filing tax returns - Rightsofemployees.com https://www.rightsofemployees.com Know Your Rights Mon, 20 May 2024 05:09:26 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.4 https://www.rightsofemployees.com/wp-content/uploads/2018/01/cropped-emp1-32x32.png filing tax returns - Rightsofemployees.com https://www.rightsofemployees.com 32 32 Filing tax returns? Check your AIS before filing income tax return https://www.rightsofemployees.com/filing-tax-returns-check-your-ais-before-filing-income-tax-return/ Mon, 20 May 2024 05:09:26 +0000 https://www.rightsofemployees.com/?p=29478 New Delhi. Before filing Income Tax Return (ITR), be sure to check your Annual Information Statement (AIS). If there is any mistake in that statement, please give your feedback to the Income Tax Department so that the department can correct that mistake. Currently, AIS does not have the facility to provide real time feedback. For […]

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]]> New Delhi. Before filing Income Tax Return (ITR), be sure to check your Annual Information Statement (AIS).

If there is any mistake in that statement, please give your feedback to the Income Tax Department so that the department can correct that mistake. Currently, AIS does not have the facility to provide real time feedback.

For the first time, this facility has been started by the Income Tax Department. AIS contains complete details of all financial transactions made during the year on which tax can be collected.

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AIS can be seen on the e-filing portal

Your AIS can be viewed by visiting the e-filing portal related to ITR. Now you will also be able to give real time feedback on the details shown in AIS. That feedback will immediately go to the source from where the Income Tax Department has taken that information. Then the income tax payer will also get information about the response given by that source.

If there is a need to change the information, the AIS will be amended. Tax experts said that a working person invests and buys in many places like mutual funds, stock market, LIC etc. Mediums like mutual fund companies, stock markets provide information about our purchases and sales to the Income Tax Department. But there can be a mistake in this also.

Suppose a person sold shares worth Rs 60,000, but in the AIS it is showing that he has sold shares worth Rs 1 lakh. On this information, he will give his feedback which will go to the share company and if that company gives the feedback that yes, the person has sold shares worth Rs 60,000 and not Rs 1 lakh, then the Income Tax Department will amend the AIS. . If it rejects this feedback there will be no change in AIS.

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Chartered Accountant (CA) and tax expert M.K. Gupta said that its advantage will be that people will be able to fill correct ITR. Presently, even if there is wrong information in AIS, people consider it to be correct and pay tax. This facility will increase transparency and make compliance easier. After giving feedback on AIS details, the income taxpayer will get the information till the date of feedback given at the source.

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]]> Income Tax Return: No tax is to be paid on these incomes, know the important things before filing the return https://www.rightsofemployees.com/income-tax-return-no-tax-is-to-be-paid-on-these-incomes-know-the-important-things-before-filing-the-return/ Mon, 25 Jul 2022 11:05:10 +0000 https://www.rightsofemployees.com/?p=1444 Income Tax Return: The time for filing income tax return is now near. July 31 is the ITR deadline for filing income tax returns and after that, a penalty can be imposed for filing tax returns. Although every citizen of the country, who is making income in the form of salary or business, he should file Income […]

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Income Tax Return: The time for filing income tax return is now near. July 31 is the ITR deadline for filing income tax returns and after that, a penalty can be imposed for filing tax returns. Although every citizen of the country, who is making income in the form of salary or business, he should file Income Tax Return, but under the provisions of the Income Tax Department, there are some such incomes, where tax is exempted. gets. If you pay income tax, then it is important for you to know which types of income are not subject to income tax. Here Section 80C and 80U of Income Tax play a big role. 

Gifts up to Rs 50000

It is very common to levy tax on gifts. Gift tax has been levied since the time of Prime Minister Nehru. But there is a provision here and that if you have received an expensive gift but its value is only 50 thousand rupees, then no tax will be levied on it. Although there is a provision to pay tax on expensive gifts, you have to show it in Income from Other Sources in ITR.

PF and Gratuity

Income like PF and gratuity is also not taxed. However it has some conditions. If it has been more than 5 years since the deduction of PF, then it will become tax free. But on withdrawal of PF before 5 years, 10 percent TDS will be charged. Apart from this, the gratuity of government employees is completely tax free. But private sector employees get tax exemption only on gratuity up to Rs 10 lakh.

Income from farming

Under the provisions of income tax, income from agriculture in the country is also not taxed, but if income starts from other sources including agricultural processing, then it is taxed. In such a situation, only the income from other sources will be taxed and the income from agriculture will be tax free.

Gallantry award

In the country, the pension of people who have received gallantry awards like Maha Vir Chakra, Param Vir Chakra and Vir Chakra is not taxed. Apart from this, the family pension of such people is also tax free.

Scholarship

Although scholarship is given by the state and central government, but it is also considered as income in a way. But the important thing is that there is no income tax on it. Under Section 56 (ii) of Income Tax, the money received from the scholarship is tax free.

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