Now what to do if the deadline is missed. Let us know whether ITR can be filed after missing the last date for filing ITR. How much penalty will be levied and what is its method?

What is the option?

If you have not filed the return by the last date of filing income tax return i.e. 15 September, then the opportunity is not over. Under section 139(4) of the Income Tax Act, you can file belated returns till 31 December 2025. Though a little late, but filing ITR is still possible. It is important to file belated returns so that you remain within the ambit of the law and avoid penalty.

What are the disadvantages of late filing?
You will have to pay late fees for filing ITR late. If your income is up to 5 lakhs, then a penalty of Rs 1,000 can be imposed and if it is more than 5 lakhs, then a penalty of Rs 5,000 can be imposed. Apart from this, interest may also have to be paid under section 234A, 234B and 234C. The biggest disadvantage of late filing is that you will lose many types of tax benefits.

For example, you will not be able to carry forward business loss or capital loss to the next year. Yes, you can still get the benefit of house property loss. Exemptions or deductions available under section 10A, 10B, 80-IA, 80-IB, 80-IC, 80-ID and 80-IE will no longer be available. These benefits are available only to those who file ITR before the deadline.

You may also receive a notice from the tax department
If you file your ITR late or do not file it at all, you may receive a notice from the income tax department. Then you may have to submit documents, reply and all this can lead to unnecessary tension and hassle. Therefore, it would be better to file a belated return if you miss the deadline.

How to file belated return?

Online method

Step 1: First of all go to the Income Tax website and login to your account.

Step 2: Click on the ‘e-File’ option given above → then select ‘Income Tax Returns’ → and click on ‘File Income Tax Return’.

Step 3: Select the assessment year for which you want to file the return (eg AY 2025–26).

Step 4: If you choose the ‘Online’ mode, then follow steps 5 to 10 given below.

Step 5: Click on the ‘Start new filing’ button.

Step 6: Select your correct status, like Individual, HUF, etc.

Step 7: Now select the ITR form that is correct for you (eg ITR-1, ITR-2).

Step 8: Go to the ‘Personal Information’ section and check all your details to see if everything is correct.

Step 9: Scroll down and select Section 139(4) in the Filing Section – this is the option for Belated Return.

Step 10: Now fill in your income details, calculate tax and pay the outstanding tax, if any.

Offline method

Download the offline ITR preparation utility from the income tax website.

Fill in all your details in it and prepare the ITR.

When everything is done, upload the .json file on the website and then verify the return.

What if you miss the belated return as well?

If you miss the deadline for belated return as well, then you have the option of ITR-U i.e. Updated Return, which can be filed within 48 months under certain conditions. But additional tax has to be paid in this.

The post ITR after 15 September: There is still a chance! This is how you can file late ITR after 15 September, know the complete method first appeared on Rightsofemployees.com.

A few years ago, we both used to work in the same company. Seeing her upset, I asked if she had any problem. At first, she said no, but after a while she said that she wanted to ask something. I said that she can ask without hesitation.

Jain said that her employer has issued her digital Form 16. She wants to file income tax return but she does not know which regime will be best for her? The second question was that at the beginning of the last financial year, she had told her employer that she wanted to use the old regime. The question is, can she change it now?

First I told Jain to come out of his worry. Actually, this problem is not only of Jain. There are lakhs of salaried taxpayers who are confused about this question. The reason for this is the old and new regime of income tax. This system was implemented about 5 years ago. Now taxpayers have the option to choose any one of the new and old regimes as per their wish. In the old regime, one gets the benefit of deductions. Especially, one gets the benefit of deduction on section 80C, 80D and home loan principal and interest. These benefits are not available in the new regime.

Jain has been using the old income tax regime since the beginning. Actually, she has taken term insurance. She has bought a health policy. She also makes tax saving investments every year under section 80C. These include tax saving schemes of mutual funds and PPF. Now someone has told her that despite getting deduction on tax saving investments, if she uses the new income tax regime, she will have to pay less tax. That is why she is confused.

If Neha feels that she will have to pay less tax by using the new regime to file income tax return for the financial year 2024-25, then she can use the new regime. It is important to understand that even if you have told your employer about using the old regime at the beginning of the previous financial year, you can still use the new regime instead of the old one at the time of filing income tax return. Yes, it is true that your employer will deduct your TDS as per the old regime. But, if your tax is less by using the new regime, then the TDS deducted will be refunded to you in the form of a refund.

Tax experts say that if salaried taxpayers do not have income from business, that is, they only have income from salary, bank interest etc., then they can change their income tax regime every year. There is no limit on how many times he can make changes. This means that if you do a job and at the beginning of the last financial year i.e. April 2024, you told your employer that you will use the old regime, then you still use the new regime at the time of filing ITR this year. Therefore, Jain has no need to worry. After I told her this, she looked satisfied.

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But, filing returns is mandatory for people between 60 and 80 years of age. But, if a person is 75 years or more in age and has income only from pension or interest, then there are easier rules for him. Instead of filing income tax returns, he can file Form 12BBA through the bank in which his pension is deposited.

Many types of relief to senior citizens

The Income Tax Department provides many reliefs to senior citizens and super senior citizens in tax matters. Under the old regime of income tax, senior citizens also get some special deductions. It is important for senior citizens to know about this. This can help them a lot in filing income tax returns.

Exemption limit for senior citizens

In the old regime of income tax, the basic exemption limit of income tax for people above 60 years of age is Rs 3 lakh. For people above 80 years of age, the exemption limit is Rs 5 lakh. This means that if the income of a senior citizen is less than or up to this limit, then he does not need to pay tax. Apart from this, senior citizens with income up to Rs 5 lakh in the old regime can claim tax rebate, which can reduce their tax to zero.

Rs 75,000 standard deduction for senior citizens

In the new regime of income tax, the exemption limit for all taxpayers for the financial year 2024-25 is Rs 3 lakh. In this regime, people whose total income is up to Rs 7 lakh get a rebate of Rs 25,000 under section 87A. This reduces their tax to zero. In the old regime, pensioners get a standard deduction of Rs 75,000 instead of Rs 50,000. In the old regime, deduction is available under section 80C in Senior Citizens Savings Scheme (SCSS). If a person retired from the job is 55 years old, then he can invest in this scheme. Defense employees can invest in it at the age of 50.

Rebate on health policy premium too

Senior citizens get more deduction on health policies than others. Under section 80D, they get a deduction of Rs 50,000 per year on health policy premium. Senior citizens are exempted from tax on interest income up to Rs 50,000 from savings and fixed deposits. Interest income above this amount will be taxable.

The post ITR Filing 2025: Senior citizens get many types of deductions and exemptions, be sure to know them before filing ITR first appeared on Rightsofemployees.com.

In such a situation, taxpayers have got more time to file returns. Let us tell you that the Income Tax Department said, the last date for filing ITR has been extended from 31 July 2025 to 15 September 2025. That is, taxpayers will get 45 days more time to file returns.

Information on X

The tax department wrote in its post, ‘Attention taxpayers! In view of major changes in the ITR form, system development requirements and delay in availability of TDS credit information, CBDT has extended the date for filing ITR by 31 July 2025 to 15 September 2025. This will make the process of filing returns easier for taxpayers and make the process of filing returns more accurate. Its official notification will also be issued soon.’

Due to this the last date for ITR Filing 2025 was extended 

In fact, the Central Board of Direct Taxes (CBDT) said in its statement that this time many amendments have been made in the Income Tax Return (ITR) forms. The reason behind this is to simplify the tax filing process, increase transparency and ensure accurate information. Due to the amendments in the ITR forms, it is taking more time to update the software and systems required for the form process. Apart from this, Tax Deducted at Source (TDS) statement has to be filed by 31 May 2025. In such a situation, if the last date is not extended, then taxpayers do not get enough time.

These taxpayers benefit the most

Let us tell you that the biggest benefit of this decision of the Income Tax Department is going to be to the salaried and general taxpayers. Actually, there is no need to audit their accounts. Therefore, the last date for filing returns for non-audited taxpayers was 31 July 2025. At the same time, with the increase of 45 days in the last date, salaried taxpayers will be able to take more time for their tax planning and details of TDS credit.

The post ITR Filing 2025: Last date for ITR filing extended, know the new date first appeared on Rightsofemployees.com.

For this, you will have to collect some documents. These include Form-16, Annual Information Statement (AIS) and Form 26AS. After this, the correct ITR form has to be chosen. Many taxpayers get confused between Form-1 and Form-2. Let us know who cannot use ITR-1. ITR-1 is also called Sahaj.

If your income is more than 50 lakhs then ITR-1 cannot be used

If the total income of a taxpayer is more than Rs 50 lakh in a financial year, then he cannot use ITR-1. Similarly, Resident Non-Ordinarily Resident ( RNOR ) and NRI cannot use this form to file returns. If a person’s income from agriculture is more than Rs 500, then he cannot use ITR-1 to file returns. If there is income from lottery, horse racing etc., then ITR-1 cannot be used to file returns.

Also Read: Gift Tax in India: Do you have to pay tax on gifts received on birthday or marriage? Know these important rules

ITR-1 is not used in case of capital gains

If a person has made capital gains by selling any assets during the relevant financial year, then he cannot use ITR-1. If a person has invested in shares of companies which are not listed in the stock market, then he cannot use ITR-1. If a person has income from business or profession, then he cannot use ITR-1. Even if a person is a director in a company, he cannot use ITR 1. Employees of companies who have received ESOPs also cannot use ITR-1 to file returns. If a person has more than one house, then also he cannot use ITR-1.

Choose the form wisely

It is important to use the correct form to file income tax return. Filing the return using the wrong form will make your return defective. Therefore, it is important to choose the correct form carefully before filing the return. If you are facing any problem in choosing the correct form, you can take the help of a tax expert. This will prevent you from using the wrong form. That is why experts advise to avoid filing the return at the last moment.

The post ITR Filing 2024: Who cannot use ITR-1 to file income tax return? first appeared on Rightsofemployees.com.

Then why wait for the last moment to file the return? It is beneficial for taxpayers to file the return before the deadline. Let us know what documents will be required to file the return and how to download them.

Form-16 is most important for salaried taxpayers

Form- 16 is most important for salaried taxpayers to file income tax returns. Companies issue Form-16 to their employees after the financial year is over. It contains information about the employee’s gross income, taxable income and TDS deducted from salary in the financial year . Employers have issued Form-16 to employees. It can be downloaded from the Employee Self Service (ESS) website. The finance department of companies gives complete information about this by sending mail to the employees.

Also Read: Budget 2024: Government may raise tax free income to rs 5 lakh. Report

Information about every transaction will be available in AIS

The second important document for filing returns is the Annual Information Statement (AIS). It is a record of the financial transactions of taxpayers in the financial year. It includes TDS, TCS, interest income, dividend income and transactions related to shares and mutual funds. You can match the TDS given in it with the TDS of Form-16. If there is any difference in both the information, then you can correct it. By doing this, you will get the correct amount of TDS. This will eliminate the possibility of your return being defective.

This is how you can download AIS

To download AIS, you have to log in to the Income Tax Department website. If you are already registered, you can log in with your user ID and password. Your PAN will be your ID. If you are not already registered, you can register with the help of PAN. After logging in, you will see the ‘Annual Information Statement’ menu on the dashboard. Select it. Click on the ‘e-file’ menu. After that go to Income Tax Return and select ‘View AIS’.

After clicking on ‘AIS’, you will see a separate AIS portal. After that you have to click on the ‘Proceed’ button. On the home page of AIS, you will get the option of AIS of many financial years. You can download it by selecting the relevant financial year. If you want, you can also download Form 26. It will have information about your TDS and TCS. You can match it with your Form 16. This also has to be downloaded from the portal of the Income Tax Department. You can download it by logging in with your user ID and password.

The post ITR Filing Documents: These documents will be required to file income tax return. check list here first appeared on Rightsofemployees.com.

You may find filing Income Tax Returns complicated, but by avoiding some common mistakes you can make the process easier and ensure that you get your due refund. However, some mistakes may occur inadvertently while filing ITR. These mistakes can cost you dearly. In such a situation, you should be careful while filing income tax return.

Filing your ITR is important for many reasons. Mainly it fulfills a legal obligation under the Income Tax Act. Along with following the tax laws and regulations, the government gets information about your income from different sources through ITR. It gives you an opportunity for financial planning and ITR is also an important document for loan or visa applicants.

Do not make these 10 mistakes while filing ITR-

Incorrect personal information – While filing your ITR form, ensure that all the information like name, PAN, address and bank account details are filled correctly in the form.

Choosing the wrong ITR form – Choose the right ITR form based on your income sources and your type of income. Filling wrong forms may result in fine.

Not giving complete information about your income – Provide information about income from all sources of income including salary, interest income, rent income, capital gains in your ITR. Failure to report all income sources may result in penalties.

Ignoring TDS credit– Must show the TDS details in ITR from Form 16/16A issued by your employer or deductor. Failure to provide correct information may result in notice and fine.

Incomplete information about investments and deductions– Correctly declare all investments, expenses and deductions to claim eligible tax benefits under Section 80C, 80D, 80G of the Income Tax Act.

Hiding interest income – Correct information about interest earned from savings accounts, FD or other sources should be given. Failure to do so may result in a fine.

Form 26AS not matching – Cross-check the statements in your ITR with Form 26AS. It contains details of your TDS, tax payment and other income tax related information.

Not filing ITR on time – This is a very important thing. Do not wait till the last moment of the last date to file ITR. Late filing of ITR may result in penalty.

Not verifying ITR – After filing ITR online, it is necessary to verify it electronically through Aadhaar OTP, NetBanking etc. or by sending a physical copy with your signature to the Income Tax Department within the stipulated time. If verification is not done, ITR filing becomes invalid.

Not maintaining necessary records – Maintain records of all documents, receipts and evidence related to your income, investments and tax deductions, as these may be required for verification or in case of any tax investigation in future.

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

Can work like necessary documents

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

Refund can be claimed

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

Easy to apply for Visa

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

Can claim for damages

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

The post ITR Filing: File ITR even if your income is not taxable, You can get many benefits from this first appeared on Rightsofemployees.com.

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

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

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

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

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

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

Related Article

The post TCS Form 16 Released: TCS also issued Form-16 for employees ahead of time, will be able to file ITR soon first appeared on Rightsofemployees.com.

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

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

What is the new rule

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

What did CBDT say?

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

They will also have to fill ITR

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

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

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

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

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

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

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

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

The post Taxpayers beware: Big News! Only 2 days left to file income tax return, check details first appeared on Rightsofemployees.com.

1-ITR process done or not

First of all, leave all the work and check whether your ITR has been processed or not. You will get ITR refund only when it is processed. After the ITR is processed, the tax department will confirm to you that your refund is made, only then the money will come in your account. If the tax department finds that no refund is made in your name, then you will not get any refund. Once the ITR is processed and the refund is confirmed, you should check the refund status once.

2-Pre-validation of bank account

If there is any problem in the pre-validation of the bank account whose information is given in the ITR, then you will not get the refund money. Even if your PAN is not linked with your bank account, the refund money can be stopped. Therefore, it is important to check whether the PAN is linked with the bank account or not and whether the account has been pre-validated or not.

To check the pre-validation, you will have to login to the tax e-filing portal for which you will have to provide the user ID and password. After login, go to My Profile and select My Bank Account. On the screen, you will get the information about the pre-validation of the bank account. If refund money has come in this account, then its information will also be available here.

3-Outstanding Demand

If you have any outstanding demand pending for the previous year, then there may be a delay in getting the income tax refund. If there is any outstanding demand pending, the same will be adjusted against your refund first. This information will be given to you through an intimation notice. Once the ITR is processed, check the mail to see if any notice has come. Once you get the notice, you will know why the refund has been delayed.

How to Check Refund Status

1. Visit the Tax e-Filing Portal
2. Click on Income Tax Return Status
3. On the Income Tax Return (ITR) status page, enter your acknowledgment number and a valid mobile number and click on Continue
4. Enter the 6 digit OTP received on your mobile number entered in step 3 and click on submit
5. On successful verification, you will be able to view ITR status

The post You haven’t received ITR refund yet? There may be delay due to these 3 reasons, check now first appeared on Rightsofemployees.com.

If this has happened to a person filing returns every year, then what problems can come with him. Dr. Mamta Shukla, who teaches in a degree college in Lucknow, is appointed on contract in the Department of Psychology.

They get fixed salary every month from the college side but due to not being a regular employee, their PF is not deducted. Due to the monthly salary of the college being less than 20 thousand rupees, their income does not come under the tax net, but their TDS is deducted on the amount received in lieu of copy checking or exam.

So he continued to file his income tax return every year. Last financial year Dr. Mamta Shukla did not get any income from other sources, so she did not even file her return. But now they were worried that if they fail to fill the ITR, they will not get any notice from the department. What the experts say After talking to tax and investment expert Balwant Jain about this, it came to know that if you file the return, then it should not be missed in any year.

He told that if your income is out of the purview of tax, then there will be no loss directly, because the department sends notices to only those taxpayers whose income comes under the purview of tax. However, it may have other disadvantages.

If you are applying for a home loan or passport, a mistake in filing ITR can cost you dearly. Whether TDS is deducted Balwant Jain told that if a teacher is posted on contract or contract then he is not considered as an employee of the college. Consultant and the salary received by such employee comes under the purview of professional fee under the Income Tax rules.

Even on this, there is a direct rule regarding TDS of Income Tax that if the professional fee of more than 75,000 rupees is being paid annually by the college, then it is mandatory to deduct TDS on it. Therefore, if the employee is doing TDS, then the income tax return must also be filed. Balwant Jain said that if the employee is not aware of the deduction of his TDS, then download Form AIS from the site of the Income Tax Department to get its details. If income is in the purview of tax the Now the question arises that what if there is an employee whose income is more than Rs 2.50 lakh per annum in the purview of tax.

Balwant Jain says that it may be difficult for such employees, if the Income Tax Department sends a notice, then they may also have to pay a fine. It would be better for such employees to file their ITR by paying a late fee of Rs 1,000.

However, a rebate of Rs 12.5 thousand is available if the income is less than 5 lakhs, but being in the purview of income tax, it is necessary to file ITR.

The post ITR Filing! Big News: ITR is filed every year but missed this time, what will happen now? first appeared on Rightsofemployees.com.

Will the date go ahead?

It has been said by tweeting on behalf of Income Tax India that by 30 July 2022, more than 5 crore people had filed their ITR. The last date to file ITR for assessment year 2022-23 is July 31, 2022. If you have not filed your ITR yet, do so immediately and avoid late fees. So far, no official confirmation has been made by the Income Tax Department regarding the extension of the last date.

Over 5 crore ITRs filed upto 8:36 pm today.
Please file your ITR now, if not filed as yet.
The due date to file ITR for AY 2022-23 is 31st July, 2022.#FileNow to avoid late fee.
Pl visit: https://t.co/GYvO3n9wMf#ITR pic.twitter.com/FqmNn624WN

— Income Tax India (@IncomeTaxIndia) July 30, 2022

Aaykar Seva Kendra will open on Sunday also

Today is the last date to file ITR, as well as Sunday. For this, the Central Board of Direct Taxes (CBDT), the regulatory body of the Income Tax Department, has ordered to open Aaykar Seva Kendras across the country even though it is Sunday. A senior official said that the problems related to the e-filing portal are being resolved immediately. Along with this, all the questions of the taxpayers are being answered.

fine will be imposed from tomorrow

Let us tell you that the last date for filing income tax return is 31 July. Although ITR can be filed even after July 31, taxpayers may have to pay a penalty for doing so. Talking about the amount of fine, if someone’s income is more than 5 lakh per annum, then he will have to pay a fine of Rs 5000, apart from this, if the income is less than Rs 5 lakh per annum, then he will have to pay a fine of Rs 1000.

The post ITR Filing Last Date: Will the last date to file ITR be extended or not? Income Tax Department has indicated by tweeting first appeared on Rightsofemployees.com.

Income Tax Expert tried to decode the messages issued by the Income Tax Department and some relief things are also coming out of it. However, the full emphasis of the experts is on the fact that taxpayers should file their returns before the stipulated time i.e. 31st July. The Income Tax Department has also appealed to the taxpayers in their recent tweet to deposit the tax early to avoid late fees and fines.

what did the income tax department say

The Income Tax Department has once again appealed to the taxpayers to file their returns on time by tweeting on July 28. The department said that till July 28, a total of 4.09 crore taxpayers have filed their returns, whereas in the previous assessment year, a total of 5.7 crore audited ITRs had been filed. In such a situation, taxpayers should file their returns soon instead of speculating about extending the deadline. On July 28, more than 36 lakh ITRs were filed.

Over 4.09 crore ITRs filed till 28th July, 2022 & more than 36 lakh ITRs filed on 28th July, 2022 itself.

The due date to file ITR for AY 2022-23 is 31st July, 2022.

Please file your ITR now, if not filed as yet. Avoid late fee.

Over 4.09 crore ITRs filed till 28th July, 2022 & more than 36 lakh ITRs filed on 28th July, 2022 itself.
The due date to file ITR for AY 2022-23 is 31st July, 2022.
Please file your ITR now, if not filed as yet. Avoid late fee.
Pl visit: https://t.co/GYvO3n9wMf#ITR #FileNow pic.twitter.com/p0ABBuoZ6r

— Income Tax India (@IncomeTaxIndia) July 29, 2022

Why experts are telling positive signs

Tax experts say that in the assessment year 2021-22, a total of 6.68 crore returns were filed, out of which the number of ITRs audited till September 2021 was 5.70 crore. If we look at the number of total ITRs filed till July 28, then it is now 1.7 crore behind from last year. Therefore, to fill this big gap, the government can increase the deadline. Apart from this, there is no other reason for which the deadline for filing returns should be extended.

Other experts say that if we look at the number of returns filed on July 28, it was 36 lakhs and there were still three days left. This means that the number of return filers by the deadline will easily cross 5 crores. If we look at the figures of the last day of last year, about 50 lakh taxpayers had filed returns. This means that the total number of ITRs in this also can go up to 5.50 crores. If this happens, then the chances of extending the deadline will be less.

The Income Tax Department may consider increasing its deadline on a single basis, when there is a major technical flaw on the portal, but till now the portal is running well and except in a few cases, there has been no specific report of technical problem. In such a situation, speculating about increasing the deadline seems far-fetched.

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The last date for filing income tax returns for the financial year 2021-22 is approaching and many taxpayers have not filed their returns because the deadline will get extended. If you are also sitting in the same expectation that the date of filing the return will be extended, then leave it and
file your return soon.

In fact, the Income Tax Act allows prosecution of taxpayers who do not file returns and even send them to jail. This year the last date for filing returns has been fixed as July 31 and the Income Tax Department is continuously advising taxpayers to file their returns before the last date. If you fail to file your return within the stipulated time, you may also have to pay a late fee of up to Rs 5,000.

What to say, expert tax and investment advisor Balwant Jain explains that if an individual taxpayer does not file his ITR within the stipulated time, then he gets the freedom to file the return later, but for this, he has to deposit a lit fee of up to Rs 5,000. Will have. If the annual taxable income of the taxpayer is more than Rs 5 lakh. At the same time, if the taxable income is less than 5 lakhs, a leet fee of Rs 1,000 will have to be paid.

Jain said that a taxpayer can file his income tax return only once in a financial year and can also amend it once in case of any omission or mistake. If a taxpayer files his return with late fee after the stipulated time, then he will not be given a chance to amend his ITR.

If a person is unable to file his return within the stipulated time, then the Income Tax Department can also impose a fine ranging from 50 percent to 200 percent of his total outstanding tax . Not only this, notice will also be issued to him by the department and interest will also be charged on a daily basis till the ITR is filed from the end of the return deadline. Not only this, the department will also have the right to prosecute the taxpayer.

Provision of 7 years in jail

The Income Tax Department can also send taxpayers who do not file returns to jail. Under this, the taxpayer can be imprisoned from 3 years to 7 years. However, it is not necessary that the department should initiate prosecution against all the taxpayers who have not filed the return, but in cases where the outstanding tax is more than Rs 10 thousand, such action can be taken.

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What is Letter of Intimation in ITR?

In the language of tax, it is called Letter of Intimation. This notice tells whether the return filed by you is true or false. Such a notice can also come if you have entered the interest information wrong while filing the return or if there is any minor mistake. This notice tells that whatever mistakes have been made in the return, rectify them.

Why can income tax notice mean?

> If your liability is becoming more than the tax paid during the income tax return.
> If the tax that you have filed during the return, your liability is becoming less than that or you have filed the return correctly.
> Experts agree that such notices often come to every taxpayer. If you do not receive such notice, you can assume that your return has not been processed.

Do not delay in replying to income tax notice

Mails are being sent on behalf of the Income Tax Department regarding this. According to tax experts, the tax notice under 143(1) is called notice of demand. That is, if you have any tax liability due, then you should pay it within 20 days from the receipt of this message. If you delay it, after the lapse of 30 days, you will have to pay interest at the rate of one per cent monthly.

What should I do now? (How to check Income Tax refund status)

(1) If you go to the website of Income Tax Department, you will find ITR Status written at number 9 in the column on the left side of the homepage.
(2) On clicking on it, a new page will open where you will have to fill PAN number, ITR acknowledgment number and captcha code. Keep in mind that after submitting the ITR, the Income Tax Department sends the acknowledgment number to your registered mail id.
(3) After submitting all these details, the status of ITR processing will be known. If the return is not processed then Return Submitted and verified and processed then Return Processed and Refund Paid will be written.
(4) If you log on to the Income Tax website, then Filing of Income Tax Return and View Returns / Forms will be written below on the dashboard.
(5) If you click on the second option, a new page will open in which your PAN number will be uploaded above and assessment year (assessment year) and income tax return will have to be selected below.
(6) Then after submitting the return status will be shown. If the return is not processed, then the status will be written as Successfully Verified.
(7) If ITR Processed is written, then understand that your ITR has been processed.

Demand Notice (under section 156)

An income tax notice under section 156 is issued against the outstanding amount, interest, penalty etc. Such information is usually sent after the post assessment of income tax return. The notice, issued by the Assessing Officer, directs the amount to be due and asks the taxpayer to deposit the outstanding amount in time to avoid any penalty.

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