thousand rupees will be taken from you as a fine. So it is better to file returns before 31st July to avail income tax exemptions and deductions.

Interest will have to be paid along with the fine

If your income is taxed and you are not able to file the return by the deadline, interest will have to be paid at the rate of 1 percent every month until you file the return. If you under-declare your income while filing income tax, you will have to pay a penalty of 50 percent and 200 percent for misrepresenting your income. If you don’t file any income tax even after giving repeated notices, then in such a case there can be imprisonment of three years to seven years.

If the salaried people fail to file the tax return, then they will not get the benefit of the new tax regime. In the new tax regime, income up to Rs 7 lakh was kept tax free. A major disadvantage of filing late return is that even if you are going to get tax refund, you may have to face inconvenience in it. Along with this, the attention of the officials of the Income Tax Department will come towards you. Because of which you can come under investigation or inquiry.

The post ITR Filing Rules: Changed rules! Know what will be the result if ITR is not filed till 31st July? first appeared on Rightsofemployees.com.

The Sales Tax Bar Association, the oldest and largest body of tax professionals in the country, has written a letter to the Finance Minister. The organization wrote in a letter to the Finance Minister that due to the flood situation in the capital Delhi, many offices including the Income Tax office located at ITO are closed.

The Sales Tax Bar Association wrote in the letter that the last date for filing income tax return is now very close. In such a situation, it is difficult for a large number of taxpayers to submit all types of documents before the last date. In such a situation, the association has demanded the Finance Minister to extend the last date for filing income tax returns by one month till August 31, 2023.

Apart from the Finance Minister, the association has also submitted its representation to the CBDT chairman, demanding extension of the last date for filing income tax returns. Actually the problem of flood is not limited to Delhi only. Many states of North India have been affected by this natural outbreak. In which many other states are included from Himachal Pradesh.

Recently, Revenue Secretary Sanjay Malhotra had said that those whose accounts are not to be audited should file income tax returns soon. He said that the Finance Ministry is not considering extending the date for filing income tax returns. But in view of the heavy monsoon, floods and the crisis on the mountains, there is a demand to extend the date of filing income tax returns.

The Income Tax Department said that till July 18, 2023, 3.06 crore taxpayers have filed ITR. This year this milestone has been achieved 7 days earlier than last year. Out of this, 2.81 ITrups have been e-verified. 1.50 crore ITRs have been processed. The Income Tax Department has requested people to file returns soon.

The post ITR Filing Date Extension: Last date for filing ITR may extend beyond July 31, know why ? first appeared on Rightsofemployees.com.

On the other hand, the Income Tax Department says that till now more than three crore income tax returns have been filed. Along with this, the Income Tax Department has also made a special announcement, about which it is very important for people to know.

Income tax return

Actually, while filing income tax return, people have to give information about their income. It is very important to give the details of the means through which people have earned in the financial year. Along with this, the Income Tax Department has said to take care of important things for foreign bank account, property and income holders as well.

The Foreign Income

Tax Department has tweeted, ‘Please note: Foreign bank accounts, property and income holders! If you have foreign bank accounts, assets or income, please fill the Foreign Assets (FA)/Foreign Source of Income (FSI) schedule in your Income Tax Return (ITR) for Assessment Year 2023-24. Last date for filing income tax return for the assessment year 2023-24: 31st July, 2023.’

कृपया ध्यान दें: विदेशी बैंक खाते, संपत्ति और आय धारक!

यदि आपके पास विदेशी बैंक खाते, संपत्ति या आय है तो कृपया निर्धारण वर्ष 2023-24 के लिए आयकर रिटर्न (आईटीआर) में विदेशी संपत्ति (एफए)/आय के विदेशी स्रोत (एफएसआई) अनुसूची भरें।

निर्धारण वर्ष 2023-24 के लिए आयकर रिटर्न दाखिल… pic.twitter.com/mtji0Y8WiI

— Income Tax India (@IncomeTaxIndia) July 18, 2023

Black money

On the other hand, the Income Tax Department has told that if someone fails to give such information, a fine of Rs 10 lakh can be imposed under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. In this case, if you are a resident of India in the previous year, you have foreign assets or bank accounts or you have earned foreign income during the previous year… those people have to give this information in ITR.

Foreign assets

While there, note that the resident in India will have to fill the foreign asset schedule for the foreign assets owned by him till 31 December 2022. Even if you do not have any taxable income or your income comes under the basic exemption limit. Whether this information is entered in any other schedule (like Schedule AL), foreign asset arising/acquired from disclosed sources of foreign or domestic income.

Foreign Assets (FA) include

– – Foreign bank accounts
– Foreign equity and debt
– Financial interest in any entity/ business
– Immovable property
– Any other capital asset
– Any other foreign assets specified in Schedule FA

The post Taxpayers Big Update! Income tax department issued new order regarding ITR filers first appeared on Rightsofemployees.com.

However, now a big relief has been given to the people by the Modi government and some people will not even have to file ITR. Let’s know about it… Is it mandatory for senior citizens to file income tax return for the financial year 2022-23? There is confusion in the minds of many people about whom to file ITR.

Income Tax Return

In fact, introduced in Budget 2021, Section 194P of the Income Tax Act, 1961 provides relief to select senior citizens from filing income tax returns. However, they have to fulfill certain eligibility criteria. Section 194P is applicable from 1 April 2021. Section 194P of the Income Tax Act exempts senior citizens of 75 years and above from filing ITR. For this they have to fulfill certain conditions. These conditions include pension and interest income from specified banks and submission of a declaration form to the bank. The designated bank will deduct the tax and there will be no need to file ITR.

ITR

Such bank to the senior citizen may allow deduction on the basis of Chapter VI-A (ie 80C etc.) and deduct and deposit tax on his behalf. In such a situation, no one will have to file ITR. However, it is not clear how many senior citizens are benefiting from this provision. Section 194P of the Income Tax Act, 1961 provides conditions for exemption of senior citizens of the age of 75 years and above from filing income tax return.

The conditions for exemption from filing ITR are—

-The age of the senior citizen should be 75 years or more.
-The senior citizen should be a ‘resident’ of India.
– The senior citizen has only pension income and interest income and the interest income is earned/earned from the same specified bank in which he/she is receiving his/her pension.
– The senior citizen shall submit a declaration to the designated bank.
– The bank is a ‘Specialized Bank’ notified through the Central Government. Such banks will be responsible for deducting TDS of senior citizens after considering deduction under Chapter VI-A and exemption under section 87A.
– Once the designated bank deducts the tax for senior citizens above the age of 75 years, there will be no need for the senior citizens to furnish income tax return.

The post Income Tax: Big relief ! these people will not have to fill ITR , Conditions for exemption from filing ITR first appeared on Rightsofemployees.com.

What is the rule

Taxpayers whose annual income is less than Rs 5 lakh do not have to pay tax as they get a deduction of Rs 12,500 under section 87A. It is not that their income does not come under the taxable limit. The tax exemption limit is only up to Rs 2.50 lakh.

What is zero return or NIL return?

Zero returns are those in which taxpayers do not have to pay any tax. This happens when the income of a taxpayer is less than the exemption limit. When a taxpayer’s income is less than Rs 2.50 lakh in a financial year, then he has no tax liability. Such people are not required to file tax returns as they do not fall in the tax bracket. If such people still file returns, whose income is less than Rs 2.50 lakh, then it is called NIL return. Let us tell you here that it is not mandatory to file zero return. However, there are many advantages of filing NIL or zero return.

What is the meaning of zero return

Zero return means that you are telling the tax department that your income is not taxable. Your income is less than Rs 2.50 lakh. Filing zero return means that you are not paying tax in that financial year.

Benefits of filing zero return

Loan is easily available

If you file ITR then you get loan easily. To take a loan, you have to give ITR of 3 years.

TDS refund becomes easy

If a taxpayer forgets to fill 15G or H, then his tax is deducted, then he can fill the return by filing ITR.

ITR will be required for Visa

Filing zero returns makes it easier for you to apply for visa applications and credit cards. It acts as proof of your income.

The post What is Nil ITR? Know who has to fill this return and what special benefits are available in it first appeared on Rightsofemployees.com.

Have you not filed your Income Tax Return yet? The last date for filing income tax return is 31 July 2023. There is a possibility that the government will not extend the deadline this year. In such a situation, you should file your ITR as soon as possible. However, if you are finding it difficult to file your ITR on your own, here is a step-by-step process to file your income tax return without any help.

If your finances are not very complicated, you have basic knowledge of some rules related to income tax, then you can fill your ITR by yourself. Apart from this, there are many mobile apps nowadays which help people to file income tax returns, although they can take nominal charges for this. In the end, the option of going to a tax expert is open. Now before filing income tax return by yourself, you should keep all your documents ready…

Keep these documents ready

Before filing ITR, you need to submit several documents like PAN card details, Form 16 (for salaried individuals), proof of tax exemption, proof of rental income, proof of savings, proof of income from other sources, purchase in stock market- Proof of sale, proof of investment in any type of asset, etc. should be kept close by. So that you do not have to worry later.

This is the step-by-step process

Filling ITR by yourself is hardly a work of 30 to 40 minutes. That’s why you don’t need to worry too much. You just have to follow this method.

1. First of all, go to the e-filing website of the Income Tax Department.
2. Now register or login here with the help of your PAN card.
3. Now after this you will have to fill some details like assessment year, ITR form number, type of ITR and whether you will deposit tax online or offline.
4. If you are a salaried person then you will get all these details on your Form 16. You can choose the online option to submit the rest.
5. After filling all these details, you will see the option to proceed further. After this you will be asked your status. For example, you are filing ITR for Individual or for Hindu Undivided Family, or for any firm or partnership firm.
6. To file ITR in Individual category, you will have two options, one ITR-1 and the other ITR-4.
7. Both these forms are generally filled by those people whose annual income is up to Rs 50 lakh. They just have to make different selections according to their income source.
8. Those with ITR-1 option have to fill their personal information, gross total income, tax exemption information, tax filing information, tax liability (calculation is done automatically). It is generally available in Form-16.
9. Those with ITR-4 option also have to fill disclosures along with all the information mentioned above.
10. You are very close to filing your ITR. In the end, you have to validate your ITR. For this you can take the help of Aadhaar based OTP. However, it is necessary to link your Aadhaar card with phone number and PAN card.

The post ITR Filling: You can file income tax return sitting at home yourself, this is step-by-step process first appeared on Rightsofemployees.com.

Let us tell you that while filing income tax return, you need some important documents as well. Form 16 is very important for salaried people while filing ITR. Form 16 is given to the employed by their office. However, it is observed that employees whose taxable income does not exceed the basic exemption limit do not receive Form 16 from their employers. Also, there may be other cases when they will not issue it.

ITR can be filed without Form 16

However, even if you do not have Form 16, you do not need to worry as you can still file your income tax return without it. Experts say that you can file your ITR even without Form 16. Form 16 gives the details of TDS and TCS between the deductor and the tax deductee. Apart from this, it also tells about the income received in the form of salary along with different allowances and deductions. As per the rule, companies, offices or employers have to issue Form 16 every year on or before 15th June.

Form 16 is in two parts

Explain that there are two parts of Form 16. In Part A, there are details about the monthly deduction of several taxes from the salary of the employees by the office or the company. Whereas in its Part B, along with the salary given by the office, there are details of any other income and the tax deducted on it. Let us now know how we can file ITR without Form 16.

How to file ITR without Form 16

If you do not have Form 16, you can file ITR through your salary slip along with Form 26AS. One can download Form 26AS from TRACES website or through net banking of authorized bank. The salary slip contains the details of all the tax deductions along with the salary.

Apart from this, taxpayers should also ascertain that the extra income, deduction claimed on HRA, deduction under section 80C and 80D and other details have also been calculated. Tax payers can file their income tax return without Form 16 if the gross income, total deduction and total TDS are the same as shown in Form 26AS.

The post You can file your ITR even without Form 16, know its complete details first appeared on Rightsofemployees.com.

The deadline for filing income tax returns for the assessment year 2023-24 i.e. the financial year 2022-23 is nearing. Taxpayers have time till July 31 to file income tax returns. One week of this month has almost passed. In such a situation, now only 3 weeks time is left to file income tax return.

Don’t wait for the last minute

Generally people keep postponing the work of filing income tax return. Although the Income Tax Department repeatedly advises people not to be negligent in filling ITR. People keep sitting thinking that there is still so much time left. In such a situation, they get trapped, because there is a danger of crowding on the portal at the last moment.

Deadline was not increased last year

At the same time, there are many people who feel that like other government deadlines, it will also be extended. Remind such people that last year the deadline for filing income tax return was not extended. This year also there is no scope for giving extra time to file income tax return.

This is how you can save thousand rupees

Filling income tax return is not a very complicated task. The government is also continuously making the process of filing income tax return easier. Documents like Form 16, Form 26S, AIS, TIS etc. have made filing income tax returns very easy. If you try yourself, you can file your ITR sitting comfortably at home in a few easy steps. For this there is no need to go to any CA and pay a fee of thousand rupees. Today we are going to help you in this work…

File ITR like this (How to file ITR, A step by step guide)

• First of all go to the e-filing portal of the Income Tax Department www.incometaxindiaefiling.gov.in
• If your account is already created then log in
• If the account is not created then create an account by clicking on Now register
  on the home page e Select the File option
• Now select the File Income Tax Return
• option to choose the assessment year First of all
• go to the Personal option to file ITR online
• Now the most important thing is to select the appropriate form
• If you are salaried then ITR-1 form Select
• the salaried taxpayer will get the pre-filled form
• You can match the data from your salary slip, Form 16 and AIS etc.
• Check that the bank account details are correct before claiming the return
  Submit ITR after cross-checking all,
• after this it is also necessary to e-verify ITR,
• you can do this work online with the help of bank details.
• Income Tax Department processes ITR in 3-4 weeks.
• You can check the status online anytime with the help of the acknowledgment number

The post How to file ITR: No need to pay CA, you can file ITR like this yourself first appeared on Rightsofemployees.com.

Presently the process of filing income tax return is going on. To file income tax return, you have to visit the official site of Income Tax Department. But for filing income tax return, you should know about some important things.

Due to your one mistake, you can also be in trouble. Today, let us know which is the important work that you should do before filing income tax return.

What is the most important thing

You need a PAN card to file income tax return. Returns can be filed only with the help of PAN card. The Income Tax Department has said many times that it is necessary to link your PAN card with Aadhaar card. For this, the government has given time till June 30, 2023.

That is, if you do not link PAN card with Aadhaar card by June 30, 2023, then your PAN card may become inactive. If the PAN card becomes inactive then many financial transactions can be affected. Not only this, due to inoperative PAN card, you will not be able to file income tax return as well.

If you have not yet linked your PAN card with Aadhaar card, then by 31 July 2023 you can get rid of many problems by linking it. Because if you do not do this then you will have to face trouble in filing income tax return.

How to link PAN card with Aadhaar card

You can link your PAN card with Aadhaar card by visiting the official website of Income Tax Department. As soon as you go to the link, you should go to the option of Aadhaar link on the left side. After this a new page will open.

On the new page, you will have to enter the number of Aadhaar card and PAN card. Now click on the button of Validate. If the details given in Aadhaar and PAN card match then the process of linking will be done. If the details do not match, you will need to update them first.

The post Big news for these People! Do this important work before filing income tax, you will be saved from hassles first appeared on Rightsofemployees.com.

If you file income tax return, keep one important thing in mind. Actually, while filing ITR, take care of Standard Deduction. Standard deduction is available to individuals and pensioners. Standard Deduction is a fixed amount that is allowed as a deduction from the taxable income of an individual. It helps in reducing the taxable income of individuals and provides relief from tax liability.

Standard Deduction

Standard Deduction was introduced in India in 1974, which was later discontinued. Union Budget 2018 reintroduced it and currently it is available for salaried individuals and pensioners. This deduction reduces the taxable income of the individual and hence his tax liability comes down. Standard deduction was applicable only for those individuals who opt for the old tax regime. However, from the current financial year (FY 2023-24) the benefit is given to those individuals who opt for the new tax regime.

Income Tax Standard Deduction FY 2023-24

The Standard Deduction for salaried individuals for the financial year 2023-2024 is Rs 50,000. This is a flat deduction which can be claimed irrespective of the actual expenses incurred on transport allowance and medical allowance. The Standard Deduction is available to all salaried individuals, including those employed by the government, private companies, or non-profit organizations.

Taxable Income

Standard Deduction is a tax benefit that can help you reduce your taxable income. For example, if your taxable income is Rs 100,000 and you claim standard deduction of Rs 50,000, your taxable income will be reduced by Rs 50,000. This would result in a tax saving of Rs 12,500 (assuming you are in the 25% tax bracket).

Who can claim standard deduction of Rs 50,000?

Individuals receiving salary or pension from government organization, private company or any other employer can claim standard deduction of Rs.50000.

Who is not eligible for standard deduction?

Standard deduction of Rs.50,000 or the amount of salary, whichever is less, is available to all salaried individuals and pensioners. Self-employed individuals are not eligible for standard deduction.

How to claim standard deduction?

To claim the standard deduction, you need to file your Income Tax Return (ITR) with the Income Tax Department. You can file your ITR online or offline. When you file your ITR, you will need to enter the amount of Standard Deduction that you are claiming. Standard deduction is a valuable tax benefit that can help reduce your taxable income. If you are a salaried individual, you should consider claiming standard deduction while filing your income tax return.

The post Standard Deduction: Do not forget to claim it while filing income tax return, there will be a benefit of Rs 50,000 first appeared on Rightsofemployees.com.

Income tax return

Actually, it has been told many times by the Income Tax Department that they should get their PAN card linked with their Aadhaar card. It is mandatory to link PAN card with Aadhaar card. Its last date is 30 June i.e. people are required to link PAN card with Aadhaar card by 30 June 2023.

Link pan card with aadhaar

If a person does not link his PAN card with Aadhaar card by June 30, 2023, then his PAN card will become inactive. In such a situation, the native may have to face difficulties in doing his financial transactions. Along with this, people may have to face a lot of trouble in filing income tax returns due to the deactivation of the PAN card.

Link aadhar card

For the financial year 2022-23, people can file income tax return till 31 July 2023. On the other hand, if people have not linked PAN card with Aadhaar card, then those people may also face difficulties in filing income tax return. In such a situation, to avoid any kind of trouble, get your PAN card linked with Aadhaar card.

The post Big news! Taxpayers should finish this work immediately by June 30, otherwise… first appeared on Rightsofemployees.com.

Like every year, this time also the season for filing Income Tax Return (ITR Filing) has started. Along with this, people have also started getting Income Tax Refund. The Income Tax Department issues crores of refunds every season after processing the Income Tax Returns filed by the taxpayers. In the last few years, there has been a vast change in its process. Earlier, where it used to take months, now this entire process is being completed in a few days.

So many refunds issued in just 30 days

Nitin Gupta, chairman of the Central Board of Direct Taxes (CBDT) recently gave interesting information about this. He has said in a program during the week that there has been a significant reduction in the average time for tax refund. He told that during the last financial year 2022-23, refunds were issued to taxpayers within 30 days of filing returns in 80 percent cases.

Due to these reasons the whole process was accelerated

The CBDT chairman also pointed out that the use of technology has made the process of processing income tax returns and issuing refunds faster. He said that ease of doing business is being ensured for taxpayers by promoting voluntary compliance. We have expedited the process of processing returns and due to this, the average time taken to process tax refunds has come down to only 16 days in the financial year 2022-23, which was 26 days in 2021-22.

Record settlement started in a day

The CBDT Chairman said that there has been a significant increase in processing ITR within one day. This assessment was 21 percent in the year 2021-22, which has now increased to 42 percent in 2022-23. The department disposed of the maximum number of 22.94 lakh returns in a single day on July 28, 2022.

In order to facilitate voluntary compliance and reduce legal disputes, he said that the provision of updated return i.e. ITR-U has been made on the e-filing portal, so that the taxpayer can access his returns at any time for two years after the end of the relevant assessment year. Update the return.

Faceless system made this work faster

According to Gupta, till March 31, 2023, more than 24.50 lakh updated returns have been filed. From these, the government has received about Rs 2,480 crore as additional tax. Gupta also said that in the last financial year more than four lakh assessments have been completed in a faceless manner. There has been a 60 percent reduction in complaints related to the faceless process during 2022-23 as compared to the previous financial year. Under the faceless system, tax officials have disposed of more than one lakh appeals.

The post Income Tax Refund: Income tax refund started getting in a few days, these measures speed up the process first appeared on Rightsofemployees.com.

Income tax return is filed in India according to the new tax regime and old tax regime. The slabs for paying tax under both these tax regimes are different. However, if you want to file income tax return for the financial year 2022-23, then you have to take care of one important thing.

Income tax return

Individuals having income above the basic exemption limit during a financial year have to compulsorily file Income Tax Return (ITR). The last date for filing ITR for the financial year 2022-23 (Assessment Year 2023-24) is 31 July 2023. In such a situation, people must take care of this date.

Income Tax Return Update

Now only two months are left to file income tax return. If the income tax return is not submitted by the due date, then the penalty will also have to be paid at the time of filing the income tax return. ITR filing is a three-step process and takes much longer than uploading the return of income. The first part is the filing of the tax return, the second is the verification of the ITR and the third is the processing of your ITR through the tax authorities.

ITR Verification

Also if ITR is not verified before the last date then it is considered invalid. However, if a taxpayer fails to verify their ITR before the due date, they can file an condonation request with the tax department citing a valid reason for the delay. If the pardon request is in order, the return will be verified.

The post Income Tax Return: Get this work done immediately in two months, otherwise Income Tax Department will impose fine first appeared on Rightsofemployees.com.

However, while filing income tax return, some things should be kept in mind. Actually, whenever income tax return is filed, different forms are used. Income tax return should be filed according to these forms. Let’s know about them…

In total there are around 9 types of ITR forms available for a taxpayer to file his tax. However, according to the Central Board of Direct Taxes in India, only the following forms should be taken care of by individuals while filing returns-

ITR-1
ITR 2
ITR-2A
ITR 3
ITR 4
ITR 4S

The following income tax return forms are applicable only for companies and firms:

ITR-5
ITR-6
ITR-7

ITR-1
Also known as Sahaj Form, this income tax return form is filed by an individual taxpayer only. Any other assessee liable to pay tax is not eligible to avail this form for filing his return. This form is applicable for the following people-

– A person who earns his income through salary or other means like pension.
A person who earns his livelihood from a single house property.
-A person who does not have any income from any other business or who does not have any income from the sale of any asset, i.e. capital gains
– Individuals who do not have any property or assets in countries other than India.
– A person who does not have any source of income from any country outside India.
– A person whose income from agriculture is less than Rs.5000.
– A person whose source of income is from various investments or sources like investments, schemes or fixed deposits etc.
– Individuals who have not earned income from any windfall income like lottery, horse race etc.
Individuals who wish to pool the income of their spouse or minor child with their own, as long as the income is to be clubbed as per the criteria mentioned above.

ITR-2A

Form ITR-2A is a new income tax return form introduced in the assessment year 2015-16. This form can be used by a Hindu Undivided Family (HUF) or an individual taxpayer. ITR-2A form is applicable for the following people:

– People whose source of income is through means like salary or pension.
– People who are also earning income from more than one housing property.
– A person who has no income from any other business or who has no income from the sale of any asset, ie capital gain.
– People who earn income from various investments or sources like fixed deposits, investments, shares etc.
– A person who does not have any property or assets in countries other than India.
– A person who does not have any source of income from any country outside India.
A person whose income from agriculture is less than Rs.5,000.
– Individuals who have not earned income from windfall gains such as lotteries or horse races.

ITR 2

ITR-2 form is a type of ITR form which is generally used by individuals who have earned income through sale of property or assets. Also, this form is useful for individuals who earn income from countries outside India. In most cases, individuals or Hindu Undivided Families (HUFs) can avail this form for filing their IT returns.

ITR 3

The ITR-3 form is useful for an individual taxpayer or a Hindu Undivided Family, who work solely as partners in a firm, but who do not carry on any business under the firm. It is also applicable to persons who do not earn any income from the business carried on by the firm. This form is usually filed through those taxpayers whose taxable income earned from business is only in the form of Salary, Commission, Bonus, Interest, Remuneration.

ITR 4

This type of ITR form is useful for individuals who do business or who earn income through any profession. This form is applicable to all types of business, undertaking or profession, without any limit on the income earned. Taxpayers can club any income from windfall profits, speculation, salary, lottery, residential properties, etc. with the income earned from their business. Individuals with any profession ranging from shopkeepers, doctors or designers to agents, retailers and contractors are eligible to file their ITR using this form.

ITR 4S

Also known as the Sugam form, ITR-4S form can be used by any individual or Hindu Undivided Family (HUF) to file their income tax return. This form is applicable to the following persons:

– Those persons who earn income from any business.
Individuals earning income from single house property.
– Individuals who do not earn income by way of sale of property or assets in India: Capital gains.
– Individuals whose income from agriculture is less than Rs.5,000.
Individuals who do not have any property or assets in countries other than India.
Individuals who do not earn income from any country outside India.
This form is useful in special circumstances and is applicable to businesses where the income earned is based on the estimated method of computation.

ITR-5

The ITR-5 form is used for filing income tax return only by the following entities:

-Firms
-Limited Liability Partnership (LLP)
-Body of Individuals (BOI)
-Association of Persons (AOP)
-Cooperative Societies
-Artificial Juridical Persons
-Local Authorities

ITR-6

ITR-6 form is used by all companies except those companies or organizations that claim tax exemption as per section 11. Organizations that can claim tax exemption as per section 11 are those organizations in which the income derived is accumulated from property used for religious or charitable purposes. This special income tax return form is available for online filing only.

ITR-7

Individuals or companies who are required to submit their return under the following sections are required to file their income tax return through ITR-7:

– Section 139(4A): Under this section, return can be filed by a person who receives income from any property held in the form of a trust or legal obligation for charitable or religious purposes Is.
– Section 139(4B): Under this section, returns are to be filed by political parties, provided their total income exceeds the non-taxable limit.
– Section 139(4D)- Under this section, the return is to be filed through a college, university or any other such institution which is not required to provide return of income or loss in accordance with the other provisions mentioned in this section.
Section 139(4C): Under this section, returns are to be filed by the following entities:

Any institution or association specified under section 10(23A).
Any association engaged in scientific research.
Any institution referred to in section 10(23B).
Any news agency.
Any fund, medical institution or educational institution.

The post Income Tax: A big update has come for those who fill ITR, now it is very important to fill this form, otherwise… first appeared on Rightsofemployees.com.

At the same time, many changes have also been made regarding income tax from this financial year, the effect of which is going to be visible on the people. At the same time, a lot of relief has also been given by the government to the general public in the matter of tax.

Income Tax

At present, ITR has to be filed in the country according to the New Tax Regime and Old Tax Regime. There are different tax slabs in both the tax regimes. At the same time, a lot of tax relief was also provided to the people in the new tax regime. People are also going to get a lot of benefit from this. People have been given exemption from the government in tax filing.

Income tax exemption

In fact, while presenting Budget 2023, it was announced by Finance Minister Nirmala Sitharaman that if a person’s annual income is up to Rs 7 lakh, then he will not have to pay tax on filing income tax under the new tax regime, that is, his tax Will get discount. Also, under the new tax regime, now there will be zero tax on income up to Rs 3 lakh annually.

New tax regime

0 tax on income up to Rs 3 lakh per annum
5% tax on income up to Rs 3-6 lakh per annum
10% tax on income up to Rs 6-9 lakh per annum
15% tax on income up to Rs 9-12 lakh annually
20 tax on income up to Rs 12-15 lakh annually
30% tax on income above Rs 15 lakh per annum

Old tax regime

Apart from this, if a person files income tax return under the old tax regime, then no changes have been made there. People will have to pay zero tax on annual income of Rs 2.5 lakh. At the same time, people will get tax exemption up to an annual income of Rs 5 lakh.

The post Income tax exemption: Big relief for these people! Now income tax will not be deducted on this much annual income first appeared on Rightsofemployees.com.

In fact, the Income Tax Department has launched a new facility called “Annual Information Statement (AIS)” to make the process of filing Income Tax Return easier. Taxpayers can now verify their income tax returns with the new Annual Information Statement before filing and avoid facing notices from the income tax department in future.

Annual Information Statement (AIS) is more comprehensive than the old Form 26AS and contains all the information on taxpayers that is already with the Income Tax Department. With the help of AIS, filing income tax becomes very easy. Let us know about it in detail….

What is Form AIS?

With this help, it will be very easy for the taxpayer to fill his ITR. AIS i.e. Annual Information Statement simply means that all the financial information of the year i.e. the details of earnings through different mediums are found in it. This income includes the amount received from interest on savings account, income from recurring or FD, money received as dividend, income from mutual funds or securities and any income from abroad.

Why is it important

AIS will bring transparency in ITR filing and simplify things for taxpayers. With the help of AIS, filing income tax becomes very easy. That’s why you must have AIS before filing ITR. Do not file ITR until AIS is received by you. Because there can be a difference in the figures if ITR is filed without AIS. Although the updated AIS is not yet available, it is likely that this document will be available to taxpayers in the first week of May.

How to download

Step 1. Login to the Income Tax Portal with the help of your PAN and password.

Step 2. Click on the “Service” tab in the menu, then click on the Annual Information Statement (AIS) option.

Step 3. Here a pop up window will open in front of you, in which you have to click on Proceed.

Step 4. Now your AIS homepage will open.

Step 5. Read all the instructions given on the AIS homepage carefully.

Step 6. Click on the AIS tab given between Instructions and Activity History.

Step 7. Now you will have two options for download. First, Taxpayer Information System (TIS) and second Annual Information Statement (AIS).

Step 8. Click on PDF Download in the AIS tab. On opening the PDF, you will be asked for the password. This password will be your PAN card number + date of birth. For example, if your PAN card number is AAAAA1234A and your date of birth is January 21, 1991, then your password will be AAAAA1234A21011991.

The post Income Tax Rules: Do not file ITR without AIS, know what is AIS, why is it necessary? first appeared on Rightsofemployees.com.

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.

The post ITR filing 2023: Complete this important work on time, otherwise you will have to pay a hefty fine first appeared on Rightsofemployees.com.

Many such provisions have been made, under which a taxpayer in the country can get tax exemption on his earnings. And now after the new income tax regime has become the default, the employee has to manually choose under which tax regime he will pay his tax. Deduction is available in both old and new tax regime, but there is a big difference between the two.

Also, many such deductions are not available in the new tax regime, which are available in the old regime. In such a situation, you should know which deduction you can claim on choosing which regime, so here we are telling what are the options available for claiming tax deduction with the salaried employee.

Rebate under 80C, 80CCC and 80CCD(1)

Section 80C of the Income Tax Act is one of the most popular tools for tax exemption. Under this section, you can get a discount of up to 1.5 lakh. If you have bought life insurance premium, invest in provident fund, pension scheme or have invested money in annuity plan of LIC or any other insurance company, then you can claim deduction under this section. You can get this discount only in the old regime.

Deduction under section 80CCD(2)

This is such a tax deduction, which you can claim in both old and new tax regime. In this section, you can get exemption on investment in Government Pension Scheme i.e. National Pension System. Employees coming under the Central and State Government can claim a deduction of 14% of their salary and 10% of the salary of other employees.

House Rent Allowance (HRA Tax Deduction)

If you live on a rented house and pay rent, you can claim deduction on house rent under section 10(13A) while filing tax under old tax regime. HRA is calculated on the basis of your salary structure, rent, city and HRA received from the company.

Exemption will be available under section 24(b)

The government gives you tax exemption even considering the interest paid on the home loan. If you are paying interest on home loan for the property you are currently living in, you can claim interest deduction while filing ITR in the old tax regime. On the other hand, in the new tax regime, you get a deduction on the home loan of such property, which you have given on rent. Under this section, the interest paid on the home loan is deducted from the rental income, thereby reducing the tax on your rental income.

Standard deduction benefits

The benefit of standard deduction is available in both the regimes. Under this, you can take a discount of 50,000.

87A exemption

This is another tax deduction that you can claim on both the old and the new. In the old regime, you get tax rebate on income up to 5 lakhs, while in the new regime it has been increased to 7 lakhs. In the old regime, you get a rebate of Rs 12,500, while in the new regime it is Rs 25,000.

The post Tax Deduction for Salaried Employees: Job seekers should know about the benefits, in which tax regime and where will you get exemption first appeared on Rightsofemployees.com.

Along with this, they should also be checked thoroughly and if any wrong information is entered in them, get it corrected. Form 26AS is also one of the important documents that should be checked before filing Income Tax Return (ITR). It is necessary to match Form 26AS with Form 16/16A before filing ITR. Before filing ITR, make sure that the amount deducted as TDS is included in Form 26AS or not. This form can be downloaded from the e-filing website of the Income Tax Department.

Form 26AS itself tells whether the TDS deducted has been deposited with the government or not. Form 26AS is a consolidated tax statement. It contains the details of tax deducted from different sources of income of the taxpayer.

These include details like tax deduction at source (TDS), tax collection at source (TCS), payment of advance tax or self-assessment tax, regular tax, refund. Whereas, in Form 16, there is complete information about the tax deducted from the salary. Form 16A contains information about TDS deducted on income other than salary. Form 16 is given by the company to the employee.

Therefore it is important to check that

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

Many times it happens that the information given in Form 26AS is also wrong. It is possible that the information given in Form 16 does not match with the information given in Form 26AS. While filing ITR with wrong information can cause you loss of money, there is also a risk of cancellation of your ITR.

If the information is wrong then it is very important to rectify it. If your company or bank has made a mistake in depositing tax with the government with your PAN number, then you will have to go to your company or bank to deduct the tax. You have to ask the company or bank to revise the TDS return. Once you file your TDS return with the correct details, your Form 26AS will reflect the correct information.

The post Form 26AS: Must check Form 26AS before filing ITR, otherwise it will be a big loss first appeared on Rightsofemployees.com.

While there have been changes in the income tax regime, there have also been changes in the income tax slabs. Along with this, the income tax exemption limit has also been increased in the new tax regime. At the same time, the government has also told about the deadline for filing income tax return, about which everyone should take care.

Income tax return

On the other hand, if you miss the deadline for filing Income Tax Return (ITR) for the financial year 2022-23, you may face problems. At the same time, the last date for filing income tax return for the financial year 2022-23 is 31 July, while the new financial year 2023-24 has started from 1 April.

Timely filing of income tax return is an essential responsibility of every taxpayer. It is a legal obligation and failure to comply with it can lead to various consequences including financial penalties and legal actions.

If the taxable income fails to file the income tax return till July 31, then if the date for filing the income tax return is not extended by the government, then the penalty will have to be paid for filing the income tax return. If your income is taxable and you file your income tax return after July 31, then you will have to pay a penalty.

Income Tax Return

Many people completely avoid filing income tax return because they find the process cumbersome. In contrast, because the ITR is filed with the government and used as legal evidence, the income tax return carries significant legal weight. As filing income tax return is an important part of being a good citizen, it is a moral necessity of every working Indian. In such a situation, income tax return should be filed on time.

The post Income Tax: Deadline! Government has announced, now income tax will not be able to be paid after this date first appeared on Rightsofemployees.com.

With its help, it will be easier to file Income Tax Return (ITR). Information on 46 types of transactions including total annual income, investment, total expenditure, TDS, tax payment or dues and refunds will be available on the app.

To provide relief to taxpayers, the department had introduced Annual Information Report (AIS) last year. Under this, 46 types of transactions done by the taxpayer are included in this report. In this, the taxpayer gets additional information related to the transaction. Like- how much interest has he earned in the last financial year, how much amount he has got from dividend. Apart from this, there is complete information about mutual funds, money sent abroad etc.

Help is available in income tax return

AIS usage is beneficial while filing income tax returns. The taxpayer gets a complete idea of ​​the tax liability and any kind of mistake can be avoided while filing the return.

Download app like this

• First of all go to Google Play Store and type AIS for Taxpayers in the search option.
• Install it. Then open the app. Enter your PAN number and date of birth to login.
• After this, enter the mobile number and email-address linked to the PAN number.
• OTP will come on your mobile and email. Enter both.
• After that create mobile security pin. Without this the app will not open.
• Now login to the app by entering the PIN. Your details will open.
• Then click on the AIS link. The details of the last three financial years will open here.
• Click on the details of this year you want.

Reports can also be taken from the website

Apart from this, ASI information can also be obtained by logging on to the Income Tax Department’s website (www.incometax.gov.in).

What is ASI

The Annual Information Statement (ASI) contains the complete details of the transactions done during the financial year of income tax. It is very useful in filing returns. It contains additional information about each transaction.

These key informations include

Annual Income. Rent Received, Bank Balance, Cash Deposited, Cash Withdrawn, Credit and Debit Card Transactions, Dividend, Interest Earned on Savings Account, Purchase of Shares and Mutual Funds, Foreign Travel, Purchase of Property And so on.

Many anomalies in 68 thousand cases

Recently, the Income Tax Department had told that during the year 2019-20, about 68 thousand such cases have been found, many discrepancies have been found between the income tax returns and the information available with the department. The department has detected these anomalies with the help of Annual Information Report (AIS).

The department informed such taxpayers through e-campaign through email, SMS or through tax portal and people have updated the information through e-verification. However, still about 33 thousand taxpayers have not replied. The department is preparing to take action on them.

The post ITR Filing New App! Now filing income tax return will be easy with this app first appeared on Rightsofemployees.com.

The current financial year is about to end and with it the date of filing Income Tax Return (ITR) is also coming closer. Taxpayers have a big contribution in speeding up the country’s economy. Taxpayers adopt many methods to save income tax. The government also runs many schemes for tax deduction.

Taxpayers have to give information about all their investments while filing returns. But if a taxpayer gives wrong information, then difficulties can arise for him. Usually people make some such mistakes, which create trouble for them.

If a taxpayer gives wrong information in the income tax return form, then the Income Tax Department can send him a notice under different Acts. There are two types of scrutiny process of ITR – manual and compulsory. Mistakes can be avoided by keeping a few things in mind.

Not filing ITR

The Income Tax Department sometimes sends notices to taxpayers for not filing ITR. If you come in the tax slab, then it is mandatory to fill ITR. Suppose you are an Indian citizen, but you are the owner of a foreign asset. In this situation also you will have to fill ITR. Otherwise the Income Tax Department can send you a notice.

Mistake in TDS

You should fill TDS carefully while filing ITR. If there is a difference between the TDS filed and where it is deposited, then you may receive a notice from the Income Tax Department. Therefore, before filling ITR, find out how much TDS has been deducted.

Undisclosed income

You have to tell in ITR how much you earn in a financial year. Along with this, investment information also has to be given. In such a situation, if you hide the income from investment, then you may get a notice. To avoid notice, ask for a statement of interest from your bank and put it in ITR. Apart from this, give information about the income received from any other source as well.

High value transaction

If you do any high value transaction, which is usually different from your normal transaction, then also the notice of Income Tax Department can come. Suppose your annual income is six lakh rupees. But 15 lakh rupees were deposited in your account in one year. In such a situation, the Income Tax Department can investigate it, and your source can be asked.

Mistake in ITR return

Many times people make mistakes while filing income tax return. People forget to fill the necessary details. If this happens, the Income Tax Department can send a notice. That’s why you should get ITR filled by a professional only.

The post Big news for Taxpayers! Income tax department can send you notice for these 5 reasons, know full details first appeared on Rightsofemployees.com.

This is the time when people also start investing in many investment tools in order to save tax. Under Section 80C of the Income Tax Act, you get Tax Deduction (Tax Benefit under 80C) on giving proof of your many investments, there is an advantage of investing in such, but there are many taxpayers, who invest due to their economic status. If they are unable to do so, how can they save tax?

It is a matter of relief that such taxpayers Means of saving tax have also been found for them, in which they do not need to invest separately to save tax (How to save tax with zero investment). They can get tax exemption even by showing some of their expenses, that too in a legal way.

Where will the tax be saved without investment? (Tax Saving Tools)

1. HRA or House Rent Allowance (Tax Deduction on HRA)

If you live in a rented house, then you have the most primary tool to save tax. A part of your salary goes towards renting accommodation. You get tax exemption on HRA under Section 10(13A) of Rule 2A of the Income Tax Act, 1961. In tax deduction, HRA is partially as well as fully tax exempt.

2. Education Loan (Tax Deduction on Education Loan)

Although you do not get tax exemption on loan, but you get exemption on education loan. Education loan provides coverage for your higher education expenses and loan repayments. Under section 80E of the IT Act, you get tax exemption on the interest paid on education loan (tax deduction on education loan interest). That is, you can claim tax exemption on the amount spent from your pocket to repay the loan installments. When you claim a deduction on the total interest payable, the same amount is reduced from your overall gross income. It gets less.

3. Home Loan (Tax Deduction on Home Loan)

You also get tax deduction on housing loan. You have to repay the principal amount along with interest on your loan, that too within the end of the loan tenure. Under Section 24(b) of the Income Tax Act, if you are repaying the loan for the house in which you are living, you can get a tax exemption of up to Rs 2 lakh.

On the other hand, if you buy an under-construction house property, you can claim tax exemption on it only after the completion of the construction work. On the other hand, if you have bought a fully constructed house, then you can claim tax deduction on home loan repayment immediately on the interest paid on the housing loan.

4. Tax Deduction on Children’s Tuition Fees, Education Allowance, and Hostel Allowance

If you have children, who are studying, then you can also claim tax deduction on some of their education expenses. You can claim exemption on your child’s tuition fees, hostel expenses, education allowance. Under Section 10 of the IT Act, you get the option to claim them. Let us tell you that you can claim a rebate of Rs 1,200 per annum on the expenses of children and Rs 3,600 per annum on hostel expenses of maximum two children.

The post Income Tax Deductions: Not only investment, your expenses can also get tax exemption, you can save in these 5 ways first appeared on Rightsofemployees.com.

Significantly, last year these forms were issued in the first week of April. Many types of investments help you to save income tax. One of these is House Rent Allowance ie HRA. If you are a salaried employee then you can take advantage of this. Let us tell you that to save tax, you can take advantage of HRA only in the old tax system. This will not be available in the new tax system.

Will get benefit in these circumstances

House rent allowance ie (HRA) in salary is a part of taxable income. Income tax is exempted under section 10 (13A) of the Income Tax Act. Keep in mind some circumstances for how much tax can be saved from HRA. In the situation in which the minimum amount will come, you can take advantage of tax exemption of HRA.

In the first situation, first of all, you should see how much HRA is there in the salary. HRA is 50% of the basic salary in metro cities and 40% of the salary in non-metro cities. The third condition is the amount left after deducting 10% of the annual salary from the annual house rent.

This is how you can save

You can understand how much you can save in HRA through an example. A person works in Delhi and lives in a rented house. His rent goes to 15 thousand rupees every month. He gets a maximum of one lakh rupees as HRA annually from his company. At the same time, his basic salary is 25 thousand rupees and dearness allowance is two thousand rupees. In this way, a salaried person can save a maximum of one lakh rupees.

These documents are necessary

To get exemption through house rent allowance, you must first have a rent agreement. Monthly rent, fixed time limit of the agreement, and expenses should be mentioned in this agreement. This rent agreement should be in stamp paper of Rs 100 or Rs 200. On the other hand, if the annual rent is more than one lakh rupees, then it is also necessary to have the PAN card of the landlord.

Apart from this, you should also have a receipt for paying the rent. Let us tell you that if your annual income is up to Rs 50 lakh, then you will have to fill Form 1 for ITR filing. Those earning more than 50 lakhs will have to fill ITR Form 2.

The post ITR Rebate: HRA can save tax up to one lakh rupees, know the complete calculation of savings first appeared on Rightsofemployees.com.

Because, not filling it can cause you many losses. Not only this, many big benefits can also be found by filling, knowing which you will be surprised. The Finance Ministry had given 31 July 2022 as the deadline to file ITR for 2022-23. Giving another chance to taxpayers who are unable to file ITR on this date, the last date for filing has been given as December 31, 2022. That’s why taxpayers should file belated and revised ITR under any circumstances.

Delayed ITR

Taxpayers who have not been able to submit their return (ITR) by July 31, 2022, have a chance to submit delayed ITR till December 31, 2022. If you miss this time, you may have to face a lot of trouble along with a notice from the Income Tax Department. Taxpayers who have made a mistake in filing the original ITR, then the taxpayer can rectify his mistake by filing a revised income tax return.

Process of filing belated ITR Belated or belated ITR is filed under section 139 (4) of the Income Tax Act, 1961. Explain that the way the original ITR is filled, it is also filed in the same way. While filing belated ITR, a taxpayer needs to ensure two things. Section 139(4) has to be selected in the tax return form and the penalty amount, penalty interest and tax dues have to be paid.

Know how much is the fine:

Under Section 234F of the Income Tax Act, a fine of Rs 5,000 is imposed on a person who files ITR late. However, small taxpayers with taxable income up to Rs 5 lakh will have to pay a penalty of Rs 1,000 only. This late filing fee should be deposited before starting the process of filing belated ITR.

The post Income Tax Alert: If ITR is not filed before December 31, then you will have to face many problems first appeared on Rightsofemployees.com.

This change will bring convenience to the taxpayers and reduce the time taken for filing returns. There has been a jump in direct and indirect tax collection in 2022 due to clear signs of reform of the economy after the pandemic and government efforts to stop tax leakage.

Government will be strict on tax evasion

In the coming days, the government can act more strictly on the tax evaders. Along with this, apart from online gaming, stricter tax norms can also be considered for e-commerce and online service providers.

India will host G-20

India is ready to host the leaders of G-20 countries next year. Along with this, taxation in Digital Economy, ensuring fair share of tax to developing countries and taxation of Cryptocurrency will also be on the agenda.

Stocks are taxed long term

Rationalization of long term capital gains tax structure is also expected to bring uniformity in holding period among similar asset classes. Currently, long-term capital gains on shares held for more than a year are taxed at 10 per cent.

Tax system will change in the new year

Sale of immovable property and unlisted shares held for more than two years and debt equipment and jewelery held for more than three years attract long-term capital gains tax of 20 per cent. Some changes in the new tax system are expected to happen next year as well, as the government wants to make the system more attractive by freeing up individual taxpayers.

Taxpayers will get many options

Tax offices are working on preparing a common ITR form for most taxpayers. However, the forms (ITR-1 and 4) for individual taxpayers will continue. Taxpayers filing ITR-1 and ITR-4 will have the option to choose whether they want to file their tax returns out of the proposed normal ITR form or the existing form. Currently, there are seven types of ITR forms available for taxpayers with different series.

The post ITR Form Change: Big news! Government can make this change next year regarding ITR form first appeared on Rightsofemployees.com.

Let us tell you that the last date for filing income tax return (Last Date for ITR) is also 31 December. Apart from this, the department has also kept the last date for filing Revised Income Tax Return as December 31, which means you have to do this work before December 31. Actually, in the new year you cannot take advantage of Revised ITR (ITR Benefits).

Know the rules of paying tax

According to the income tax rule, if you have not filed Income Tax Return till the last date, then you can file belated ITR ie Belated ITR. This year, the last date for filing income tax was July 31, 2022 and if someone has not been able to file the return till this date, then now they will have to file belated ITR, whose last date is December 31.

Fill Revised ITR by 31st December

If you have also forgotten to pay tax or if there has been a mistake in filing the return, then you must fill it by December 31. Actually, you can file Revised ITR to rectify your mistakes. Overall, the last date for filing both ITRs is December 31, 2022.

What does the rule say?

Now let us know what is the rule of paying income tax. According to the information given by the Income Tax Department, delayed ITR can be filed under Section 139(4) of the Income Tax Act 1961. The procedure for filing belated ITR is also the same. But even if you are filing belated ITR, then keep in mind that from choosing the form in the return, you will have to give detailed information about the penalty amount, interest rate and outstanding tax. 5000 will have to be given in the form of Rs.

The post ITR Deadline: Big news! Income tax department has issued deadline for ITR, check last date immediately first appeared on Rightsofemployees.com.

However, it has to be kept in mind that you will get the benefit of the new income tax rates only when you do not take advantage of any kind of deduction and tax exemption. Taxpayers who want the benefit of deduction and tax exemption can continue in the old tax regime. Let us know what has changed in the tax rates.

No change in tax rate on such income.

Income of Rs 2.5 lakh will not be taxed. This discount was already there. No changes have been made to this. Income from Rs 2.5 lakh to Rs 5 lakh will also attract 5 per cent tax as before. People with income above Rs 5 lakh have got a big relief.

Tax rate reduced on income above Rs 5 lakh, now income of Rs 5 lakh to Rs 7.5 lakh will attract 10 per cent tax. Income from Rs 7.5 lakh to Rs 10 will now attract 15 per cent tax. Income between Rs 10 lakh and Rs 12.5 lakh will now attract 20 per cent tax. Income between Rs 12.5 lakh and Rs 15 lakh will now attract 25% tax. Those earning more than Rs 15 lakh will be taxed at 30 per cent as before.

After filing the income tax return, if you become a tax liability, then you have to pay tax to the central government. If you are filing Income Tax Return (ITR) on your own, then you should know how much tax the government charges on the annual income.

It is necessary for every person earning income from job, business or profession in India to pay income tax. The condition for this is that your income should exceed the general limit of tax exemption of Rs 2.5 lakh.

In this case, relief is available only to those people whose income is less than the basic exemption limit. Let us know about the slab set by the government for tax exemption or tax liability.

Tax exemption on investment of 1.5 lakhs, if you invest in tax saving investment options under section 80C, then through this, you can get tax exemption on investments up to Rs 1.5 lakhs.

National Pension System (NPS), Voluntary Provident Fund (VPF) and Section 80D of the Income Tax Act along with Section 24, you can save tax separately on certain expenses.

Income tax is levied on the income of an individual in a phased manner. As your earnings increase, so will the tax rate. In fact, the tax rates are decided according to the income slab. The government reviews the income tax slab rate every year in the Union Budget.

If the first slab 5%

taxable income is between Rs 2.5 lakh and Rs 5 lakh, then 5% tax will have to be paid on it. Keep in mind that the taxable income is calculated after deducting the amount of tax benefits on investments and expenses etc. made to save tax from the total income.

The second slab of income tax of 20 percent, on the same lines, you had to pay income tax at the rate of 20% on income of five to ten lakh rupees.

Third slab of 30 percent

The third income tax slab for the common taxpayer was 30%. For this, your annual taxable income should be more than Rs 10 lakh.

The post Income Tax Rules: Big News ! Government issued some instructions for tax payers, check details first appeared on Rightsofemployees.com.

The Finance Ministry says that taxpayers should check their AIS every quarter. This will help them to know about any error in AIS. Then, it can be fixed.

What is AIS?

AIS contains more information than Form 26AS. Form 26AS contains details of property purchases, high value investments and TDS/TCS transactions in a financial year. AIS also contains many additional information including savings account interest, dividends, rent income, transactions related to the purchase and sale of securities, money received from abroad, GST turnover.

When was AIS launched?

The Income Tax Department had launched the facility of AIS on its website in November last year. Its purpose is to inform taxpayers about all types of transactions related to it in a financial year. If you check it every quarter, then you will get information about any wrong deduction or transaction. Then, you can start the process to get it fixed.

What has the Finance Ministry said?

Kamlesh Varshney, Joint Secretary in the Finance Ministry, in a program on Monday advised taxpayers to check their AIS every quarter. He said, “You should check your AIS not only at the time of return filing but every quarter. With this, any discrepancy found can be reported. This can help to nab any person who has taken any kind of benefit wrongly. Is.”

What is the impact of AIS?

He said that due to AIS, many people have started following the rules related to income tax. The reason for this is that through this, the assessee gets all the information about the financial transactions related to it while filing the income tax return. He gave an example and explained how tax compliance is increasing due to this.

He said that if an employee submits a fake declaration to his employee to claim HRA deduction, he can be caught. The reason for this is that its declaration will also be available on the AIS of the person in whose bank account the rent money has been credited. That’s why he advised the taxpayers to check the AIIS every quarter.

How to check AIS?

To check the AIS, the taxpayer needs to login to the Income Tax website. Then the Annual Information Statement will appear in the ‘Services’ tab on the e-filing portal. You have to click on this. Then you have to select the relevant financial year to view AIS.

The post Income Tax: Big News! Do you check your AIS on Income Tax website every quarter? Know why this is important first appeared on Rightsofemployees.com.

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

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

What is Common ITR Form?

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

You will get the option

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

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

Income Tax Payers Will Benefit

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

Now these forms are in vogue

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

The post Income Tax: Big news! What is Common ITR Form? Will it completely change the process of filing ITR? know details here first appeared on Rightsofemployees.com.

The last date for filing Income Tax Return (ITR) is over. In such a situation, people who have filled their ITR are now waiting for the refund to come. It is seen many times that we make many mistakes while filing ITR. But there is no need to be worried. Any person filing ITR can improve his streets by visiting the Income Tax websitehttps://www.incometaxgov.in/ while sitting at home.

Let us know what is the complete process step by step?

Follow these steps to correct ITR mistakes 

1- Visit https://www.incometaxgov.in/iec/foportal. 

2- Login with User ID and Password. 

3- After opening your account, click on ‘E File’ and then select ‘Income Tax Return’. 

4- After opening the Income Tax Return page, select the assessment year 2022-23.After that click on Online for Select Mode Filing. 

5- Now select the option which you want to correct. 

6- After this, go to the Select ITR form and give the requested information. 

7- After filling the ITR form, you have to e-verify your amended income tax return.  

What are experts saying? 

Sebi registered expert Jitendra Solanki says, “Any taxpayer can rectify his mistakes in ITR by exercising the powers conferred under section 139(5) of the Income Tax Act, 1961.” 

The post ITR Filing Correction: Mistakes have been made while filing ITR, rectify this in minutes; Understand the complete process step by step first appeared on Rightsofemployees.com.

Know
Revised ITR You must have heard about Revised ITR. If you have made any mistake while filing your income tax return, then you also have a chance to file revised or revised ITR. Its deadline or last date is 31 December 2022 and if you know that there has been a mistake in filling the ITR, then modify it and fill it. Here it is being told how. 

Revised return can be
filed under section 139(5) Common taxpayers can correct their wrongly filled ITR by filing revised income tax return under section 139(5). For filing the revised return, you have to select ‘Revised under section 139(5)’ in the column ‘Return filed under’. After this, details of original ITR such as receipt number, date of filing of original income tax return, etc. will have to be filled in it.

How to File Revised Income Tax Return – Here is the Step by Step Process

• Visit the official website of Income Tax https://www.incometax.gov.in/iec/foportal/.
• In this, after clicking on the option of e-file menu, click on the rectification link.
• The assessment year has to be selected from the drop down menu of ‘Order/Intimation to be rectified’ option. This time the assessment year is 2022-23.
• Select the region to perform the rectification from its drop down menu. Huh. Select the reason for filing your Revised ITR.
• Submit after filling the updated information in the form.
• You will see a successful message once the revised return request is submitted.
• The message for filling Revised ITR will come on your mail id. 

The post Revised ITR Filing: If there is a mistake in filing Income Tax Return, then fill Revised ITR like this, know the complete process first appeared on Rightsofemployees.com.

The last date for filing Income Tax Return ie ITR was 31st July. No changes have been made by the Income Tax Department in this. If you are a taxpayer and you have filed your income tax return, then this news is very important for you. Actually, after filing ITR, the most important thing is its e-verification. Without this, filing the return is considered incomplete and it can also be canceled.

This is the reason why its verification is considered more important than filing the return. After filing ITR through online mode, it is very important to do ITR E-Verification. If you have filed the return then do not forget to do the e-verification (ITR verification). Especially new taxpayers should not delay the verification at all.

Only so many days will be available for e-verification of ITR

The Income Tax Department has reduced the deadline for submission of e-verification or hard copy of ITR-V after filing income tax returns to 30 days from the existing 120 days, i.e. from today. has been implemented. The department had announced the change in the deadline by issuing a notification on July 29.

These rules have been applied to taxpayers who file their income tax returns on or after August 1. According to the new notification of CBDT, now the date of furnishing the return electronically will be considered as the same when Form ITR-V is submitted within 30 days from the date of transmitting the data electronically. Those who wish to send ITR-V in hard copy can send it to the Centralized Processing Centre, Income Tax Department, Bengaluru-560500, Karnataka through Speed ​​Post only.

Do e-verification in these ways

Verify ITR with Aadhaar OTP
Verify with bank account
Netbanking ITR Verification
Verification from Bank ATM
You can also verify with Demat account

The post Government changed rules: Get ITR E-Verification done soon, now you will get very less time first appeared on Rightsofemployees.com.

Let us know about all these 6 ways to verify ITR one by one-

1. Through Aadhaar based OTP

In order to verify ITR using Aadhaar based One-Time Password (OTP), it is necessary that your mobile number is linked with your Aadhaar card. Also, your PAN should also be linked with that Aadhaar.

Now you go to the ‘e-Verify’ page and select the option ‘E-Verify with OTP on mobile number registered with Aadhaar’ and click on ‘Continue’. Here a new window screen will appear, on which it will be written that ‘I agree to validate my Aadhaar details.’ Click on this check box and then click on ‘Generate Aadhaar OTP’.

On clicking, a 6 digit OTP will be sent to your registered mobile number. OTP will be sent to the mobile number linked to your Aadhar card. Keep in mind that OTP is valid for 15 minutes only. Fill the OTP in the given box and click on ‘Submit’. Your ITR will be verified after successful submission.

2- Through bank account

You can also verify your ITR by generating an Electronic Verification Code (EVC) from your bank account. For this you need to have a pre-verified bank account from which you can generate EVC. It is important to note here that pre-verification of bank account is necessary to get income tax refund.

On the e-Verify page, select the option ‘Via Bank Account’ and click on ‘Continue’. On click, the EVC will be generated and sent to the mobile number and email id registered with your bank account. Fill this EVC in the given box and click on e-verify. In this way your ITR will be verified through the bank account.

3. Through Demat Account

The process of e-verifying ITR through a demat account is exactly the same as the process of verifying it through a bank account.

On the e-Verify page, select the option ‘Via Demat Account’ and click on ‘Continue’. EVC will be generated on click, which will be sent to the mobile number and email id registered with your pre-verified demat account. Fill this EVC in the given box and click on e-verify. In this way your ITR will be verified through demat account.

4. Through ATM

Electronic Verification Code (EVC) can also be generated through ATM card. However, this facility is currently limited to Axis Bank, Canara Bank, Central Bank of India, IDBI Bank, Kotak Mahindra Bank and State Bank of India ATM cards.

First go to the bank’s ATM and swipe your card. After this select the option of ‘PIN for Income Tax Filing’. After this, an EVC will be received on the mobile number registered with your bank account, which is valid for 72 hours only. After this, go to the website of the Income Tax Department and open the ‘e-Verify’ page. Here for ITR verification select the option ‘I already have electronic verification code’ and enter EVC. In this way your ITR will be verified through ATM card.

5. Through Net Banking

On the ‘e-Verify’ page select the option ‘Through Net Banking’ and click on ‘Continue’. After this select the bank through whose net banking you want to verify ITR, then click on ‘Continue’. After this you have to log in to your bank account net banking. Here choose the option of Income Tax e-Verification, which is usually found under the ‘Tax’ menu. After this you will be redirected to the page of Income Tax Department. Now go to the respective ITR form and click on e-verify. Your ITR will be successfully e-verified.

6. Offline Mode

If you are not able to e-verify ITR through the above mentioned five online methods, then you can also get it verified offline. For this, you have to send the signed copy of ITR-V form to the Income Tax Department through speed post. Sign the ITR-V form with blue ink pen and then speed post it to the address ‘CPC, Post Box No – 1, Electronic City Post Office, Bangalore – 560100, Karnataka, India’. The Income Tax Department will send its notification on your mobile number and email id as soon as this form is received. Remember that the ITR-V form must reach the above mentioned address within 120 days from the date of e-filing.

The post ITR Verify Online: How to e-verify ITR these 6 easy ways you can get your refund money soon first appeared on Rightsofemployees.com.

It is necessary to file IT Return

If your gross total income is more than Rs 2.5 lakh, then it is necessary for you to file Income Tax Return. This limit is 3 lakhs for senior citizens and 5 lakhs for people above 80 years. If your total income is less than Rs 2.5 lakh, then you do not need to file ITR. But if you file income tax return despite low salary, then it has many benefits.

Benefits of filing Nil IT Return

According to tax and investment expert Jitendra Solanki, even if your salary is less than 2.5 lakhs, you can still file income tax return. This is called Nil, ie Zero IT Return. The advantage of this is that if you want to apply for a loan, whether it is a home loan or a car loan or a personal loan, the IT return is sought from the bank or the lending institution and if you submit the IT return. If you do, then it becomes very easy to get your loan approved.

What to do if taxable income is Rs 5 lakh?

On earning up to Rs 2.5 lakh, you get rebate ie exemption from income tax. If your total taxable income is less than Rs 5 lakh, then you get exemption on the remaining Rs 2.5 lakh. In this case your tax liability is zero. If your total income is much more than 2.5 lakhs, then it is necessary to file ITR. Not only will you not get the exemption for not filling the ITR, on the contrary, you will also have to pay a penalty.

Why ITR Filing is Necessary?

The due date for filing Income Tax Return (ITR) for assessment year 2022-23 or financial year 2021-22 is 31 July 2022. In such a situation, people coming in the income group are advised to file their ITR before the deadline. If your total income is more than Rs 2.5 lakh, then you are required to file ITR. This limit is 3 lakhs for senior citizens and 5 lakhs for people above 80 years.

The post Nil ITR Update: What is Nil ITR? What are its benefits? What should be filed by those earning less than 2.5 lakhs? first appeared on Rightsofemployees.com.

This is the job of filing income tax return. The last date for filing Income Tax Returns through Individual Taxpayers is approaching. In such a situation, these people should file their income tax return as soon as possible.

This is the last date

It is believed that people get their income by the last date of the month. Many companies run by this same rule. In such a situation, before the salary of the month of July this time, people should tackle a very important task. Individual taxpayers will have to file income tax returns for the financial year 2021-22 by 31 July 2022. In such a situation, people should file their income tax return soon.

May be fined

If the income tax return is filed after the due date then penalty can also be imposed. The amount of fine can be Rs 5000. In such a situation, it is wise to file your income tax return before the salary of July. At the same time, the government is not considering extending the deadline of July 31 for filing income tax returns.

Returns being filed continuously

Revenue Secretary Tarun Bajaj said that till July 20, more than 2.3 crore income tax returns have been filed for the financial year 2021-22 and this number is increasing continuously. It is noteworthy that about 5.89 crore income tax returns were filed for the last financial year 2020-21. Last year, the government extended the deadline for filing returns till December 31.

Different forms

As per income tax rules, the deadline for filing income tax returns for 2021-22 is July 31 for individual taxpayers whose accounts for the previous financial year are not required to be ‘audited’. The Income Tax Department has prescribed seven types of income tax forms for different categories of taxpayers on the basis of income.

The post Income Tax Slab: Get this important work done before the salary of July arrives, otherwise you may face a fine of 5000 first appeared on Rightsofemployees.com.

ITR deadline will not increase
, it is clear from the statement of the Revenue Secretary that the deadline for filing income tax returns will not be extended. If you are not filing income tax return thinking that because the government can increase the deadline, then do not make such a mistake. Otherwise you may have to pay penalty for late filing of return. In a tweet by the Income Tax Department on July 20, 2022, it was told that more than 2 crore taxpayers have filed returns so far. The Income Tax Department has requested the taxpayers that if the return has not been filed yet, then file the return soon.

The deadline has increased in the last two years, in
fact, the last date for filing income tax returns for the last two assessment years 2020-21 and 2021-22 was July 31. But in 2020-21, due to the lockdown imposed due to Corona epidemic, the last date for filing income tax return was extended, then in 2021-22 due to difficulties in filing returns for taxpayers in the new income tax portal. The deadline was extended till December 2021. However, the possibility of extending the date of ITR filing by the Income Tax Department in the assessment year 2022-23 seems slim. So don’t delay in filing income tax return. However, 4 crore taxpayers are still yet to file their returns.

Penalty for Late Filing of
ITR But if the annual taxable income of the taxpayer is less than Rs 5 lakh, then penalty fee of Rs 1,000 will have to be paid.

The post IT Department Big News : Government will not extend the last date for filing ITR, otherwise… first appeared on Rightsofemployees.com.

Employees’ Provident Fund (EPF) is one of the most important financial planning and retirement investment options for lakhs of employees. With guaranteed returns and tax benefits, EPF is an investment for most people. Earlier there was also the Tax Rules on EPF on Kia Contribution and Withdrawal, but the government has brought changes in the tax benefits available to the employers and employees for contribution to EPF. With effect from April 1, 2022, provident fund accounts have been divided into taxable and non-taxable accounts. The due date for filing income tax is very near. It is necessary to file the return by 31st July. Let us also tell you what kind of changes the government has made in this. 

Understand the rules in these points

• Any interest on contribution made to EPF of an employee remains tax free only for contributions up to Rs 2.5 lakh per annum.
• Interest is charged to tax on contributions made by an employee in excess of Rs 2.5 lakh annually.
• If an employer is not contributing to the EPF of an employee, then the contribution limit has been increased to 5 lakhs.
• Tax is levied only on the excess contribution above the threshold and not on the total contribution.
• The additional contribution and the interest earned thereon will be kept in a separate account with EPFO.
• Employer’s contribution to Provident Fund (PF), NPS and retirement is tax free totaling Rs 7.5 lakh per annum. 
• The employer has to mandatorily provide EPF contribution for those employees whose monthly income is up to Rs 15,000.
• The EPFO ​​has reduced the interest rate for the financial year 2021-22 to a four-decade low of 8.1 percent. 

Many Assets Are Giving Higher Returns

Even though EPFA interest rates are currently at a 40-year low, but is giving higher returns than many assets. FD rates of public sector banks are still around 6 per cent, while EPFO ​​is giving returns of more than 8 per cent. On the other hand, the interest rates of the small savings scheme of the post office are also much lower than that of the EPFO. The interest rate in the 5-year time deposit scheme is 6.7 percent per annum. The interest rates of Senior Citizen Saving Scheme are being seen at 7.4 percent. Even the interest rates of PPF are being seen at 7.1 percent and Sukanya Yojana 7.6 percent.

File ITR by July

31st is July 31st Last date to file returns The last date to file Income Tax Returns for the financial year 2021-22 (FY22) is approaching soon. The last date for filing income tax return is 31 July 2022. The Income Tax Department made a tweet on Saturday, 16 July 2022, stating the due date. File income tax return for the financial year 2021-22 (FY22). Everyone should remember the last date, which is 31st July 2022. Yelled taxpayers and unaudited cases should file Income Tax Return (ITR) within the due date to avoid problems later. People can file ITR after the deadline has passed but they will have to pay a late fee. For more information about this, you can visit incometax.gov.in.

The post EPFO Alert ! Before filing Income Tax Return, know the rules of tax on PF first appeared on Rightsofemployees.com.

The season of filing Income Tax Return is going on in the country and its deadline is 31st July. If any individual does not file his income tax return by July 31, then he can pay a fine later. For the financial year 21-22, ITR has to be filed by 31 July 2022. Now one document plays a very important role in filing income tax return and that is Form-16. This document is very important and few people are not aware of it. If you also do not know about the features of Form-16, then this article is for you.

Why Form-16 is necessary?

Form-16 is a very important document while filing income tax return. Form-16 is issued on behalf of your company. In this Form-16, apart from the salary taken through you, deduction, tax deducted, allowance, there are many other information, which comes in handy when you are filing income tax return.

Form-16 has two parts

With the help of this form, you can reconcile your income tax related data. If the data being filed in the Income Tax Return and the data filed in Form-16 are different, then you may face problems later on. Form-16 consists of two parts. One part is Part-A and the other is Part-B.

What information is in Part-A

• Employee name and address
• Name and address of employer
• Employer’s PAN number and TAN number
• Employee’s PAN Number
• assessment year
• TDS Deduction Details
• Job Term Description

What information is in Part-B

• Salary and chargeable income
• Gross Income (Salary) + Other Income
• Deduction under section 80C, 80CCC, 80CCD
• Deduction under section 80D, 80E, 80G and other
• sum of eligible deductions

The post ITR Big News : Know what happens before filing ITR, why Form-16, Part-A and Part-B is important first appeared on Rightsofemployees.com.

Income Tax Return: Do you know that even if your refund is made on filing ITR, under a rule, the department does not return a single rupee to you. Let us know what is this rule? 

The post Income Tax Return Big News: Even after claiming income tax refund, 1 rupee will not come in the account, know what is this rule? first appeared on Rightsofemployees.com.

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.

The post ITR Alert ! Know this important thing before filing Income Tax Return, IT Department took a big step first appeared on Rightsofemployees.com.