But, amidst all this hustle and bustle, do not forget an important date or rather deadline. If you exceed this limit then you will not get any income tax exemption. Even if you are paying home loan interest or earning from FD interest.

Actually, we are talking about Income Tax Return (ITR Filling) for the financial year 2023-24, the deadline for which has already been fixed by the Income Tax Department as July 31, 2024. If you file your ITR before this deadline, then you will be given a chance to choose the old regime. After crossing the prescribed deadline, taxpayers will not be given the option to choose the old regime.

What is the old and new regime?
The government had implemented a new tax regime in 2019, in which the income tax slab rates are lower, but no tax exemption of any kind is given. The government had implemented the new regime only after eliminating 70 types of tax exemptions. At the same time, even though the slab rate is higher in the old regime, there is a direct tax exemption of Rs 3.50 lakh on home loan interest and principal, Rs 1.5 lakh under 80C and Rs 75 thousand on insurance. Apart from this, you get tax exemption on other options also.

Why do you have to choose a regimen?
The government has implemented the new tax regime by default from the budget of 2023. This means that if the investor does not choose any regime, his earnings will be calculated under the new regime and tax will be deducted as per its rate. This means that if you want to avail tax exemption on loan, investment or other types of allowances, then you will have to choose the old tax regime yourself. For this, it is necessary to file returns before 31st July.

If you miss the deadline…
If a taxpayer does not file his return by July 31, then from August 1, 2024 to December 31, 2024, such taxpayers will be given a chance to file belated ITR. This means that such taxpayers will be able to file their returns by paying some penalty, but they will not be allowed to use the old tax regime. In such a situation, tax will be deducted directly from their earnings at the same rate by implementing the new regime.

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There is no need of linking for these people.

As per Section 139AA of the Income Tax Act, linking becomes necessary for every user who has been issued a PAN card by July 1, 2017 and also has an Aadhaar card. However, this linking is not necessary for the residents of Assam, Jammu & Kashmir and Meghalaya.

Moreover, as per the Income Tax Act, 1961, even a non-resident is not bound to get Aadhaar-PAN card linked. Linking is also not necessary for those who are 80 years or more or are not citizens of India till the last year. According to the Income Tax Department, those who fall under one of the above categories and want to voluntarily link their Aadhaar with PAN will have to pay a fine.

how to link pan and aadhar card

To link PAN and Aadhaar card, you have to visit the Income Tax e-filing portal website https://incometaxindiaefiling.gov.in/.
— On that go to the option of Link PAN Aadhaar Card and click on register. In this you will have to enter your PAN user ID.
Log in by entering your User ID, Password and Date of Birth. A pop up window will open to link your PAN with Aadhaar.
— As per PAN, details like name, date of birth and gender will already be mentioned there. Verify your Aadhaar and PAN card details. If the details match, enter your Aadhaar number and click on the “Link Now” button. A pop-up message will inform you that your Aadhaar has been successfully linked with your PAN.

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At the same time, income tax return is filed according to different income. However, now you have to keep in mind that even 30 percent income tax of some people is going to be deducted. The last date for income tax return filing to disclose the income earned in the financial year 2022-23 is 31 July 2023.

Income tax return

Actually, there are two systems for filing income tax return in India. One of these is the New Tax Regime and the other is the Old Tax Regime. People get to see different tax slabs and different benefits in both the tax systems. At the same time, a maximum tax of 30 percent is also paid in both these tax slabs. Also, if someone files income tax return after the due date, then penalty can also be imposed on him.

Presenting the New Tax Regime Budget 2023, Finance Minister Nirmala Sitharaman made several important announcements under the New Tax Regime. During this, he had said that in the financial year 2023-24, if a taxpayer chooses to file tax according to the new tax regime, then he may have to pay a maximum of 30 percent tax. Under the new tax regime, if a person’s annual income is more than Rs 15 lakh, then he will have to pay 30 percent income tax.

Old Tax Regime

On the other hand, in the financial year 2023-24, if a person files ITR under the old tax regime, then he may also have to pay a maximum of 30 percent tax. Under the old tax regime, if a person’s income is more than Rs 10 lakh on filing income tax return, then he may have to pay 30% tax.

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The Income Tax Department has said that PAN cards will become inactive from April 1, so if PAN holders do not link it within the stipulated time, they may have to face huge losses. At the same time, a fine of Rs 10,000 can also be imposed for using an inactive PAN.

The Income Tax Department has told the PAN card holders that please do not delay, link your PAN with Aadhaar today itself. The Income Tax Department has said through an urgent notice that according to the Income Tax Act 1961, all PAN holders who do not come under the exemption category, should link their PAN number with Aadhaar number before March 31, 2023.

PAN will be deactivated from April 1

The Income Tax Department has said that in case the PAN card is not linked to Aadhaar, from April 1, 2023, your PAN will be canceled under Section-139AA of the Income Tax Act. After this the PAN card cannot be used.

10,000 fine for using inactive PAN

According to the Income Tax Act, there is a provision to impose a fine of Rs 10,000 for using an inactive PAN card. Therefore, those who have PAN card and are not eligible for the exemption given by Income Tax, they will have to link it before March 31, 2023.

Link now by paying late fee:

According to the Income Tax Department, till July 1, 2022, the process of linking PAN with Aadhaar has been free. But, after July, now the deadline to link PAN has been extended till March 31, 2023 and for this PAN holders will have to pay Rs 1,000 as late fee.

How to do PAN-Aadhaar Link

The online process of linking PAN with your Aadhaar is very easy and it takes a while. Let’s know the process of online linking step by step.

1. PAN card holders first go to the e-filing website of the Income Tax Department (www.incometaxindiaefiling.gov.in).
2. After this register yourself on the website. Here PAN number will be your user ID.
3. Now login by entering User ID, Password and Date of Birth.
4. On the website you will see an option ‘Link Aadhaar’, click on it.
5. After this go to the profile setting of your account.
6. An option to link Aadhaar card will appear in the profile setting, select it.
7. After this enter your Aadhaar number and captcha code.
8. Now click on the ‘Link Aadhaar’ option shown below.
9. After completing this process, your PAN card will be linked with Aadhaar.

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PAN card is also used for identification and financial transactions, but sometimes people make one or more PAN cards by mistake. This time in the budget, Finance Minister Sitharaman has also made a big announcement regarding the PAN card. In Budget 2023, the Finance Minister has given a new identity to the PAN card. He has said that now the use of PAN card will be common for all. Now you can use PAN card as a Common Identifier. Along with this, any business can also be started with PAN card only.

In such a situation, it is very important that your PAN card remains active. For this, PAN card holders are advised to link their Permanent Account Number (PAN) with Aadhaar card number by March 31, 2023. If you do not link your PAN with Aadhaar before this deadline, then your PAN card can also be deactivated. Along with this, you will also have to pay Rs 1,000 for linking PAN with Aadhaar.

These PAN card holders will have to pay Rs 10,000.

Further, if the person presents a PAN card, which is no longer valid, then under section 272N of the Income Tax Act 1961, the Assessing Officer may direct that such person pay Rs 10,000 as penalty. Will pay an amount of Rs.

Jail can also happen for these reasons.

Many times people make one or more PAN cards by mistake. Although these PAN cards are made only on the basis of correct identity and details, but before 2016 the Income Tax Department had received many complaints. In these complaints, it was revealed that he had more than two PAN cards.

If you also have more than one PAN card, then it would be better for you to surrender them. The Income Tax Department says that if a person has more than one PAN card, then there is a minimum punishment of 6 months and a minimum fine of Rs 10,000. This punishment and fine can both increase.

This is how you can get the link online

First of all go to the website of Income Tax.
Enter the name, PAN number and Aadhaar number as given in the Aadhaar card.
Tick ​​the square if only the year of birth is given in the Aadhaar card.
Now enter the captcha code.
Now click on the Link Aadhaar button,
your PAN will be linked to Aadhaar.

This is how you can link through SMS,

you have to type UIDPAN on your phone. After this, write the 12 digit Aadhaar number. Then write the 10 digit PAN number. Now send the message mentioned in step 1 to 567678 or 56161.

How To Activate Inactive PAN An inactive PAN card can be activated. For this you have to do an SMS. You will have to go to the message box and enter the 10-digit PAN number from your registered mobile, then enter the 12-digit Aadhaar number by giving a space and send an SMS to 567678 or 56161.

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Income Tax Department issued an alert by tweeting

The Income Tax Department has issued an alert through its official Twitter handle on Tuesday that it is mandatory for all PAN card holders to link their PAN with Aadhaar, otherwise your PAN card will be deactivated. This alert has been issued in the tweet, ‘As per the Income Tax Act, 1961, it is mandatory for all PAN holders, who do not fall in the exempted category, to link their PAN with Aadhaar before March 31, 2023. Otherwise, from April 1, 2023, your PAN card will be deactivated. Urgent notice. Don’t delay, link it today itself.

To link PAN with Aadhaar, first one has to visit the Income Tax website.

After this you have to visit the website ‘e-filing’ section.

After this you have to click on the option of ‘Quick Links’.

After this you have to click on the option of ‘Link Aadhaar’.

After this you have to enter PAN, Aadhaar Number and your name.

After this you will get OTP on the registered mobile number. After entering this, Aadhaar and PAN will be linked.

You can also link PAN through SMS

You can also link your PAN card with Aadhaar through SMS.

For this you have to send SMS to 567678 or 56161 from your registered mobile number.

The format of the SMS will be UIDPAN<space><12 digit Aadhaar Card><space><10 digit PAN>.

If the name and date of birth in your Aadhaar card and PAN card are the same, then your PAN will be linked to Aadhaar.

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

Delayed ITR

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

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

Know how much is the fine:

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

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Now only a few days are left for the new year to come. Before the new year starts, make sure that all your work related to income tax is settled. 31 December 2022 The last date for filing revised income tax return for the financial year 2021-22 is 31 December 2022. Under the Income Tax Act, if a person has missed the last date for filing the original income tax return, he can also file ITR till December 31.

If you missed earlier then still there is a chance

So, if a person had not filed the return on or before July 31, 2022, then he has a chance till December 31, 2022 to file ITR. Similarly, if you had made a mistake while filing the original income tax return, then the taxpayer can correct it by filing a revised income tax return. The last date for filing revised ITR for the financial year 2021-22 has been kept as 31 December 2022.

If you missed filing ITR, you can file ITR under section 139(4) of the Income Tax Act, 1961. However, the process to file it is the same as for normal ITR filing. While filing this, the taxpayer should take care of two things. First, select section 139(4) in the tax return form and pay the appropriate amount of penalty, interest on penalty and outstanding tax.

These taxpayers will be fined

Under Section 234F of the Income Tax Act, late filing of ITR attracts a penalty of Rs 5,000 on the taxpayer. However, small taxpayers with taxable income up to Rs 5 lakh have to pay a penalty of Rs 1,000 only. Late ITR filing fee has to be paid before starting ITR filing.

Let us tell you that according to the Central Board of Direct Taxes, taxpayers who have earned through online games, lottery or betting and have not given its details in ITR, they will have to file an updated ITR and give these details in it. According to income tax rules, taxpayers who have filled wrong information in their ITR or have filled half incomplete information, they also have to fill updated ITR.

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Let us tell you, tax exemption in India is classified on the basis of the type of income. Agricultural income, pension, allowances and other forms of income are not included. There is another possibility of deduction of tax at source.

Tax exemption is an arrangement that reduces taxable income. You may be excluded from paying taxes in full, at reduced rates, or entirely on a portion of your earnings. Rather than the absence of taxation in specific cases, tax exemption is a statutory exception to a general rule. Tax credits are given to encourage certain economic activities.

Significantly, a new tax structure was implemented in the Union Budget 2020-21. Taxpayers were given the option to choose between the previous system, which had separate deductions and exemptions, and the new regime, which included lower tax rates but no exemptions or deductions.

The change was aimed at simplifying the income tax law as well as providing substantial assistance to individual taxpayers.

When asked about the experience of the new tax regime, sources indicated that there is clear evidence that those who have completed their home and education loans are eager to move to the new tax regime as they have There is no exemption to claim.

According to sources, the reduction in taxes in the new system will make the new tax system more attractive.

In September 2019, a comparable tax structure was implemented for business taxpayers, with much lower rates and fewer exemptions.

The government announced a reduction in the base corporation tax rate from 30% to 22% for existing companies, and from 25% to 15% for new manufacturing enterprises formed after October 1, 2019 and starting operations before March 31, 2024. announced a reduction. Companies opting for these higher tax rates will have to forego all exemptions and incentives.

Under the new tax regime for individual taxpayers announced on February 1, 2020, people with annual income up to Rs 2,50,000 do not pay any tax.

The tax rate is 5 per cent for income between Rs 2,50,000 to Rs 5,00,000.

Also, those earning between Rs. 50000 and Rs. 7,50000 have to pay a tax rate of 10%; Those earning between Rs 7,50000 to Rs 10,000 are paid tax at the rate of 15%; Those earning between Rs.100000 to Rs.12,500,000 have to pay tax at the rate of 20%; Those earning between Rs.12,500,000 to Rs.1500000 have to pay a tax rate of 25%; And those earning more than Rs 1500000 have to pay 30% tax rate.

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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 government has fixed July 31 as the last date for filing ITR this year. Now the Income Tax Department has changed some rules for ITR filing. It is important to know about these changes, otherwise you may get a notice from the department even after filing ITR.

All earnings details in AIS 

Actually, keeping in mind the convenience of the taxpayers, recently Income Tax The department has launched a new tool Annual Information Statement or AIS (Annual Information Statement- AIS). The Annual Information Statement was launched on November 1, 2021. 

The IT department has started these to bring transparency in ITR filing and to make things simple. This statement provides more information than 26AS. Only high value transactions and TDS are mentioned in Form 26AS whereas AIS contains all the details of savings bank interest, dividend, capital gains and share transactions.

Filing of Income Tax Return with the help of AIS will become easier for the taxpayers. Taxpayers can now get their ITR verified through AIS before filing it and avoid facing the notices of Income Tax Department in future.

How to Download AIS

>> First of all you have to login to ITR filing portal through PAN/Aadhaar and Password.

>> Go to the ‘Services’ section at the top and click on ‘AIS’.

>> After this, click on ‘Proceed’.

>> Now you have to tap on Download. Here you can opt for PDF or JSON.

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