The Income Tax Department on Monday extended the last date for filing income tax returns (ITR) by one day to September 16 (today). The last date for filing ITR for individuals, Hindu Undivided Families (HUFs) and those who do not want to get their accounts audited was earlier extended from July 31 to September 15.

The Central Board of Direct Taxes (CBDT) said in a statement that the last date for filing ITR for the year 2025-26 is being extended from September 15, 2025 to September 16, 2025.

ITR deadline extended

In a statement issued, the CBDT said that to make changes in the utilities, the e-filing portal will be in maintenance mode from 12 am on September 16 to 2.30 pm. 11.48 pm on September 15. The ITR deadline was extended after chartered accountants and common people complained about glitches on the e-filing portal on social media.

KIND ATTENTION TAXPAYERS!

The due date for filing of Income Tax Returns (ITRs) for AY 2025-26, originally due on 31st July 2025, was extended to 15th September 2025.

Complaints about technical glitches in filing returns

The Income Tax Department on Monday said that more than seven crore income tax returns have been filed so far. This has been said amid complaints of glitches on the portal by internet users and demand for extension of the deadline. Following the demand for extension of the deadline, the department has extended the deadline for filing income tax returns (ITR) for the financial year 2024-25 (assessment year 2025-26).

More than seven crore ITRs have been filed till now

The department wrote on the social media platform X, more than seven crore ITRs have been filed so far and the counting is still going on. The department urged all those who have not yet filed ITR for the assessment year 2025-26 to file their returns. Last year, 7.28 crore ITRs were filed till July 31.

In the past few days, many chartered accountants and others have claimed on social media that there are glitches while making tax payments and downloading AIS (Annual Information Statement) on the income tax portal. Internet users also complained on Monday that they were unable to log in to the e-filing portal.

Last date for filing ITR

The Income Tax Department had termed a statement circulated on social media on late night of 14 September as fake, which said that the last date for filing ITR has been extended to 30 September 2025. The department requested taxpayers to rely only on the handle of IncomeTax India for any information. The department had said that the last date for filing ITR is September 15 only. However, now it has been extended by one more day.

Continuously working helpdesk

On a complaint about problems in uploading ITR and paying tax, the Income Tax Department had said on Monday morning that the e-filing portal is working fine. Please clear your browser cache or try accessing the portal from another browser. The Income Tax Department said that its helpdesk is working continuously to help taxpayers in filing ITR, paying tax and other related services and taxpayers are being helped through phone, live chat, Webex sessions and X.

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It’s time again to file Income Tax Returns (ITR). Although filing returns online has become easier than before, the process can still be a bit tricky for first-time filers. If you make a mistake while filing returns and want to correct it, here’s what you should do.

Last date for filing return

The last date for filing income tax returns without paying penalty this year is September 15, 2025. Even after this, you can file a delayed return till December 31, 2025, but for this you will have to pay a penalty ranging from Rs 1,000 to Rs 10,000. This amount will depend on the period of delay and your taxable amount.

Things to remember before filing return

Before filing the return, make sure that your PAN and Aadhaar are linked. Verify the bank account where you want to receive your refund amount. Do not forget to choose the correct ITR form. File your return within the stipulated time limit and do e-verification. If you have received any notice from the Income Tax Department, then do reply to it by the due date.

How to rectify mistakes in returns

According to the Income Tax Department, people who have made a mistake in their returns can correct it by filing a ‘revised return’. Note that, once filed, the revised return replaces the original return. This facility is provided under Section 139(5) of the Income Tax Act, 1961.

Through this, you can rectify the following mistakes like accidental under-reporting of income, error in personal information, omission of exemptions, change in ITR form, incorrect tax calculation, change in tax liability, or if tax authorities have sent a notice for rectification.

Last date for filing revised returns

For this financial year, you can file a revised return till December 31, 2025, provided the original return is filed on time. There is no limit on filing revised returns and there will be no penalty for using this service.

You can also correct belated returns. Even after you have received your refund, you can file a revised return if it is before the deadline (31 December).

Steps to File Revised Return

• First of all login to the official website of Income Tax Department.
• Then select the relevant financial year and download the ITR form you require.
• Fill in the form with correct information and enter the acknowledgement number and date of the original return.
• After this, validate the form and generate an XML document.
• After checking this document, go to the e-filing section, select ‘Upload Return’ and upload the corrected form.
• Finally, submit the revised return and e-verify it using Aadhaar OTP, net banking or through post.

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The Income Tax Department had extended the last date for filing ITR for the financial year 2024-25 from July 31 to September 15, 2025. This is definitely a relief, but it does not mean that you become careless. If you do not file your return on time, you may have to face action like penalty, interest, loss of tax benefits and even jail.

Negligence will be costly

The Income Tax Department (CBDT) had extended the last date for filing ITR for the financial year 2024-25 (assessment year 2025-26) from July 31 to September 15, 2025. This extension was made due to structural changes in the ITR form, such as changes in Capital Gains Tax, new tax slab system etc. But this relief is limited only to the date. If you do not file the return even by September 15, then you may get into many troubles.

Late filing fees also

If you do not file your return by the due date, you will have to pay late filing fees under Section 234F of the Income Tax Act. If your total taxable income is more than 5 lakhs, you may face a penalty of up to 5,000. For those with income less than 5 lakhs, this penalty is limited to 1,000.

1% interest will have to be paid every month

Late filing of returns will attract interest of 1% per month under section 234A. This interest will be charged for every month or part thereof after September 15, 2025, until the return is filed or the ‘best judgment assessment’ is done by the revenue department. This interest can put an additional burden on the tax liability.

Will not be able to avail tax exemption

If you file your return after the due date, you will not be able to avail some important tax exemptions. Apart from this, you cannot carry forward the business losses incurred in a financial year to the next year.

Heavy penalty for giving wrong information

If your income is taxable but you deliberately did not file the return, then the Income Tax Department can impose a penalty of up to 50% of the tax amount on you under section 270A. This case is made when the intention to hide tax or give wrong information is proved.

There is also provision for jail in serious cases

If the remaining amount of tax is more than 25 lakhs and you deliberately did not file ITR, then the Income Tax Department can prosecute you under section 276CC. Under this, you can be punished with a minimum sentence of 6 months to 7 years and a fine.

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What is the last date to file ITR?

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

This is the last date for companies

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

This is the last date for ITR with international transactions

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

Last date for filing belated ITR

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

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

The last date for filing income tax returns (ITR filing deadline) for taxpayers whose accounts are not to be audited is September 15, 2025. This time the last date for filing ITR has been extended. Last year, July 31 was the last date for filing returns. Income taxpayers have now started filing returns.

According to the website of the Income Tax Department, 75,18,450 returns were filed till July 1. Out of these, the department has also verified 71,11,836 returns. The Income Tax Department issues refunds in the taxpayers’ accounts only after filing the income tax return. Do you know how many days after filing the return you will get the ITR refund? If you don’t know, then no problem, today we will give you this information.

Finance Minister Nirmala Sitharaman had said a few days ago that due to automation and process improvements in the Income Tax Department, income tax refunds are now being issued within an average of 10 days. But experts say that this is an average time. That is, the time taken to get the refund may vary in each case. It is possible that a person may get the refund just eight days after filing the income tax return and someone else may take 15 days.

Verification of ITR is essential

The Income Tax Department will not issue you a refund just by filing your Income Tax Return. For this, you will have to verify the ITR. The Income Tax Department processes the ITR only after the taxpayer verifies it. Taxpayers can verify their ITR online. Once the taxpayer’s return is verified, it now takes an average of ten days to process it. If the verification is done offline, it may take more time to process and you will get the refund with delay.

5 main reasons for delay in refund

The Income Tax Department carefully verifies every return. If the claim information is entered in Form-16, then it takes less time to process it. If the information in Form-16 is not updated, then the processing time increases. Apart from this, there are some other reasons due to which the refund is getting delayed. Let’s know about them.

Not doing e-verification: Just filing ITR is not enough. Unless you do online e-verification, the return is not processed and the refund is not issued.

PAN and Aadhaar not linked: If your PAN number is not linked with Aadhaar, then the Income Tax Department can stop your ITR.

Error in TDS details: If the TDS information filled in your ITR does not match with Form 26AS or Annual Information Statement (AIS), the matter may be taken up for investigation.

Incorrect bank details: If you have entered the wrong bank account number or IFSC code, the refund will not be credited to your account.

Failure to respond to departmental emails or notices: If the department contacts you for any information and you do not respond, the refund may be withheld.

If you want a quick refund, do this.

It is important to link PAN and Aadhaar, provide correct bank details and provide correct TDS information to avoid delays in refund. Apart from this, do e-verification immediately after filing ITR. You can do this through Aadhaar OTP, net banking or other digital options. By keeping all these things in mind, you can get your income tax refund on time.

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The post ITR Refund: 5, 10 or 20… How many days after filing ITR will the refund be received? first appeared on Rightsofemployees.com.

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.

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Time extended due to changes

CBDT said that changes have been made in the ITR forms for Assessment Year 2025-26 (AY 2025-26). The purpose of these changes is to simplify the process of filing tax. Due to these changes, it is taking more time to prepare the new ITR utility, integrate it into the system and test it. For this reason, the timeline for filing returns has been extended.

Why shouldn’t salaried taxpayers file ITR before June 15?

Although some forms like ITR-U have been released recently on 15 May and the utility has started working. But salaried taxpayers have been advised not to file ITR before 15 June. This is because of Form 16, which is issued by the employer by 15 June every year.

What does Form 16 contain?

Full salary details

Information about Tax Deducted (TDS)

Exemptions like section 80C, 80D

Total taxable income

Even if you have not received Form 16, you can still file ITR, but it is important to get it for correct information.

Form 26AS is also an important document

If you do not have Form 16, you can also file ITR with the help of Form 26AS.

This information is in Form 26AS

Information about TDS, TCS

advance tax details

Information about any high-value transactions

How to download Form 26AS?

Visit the Income Tax e-filing website

Click on the My Account tab

Select View Form 26AS

Select the assessment year and click on View

Select the option to download

The Income Tax Department has given relief to taxpayers by extending the deadline for filing ITR. Now you have time till 15 September 2025. Salaried people can fill ITR correctly by taking Form 16 after June 15. It is also important to check Form 26AS before filing ITR.

The post CBDT has extended the last date for filing ITR for the FY 2024-25 from July 31 to September 15, 2025 first appeared on Rightsofemployees.com.

Because taxpayers can choose any one of the two different regimes while filing their Income Tax Return (ITR Filing 2025). Both regimes have different exemptions and benefits. If you do not choose any regime yourself while filling the form, then your return will be filed under the New Tax Regime. Actually, from the financial year 2023-24, the New Tax Regime has been made the default tax regime.

Old Tax Regime vs New Tax Regime

There is no single answer when it comes to choosing the right tax regime for each individual, the choice of regime depends on many factors such as your income, investments and how many deductions you are eligible for. Opting for the new tax regime will give a tax exemption to salaried individuals on income up to Rs 7 lakh for the recently ended financial year. The standard deduction has been increased to Rs 75,000 under the new tax regime from FY 25.

On the other hand, the old tax regime allows taxpayers to claim several deductions and exemptions such as Section 80C, Section 80D, Housing Rent Allowance, etc. However, the limit of standard deduction under this has not been increased, it is still Rs 50,000.

How many times can I change tax regime while filing ITR?

According to the information given on the website of the Income Tax Department, a person with non-business income can switch between the old tax regime and the new tax regime every year. The old tax regime can be chosen before the due date of filing the return under section 139(1) of the Income Tax Act.

Can everyone switch tax regimes?

For individuals with business or professional income, the facility to switch between tax regimes is limited. These taxpayers cannot switch regimes every year. According to the Income Tax website, an individual, HUF, AOP (not cooperative societies), BOI or artificial juridical person with business or professional income will not be eligible to choose between two tax regimes every year.

Once they exit the New Tax Regime, they have only one chance to switch to the New Tax Regime. Remember that once they switch back to the New Tax Regime, they will never be able to opt for the Old Tax Regime in the future.

Is there a deadline to switch?

The option to choose the tax regime is available only if the ITR is filed by the due date. Taxpayers who file belated returns will be able to file returns only under the new tax regime. In such cases, the income tax portal does not allow switching to the old tax regime.

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Filing ITR is the legal responsibility of every citizen, but it has many other benefits, so it is important to fill it carefully. Do not forget to check Form 26AS and Annual Information Statement (AIS) before filing ITR, otherwise your refund may get stuck.

Form 26AS

Form 26AS is your annual tax statement, which contains complete details of the tax paid by you. It is linked to your PAN number, so you can get it by visiting the Income Tax Department website.

Form 26AS also contains information about TDS deduction, advance tax deposited by you, self-assessment tax, TCS and refund issued by the Income Tax Department. It also mentions the name of the person/institution deducting the tax, the amount of tax, etc.

Apart from this, details of heavy transactions can also be seen in the form such as payment of life insurance premium of more than 50 thousand, payment of health insurance premium of more than 20 thousand, payment of educational fees or donation of more than 1,00,000, payment of property tax of more than 20,000 etc.

While filing the return, the TDS amount mentioned by you should match with the TDS mentioned in 26AS. Even a slight difference in this can bring you under the scanner of the Income Tax Department. If your return matches with the details shown in 26AS, then the Income Tax Department processes it quickly and it becomes easy for you to get the refund quickly.

Annual Information Statement

Many times while filing Income Tax Return (ITR), we do not remember the previous details. To solve this problem, AIS was introduced in November 2021. You can download it from the official website of Income Tax www.incometax.gov.in . It contains all the information of taxpayers, which the Income Tax Department already has. These are in two parts-

Part A: It contains the general information of the taxpayer such as PAN, Aadhaar number, mobile number, email ID, address, name and date of birth. If there is a company instead of an individual, then the date of establishment of the company is mentioned instead of birth.

Part B: It contains technical information related to your tax.

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Like every year, this year too, information has been given about the last date for filing income tax return i.e. ITR. In the year 2025, income tax returns will be filed till 31st July. If you also file income tax return. Then you need to take some precautions while filling ITR. Because if you make even a small mistake.

So your form can be rejected. Not only this, you may also have to pay a penalty due to this. At the same time, you can be given a notice by the Income Tax Department. Let us tell you what things you need to keep in mind while filing Income Tax Return i.e. ITR.

do not wait for the deadline

This year the last date for filing ITR is 31st July. Many people start filing income tax returns only when the deadline is near. And in this process they make mistakes. After this they have to file the return again. Sometimes due to this a penalty is also imposed. Therefore, file income tax returns carefully and with ease in time. Do not wait for the deadline at all.

Avoid choosing the wrong form

Let us tell you that the biggest mistake people usually make while filing income tax returns is selecting the wrong ITR form. The Income Tax Department issues 7 different categories of forms for different tax payers. If you do not fill the correct form according to your category, then your return will be considered invalid and you will have to file ITR again.

don’t forget to verify

After filing the income tax return, you have to verify it. But many people forget to verify it. But those who file returns without verification, their returns become invalid. That means it is very important to verify the return after filing it. You can verify your income tax return through OTP or through net banking.

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Last date for filing ITR

For most taxpayers who are not audited, the last date to file ITR is 31 July 2025. Although the tax department has extended the timeline in some cases, it is very rare. Therefore, the advice is to file ITR before the stipulated time to avoid any delay.

What will happen if ITR is not filed on time?

If you are unable to file ITR by the due date, you will have to pay interest and penalty for late filing.

Interest will have to be paid on the outstanding tax at the rate of 1% monthly or part of the month.

If your total income is less than Rs 5 lakh, the penalty for late filing is Rs 1,000.

If your total income is more than ₹5 lakh, and you file ITR before December 31, 2025, the penalty will be ₹5,000.

Note that if you do not file ITR on time, losses from business or capital gains cannot be carried forward to subsequent years.

Deadline for audited taxpayers

For taxpayers or professionals whose accounts are audited, the last date to file ITR is October 31, 2025.

Which ITR form to choose?

There are different ITR forms for each type of taxpayer – salaried individuals, businesses, trusts, NGOs, etc. Choosing the right ITR form is important, else filing the wrong form may result in the return being rejected or a penalty being imposed.

What is Form 16 and when will it be available?

Salaried people get Form 16 from their employers when the TDS information is entered in Form 26AS. Usually, employers issue Form 16 by June 15. However, even if you do not have Form 16, you can still file ITR with the help of Form 26AS and other documents. Filing ITR on time is not only easy, but it also saves you from penalty and interest.

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These forms are for those people and organizations whose annual income is up to Rs 50 lakh. It is important for taxpayers to understand some important sections of the Income Tax Act, 1961 while filing returns.

These sections can help you in correct tax calculation, availing deductions and choosing the right tax regime. Let us tell you about it…

Filing under section 139(1)

Let us tell you that under section 139(1), it is mandatory for those people and organizations whose income is above a certain limit to file their ITR within the prescribed time limit. Under this section, information has been given about the provisions for both mandatory and voluntary return filing.

Tax Saving under Section 80C

If you opt for the old tax regime, then section 80C gives you the opportunity to save your tax by investing in several tax saving schemes. For example, you can avail a deduction of up to Rs 1.5 lakh by investing in Public Provident Fund (PPF), Employee Provident Fund (EPF), Equity Linked Savings Scheme (ELSS), tax saving FD and life insurance.

However, note that under the new tax regime, the benefit of section 80C is not available. But taxpayers opting for the new regime can avail a deduction of up to 10% on employer’s contribution to the National Pension Scheme (NPS) under section 80CCD(2).

Apart from this, there is a provision of tax deduction on contribution made to Agniveer Corpus Fund under Section 80CCH and under Section 80JJAA, eligible business entities can claim deduction on appointing new employees.

Section 24B

Taxpayers who are paying interest on home loan or home improvement loan can claim tax deduction under section 24B. The special thing is that this benefit is available under both the old and new tax regimes. In both regimes, you can avail a maximum tax exemption of up to Rs 2 lakh on home loan interest.

Section 10(13A)

Under this section, people living in rented houses can claim exemption on House Rent Allowance (HRA) if their rent is more than Rs 1 lakh per annum.

Section 80D

There is a provision for deduction on the premium of health insurance policies under section 80D. For those below 60 years of age, this limit is Rs 25,000, however, for senior citizens, this limit has been increased to Rs 50,000. Taxpayers can claim a maximum deduction of up to Rs 1 lakh by combining the premiums of their spouse, children and parents.

Section 234F

If you file ITR after the due date, there is a provision of penalty under section 234F. On filing the return late, a penalty of Rs 1,000 is applicable on those with income less than Rs 5 lakh and for those with income more than Rs 5 lakh, the penalty amount increases to Rs 5,000. Not only this, if you file ITR late, you may also have to pay interest charges under section 234A and 234B.

So if you are going to file ITR, keep in mind the above mentioned important sections. These sections will not only help you save maximum tax but will also make tax planning easier for you.

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The Income Tax Department has notified ITR-1, ITR-3, ITR-4 and ITR-5 forms for Assessment Year 2025-26 (FY 2024-25). In such a situation, the Income Tax Return (ITR) filing process is expected to start soon. The most important thing for taxpayers is to choose the correct ITR form, because filling the wrong form may result in rejection of the return or even a penalty may be imposed.

What is ITR form?

Income Tax Return (ITR) form is the medium through which taxpayers give information about their annual income, deductions and tax payment to the Income Tax Department. There is a different ITR form for every type of income. Let us know which ITR form is for what:

The post ITR forms 1, 2, 3, 4 and 5 notified: Check which tax form applies to you first appeared on Rightsofemployees.com.

New Delhi. The process of filing income tax returns for the financial year 2024-25 is now going to start. The Income Tax Department has also notified ITR-1 and ITR-4 forms for the assessment year 2025-26. These forms are for individuals and entities whose annual income is up to ₹ 50 lakh. Taxpayers need to be aware of some important sections of the Income Tax Act, 1961 while filing returns. Understanding these helps in calculating tax, understanding deductions and choosing a tax regime.

Every taxpayer should know about Section 80C of the Income Tax Act. Taxpayers who opt for the old tax system can avail tax deduction of up to ₹1.5 lakh under Section 80C. This includes investments such as Public Provident Fund (PPF), Employees Provident Fund (EPF), Equity Linked Savings Scheme (ELSS), tax saving fixed deposits and life insurance premium. However, there is no deduction under Section 80C in the new tax system. However, under Section 80CCD(2), one can avail deduction of up to 10% on contributions made by the taxpayer’s employer to the National Pension Scheme (NPS).

Section 24B

If you have taken a loan for a house, then you can get tax exemption of up to Rs 2 lakh on its interest. This exemption is available under section 24B of the Income Tax Act. This exemption is available in both tax regimes. Therefore, it is important for you to know about this section.

Section 10(13A)

Income tax payers who live in a rented house and are paying rent of more than ₹ 1 lakh per annum can avail exemption on House Rent Allowance (HRA) under Section 10(13A). This exemption is especially beneficial for eligible persons.

Section 80D

Section 80D provides for a deduction on health insurance premium. For those below 60 years of age, the limit is ₹25,000, while senior citizens get a deduction of up to ₹50,000. A maximum deduction of up to ₹1 lakh can be claimed by combining the premiums of family and parents.

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The post ITR Filing: 80C, 80D, 24B…Before filing ITR, you must know about these sections first appeared on Rightsofemployees.com.

For this, the Central Board of Direct Taxes (CBDT) has notified Income Tax Return (ITR) Form 1 and 4 for the financial year 2024-25 (AY 2025-26). Taxpayers were waiting for these forms for a long time. These forms will be used to tell the government about the income made between 1 April 2024 to 31 March 2025.

Not everyone can use ITR-1 and ITR-4

According to the news published in ET, this time the government has made a big change in ITR-1. Long-term capital gain tax (LTCGT) has now been included in this form. Apart from this, not all tax payers can use ITR-1 and ITR-4 forms. There are different forms based on the source and type of income. There are eligibility conditions for each form, which taxpayers have to fulfill. You can use these forms only if your income and status match these conditions.

This change in ITR-1

There has been an important change in ITR-1 this year. Earlier there was no provision to give information about Capital Gain Tax (CGT) in ITR-1. But now long-term capital gains (LTCGT) from listed equity shares and equity-oriented mutual funds can be included in ITR-1. Earlier taxpayers earning income from capital gains had to use ITR-2 form. The change made this time is a matter of relief for taxpayers.

Who can file ITR-1?

ITR-1 form can be used by taxpayers who are normal residents and whose annual income is up to Rs 50 lakh. Their source of income is salary, house property and interest etc. Long-term capital gain up to Rs 1.25 lakh from the sale of listed equity and mutual funds under section 112A. Apart from this, directors of companies, investors in non-listed equity and those with TDS deduction under section 194N cannot use ITR-1 form.

Who can file ITR-4?

ITR Form-4 has also been notified by the CBDT for the financial year 2024-25 (AY 2025-26). This form is for such taxpayers who earn income from small business. Eligibility conditions for using ITR-4 have also been fixed. Not all taxpayers can use this form. This form cannot be used by directors in companies, investors in non-listed shares.

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The post ITR Forms 1 and 4: Big news…rules for filing ITR have changed first appeared on Rightsofemployees.com.

In this, deductions and exemptions are available in the old tax regime, while there are no deductions in the new regime but the tax rate is lower. There is always a discussion about which tax system is better for taxpayers, but there is also a discussion about whether the tax regime can be changed while filling the ITR form?

Can the tax regime change?

Whether you can change your income tax regime or not depends on the category of taxpayer you belong to. There are two categories of taxpayers – first salaried or pensioners and second business or professional. Salaried or pensioners can change their tax regime every year while filing ITR. You may have told your company any tax regime for TDS, but you can change it according to your convenience while filing the return.

For example, if you have chosen the new tax system with your company, but later you find the old tax system more beneficial after calculating all the deductions, then you can choose the old tax system while filing ITR. On the other hand, taxpayers with income from business or profession can change the tax system only once. If they have chosen the new tax system, then they can return to the old tax system only once in their life and then they will not be able to return to the new tax system until their business/professional income stops.

How to choose between new and old tax system?

While filing ITR, the tax software or utility will ask a question whether you want to opt for the new tax regime under section 115BAC. Select ‘Yes’ if you want to opt for the new tax regime, or select ‘No’ to stick with the old regime. If you opt for the new tax regime and have business income, you will have to file Form 10-IEA before filing ITR from assessment year 2024-25.

When will ITR filing start?

The process of filing ITR usually starts in April when the Central Board of Direct Taxes (CBDT) releases the updated forms. The form for the financial year 2024-25 (assessment year 2025–26) has not been notified yet but it is expected this month. Talking about last year, ITR forms were notified in February itself and e-filing started in April. However, for most salaried taxpayers, filing actually starts when Form-16 is received from the company by the end of May or June. Form-16 contains complete details of salary and TDS during the financial year. It is mandatory to issue this form by June 15 every year. In such a situation, ITR filing for salaried individuals usually starts from mid-June, when all the necessary documents reach them.

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The post Income Tax Regime Change: Can the tax system be changed while filing ITR? This is how it is decided first appeared on Rightsofemployees.com.

In such a situation, it is expected that relief can be given in the budget of 2025. The government can extend the last date for filing income tax returns. Tax payers have been demanding for a long time that enough time should be given to file Income Tax Returns (ITR) after the financial year. Currently the last date for filing income tax returns is 31 July. It starts from the first day of the next financial year.

What is the complete mathematics?

Currently, the return has to be filed by 31st July. For this, they have to get their Form 16 by 15th June. In this way, the taxpayer gets only 45 days. Now some people will say that 45 days are enough. No, it takes a lot of time to collect the necessary documents. This is the reason why taxpayers want an extension in its date. In such a situation, it will be interesting to see whether there will be any change in it or not.

In case of delay, a hefty fine has to be paid

If a taxpayer files his income tax return after 31st July, then he has to pay a fine. If you file your income tax return by 30th December, then you have to pay a fine of 1 thousand. If you file it after 30th December, then you have to pay a fine of up to 5 thousand.

What are the demands?

The last date for filing income tax returns should be extended from July 31 to August 31. This will give taxpayers enough time. Apart from this, extending the last date for filing late returns to March 31 will give taxpayers a chance to properly enter the information of foreign income and tax credits. This will help them avoid fines and interest.

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The post ITR Filing Deadline: Good news for taxpayers, deadline for filing ITR may be extended first appeared on Rightsofemployees.com.

It becomes difficult to correct the incorrect information entered in the AIS at the last minute. Therefore, income taxpayers should check their AIS every quarter. Quarterly check will inform you about any incorrect information in time and give you enough time to correct it before filing the ITR. You can check the AIS online on the official website of the Income Tax Department.

AIS records the details of all financial transactions made by the income tax payer during the financial year. It includes information like interest, dividends, share related transactions, mutual fund transactions and money received in the account from abroad. Apart from this, this statement also contains all the information required under the Income Tax Act, 1961.

More information than Form 26AS

AIS contains more information than Form 26AS. While Form 26AS contains information about property purchases, large investments and TDS/TCS transactions, additional information like savings account interest, dividends, rental income, purchase and sale of securities, money received from abroad and GST turnover is also recorded in AIS.

How to check AIS?

• Visit the official website of the Income Tax Department.
• Log in to your account.
• Click on the ‘Annual Information Statement’ option in the ‘Services’ tab on the e-Filing portal.
• Select the relevant fiscal year.
• The AIS will be displayed in front of you, which you can also download.

The post Income taxpayers should check this paper every quarter, there will be no problem while filing ITR first appeared on Rightsofemployees.com.

This is the reason why financial advisors say that people who are outside the scope of tax should also file ITR. Know here 10 big benefits of filing ITR.

ITR is income proof

Income Tax Return (ITR) is a solid proof of any person’s income. If you are earning from a job, business, or any other source, then filing ITR prepares the correct documentation of your income. This proof is useful in many places.

Prepare financial records for the future

ITR filing creates a strong financial record of yours. If in the future you want to invest in a big property or want to be involved in any big transaction, then the record of ITR will prove to be helpful for you.

Loan approval becomes easier

If you want to take a home loan, personal loan, or car loan, banks consider ITR as a reliable proof of your income. Even if you do not fall in the tax slab, filing ITR makes loan approval easier.

Claiming tax refund

If tax has already been deducted on your income and you do not fall in the tax slab, then by filing ITR you can claim refund of that extra tax. This is possible only by filing ITR.

ITR is necessary for visa

If you are applying for a visa to travel abroad, then ITR filing is an important document. It shows what your financial status is. For those who do not earn themselves, a copy of the ITR of their parents or guardian can be given. This helps you in visa approval.

Legal protection

By filing ITR, the record of your income remains safe with the tax department. This can help you avoid any kind of legal dispute or investigation in the future.

Useful for income validation

If you do freelance work, run a small business, or earn money from irregular income sources, ITR filing validates your income. ITR is useful for renting a house, making investments, and other financial activities.

Helpful in starting a business

If you are starting a business in which you want to get a contract from a government department, then it is very important for you to file ITR. ITR of the last 5 years is also necessary to get a contract from a government department.

Benefit of government schemes

Proof of income is sought at the time of application in many government schemes. Filing ITR makes it easier for you to avail the benefits of these schemes.

For a large sum insurance policy

When you buy any insurance policy of Rs 50 lakh or Rs 1 crore or more, you need to show the ITR receipt for it. In LIC, especially if you buy a term policy of Rs 50 lakh or more, you will be asked for ITR documents. This decides whether you are eligible to get insurance of such a large amount or not.

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The post Top 10 benefits of filing Income tax return (ITR) for non Taxpayers first appeared on Rightsofemployees.com.

There are now 21 days left for the last month of this year, December, to end. During this time, there are many financial tasks whose deadline is also about to end. These include filing delayed ITR to updating Aadhaar card.

Opportunity to update for free till 15 December

All those whose Aadhaar cards are 10 years old can get them updated for free till 14 December. In the update process, corrections can be made in the name, address, date of birth and photo. If the update is done after the due date, one will have to go to the Aadhaar card center where a fixed fee of Rs 50 will have to be paid. At the same time, Rs 100 will have to be paid for changing biometric information.

Update online like this

• – First of all go to the website (https://myaadhaar.uidai.gov.in/). Login with Aadhaar number.
• – Then select the option ‘proceed to update address’. You will be sent an OTP to the mobile number registered with Aadhaar.
• – After this choose the ‘Document Update’ option. After this you will see all the details. Verify them.
• – Now select the information you want to update. After this upload the scanned copy of the requested document.
• – Please note that date of birth can be updated only once.

PF account must be linked with Aadhaar by 15th

The deadline to activate the Universal Account Number (UAN) for new private sector employees joining EPFO ​​is also nearing. Employees will now have to link their UAN and bank account with Aadhaar by December 15 at any cost. Earlier its last date was November 30, but EPFO ​​​​extended it till December 15.

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The post 15th Dec Deadline: From updating Aadhaar to filing ITR, do these tasks before December 15 first appeared on Rightsofemployees.com.

According to the department, two lakh Income Tax Returns (ITRs) detailing foreign assets and income have been filed so far during the current assessment year.

The department has urged Indian residents to file the correct form for disclosing foreign assets and revise their returns if they have submitted the wrong form.

Such people should review ITR filing

CBDT Commissioner Shashi Bhushan Shukla said resident Indians should inform the Income Tax Department about the shares received from their employers and income earned through employee stock options by filling the foreign assets and foreign source income schedule.

The Income Tax Department and its administrative authority Central Board of Direct Taxes (CBDT) have recently launched a compliance-cum-awareness campaign for Assessment Year (AY) 2024-25 to enable taxpayers to correctly fill up the schedule ‘Foreign Assets’ (Schedule FA) in their Income Tax Returns (ITR) and disclose income from foreign sources (Schedule FSI).

Punishment can be given under anti-black money law

The department also organised an online interaction session on the topic ‘Disclosure of foreign assets and income by taxpayers’. During this, Shashi Bhushan Shukla, Commissioner (Investigation) in CBDT explained various provisions of the subject and the provisions of the Anti-Black Money Act of 2015.

He said those who have such assets or income but have filed ITR-1 or ITR-4 should file revised or belated returns by December 31 to avoid penalties and prosecution as prescribed under the anti-black money law.

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The post Income Tax alerted taxpayers! Said- Do this work before filing ITR first appeared on Rightsofemployees.com.

But there are some incomes which have been kept out of the scope of income tax. In such a situation, if you have not filed ITR till now, then know about 5 such types of income which are considered non-taxable in India.

1- Income from agriculture

Under Section 10 (1) of Income Tax, income from agriculture is completely tax-free. This includes the production, processing and distribution of wheat, rice, pulses and fruits. Apart from this, if any of your properties is being used for agricultural purposes, then the rent received from it is also tax-free. Not only this, income from the purchase and sale of agricultural land is also non-taxable.

2- Gifts received from relatives

If your close relatives give you gifts, then they are not taxed. Husband-wife, brother-sister, brother or sister of husband/wife, brother or sister of mother/father i.e. aunt, maternal uncle, paternal uncle, grandparents, grandparents of husband/wife, son or daughter and husband or wife of brother/sister are included in the list of close relatives. If they give you gifts, then it does not come under the purview of tax. Apart from this, gifts received on the occasion of marriage are tax-free, no matter what their amount is. If any friend or acquaintance of yours gives you a gift of up to 50 thousand rupees, then it is tax-free, but if he gives you a gift of more than this, then it comes under the purview of tax.

3- Income from gratuity

The gratuity received by a government employee after his death or retirement is completely tax free. On the other hand, according to the rules of the Gratuity Payment Act 1972, private sector employees do not have to pay tax on an amount up to a maximum of Rs 20 lakh on retirement.

4- Scholarship

Many institutions provide scholarships to students to complete their studies. These scholarships are tax free. The amount received on voluntary retirement up to Rs 5 lakh is tax free.

5- Some pensions are also tax free

The winners of gallantry awards like Mahavir Chakra, Param Vir Chakra, Vir Chakra do not have to pay any tax on the pension received. The pension received by the family members of the Indian Armed Forces is also tax free.

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The post Non Taxable Income: There is no tax on these 5 types of income, note this before filing ITR first appeared on Rightsofemployees.com.

Income Tax Refund: Refund has not come after filing Income Tax Return (ITR) . This time many taxpayers are facing this problem. If you are also among those who are waiting for refund after filing your ITR, then there is no need to worry. Delay in getting refund is a common problem, which troubles many taxpayers. It is important to know when the refund money should come and what can be done if there is a delay in the refund so that you can exercise your rights and get your refund money. Let’s know.

Due to this there may be a delay in getting the refund

CA Adarsh ​​Jha, MAG Auditor, GMR Group, said that if the taxpayer has not completed the verification process of his ITR through Electronic Verification Code (EVC) or by submitting signed ITR-V to the Central Processing Centre (CPC), the refund process may be delayed, and the taxpayer has to e-verify the return within 30 days from the date of filing the return.

Refund may also be stuck due to these reasons

Discrepancies in ITR, such as difference in income, error in bank account information, error in PAN details etc. can also cause delay in refund. Apart from this, non-matching of income with 26AS and AIS, incorrect bank account information, error in PAN details can also cause delay in refund. He said that nowadays the Income Tax Department uses advanced tools to verify the details in the Income Tax Return before issuing the refund.

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What to do now if there is a delay in refund?

Adarsh ​​Jha said that if the refund is delayed, the first thing you should do is check the status on the Income Tax e-filing portal. This will let you know the current stage of processing and any issues that need your attention. If the delay is too much and unexplained, you can lodge a complaint through the ‘e-Nivaran’ section on the e-filing portal or contact the CPC helpline for updates. If a refund fails due to mismatch of bank account, first update the bank details in the Income Tax portal and then request for re-issue of tax refund.

Request a refund to be issued this way

How to request for re-issue of income tax refund? Regarding this, CA Adarsh ​​Jha told that log in to the ITR e-filing portal and go to the ‘Services’ tab and click on the ‘Refund Reissue’ button. After this a new webpage will open, click on the ‘Create Refund Reissue Request’ option there. After this, select the ITR for which you want to re-issue the refund. After this, select the bank account in which you want to receive the refund. If your bank account is not verified, then first it has to be verified and then go ahead and choose Aadhaar OTP, EVC or DSC to verify.

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The post Income Tax Refund did not come after filing ITR, know step by step what to do now? first appeared on Rightsofemployees.com.

Only those taxpayers are eligible for refund, whose tax has been deducted more than the prescribed tax. This includes tax deducted at source (TDS), tax collected at source (TCS) along with advance tax paid by the taxpayer and self-assessment tax. This information was given by CA Santosh Mishra.

CA Ajay Bagadia told Live Hindustan about the reasons for the delay in income tax refund that there can be many reasons for the delay in refund, but if we talk about the main reasons, then it can be wrong details of the bank account, not verifying the bank account first, not providing correct information in ITR, scrutiny of ITR by the Income Tax Department or any previous tax due on a taxpayer.

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What is Restricted Refund: Bagadia explains that this error occurs when the name linked to your PAN does not match the name linked to your bank account. To solve this problem, make sure that both records are the same. You may need to update your name on your PAN or modify your name details with your bank.

What to do if the refund is delayed

CA Abhinandan Pandey, on the question of what steps should be taken by taxpayers in case of delay in refund, said that first of all check your e-mail. Income Tax Department has not sent any refund or any kind of notice. If the refund claim has been rejected in ITR status, then the taxpayer can request for re-issuance of refund. If the claim is pending, then you can contact the e-filing portal / assessment officer and request for its early settlement.

If there is still a delay, then take these two important steps

You can contact the Income Tax Department by calling their helpline at 1800-103-4455 or emailing them at ask@incometax.gov.in. They can assist you with the status of your refund.
2. You can go to the local income tax office to directly inquire about the status of the refund. Make sure to carry the necessary documents with you.

The post ITR Refund: If you are waiting for refund after filing ITR then read this news first appeared on Rightsofemployees.com.

However, there are some cases in which there will be no penalty for filing ITR even after the 31st date. If your income is completely tax exempt, then you will not have to pay any penalty for filing late ITR. There is also a condition in this that you should not have any other eligible source of income. Apart from this, taxpayers who are not required to file ITR under the law, they simply do so voluntarily. They will also not have to pay a penalty.

It is necessary for them to file ITR

. Let us tell you that it is mandatory for some taxpayers to file ITR, even if they do not have a source of income. People who have Rs 50 lakh in their savings account. Apart from this, those who get a turnover of Rs 60 lakh or more from the sale of their products. People who pay electricity bill of Rs 1 lakh or more in a financial year. Professionals whose income in a financial year is more than Rs 10 lakh. It is mandatory for these people to file ITR.

These people will also have to file ITR

Apart from the people mentioned above, it is mandatory for some other people to file ITR. People who have spent more than Rs 2 lakh on foreign travel. People whose TCS or TDS is above Rs 25000. People who have property abroad or those who get benefits from foreign property.

The post No penalty for filing ITR even in August, these people will get this exemption first appeared on Rightsofemployees.com.

But, still many people have not filed their ITR. This means that a large number of people will not be able to file ITR by July 31.

Let us know what will happen if you do not file ITR before the deadline. You will get time to file ITR and how much penalty will you have to pay.

Belated returns can be filed till 31 December

According to the rules of the Income Tax Department, taxpayers can file returns even after the deadline of July 31. For this, you have to file a belated return under section 139 (4) of the Income Tax Act 1961. This belated return can be filed 3 months before the end of the current assessment year i.e. till 31 December 2024.

A fine of up to 5 thousand rupees will be imposed

If you are unable to file ITR by July 31, you can file belated return by paying late fee. If your annual income is more than Rs 5 lakh, then the late fee will be Rs 5000. At the same time, for taxpayers with income less than Rs 5 lakh, the fine amount can be up to Rs 1000, not more than that.

Disadvantages of filing ITR late

• If you file a belated ITR, the loss will not be allowed to be carried forward to the next year. In normal circumstances, you can carry forward the loss for 8 years.
• If you file a belated ITR, you do not get any interest on the refund amount. On the other hand, taxpayers who file ITR on time are given interest at the rate of 0.5 percent per month on the refund amount.
• If any kind of tax liability arises while filing belated ITR, then interest i.e. penal interest will be charged as a penalty. It is charged at the rate of 1 percent per month.
• Refund will also be delayed if you file a belated return. There is a process to verify it and the longer you delay filing your ITR, the later you will get your refund.

The post ITR Filing: Fine of up to Rs 5,000 may be imposed for filing ITR after the deadline first appeared on Rightsofemployees.com.

Filing ITR is very important for every person, whether they are income tax payers or not. It tells you how much you have earned in the last financial year. Filing ITR on time is good for you in many ways. Firstly, if you file it on time, you will not be charged any penalty.

This is the reason why the Income Tax Department keeps reminding people to file ITR on time. This time, like last year, you can file ITR till 31 July 2024. But what is the penalty for delay? Penalty is imposed by the Income Tax Department for filing ITR. But this penalty varies according to your income.

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Individuals earning more than Rs 5 lakh in the financial year 2023-24 may have to pay a fine of up to Rs 5,000 for filing returns late.

For taxpayers having income of Rs 5 lakh or less in a financial year, the maximum penalty for late filing of ITR is limited to Rs 1,000.

People whose taxable income is less than the income tax exemption limit and they file ITR only to get a refund. Such people do not have to pay a penalty for filing the return late. Taxable income means the total income before deductions-

Filing income tax returns is mandatory for you. If you do not follow the rules, you may be fined and you may have to face legal consequences. Apart from this, filing ITR can help you avoid future complications. By filing returns on time, you may be eligible for specific tax benefits or refund.

The post ITR Filing: How much penalty will be charged for filing ITR after July 31? Here is the complete calculation first appeared on Rightsofemployees.com.

The government had also implemented a new regime to save tax. But, the problem in the new regime is that there is no tax exemption on any investment. As soon as your salary goes above 7.5 lakhs, tax starts getting deducted. We are telling you such a method, where your salary up to 10 lakhs will be completely tax free even in the new regime.

Let us tell you that in the new regime, tax exemption is still available for some things. If you have taken any allowance for travel, transport and office work, then tax exemption can be claimed on that too. We will tell you about one such allowance, by adopting which tax can be saved. Private companies give such allowances to their employees and tax can be easily claimed on it.

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How to get tax exemption:

In the income tax law, the allowance received for office expenses is kept out of the scope of tax. This includes fuel and mobile, broadband allowances. After the work from home ends, companies may not give broadband allowance, but they give fuel allowance for commuting to and from the office. If you have a car or bike, then this type of allowance can be claimed.

What you have to do:

In most private and MNC companies, a part of the salary of the employees is also for fuel reimbursement. You can talk to your HR about this. If your company also has such a policy, then your HR will revise the salary and can put a big part of it in fuel allowance. You will get tax exemption on this entire amount and if any TDS is being deducted by the company, then that deduction will stop.

How much discount can be given

? Every company has its own rules and limits. But, on an average, employees who travel by car get up to Rs 20,000 as fuel expenses. This amount becomes Rs 2.40 lakh in a year. Now if your cash in hand salary is around Rs 10 lakh, then after deducting this amount from it, your salary comes down to Rs 7.5 lakh. As soon as this happens, you become out of the scope of income tax under the new tax regime.

The post Private job holders! No tax on salary up to 10 lakh, money can be saved without investing first appeared on Rightsofemployees.com.

The last date for filing Income Tax Return (ITR) is about to come. In such a situation, all taxpayers should file ITR within time to avoid late filing and penalty. If you are a salaried taxpayer, then you must check the information given in Form-16 before filing the return ( ITR Filing ).

Let us tell you that Form-16 is a very important document for salaried taxpayers. ITR cannot be filed without it. Today we will tell you what taxpayers should check in Form-16, before that let us know what information is included in Form-16.

This information is in Form-16

• Taxpayers Gross Income
• Net income details
• Information about TDS

Please check this information

Taxpayers should check the TDS data given in Form-16. Many types of taxes are deducted by the company from the employer’s salary. Form-16 contains information about how much tax or TDS the company has deducted from the employee’s salary in the whole year.

The TDS data in Form-16 should be cross checked with Form 26AS and Annual Information Statement (AIS). The details in both these forms should match. If there is a mismatch, the salaried person should not file the return.

Form-16 has incorrect information

If the taxpayer feels that any details in Form-16 are incorrect, then he should not file the return. Actually, if you file ITR with wrong information, then there is a risk of the return being defective. Apart from this, if there is any wrong information, then a notice can also be sent by the Income Tax Department.

On the other hand, if the taxpayer has changed his job, then he must take Form-16 from his company. After this, you should check the data of Form-16 given by the old company and the new company.

The post ITR 2023-24: Don’t forget to check these things in Form-16 before filing ITR. read full details first appeared on Rightsofemployees.com.

ITR Filing: It is necessary to file income tax returns for the financial year 2023-24 and assessment year 2024-25 by July 31, 2024. After this, you will have to pay a penalty for filing the return.

But there are some people who will not have to pay any tax if they file ITR after the deadline. We are giving you information about this.

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If a person does not have any tax liability, then you will not have to pay any penalty for filing the return even after the deadline. According to the old tax regime, you will not have to pay any penalty for an annual income of Rs 2.50 lakh. Whereas for a person above 60 years of age, the limit is Rs 3 lakh.

Whereas for senior citizens above 80 years of age, the exemption limit is Rs 5 lakh. According to the new tax regime, the benefit of tax exemption is available on income of Rs 3 lakh.

The post ITR Filing: These people will not be charged penalty for filing ITR even after July 31, know why? first appeared on Rightsofemployees.com.

But do you know that you may have to pay tax on such gifts (Gift Tax in India)? Yes, the government has made some changes in the rules of gift tax, which is going to directly affect your pocket.

This will affect those people more who often give or receive expensive gifts. If you are going to give or receive a gift, then you should know about the Income Tax Rules. So let’s know…

Provide information about income from gifts while filing ITR

Under the gift tax rules, you will have to pay tax on certain gifts. In India, gifts are considered income from other sources and can be taxed under the Income Tax Act, 1961. However, taxpayers have to disclose all these gifts while filing returns (ITR).

Gifts up to Rs 50,000 are tax-free

According to the rules, gifts up to Rs 50,000 are tax-free. This means that if you receive a gift of more than Rs 50,000 from any one person in a year, then you will have to pay tax on the amount that exceeds Rs 50,000.

Which gifts will be taxed?

• If you receive a gift of more than Rs 50,000 from any one person in a year, you will have to pay tax on the amount that exceeds Rs 50,000.
• If you receive a gift from a distant relative or friend, it will be considered taxable.
• If you receive any gift for advertising or promotion, its value will be included in your income and will be taxed.

Which gifts will not be taxed?

• There is no tax on gifts received from family relations such as spouse, parents, siblings, grandparents and children, irrespective of their value.
• Gifts received on special occasions like marriage or religious ceremonies are eligible for a discount of up to Rs 3 lakh.
• Gifts honoured by the President, Vice President, Governor or the Government are also tax-free.

The post Gift Tax in India: Do you have to pay tax on gifts received on birthday or marriage? Know these important rules first appeared on Rightsofemployees.com.

If you have not filed your income tax return yet, then this news is useful for you. Actually, the process of filing income tax return has started. At the same time, the last date for filing ITR is 31st July. In such a situation, it is necessary for all taxpayers falling under the tax slab to file ITR on time.

If you are filing ITR for the first time, then it is very important for you to understand that just by filing income tax return, you do not get the refund on time, but you also have to complete its last process. If you want a quick refund, then you should do some work during ITR filing so that you can get the return quickly.

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This work is very important

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.

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Every income tax payer should take utmost care while filing his income tax return (ITR Filing). Before filing ITR, it is not only necessary to collect all the necessary documents, but it is also necessary to check them thoroughly. Because wrong information recorded in any document can get your ITR cancelled or delay the refund.

Form 26AS is also one of those important documents, which is necessary to check before filing Income Tax Return (ITR). Form 26AS should be matched with Form 16/16A before filing the return. Make sure whether the money deducted as TDS is included in Form 26AS or not.

Also Read: Income Tax Return filing: Salaried individuals need to be aware of these 5 key points

Form 26AS gives information whether the TDS deducted by the company has been deposited to the government or not. It contains 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. On the other hand, Form 16 contains complete information about the tax deducted from salary. Form 16A contains information about TDS deducted on income other than salary.

Therefore, matching is necessary.

Many times it happens that the information given in Form 16 does not match with the information given in Form 26AS. This happens due to the wrong information recorded in Form 26AS. In such a situation, if you file ITR with wrong information without matching both, then while it can cause financial loss to you, there is also a risk of your ITR being cancelled. If the information is wrong, then it is very important to correct it.

If your company or bank has made a mistake in depositing the tax with the government with your PAN number then you have to approach 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 show the correct information.

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If you are a salaried person and do not do any side business, then you have to fill ITR-1 form. What are the other conditions for filing ITR for a salaried person and what 5 things should they keep in mind the most. We are giving you information about this.

If the annual income of a salaried person is less than Rs 50 lakh. Also, if there is income from sources like property, family pension, farming (up to 5 thousand maximum) and FD, then they should fill the ITR-1 form. It is important to note that income from business and profession will not be filled in the ITR-1 form. Apart from this, if you have capital gain or income from more than one property or have earned money from things like lottery or horse racing, then also you should not fill the ITR-1 form. Apart from this, you should keep some other things in mind, the details of which we are giving you.

Also Read: Fixed deposits: Top 6 banks offer highest interest rates on their 5-year FDs

Where do you work?

Before filing income tax return, it is important to note in which sector you work. For example, if someone works in the central government, then his salary details are different. Similarly, if you are a state government employee or work in the private sector, then the salary break-up is different and the tax exemption you get also depends on this.

First gather the necessary documents.

You will get Form-16 from your employer to file ITR. Apart from this, download the Annual Information Statement (AIS). Keep the rent slip ready to claim HRA and also keep the receipt of other investments with you. You do not have to upload these documents but keep them ready for the need.

Make sure to match the tax.

Tax of salaried people is usually deducted from their salary in the form of TDS or TCS, however, you must match this tax with other documents. For this, you can assess the actual tax with the help of documents like AIS and 26AS. If there is any mistake, you can also correct it with the help of these documents.

You can file the previous return.

The income tax department also gives the salaried people the opportunity to file the returns of the last 2 years. If you forgot to file any return in the last 2 years or there is some mistake in it, then you can file the updated ITR (ITR-U) along with filing the missed return.

Do this for refund

After filing ITR, you have to keep some things in mind to get your refund quickly and easily. First of all, check whether your Aadhaar and PAN are linked or not. Apart from this, it is also necessary to verify the bank account. It is most important that you choose the right ITR form. Even if it is wrong, then fill the revised ITR in time.

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To save time and avoid hassles, taxpayers should keep all the necessary documents in one place before filing ITR. This will make the process of filing returns very easy and there will be no hassle while filing ITR.

One thing that the taxpayer should take special care of is that he should fill all the information correctly in the ITR. If any mistake is made, the ITR is rejected by the Income Tax Department. Let us tell you which documents you should keep ready while filing income tax return.

Form 16

Form 16 is very important while filing returns. Although Form 16 is issued by the company. But, if the taxpayer has changed jobs in the financial year, then he should get Form 16 from the old company before filing the return. Form 16 contains all the information about the taxpayer’s income along with the details of Tax Deduction at Source (TDS).

Also Read: IRDA issued a new circular, Cashless claims must be cleared in 3 hours

Before filing the return, the taxpayer must check whether all the information in Form-16 is correct or not.

Interest Certificate

We get interest on the amount deposited in the bank. If we have invested in FD or any other scheme, then we have to give information about the returns received on that to the Income Tax Department.

The best way to get all the details like interest and returns is through Interest Certificate. The Interest Certificate contains the details of the bank’s interest along with other interest rates.

If interest of up to Rs 10,000 is received annually on the saving account, then there is no tax on it.

Income Source

Many taxpayers earn income from many other sources along with their jobs. For income, they invest in many places like Mutual Funds or share market etc. Information about these investments also has to be given to the Income Tax Department.

While filing ITR, the taxpayer has to tell where he has invested and how much profit he has earned from there. If the taxpayer has received capital gain through investment, then its details also have to be given in ITR.

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The deadline to file ITR is July 31. If you have to fill ITR then you should start preparing for it. Let us know the complete method of filing ITR. It is very important for all salaried employees to file Income Tax Return (ITR). If there is any mistake or irregularity in it, you may be fined and legal action is also taken against you. The deadline to file ITR is July 31, which is very near.

In such a situation, if you are a salaried employee, then you should collect all the necessary documents, forms and other information to file ITR. With this you will be able to file ITR without any hassle.

Also Read: SEBI changed the rules of M-Cap, will be implemented from 31 December 2024

Start ITR from here

You should ensure that your Aadhaar is linked to your PAN card before filing ITR. You should also check the bank account in which you want the refund. If it is not validated, your refund may get stuck.

It is important to choose the right ITR form

It is important to choose the correct ITR form before filing the return. If you select the wrong form, the return will also be considered incorrect. Then you have to file revised ITR using the correct form. You can avoid this hassle by choosing the right form. If you are a salaried taxpayer then you have to file ITR-1.

What is ITR-1 form?

If your income is less than Rs 50 lakh during a financial year, you will have to fill ITR-1 form. This income should come from sources like salary, family pension and agricultural income (up to Rs 5,000).

Who cannot file ITR-1?

If you are not an Indian citizen, you cannot file ITR-1. Apart from this, there are some other conditions which may prevent you from filing ITR-1.

• Your total annual income should be more than Rs 50 lakh.
• You may also earn money from lottery, horse racing, legal betting.
• Capital gains come under the purview of capital gains tax.
• You have invested in unlisted equity shares.

These documents are necessary

You should download the Annual Information Details (AIS). In this, you will get all your previous tax details. Form 16 and other important documents should be kept with you. Although investment or TDS proof is not required to be submitted with the return. But, you should keep these documents with you so that you can show them to the authorities in case of assessment or inquiry.

Keep these things in mind

Download AIS and Form 26AS. If any error or mismatch is found in it, correct it immediately. One should avoid filling ITR form in haste. Whenever you fill the form, cross check it. With this, you will be able to correct any errors in time and your refund will not get stuck.

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Tax forms vary depending on the type of tax prescribed for different taxpayers. It is usually decided on the basis of the source of income and profession of the taxpayer. The most common of these forms is ITR-1, also known as “Sahaj Form”. It is for those individuals who fall under a certain income limit. This category includes those persons whose total annual income does not exceed Rs 50 lakh.

Also Read: Banks will open only for 3 days this week, check holiday list

When should ITR-1 form be filled?

You should file ITR-1 only if your total income includes income from the following sources:

– Income from salary/pension

– Income from a house (except in case of losses from previous years)

– Income from other sources (except lottery winnings and income from horse racing)

– If you are filing clubbed income tax return, which includes your spouse or minor child, then this can be done only if their income is also within the limits mentioned above.

Changes in ITR-1 form

Tax Regime: Those filing ITR-1 form will now have to choose their preferred tax regime. Following the amendments made to Section 115BAC through the Finance Act 2023, the new tax regime has now been prescribed as the default tax regime. This automated application is applicable to individuals, Hindu Undivided Families (HUFs), Associations of Individuals (AOPs) and Bodies of Individuals (BOIs).

If you want to use the old tax regime, you will have to explicitly opt out of section 115BAC(6). Also, individuals earning income from non-business or profession must specify their preferred tax regime while filing their ITR under section 139(1) for the relevant assessment year.

Also Read: Vehicle owner Update: Get high security number plate installed in the vehicle by this date otherwise heavy fine will be imposed

Section 80CCH: A new section, Section 80CCH, has been inserted through the Finance Act 2023. This section allows individuals who enroll in the Agnipath scheme and deposit the amount in the Agniveer Fund on or after November 1, 2022, to avail tax deductions. To accommodate this change, ITR Form 1 has been updated to allow the taxpayer to provide description about the amount eligible for deduction under section 80CCH.

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For those with a single account, a maximum of Rs 9 lakh can be invested and for a joint account, a maximum of Rs 15 lakh can be invested. If you want a fixed fixed income every month, then you can invest in this scheme, but along with this you should also know the tax rules (Post Office Monthly Income Scheme Tax Rule). Let us understand it in detail.

What is Post Office Monthly Income Scheme (POMIS)?

This is a type of term deposit account, on which you get interest every month. You can invest a fixed amount in it and then get fixed income every month with interest. Investment period is 5 years. Currently you get interest at the rate of 7.40%, this is added to your deposit every month. In this scheme, minimum deposit can be made in multiples of Rs 1,000 and maximum Rs 1,000. A maximum of Rs 9 lakh can be invested through single account, Rs 15 lakh for joint account, minors of 10 years and above can invest up to Rs 3 lakh.

What are the tax rules on Post Office Monthly Income Scheme?

You get more tax benefits on this small savings scheme. There is no wealth tax on this. TDS (tax deducted at source) or tax rebate is not applicable on this scheme, nor does it come under Section 80C of the Income Tax Act, in which you get a direct benefit of Rs 1.5 lakh.

In this scheme, the interest you get on your deposit is taxable income, that is, you have to pay tax on it. When you file income tax return (ITR Filling), you have to show the income from it in the ‘Income from Other Sources’ category. You will have to pay tax on the interest income earned from this scheme as per the income tax slab applicable on your total income.

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From August 1, 2023, a fee of Rs 1,000 to Rs 5,000 will have to be paid for doing this work. Keep in mind that after filing ITR, it is also necessary to do e-verification. ITR filing is not considered complete without e-verification. If you have filed ITR but have not completed the work of e-verification, then settle it immediately.

In how many days it is necessary to do the work of verification

It is worth noting that after filing the income tax return, it is necessary to do the work of e-verification. For this, the Income Tax Department gives a total time of 120 days. You can verify it along with filing ITR. E-verification is an OTP based process in which you can complete the verification process through Demat account, ATM or Aadhaar only. Your return will be filed without e-verification, but it will be considered complete only when you e-verify it.

What are the methods of e-verification-

You can complete the verification work through the registered mobile number of Aadhaar.
The process of verification can be completed with you bank account.
This process can also be completed with a Demat account. You can complete this work with net banking also.

Learn step by step process of ITR e-verification

1. For this, first of all click on the e-filing portal of the Income Tax Department. Here you will get the option of e-verification, click on it.
2. Next you have to enter PAN number, assessment year and ITR acknowledgment number. After that click on the option of Continue.
3. Now a 6 digit OTP will come on your mobile number, enter it.
4. If you are doing e-verification within 30 to 120 days, then select on the OK option.
5. Next you have to enter the reason behind this delay.
6. After this, complete the process of e-verification by selecting one option from Aadhaar, Bank Account, ATM, NetBanking etc.

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It was also informed by the department that this time refund has been issued to 80 lakh people so far. It has already been clarified by the government that this time there will be no change in the last date of income tax return. However, under a rule of Income Tax, penalty will not have to be paid even after filing ITR after 31 July.

Website related to e-filing slow!

It is being said on behalf of the people who file ITR that the website related to e-filing is already working slow. On the other hand, income tax payers are constantly being made aware by the Income Tax Department. It was told by the department that to avoid any kind of penalty, file ITR on time. However, in some cases, ITR can be filed without penalty even after the last date.

Relief will be available on income less than the exemption limit

Income tax experts say that under Section 234F (234F) of Income Tax, if the total income of a person during the financial year (Total Income in FY) is less than the basic exemption limit, then it will not make any difference to file ITR late. Simply put, if your total income in the financial year 2022-23 is Rs 2.5 lakh or less as per the old regime, then this rule will apply to you. Under this rule, you will not have to pay penalty for filing income tax after 31st July. The ITR filed on your behalf will be called Zero (0) ITR.

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If you have not yet filed ITR, then do it before 31 July. Filing ITR on time is good for you in many ways. If you do not file ITR by the due date for the financial year 2022-23, then belated returns will have to be filed. For this, you are being given time till December 31, 2023 by the department. If you are also unable to file ITR by July 31, 2023 for any reason, then you may suffer the following losses.

Late ITR filing attracts a penalty of Rs 5,000 for individuals with income above Rs 5 lakh. The fine is Rs 1000 on income up to Rs 5 lakh. Also, non-filing of ITR on time may result in loss of certain tax deductions and exemptions. Eventually, this may increase your tax liability. If you file ITR after December 31, 2023, then you will have to pay a fine of Rs 10,000.

Interest on Late Filing

If your income is taxable, then for not filing the return by 31st July, you will be charged additional interest at the rate of 1% every month till the ITR is filed. Under this, an interest of 1% is levied till the date of filing the return. After 31st December the assessee shall have the option to file the updated return only in case tax is due but is to be paid for the updated return up to 31st March 2024.

The prosecution

can be fined up to 50% for under-reporting income and up to 200% for misrepresenting income. Experts say that if the tax return is not filed despite the reminder, the authorities may have to start the prosecution process on the basis of outstanding tax. In this, there can be imprisonment from three months to 7 years.

There is no benefit of the new tax regime,

if you are late from March 31, then the salaried employees cannot select the option of the new tax regime. If they select this option with the employer, then additional tax and interest will have to be paid for late filing of ITR. Let us tell you that in the budget presented on February 1, the Finance Minister had kept income up to Rs 7 lakh tax free under the new tax regime.

Delay in refund

Another disadvantage of filing late ITR is that if you get tax refund then it can be delayed. Such delays can lead to unnecessary financial stress and inconvenience. Additionally, late filing of ITR may attract the attention of the authorities. This increases the chances of audits and inquiries in their tax matters.

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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.

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After extending the deadline for filing returns twice in a row, the government is not planning to extend this deadline any more. Last time too, the government did not extend the deadline for filing returns.

According to Revenue Secretary Sanjay Malhotra, the Finance Ministry is not considering extending the July 31 deadline for filing Income Tax Return (ITR). He also asked the income tax payers to file returns at the earliest. Malhotra said that we expect more returns to be filed this year compared to last year. About 5.83 crore income tax returns were filed till July 31 last year.

More than 2.5 crore ITR filed

According to the dashboard available on the Income Tax Department’s e-filing portal, so far 11,30,85,146 individual users have registered themselves on the portal. At the same time, 2,61,07,869 income tax returns have been filed so far. Out of these, about 2,40,69,116 returns have been verified. Of the total returns filed by the Income Tax Department so far, 1,12,91,905 returns have been processed.

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The Income Tax Department is repeatedly advising taxpayers to file ITR on time. If you have not completed this work, then complete it today itself.

After filing the income tax return, it is also very important to do its e-verification. Without this ITR is not considered complete.

We are giving you information about the e-verification process after filing ITR. It is necessary to do this work within 120 days of filing ITR.

Immediately after filing ITR, go to the e-filing portal and select I would like to e-verify to fill your ITR.

After this, by entering the details of Aadhaar linked number, demat account and prevalidated bank, get OTP on the number linked to it.

After this you have to complete the verification by entering the OTP within 60 seconds. On the other hand, if you choose offline verification, you will have to send the ITR verification form to the CPC in Bengaluru.

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On the other hand, if you have filed the return and you want to see the status of your tax refund, now you can easily do so. For this you do not even need to go anywhere, you can do this work while sitting at home. Let’s know its step-by-step process

New facility for taxpayers

In fact, keeping in view the convenience of taxpayers, the department has started a new facility on the Income Tax Portal for them. Taking advantage of this facility, people can now directly check their refund status sitting at home. Till this facility, taxpayers could check their refund status only through the website of TIN-NSDL.

According to the Income Tax Department, if a taxpayer deposits more tax than his tax, then he is entitled to a refund. People who have filed for return and want to check their refund status then follow this procedure-

Check status online like this

First of all go to the e-filing portal of the Income Tax Department,
scroll down here you will see the option ‘Your Refund Status’, click here.
After this you have to enter PAN number, financial year and assessment year.
Now you will get an OTP which you will have to enter on the website.
After this you will see your status immediately.
If there is any problem in your ITR, then the message ‘Record Not Found’ will appear on the screen.

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Let us tell you that the Income Tax Department has made a tweet alerting all taxpayers. It has been said that taxpayers who have any income source or account in any other country, they are required to fill the foreign asset schedule while filing ITR.

Will be fined up to Rs 10 lakh

While filing ITR, you have to tell about all your income sources. Many people have many other sources of income apart from the job. At the same time, some people earn a lot of money through any job or business abroad. The Income Tax Department has said that it is necessary for such people to file ITR. If you earn money abroad in any way and hide that income while filing ITR, then income tax catches your tax evasion. For which you can be fined up to Rs 10 lakh.

It is necessary to fill foreign asset schedule

Income Tax Department has alerted all taxpayers by tweeting. The department has said that those taxpayers who have an account or income source in any other country must fill the foreign asset schedule while filing ITR for assessment year 2023-24. It is also necessary for taxpayers to tell that they should give all the information related to their foreign income and assets in such cases.

This is how people earning from abroad can save tax

According to the rules of income tax, if a person stays in India for 182 days in a financial year, then he is considered a resident. Resident Indian’s global income comes under the purview of tax. Therefore, while filing ITR, the salary received abroad has to be shown under the income from salary head.

For this, you have to convert the salary received in foreign currency into rupees and give the details of the employer. If any kind of tax has already been deducted on your salary, then you can claim tax credit by showing it in the return. To avoid double tax, you can take advantage of Double Taxation Avoidance Agreement.

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In such a situation, a huge crowd is expected to be seen on the Income Tax e-filing website in the coming days. At the same time, the last date for filing income tax return is 31 July 2023 for individual taxpayers. Meanwhile, several taxpayers are complaining on social media about the problems faced while trying to file their returns on the e-filing portal. Some people on social media have also claimed that the e-filing portal is slow.

tax filing

However, despite problems faced by some users, bumper tax filing has taken place till July 11 this year. According to the Income Tax Department it has reached the milestone of 2 crore ITRs filed 9 days earlier than last year. For taxpayers whose accounts are not required to be audited, the due date for filing returns is July 31.

ITR

However, the bumper ITR filing numbers so far means that there will be no extension of ITR due date this year. Last year also the due date was not extended. Therefore taxpayers are advised to file their returns as early as possible to avoid last minute rush. According to the Income Tax Department, till July 11, 2023, more than 2 crore ITRs had been filed. Last year till 20 July 2022, 2 crore ITRs were filed.

Income Tax Return Update

According to the Income Tax Department’s tweet, “We are happy to inform that more than 2 crore Income Tax Returns (ITR) for the assessment year 2023-24 have been filed till 11th July this year, while last Till July 20, 2 crore ITRs were filed. Our taxpayers have helped us reach the 2 crore mark 9 days earlier this year as compared to the same period last year and we appreciate the effort! We urge those who have not filed ITR for Assessment Year 2023-24 to file their ITR at the earliest to avoid last minute rush.

ITR processed

According to the Income Tax e-filing portal, till July 11, over 1.9 crore ITRs have been verified by taxpayers, while the department has processed over 64 lakh returns. The number of returns filed, verified and processed is expected to increase significantly in the coming days.

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Yes, you may face problems after a few days due to increase in traffic. Apart from this, it was told by the Income Tax Department that till July 11, 2023, more than 2 crore income tax returns have been filed for the financial year 2023-23. This number is more than last year’s figures.

Maybe you have also filed ITR. In this, the next question is whether your refund has come yet or not. If it does not come, then you may have made a mistake. That’s why it is necessary to cross check it once. However, now the process of return is very fast and now Income Tax Refund comes in 7 to 10 days. Still, if your refund has not come, then you may have made some mistake.

Reasons for delay in refund

1. Not giving complete information in ITR

If incomplete information is given in your ITR, then your refund can be stopped. For this you can check ITR preview. After this you can connect with your assessing officer with other information and documents.

2.
If you have not paid any kind of tax due to tax or if there is some kind of mistake in your calculation, then also you can get income tax notice. Your refund of any kind can be stopped by the Income Tax Department on receipt of the notice.

3. Mistake in refund request

You may receive a notice from the Income Tax Department if there is any mistake in your refund request. In such a situation, your calculation may be wrong, then you need to file Rectification ITR.

4. Irregularity in deduction:

Many times this thing gets caught after ITR filing. On checking, you can see that you have made some kind of mistake regarding ITR deduction. In such a situation, if you have not claimed the correct deduction, then you will have to file Revised ITR.

5. Incorrect bank account information

If in any way your bank account information is entered incorrectly, your refund may be withheld. Actually, it is most important for your account details to be correct for refund. Check once, if the details are not correct, in this case you will have to request a ‘refund re-issue’.

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Actually, day by day people are becoming aware about filing income tax. This time the income tax returns filed in June are about 12 percent more than the same period last year.

Can file even after 31st July

Let us tell you that the last date for the process of ITR filing is 31 July. However, according to the rules of Income Tax, you will not have to pay penalty for filing ITR even after 31st July. Let’s know what is this rule? Income tax payers are constantly being made aware by the Income Tax Department. It is told by the department that to avoid any kind of penalty, file ITR on time. But hardly you know that in some cases you can file ITR without penalty even after the last date.

Income tax experts say that under Section 234F of Income Tax, if the total income of a person during the financial year (Total Income in FY) does not exceed the basic exemption limit, then there is no difference in filing ITR late. Doesn’t have to In simple language, if your total income till the financial year 2021-22 is Rs 2.5 lakh or less, then you will not have to pay penalty for filing income tax after 31 July. The ITR filed on your behalf will be called Zero (0) ITR.

Exemption on age and annual income

Similarly, if someone selects the old tax regime, then this exemption is Rs 2.5 lakh for those below 60 years of age. At the same time, the income of up to three lakh rupees for those 60 years or more and less than 80 years is tax free. Similarly, the basic exemption limit for those above 80 years of age is 5 lakhs. Under the new tax regime, income up to Rs 7 lakh is tax free.

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1. Reporting of Income from Virtual Digital Assets

CA Ajay Bagadia told that VDA i.e. Virtual Digital Assets includes crypto assets. There is taxation, surcharge and cess at the rate of 30 per cent on income generated from the transfer of VDA. It is important to note that while computing such income, you cannot avail deduction for any expenditure, except the cost of acquisition, if applicable.

According to Bagadia, Schedule VDA requires details such as date of acquisition, date of transfer, category of income chargeable to taxation, cost of acquisition in case of gift and consideration received. If your income is from VDA then you cannot file ITR-1 or ITR-4. Instead, ITR-2 or ITR-3 form will have to be filled. Such income can be taxed under business income or capital gains.

2. Details of exit from New Tax Regime

CA Abhinandan Pandey explains that an individual or a Hindu Undivided Family (HUF) has the option to opt for the alternate tax regime under section 115BAC. If the taxpayer has income from business or profession, he can exercise this option, but can withdraw it only once for the previous year, except the year in which it was initially exercised. Once the option is withdrawn, the taxpayer is not eligible to exercise it again under this section, unless he has any income from business or profession. To opt out of the arrangement, the assessee has to submit Form 10-IE electronically through the e-filing portal.

The assessee needs to provide details in this year’s ITR form if he has opted out of section 115BAC in earlier years. If the taxpayer has opted out, then he is required to provide the details of the assessment year.

3. Reporting of turnover from intraday trading

Profit or loss arising from intraday trading, which is treated as a speculative transaction, is subject to taxation under the head business income of capital gains. This year’s ITR form includes a specific section, Part A-Trading Account, where individuals are required to provide separate information in respect of their intraday trading activities. The ITR form now requires details such as turnover from intraday trading and income from intraday trading, which has been transferred to profit and loss account.

4. Donation Reference Number details for claiming 80G deduction

If you are claiming deduction under section 80G, it is necessary to have donation receipt and donation certificate in Form 10BE readily available. To claim the deduction, the details of your donation have to be given in the applicable ‘Schedule 80G’ in the ITR form.

CA Santosh Mitra informed that a new column has been added in ‘Table D’ in the current year’s ITR form. This column requires disclosure of ARN (Donation Reference Number) for donations made to institutions, where 50 per cent deduction is allowed subject to qualifying limits. The ARN should be derived from the donation certificate issued in Form 10BE by the institutions receiving the donation and the same should be mentioned in the ITR.

5. Disclosure of income

Section 89A provides tax relief on income from retirement benefit accounts held in specified countries by the authorities. In case a person has claimed such relief, he has to furnish the relevant information in the Schedule Salary.

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The new financial year has started from 1st April. Along with this, the process of filing Income Tax Return (ITR) for the financial year 2022-23 is also going on. For this, the last date of 31 July 2023 has been fixed by the CBDT. Under this, people with taxable income have to file income tax return. Now you can pay income tax or file ITR under Old Tax Regime and New Tax Regime. The tax slabs are different in both the tax regimes.

Total seven types of ITR forms

If tax liability arises on you, then you will have to file Income Tax Return (ITR) for the financial year 2022-23 by 31 July. ITR forms were issued by the Central Board of Direct Taxes (CBDT) in February. Form-16 has also been issued by the companies for the employed people. After this, the number of ITR filers is sure to increase. As July 31 approaches, the traffic on the Income Tax website increases. That’s why it is important that you keep filing ITR on time. Let us tell you that there are seven types of ITR forms for individual income tax payers, businesses and companies.

When will the penalty be imposed?

Different ITR forms are filed according to the need. ITR-1 and ITR-4 are filed by a large number of small and medium taxpayers. However, if the people paying income tax do not take care of the deadline, then they may have to pay a fine of Rs 5,000.

Actually, this year the last date for filing ITR is 31 July. In such a situation, if someone is not able to file ITR till 31st July, then he has time till 31st December. You can file ITR with late return file till 31st December. In this you will have to pay a penalty of Rs 5,000.

According to the information given on the website of the Income Tax Department, after July 31, 2023, those filing ITR will have to pay a fine of Rs 5,000. Even after this, if an ITR is not filed by the due date, then the amount for filing after that can be doubled.

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File ITR on time

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

How to file ITR?

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

Documents required for ITR

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

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

Step-by-step file ITR like this

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

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

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The last date for filing ITR is 31 July 2023. Taxpayers should file their income tax return well in time to avoid all kinds of hassles. Do not wait for the last date for this work. Otherwise, heavy penalty may have to be paid if the return is not filed by the due date.

As the deadline for filing ITR is nearing, the Income Tax Department has released the online ITR-3 form on its official website. The Income Tax Department had already made available online forms for ITR-2, ITR-1 and ITR-4. There are 7 ITR forms for individuals, ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.

ITR-3 is to be used by an individual or a Hindu Dividend Family having income under the head “Profits of business or profession” and filing Form ITR-1, ITR-2, ITR-4 not eligible.

Steps to fill ITR-3 Form

1. You can fill ITR-3 form by filing it electronically under digital signature.
2. Can fill ITR-3 Form by communicating the data in Form ITR-3 electronically under Online Verified Code
3. By electronically transmitting the data in Form ITR-3, followed by submission of return verification in Return Form ITR-V to the Income Tax Office by mail.

ITR filing deadline

The last date for filing Income Tax Return (ITR) for Financial Year 2022-23 or Assessment Year 2023-24 is 31 July 2023. ITR should be filed by the prescribed date, failing which a penalty ranging from Rs 1000 to Rs 5000 will be imposed. Not all ITRs are suitable for everyone, so it is important to know which of these forms is applicable to them. Going through only the notified ITR forms can help.

When is Form 16 issued?

Salaried employees waiting for their Form 16 should receive it today or tomorrow to start the process of filing their ITR. Form 16 issued by an employer has two parts. Part A and Part B. Part A contains the total tax deducted by the employer, while Part B contains the gross salary and other allowances paid to the employee during the financial year.

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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.

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Income from digital currency

Income from transfer of digital currency ie crypto is taxed at the rate of 30 percent. Along with this, surcharge and cess will also have to be paid. It is important to note that there is no benefit of deduction of any expenditure on the income earned in this way. You cannot file ITR-1 or ITR-4 on such income. ITR-2 or ITR-3 form can be filled on such income.

There is an option to choose the optional tax regime under the new tax regime section 115BAC. Presenting the budget for the year 2023, Finance Minister Nirmala Sitharaman gave relief to tax payers under the new tax regime. However, no change was made in the old tax regime on the part of the government.

Claiming deduction under 80G

If you are claiming deduction under section 80G, donation receipt and donation certificate in Form 10BE must be available. To claim the deduction, the tax payer has to furnish details of his donation in the applicable ‘Schedule 80G’ in the ITR form. Also, keep in mind that the information about donation has been given in the correct table. A new column has been added in ‘Table D’ in this financial year.

Information about intraday trading turnover Information

about profit or loss from intraday trading will also have to be given. This year’s ITR form includes a special section Part-A Trading Account. Here you need to give separate information about your intraday trading activities. There is a need to give details like turnover of intraday trading and income from it in the ITR form.

Claiming Section 89A Relief

Section 89A provides relief from tax on income from retirement benefit accounts held in specified countries by the authorities. If a person has claimed such relief, then he will have to give correct information in the schedule salary.

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

Can work like necessary documents

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

Refund can be claimed

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

Easy to apply for Visa

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

Can claim for damages

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

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The last date for filing ITR for the financial year 2022-23 (FY 2022-23) has already been announced by the Income Tax Department. Along with this, the ITR form has been made available both online and offline.

Notification released on February 10 and February 14

If you do not file ITR till the last date, then you can be fined heavily by the department. CBDT has announced to file ITR for the financial year 2022-23 (AY 2023-24) through notifications on February 10 and February 14, 2023. After this, notification for ITR-1 and ITR-4 was issued by CBDT on 25 April 2023. Notification for ITR-2 was issued on 11 May 2023. Along with this, e-filing of ITR also started.

ITR can be filed till 31st July

According to the Income Tax Department, salaried people and taxpayers whose accounts do not need to be audited can file ITR till 31st July 2023. If for any reason you are not able to file ITR till the last date of 31st July, then you may have to pay a fine ranging from Rs 1,000 to Rs 5,000. In case of delay in ITR, you will have to pay the penalty amount before filing.

Not only this, even if your final taxable amount is zero, you may have to pay a penalty. Apart from this, a notice can also be issued to you by the Income Tax Department. To select the option of the new tax regime, you will have to file your ITR on or before 31 July 2023. After this, ITR filers will not get a chance to opt for the new tax regime.

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Explain that if a refund is made after filing ITR, then the Centralized Processing Center (CPC) of the Income Tax Department transfers it to your bank account. However, for this it is necessary to pre-validate the bank account in which you want to transfer the refund.

Bank account pre-validation is an important step in ITR filing, the main objective of which is to ensure the identity and security of the user’s account. In the pre-validation process, the ITR portal or software system validates your bank account details with valid parameters. This validation ensures that your account is valid and your identity is correct.

Important things for taxpayers before pre-validation

>> He should have a valid PAN which is linked to his bank account.
>> PAN should also be linked to the e-filing facility of the IT department.
>> Taxpayers should register themselves on the e-filing portal.
>> One should have a valid bank account number and a valid IFSC code of their home branch.

Steps to pre-validate your bank account

• Go to the official website of IT department incometax.gov.in.
• Use your login details or PAN/Aadhaar details to login.
• After logging in, go to the ‘My Profile’ section and select ‘My Bank Account’.
• As soon as you click on it, the option of ‘Add Bank Account’ will appear.
• Enter the required information like name, bank account number, type, IFSC code, bank name etc.
• Click on ‘Validate’ option and submit.

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People earning more than Rs 3 lakh annually should file ITR. Corporate companies are also issuing Form-16 ahead of time to help their employees file ITR on time.

Currently, taxpayers will file returns for the income earned in the financial year 2022-23. By filing ITR, you declare your investments and earnings to the government. This time the last date for the ITR files to be filed has been set as 31 July 2023. In such a situation, taxpayers should start collecting all the documents related to ITR.

Category wise last date for filing ITR

1. The last date for filing returns for individual taxpayers, HUF, AOP, BOI or those whose account books are not required to be audited is 31 July 2023.
2. The last date for filing ITR for businesses whose account books need to be audited is 31 October 2023.
3. Businesses that have international transactions or specific domestic transactions have been given the last date of 30 November 2023 for filing returns.
4. The last date for filing Revised ITR and belated return has been fixed as 31 December 2023.

ITR Late Fee and Penalty

If taxpayers file their return after the prescribed last date, then they will have to pay interest at the rate of 1% per month on the unpaid tax amount under section 234A. At the same time, under Section 234F, taxpayers will have to pay Rs 5,000 as late fee for missing the due date. On the other hand, if the total income of taxpayers is less than Rs 5 lakh, then this late fee will have to be paid Rs 1,000.

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There can be difficulties in filing ITR, but if this work is done with some preparation then it can be filed even without the help of experts. Let us know, how you can file ITR sitting at home.

Keep these things in mind before filing ITR

If you are going to fill ITR, then first calculate the income, tax and return so that the process becomes easier. Also, tax deduction and TDS charge should also be kept in mind. TDS is filed under Form 26AS, under which you have to give information about your income and deductions. Before starting the process, make sure that you have all the necessary documents like your Form 16, bank details, investment details and other sources of income with you. Income tax return facility has been given on the e-filing portal.

Know step by step process

• To file Income Tax Return (ITR) online, you have to register on the Income Tax Department website.
• If you are a new user then you have to register as a new user after registering your PAN, name and date of birth.
• – Different ITR forms are filled depending on the sources of your income. Choose the form that best suits your source of income.
• After selecting the form fill all the required details like personal details, income details, tax deductions and exemptions.
• Once you have entered all the information, verify all the details and ensure that they are accurate and correct.
• Submit your tax return once you are satisfied with the details.
• You can do this by sending a physical copy of the return to the Income Tax Department or by uploading the return online.
• If there is any tax due, make sure you pay it before the deadline.

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The Finance Minister said that a time limit should be fixed for disposal of such applications. The Finance Minister said that CBDT should increase its efforts to make taxpayers aware while expanding its reach. The Finance Minister discussed three important issues in the meeting with the CBDT.

Got information about 3 crore people

During the meeting of the Finance Minister, there was talk on increasing the number of taxpayers. Along with this, discussions were held on pending disciplinary action against Income Tax officials and condonation of delay under the Income Tax 1961 Act. During this, the Finance Minister was informed that there has been a jump of more than 1100 percent in the information to be reported due to getting new data source of financial transactions from Dividend, Interest, Share, Mutual Fund and GSTN. Information about 3 crore people has been received from this.

TDS code increased from 36 to 65

The new TDS codes have increased from 36 to 65 in the last eight years. The effect of this was that in 2015-16 where 70 crore transactions were reported. Its number has now increased to 144 crores. The number of unique deductees almost doubled from 4.8 crore in 2015-16 to 9.2 crore. The contribution of personal income tax to GDP has increased. It was 2.11 percent in 2014-15, which has now increased to 2.94 percent.

asked to finalize the proceedings

During this, the Finance Minister asked to expedite the review of the ongoing action against the employees and officers of the Income Tax Department. On behalf of the Finance Minister, CBDT was asked to finalize such action. Nirmala Sitharaman emphasized that the CBDT should take appropriate action on all applications filed by taxpayers in a timely manner.

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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.

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However, since the tax filing season has just begun, you still have plenty of time. Still, the sooner you get done with tax filing, the better, because filing tax returns in India requires some preparation.

What are FY and AY?

The return you are currently filing is for income earned in the financial year 2022-23, i.e. for income earned between April 1, 2022 and March 31, 2023, you will file the return. The assessment year is the review year for FY 2022-23, where you will file your returns and declare your investments for tax assessment. For income earned during the financial year (here FY 2022-23), the assessment year will be the immediately following year, i.e. 1st April 2023 to 31st March 2024. Therefore, the assessment year will be the assessment year 2023-24.3

Also Read: School Holiday List Released: Big relief for student! Schools will remain closed for so…

Know about the last date for filing ITR

Taxpayer category and due date for tax filing – FY 2022-23 (unless extended)

Individuals / HUF / AOP / BOI (books of accounts not required to be audited): 31st July 2023

• Business (requires audit): 31 October 2023

Businesses requiring transfer pricing report (in case of international/specified domestic transactions): 30 November 2023

• • Revised Return: 31 December 2023
  • Delayed/Late Return: 31 December 2023

What is the due date for filing returns for trusts?

For the trusts whose accounts are not required to be audited for the financial year 2022-23, the due date of return filing is 31 July 2023. Suppose the trust has to furnish a report under section 92E in Form No. 3CEB, then the due date for filing ITR will be 30 November 2023.

Also Read: Golden years FD for Senior Citizens! ICICI Bank has extended the deadline for the…

What is the due date for return filing for companies?

The due date for return filing of domestic companies for the financial year 2022-23 is 31 October 2023. However, if the company has any international transaction or specified domestic transaction and is required to furnish a report in Form No. 3CEB u/s section. According to 92E, the last date for filing ITR will be 30 November 2023.

What is the last date to file ITR?

The last date for filing ITR is 31st July of the relevant assessment year for individuals and 31st October for taxpayers whose accounts are under audit.

Know what are the things needed to file ITR

For ITR file, you have to collect many types of documents and many types of proofs for this. In such a situation, you should know that when you go to file ITR, what things you will need.

• • • PAN Card (PAN Card for Income Tax Return)
    • Aadhaar Card (Aadhaar Card for ITR Filing)
    • Form 16
    • Form-16A/ Form-16B/ Form- 16C
    • Salary Slip
    • bank account details
    • Bank Passbook/Statement
    •  Investment Proof
    • Form 26AS
    • Income from other sources

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That is, it is very important for you to file ITR by July 31, 2023, after that you may have to pay Rs 5,000 as penalty for filing ITR. Explain that those who earn more than the basic exemption limit of Rs 2.5 lakh annually, they will have to submit their ITR before the deadline. However, persons having taxable income up to Rs 5 lakh who are eligible for exemption are exempted from paying tax. The government had extended the ITR reporting deadline from July 31 to September 30 last year due to various reasons. However, no date has been given yet for the extension of this year.

Have to pay this much penalty

If the deadline for filing ITR is missed, then you will have to pay Rs 5,000 as late fee under Section 234F of the Income Tax Act. If the total income is less than Rs.5 lakh then you will have to pay Rs.1000. On the other hand, if you submit your return after the deadline, you will have to pay interest under section 234A at the rate of 1% every month or a fraction of a month on the outstanding tax balance.

In this situation you can file belated return

If the ITR filing deadline passes unnoticed, you can file a belated return after the deadline. You will not be able to carry forward the loss for subsequent adjustments, but will still have to pay late fee and interest.

Can make up the difference with next year’s income

If you have incurred losses on investments in stocks, mutual funds, real estate, or any of your ventures, you can carry them forward and make up the difference with next year’s income. As a result, your tax liability will be greatly reduced. Adjustment of loss is allowed only if you include the declaration of loss in your ITR and submit it to the Income Tax Department by the due date.

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You can use the option of ITR-U. In this news, we are going to tell you about this. According to section 139 (1) of the Income Tax Act, the last date for filing ITR in the year 2021-22 was 31 July 2022. For those who could not file ITR till this date, the last date was 31 December. If there was any mistake or correction in the returns, that too could be done by this date. But if you have missed the deadline of December 31, then you can file ITR-U under section 139 (8A).

What is ITR-U?

In Budget 2022, the Government of India had brought the option of ITR-U. This facility is beneficial for those taxpayers who have not been able to file their ITR or have made mistakes in previous returns. Through ITR-U, taxpayers can correct mistakes or omissions in their ITR for two years from the end of the relevant assessment year. In the assessment year 2021-22, you can file ITR-U by 31 March 2024. Similarly, for 2022-23, you can file ITR-U till 31 March 2025.

In ITR-U, you can show that income, which you could not show in your previous return. Moreover, this facility is available to anyone, whether or not he has filed original, late or revised ITR. If someone has forgotten to file ITR in any financial year, he can also use it.

Last Dates for Filing ITR-U

Assessment Year 2020-21: 31 March 2023

Assessment Year 2021-22 : 31 March 2024

Assessment Year 2022-23: 31 March 2025

Penalty for not filing ITR-U

You will also have to pay the penalty for not filing ITR-U. If you have forgotten to show any income, then you will have to pay an additional 25 percent of the tax and interest payable on it. This should be done within one year from the end of that financial year. If you are filing ITR-U after one year of the relevant assessment year and within two years, the penalty will go up to 50 percent.

Where to file ITR-U?

For this you have to go to the website of Income Tax Department.

Where you cannot use ITR-U?

Taxpayers cannot use ITR-U for filing zero return/loss return. It cannot be used to claim or extend refunds. Also, ITR-U is not allowed to be used to set off income tax liability from returns filed earlier.

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But many people were having trouble in filing tax returns (ITR) and could not do this important work on time. If you have not been able to file ITR yet, then you can file ITR till 31 December 2022. You will have to pay late fees for late filing of ITR returns.

Penalty is charged from the tax payer

Filing of late ITR (ITR) is called income tax return only. It is filed when it is filed after the last date. In this case penalty is charged from the tax payer. On the other hand, revised return is called when it is filed again if there is any mistake while filing ITR. The last date to file Revised ITR is also 31st December.

The last date for revised ITR

has been specified for late ITR filing under section 139(4) of the Income Tax Act, 1961. At the same time, the revised ITR is filed under section 139 (5). Revised ITR can be filed up to three months before the completion of the financial year.

Zero late fee will have to be paid in this condition.

If ITR is not filed till the last date, a late fee of up to Rs 5,000 can be charged under 234A. However, those with an income of Rs 5 lakh or less will have to pay a penalty of Rs 1000. If your taxable income is Rs 2.5 lakh or less, then you will not have to pay any penalty.

Important rules for Revised ITR

If you have made any mistake while filing ITR, then you can file Revised ITR. You can submit both the ITR forms till 31st December. Let us tell you that you can file revised ITR more than once. For this you have to take care of the last date.

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In the information provided by the Income Tax Department last days, it was told that till now income tax refunds worth Rs 2.15 lakh crore have been issued to the taxpayers. Refund amount is being issued to taxpayers from April itself. To know whether your refund has come yet or not, you need to check the refund status.

Issuing the return Income Tax Department after filing ITR (ITR Filing) If any kind of refund is made, then it is sent to your bank account by the Income Tax Department. Under this, the Income Tax Department is continuously issuing refunds. According to the data released by the Central Board of Direct Taxes (CBDT), from April 1 to November 30, the government has issued refunds worth Rs 2.15 lakh crore to tax payers.

66.92 percent more refund issued

This figure of refund is 66.92 percent more in the same period last year. Earlier, till October 8, 2022, Rs 1.53 lakh crore was issued as refund to tax payers.

Why did not get refund

If you have not received income tax refund till now, then there can be many reasons for this. Tax refund is delayed due to pending outstanding demand of previous ITR filing. In fact, many taxpayers were issued intimation notices by the department in the last financial year. But many people did not respond to these or did not update on the portal. There is a delay in getting refund to such taxpayers.

Check your refund status like this

– First of all, go to the Taxpayer Income Tax Department’s website www.incometax.gov.in .
Now login with password after entering PAN, Aadhaar number or User User ID.
Here go to Income Tax Return under e-file option. After this, select the option of view filed return.
Now check the latest ITR filed and go to view details.
Your refund status will appear here. In this, you will get the information on which date the refund was issued or the date on which the refund will be issued.

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Income Tax Saving: Form-16 has been issued by the companies. The last date for filing ITR has been fixed by the Income Tax Department as July 31. In such a situation, if you are also thinking of paying tax on income of 10 lakh rupees, then you are wrong.

The post Income Tax Big News : Tax of Re 1 will not have to be paid even on earning of 10 lakhs, Know full details first appeared on Rightsofemployees.com.

Income Tax Saving: Form-16 has been issued by the companies. The last date for filing ITR has been fixed by the Income Tax Department as July 31. In such a situation, if you are also thinking of paying tax on income of 10 lakh rupees, then you are wrong.

The post Income Tax Big News! Tax of Re 1 will not have to be paid even on earning of 10 lakhs, Know full details first appeared on Rightsofemployees.com.

But among all this, the thing that has worked for you the most is that if you are employed, then your company must have started asking for actual investment proof from you, on the basis of which your tax will be deducted. If you haven’t asked yet, you will ask in a few days. But for tax saving you need to prepare well in advance.

Form-16 will be prepared on this basis, you will have to inform your company about what investments you have made since April 1 till now. Based on this, your Form-16 will be prepared. Let us help you in planning for tax saving. As a responsible citizen of the country, it is your duty to pay tax. But it is good for you to save as much tax as you can.

Understand here, how can you save tax?

You can invest the tax saving money for the future of your family or child. From mutual funds to FDs, all investment options are available in the market today. Today we talk about your salary and tax. Even if your salary is Rs 12 lakh, you do not need to pay Rs 1 tax.

It is important to plan properly to save tax, it is necessary for you to plan properly. For this, you can also consult an expert. If money has been deducted from your salary in the company where you have worked, then on the basis of this calculation, you can get back the deducted money by filing ITR in June-July. Let’s see the complete calculation in an easy way…

If your salary is 12 lakhs, then you come under 30 percent tax. Actually, there is a liability of 30 percent on the annual income of more than Rs 10 lakh.

This is the complete math

1. Every company gives salary to its employees in two parts. In a company it is called Part-A and Part-B. Somewhere it is called Part-1 and Part-2. Tax has to be paid on Part-A or Part-1 salary. Usually, on a salary of 12 lakhs, two lakh rupees are kept in Part-B or Part-2. In this way your taxable income has come down to Rs 10 lakh.

2. After this, deduct Rs 50,000 given by the Ministry of Finance as standard deduction. After deducting these, your taxable income comes down to Rs 9.50 lakh.

3. Under Section 80C of Income Tax, you can claim savings of up to Rs 1.5 lakh. In this, you can claim tuition fee, LIC (LIC), PPF (PPF), mutual fund (ELSS), EPF (EPF) or home loan principal etc. Now your taxable income has come down to Rs.8 lakh.

4. Under section 24B of income tax, you get a deduction of two lakh rupees on home loan interest. In this way, your taxable income has come down to Rs.6 lakh here.

5. After this you will have to invest 50 thousand rupees in National Pension System (NPS) under 80CCD (1B) to make the taxable income zero (0). Here the taxable salary has come down to Rs 5.5 lakh per annum.

6. Under Section 80D of Income Tax, you can claim premium for health insurance for children, wife and parents. A premium of up to Rs 25,000 can be claimed for the child and wife. If your parents are senior citizens, you can claim Rs 50,000 as premium. After deducting these two, your taxable income comes down to Rs 4.75 lakh.

Let us tell you that on the income of Rs 2.5 lakh to Rs 4.75 lakh, a tax of Rs 11250 is made at the rate of 5 percent. But there is a tax exemption of up to Rs 12,500 from the Ministry of Finance. In this way your tax liability becomes zero.

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Income Tax Saving: Form-16 has been issued by the companies. The last date for filing ITR has been fixed by the Income Tax Department as July 31. In such a situation, if you are also thinking of paying tax on income of 10 lakh rupees, then you are wrong.

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

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

What is Common ITR Form?

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

You will get the option

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

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

Income Tax Payers Will Benefit

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

Now these forms are in vogue

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

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ITR Filing: The Finance Ministry has extended the deadline for filing income tax return for the assessment year 2022-23 till 7 November, giving a big relief to the companies. The last date for filing ITR by companies was October 31. CBDT (Central Board of Direct Taxes), the apex decision making body in income tax and corporate tax matters, said in a notification that the deadline for filing audit reports was extended last month. Therefore, the deadline for ITR filing has also been extended.

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

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

CBDT extends deadline

The CBDT said in a notification, “CBDT has extended the deadline for furnishing of return of income under sub-section (1) of section 139 of the Income-tax Act for the assessment year 2022-23 from October 31, 2022 to November 7, 2022. has given.”

Domestic companies are required to file their income tax returns for the financial year 2021-2022 by October 31, 2022. The due date for filing ITR will be November 30, 2022 for companies that are subject to transfer pricing norms.

The post ITR filing: Good news! ITR filing deadline extended till 7 November, see details first appeared on Rightsofemployees.com.

If your salary package is 10 lakh rupees and you pay a large part of your earnings in the form of tax, then be careful. Perhaps you would think that there is no way to save tax, in such a situation, if it is right to pay tax, then you are wrong. Not only this, even if your salary package is 10.5 lakh rupees, even then you will not have to pay 1 rupee as tax. Let’s know the complete maths…

On a salary of 10.5 lakhs, you fall in the slab of 30 percent tax. Because 30 percent income tax is liable on annual income above 10 lakhs.

This is the complete maths
1. If your salary is 10.5 lakh rupees, then first of all subtract 50 thousand given by the government as standard deduction. In this way your taxable income is now Rs 10 lakh.

2. Now you can claim Rs 1.5 lakh under 80C. In this, you can claim children’s tuition fee, PPF, LIC, EPF, Mutual Fund (ELSS), principal of home loan etc. In this way, your taxable income here has been reduced to Rs 8.5 lakh.

3. You have to invest 50 thousand under National Pension System (NPS) under 80CCD(1B) to make tax zero (0) on salary of 10.5 lakhs. In this way your taxable salary has come down to Rs 8 lakh.

4. Now under Section 24B of Income Tax, you can claim tax exemption on home loan interest of Rs 2 lakh. In this way, now your taxable income has come down to Rs 6 lakh.

5. Under Section 80D of Income Tax, you can claim a premium of 25 thousand rupees medical health insurance for your family (wife and children). Apart from this, senior citizens can claim 50 thousand for health insurance premium paid for parents. After claiming total health insurance premium of 75 thousand, your taxable income has come down to 5.25 lakhs.

6. Now you have to donate 25 thousand rupees to any organization or trust to bring your taxable income to 5 lakhs. You can claim it under Section 80G of Income Tax. On donating 25 thousand, your taxable income came down to Rs 5 lakh.

You will have to pay zero tax
, now your taxable income has been reduced to Rs 5 lakh. On the income of 2.5 to 5 lakh rupees, at the rate of 5 percent, your tax becomes Rs 12,500. But there is an exemption from the government on this. In this case your tax liability becomes zero.

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Income Tax Saving: Form-16 has been issued by the companies. The last date for filing ITR has been fixed by the Income Tax Department as July 31. In such a situation, if you are also thinking of paying tax on income of 10 lakh rupees, then you are wrong.

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If ITR has not been filled, then you will have to pay a penalty, if you have not filed ITR yet, then you will have to pay a penalty. Late filing fee of Rs 5000 is charged for filing ITR after the last date. This late filing fee is charged under section 234F. Small taxpayers whose taxable income does not exceed Rs 5 lakh are liable to a fine of Rs 1,000.

Refunds can get stuck due to these reasons, many times the Income Tax Department issues refunds, but people are not able to get them due to mistake in bank account details. This error has been observed in many cases. In such a situation, you should also check your bank account details once.

If the details are incorrect, then correct it by visiting the website of the Income Tax Department. On the other hand, once the department assesses your verified ITR, you will not be able to get a refund. The notice will show whether you will get any refund from income tax or not.

If it does not appear in the notice, it means that your claim has not been accepted. At the same time, it will be issued to you on seeing the refund in the notice. If your bank details are wrong, then for this you will have to request from Income Tax that it be issued again.

If you are filing ITR now, then keep these things in mind , you will need Form 16 to fill ITR. Employees should get this done by talking to their employer. Check TDS and TCS details. Check income and TDS details in AIS form. Along with this, after filling the ITR, it is also necessary to get it verified. The filing process of any taxpayer is not considered complete until he gets his ITR verified. Any person can get ITR verified with the help of 6 methods.

The post Income Tax Refund: If the refund is not received even after filling the ITR, then do this work immediately first appeared on Rightsofemployees.com.

Mistakes in ITR filing can range from quoting wrong bank account number to wrongly declaring income to claiming wrong deduction. If you have also made any mistake in this, then definitely know how to fix it, so that you do not have any problem.

Who can fill?

Revised ITR is filed in case there are some mistakes left in your ITR. That is, if you have made some mistakes during ITR, then you can rectify them through this. Revised return is filed under section 139(5) of Income Tax. Revised ITR can be filed only by a person who has filed his ITR for the financial year 2022-23 by 31 July 2022. If someone has filed his ITR on 1st August 2022, then he cannot revise his ITR.

Last date for filing Revised ITR

The Center had made an announcement in the Union Budget 2021 that it has reduced the time for filing Revised ITR by three months. Till FY 2019-20, an individual was allowed to file ITR till March 31 of the respective assessment year. However, the last date for filing Revised ITR from FY 2020-21 is December 31 of the respective assessment year. Hence, the last date for filing Revised ITR for FY 2021-22 (AY 2022-23) is December 31, 2022.

Do you understand it?

Please note that you can revise your return any number of times. After the revised return, the original return loses its value. That is, if you have filed a tax liability of 10 lakhs in your first return and 8 lakhs in the revised, then only the return of 8 lakhs will be valid.

On the other hand, if you have shown tax liability of 10 lakhs in your old ITR and in Revised you are showing tax liability of 15 lakhs, then you will have to pay tax of 5 lakhs first, only then you will be able to revise your ITR . For information, let us tell you that this payment will be on the basis of self-assessment year only, as you did in your original ITR.

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The tax department has been continuously requesting the people to submit the returns within the stipulated time to avoid the burden of late fines. Earlier, till July 30, more than 5.10 crore returns had been filed. Those who have filed their return by 12 midnight on 31st July will not be required to pay late fee. But those who missed this date, now they will have to pay the late fee.

Let us first know that what is the last date for filing ITR of different taxpayers for the financial year 2021-22 or assessment year 2022-23. The last date for individual or HUF or AOP or BOI (whose accounts are not to be audited) was July 31, which has passed. The deadline for the accounts to be audited is 31 October 2021.

Business people whose TP report is required can file ITR till November 30. But what will people do now, whose date of 31st July has passed and they could not file their returns due to some reason?

Such people will be able to file their return till December 31, 2022, but there will be some conditions. This return is called belated return, late return or revised return. Under this facility, if you fill the return, you will have to bear some loss. These disadvantages include penalty, interest and deprivation of setoff benefits.

how much interest will be charged
Interest will have to be paid on filing ITR after the due date. This interest will be added on your tax liability at the rate of 1%. For this, a special provision has been made in section 234A of the Income Tax Act. 1 percent interest is added at the rate of every month. The unpaid tax (unpaid tax) will attract 1% interest.

Late fee will also have to be paid
You have to pay late fee under section 234F. This fee is applicable when you file ITR after the due date. You may have to pay a fee of up to Rs 5,000 under section 234F. If your income is less than 5 lakhs in a year, then the late fee amount will be Rs 1,000.

Setoff will not be a loss
The biggest disadvantage is not setting off losses. When you file ITR before the stipulated time, you get a chance to show and set off losses in stock market, mutual fund, property or business along with next year’s income. But people filing returns after the due date cannot take advantage of this facility. Only those people who file returns before the deadline can show their losses in ITR.

So, you can definitely file belated, revised or late return, but keep in mind the disadvantages mentioned above. Be ready to face it. Failure to file the return on time can result in prosecution or even jail term. But this happens when the tax liability exceeds Rs.10,000.

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Eligibility- Only those people are eligible for tax refund who have filed their ITR (Income Tax Return) on or before 31st July.

Interest on ITR Refund- If you have filed ITR till 31st July then only you will get interest on refund from 1st April 2022. If you have filed ITR after the last date then you will not get this benefit.

How much interest will be received – Taxpayers who file ITR till the last date will get a monthly interest of 0.50 percent on the amount of refund.

Tax rules on refund- The income tax payer has already informed the government about ITR refund. Therefore, the refund amount is not taxed. However, the interest earned on the refund is taxable as per the applicable tax slab on the income tax payer.

Calculation of interest- Every amount less than Rs 100 is ignored while calculating interest on ITR refund, while the number of days in the month is considered as the whole month. For example 3 months not 10 you will get 4 months interest. At the same time, not 4885, you will get interest on Rs 4800.

The post ITR refund Interest: 5 rules related to income tax that every taxpayer should know first appeared on Rightsofemployees.com.

The last date for filing Income Tax Return (ITR) for the financial year 2021-22 and assessment year 2022-23 is over. Those who have filed their IT return on or before 31st July 2022 have either got their ITR refund or are waiting for their ITR refund.

However, for those earning individuals who failed to file their ITR within the given due date, they can still claim the last date of 31st December 2022 by filing ITR return by filing ITR return.

But, such income tax payers will not get interest on their refund amount. ITR Refund Form 1st April 2022. Similarly, if a taxpayer is getting ITR refund, the principal amount is non-taxable, but interest on ITR refund will be treated as income in FY23 and will be considered as net annual income of the taxpayer. to be added at the time of filing ITR for AY2023-24.

While speaking on Income Tax rules regarding ITR refund, Mumbai based tax and investment expert Balwant Jain said, “If a taxpayer defaults to file ITR within the due date given for filing ITR If so, he can file ITR by paying penalty. Those who file ITR after 31st July 2022 will not get interest on ITR refund from 1st April 2022.

Balwant Jain further said that a taxpayer’s ITR refund is not an income but interest earned on ITR refund is one’s income and one has to add this interest to his/her annual income while filing income tax return for AY2023-24.

How interest is calculated on ITR refund, SEBI registered tax and investment expert Jitendra Solanki said, “The interest on ITR refund is calculated at a monthly interest rate of 0.50 per cent month-on-month. Also, there is a provision for section 234D of the Income Tax Act. Recovery of interest on excess refund given to the taxpayer.” He said that any fraction of a month would be treated as a full month and interest would be calculated as such.

Five rules regarding ITR refund

1. Taxpayers filing ITR on or after the last date are eligible for ITR refund.
2. If a taxpayer has filed ITR within the due date of 31st July 2022, then he will get interest on ITR refund with effect from 1st April 2022.
3. Taxpayers filing ITR within the last date are eligible for 0.50 percent monthly interest on their ITR refund amount.
4. ITR refund amount is an income which the taxpayer has already reported in the respective financial year. Hence, ITR refund amount is non-taxable. The interest earned on ITR refund amount is taxable as per the income tax slab applicable to the taxpayer after adding the interest amount with the net annual income of the individual.
5. While computing interest on ITR refund, any fraction of a month will be treated as one month, while any fraction of Rs.100 will be ignored. For example, if we want to calculate the interest on Rs.8,489 for 3 months and 10 days, then while computing the amount liable to interest, any fraction of Rs.100 should be ignored and hence, we can calculate the amount from Rs.8,489 to Rs. 89 and the balance amount will come to Rs.8,400. Thus the interest under section 234D will be calculated on Rs.8,400. Further, a period of 10 days will be treated as a complete month and hence, interest will be calculated for 4 months.

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The deadline for filing income tax returns for the financial year 2021-22 and assessment year 2022-23 is over on July 31, 2022. After the deadline is over, whoever files the income tax return will have to pay a penalty. Although there are many categories of people who have not filed their returns yet, they need not panic as they will not have to pay any penalty even after the deadline for filing income tax returns is over.

Who will not have to pay penalty

According to the Income Tax Act, every person filing income tax return is not required to pay penalty even after the deadline is over. If a person’s annual income is less than the basic tax exemption limit, then they will not have to pay any penalty. According to the new tax regime, the basic tax exemption limit is Rs 2.50 lakh per annum. That is, under the new system of tax, those who are filing income tax returns after the deadline is over, they will not have to pay any penalty.

If someone is filing returns under the old tax regime, then the basic income tax exemption limit is determined on the basis of age. If the person is less than 60 years of age and has an annual income of less than Rs 2.50 lakh, then penalty will not have to be paid. Senior citizens in the age group of 60 to 80 years have an annual income of up to Rs 3 lakh, then they will not have to pay any penalty. And super senior citizens above 80 years whose income is less than Rs 5 lakh per annum will not have to pay penalty.

However, even if less than the limit of annual tax exemption but fulfill these conditions, then there will be penalty for filing income tax return after the deadline for assessment year 2022-23.

First – Those who have deposited more than Rs 1 crore in more than one current account in a bank or cooperative bank.

Second – 2 lakh rupees have been spent on foreign travel of himself or someone else.

Third – Those who have paid a bill of more than one lakh rupees in the head of electricity bill in a year.

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The deadline for filing ITR is over. The last date to file ITR was 31st July 2022 which is now over. Now many people have not filed ITR. Till the midnight of July 31, about five and a half crore people have filed ITR, but still a large number of people have not filed returns. In such a situation, those who have not filed returns till now will now have to pay the penalty before filing the income tax return, only then they will be able to file their return.

There were speculations that the government would extend the deadline for filing IIR at the last minute, but as the government had already indicated, the last date for filing returns was not extended. There was a demand to increase the deadline for filing tax returns from a large number of people and financial institutions, but the government ignored them by taking a tough decision.

Many people complained about the glitches in the e-filing website and demanded extension of the tax filing deadline, but the government categorically denied them saying that this time the government has no plan to extend the date of ITR filing.  ‘#Extend_Due_Date_Immediately’ was trending on Twitter for several days but there was no response from the government and finally the deadline for filing income tax returns did not extend.

What will those who have not filed returns by July 31, 2022, do now?

Those who have not yet filed returns waiting for the extension of the deadline from the government, now they will have to file their return with fine. By paying the fine amount, people will now be able to file their returns by 31 December 2022. In such a situation, it is important to know that after the last date for filing returns, what are the options left for those who have not filed returns yet and how they will be able to file their return? Let us know what will they have to do to file their return now?

ITR has to be filed with late fee under provision 139(4) of Income Tax Laws
If you have missed the date of 31st July 2022 for filing these tax returns, then you can file your return with late fee under section 139(4) of the Income Tax Act till 31st December 2022. For this, you will have to pay a fine of Rs 1000 to Rs 5000.

Who will have to pay a fine of one thousand rupees?

If your annual income is less than Rs 5 lakh and you have not yet filed your income tax return, then you can file your ITR between today and 31 December 2022 by paying a fine of Rs 1000. However, if your annual income is less than the basic exemption limit (Rs 2.5 lakh), then you will not have to pay a single rupee as penalty.

Who will have to pay a fine of five thousand rupees?

If a person’s annual income is more than Rs 5 lakh and he has not yet filed his income tax return, then he will now have to pay a late fee of up to Rs 5000 to file his return. Now the calculation of interest will start from today on the amount of Rs. In such a situation, they will also have to first pay the late fee, their outstanding tax and the amount of interest charged thereon for filing income tax return by December 31. Those who have not filed their return under 139(1) on time will now have to pay interest at the rate of 1% per month on the tax liability on them for filing the return.

How to get refund if return is not filed even by December 31, 2022?

If you have to take refund from Income Tax Department and you have not filed your return by 31st July 2022, then you can claim your refund by filing the return with penalty by 31st December 2022. Even if you have not filed your return by 31st December 2022, you can still get a refund but for that you will have to roll a lot of papads. You have to appeal to the Commissioner of Income Tax of your area to get the refund. They may allow you to file the return even after that if the reason for not filing your return is justified.

Verification deadline reduced On the other hand, the Central Board of Direct Taxes has reduced the ITR verification deadline. According to CBDT, now instead of 120 days, only 30 days will be available for ITR verification. This information has been given by issuing a notification on behalf of CBDT. Explain that after filing ITR, it is necessary to verify it. Without this the process of ITR is not complete. In the notification issued by the CBDT, it has been said that now it will have to be verified within 30 days of filing the return.

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For this you will have to pay late fee. If your income is more than Rs 5 lakh, then he will have to pay a late fee of Rs 5000 by the last date 31 December 2022.Whereas in case of income less than 5 lakhs, late fee will be Rs 1,000.

According to the data given on the website of Income Tax Department, there are 10.54 crore individual registered users. For the assessment year 2022-23, 5 crore 82 lakh 88 thousand 962 people have filed income tax returns so far. Of these, 3.01 crore ITRs are in the process of being verified.

What do tax experts say?

CA Ajay Bagdia says, “If an individual with an income group fails to file ITR by the due date of July 31, 2022, he can still file his income tax return. If the annual income of an individual taxpayer is more than Rs 5 lakh. more, then he will have to pay a late fee of Rs 5000 by the last date December 31, 2022. While in case of income less than 5 lakh, he will have to pay a late fee of Rs 1,000.

Can be jailed for not filling

At the same time, CA Santosh Mishra says that in the current income tax rules, there is a provision of imprisonment of at least 6 months and maximum imprisonment of 7 years. It is not that the department can prosecute you in every case of failure to file ITR. The income department can be prosecuted only if the amount of tax exceeds Rs.10,000.According to Mishra, the Government of India has the power to prosecute a person belonging to the income group who does not file ITR for AY2022-23 by the stipulated time, December 31, 2022.

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The last date for submission of Income Tax Return (ITR) is 31st July, but you can still file ITR till 31st December. However, for this you will have to pay a late fee. According to the Income Tax Department, those with taxable income up to Rs 5 lakh will have to pay a late fee of Rs 1,000 for filing ITR and Rs 5,000 for those above Rs 5 lakh.

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Income from interest- If you have received interest from savings account, term deposit and FD of bank or post office, then definitely provide the information about it. The interest earned becomes taxable after a certain limit.

Income from Capital Gains- Income received from sale of shares, property and securities etc. The tax rate on capital gains varies. It can range from 10 per cent to 20 per cent in different cases. There are 2 types of capital gains. Long term and short term.

Gift- Gifts to you in a financial year or any amount received from your family members or property can be taxable. Therefore, do not forget to enter its information in the ITR form. It is worth noting that there is no tax on gifts up to Rs 50,000 in a year.

Prize or Lottery- If you have received any amount in prize or lottery, then the total amount is taxed at the rate of flat 30 percent. Therefore, give this information to the government as well and avoid any kind of trouble.

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Website related to e-filing slowed down!

People trying to file ITR before July 31, it is being said that the website related to e-filing has become slow. On the other hand, the Income Tax Department is making income tax payers aware. It was told by the department that to avoid any kind of penalty, file ITR on time. But in some cases ITR can be filed even after the last date without penalty.

Income tax experts say that under section 234F of income tax, the total income of a person during the financial year does not exceed the basic exemption limit, then there is a reason to file ITR late. that does not matter. In simple language, if your total income till the financial year 2021-22
is Rs 2.5 lakh or less, then you will not have to pay any penalty for filing income tax after July 31. The ITR to be filed on your behalf will be called Zero (0) ITR

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

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The last date for filing Income Tax Return for the financial year 2021-22 (FY22) is now very close. If you have not yet filed ITR, then do this work without delay. Filing ITR can prove beneficial in many cases. At the same time, not filing ITR on time can also become a problem. The last date for filing ITR (ITR Filing Deadline) is 31 July 2022. Meaning you have only four days left by counting to file ITR.

Still so many crore people have not filled ITR

The Income Tax Department has told that so far more than 3 crore people have filed returns. However, by July 31, about 7 crore ITRs are to be filed. In such a situation, if about 4.5 crore people file returns in the last days, then the load on the return filing portal may increase and the system may become slow. To avoid such problems, it is important that you file your return now without delay. Tax experts also believe that one should not wait for the last date to file the return.

Delay in filing ITR will attract such penalty

There are many benefits of filing ITR on time. If your Income Tax Refund is made, then the sooner you file the Income Tax Return, the sooner the refund will come in your account. Apart from this, mistakes often happen when filing returns on the last date. You can avoid this by filing your return on time. Filing ITR after the deadline may attract a penalty. For filing returns after the deadline, a late fee of Rs 1,000 will be levied on income of Rs 5 lakh or less. Late fee for income above Rs 5 lakh will be Rs 5,000. This amount can go up to Rs 10,000.

No intention to extend deadline

There are hardly 4 days left in the ITR Filing Deadline for filing Income Tax Returns. People expect that like every time the government will increase the deadline (ITR Filing Deadline Extension) this year too. However, the government has made it clear that this time it is not considering extending the last date for filing income tax returns. According to news agency PTI, the government is not going to extend the deadline beyond this. PTI had given this news by quoting the Revenue Secretary. According to PTI, the revenue secretary said that the government is not considering extending the deadline for filing income tax returns beyond July 31.

How to file income tax return on your own

To fill ITR, you have to log on to the Income Tax Department website https://www.incometax.gov.in/iec/foportal with the help of user id and password. For filing Income Tax Return (ITR), you will need PAN Card, Aadhar Card, Bank Account Number, Investment Details and Form 16 or Form 26AS. This time the Income Tax Department has made it mandatory to match the data with AIS. Later, the Income Tax Department does not give you notices, so download AIS in advance.

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The Income Tax Department has fixed 31 July 2022 as the last date for filing income tax returns and Revenue Secretary Tarun Bajaj has also told that there is no idea to extend the deadline yet. In such a situation, it is necessary to file ITR by the stipulated time limit. Even after this, income tax payers can file income tax return. But for that they have to pay late fee. Out of this, a late fee of Rs 5,000 for high income group and Rs 1,000 for low income group has been fixed. In such a situation, after filing the income tax return, the question remains in the mind of the income tax payers that in how many days will the refund be issued after filing the ITR.

How to check status

1. If your income tax refund was to come, then you can check its status online. The status can be checked through the Income Tax e-filing portal or through the website of NSDL.
2. For this, first go to the new e-filing portal of the Income Tax Department. Login here.
3. Then click on View Return/Forms. Now select Income Tax Returns and enter Assessment Year.
4. Now the status of your refund will be known. Refund status information can also be found through the website of NSDL.

These mistakes can happen

• Sometimes the refund is not received even after the release of money by the department. A major reason in the cases of income tax refund getting stuck can be a mistake in the details of the bank account .
• If you have entered your account details incorrectly while filling the form, then because of this your income tax refund may get stuck.
• In such a situation, you will have to correct the account details on the website of the Income Tax Department. After that you will again be eligible for this refund.
• Once the department has done a preliminary assessment of your verified ITR, it is found that no refund is due to you.
• This will be reflected in the notice under section 143(1) of the Income Tax Act that the tax department will send you regarding the Income Tax Act which the tax department will send to you after processing your return.
• So, if the notice shows you refund due then it will be issued but if the notice shows zero refund then it means that your refund claim was not accepted as your calculation did not match with the department’s calculation.
• The department has processed your refund, but you have not received it due to incorrect bank details. In case your refund is pending due to incorrect details provided by you, you can request the department to reissue the same after providing correct bank details.
• Once you have filed and verified your ITR, regularly check the status of your return to see if you have claimed refund.
• This helps you track your ITR processing and refund (if any). It also helps in ascertaining whether you have committed any mistake while filing the return.

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If you have not filed income tax return yet, then definitely read this news. Actually, the last date for filing income tax returns is approaching and according to the information given by the department, so far only 10 percent of the taxpayers have filed their return. In such a situation, it is expected that the Income Tax Department may extend the last date for filing ITR. Let’s know the latest updates.

Income Tax Department may extend the date!

Significantly, due to the Corona epidemic, the Income Tax Department had extended the last date for filing returns for the last two years. Now experts say that this time also the deadline for filing returns can be extended. However, no order or information has been issued on this by the department so far. This year the last date for filing returns has been fixed as July 31, 2022. In the last two years, apart from the epidemic, the deadline for returns was extended due to technical glitches coming on the portal.

Know what the Income Tax Department said

Significantly, the Income Tax Department said in a tweet on July 2, “The new software developed by Infosys is still unable to file returns continuously and the company is taking proactive measures to deal with these problems coming on the portal.” Is. It has been observed that some taxpayers are facing problem in accessing the e-filing portal of Income Tax Department. As stated by Infosys, they are resolving the issues related to irregular traffic on the portal. In such a situation, some users may have to face problems, for which we are sorry.

Know what experts say

Income Tax experts say that the department in its recent tweet has expressed concern about the problems facing the portal and has accepted the slow running of the website. In such a situation, it is expected that the department may be preparing to increase the deadline for returns.

Detailed deadline for filing ITR 

The last date for filing income tax returns for individual HUFs is July 31, 2022, while the last date for filing income tax returns for those who require audit is October 31, 2022. Whereas the last date for filing income tax return for such business which requires TP report is November 30, 2022. In such a situation, if you also file a personal return, then fill it soon.

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Under Section 80C of Income Tax, taxpayers get the benefit of tax exemption on some of their expenses and investments. If you plan your investments well, you can claim a rebate of up to Rs 1.5 lakh per annum. In such a situation, while making a claim under it, taxpayers should avoid five mistakes.

Keep in mind the lock-in period

Certain deductions under Section 80C of Income Tax are covered under the lock-in period. FDs have a lock-in period of 5 years and Equity Linked Savings Schemes have a lock-in period of 3 years. If the taxpayer violates the rules of the lock-in period, the income is taxed as income of the taxpayer for that financial year.

Be sure to calculate tuition or school fees

If a taxpayer claims deduction for school or tuition fees, he/she has to first understand certain provisions. Taxpayer can claim fees paid for full time education of maximum two children. Only the tuition fee portion of the entire fee can be claimed. Therefore, the fee expense should be calculated before making a claim.

Avoid Investing Too Much in Endowment Plans

Endowment plans are good for tax saving and investment. However, investing a large part of the earnings in it will not give good returns. Therefore, to save more, invest in such term plans, on which discounts are given.

home loan repayments

Income tax payers can claim repayment of any type of home loan under 80C, but it needs to be understood that the principal amount of personal loan (loan taken from friends-relatives) is not covered under 80C. For claim, it is necessary to take loan from bank, co-operative bank, national housing bank etc.

Claim on Registration Stamp Duty

Stamp duty, nomination fee and certain other expenses related to transfer of residential house property can be claimed under 80C. For commercial property, these expenses cannot be claimed under 80C.

Don’t spend money in a hurry

One should not invest in haste in the greed of saving tax. This increases the chances of taking wrong investment decisions. So invest wisely and don’t invest just to save tax.

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Income Tax Department for the financial year 2021-22 or assessment year 2022-23. Income tax return forms have been notified. No major changes have been made in the forms this time, but still some things have changed (New ITR Forms Rules). Taxpayers will now have to provide some additional information as well. If these changes are not known, then it is possible that you may have some problem in filling the form. Let us know about 9 such information that you have to give while filing ITR.

1- Enhanced category for pensioners In

ITR forms, pensioners will have to provide information about the source of pension. Pensioners have to choose one of the few options in the Nature of Employment drop-down menu. If there is a Central Government pensioner then choose Pensioners – CG, if there is a state government pension then choose Pensioners – SC, if getting pension from a public sector company then choose Pensioners – PSU and rest of the pensioners choose Pensioners – Others, which includes EPF pension Is.

2- Declaration of taxable interest in EPF account

If you contribute more than Rs 2.5 lakh in a year to EPF, then you will have to pay tax on the interest earned on the additional contribution. You will have to mention this interest in the ITR form.

3- Date of purchase or sale of building or land

If you have bought or sold any land between 1st April 2021 to 31st March 2022, then from this year you will also have to give the date information. You have to mention the date of purchase or sale under Capital Gains in the ITR form.

4- Information about the renovation of land or building every year, the information

you have spent on the renovation and improvement of land or building, you will have to give information on year to year basis. This cost has to be deducted from the sale price to arrive at long-term capital gains. From this year onwards, you are also required to give this information.

5- Actual cost of acquisition

While reporting capital gains, till now only index cost was required to be reported, but from this year onwards, you will have to provide index cost as well as original cost.

6- Additional information to support the residential status
While filing ITR, you are required to state your residential status. This year if you are filing ITR-2 or ITR-3 form, you will have to select the required option to support the residential status. In this you will get many options, in which you will have to tell how long you have been living in India. Earlier also, residential status was asked in ITR forms. However, this year very accurate information is being taken to ensure correct residential status.

7- Information about deferment of tax on ESOPs

As announced in the budget of 2020, employees of a startup can defer tax on ESOPs received by them for the future. However, there are some terms and conditions for this as well. This time while filling the ITR form, the employee will have to mention the amount of tax deferred. The taxpayer will have to give details such as the amount of tax deferred in the financial year 2020-21, tax due in 2021-22, the date on which he ceased to be an employee of the company, the amount of tax to be deferred for the next year, the balance.

8- Foreign assets and earnings

If someone has assets abroad or has earned dividend or interest on any asset from abroad, then it is necessary to give information while filing ITR. ITR Form-2 and ITR Form-3 can be used for this.

9- Details of property sold outside

India All the details of the property such as the buyer and the address of the property have to be given.

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In fact, the Revenue Secretary has said that the government has no idea at present to extend the date for filing ITR beyond July 31. Let us tell you that the filing of Income Tax Return for the financial year 2021-22 and assessment year 2022-23 has started from June 15, 2022. 

government told the deadline 

Actually, like the last two years, this time too the last date for tax filing was expected to be extended, but now the government has made its stand clear. If you have received Form-16 from your office, then fill it without delay. If you do not fill it before the deadline, then you may have to pay a penalty. Apart from this, when more taxpayers file returns on Income Tax E-filing website, the load increases. In such a situation, if you also want to avoid the problems in income tax filing, then do not wait for the last moment. 

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So get this work done as soon as possible. Yes, apart from this, you also have many benefits of filing Income Tax Return. You will also be surprised to know these benefits.

Filing Income Tax Return is a profitable deal for you in many cases. Although some people play some trick to avoid tax, but we tell you why paying tax is beneficial for you? If you do not file ITR, then on some occasions it can become a big problem for you. Let us know about the benefits of filing income tax.

1. Any bank or financial institution helpful in taking loan from the bank sees your income before giving loan. The biggest proof of this is the ITR filed by you. This is how your income is estimated. There are many financial institutions that give loans only on the basis of the information entered in your ITR. Therefore, if you also want to take a loan, then ITR will prove to be helpful.

2. Beneficial in increasing business

If you already do business, then ITR will prove to be very helpful for you. Let us tell you that government departments or big companies prefer to buy any product from the same businessmen who have been filing ITR for the last three to four years. If you are filing ITR, then it will also help you in expanding your business in the coming time.

3. Ease of Investing in Property

Filing an income tax return helps you in buying and selling a house, depositing large sums of money in banks and investing in mutual funds. If the filers of ITR invest a large amount in mutual funds or deposit a large amount in the bank, then there is no danger of getting a notice from the Income Tax Department. Apart from this, you are not inquired even after buying the property.

4. Ease of taking a large insurance cover

Apart from taking a loan from the bank, if you take a big insurance cover for yourself and family, then ITR is also beneficial for you. The reason for this is that many insurance companies ask for ITR. The bigger your ITR, the bigger the cover you are likely to get. From this your income regularity is estimated.

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Benefits of filing ITR

Benefit No. 1: It is necessary to file ITR to claim tax refund. When you file ITR, the Income Tax Department does its assessment. If a refund is made, it gets directly into the bank account.

Benefit number 2: Visa authorities of many countries ask for ITR of 3 to 5 years for visa. Through ITR, they check that the financial status of the person who wants to come to their country is.

Benefit number 3: A certificate is available on filing ITR. Whenever ITR is filed, Form 16 is filled with it, Form 16 is available from where the person is doing the job. In this way an officially certified document is obtained, which proves that the person has an annual fixed income of so much money. Having a registered proof of income helps in proving credit card, loan or own credit.

Benefit number 4: ITR is your proof of income. It is accepted by all government and private organizations as income proof. If you file ITR regularly, then you can easily get loan from the bank.

Benefit No. 5: ITR receipt is sent to your registered address, which can act as an address proof. Apart from this, it also acts as income proof for you.

Benefit number 6: If you want to start your own business then filing ITR is very important. Apart from this, to take a contract in any government department, ITR for the last 5 years has to be given.

Benefit number 7: If you want to take a term plan of Rs 1 crore, then insurance companies can ask you for ITR. In fact, they rely on ITR to know the source of your income and check its regularity.

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The last date for filing Income Tax Return (ITR) is just 10 days away, but still professional Chartered Accountants involved in filing tax returns are facing some difficulties. They claim that the website (incometax.gov.in,) runs fine a few times a day, but becomes quite sluggish at times. However, as the last date approaches, the number of return filers is also increasing.

So far around 2.25 crore people have filed returns. According to the official associated with the matter, the officials of the tax department are in constant touch with Infosys, the company that maintains the portal.

Tax experts Yogendra Kapoor said that technical difficulties are being faced at some places. In some cases, things like data entry and form verification are either partially working or not working at all, he said.

Apart from this, experts believe that people are finding it difficult in return filing, choosing the reason for filing income tax return, getting OTP and e-verification, generating taxpayer information report. There are also complaints of delay in opening of the website and sluggish opening of many of its webpages.

Sources also say that proposals are coming to the Income Tax Department to extend the last date of return, but the Income Tax Department is not in a mood to extend the date yet. The focus of the department is currently on resolving the problems being faced on the portal.

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The Income Tax Department has fixed July 31 as the last date for filing income tax return forms for the financial year 2021-22 and is also making taxpayers aware by sending SMS repeatedly. This time many types of SMS are coming from the department, due to which confusion is also arising among the taxpayers.

You will also have different types of SMS coming from time to time from the Income Tax Department. There is no need to panic about this and there is no need to create any kind of confusion. Once you understand the messages given in these SMS, things will become easy for you. With the help of this, you will also be able to fill your ITR in a better and easier way.

What is meant by data verification

The Income Tax Department is sending a new message to the taxpayers this time. In this, they are being asked to reconcile their documents and verify all the data before filing ITR. In such SMS coming from the Income Tax Department, it is being said that before filing ITR, it is being said to collate your data through documents like Form 26AS and Annual Information Statement (AIS).

This time the Income Tax Department is giving all the data related to annual transactions by including it in AIS, which will not only make it easier to file returns but also increase transparency. Apart from this, your investment information will also be there in Form 26AS, which will have to be verified by matching the information given in the ITR form. You can download both these forms from the website of Income Tax Department.

FAST ITR FILLING MESSAGE

In yet another type of SMS, the Income Tax Department asks taxpayers to file their Income Tax Returns at the earliest. In this SMS, citing the last date for filing returns, taxpayers are appealed to avoid last minute rush. The department has fixed July 31 as the last date for filing income tax returns this year. In such a situation, it is better that you file your return early without delay.

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

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

What are the other conditions

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

31st July is the last date to file ITR

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

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The Income Tax Department has urged taxpayers not to wait till the last minute to file their Income Tax Return (ITR) . The last date for filing ITR for the assessment year 2022-23 is July 31, 2022. The department has reminded the taxpayers not to delay and file their ITR today as the due date is approaching soon. Also, the department asked the taxpayers to e-verify after filing.

The ITR form enables a taxpayer to report his income and taxes paid to the department in a financial year. It is mandatory to file ITR if your income exceeds the basic exemption limit.

The IT department on Saturday said, “The due date for filing ITR is approaching! Don’t forget to file ITR for AY 2022-23 before 31st July 2022 . Spend today and avoid the stress of filing last minute.

The due date to file ITR is approaching!
Don’t forget to file ITR for AY 2022-23 before 31st July 2022.
File today and avoid the stress of filing last minute!
Pl visit: https://t.co/GYvO3n9wMf#ITD #FileNow pic.twitter.com/B4vm4j04jo

— Income Tax India (@IncomeTaxIndia) July 16, 2022

By filing ITR on time, you will get these five big benefits-

Technical issues The income tax e-filing portal was launched in June last year, but there have been several occasions where the system has faced technical issues and glitches, which has made it difficult for taxpayers to file income tax returns, or file any other tax obligations on time. interrupted by.

Earlier this month, on July 2, the Income Tax Department said that they have noticed that taxpayers are facing problems in accessing the ITD e-filing portal. Infosys, the seller of the e-filing portal, said that there were some irregularities on the portal, for which proactive steps are being taken.

So, it is always better to be prepared and file your ITR on time or perhaps even before the deadline to avoid any lapses that may delay your filing process. There may be heavy traffic on the system for last-minute ITR filers.

Possibility of errors

The last minute rush to file ITR can open up the possibility of mistakes, leading to rejection of your return by the department. Untimely ITR filing has been seen as one of those mistakes which can result in error.

Some of the most common errors are – filling up of wrong ITR form, quoting wrong assessment year, and wrong personal information like name, date of birth, PAN and bank details. In addition, there may be factual errors, calculation errors, misrepresentation of income, and missing additional details of investments and other income.

It is always better to have enough time in advance when you file your ITR. It helps you to keep calm and file and check your documents thoroughly.

According to the IT department, a request for rectification can be submitted on the e-filing portal, if a notice issued by the CPC under section 143(1) or section 154 shows any discrepancy on record or by the Assessing Officer ( Where the correction rights are transferred by the CPC). Correction request can be submitted only for those returns which have already been processed by CPC.

Further, the department directs that correction of tax liability, gross total income, total deduction and personal information can be done by the taxpayers on the e-filing portal.

Penalty

If you fail to file your ITR on time, you will be liable to pay a certain amount as penalty to the department.

Section 234F of the Income-tax Act states, “Without prejudice to the provisions of this Act, where a person is required to furnish a return of income under section 139, he shall do so within the time prescribed in sub-section (1).” fails to do. said section, he shall pay the fee as…”

For filing returns on or before December 31 of the assessment year, a penalty of Rs 5,000 is levied. Whereas in any other case the fine will be Rs 10,000.

It is worth noting that if the total income of the person does not exceed 5 lakhs – then the fee payable under this section will not exceed Rs 1,000.

Profit carrying loss

If you file your income tax return on time, you will be able to carry forward your losses in subsequent years. There are two types of loss adjustments.

As per the IT Act, if the taxpayer has suffered loss from any source under a particular income in any year, he is allowed to set off such loss against income from any other source falling under the same head. The process of adjustment of loss from one source under a particular head of income against income from other sources under the same head of income is called inter-head adjustment, e.g. profit from business B against profit from business A. loss adjustment.

Further, it is clarified that if in any year, the taxpayer has suffered a loss under one head of income and income under another head of income, then he shall pass on the loss from one head to the income from the other head. can be adjusted against, for example, under the head of house property to be adjusted against loss salary income. This is called inter-head adjustment.

However, specifically, the loss can be carried forward only if the return of income/loss for the year in which the loss has occurred is furnished on or before the due date of furnishing of ITR prescribed under section 139(1) .

Help in TDS claims

Tax Deduction at Source (TDS) is a very common deduction from an individual’s salary or income from other sources. However, TDS claim can be reversed by filing ITR. During e-filing, a taxpayer should sum up his income from various sources which would result in tax liability, and then deduct them from the amount of TDS applicable to your income. If the TDS of a taxpayer is more than his total tax liability in a financial year – it means refund is due from the government. For TDS, a taxpayer has to submit Form 16 which can be availed from his employer.

By filing ITR on time, you can get your TDS refund in your bank account within few months.

The post Income Tax Return Filing: Five big benefits of filing ITR on time, as well as refund will come soon in the account first appeared on Rightsofemployees.com.

These documents are mandatory

For filling ITR on the e-filing portal, you must have some important documents, such as PAN card, Aadhar card, Form 16, bank account details, investment details with proofs and other income proofs. Apart from this, linking of PAN and Aadhaar is mandatory for filing ITR. Also your e-mail ID should also be registered with the Income Tax Department.

Things to keep in mind while filing ITR

If you have changed jobs during the last financial year i.e. 2021-2022, know how you have to file ITR. For this, you will need Form 16 issued by both the companies while filing ITR. It is worth noting that it is necessary for companies to issue Form 16 by 15th June every year. Actually, this Form 16 contains the details of the salary received from the company. In this information is given that how much TDS has been deducted by the company during the financial year.

Add gross salary

While filling the ITR, keep in mind that there is a column of gross salary in Part B of Form-16. Add the deduction claimed by you and the allowances that are not chargeable to tax. According to the rule, in this you have to add the total gross salary received from both the companies. Apart from this, the amount of HRA, (HRA), LTA will also have to be added from both Form 16. By adding this, you will get the amount on which you have to claim tax exemption. That is, if you have joined a new job in this financial year, then definitely take care of these batons while filing income tax.

The post ITR Latest Update: How to e-file income tax return after job change, see here complete process first appeared on Rightsofemployees.com.

Income Tax Return: Important news for those filing income tax returns. The Income Tax Department had recently tweeted that the e-filing portal developed by Infosys is still facing technical glitches, due to which normal traffic cannot come. In such a situation, the last date for filing Income Tax Return may be extended.

The post ITR Increased Date: Income Tax Department may extend the date! Detailed deadline for filing ITR first appeared on Rightsofemployees.com.