If you’re short on immediate funds but need to pay your income tax, using a credit card can be a convenient option. The Income Tax Department allows taxpayers to pay certain tax liabilities online through its e-filing portal, including payments made via authorized credit card payment gateways.

However, while the facility offers flexibility, taxpayers should understand the associated charges and repayment rules before choosing this payment method.

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Can You Pay Income Tax Using a Credit Card?

Yes.

The Income Tax Department permits taxpayers to pay various direct taxes online using a credit card through its e-Pay Tax facility.

The option is available for payments such as:

• Advance Tax
• Self-Assessment Tax
• Outstanding Tax Demand
• Other eligible direct tax payments

The payment can be made through authorized payment gateways that support credit card transactions.

What Is the e-Pay Tax Facility?

The e-Pay Tax facility is an online service available on the Income Tax Department’s e-filing portal that allows taxpayers to pay taxes electronically.

The service is available in:

• Post-login mode (after signing into the e-filing portal)
• Pre-login mode (using PAN/TAN verification through OTP)

Besides credit cards, taxpayers can also make payments using:

• Debit Cards
• Net Banking
• UPI

Once a payment mode is selected, users are redirected to the respective payment gateway to complete the transaction.

How to Pay Income Tax Using a Credit Card

Follow these steps after logging into the Income Tax e-filing portal:

Step 1

Go to:

Dashboard → e-File → e-Pay Tax

Select the appropriate option and click Continue.

Step 2

On the e-Pay Tax page, click New Payment.

Step 3

Choose the relevant tax payment category, assessment year, minor head and other required details before clicking Continue.

Step 4

Enter the applicable tax amounts under the relevant tax heads and proceed.

Step 5

Select Credit Card as the payment method and complete the transaction through the payment gateway.

After successful payment, download and save the challan receipt for future reference.

Are There Any Charges?

Yes.

Paying income tax through a credit card is generally not free.

Banks and payment gateways may charge a convenience or processing fee, typically ranging from:

• 0.85% to 1.25% of the tax amount

The exact fee depends on the bank or payment gateway handling the transaction.

Will You Pay Interest?

Not necessarily.

The tax payment is treated like any other credit card purchase.

Interest is charged only if:

• You fail to pay the full credit card bill by the due date, or
• You carry forward the outstanding balance.

Most credit cards offer an interest-free period of around 45 to 55 days, allowing users to manage short-term cash flow without paying finance charges if the bill is cleared in full within the billing cycle.

Are There Any Benefits?

If the credit card bill is paid on time, taxpayers may enjoy several advantages, including:

• Better short-term cash flow management
• Reward points
• Cashback (if applicable)
• Interest-free credit during the billing cycle

However, these benefits should be weighed against the processing fee charged by the payment gateway.

Things to Keep in Mind

Before using a credit card to pay taxes, remember:

• Convenience or processing charges may apply.
• Clear the full credit card bill before the due date to avoid high interest charges.
• Keep the tax payment challan safely for future reference.
• Compare the processing fee with the rewards or cashback offered by your card to determine whether it is cost-effective.

Key Highlights

• Income tax can be paid using a credit card through the Income Tax Department’s e-filing portal.
• The facility supports advance tax, self-assessment tax and outstanding tax payments.
• Payments can be made in both pre-login and post-login modes.
• Banks and payment gateways may charge a convenience fee of 0.85% to 1.25%.
• Interest is charged only if the credit card bill is not paid in full by the due date.
• Most cards offer an interest-free period of 45–55 days.
• Taxpayers should download the challan after successful payment.

FAQs

Can I pay income tax using a credit card?

Yes. The Income Tax Department allows taxpayers to pay eligible taxes using a credit card through the e-Pay Tax facility on the e-filing portal.

Which taxes can be paid using a credit card?

Eligible payments include advance tax, self-assessment tax, outstanding tax demands and other applicable direct taxes.

Is there any fee for paying income tax by credit card?

Yes. Banks or payment gateways may charge a convenience or processing fee, typically between 0.85% and 1.25% of the transaction amount.

Will I be charged interest immediately?

No. Interest is charged only if you do not pay your full credit card bill by the due date.

Can I earn reward points when paying income tax with a credit card?

Yes. Depending on your card issuer’s policy, the transaction may qualify for reward points or cashback, though taxpayers should compare these benefits with the applicable processing charges.

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Did you get a scary tax email today? Look, you can relax. The Income Tax Department made a mistake. Actually, they sent out many wrong emails. Specifically, these messages had errors about “big transactions.” Consequently, the department told everyone to ignore them on Saturday.

What Was the Error?

Basically, the tax office has a new plan. They want people to check their data early. However, the computer system glitched. Previously, it sent out emails with the wrong facts. Indeed, many people saw money details that were not theirs. Now, the department is fixing the technical bug.

How to Check Your Real Data

Indeed, you should not trust the email. Instead, you must look at the official site. Specifically, you should use the Compliance Portal.

Follow these fast steps:

1. First, log in to the Tax website.

2. Next, click on ‘Pending Actions’.

3. Then, open the ‘Compliance Portal’.

4. Finally, check the ‘e-Campaign’ tab for real facts.

Why Do They Send These?

Basically, the department wants you to pay tax on time. Specifically, they track big money moves.

• First, large cash deals.

• Second, buying a new home.

• Third, buying many stocks.

  Moreover, they want to stop tax cheating. As a result, they send “nudges” to help you stay honest.

What to Do Now

While they fix the bug, just stay calm. Actually, the tax office said they are sorry. Therefore, just delete the bad email. But you should check your AIS report soon. In fact, it is good to stay updated.

Quick Checklist for You

In short, the email was just a tech error. Next, you should log in to your account to be safe. Right.

Would you like me to guide you through the process of submitting feedback if you find an actual error in your AIS?

The post Income Tax Dept: Ignore Erroneous ‘Significant Transactions’ Emails first appeared on Rightsofemployees.com.

Income Tax Portal 2025: If you file your income tax returns, this news is very useful for you. The Income Tax Department has made a major change to its e-filing portal. This change will directly impact income tax payers. Let’s find out what the Income Tax Department has changed in its e-filing portal.

What has changed on the e-filing portal?
After filing your ITR return, you will be able to track your file. In simple terms, you will be able to find out when the assessing officer has viewed your file.

This feature of the Income Tax Department will strengthen trust between taxpayers and the Income Tax Department. It will also ensure accountability of officials. This will let taxpayers know whether their file has been viewed or not. This new feature takes full care of privacy. Only you, and no one else, will be able to see the status of your return file.

What benefits will taxpayers receive?
The new feature on the Income Tax portal will benefit taxpayers by allowing them to immediately know when their return filing has been processed. Officials will be pressured to process files on time, as digital records of every process will now be available. This will make it easier to resolve delays or disputes.

When will the notification be issued?
The Income Tax Department will issue a notification for this feature by the end of the year. After that, the feature will be implemented in the beginning of 2026-27, allowing those filing ITRs next year to use it.

Reduced Rules
The new income tax rule will come into effect next year. The purpose of this rule was to eliminate the complexities currently prevalent in the income tax law. Currently, there are over 500 income tax rules, while the new income tax structure will have 400 rules.

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The Income Tax Department said that this service will be disrupted due to necessary maintenance on the portal.

If you are thinking of getting your e-PAN card made soon, then there is important news for you. The Income Tax Department has recently given a big update regarding making a PAN card. The department said that the facility of making instant e-PAN will not be available for two days.

E-PAN is a digital PAN card, which you can get instantly online with the help of your Aadhaar card and mobile number linked to Aadhaar. The Income Tax Department said that the service of instant PAN will be disrupted due to necessary maintenance on the portal.

The facility will remain closed for these two days

The Income Tax Department has informed that the e-PAN service will not be available from 12 midnight of 17 August 2025 to 12 midnight of 19 August 2025. That is, during these two days you will not be able to create instant e-PAN. However, if you have already applied for e-PAN, then you can check its status and also download it.

The biggest advantage of this service is that it is free, completely digital, and does not require photocopy of any document or filling of any form. This is very beneficial for those people who have not yet received a PAN card, but they have to do income tax related work or start banking services. This service is only for those people who do not have a PAN card yet, but they do have a valid Aadhaar number and mobile number linked to it.

Why the two-day halt?

The Income Tax Department is doing some necessary technical work on its portal. Due to this reason, the facility of e-PAN will be temporarily closed from 17 to 19 August. The department has requested the users to make their plans according to this information so that there is no problem.

Why is e-PAN necessary?

In today’s time, PAN card has become necessary for many government and private works, such as filing income tax returns, opening a bank account, investing in mutual funds, etc. In such a situation, for those who do not have a PAN yet, this instant e-PAN service is an easy and fast option.

The post PAN Card Services to Be Suspended for 2 Days: Income Tax Department Issues Notice first appeared on Rightsofemployees.com.

Updated return filing started in 2022

The Income Tax Department has informed about this on the social media platform X.To file ITR-U , the taxpayer has to visit the e-filing portal ( incometax.gov.in ). The updated return was started in 2022. The facility of updated return was started for such taxpayers who missed filing income tax return for some reason, gave any wrong information in ITR or forgot to mention any of their income in the return.

Can be filed within 48 months from the end of the assessment year

Section 139(8A) of the Income Tax Act, 1961 deals with updated returns. It states that taxpayers can file updated income tax returns within 48 months from the end of the assessment year. Earlier this period was 24 months. In the Union Budget 2025, it was increased to 48 months.

Benefits of updated return facility

Sometimes, due to some compulsions, some taxpayers are not able to file returns. However, there is a facility to file belated returns for taxpayers who do not file returns till the deadline. But, there are some taxpayers who also miss filing belated returns. Belated returns can be filed till 31st July of the respective assessment year. If a taxpayer has neither filed a return nor filed a belated return, he can file an updated return i.e. ITR-U.

Who cannot file ITR-U

There are certain situations in which taxpayers are not allowed to file updated returns. If filing an updated return reduces the taxpayer’s tax liability or he has a refund claim, then he cannot file an updated return. If a taxpayer is subjected to income tax search or seizure or if a tax case is pending against him in court, then he cannot file an updated return.

You will have to pay more tax for filing ITR-U

Taxpayers have to pay additional tax for filing updated returns. If they file updated returns within 12 months of the end of the relevant assessment year, they will have to pay an additional 12 per cent tax. If a taxpayer files ITR-U within 12 to 24 months, they will have to pay 50 per cent additional tax. If they file within 24 to 36 months, they will have to pay 60 per cent tax and if they file within 36-48 months, they will have to pay 70 per cent tax.

The post ITR-U Explained: Who Can File Updated Returns and What You Need to Know first appeared on Rightsofemployees.com.

Whose account has had unusual transactions. If you have also done a big transaction from your account and have not paid income tax accordingly, then you need to be careful.

The Income Tax Department is rapidly scrutinizing such accounts through AI to keep an eye on them. If you have transacted Rs 50,000 or more in cash from your account, then you are inviting an Income Tax notice.

What do experts say

According to CA Yogendra Kapoor, under the Income Tax Act, such people have to inform the department about their unusual transactions or the correct source of their income. If they do not do so, the Income Tax Department can send a notice to such people. Suppose you have repeatedly deposited or withdrawn more than 50 thousand rupees from your account, then you will have to tell the source of this to the Income Tax Department. Actually, the bank sends its information to the Income Tax Department through the Annual Information Report i.e. AIR. On the basis of which the Income Tax Department decides whether there has been an unusual transaction in this person’s account.

How much money can I deposit in the bank

According to experts, you can deposit or withdraw any amount in your account. But if the amount is large and transactions are happening frequently, then you have to inform the Income Tax Department about it. If you deposit more than 10 lakh rupees in your savings account in a financial year, then you will have to inform the Income Tax Department about it. Similarly, if you have deposited or withdrawn 50 thousand rupees or more once, then you may have to inform the department about it. In such a situation, if you do not want to get into any trouble, then you should avoid making big transactions.

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Action on fake deduction in these sections

Tax experts say that if the case of fake deduction is proved, the Income Tax Department can take action under section 270A. A 200 percent penalty can be imposed on the outstanding tax for wrong reporting. 24 percent interest can be imposed under section 234B and 234C. Not only this, a jail term of up to 7 years can be given under section 276. The Income Tax Department is being very strict about the cases of fake deduction.

New ITR forms have more disclosures than before

To curb such cases, the Income Tax Department has included more disclosures in the new ITR forms. These include HRA calculations, insurance company details under section 80D, etc. It is important to understand that information about high value transactions of taxpayers is captured in the Annual Information Statement (AIS). In such a situation, cases of fake deduction claims are being caught quickly.

Taxpayers can file ITR-U to rectify the error

Experts say that if a taxpayer feels that he has knowingly or unknowingly claimed a deduction that he is not entitled to, he can file ITR-U. It gives taxpayers a chance to correct the mistake, disclose any missed income and withdraw fraudulent deduction claims. However, it is important to note that filing ITR-U requires taxpayers to pay additional tax. The sooner he files ITR-U, the less additional tax he will have to pay.

Experts are advising to file returns soon

This time the Income Tax Department has extended the deadline for filing returns. Taxpayers can file returns till 15 September. But, taxpayers say that one should not wait for the last date to file returns. There are many benefits of filing returns early. Secondly, taxpayers should claim only those deductions which they are entitled to and for which they have proof. This will help them respond to the notice issued by the Income Tax Department.

The post Income Tax Return: 7 years jail and 200% penalty for claiming fake deduction first appeared on Rightsofemployees.com.

Explaining the latest initiative, the Income Tax Department said that the launch of TaxAssist is designed to simplify all tax related concerns. The Income Tax Department explained through an example the situations in which taxpayers claiming tax exemption under section 80GGC may face problems.

This section provides tax exemption to donors who donate to a political party or electoral trust. The department shared three different scenarios to explain how the TAXASSIST tool helps taxpayers document these claims, clarify and respond to notices. This initiative has been launched with the aim of bringing transparency and simplifying the tax claim process.

Case 1: Exemption claimed by mistake

If the taxpayer has wrongly claimed exemption under 80GGC, TAXASSIST will advise them to revise their return or file ITR-U and deposit the tax and interest and return the excess refund. Failure to do so may result in scrutiny or penalty.

Introducing “TAXASSIST”
your go-to support for all tax concerns!

From helping you navigate departmental communications and keeping your finances in check, to reminding you of key tax deadlines
This campaign is designed to guide, support, and simplify.

Stay informed. Stay… pic.twitter.com/Kg3flUM80f

— Income Tax India (@IncomeTaxIndia) June 30, 2025

Case 2: Claim of fake donation

If someone has claimed exemption by showing fake or illegal political donations, it will be considered tax evasion. In such cases, TAXASSIST will advise the taxpayer to file ITR-U and deposit the due tax and interest, so that legal action can be avoided.

Case 3: Donation claim

If the donation is made to a legitimate political party, TAXASSIST advises to keep the donation receipts and proof of bank transactions safe as they may be needed during investigation. This initiative is part of the Income Tax Department’s effort to make tax filing easier and transparent.

Deadline for filing returns is 15 September

This time the Income Tax Department has extended the deadline for filing returns from July 31 to September 15. This has been done to provide relief to taxpayers. The last date for filing Income Tax Return (ITR) for the financial year 2024–25 is September 15, 2025.

The post Income Tax Department launched TAXASSIST, will get help in filing income tax return, know how? first appeared on Rightsofemployees.com.

If you are a taxpayer and file income tax returns, then this news may be useful for you. Actually, the Income Tax Department has started the facility of online filing of Income Tax Return Form ITR-2 on its e-filing portal. Taxpayers can now file their returns for the financial year 2024-25 using the pre-filled data through this online facility.

Income Tax Department gave information

An information issued by the Income Tax Department said that the e-filing portal has been started for filing ITR-2 online with pre-filled data. The ITR-2 form is for those individuals and undivided Hindu families (HUFs) who receive income from sources other than ‘profits and gains from business or profession’. Thus, individuals earning income from sources like salary and pension and house rent (more than one house) are eligible to fill the ITR-2 form.

Let us tell you that on July 11, the Income Tax Department launched Excel-based utilities for ITR-2 and ITR-3. These utilities allow taxpayers to download the forms, fill them offline and then file their returns by uploading them.

Last date for filing income tax return is 15th September

Let us tell you that the Income Tax Department has extended the last date for filing income tax returns for the assessment year 2025-26 from July 31 to September 15. The extension in the deadline applies to individuals, Hindu Undivided Families and entities who are not required to get their accounts audited. They can now file their tax returns for income earned in the financial year 2024-25 (April-March) till September 15.

ITR-1 and ITR-4 forms are filled by individuals, HQFs and entities whose annual income is up to Rs 50 lakh and who do not have to get their accounts audited. Those who receive long-term capital benefits up to Rs 1.25 lakh from listed shares can show this income in ITR-1, ITR-4. Earlier they had to also fill ITR-2 form.

The post Income Tax Filing 2025: ITR-2 Form Rolled Out for Salaried Class – Key Features Inside first appeared on Rightsofemployees.com.

What is the reason for the delay?

According to tax experts, major technical and structural changes made in the income tax return forms are the main reason behind this delay.

The post ITR Filing: ITR-5, ITR-6 & ITR-7 Utility Delay: Reasons and Expected Release Date 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.

Tax experts say that even though the Central Board of Direct Taxes (CBDT) has extended the last date, taxpayers should not wait for the last date to file their returns. The reason for this is that in the rush to file returns near the last date, you can make a mistake, which can cost you a lot.

Be careful and vigilant while filing returns

The Income Tax Department wants to bring maximum people under the purview of compliance. For this, it is constantly strengthening its surveillance system. It keeps a watch on the high value transactions of people. If the department feels that the high value transactions of a taxpayer do not match his income, it sends a notice to the taxpayer.

Therefore, you need to be very careful while filing your income tax return. You have to remember that every income, big or small, has to be declared in the return. If you have earned profit by investing in cryptocurrency, then you have to declare it in the return.

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In case of error, a revised return can be filed.

A partner at a tax consultancy firm said that you should take your income tax return very seriously. Before filing your return, you should collect complete information about all your income. If you forget to declare any income in your return, you may later get a notice from the Income Tax Department. If the department feels that you have done it intentionally, then you can get into big trouble.

Taxpayers may have to pay penalty

Section 276C of the Income Tax Act, 1961 states the steps that the Income Tax Department can take against a taxpayer if it is proven that he is at fault. These include claiming wrong deduction, using fake receipt or certificate for deduction, action to be taken for not disclosing any income in the income tax return.

According to this section, if a taxpayer is found guilty, he may have to pay a fine of up to 200 percent of his tax liability. Not only that, he may also have to go to jail.

A deliberate mistake can result in imprisonment.

Section 276C states that if a taxpayer intentionally evades tax and the amount evaded exceeds Rs 100,000, he can be sentenced to imprisonment. Initially, the sentence will be for 6 months, but later it can be increased to 7 years.

Apart from this, a penalty can be imposed on the taxpayer. Tax experts say that if a taxpayer unintentionally forgets to disclose any income, then he does not need to worry. If he remembers, then he can file a revised return. If you do not remember later and the Income Tax Department sends you a notice, then you can tell the department the truth.

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The post ITR 2025: Giving wrong information in ITR can lead to jail, know what are the rules… first appeared on Rightsofemployees.com.

Although the filing deadline has been extended to 15 September 2025, taxpayers remain anxious for the release of the remaining ITR form utilities.

Taxpayers have voiced their frustration on social media over the delay. One user on platform ‘X’ urged that the utilities for ITR-2 and ITR-3 be released without further delay. Meanwhile, chartered accountants have also questioned why the Income Tax Department has remained silent on the timeline for releasing the Excel utilities.

About ITR-1 And ITR-4

The Central Board of Direct Taxes (CBDT) notified ITR-1 and ITR-4 via an official notification issued on April 29, 2025.

ITR-1: This form is meant for individuals who are residents in India (but not ordinarily resident), with a total income of up to ₹50 lakh. It applies to those earning income from salary, one house property, other sources, long-term capital gains up to ₹1.25 lakh under Section 112A, and agricultural income up to ₹5,000.

ITR-4: This form is applicable to individuals, Hindu Undivided Families (HUFs), and firms (excluding LLPs) with a total income of up to ₹50 lakh, who declare income from business or profession under sections 44AD, 44ADA, or 44AE. It also permits reporting of long-term capital gains up to ₹1.25 lakh under Section 112A.

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Actually, this time there have been many major changes in the process of filing income tax returns, such as new forms, amendments in the tax table and important changes in the rules. Now the Income Tax Department is going to conduct a full investigation in many cases. The Central Board of Direct Taxes has clarified this in the new guidelines issued on 14 June 2025.

The Income Tax Department will scrutinise your ITR closely. During this, every information like your income, deductions, investments, tax exemptions etc. will be matched.

If any of the conditions mentioned apply, a notice of investigation will be sent by June 30, 2025. Approval of the Principal CIT will be mandatory to exclude a case from investigation. The NACFACE process will not apply to foreign tax cases and central circles.

The post Income Tax Department will conduct strict scrutiny of ITR, will send notice if any discrepancy is found first appeared on Rightsofemployees.com.

How much money can you keep in the account?

According to the rules, you can keep any amount of money in your savings account. There is no limit for this. You can deposit any amount in the account through cheque. The limit is for depositing cash in the account.

How much cash can you deposit?

The rule says that if you deposit Rs 50,000 or more in cash in the bank, then you will have to provide your PAN number along with it. At the same time, you can deposit up to one lakh rupees in cash in a day. Also, if you do not deposit cash in your account regularly, then this limit can be up to Rs 2.50 lakh. At the same time, you can deposit up to Rs 10 lakh in a financial year. But if you deposit more than this limit in a financial year, then you have to tell the IT department about the source of that income.

This limit is overall for many accounts

If you do not do this, this limit for depositing cash in the account is for a single bank account. If you have this limit for taxpayers, then this limit is overall for one or more accounts.

What will happen if the limit is crossed

If a person deposits more than Rs 10 lakh in cash in a bank account in a financial year, then the bank has to inform the Income Tax Department about it. In such a situation, the person has to tell the source of income. If that person is not able to give satisfactory information about the source of income in the Income Tax Return, then he can come under the radar of the Income Tax Department and an investigation can be conducted against him. If caught, a heavy fine can be imposed.

This does not mean that you cannot do a cash transaction of more than 10 lakhs
However, this does not mean that you cannot do a cash transaction of more than 10 lakhs. If you have proof of this income, then you can deposit cash without any worry. However, from the point of view of benefits, instead of keeping so much money in your savings account, it is better to convert that amount into FD or invest it in some other place, from where you can get better returns.

ITR Filing Deadline : File ITR by 31 July 2025 or else you will have to pay a penalty of Rs 5,000

The post Cash Deposit Limit! Income tax notice can be received on depositing how much cash in the bank account, check details first appeared on Rightsofemployees.com.

While filing income tax return, it is mandatory to enter all the required information correctly and upload the required documents. Usually every year many taxpayers make some common mistakes. Due to this, their return gets suspended and they are not able to get refund and have to file the return again.

Not choosing the right form: There are forms from ITR-1 to 7 for different types of taxpayers. Forms have been prescribed for different taxpayers based on the sources of income. Filling the wrong return form will make your ITR invalid and you will have to file the return again. So always use the correct form.

Not disclosing the source of income: Declare all sources of income. Not doing so can prove costly for you. Concealing income from other sources can attract a penalty of 50% to 200% of the tax liability. Information related to other income and liabilities including foreign income, assets, accounts and shares must be given in ITR.

Not giving information about big expenses: If you have made big expenses like your annual electricity bill is more than one lakh, if you have spent more than 10 lakh on credit card or have made big expenses like buying an expensive car or have made big expenses on foreign travel, then you must give information about it and show coherence between income and expenses. If this is not done, you may get income tax notice and refund may be stopped.

Not disclosing exempted income: A big mistake while filing income tax return is not declaring exempted income. Agricultural income is tax free. If you are earning income from farming, then definitely tell it. Profit share received from partner firm is tax free. If you earn income from this, then enter it in the prescribed column.

Not cross checking: Before filing ITR, cross check Form 26AS and Form 16 or TDS certificate. If the details are different, find out the reason and get it corrected from the employer. If you do not do this, the refund you get may be reduced.

Error in Form 16: If you have changed your job, then give the Form 16 received from the old employer to the new employer. So that the new employer can deduct the correct TDS. You can get the proper benefit of standard deduction. If you do not give the information, it is possible that you have got the benefit of standard deduction from both the employers, which is wrong. You may have to pay more tax at the time of return.

Giving incorrect information: Personal details like name, address, mail ID, phone number, PAN, date of birth, etc. should be written correctly in the ITR. These should match with your PAN card. If you are claiming a refund, your bank details should also be correct.

Wrong claim of HRA: Under the old tax regime, salaried persons could claim HRA exemption as part of their salary component. Rent agreement, rent receipts and PAN number of the landlord for rent up to Rs 1 lakh per annum are required for valid claims. Residence in the rented premises is also a must as the department can verify your claim.

Not doing e-verification: E-verification is necessary after filing ITR. If for some reason you are unable to do this, then sign the ITR-V form within 30 days of filing and send it to the Centralized Processing Center (CPC) by post.

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With this, tax payers can start preparing to file income tax returns for the financial year 2024-25 (AY 2025-26). Filing income tax returns will be much easier with the Excel utility version.

The Income Tax Department has announced the release of Excel utilities through a post on the social media platform X. The Income Tax Department said on X, ‘Attention taxpayers! Excel utility for ITR-1 and ITR-4 for AY 2025-26 has been launched and is now available to taxpayers.’

Process made easy

Himansh Singla, Partner, SBHS & Associates, says, “It is great to see that the Income Tax Department has released Excel Utilities for ITR-1 and ITR-4 for Assessment Year 2025-26. There is no major change in the ITR-4 schema as compared to last year, making it even easier for regular filers and tax professionals.”

He adds, ‘However, a very important change has been made in the schema of ITR-1. A new validation rule has been introduced in the utility itself. Under this, taxpayers having income under special rates or from sources like online games, lottery, crypto, property transfer will have to use ITR-2 or other suitable form.’

Who is ITR-1 form for

For the financial year 2024–25 (assessment year 2025–26), resident individuals (except those classified as not ordinarily resident) having total income up to Rs 50 lakh can file ITR-1 form. This includes income from salary, one house property, other sources such as interest, long-term capital gains up to Rs 1.25 lakh under section 112A and agricultural income up to Rs 5,000.

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The Income Tax Department on Friday said it has made available Excel tools for ITR -1 and ITR-4 for the assessment year 2025-26, allowing taxpayers to file their income tax returns. The Income Tax Department wrote on the social media platform X-Excel facility for ITR-1 and ITR-4 for the assessment year 2025-26 is available to taxpayers. With the availability of these facilities, taxpayers can start filing their ITR for income earned in 2024-25.

Deadline is 15 September

Let us tell you that this year the last date for filing income tax returns in ITR-1 and ITR-4 has been extended from July 31 to September 15. Recently, CBDT had issued a statement saying that in order to make the document filing experience smooth and convenient for the taxpayers, it has been decided that the last date for filing ITR which was originally 31st July has been extended to 15th September 2025.

Which form for whom?

Apart from ITR-1, ITR-4 form is filled by individuals, HQFs and institutions whose annual income is up to Rs 50 lakh and who do not have to get their accounts audited. Those who have long-term capital gains up to Rs 1.25 lakh from listed shares can show this income in ITR-1 and ITR-4. Earlier they had to fill ITR-2 form also.

When were the forms notified

This year, the ITR forms for assessment year 2025-26 were notified in late April and early May. Usually, ITR forms are notified around February/March before the end of the financial year. However, this time the facility to file ITR forms and documents was delayed as revenue department officials were busy with the new Income Tax Bill which was introduced in Parliament in February.

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

Information on X

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

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

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

These taxpayers benefit the most

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

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

Form 16 is actually a TDS certificate, which is issued by the employer. It contains information about your annual salary, tax deductions and exemptions like section 80C, 80D. But if for some reason you are unable to get Form 16, then do not panic, you have other options to file ITR. Companies do not give Form 16 to those employees whose salary does not come under the purview of tax and whose TDS is not deducted. These employees can file ITR even without this form.

If you do not have Form 16, then you can file ITR with the help of some important documents. Form 26AS is the most important among these. It is a tax credit statement, which contains complete information about the amount of tax deducted from you. Form 26AS contains information about TDS and TCS. It also contains details of the person’s advance tax and high value transactions.

How to download Form 26AS

• Visit the e-file portal https://www.incometax.gov.in/iec/foportal/.
• Here you will see the My Account option. Click on the View Form 26AS link in it.
• After this, select the assessment year in it and click on view time.
• After this click on the download option. The form will be downloaded.

These documents will also be needed

While filing ITR without Form 16, you will need many other documents besides Form 26AS. Salary slip is the most important among these. Especially from the March month’s slip, you can get a complete calculation of your annual income and tax deduction. If you do not have slips, then definitely get the annual income statement from the employer.

Bank statement

The bank statement shows when and how much salary you received, how much interest you received and in which investments the money was invested. If you have earned through rent or freelancing, that will also be visible here.

The post ITR Filing 2025: Can ITR be filed without Form 16? Know when and who does not need it first appeared on Rightsofemployees.com.

This form will be used to file income tax return for the financial year 2024-25. The Income Tax Department had issued a notification in this regard on 30 April. According to this, many changes have been made in the ITR-3 form. Its purpose is to simplify the return filing process.

Amount limit increased under Schedule AL

The biggest change is related to increasing the limit of amount for reporting assets and liabilities under ‘Schedule AL’. Now information about assets and liabilities up to Rs 1 crore can be given under this. Earlier the limit for this was Rs 50 lakh. A large number of taxpayers will benefit from this change. They will now have to make less disclosure.

TDS on income above Rs 5 crore

The second change is in the case of TDS. E-commerce operators whose business income is more than Rs 5 crore will be charged 1% TDS under section 194Q. The third change is that now taxpayers will have to provide information about foreign income and assets in Schedule FA. Income Tax has also made a provision that if a taxpayer wants to use the old tax regime, he can do so. For this, he will have to fill Form 10-IEA. This will enable taxpayers to choose between the new and old regimes as per their benefit.

Schedule CG for Capital Gains details

The Income Tax Department has also introduced Schedule CG for providing information about capital gains. Apart from this, a new column has also been provided to provide information about Short Term Capital Gains (STCG) under Section 50. This is especially for depreciated capital. The Income Tax Department believes that this will make it easier for taxpayers to provide information about capital gains at the time of filing returns.

IT department wants to make the filing process easier

The IT department had issued ITR-1 and ITR-2 forms on 29 April. Taxpayers will be able to use them to file income tax returns for the financial year 2024-25. The department wants to simplify the process of filing income tax returns. For this, it keeps making necessary changes in the form.

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The Income Tax Department has notified the ITR-2 form for the financial year 2024-25 (Assessment Year 2025-26). This form is for those individuals and Hindu Undivided Families (HUFs) who do not have any income from business or profession. This time many big changes have been made in the form, which will affect lakhs of taxpayers.

The post ITR-2 form notified: Income Tax Department released ITR-2 form, know 5 big changes first appeared on Rightsofemployees.com.

This form is filed by individuals and HUFs (Hindu Undivided Families) earning profits and gains from business or profession. These taxpayers include proprietors, freelancers; professionals such as doctors, lawyers, consultants; partners in firms (except those who earn only salary or interest from the firm).

Apart from this, taxpayers who have business or professional income along with income from house property, capital gains or other sources can also use the ITR-3 form.

What changes have occurred

– The threshold for reporting assets and liabilities under ‘Schedule AL’ in the new ITR-3 form has been increased from Rs 50 lakh to Rs 1 crore. This has reduced the disclosure burden on middle-income taxpayers.

– In Schedule Capital Gains of ITR, capital gains must now be split based on whether they are generated before or after July 23, 2024. In the budget presented on July 24, 2024, the government had proposed to reduce the long-term capital gains tax on real estate to 12.5 per cent without indexation benefit. With indexation benefit, this tax is 20 per cent. The indexation benefit allows taxpayers to arrive at the cost price of the property after adjusting for inflation.

In such a situation, now individuals or HUFs who buy homes before July 23, 2024, can choose to pay Long Term Capital Gains (LTCG) tax under the new scheme at the rate of 12.5 per cent without indexation benefit, or pay 20 per cent tax by claiming indexation benefit.

– Share buyback loss rules: From October 1, 2024, capital losses on listed share buybacks will be allowed only if the relevant dividend income is shown under “income from other sources”.

– Detailed deduction reporting: The ITR-3 form now asks for more details under sections such as 80C (investments) and 10(13A) (house rent allowance).

– TDS Section Code: Taxpayers are now required to mention TDS Section Code (eg. 194A, 194H) in Schedule-TDS for better tax credit tracking.

According to a report by news agency PTI, Sandeep Sehgal, Partner-Tax at tax consultancy firm AKM Global, says that the Central Board of Direct Taxes (CBDT) has made important updates in the ITR-3 form for the financial year 2025-26. This has made compliance easier for individuals and HUFs with income from business or profession. According to Sehgal, dropdowns have also been introduced for deductions like section 80C and section-wise TDS reporting, which has increased transparency, accuracy and ease of filing. Earlier on April 29, the government notified the ITR-1 form and ITR-4 form for the assessment year 2025-26.

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The post ITR New Form: New ITR-3 form notified for Income Tax Return filing for FY 2024-25, who has to file it first appeared on Rightsofemployees.com.

Companies will soon make Form 16 available to employees. This time the Income Tax Department has made many changes in Form 16. These changes will make it easier for taxpayers to file returns. Earlier, where Form 16 had limited information, now with detailed details, this process will become more transparent and easier.

Form 16 is an important document for salaried employees filing ITR, which is issued by their employer i.e. the company. Form 16 contains important information related to the employee’s salary and TDS. In the new format, information related to tax deduction, exemption and salary will now be recorded more clearly. In the new format, taxpayers will now get more detailed information. Earlier, where only basic information was given, now there will be a detailed description of tax-free allowance, how much deduction was made, and which salary benefits came under the tax purview, etc.

Form 16 has two parts

Part A contains employee and employer details, TDS amount, and details of tax deductions every quarter. Part B contains salary breakup, exemptions under section 10 (such as HRA) and deductions under sections such as 80C, 80D. Form 16 not only helps in filing tax returns, but it is also used as income proof for bank loans. If an employee has paid more tax in a year, he can claim a refund on that basis.

The Income Tax Department will soon notify the Income Tax Return Forms. Taxpayers should gather all the necessary documents in advance so that there is no problem in filing the return and they do not face any technical or document related problems.

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The Central Board of Direct Taxes (CBDT) said in a statement, “The e-pay tax facility is a better, efficient and convenient way for taxpayers to fulfill their tax obligations.” According to the statement, long queues in banks, tedious form filling process and last minute tax payment worries are now a thing of the past.

‘Problems resolved’

Realising the need for simpler and more accessible payment methods and taking another step towards digitally empowering taxpayers, the Income Tax Department has launched the ‘e-Pay Tax’ facility on its official online portal.

The tax department said, “This facility also encourages a culture of timely compliance by eliminating problems in the tax payment process. This brings the tax system closer to the citizens. It provides easy digital routes especially for individuals and small entrepreneurs.

Which taxes can be paid

Income Tax, Advance Tax, Self Assessment Tax, TDS/TCS, Goods and Services Tax, Banking Cash Transaction Tax etc. can be paid on the e-Pay Tax portal.

To use the facility of ‘e-pay tax’, visit the Income Tax Department’s website incometax.gov.in. Choose the option of ‘e-pay tax’ there and enter your PAN number and mobile number linked to Aadhaar. After this you can easily pay the tax amount.

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This feature allows users to pay income tax through various methods such as net banking, debit card, over-the-counter payment, NEFT/RTGS or payment gateway. Let us also tell you how users can use this feature.

How to use e-pay tax feature

• Visit the official Income Tax e-filing website and click on the e-Pay Tax link available under Quick Links.
• Enter your PAN twice and your Aadhaar-linked mobile number.
• Verify with the 6-digit OTP sent to your mobile phone to proceed.
• Your PAN and name will be displayed in redacted format for confirmation.
• Select the purpose of your payment: Income Tax, Demand Payment, Equalization Levy/STT/CTT, or Fees/Other Payment.
• Select the financial year and the corresponding tax head from the dropdown menu.
  Enter the tax amount you want to pay.
• Select payment mode and your bank.
• Review the preview page once, which includes details such as category, subcategory, financial year and payment method.
• Click Pay Now to complete the transaction.
• This streamlined process helps taxpayers avoid delays and ensures secure, direct payments to the Income Tax Department.

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The post ITR Filing 2025: How to use e-pay feature to clear income tax dues, read report first appeared on Rightsofemployees.com.

After this, penalty and interest on tax will have to be paid on filing the return. Tax experts advise not to wait for the last date to file the return. This time, despite filing the return before the deadline, there may be a delay in getting the refund. Let us know about this in detail.

Refund comes soon if you file ITR before the deadline

The Income Tax Department starts processing the return after the ITR is filed within the deadline. If there is no mismatch in the ITR , the refund is issued. Then in a few weeks this money is credited to the taxpayers’ savings bank account. Generally, the taxpayers who file ITR first, their returns are also processed first. Due to this, they get the refund money soon. This whole process is very simple.

Income Tax Department has sent email to taxpayers

According to the Economic Times report, some taxpayers have received an email from the Income Tax Department. In this, they have been told that since their tax returns have not been assessed or reassessed, their tax refund amount will be withheld until the tax officer investigates it properly. It has also been told in the email that if any previous tax dues are found, then it will be adjusted with the taxpayers’ refund amount.

Taxpayers should check their email carefully

This email has been sent by the Deputy Director of Income Tax on March 11, 2025. This means that the people to whom this email has been sent may take longer to get their refund this year. It is also possible that they may get less refund or no refund at all. Taxpayers should check their email properly. Experts say that if a taxpayer has not received such an email, it means that his return does not need to be re-assessed. There will be no delay in getting the refund of such taxpayers.

Income Tax Department will use section 245

The Income Tax Department has also said that if the refund amount of a taxpayer is adjusted after assessment, then for this the department will use section 245(2) of the Income Tax Act, 1961. This section gives the Income Tax Department the right to adjust the taxpayer’s current year tax refund with the tax demand of earlier years. The special thing is that there is no time limit for adjustment in cases related to section 245.

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The post Income Tax: Despite filing ITR this year, there may be a delay in getting the refund, know the reason first appeared on Rightsofemployees.com.

If you are a taxpayer, then you should be careful about your financial transactions. In fact, any kind of mistake or small mistake can bring an income tax notice to your house. Let us tell you that the Income Tax Department keeps an eye on all your financial transactions. For this, many modern tools are also being used by the department. In such a situation, if the department sees a big difference between your income and expenditure in the transaction, then an income tax notice can come to your house.

The Income Tax Department keeps an eye not only on your digital transactions but also on cash transactions. In such a situation, if you transact in cash above a certain limit, then you may have to face an Income Tax notice. Apart from this, there are some transactions which, if done in cash, can also lead to you facing an Income Tax notice. Today we are going to tell you about such transactions.

Deposit in bank savings account

If you deposit cash of Rs 10 lakh or more in your savings account in a financial year, then you may have to answer to the Income Tax for this. You will have to tell the Income Tax the source of this cash.

Making FD with cash

If you make an FD of Rs 10 lakh or more in cash in a bank, then you may have to answer for it to the Income Tax.

Paying credit card bill with cash

If your credit card bill is Rs 1 lakh or more and you are repeatedly paying this bill in cash, then you may have to face an income tax notice.

Invest in cash in shares or mutual funds

Even if you invest more than Rs 10 lakh in cash in the stock market or mutual funds, you may still come under the radar of the Income Tax Department.

Payment for property

Even while buying property, you have to disclose the source of income if you make payment in cash. In urban areas, this limit is Rs 50 lakh. In rural areas, this limit is Rs 20 lakh, which means if you buy property worth more than this amount in cash, you will have to give its information to the Income Tax Department.

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This step has been taken after the changes made in Budget 2025. In fact, the provision allowing Aadhaar enrollment ID in place of Aadhaar number (Aadhaar Card News) has been abolished from October 1, 2024. The government issued this update under section 139AA (2A) of the Income Tax Act, 1961.

What is PAN?

Permanent Account Number (PAN Card News) is a unique 10-digit alphanumeric number issued by the Income Tax Department. It is required for filing income tax returns, making high value financial transactions and adding investments. What is Aadhaar? Aadhaar is a 12-digit identification number issued by the Unique Identification Authority of India (UIDAI).

It serves as proof of identity and address and is required to avail government and financial services. What do you have to do? If your PAN was issued using Aadhaar enrollment ID before October 1, 2024, then you will have to submit your original Aadhaar number. Get it updated through the Income Tax Department or an authorized official before the deadline of December 31, 2025. Failure to update may cause problems in tax filing or financial transactions related to your PAN.

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The last few days of the current financial year 2024-25 are left. The Income Tax Department has taken an important decision to facilitate the settlement of pending tax related work for this financial year ending on 31 March. In fact, the offices of the Income Tax Department across the country will remain open from 29 to 31 March.

Despite the weekend and Eid-ul-Fitr falling on Monday, the offices of the Income Tax Department will remain open across the country. This means that taxpayers will be able to settle their tax related work even on a holiday.

What did CBDT say

The Central Board of Direct Taxes (CBDT) said in the order- All Income Tax offices across India will remain open on 29, 30 and 31 March 2025 to facilitate completion of pending departmental work. The last day of the current financial year is 31 March 2025. Therefore, all government payments and settlements related to this financial year have to be completed by the same day. The last date for filing updated income tax returns for 2023-24 is also 31 March.

Instructions for banks too

The Reserve Bank of India (RBI) has also issued instructions to banks doing government work to remain open on March 31 for the convenience of taxpayers. RBI said that necessary arrangements have also been made to conduct special clearing operations across the country to facilitate accounting of government receipts and payments in the current financial year itself.

Jump in direct tax collection

Net direct tax collection in the current financial year (2024-25) has increased by more than 13 percent to cross Rs 21.26 lakh crore. During the year, the government has collected Rs 10.44 lakh crore from four installments of advance tax, an increase of 14.62 percent, as against Rs 9.11 lakh crore in the previous financial year. The last installment of advance tax payment for the current financial year was due on March 15, 2025.

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Recently, Budget 2025 has increased the rebate limit to Rs 12 lakh under the new tax regime. But there is still no clarity on whether this applies when a taxpayer has both regular income (such as salary) and special rate income (such as STCG, short-term capital gains).

What is the problem?

Under the new regime, taxpayers with total income up to Rs 7 lakh can claim exemption, which will reduce their tax liability to zero.

However, according to experts, it is not clear whether this will apply to special rate income like capital gains. Yeshu Sehgal, head of tax markets at AKM Global, said that there is a problem in the application of Section 87A rebate, especially for taxpayers who have both regular income and special rate income like STCG.

There is confusion over whether the rebate should be calculated on the total income or only on the regular income portion.

The Central Board of Direct Taxes (CBDT) has excluded short-term capital gains (STCG) and long-term capital gains (LTCG) from exemptions while processing returns through the ITR utility portal, due to which many taxpayers are being sent tax notices.

Gaurav Jain, direct tax partner, Forvis Mazars, said that the CBDT has taken suo motu cognizance of the ITR utility portal and has refused to give the benefit of exemption under section 87A on such short-term and long-term capital gains, which has led to a controversy.

When is the exemption given

• When normal income is taxed as per slab rates.
• Long-term capital gains under section 112 (on capital assets other than listed equity shares and equity mutual funds).
• Short-term capital gains under section 111A (15% tax on listed equity shares and equity mutual funds).

When exemption is not given

Long-term capital gains under section 112A (10% tax on equity shares and equity mutual funds).

Jain said that some taxpayers believe that exemption under section 87A should be available on total income including capital gains. Some CIT(A) rulings have supported this. Until the matter is resolved legislatively or judicially, taxpayers should oppose the denial and file an appropriate reply.

What should taxpayers do when they receive a notice?

• Review the notice – Check whether the exemption claimed is as per the tax provisions.
• Consult a tax expert – Consult a Chartered Accountant (CA) to validate the claim.

File a rectification or appeal – If wrongly rejected, file a rectification request or contest the notice.

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The post Income Tax Notice: Income Tax Department is sending notices to taxpayers, know why? first appeared on Rightsofemployees.com.

1. Payment of advance tax

If your tax liability is more than Rs 10,000 in the financial year 2024-25, then you have to pay the last installment of advance tax by March 15, 2025. If you miss the payment, then you will have to pay interest to the Income Tax Department under section 234C. Apart from this, taxpayers have to pay at least 90% of the tax liability to the Income Tax Department before March 31, 2025. If you do not do this, you will have to pay additional interest to the Income Tax Department under section 234B.

2. Tax-savings for financial year 2024-25

If you are using the old regime of income tax, then you can do tax-saving under Chapter VIA of the Income Tax Act. For this, you will have to make certain specific payments or investments:

(I) Section 80C: You can claim a deduction of up to Rs 1.50 lakh if ​​you invest in investment options under section 80C. ELSS, life insurance policies, ULIP, PPF, Sukanya Samriddhi Yojana, NSC, tax savings FD, etc. come under 80C.

(II) Section 80CCD(1B): The Income Tax Department allows an additional deduction of Rs 50,000 on investment in NPS. This is in addition to the deduction available under Section 80C.

(III) Section 80D: Health insurance protects against sudden financial shock in case of a medical emergency. The Income Tax Department allows a maximum benefit of Rs 1,00,000 on mediclaim. Its limit is as follows:

Self, spouse and dependent children (below 60 years of age): Rs 25,000

Self, spouse and dependent children (above 60 years of age): Rs 50,000

Either or both parents (below 60 years of age): Rs 25,000

Either or both parents (above 60 years of age): Rs 50,000

Apart from the above limit, you can also claim deduction of up to Rs 5,000 paid on health checkup.

3. Submitting Form 12B

If you are a salaried employee and you have changed jobs, then for the correct calculation of TDS of the current employer, you will have to submit the income details from your previous employer in Form 12B. If you do not do this, he may deduct less TDS than the actual. Due to this shortfall in tax deduction, you may have to pay tax to the Income Tax Department while filing income tax return.

4. Minimum deposit in PPF and Sukanya Samriddhi

If you have opened a PPF account and Sukanya Samriddhi Yojana, then it is necessary to make a minimum deposit in both every financial year. You have to make a minimum deposit of Rs 500 in PPF. The minimum deposit in Sukanya Samriddhi Yojana is Rs 250. If you do not deposit the minimum amount, then your account may become inoperative.

5. ITR U for financial year 2020-21, 2021-22, 2022-23, 2023-24

If you have forgotten to file income tax return for the financial year 2020-21 to 2023-24 or you have discovered any mistake due to which you will have to pay tax and want to revise the ITR, then you have the option of filing an updated return in Form ITR U. Through this, you can pay tax on additional income till March 31, 2025. In Budget 2025, the timeline for filing income tax has been increased to four years, which was earlier 2 years.

6. Section-43B(h)-Payments by business enterprises to micro and small enterprises

Section 43B(h) was introduced in the Finance Act 2023. Under this provision, if any payment is due to micro and small enterprises, then it is necessary to pay it within 15 days if there is no written agreement and 45 days if there is a written agreement. Failure to do so will not allow business expenditure allowance during FY2024-25. Business owners will have to reconcile their payments to micro and small enterprises and make timely payments to avoid potential losses. If you are a manufacturer or service provider, you can apply for MSME registration. With this, you can avail the benefit of timely payment from your customers under this section.

If you have not been able to complete any of the work mentioned above, then you will have to complete it by March 31.

7. Tax loss harvesting

If you have made good gains in the financial year 2024-25, then you can do some tax savings. For this, you will have to sell some of your stocks or mutual funds on which you may be incurring some loss. Then you can adjust this loss with your gains. This will reduce your final tax liability. Short term capital losses can be set-off with both short and long term capital gains. But, long term capital gains can be adjusted only with long term capital gains.

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The post Income Tax Related work Should Be Completed Before Mar 31st, check list here first appeared on Rightsofemployees.com.

The last date for paying advance tax is March 15, 2025. If you do not pay the advance tax within this stipulated time limit, a penalty will be imposed under sections 234 B and 243 C.

Advance tax has to be paid 4 times a year

Advance tax is paid in the same financial year in which the income is earned. It has to be paid four times in a financial year. If it has to be paid in four installments. Taxpayers have to pay 15% of the total tax liability by June 15. While 45% has to be paid by September 14. This includes the installment paid in June. By December 15, the liability is 75% which includes the installments of June and September. According to the Income Tax Act, 100% of the entire tax has to be paid by March 15.

Who has to pay advance tax?

Any taxpayer other than a salaried class individual whose tax liability for the financial year is Rs 10,000 or more in any accounting year after deduction of TDS. Additionally, individuals who have income above their salary, such as rent, capital gains, FDs or lottery winnings, are required to pay advance tax.

What will happen if you do not pay advance tax?

The Income Tax Department charges interest on the advance tax installment. Interest is charged under Section 234B and Section 234C of the Income Tax Act. Therefore, if someone does not pay advance tax or delays the advance tax payment, he has to pay more tax in the form of interest. It is important to calculate your advance tax correctly and pay it on time.

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The post Income Tax Deadline: Last four days left for last instalment of advance tax first appeared on Rightsofemployees.com.

Income tax officer looks at the source of income

When the Income Tax Department selects an income tax return for scrutiny, the officers look at the income shown in the income tax return and the source of income of the taxpayer. Then what is the reason for asking questions about the personal expenses of a taxpayer? The answer is that every person has to make some necessary expenses for himself and his family members. These include expenses on ration, insurance, expenses on social functions, hair cutting expenses, expenses on eating in restaurants, etc.

Mismatch between taxpayer’s income and expenses

Such expenses depend on the status of the person and some other things. These include education, number of family members, marital status and the area where the person lives. Based on all these things, a person spends a certain amount on his personal needs. However, many people file their income tax returns without paying attention to these things. If a person does not withdraw enough money from the bank for his expenses, it raises suspicion.

A person’s expenses may be more than his income

This raises doubts whether the person’s income is from an undeclared source, which is used for personal expenses. If a person receives such a notice and he has used his bank account or credit card for family expenses, then he can inform the Income Tax Officer about this. This ends the matter. If this expenditure is made by a close relative, then also he can inform the Income Tax Officer about this. He will have to give details of the relative’s income.

Penalty may be imposed for not disclosing the source of income

If a person does not properly tell the income tax officer about his expenses, then it will be assumed that he has some undeclared income and then a penalty will be imposed. If the taxpayer feels that the calculation of the income tax officer is not correct, then he has the right to appeal.

(The author is a chartered accountant. He is an expert in personal finance, especially matters related to income tax.)

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The post The Income Tax Department may ask you questions about your family expenses, including your monthly ration expenses first appeared on Rightsofemployees.com.

E-Filing means completing the entire process of filing tax returns online. For this, taxpayers need PAN-based login credentials. This facility is available on the official website of the Income Tax Department, where it can be used in both pre-login and post-login modes.

You can pay tax from these banks.

If you want to pay tax online through e-Filing Portal, then only authorized banks will be available for this facility. These are the banks..

What to do if your bank is not in the list?

If your bank is not in the authorized list of e-Filing Portal, then you can use NEFT/RTGS or payment gateway. Currently, Bank of Maharashtra, Canara Bank, Federal Bank, State Bank of India, HDFC Bank and Kotak Bank are providing this facility. To use the e-Pay Tax facility on e-Filing Portal, it is necessary to generate Challan (CRN). Each challan will have a unique Challan Reference Number (CRN), through which the payment can be tracked.

The post Income Tax department releases latest list of 30 banks for e-pay tax service. Check list here first appeared on Rightsofemployees.com.

According to sources, the IT department is seeking details of household expenses. Some taxpayers are receiving notices from the IT department. They have been asked for information regarding hair cuts in salons and restaurants. Ration, electricity and gas bills have also been sought.

According to information received from sources, the IT department has also asked for details of cosmetics and perfumes from such people. IT sources say that these details have been asked in the faceless assessment. Such notices can be sent in cases of high income group. IT officials ask for such information in special circumstances. These details are asked in case of mismatch between income and expenditure in ITR. It is difficult to comment on the notice without DIN, PAN, AY.

Through this exercise, the IT department aims to find out whether these people are hiding their real income or making large transactions in cash, leading to tax evasion. This step by the Income Tax department is part of the government’s plan to use data analytics to curb tax evasion.

Sources in the IT department say that these notices have not been sent to everyone. It only includes high-income earners, who show a large income in their IT returns, but there is a huge gap between their lifestyle and the money withdrawn from the bank. In simple words, if someone lives a luxurious life, eats in expensive restaurants, wears expensive clothes but withdraws less money from the bank, then the department suspects that he has some other source of income, which he has hidden.

The post Income tax: Be careful if you have high income and zero expenses, you may get a notice from the IT department! first appeared on Rightsofemployees.com.

This change will make the tax payment process easier and more convenient. If your bank is not in the list of authorized banks, then you can pay tax using NEFT/RTGS or payment gateway.

E-Filing means completing the entire process of filing tax returns online. For this, taxpayers need PAN-based login credentials. This facility is available on the official website of the Income Tax Department, where it can be used in both pre-login and post-login modes.

You can pay tax from these banks.

If you want to pay tax online through e-Filing Portal, then only authorized banks will be available for this facility. These are the banks..

Private Banks: Axis Bank, Bandhan Bank, City Union Bank, DCB Bank, Dhanlaxmi Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank, IndusInd Bank, Jammu & Kashmir Bank, Karnataka Bank, Karur Vysya Bank, Kotak Mahindra Bank, RBL Bank, South Indian Bank, Tamilnad Mercantile Bank Ltd.

Public Sector Banks: Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Indian Bank, Indian Overseas Bank, Punjab & Sind Bank, Punjab National Bank, State Bank of India, UCO Bank, Union Bank of India.

What to do if your bank is not in the list?

If your bank is not in the authorized list of e-Filing Portal, then you can use NEFT/RTGS or payment gateway. Currently, Bank of Maharashtra, Canara Bank, Federal Bank, State Bank of India, HDFC Bank and Kotak Bank are providing this facility. To use the e-Pay Tax facility on e-Filing Portal, it is necessary to generate Challan (CRN). Each challan will have a unique Challan Reference Number (CRN), through which the payment can be tracked.

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The post e-Pay Tax Service: Income Tax Department has authorized 30 banks under e-Pay Tax Service. check the complete list first appeared on Rightsofemployees.com.

New Delhi: The Income Tax Department has warned that a fine of Rs 10 lakh can be imposed for not disclosing assets located abroad or income earned abroad in the income tax return. A fine of Rs 10 lakh can be imposed under the Anti Black Money Law.

The Income Tax Department has issued a public consultation letter for taxpayers as part of the compliance-cum-awareness campaign. It emphasizes that taxpayers should enter such information in their Income Tax Return (ITR) for the assessment year 2024-25 this year and do not hide any kind of information.

Information given in the consultancy letter

It has been clarified in the consultancy letter that it is important for the tax resident of India to keep some important things in mind last year. Under this, if they have been involved in any tax related activity, then they will have tax liability in India and it is necessary to include it in the ITR. Know what is included in this-

The post Income tax will impose a fine of 10 lakhs for hiding such property and income, Check Details first appeared on Rightsofemployees.com.

How much penalty will be imposed for cash transactions exceeding the limit?

Let us tell you that under the Income Tax Act, 1961, a limit has been set for cash transactions. This Act also prohibits deductions, allowances, expenses etc. paid in cash. The Income Tax Department warned that if transactions above a limit are settled through cash, then on being caught, the Income Tax department will impose a fine equal to the amount paid in cash.

It is important to know about tax rules on cash transactions

Many times people unknowingly make cash transactions beyond the limit and then later have to pay a heavy fine. Therefore, one should be aware of the rules so that one can avoid making such mistakes.

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The post Cash transactions Limit: Income Tax Department can impose up to 100% penalty on cash transactions exceeding the limit first appeared on Rightsofemployees.com.

The Income Tax Department can confiscate a property under the Prohibition of Benami Property Transactions (PBPT) Act 1988 even in a situation when the real owner of that property is not identified. There are specific provisions in the law to deal with this situation. The tribunal related to the anti-benami law said this.

Revealed after Income Tax Department raid

The tribunal upheld the land property attachment order issued by the Lucknow unit of the Income Tax Department on November 26 last year. The matter came to light when the department raided the premises of three Lucknow-based realty groups. These groups had purchased large plots in the Kakori area with unaccounted cash.

No beneficial owner named

The Lucknow-based Benami Prohibition Unit (BPU) had issued an order to confiscate five lands worth more than Rs 3.47 crore in Kakori in October 2023. Apart from a benamidar, two companies and two individuals were named as stakeholders in this order. However, no beneficial owner was named.

Attachment of benami property by Income Tax Department

Usually when an attachment order is issued by the Income Tax Department, it contains the name of the benamidar and the beneficial owner, but in this case, the tribunal has partially confirmed the income tax attachment order, which includes property worth Rs 3.10 crore out of Rs 3.47 crore. In this case, Ravi Kumar, an office boy of a real estate company called Excella, has been identified as the benamidar.

Action against benami properties

This decision of the Income Tax Department Prohibition of Benami Property Transactions (PBPT) shows that the Income Tax Department has sufficient powers under the law to take action against benami properties even if the real owner is not identified.

The post Property Rights : Benami property can be confiscated even if the real owner is not known, important decision of the court first appeared on Rightsofemployees.com.

The post PAN 2.0 Status: PAN 2.0 is not coming even after applying, know how to check its status? first appeared on Rightsofemployees.com.

If you plan properly and use all the exemptions and deductions properly, then you can surely save tax on a salary of up to Rs 12 lakh. For this, you will also have to keep your salary structure such that the tax scope is not high. Usually, at the beginning of the year, there is an option to change the salary structure. You can decide how much money you want in reimbursement and how much money as taxable salary. In reimbursement, options like conveyance, LTA, food-coupon or entertainment, internet or phone bill and petrol are available.

Take full advantage of HRA

Apart from this, there is also an option of HRA for tax saving. For HRA, you have to calculate 3 numbers and whatever is the lowest among them, you will get tax exemption on that.

1. The HRA given by the company in the salary can be claimed.
2. You can claim up to 50% of the basic salary in metro cities and 40% of the basic salary in non-metro cities as HRA.
3. You can claim HRA up to the amount that remains after deducting 10% of the basic salary from your total rent.

If your annual salary is Rs 12 lakh, then you should structure your salary in such a way that HRA is Rs 3.60 lakh, LTA is Rs 10,000 and telephone bill is Rs 6,000. You will get deduction on gross salary in this way-

• Standard deduction under section 16 – Rs 50,000
• Exemption from professional tax – Rs 2,500
• HRA under section 10 (13A) – Rs 3.60 lakh
• LTA under section 10(5) – Rs 10,000
• If you add all the above items, your taxable salary will now be Rs 7 lakh 71 thousand 500 (7,71,500).

The further calculation will be like this:

• Under Section 80C (LIC, PF, PPF, children’s tuition fees, etc.) – Rs 1.50 lakh
• National Pension Scheme (NPS) under Tier-1 under section 80CCD – Rs 50,000
• Health insurance for self, wife and children under 80D – Rs 25,000
• Deduction on health policy for parents (senior citizens) – Rs 50,000

Now the taxable salary will be less than Rs 5 lakh. If the taxable salary is less than Rs 5 lakh, then rebate and basic exemption will be available under section 87A. In this way your tax will become zero. It is worth noting that this formula will work on the old tax regime.

The post Tax Saving Tips: Zero tax on income up to Rs 12 lakh, Know how to save? first appeared on Rightsofemployees.com.

The Income Tax Department has introduced PAN 2.0 to improve the process, convenience and security of Permanent Account Number (PAN) allotment. Allotment, updation and correction of PAN will be done for free and e-PAN will be sent to the registered mail ID. If your email ID is not registered in the income tax database, then under the PAN 2.0 project, it can be updated for free. If you also want to apply for PAN 2.0 and want to receive it on email, then here we will explain its complete process to you.

Before receiving PAN on email, it is important to check whether your PAN has been issued by NSDL or UTI Infrastructure and Technology and Services Limited (UTIITSL) . This information is written on the back of the PAN card. On the basis of this, you can apply for your PAN.

How to apply for e-PAN through NSDL

• First of all visit the official website 1- https://www.onlineservices.nsdl.com/paam/requestAndDownloadEPAN.html.
• After this enter your Aadhar and date of birth along with PAN.
• Then check the details and select the option to receive one-time password.
• After this, enter the OTP within 10 minutes to proceed.
• You will get the option of three free requests within 30 days of the PAN issuance. After this, you will have to pay Rs 8.26 along with GST.
• If the payment is successful, e-PAN will be delivered to your registered email ID within 30 minutes.

How to apply for e-PAN through UTIITSL

The post New PAN 2.0: Apply for PAN 2.0 in these easy steps, it will be delivered on email, know how first appeared on Rightsofemployees.com.

These messages are being sent specifically in cases where there is a discrepancy in the transaction information recorded in the AIS and the income declared in the ITR for the financial years 2023-24 and 2021-22.

The Central Board of Direct Taxes (CBDT) said in its statement that it has launched a special campaign to resolve the difference between the income and transactions recorded in the AIS and the information given in the ITR. Through this campaign, those persons have also been identified whose taxable income or large value transactions are recorded in the AIS but they have not filed ITR for the relevant financial year.

Notification through e-mail and SMS

This initiative is being taken under the implementation of E-Verification Scheme, 2021. Under this campaign, informative SMS and e-mails are being sent to the taxpayers to help them overcome the difference between the information recorded in ITR and AIS. AIS presents a detailed statement of the taxpayer’s financial information, which the taxpayer can view on the Income Tax Department portal and respond as required.

As part of implementation of the e-Verification Scheme, 2021 , CBDT has launched an e-campaign to assist taxpayers in resolving mismatches between the income and transactions reported in the AIS and those disclosed in ITRs for the F.Y 2023-24 and 2021-22.

Key highlights:… pic.twitter.com/ia56ooVKNG

— Income Tax India (@IncomeTaxIndia) December 17, 2024

CBDT said that the objective of this campaign is to remind and guide those taxpayers who have not correctly disclosed their entire income in ITR. Under this, taxpayers can file revised ITR for the financial year 2023-24 till 31 December 2024.

At the same time, in cases related to the financial year 2021-22, taxpayers have the facility to file updated ITR till March 31, 2025. It is worth noting that last month also CBDT had launched a special campaign in which messages were sent to those taxpayers who had not made high-value disclosure of foreign income or assets in ITR for assessment year 2024-25.

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What could be the harm?

If you do not tell the Income Tax Department about your foreign assets or income, then legal action can be taken against you. Under this, you may have to pay a fine of up to Rs 10 lakh for hiding information and in some circumstances you may also have to go to jail.

The Income Tax Department has all the information

The Income Tax Department has clarified that it has detailed information about people’s foreign assets and earnings. The Income Tax Department has information about financial accounts in many countries that belong to Indians. In such a situation, the Income Tax Department has warned and clarified that there will be no benefit in hiding it. In some cases, legal action can be taken considering it as black money.

There is information about account number and balance!

According to the Income Tax Department, it has information about the name, address and tax identification number (TIN) of the account holders. Along with knowing the account number, the Income Tax Department also has information about the balance of that account. The Income Tax Department also has information about income like interest and dividend.

Income tax department gets help

All this information helps the Income Tax Department to know about the global income of its taxpayers. It also helps in identifying those taxpayers who have hidden or not disclosed the information about their foreign assets or income.

What will happen after the last date?

If anyone does not inform the Income Tax Department about his foreign assets or income even by this deadline i.e. 31 December, then legal action can be taken against him. Under this, you can be fined up to Rs 10 lakh. In some serious cases, you may also have to go to jail.

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The post Taxpayers Alert! Don’t miss December 31, 2024 deadline THESE Taxpayers, otherwise, a fine of ₹10 lakh will be imposed first appeared on Rightsofemployees.com.

According to financial experts, the total amount of cash deposited or withdrawn from a savings account in a financial year (April 1 to March 31) should not exceed ₹ 10 lakh. If this limit is exceeded, the bank will have to report this transaction to the Income Tax Department. Apart from this, under Section 269ST of the Income Tax Act, it is prohibited to receive cash of ₹ 2 lakh or more from any person in a day.

Informing the bank is mandatory

If cash deposits of ₹50,000 or more are made in a savings account in a single day, then PAN card details must be provided. If you do not have PAN, you will have to submit Form 60 or 61. According to Abhishek Soni, CEO and co-founder of Tax2Win, “Cash deposits of more than ₹10 lakh are classified as high-value transactions. The bank or financial institution has to report this transaction to the Income Tax Department under section “Payments made under section 114B”.

What to do with an income tax notice?

If you receive a notice from the income tax department for a high-value cash transaction, you should have sufficient documentation to support the source of the funds. This may include bank statements, investment records, or inheritance documents. Experts suggest that if you have any doubts about reporting a transaction, it is better to consult an experienced tax advisor.

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The post Why can’t you deposit more than Rs 10 lakh in your savings account in a year? first appeared on Rightsofemployees.com.

Last year, from April 1, 2023 to November 30, 2023, the Income Tax Department had issued a tax refund (ITR Refund) of Rs 2.03 lakh crore.

In a statement issued by the Finance Ministry, it was said that the acceleration in the refund process this year reflects the concrete efforts of the Ministry and the Central Board of Direct Taxes (CBDT) has played an important role in achieving this feat.

The Finance Ministry in its year-end review said that 26.35 per cent of IITRs for FY 2024-25 have been settled within just one week of processing, as against 22.56 per cent during FY 2023-24. This year-on-year jump not only reflects the capacity of the system but also the active participation of taxpayers in adhering to the deadlines.
According to data, at its peak this year, the Income Tax Return portal handled over 900 filings a second and around 70 lakh ITRs (Income Tax Returns) in a day.

Record 1.62 crore ITRs processed in a day

The statement further said that a record 1.62 crore ITRs have been processed in a day for the assessment year 2024-25. The highest number of 69.93 lakh ITRs were issued on 31 July 2024. As of November 22, about 8.50 crore ITRs have been submitted. This is 7.32 percent more than the ITRs submitted last year.

“The Central Board of Direct Taxes strives for greater transparency by timely release of data and assists taxpayers through timely awareness campaigns,” the statement said.

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The post Income Tax Refund increased by 46% between April and November, record more than 1.62 crore ITR processed in a day first appeared on Rightsofemployees.com.

What are the rules?

According to the Income Tax Act 1961, no person can have more than one PAN card. If someone has a duplicate PAN card, he must surrender it immediately. If you do not do so, you may have to face a penalty. The government has taken this issue seriously and technology is being improved to identify duplicate PANs.

What is PAN 2.0 scheme?

The government has recently approved the PAN 2.0 scheme, which aims to simplify and modernize the issuance and management of PAN and TAN. The main objective of the government through this new scheme is to eliminate duplicate PAN cards and curb fraud.

What to do if you have a duplicate PAN?

If you have more than one PAN card, you will have to surrender it. This work can be done through NSDL or UTIITSL. For this, you will have to fill and submit the necessary form. But before surrendering, make sure that your valid PAN is linked to Aadhaar and all the information related to your bank account, tax records and investments is correct.

Why and how much will the fine be imposed?

If you do not surrender your duplicate PAN, you will have to pay a fine of Rs 10,000 under section 272B of the Income Tax Act. So to save yourself from trouble, take immediate action and surrender the unnecessary PAN card.

tough stand of the government

The government wants to completely eliminate duplicate PAN cards and fraud related to PAN. For this, new technology is being used so that incidents of a person having more than one PAN card can be stopped.

If you also have a duplicate PAN card, do not ignore it. Surrender it in time and avoid fines.

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The post Multiple PAN Cards: THESE PAN card holders may be fined Rs 10,000, know the rules first appeared on Rightsofemployees.com.

But, there is a penalty and interest on filing the return late. This is called belated return. Let us try to know about this in detail.

Who can file belated return?

Taxpayers whose accounts are not required to be audited can file their FY24 income tax returns by December 31, 2024. There is a provision of penalty on belated return under section 234F of the Income Tax Act . There is a penalty of Rs 5000 for filing the return by December 31 of the assessment year. There is a penalty of Rs 10,000 for filing the return after December 31 but before the end of the assessment year (before March 31). For those whose total income is up to Rs 5 lakh, there is a penalty of Rs 1,000 for filing a belated return.

No loss carry-forward facility

On filing a belated return, interest is charged on the tax liability of the taxpayer under section 234A. One disadvantage of filing a belated return is that it does not provide the facility of loss carry-forward. The facility of loss carry-forward is available only on ‘income from house property’. Even if there is any mistake in the belated return, a revised return will have to be filed by 31 December.

What is the filing process?

The process of filing a belated return is similar to filing a normal return. It can be filed from the e-filing portal of the Income Tax Department. For this, taxpayers will have to log in with their ID and password. Then the correct income tax return form will have to be selected. Then all the information including income will have to be entered. Then after submitting the form online, the verification process will have to be completed. It has to be kept in mind that belated return can be filed only for FY24.

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Apart from this, PAN card is also mandatory for depositing or withdrawing more money in the bank account, credit card and debit card.

The 10 digit Permanent Account Number (PAN) is recorded in the PAN card. It is in alpha numeric number. It is calledIncome TaxIt is issued by the department. The department keeps a record of all PAN cards.

Change your photo sitting at home like this

If your PAN card has become very old or it has an old photo or a bad photo, then now you can change it yourself sitting at home. In this way, you can change your photo online.

-To change your photo on PAN card, first go to the official website of National Securities Depository Limited (NSDL).

– On the website you will see two options Apply Online and Registered User.

– After clicking on Apply Online, the option of changing the existing PAN card will have to be selected.

– For this, you have to click on ‘Correction in existing PAN’ option.

– After this, choose the category in which individual option will have to be selected.

– After this, fill the information asked on the screen and enter the captcha code and submit it.

– Now you have to choose KYC option.

– After selecting this, you will see two options on the screen – photo and signature mismatch. If you want to change the photo, then choose the photo and if you want to change the signature, then choose the signature option.

– After this, fill the details asked from you.

– After filling all the information, your ID proof, photo and other documents will be asked for, soft copy of which will have to be attached.

Do not forget to take a print out of this form because it is necessary to send a copy of it to the Income Tax PAN Service Unit. Only after this the process will be completed and the photo in the PAN card will change after a few days.

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PAN 2.0: Is it necessary to link PAN with Aadhaar even after PAN 2.0? Do you know the answer to this question? Actually, it is necessary to link PAN with Aadhaar even after PAN 2.0. Let us tell you that the Income Tax Department has made it mandatory to link PAN card with Aadhaar, but what will happen if it is not linked? The answer to this question is that if you do not link your PAN card with Aadhaar, then the PAN card becomes inactive.

If your PAN card is deactivated, then income tax returns cannot be filed. Tax refunds are not received, and financial services are not available. Aadhaar PAN linking is done automatically for new applicants of PAN card. To link PAN to Aadhaar, write UIDPAN and enter your Aadhaar number and PAN number and send SMS to 567678 or 56161. Information like name, date of birth, and gender should match in PAN and Aadhaar card. If there is a difference in the information in PAN and Aadhaar card, then the information of both the documents has to be made the same.

Actually, it is advisable to update the biometrics of Aadhaar card every 10 years, but there will be no need to update PAN 2.0. The new PAN card will have a QR code, which will make PAN verification easier. Along with this, PAN 2.0 will have many such features which will be helpful in preventing financial fraud.

If your PAN card is already made, then there is no need to make a PAN card again and the old PAN card will remain valid. The new PAN 2.0 will be an upgraded version of the old PAN, people do not need to change their PAN number.

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The post PAN 2.0: Is it necessary to link PAN with Aadhaar even after PAN 2.0? know details here first appeared on Rightsofemployees.com.

PAN 2.0 also includes eliminating duplicate PAN cards and preventing fraud. Let us tell you that in recent times, the incidence of fraud through PAN has increased rapidly. The government is preparing to eliminate all loop holes through PAN 2.0. Meanwhile, news is coming that those holding duplicate PAN cards are in trouble now. What is a duplicate PAN card and if someone has it, why will he have to pay a fine of ₹ 10,000. Let’s find out.

It is wrong to have more than one PAN card

According to the provisions of the Income Tax Act, 1961, no person can hold more than 1 PAN. If a person has more than one PAN, he will have to bring it to the notice of the Jurisdictional Assessing Officer and get the extra PAN deactivated. If the person does not do this and comes under the notice of the department, he will have to pay a fine. The Finance Ministry has said in a release that better technology will be used to identify duplicate PANs through PAN 2.0. This will reduce the incidence of a person having more than one PAN. That is, the government’s focus is on completely eliminating duplicate PANs.

What will happen if duplicate PAN card is not surrendered?

If you have a duplicate PAN and do not surrender it, the Income Tax Department can impose a penalty of up to Rs 10,000 under Section 272B of the Income Tax Act. To save yourself from paying a penalty, you can file the required form with PAN service providers like NSDL or UTIITSL to surrender your duplicate PAN card. But before surrendering the duplicate PAN card, it is important that your valid PAN is linked to Aadhaar and updated in all financial records including bank accounts, investments and tax filings.

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The post PAN Holders Alert! Person holding this type of PAN card may have to pay a fine of Rs 10,000, Check details first appeared on Rightsofemployees.com.

This decision of the government will help taxpayers avoid penalty for late filing of ITR. The due date for filing income tax return under section 139(1) of the Income Tax Act, 1961 is November 30 in the case of such taxpayers who are required to submit the report referred to in section 92E.

Extension of time limit for assessment year

In an official order issued by the Income Tax Department, it has been said that the Central Board of Direct Taxes (CBDT) has now extended the deadline for assessment year 2024-25 to December 15, 2024. CBDT has said that the deadline for filing income tax returns has been extended for those taxpayers.

Those who have undertaken international transactions are required to submit reports under section 92E. The extension of the deadline for filing ITR will mostly apply to entities participating in international or certain domestic transactions.

Strong economic financial position of the government

According to the official data released recently, the fiscal deficit of the Center at the end of the first seven months (April-October) of the current financial year was 46.5 percent of the full year target. This reflects the strong economic financial position of the government. The government aims to bring down the fiscal deficit to 4.9 percent of the gross domestic product (GDP) in the current financial year, from 5.6 percent in 2023-24.

According to data released by the Controller General of Accounts (CGA), the overall fiscal deficit, the difference between government expenditure and revenue, stood at Rs 7,50,824 crore during April-October this year. The revenue-expenditure data of the central government for the first seven months of 2024-25 showed that the net tax revenue was around Rs 13 lakh crore and 50.5 per cent of the budget estimate of the current financial year.

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The post ITR filing New Deadline: Govt extended the deadline for filing ITR for these taxpayers, check last date here first appeared on Rightsofemployees.com.

Talking about the existing PAN cards, even after the introduction of PAN 2.0, PAN cards without QR code will be completely valid. If you also want to apply for PAN 2.0 and receive it on email, then we are telling you its step-by-step process.

Follow these steps:

Before applying for PAN 2.0, confirm that your PAN has been issued by NSDL or UTI Infrastructure Technology and Services Ltd. This information will be available on the back side of your PAN card.

How to apply for e-PAN through NSDL

1- Visit NSDL e-PAN portal – https://www.onlineservices.nsdl.com/paam/requestAndDownloadEPAN.html.

2- Enter your PAN along with Aadhaar (for individuals) and date of birth.

3- Check the details and select the option to receive one-time password. Enter the OTP within 10 minutes to proceed.

4- You will get the option of three free requests within 30 days of PAN issuance. After this, you will have to pay Rs 8.26 along with GST.

5- Once the payment is successful, e-PAN will be delivered to your registered email ID within 30 minutes.

6- If you face any problem in this entire process, you can email at tininfo@proteantech.in or call 020-27218080.

How to apply for e-PAN through UTIITSL
1- Visit UTIITSL PAN Portal – http://www.pan.utiitsl.com/PAN_ONLINE/ePANCard.

2- Enter your PAN, date of birth and captcha code.

3- If your email is not registered, you will have to update it when PAN 2.0 project is officially launched.

4- This is free for e-PAN issued within the last 30 days. After this, you will have to pay Rs 8.26.

5- Your e-PAN will reach your registered email ID in PDF format.

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The post PAN 2.0 with QR code: Apply for PAN 2.0, it will be delivered on email, know the easy way first appeared on Rightsofemployees.com.

If someone does not tell the Income Tax Department about his foreign assets or income even by this deadline, then it is possible that he may have to face serious consequences.

What could be the harm?

If you do not tell the Income Tax Department about your foreign assets or income, then legal action can be taken against you. Under this, you may have to pay a fine of up to Rs 10 lakh for hiding information and in some circumstances you may also have to go to jail.

The Income Tax Department has all the information

The Income Tax Department has clarified that it has detailed information about people’s foreign assets and earnings. The Income Tax Department has information about financial accounts in many countries that belong to Indians. In such a situation, the Income Tax Department has warned and clarified that there will be no benefit in hiding it. In some cases, legal action can be taken considering it as black money.

According to the Income Tax Department, it has information about the name, address and tax identification number (TIN) of the account holders. Along with knowing the account number, the Income Tax Department also has information about the balance of that account. The Income Tax Department also has information about income like interest and dividend.

All this information helps the Income Tax Department to know about the global income of its taxpayers. It also helps in identifying those taxpayers who have hidden or not disclosed the information about their foreign assets or income.

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The post ITR Filing: Taxpayers must do this work by 31 Dec, otherwise a fine of up to ₹ 10 lakh will be imposed first appeared on Rightsofemployees.com.

The Income Tax Department is confident that direct tax collections will exceed the budget target for the second consecutive year. This reflects the country’s strong fiscal position driven by robust economic growth.

Net direct tax collection increased by 15.4% from April 1 to November 10

India’s net direct tax collection, which includes corporate tax and individual income tax, rose 15.4 per cent to Rs 12.1 lakh crore during the current fiscal from April 1 to November 10, according to the latest CBDT data.

Government released tax refund of Rs 2.9 lakh crore

Gross direct tax collection during this period grew by more than 21 per cent to Rs 15 lakh crore. The government issued tax refunds of Rs 2.9 lakh crore, which is 53 per cent higher than the same period last year.

Direct tax collection target of Rs 22.07 lakh crore in the current financial year
During the current financial year, the government has set a target of direct tax collection of Rs 22.07 lakh crore. This includes Rs 10.20 lakh crore from corporate tax and Rs 11.87 lakh crore from personal income tax, non-corporate tax and other taxes.

Direct tax collection target set in the Union Budget is Rs 18.23 lakh crore

In the financial year 2023-24, direct tax collection including corporate and personal tax was Rs 19.58 lakh crore, which was Rs 16.64 lakh crore in the previous financial year. During this period, the annual growth rate was 17.7 percent. In the Union Budget 2023-24, the target of direct tax collection was fixed at Rs 18.23 lakh crore and later in the Revised Estimates (RE) it was increased to Rs 19.45 lakh crore.

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The post Direct tax collection may exceed the budget target of Rs 22.07 lakh crore in 2024-25 first appeared on Rightsofemployees.com.

On depositing more than 10 lakh cash

If you deposit more than Rs 10 lakh in cash in any bank account in a financial year, then the bank informs the Income Tax Department about it. Keep an eye on big transactions and show it in ITR.

Cash deposited in current account of more than 50 lakh rupees

If you deposit more than Rs 50 lakh in cash in a year in your current account, the bank informs the Income Tax Department about it. It is mandatory to follow this rule especially for businessmen and companies.

TDS on cash withdrawal of more than Rs 1 crore

If you withdraw more than Rs 1 crore in cash from any bank account in a financial year, TDS is applicable. Those making large cash withdrawals should keep this limit in mind.

Ban on cash transactions above Rs 2 lakh

There is a ban on cash transactions of more than Rs 2 lakh at a time, irrespective of the type of transaction. Violation of this rule can result in a notice and fine.

Deposit or withdrawal of more than Rs 50,000 without PAN

It is mandatory to provide PAN number while depositing or withdrawing cash more than Rs 50,000 from the bank. Notice may be received for large cash transactions done without PAN.

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People said that the department has expressed concern over the increasing number of suspicious tax returns and refund claims, especially from unscrupulous individuals.

The department has targeted chartered accountants and agencies that promise large refunds, often using fraudulent methods, people told NDTV Profit, adding that many refund claims involve bogus expenses, disability and medical claims.

Taxpayers from across the country are involved

The notices have been issued for frauds that took place in the years 2021-22 and 2022-23, involving taxpayers across the country, the people said. With major cases coming to light in cities such as Gurugram, Ghaziabad, Mumbai and Bengaluru, the income tax department is closely monitoring large tax refund claims, the people said.

Strict action is being taken against CA

Strict action is being taken against CAs and agencies which mislead taxpayers to claim wrong refunds.

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The post Income tax department targets bogus refund claims issues notices to taxpayers first appeared on Rightsofemployees.com.

As per the rules, there is some tax exemption on submitting rent receipts. Some people misuse this rule and submit fake rent receipts to avoid or reduce income tax. But they do not know that the Income Tax Department also keeps an eye on such people and can take action against them.

Help of AI tools

Now the Income Tax Department is using AI, i.e. Artificial Intelligence tool, to deal with those who take tax exemption by submitting fake receipts, through which the details given in the form are matched with the transactions related to the PAN card.

Let us tell you that if you submit a rent receipt of more than one lakh rupees, the Income Tax Department will also ask for the landlord’s PAN card number. After this, with the help of artificial intelligence, it will be matched whether the claim amount made by the tenant by submitting the receipt is also showing on the owner’s PAN card or not.

This will be the punishment

Those who are found guilty in the eyes of the Income Tax Department, that is, when it becomes clear from the documents of both the landlord and the tenant that the tenant has not paid the rent as claimed or has not paid the rent at all, then the Income Tax Department can take action. Under which, notice will be given to those who have submitted fake rent receipts. Form 26AS and AIS will play the most important role in this entire process.

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Under Section 220(2A) of the Income Tax Act, if a taxpayer fails to pay the amount of tax specified in a demand notice, he is required to pay interest at the rate of one per cent per month for the period of delay in making the payment.

The Act also empowers the Principal Chief Commissioner (PRCCIT) or Chief Commissioner (CCIT) or Principal Commissioner (PRCIT) or Commissioner rank officers to reduce or waive the amount of interest payable.

The Central Board of Direct Taxes (CBDT) through a circular issued on November 4 has specified the monetary limit of interest that tax authorities can waive or reduce.

Accordingly, a PRCIT rank officer can decide to reduce or waive the outstanding interest of more than Rs 1.5 crore. For outstanding interest from Rs 50 lakh to Rs 1.5 crore, a CCIT rank officer will decide on exemption/deduction, while a PRCIT or Income Tax Commissioner can decide on outstanding interest up to Rs 50 lakh.

On the other hand, under section 220(2A), the interest payable can be reduced or waived if three specified conditions are fulfilled. These conditions are, the payment of such amount has caused or would cause genuine hardship to the taxpayer; the default in paying interest was due to circumstances beyond the control of the taxpayer; the taxpayer has cooperated in the investigation related to the tax assessment or in the proceedings for the recovery of any amount due from him.

Nangia & Co LLP Partner Sachin Garg said, “This move by the CBDT is expected to help in speedy disposal of applications made by taxpayers for waiver or reduction of interest under section 220. It is worth noting that there is no change in the specified conditions that are required to be fulfilled for seeking such reduction or waiver of interest under section 220 of the Act.”

AMRG & Associates senior partner Rajat Mohan said the move would promote transparency and efficiency in providing interest relief.

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The Income Tax Department has extended the deadline for filing income tax returns by corporates for the assessment year 2024-25 by 15 days. That is, now corporates have got additional time to file income tax returns (ITR).

The last date of Central Board of Direct Taxes (CBDT) was till now 31st October, which has now been extended. After this increase, the new last date for filing income tax returns for corporates has become 15th November. In this way, corporates have got 15 days extra time to file income tax returns.

CBDT Extends Due Date for furnishing Return of Income for Assessment Year 2024-25.

✅The due date for assessees under clause (a) of Explanation 2 to Sub Section (1) of Section 139 has been extended from October 31, 2024, to November 15, 2024.

✅Circular No. 13/2024 dated… pic.twitter.com/rstiKeYCEA

— Income Tax India (@IncomeTaxIndia) October 26, 2024

Sandeep Jhunjhunwala, Nangia Andersen LLP Tax Partner, told news agency Bhasha that this extended period for filing tax returns will not apply to tax audit reports. Earlier in September, the CBDT had extended the last date for filing tax audit reports by seven days to October 7.

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The post CBDT Extends Due Date for furnishing Return of Income for Assessment Year 2024-25. first appeared on Rightsofemployees.com.

The Central Board of Direct Taxes (CBDT), which regulates the Income Tax Department, said in a statement that the tolerance range has been kept at one per cent for ‘wholesale turnover’ and three per cent for all other taxpayers, as last year. 

‘Wholesale trade’ will be defined as an international transaction of trade in goods or a specified domestic transaction, subject to certain conditions. The CBDT said, “Notification of tolerance band will provide certainty to taxpayers and reduce the perception of risk associated with the pricing of transactions in transfer pricing.”

The post Income Tax Department notifies ‘tolerance’ scope for wholesale business first appeared on Rightsofemployees.com.

The revised guidelines will apply to pending and new applications for compounding of offences. Compounding of offences means that in some offences the concerned parties can settle the case while the case is pending in the court.

Upon compounding, further proceedings in the case are stopped. The Central Board of Direct Taxes (CBDT) said in a statement that it has abolished the classification of crimes and also removed the limit for filing applications. To facilitate the compounding of crimes by companies and Hindu Undivided Families (HUFs), the condition of filing an application on behalf of the main accused has been abolished.

Under the new guidelines, the offences of any or all co-accused along with the main accused can be compounded on payment of the relevant compounding fee by the main accused and/or any co-accused. It also rationalises compounding fees by eliminating interest on delay in payment of compounding fees.

Apart from this, the rates for various offences have been reduced. For example, multiple rates related to default in tax deduction at source (TDS) have been removed and a single rate of 1.5 percent per month has been made. Along with this, the basis for calculating compounding fee for not filing returns has also been simplified.

CBDT said, “The revised guidelines are a further step towards simplification of processes with the objective of promoting ease of compliance.” These guidelines are expected to facilitate stakeholders by reducing complexities, simplifying the compounding process and reducing compounding charges.

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ITRs in which refund is not made, their processing is done in just a few hours, but cases with higher refund amount take time. Many taxpayers have received tax refund within 10 days but sometimes it can take a few months.

Didn’t get refund even after filing ITR?

If you had filed Income Tax Return (ITR Filing 2024) on time, and have not received the refund till now, then there can be many reasons for this. In such a situation, taxpayers waiting for the refund can know the reason for the delay in getting the refund with the help of the steps given below. Here we will also tell you what you have to do to get the refund quickly now? So let’s understand it step-by-step…

Know why there is delay in getting Income Tax Refund?

If your Income Tax Refund has not arrived yet, one reason for this could be delay in processing (ITR Processing Delays). It is also possible that you have not seen the notice sent by the Income Tax Department, in which you would have been asked to correct the mistake made in filing the return.

Tax refund not deposited in bank account? Do this immediately

Step 1- First of all log in to your income tax account. You can use your PAN number as a login ID. Or you can also log in to the income tax portal through your net-banking account.

Step 2- After logging in, check the status of your income tax return. If it has not been processed yet, it means that you will have to wait for some more time.

Step 3- If your return has been processed (ITR Processing), it means that the refund amount should be deposited in your given bank account within a few days.

Step 4- If you see this message there – ‘Refund failed due to bank validation’ then it means that you have to validate your bank account.

Step 5- If you have received an Income Tax Intimation Notice from the department under section 143 (1) and the refund is less than the claim made by you, it means that some deduction has been rejected by the tax department or any tax credit is not available in your 26AS. In such a case, after making corrections in the information given earlier, you will have to file a rectification request. For this, you can take the help of your chartered accountant or tax advisor.

Step 6- If you have not verified your income tax return, then you should verify it immediately (Tax return verification). You can verify it both online and offline (e-Verify Your Income Tax Return Online). If you have sent the signed ITR- to the Central Processing Center (CPC) within 30 days of filing the return but the status has not been updated, then you will have to go to the income tax portal and file a complaint. The ITR filing process is considered complete only when it is verified (E-verification of ITR). If you do not verify your ITR within 30 days of filing, then you will have trouble.

With the help of these steps, you can understand the reason for the delay in issuing the refund and resolve it. This will process your refund quickly. And after this the refund amount will also come to your account.

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Finance Minister Nirmala Sitharaman in her budget speech announced the Direct Tax ‘Vivaad se Vishwas’ Scheme 2024 to resolve pending appeals in income tax disputes. The scheme will come into effect from October 1, 2024. Apart from this, rules and forms have also been notified to enable the scheme.

The Central Board of Direct Taxes (CBDT) said in a statement that the scheme provides for a lower settlement amount for the ‘new appellant’ as compared to the ‘old appellant’. The scheme provides for a lower settlement amount for taxpayers filing the declaration on or before December 31, 2024 as compared to those filing after that. Four different forms have been notified.

Form-1: Form for filing declaration and undertaking by the declarant.

FORM-2: Form for certificate to be issued by the specified authority.

Form-3: Form for intimation of payment by the declarant.

Form-4: Order for full and final settlement of tax dues by the specified authority.

The scheme also provides that a separate Form-1 shall be filed for each dispute, provided that where both the appellant and the Income-tax Authority have filed appeals in respect of the same order, a single Form-1 shall be filed.

The information of payment is to be given in Form-3 and it is to be submitted to the specified authority along with the appeal, objection, application, writ petition, special leave petition or proof of withdrawal of claim. Form-1 and Form-3 will be submitted electronically by the declarant. These forms will be made available on the e-filing portal of the Income Tax Department. This scheme is a step towards reducing litigation.

CLICK HERE TO ACCESS THE NOTIFICATION

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The post CBDT notifies Rules and Forms for Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024 first appeared on Rightsofemployees.com.

Many employees of Tata Consultancy Services (TCS) have received a demand notice from the Income Tax Department. The reason for this is some problem in the TDS claim. TCS has currently asked its employees not to pay tax. They have been asked to wait till further instructions. This tax demand ranges from Rs 50,000 to Rs 1.5 lakh. Sources have given this information. TCS is India’s largest IT company. Its headquarters is Mumbai.

Has there been an error in processing the ITR?

TCS has said in an email sent to its employees that the associates who have received this notice will get a further intimation regarding the correction of the mistake. Therefore, they do not need to pay tax. The company has said that this error will be rectified after the tax authorities send the Rectification Intimation. Sources said that there is a possibility that there has been a mistake in the processing of the income tax return filed by the authorities. The assessing officer has the right to amend the notice.

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Will reprocessing the return correct the mistake?

In a mail sent to employees, the company has said that the authorities will reprocess the income tax returns, which will eliminate the data discrepancy between Form 26AS issued by the Income Tax Department and Form 16A issued by TCS. Form 26AS issued by the Income Tax Department contains details of tax deducted from the source of income (TDS/TCS). Form 16A contains information about tax deducted from salary by the employer.

Can employees take advice from tax advisors?

TCS has said in another email that if employees wish, they can consult their tax advisors or contact the company. Moneycontrol has contacted the company for more information on this. This news will be updated when a response is received. According to section 154 (2) of the Income Tax Act, the Income Tax Department can amend the notice in two ways. First, it can take the initiative on its own. Second, it can amend on the application of the assessee or tax deductor.

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Such a notice comes to every taxpayer. If you have not received this notice, then you can assume that your return has not been processed yet. The intimation or notice states whether the ITR you have filed is correct or not. If it is not correct, then the reason for the same is also given in the notice.

After receiving the notice, many taxpayers think about what they have to do now and how to respond to the notice. So today we will answer all these questions.

What to do if you receive an Income Tax Notice?

If you have also received a notice under section 143 (1), then do not panic. First of all, read the notice carefully to know what is written in it. If you had filled any wrong information by mistake while filing ITR, which is mentioned in the notice, then correct it and file the revised return before the last date. Generally, the last date for filing revised income tax return is 31 December.

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What can happen in the intimation?

The department can give you 3 types of information through income tax notice:

1. You do not have to pay any additional tax: If your calculation and the department’s calculation match, then the tax liability and refund will be shown as zero in the intimation.

2. Demand for additional tax: If the details of your income or deductions filled by you while filing the return do not match the information available with the income tax department, then the department can demand additional tax and interest from you.

3. You will get a refund: If you have paid excess tax, the Income Tax Department will issue you a refund, which would be mentioned in the intimation.

ITR Intimation Password

The Income Tax Intimation document is password protected i.e. it cannot be opened without a password. To open it, enter your PAN number (in lower case) and date of birth (in the format of DDMMYYYY) as the password.

uppose if your PAN number is “ABCDE0000A” and your date of birth is 2nd April 1990, then your password will be “abcde0000a02041990”.

How to respond to intimation?

While responding to income tax intimation received under section 143(1), keep the following points in mind:

• First of all know the reason for income tax intimation.
• Attach proper explanation and necessary documents with your answer.
• Submit your reply online on the Income Tax e-filing portal within the given time limit.
• Also keep a copy of your answers and submitted documents safe with you.

What to do if intimacy is not received on time?

If the Income Tax Department does not process your ITR on time or does not send you an intimation, you can register your complaint by visiting the Income Tax portal. It is important to respond to the intimation or notice received from the Income Tax Department on time, so that you do not have to face any problem in the future.

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The post Income Tax Notice: Did you also get 143(1) intimation notice? How to answer? Know everything first appeared on Rightsofemployees.com.

After filing income tax returns, taxpayers are now waiting for their refund. The income tax department first processes the ITR. If it finds any discrepancy, it can ask questions to the taxpayers. If it does not find any discrepancy in any ITR, it processes it. Its information is sent to the taxpayers via email. The department has started the work of processing the ITR. The information of the ITRs which have been processed has been given to the taxpayers. Many taxpayers have also received refund. Have you received the refund money?

Income tax department is sending message

The Income Tax Department is giving information about refund through SMS. Therefore, you should check your SMS once. If there is no such message, then you should check your email. Then you should check the balance of the bank account. If your refund has not arrived, then you can log in to the e-filing portal of the Income Tax Department and check the status of the refund.

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Check status on e-filing portal

You can log in to the e-filing portal with the help of your IT and password. After that you have to go to the ‘View Return/Forms’ option. After that you have to select ‘Income Tax Return’. To see the status, you have to click on the acknowledgement number. Here you will know whether your return has been processed or not. If you have any issue with the return, then you will also know about it. If it is written here ‘Processed with no demand no refund’, then it means that your return has been processed, but no refund is being made for you.

check bank account details

Many times, refunds are delayed due to incorrect bank account details. Therefore, taxpayers should check whether the bank account details given in the ITR are correct or not. The Income Tax Department sends refund money only to pre-validated bank accounts. Experts say that your refund can also get stuck due to any error in the ITR. If this happens, you can file a revised return under section 139(5) of the Income Tax Act, 1961.

If you have received a notice, respond to it

The Income Tax Department sends notices to some taxpayers. This may contain some questions related to ITR. You need to log in to your email ID and e-filing portal to check whether any income tax notice has been sent to you. If you have been sent a notice, then you have to respond to the notice sent under section 143(1).

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The post ITR Refund: Have you not received your income tax refund? Know what you need to do first appeared on Rightsofemployees.com.

In India, if your income is above a certain limit and you fall under the tax bracket, then it is necessary for you to file Income Tax Return. If you make any kind of mistake in filing ITR, then the Income Tax Department has full right to send you an IT notice. The Income Tax Department also has the right to re-evaluate your old ITR.

In this regard, the deadline for income tax payers to declare undeclared income from assessment year 2018-19 is 31 August 2024. For assessment year 2018-19 or subsequent years, if your undeclared income is more than Rs 50 lakh, then you may get a notice under section 148 from the Income Tax Department by August 31, 2024.

Also Read: ITR claims stuck: Many refund claims are stuck due to non-linking of PAN-Aadhaar, know all details

These changes have been made in the rules

Let us tell you that earlier the department was given 10 years from the end of the assessment year to initiate such proceedings. Accordingly, the Income Tax Department would have had time till March 31, 2029 for the assessment year 2018-19, but Budget 2024 has reduced the time limit to restart old cases. In such a situation, if the undeclared income is more than Rs 50 lakh in the assessment year 2018-19 or subsequent years, then taxpayers can be sent a notice by the IT Department under Section 148A and 148. If you have also received a notice from the IT department, then know what to do?

Understand what to do if you receive a notice

Verify Notice

If you receive a notice under section 148A, check whether it has been issued within the given time limit or not. Also check whether it has been sent by the local assessing officer or NFAC.

Respond to the notice

Tax payers are given between 7 to 30 days to respond to the notice under section 148A. You must keep this time limit in mind and submit your response on time.

If the notice is incorrect

If you feel that the notice has been issued in a wrong manner, then while replying to the notice, you should attach your necessary documents and submit them and put forth your side. In such a case, you can ask the Income Tax Department to reopen the case.

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The post ITR reassessment: check who can get tax notice under 148 by August 31, 2024 first appeared on Rightsofemployees.com.

Also check whether your PAN card is linked to the Aadhaar number or not. The Income Tax Department says that many refund claims are stuck due to non-linking of PAN-Aadhaar. In such a situation, the department has put these refund claims into the process of verification.

An Income Tax Department official said that taxpayers can check the status by going to the service column on the e-filing portal and clicking on Now Your Refund. If the refund is stuck due to any technical reason, it will be clearly mentioned. There are many reasons like not linking PAN with Aadhaar and not updating the bank account, which are causing delay in getting the refund. If Aadhaar is not linked to PAN, then the online process will have to be completed first. Also Read: – Heavy Rain Today: Heavy rain will cause havoc in 29 districts of this state, check weather condition in your city

Lots of complaints about refunds

This time a lot of people are complaining about the refund. In some cases the refund is being received soon but there are a large number of cases in which the refund has not been received even after one to two months of filing the income tax return. People are also complaining about this on social media. Experts say that not linking the PAN card with Aadhaar on time is also a big reason behind this. Therefore, now when the refund is not being received on time, people are going online and linking Aadhaar with PAN by paying the fine.

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You will have to pay a fine of Rs 1000

The Income Tax Department had extended the deadline for linking PAN with Aadhaar several times. After the deadline was over, the department has now fixed a fee of Rs 1,000 for this work. Currently, all PAN cards issued before July 1, 2017, are required to be linked with Aadhaar. PAN cards issued after that are exempted.

How to check refund status

Visit the Income Tax Department portal (www.incometax.gov.in). Log in by entering your user ID (PAN number) and password

Click on My Account and open Refund/Demand Status. Here select Income Tax Returns.

Now click on the receipt number. After this a new page will open, where all the information related to ITR will be visible.

What to do if there is a delay

First of all, check your email. Income Tax Department sends refund or any additional information or notice through email.

If the ITR status shows that the refund claim has been rejected then the taxpayer can request for re-issuance of refund.

If the claim status is pending, you can contact the e-filing portal/assessment officer and request for early settlement.

If there is still a delay….

1. Contact the Income Tax Department: You can contact the Income Tax Department by calling their helpline 1800-103-4455 or emailing them at ask@incometax.gov.in. They can assist you with the status of your refund.

2. Visit the local income tax office: If the delay continues, you can visit the local income tax office to directly inquire about the status of the refund. Make sure to carry the relevant documents with you.

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Fraud happening in the name of ‘tax refund’

At the same time, the Income Tax Department has advised taxpayers to be cautious of fraud in the name of ‘tax refund’. The department has warned taxpayers on social media to be cautious of such fake calls, emails and SMS. The department has said that if a taxpayer receives any such message, he should first verify it by visiting the official website of the Income Tax Department.

If the message is found to be fake, do not respond to it or visit websites that ask for credit card numbers, bank account details and other sensitive information. Also, if you receive such a fraudulent email, report it to the Income Tax Department. Forward such emails to webmanager@incometax.gov.in and @cert-in.org.in.

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The post ITR claims stuck: Many refund claims are stuck due to non-linking of PAN-Aadhaar, know all details first appeared on Rightsofemployees.com.

According to the department, such fake calls and pop-up notifications talk about availing tax refund. The IT Department has said in its advisory that if any taxpayer receives any such fake message, then that message must be officially verified from the IT Department.

What information did the department provide

The department informed in an official post on X that do not respond to emails or visit websites that request credit card numbers, bank account details or any other sensitive information. The Income Tax Department can contact taxpayers from the given email address.

The IT department said on X that the fake message may be like this: You have been approved an income tax refund of Rs 15000 / -, the amount will be deposited in your account soon. Please verify your account number 5XXXXX6777. If it is not correct, please update your bank account information by visiting the link given below.

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Send such emails and messages here

The IT department has asked taxpayers to send such fake-fraudulent messages and emails to the department’s official website. If you receive an email that you think is fraudulent, you have to send it to webmanager@incometax.gov.in. A copy of this can also be sent to incident@cert-in.org.in. The tax department said that if you receive a phishing mail, send it to incident@cert-in.org.in. The IT department has warned taxpayers not to respond to fake emails or mails from anyone claiming to be from the tax department or open attachments.

ऑनलाइन धोखाधड़ी से सावधान रहें pic.twitter.com/UtGD7QAWLG

— Income Tax Mumbai (@IncomeTaxMum) August 15, 2024

Income Tax Refund

Income tax refund is the refund amount that the income tax department gives back when the amount of tax paid is more than the actual amount. The income tax refund process starts after the taxpayers e-verify the return. Usually, it takes about 4 to 5 weeks for the refund to be credited to the bank account.

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According to the data released by the Finance Ministry, till July 31, 2024, 7.28 crore ITRs were submitted for the assessment year 2024-25, which is 7.5 percent more than last year. Interestingly, the ITR refund of those taxpayers who filed tax returns (ITR Filing 2024) at the last moment was processed quickly (Income Tax Return Processing) and money also came into their bank account. At the same time, there are some taxpayers who had filed tax returns (Income Tax Return Filing) long ago, but they have not received the refund yet.

It has been seen that some people got their refund within 24 hours of filing their income tax returns, but some taxpayers have to wait for more than a month. Their money is stuck for more than a month.

Why is there so much delay in getting Income Tax Refund?

If you had filed your income tax return before time, but you have not received your income tax refund yet, then do not worry. Many people are facing this problem. Many of you must be wondering why your return has not been processed despite filing ITR much before the deadline. Why is there so much delay? And how long can it take for the refund to come? Here we will tell you about it in detail… 

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I have not received the money even after filing the tax

Generally, the Income Tax Department issues refunds within a certain time frame, but sometimes there is a delay. If you have filed your tax return on time but have not received your refund yet, then do not worry, there can be a delay due to many reasons. It is important to know the reasons for the delay in getting income tax refund. This will let you know why your refund is stuck and what you should do.

Can tax refund get stuck due to these reasons?

The form you have filled also makes a difference. Simple forms like ITR-1 or ITR-4 are processed quickly, while ITR-2 or ITR-3 may take some time. There may also be a delay if you have asked for a large refund. The income tax department will check your information carefully. There may also be a problem if you have given wrong information. If you have given wrong information in the tax return, the department will ask you to correct it, which will cause a delay.

• Incorrect bank account information: Incorrect bank account number, IFSC code, micro code or account holder’s name may delay the refund.
• Non-verification of bank account: If you have not already verified your bank account on the e-filing portal, then the refund may get delayed.
• KYC not completed: If your KYC is not complete then you will not get a refund.
• Wrong account type: If you have filled the account number incorrectly, there may be a problem in getting the refund.

How much time does it take to receive refund after receiving ITR processed message?

With the income tax system being updated in recent years, the processing of tax returns (ITR processing) has become much faster. Many people who have filed their income tax returns and whose ITR has been processed by the department are now waiting for their refund. You too might be wondering how long it will take for the refund to arrive.

Please note that in most cases, it takes 2 to 3 days to get the tax refund after
 receiving the message of "ITR Processed" from the Income Tax Department through 
email and SMS.

The post ITR Refund Status: I have not received the money even after filing the tax, It can get stuck due to these reasons first appeared on Rightsofemployees.com.

More than 50 lakh returns were filed on the last day i.e. July 31. The Income Tax Department has appealed to those taxpayers who have not filed to file their returns. The department has said that a 24/7 helpdesk is available to assist in tax filing.

The number of returns filed till 7 pm is more than 7 crore

The Income Tax Department has posted a post on the social media platform X. It says that more than 7 crore returns have been filed till 7 pm on July 31. More than 50 lakh returns were filed till 7 pm on July 31 alone. The department has said in the post that our helpdesk is available 24/7 to help with return filing and related services. We appeal to those taxpayers who have not filed to file their returns.

The last date for filing income tax returns has not been extended

The last date for filing income tax returns for the financial year 2023-24 has not been extended. Its last date was 31 July. The Income Tax Department had already indicated that the last date would not be extended. July 31 was the last date for filing returns for such taxpayers who are not required to get their accounts audited. But, for those taxpayers who are not required to get their accounts audited, the deadline was 31 July.

More returns were filed this year than last year

This year more returns have been filed than last year. Last year, till the evening of 31st July, more than 6.77 crore returns were filed. This time this number is more than 7 crores. Last year, on the last day i.e. 31st July, 64.33 lakh returns were filed. This time more returns have been filed under the new regime of income tax. Revenue Secretary Sanjay Malhotra had said on 30th July that till that date (30th July), more than 6 crore returns were filed, out of which 70 percent were filed under the new regime.

The post ITR Filing: Income Tax Department has not extended the last date for filing returns – Know why ? first appeared on Rightsofemployees.com.

People who have filed their returns will have to wait for their refund after July 31. Some taxpayers may face a delay in getting their refund. Let us know the reasons for the delay in getting the refund.

Incorrect bank account information

Yeshu Sehgal, Head of Tax Markets, AKM Global, said that the most common reason for delay in refund is incorrect information of bank details on the income tax portal. If taxpayers have not pre-validated their bank account i.e. correct information of bank account has not been given to the Income Tax Department, then there may be delay in getting refund.

Also Read: ITR Filing: What concessions do senior citizens get in the matter of income tax?

Wrong information in ITR form

Refunds can also be delayed if the taxpayer’s information in the ITR form is incorrect. Sehgal said that refunds can also be delayed if the reported income does not match. It is important to match the information given in the return form with the information available with the Income Tax Department.

Issues of tax credits from abroad

If a taxpayer has income from assets abroad, it is important to file Form 67 correctly to claim foreign tax credits. This form must be filed before the deadline. If the information in Form 67 is not given correctly, the refund may get delayed.

Wrong clubbing of income

Wrong clubbing of income of spouse or minor may also result in delay in refund. Hence, taxpayers need to take special care in clubbing of income.

26AS or AIS

The TDS deduction claimed by the taxpayers must match the details mentioned in 26AS or AIS. If the details given in these documents and returns do not match, then the refund may get delayed.

Taxpayers who have not yet filed their income tax returns should keep the above mentioned points in mind while filing returns. It is especially important to pre-validate your bank account. This will ensure that the refund amount reaches the taxpayers’ bank accounts soon.

The post ITR Filing: These reasons may cause delay in getting refund money in your bank account first appeared on Rightsofemployees.com.

The Income Tax Department has exempted super senior citizens, i.e. people whose age is more than 80 years, from filing returns. But, it is mandatory for people aged between 60 and 80 years who fall in the category of senior citizens to file returns. But people whose age is 75 years or more and who have income only from pension or interest can file Form 12BBA through the bank (in which the pension money comes). They do not need to file income tax returns.

Higher exemption limit in old regime

The Income Tax Department has also given many additional concessions to senior citizens in terms of tax. In the old regime of income tax, the basic exemption limit for taxpayers above 60 years of age is Rs 3 lakh. For people above 80 years of age, it is Rs 5 lakh. In the new regime of income tax, the basic exemption limit is Rs 3 lakh for all types of taxpayers. Taxpayers whose total income is up to Rs 7 lakh get a rebate of Rs 25,000 under section 87A.

Also Read: Tax professionals appeal to CBDT to extend the last date for filing ITR to August 31

Section 80c

In the old regime of income tax, senior citizens can take advantage of Senior Citizens Saving Scheme (SCSS). This scheme has been started especially for senior citizens. A person of 60 years or more can invest in this scheme. Retired civilian employees of 55 years and defense employees of 50 years can invest in this scheme. An investment of up to Rs 30 lakh in this scheme gets a deduction of up to Rs 1.5 lakh under section 80C. If the interest from all SCSS accounts exceeds Rs 50,000 in a financial year, then it is taxed. Currently, the interest rate of this scheme is 8.2 percent, which is paid every quarter.

Section 80D

Under this section, senior citizens get deduction on health policy premium. This deduction is Rs 50,000 in a financial year. If a taxpayer’s parents are 60 years or older, he can buy a health policy for them and claim deduction on the premium. Apart from this, if a senior citizen does not have a health policy, then he or his children can claim deduction on medical expenses up to Rs 50,000 under Section 80D for the treatment of their senior citizen parents.

Section 80TTB

Under this section, senior citizens get tax exemption on interest up to Rs 50,000 earned from savings account or fixed deposit. Interest above this amount is taxable.

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Meanwhile, the department has asked those filing returns not to make fake claims for expenses and not to understate their income.

The department said that making exaggerated and fraudulent claims is a punishable offence and leads to delay in issuing refunds. The last date for filing ITR for assessment year 2024-25 for all taxpayers is July 31, after which the accounts will not be audited.

More than 5 crore ITRs have been filed so far

. According to the Income Tax Department and its administrative body Central Board of Direct Taxes (CBDT), more than 5 crore ITRs have been filed till July 26.

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Filing ITR correctly speeds up the refund process

The Income Tax Department recently said that taxpayers should file their returns correctly to get timely refunds. The department said, “Refund claims are subject to verification, which may cause delays. Filing ITR correctly speeds up the refund process. In case of any discrepancy in the claims made, a request for a revised return will be made.”

Avoid making false claims

The Income Tax Department has urged taxpayers filing ITR not to claim wrong TDS amounts, under-report their income or exaggerate deductions.

The post Income Tax Department warns, taxpayers should not make fake claims to get refund first appeared on Rightsofemployees.com.

But now in a warning issued by the Income Tax Department, it has been said that the news published in a Gujarat newspaper is wrong. In this news going viral on social media, it is being claimed that the last date for filing Income Tax Return (ITR) has been extended to 31 August 2024.

Wrong information given about extension of date for filing ITR

The Income Tax Department clarified that this information is incorrect and the last date for filing ITR for the financial year 2023-24 is July 31, 2024 only. The Income Tax Department said that we have received information that a newspaper cutting is going viral on social media, which is giving wrong information about the extension of the date for filing Income Tax Return (ITR). This news is completely baseless. Taxpayers are advised to check the updates only from the official website of the Income Tax Department.

The Income Tax Department has also warned people about the fraud in the name of
income tax refund. The department said that people waiting for refund should be careful. Some fraudsters are sending SMS and emails to people on the pretext of refund and trying to withdraw money from their bank account. According to the information given on the website of the Income Tax Department, more than 4 crore Income Tax Returns (ITR) have been filed till 22 July 2024. This number is 8% more than the returns filed during the same period last year.

More than 15 lakh ITR filings in a day

The number of Income Tax Returns (ITRs) filed daily on July 16 has exceeded 15 lakh and is expected to increase further as the date of July 31, 2024 approaches. While the record of filing one crore ITRs for Assessment Year (AY) 2024-25 was made on 23 June 2024. After this, the number of ITR filers reached 2 crore and 3 crore on July 7 and July 16 respectively. After this, the next one crore people filed income tax in six days.

It has come to our knowledge that a clipping of @sandeshnews is circulating on social media regarding extension of date of e-filing of ITR. This is FAKE news.

Taxpayers are advised to follow updates from the official website/portal of @IncomeTaxIndia#FactCheck pic.twitter.com/Hs5jk0kF3J

— Income Tax India (@IncomeTaxIndia) July 22, 2024

More than 4 crore ITR filings so far

Last year, the figure of 4 crore was achieved on 24 July. The department informed that taxpayers facing any kind of technical problem related to filing ITR can contact the toll free helpdesk number (1800 103 0025 or 1800 419 0025) or Efilingwebmanager@incometax.gov.in (email).

Such problems were reported

All Gujarat Federation of Tax Consultants and Karnataka State Chartered Accountants Association (KSCAA) have cited several issues and demanded extension of the last date for filing ITR from 31 July to 31 August 2024. On their part, problems have been reported such as disruption in portal access, difficulty in accessing or downloading the required forms, mismatch of pre-filled data and information in Form 26AS/AIS, submission related problems, problem in resetting password, difficulty in generating challan, error message during return submission, non-receipt of OTP to e-verify the return and problem in downloading ITR receipt.

The post ITR Filing: Deadline for filing ITR extended to 31 August? Income Tax Department itself told the truth first appeared on Rightsofemployees.com.

The Income Tax Department has issued a warning about the fraud happening with people waiting for refund. The department has said that people should not fall into any trap and save themselves from this fraud.

Taxpayers should avoid fake pop-up messages

The Income Tax Department on Wednesday informed in a post on the social media platform X that taxpayers should avoid fake pop-up messages. The department has advised them not to fall prey to such messages. Cybercriminals have used income tax refund as a weapon to steal money from taxpayers’ bank accounts. These people want to obtain bank account information by sending fake messages. The Income Tax Department has issued an advisory to taxpayers after several cases of refund fraud have surfaced from across the country.

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People are being cheated in this way

According to the Income Tax Department, if you are waiting for a refund, then you need to be a little careful. The messages that cyber thugs are sending say that the refund has been approved in your name. This money will be credited to your account soon. Verify your account number or update your bank account details by going to the link given below. The Income Tax Department has appealed not to respond to such messages.

Kind Attention Taxpayers!

🚨 Don’t fall for fake pop-up messages! #StaySafeOnline#CyberCrimePrevention pic.twitter.com/USapVlhwnF

— Income Tax India (@IncomeTaxIndia) July 17, 2024

Last date for filing returns is 31st July

According to the department, this link takes the taxpayers to a fake website. An OTP is sent there to update the account. As soon as the OTP is entered, the scammers withdraw money from the bank account. The Income Tax Department said that it does not send such messages or emails. The refund is sent directly to the taxpayers’ bank account. Its information is given through e-mail or message on mobile number. The last date for filing returns is July 31, 2024. All of you should file the return before this date to avoid penalty.

The post Income Tax: Know what is refund fraud, Income Tax Department issued alert first appeared on Rightsofemployees.com.

Tax evaders are constantly on the radar of the income tax department. The purchases and banking transactions of such people are closely monitored. Let us know which are the 6 big transactions, which if you do in a financial year, you may get an income tax notice.

1- Deposit cash in bank account

According to the rules of the Central Board of Direct Taxes (CBDT), if a person deposits Rs 10 lakh or more in cash in a financial year, then it has to be reported to the Income Tax Department. This money may have been deposited in one or more accounts of the same account holder. Since someone is depositing more money than the prescribed limit, the Income Tax Department may ask you for information about the source of the money.

Also Read: Bank Account Deposit Rules- How much money can you keep in a savings account limits interest and tax rules explained

2- Depositing cash in fixed deposit

Just like a bank can inquire about cash deposits of Rs 10 lakh in a bank account in a financial year, it applies the same rule to transactions in FDs. If someone deposits more than Rs 10 lakh in FDs in a financial year, the income tax department can ask them about the source of the money.

3- Buying shares, mutual funds, debentures or bonds

Many people consider investing in shares, mutual funds, debentures or bonds a good option. Such investments can also develop the habit of saving money in the investor, but if someone uses a large amount of cash to buy shares, mutual funds, debentures or bonds, it also alerts the Income Tax Department.

If a person makes a transaction of Rs 10 lakh or more in any such investment option, then its information reaches the Income Tax Department, which can ask you about the source of the money.

4- Payment of credit card bill

Nowadays, the use of credit card has become a common thing in today’s time. Many times the bill of the users goes into lakhs of rupees, but if your monthly credit card bill is more than 1 lakh rupees and you want to pay it in cash, then also the Income Tax Department can ask you about the source of your money. At the same time, if you pay Rs 10 lakh or more in a financial year through any medium online or offline, then the Income Tax Department can question you that where did you get this money from?

5- Property related transactions

Real estate prices in cities and tier-2 towns are exorbitant, and transactions involving large amounts are common, but beware of the Income Tax Department if you are making a cash transaction of Rs 30 lakh or more while buying a property. The property registrar will inform the Income Tax Department, which in turn may ask you about the source of the money.

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Last year 8.18 crore ITRs were filed. That is, more than six crore taxpayers have not filed ITR yet. The Income Tax Department has asked taxpayers to file ITR as soon as possible to avoid last minute rush. Last time 18 lakh ITRs were filed in the last two days. Here we are telling you what documents are required to file ITR.

Form-16

Form-16 is the most important document for employed people. ITR is filed with its help. This document is given to any employee by his company. It contains complete information about the tax deducted from the employee’s salary and also the salary given. Information related to this is pre-filled in ITR. You have to confirm it.

Form 26AS

This form is issued by the Income Tax Department. It contains complete information about the tax imposed on the income of the taxpayers. It can be obtained from the Income Tax Department website by entering your PAN number. If you want, you can also compare your Form-16 and Form 26AS to see if the tax deduction is the same in both places or not.

Also Read: Employed people Update: Basic tax exemption limit will be ₹5 lakh in the budget! Employed people in focus

​Interest Income Certificate

If you have made an FD in a bank or post office or have deposited money in any other interest-bearing scheme, then it is necessary to keep a certificate of income from interest or a bank statement so that you can fill in the correct information while filing income tax return. You can get tax exemption on interest income up to Rs 10,000 under section 80TTA of the Income Tax Act.

Proof of tax saving

Many taxpayers make some tax saving investments to save tax. Those who are unable to provide these documents to their employer within the stipulated time need to provide proof of the same while filing income tax returns. This tax saving investment proof can be LIC premium receipt, PPF investment passbook, proof of ELSS, donation receipt and tuition fee receipt etc.

Medical insurance document

Under section 80D, you can claim tax exemption on health insurance premium up to Rs 25,000. These insurance policies can be for you, your spouse or children. If you are a senior citizen, you can get tax exemption on health insurance premium up to Rs 50,000. So keep the receipts of all these with you while filing income tax returns.

The post ITR Filing: These documents are required to file ITR, otherwise the work will get stuck! first appeared on Rightsofemployees.com.

Most people have a savings account in some bank or the other. Savings account means savings account and many people use it to deposit cash and sometimes to withdraw large amounts at once. But do you know that there are some rules related to it and if you do not follow them, you may have to pay a penalty. Today we will tell you about those rules.

Also Read: Bank License Cancelled: The Reserve Bank of India (RBI) has cancelled the license of this bank, check details

Rules for depositing money in savings account:

As per the income tax rules, there is a limit on cash deposits in savings account. You can deposit up to 1 lakh rupees in cash in a day. According to a Forbes report, if you deposit 10 lakh rupees or more in a financial year, you will have to inform the IT department. But if you have a current account, the limit is 50 lakh rupees. According to the report, it is a rule for financial institutions to report transactions above these limits to the Income Tax Department.

[ The Income Tax Department has set this limit to keep an eye on the cash transactions of savings accounts, current accounts and financial institutions so that money laundering, tax evasion and other illegal financial activities can be prevented. ]

Know what is section 194A

If you withdraw more than Rs 1 crore from your savings account in a financial year, then 2% TDS will be deducted on it. Those who have not filed ITR for the last three years will have to pay 2% TDS, that too only on withdrawal of more than Rs 20 lakh and if such people have withdrawn Rs 1 crore in a financial year, then 5% TDS will be levied on them.

Section 269ST

Under Section 269ST of the Income Tax Act, if a person deposits Rs 2 lakh or more in cash in a particular financial year, then a penalty will be imposed on it. However, this penalty is not imposed on withdrawing money from the bank. Let us tell you that TDS deduction is applicable on withdrawals above a specific limit.

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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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Let us tell you that PAN card is issued by the Income Tax Department. Today we will tell you what is the process of applying for PAN card for a minor?

In today’s time , PAN Card is very important along with Aadhaar Card. Although both these documents are used as ID proof. Let us tell you that PAN Card is issued by the Income Tax Department.

PAN card is used for non-government purposes along with government work. We have to provide PAN card while opening a bank account. Apart from this, without a PAN card, we cannot file Income Tax Return (ITR).

Also Read: 7th Pay Commission: Gratuity Limit For Central Govt Employees Increases By 25% After DA Hike

In today’s time, even minors need a PAN card. This means that now a PAN card can be made for minors as well.

What are the rules for minor PAN card?

According to the rules of the Income Tax Department, a minor cannot apply for his/her own PAN card. Only parents can apply for a minor PAN card.

Why is PAN card necessary for minors?

• If a minor invests then it is necessary for him to have a PAN card.
• Even if there is a minor nominee in the parents’ investment plan, a minor PAN card is required.
• PAN card is also required while opening a bank account of a minor.
• Even if a minor earns through any means, a PAN card is required.

How to apply for minor PAN card

• Go to the official website of NSDL.
• Now here you have to fill Form 49A. Before filling this form, you have to read the instructions carefully.
• After this you will have to upload the age certificate of the minor, signature of the parents and photo of the parents.
• Now to get a PAN card made, you will have to pay a fee of Rs 107.
• As soon as you pay the fees you will get a receipt number.
• You can easily check the status of PAN card through the receipt number.

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According to the Income Tax rules, if the Permanent Account Number (PAN) is not linked to the biometric Aadhaar, then TDS is required to be deducted at twice the applicable rate.

What is the detail

The Income Tax Department had issued a circular last month stating that no action would be taken if the assessee linked his PAN with Aadhaar by the due date of May 31. The department wrote on the social media platform ‘X’ on Tuesday, “Please link your PAN with Aadhaar before 31 May 2024 to avoid tax deduction at higher rate, if you have not done it already.

Also Read: New order to Gurugram traffic police: Don’t stop vehicles at night, no challans

In a separate post, the IT department also asked reporting entities including banks, foreign exchange dealers to file SFT by May 31 to avoid penalty. The department said, “The last date for filing SFT (Statement of Specified Financial Transactions) is May 31, 2024. Avoid penalty by filing correctly and on time.”

Fine up to Rs 1,000

Reporting entities Foreign exchange dealers, banks, sub-registrars, NBFCs, post offices, bond/debenture issuers, mutual fund trustees, companies paying dividends or buying back shares are required to file SFT returns with the tax authorities. Delay in filing SFT returns attracts a penalty of up to Rs 1,000 for each ‘default’ day. Penalties can also be levied for not filing SFT or filing incorrect details. The income tax department keeps a watch on high value transactions made by an individual through SFT.

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If you have not yet linked your PAN to Aadhaar, then you have the last chance. You must link your PAN to Aadhaar before 31 May. If you do not do this, you may have to suffer a big loss. Now the Income Tax Department has also advised taxpayers to link their PAN to Aadhaar before the last date of this month. If this is not done, then it is necessary to deduct TDS at twice the applicable rate.

According to the Income Tax rules, if the Permanent Account Number (PAN) is not linked to biometric Aadhaar, then it is necessary to deduct TDS at twice the applicable rate. The Income Tax Department had issued a circular last month stating that if the assessee links his PAN to Aadhaar by the date 31 May, then no action will be taken.

Also Read: What is PRAVAAH launched by RBI, how will it benefit you?

Income Tax Department appealed

Kind Attention Taxpayers,

Please link your PAN with Aadhaar before May 31st, 2024, if you haven’t already, in order to avoid tax deduction at a higher rate.

Please refer to CBDT Circular No.6/2024 dtd 23rd April, 2024. pic.twitter.com/L4UfP436aI

— Income Tax India (@IncomeTaxIndia) May 28, 2024

The department wrote on the social media platform ‘X’ on Tuesday, “To avoid deduction of tax at higher rate, please link your PAN with Aadhaar before 31st May 2024, if you have not done it already.” In a separate post, the IT department also asked reporting entities including banks, foreign exchange dealers to file SFT by May 31 to avoid penalty. The department said, “The last date for filing SFT (Statement of Specified Financial Transactions) is 31st May 2024. Avoid penalty by filing correctly and on time. ”

A fine can be imposed

Reporting entities foreign exchange dealers, banks, sub-registrars, NBFCs, post offices, bond/debenture issuers, mutual fund trustees, companies paying dividends or buying back shares are required to file SFT returns with the tax authorities. Delay in filing SFT returns can attract a penalty of up to Rs 1,000 for each ‘default’ day. Penalties can also be imposed for not filing SFT or filing incorrect details. The Income Tax Department keeps an eye on high value transactions made by a person through SFT.

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This means that they will keep knowing what is the status of any transaction after their comment. AIS is prepared on the basis of financial data obtained from multiple information sources. It provides details of a large number of financial transactions of the taxpayer, which may have tax implications.

Improved the comment feature

The taxpayer has been given the facility to give feedback on each transaction displayed in the AIS system. This feedback helps the taxpayer to comment on the accuracy of the information received from the source of such information. In case of incorrect reporting, it is automatically routed to the source for verification.

Also Read: DA Hike: Next time also dearness allowance will increase by 4%?

What did CBDT say?

The Central Board of Direct Taxes (CBDT) said in a statement, “The Income Tax Department has now introduced a new mechanism in AIS to display the status of the information verification process.” According to the statement, “This will display whether the taxpayer.” Action has been taken on the response of the source by accepting or rejecting it partially or completely. In case of partial or complete acceptance, it is necessary for the source to correct the information by filing a correction statement.

“This new arrangement is expected to increase transparency for taxpayers by displaying such information in the AIS,” CBDT said. This is another initiative of the Income Tax Department towards ease of compliance and better taxpayer services.

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The Income Tax Department has started an easy process through which you can find out sitting at home whether the notice you have received is genuine or not.

Usually, the Income Tax Department sends you a notice to report any deficiency or mistake. In such a situation, instead of panicking, you should first check the authenticity of the notice. Let us understand the step-by-step process to do this check:

check email id

First of all, check from which email ID the notice has been sent. The Income Tax Department sends all its communications through its official email ID only. This ID ends with @incometax.gov.in, for example, intimations@cpc.incometax.gov.in. If the notice has come from any other email ID, be careful, it could be fake.

Also Read: IMD Weather Update: Meteorological Department issues red alert regarding heat wave in these cities for next 5 days

Verify the notice by visiting the website

Even if the email ID is correct, still be cautious. You can visit the Income Tax Department website to check the original notice. On the left side of the website you will see a panel of quick links. Here you have to click on the section which looks like ‘Certify the notice/order issued by the Income Tax Department’. After clicking on this section, you can follow the steps given below.

step 1: A. If you do not have the document number then you will have to enter PAN, document type, assessment year, mobile number, date of issue of notice or order. Remember that this is valid only for assessment years 2011-12 and onwards.

B. If you have a document number, enter the document identification number and mobile number.

Step 2: In the second step, a six-digit OTP will come on your registered mobile number.

Step 3: Enter the OTP to proceed with the deposit.

Step 4: If there is no record in the Income Tax Department, the system will display ‘No record found for the given criteria’. Otherwise, the system will display whatever details are available based on the type of document/information.

Using this simple process, you can check the authenticity of the notice sent by the Income Tax Department in just a few minutes. If the notice is genuine, then follow the instructions given by the department.

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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.

Also Read:- ITR filing AY 2024-25: I-T dept makes changes in ITR-1 for AY2024-25, Details Here

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.

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

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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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.

The post ITR filing AY 2024-25: I-T dept makes changes in ITR-1 for AY2024-25, Details Here first appeared on Rightsofemployees.com.

The Income Tax Department has introduced a new facility related to Annual Information Statement (AIS). The department claims that this will bring transparency in the details of financial transactions of the taxpayer. Through this, taxpayers will be able to give their clarification or feedback regarding any transaction. This has been named feedback mechanism. This is beneficial for the income tax payer. AIS i.e. Annual Information Statement contains information about all such transactions of the taxpayer on which tax liabilities may arise.

Is this facility

The Income Tax Department prepares the annual information statement based on information received from various sources. Till now the taxpayer could see the details of his transactions. But, could not give my reaction on that. Now under the new system, if the taxpayer finds any discrepancy in any transaction in that statement, then he can give his comment about it.

How will the mistake be corrected?

The taxpayer can view the status of a transaction after responding to it. His response will go to the source carrying out the financial transaction. That source will take action on your comment. He can accept it either partially or completely.

He can also reject it. If he accepts it completely then he will correct his information. Then he will send the correct details to the Income Tax Department. This will be corrected in the annual information statement.

Transparency will increase

After giving his response, the taxpayer will be able to see through this facility whether his comment has been sent to the source of information or not. He will also know if the comment has been shared then on what date it has been shared. It will also be known on which date the source has given its response. This facility will bring transparency.

Process of using it
To use this feature, you must first log in to the compliance portal. After logging in with ID and password, you will have to go to the Annual Information Details section. You’ll then need to comment on a notification using the comment feature. After this the exchange of information with one source will begin.

Good News for 6.5 crore people…Will get Rs 1 lakh in just 3 days, EPFO changed the rules, know details

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A very good news has come for the taxpayers. The Income Tax Department has made a big plan regarding tax refund. The interim action plan of the Income Tax Department is to close the pending tax refund cases by April 30..

What is the plan of Income Tax Department?

There are still many taxpayers whose tax refund of the last assessment year is stuck. After filing the tax return, the refund has not been processed yet. But the department plans to settle the remaining pending refund cases by April 30. During this time, the department will have to complete the scrutiny of the refund and make the refund payment in April. The department has set a target to settle e-redressal cases by May 5.

Will speed up processing

Apart from this, the department plans to share information with agencies like CBI, ED, SEBI, SFIO by April 30. Information on applications received till 31st March should be given by 30th April. After this, information has to be shared within 15 days on the applications received after April 1. In cases where penalty is confirmed by ITAT, processing will take place till June 30.

Also the target is to speed up the matters of international taxation and transfer pricing. Every AO (Assessment Officer) will identify the top 30 TDS non-filers by June 30.

7th Pay Commission: Finance Ministry gave big relief to government employees, order issued

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The Income Tax Department has given big relief to some taxpayers. In fact, the department said that for the financial year 2020-21, a difference has been found between the rent paid by the salaried employees and the amount received by the recipient. The department has analyzed the data in high value HRA cases.

However, the Central Board of Direct Taxes (CBDT) has denied reports that the department is running a special campaign to reopen House Rent Allowance (HRA) cases. The number of such cases was very less as the rent paid by the tenant and the rent received by the recipient was verified.

The CBDT said in the statement that the data was analyzed in some high value cases involving discrepancies between the rent paid by the employee and the amount received by the recipient for the financial year 2020-21. This verification was done in a very small number of cases and a large number of cases have not been reopened.

The purpose was only to alert.

The Central Board of Direct Taxes said that the purpose of e-verification was only to alert about matters related to discrepancies in information for the financial year 2020-21 without affecting others. CBDT said that some cases of discrepancy between the returns filed by the taxpayer and the information available with the Income Tax Department have come to the notice of the department. This is nothing but a part of the routine steps taken to verify the data. In such cases, the department has alerted the taxpayers so that they can take corrective steps.

House rent allowance is part of salary income or CTC. It is calculated in taxable income. However, if an employee lives in rented accommodation, he can claim income tax exemption for HRA received during the year by submitting a valid rent receipt. However, if taxpayers opt for the new tax regime, they do not get any exemption.

RBI New Scheme: Now RBI Governor made a big announcement on the new scheme with returns like FD

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You often hear news in the media that the Income Tax Department raided someone’s house and seized cash worth crores. Income Tax Department officials often raid people’s homes. And they capture expensive things and a lot of cash from the houses.

It has been seen on many occasions that officials seize the cash found during raids. Question comes in people’s mind. How much cash should be kept at home? Is there any law for this? If you keep too much, will the Income Tax Department come? Let us know the answers to these questions.

There is no law regarding keeping cash

There is no provision in Indian law regarding whether you keep ₹100 or ₹100 crore in your house. Nor is there any rule that a person can keep cash or expensive things in the house only to this extent. But cash can be kept in this quantity.

Whatever income you have. That means you will have to give complete details of that cash. You must have mentioned about that cash in your ITR. That money should not be illegal in any way. And when you are asked for information about it, you can give complete information.

Action may be taken

According to tax experts, neither RBI nor Income Tax Department has made any rule under any law regarding keeping cash. You can keep as much cash at home as you want. But the condition is that you will have to keep complete accounts of all the money. If the Income Tax Department suspects that the amount of cash you have is suspicious.

Then the department can start investigating it. And you will have to give information and explanation regarding that cash in the investigation. If you fail to explain where the cash came from and what was its source. Then action will be taken against you and your cash can also be confiscated.

Property Illegal Possession : If someone has taken illegal possession of the property, then do this immediately

The post Cash Rules for Income Tax: Can you be arrested for keeping too much cash at home, know the rules of Income Tax first appeared on Rightsofemployees.com.

Income Tax E-Campaign: The Income Tax Department has started an e-campaign, through which emails and messages are being sent to those taxpayers whose tax paid and financial transactions in the current financial year (FY 2023-24) do not match.

Are eating. The department gave information about this on Sunday. The Central Board of Direct Taxes (CBDT) said that the IT department is engaged in identifying those taxpayers and institutions whose tax deposited and financial transactions are not matching.

This email and message has been sent for the assessment year 2024-25 i.e. financial year 2023-24. The department is informing such people and institutions through messages and e-mails. All these are part of the department’s e-campaign.

You can pay advance tax till March 15

The Income Tax Department said about this campaign that the purpose of this campaign is to alert those taxpayers who have a difference between their advance tax and financial transactions. Such people can recalculate their tax and deposit their advance tax before March 15.

The Income Tax Department has fixed March 15 as the last date for depositing advance tax for the financial year 2023-24. The department has said that if any person has any remaining tax liability, he can deposit the outstanding amount along with interest through updated return.

Taxpayers themselves can identify the mistake

Taxpayers can identify any tax related errors through their Annual Information Statement. This report can be viewed by visiting the official website of the Income Tax Department. Apart from this, you can also check your financial transactions through AIS app.

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Income Tax Department: A very special information has come to light for those filing income tax returns. The Income Tax Department has fixed March 31 as the last date for filing updated returns (ITR-U). In fact, the IT department has received information about many taxpayers who have messed up the information in their returns or have not filed ITR at all. These people have been given the last chance by the department to correct their mistakes. They can correct these mistakes by filling ITR U.

Correct information about interest and dividend income was not given

According to the information received from the Income Tax Department, many taxpayers have not given correct information about interest and dividend income received from third parties in the income tax returns. Many taxpayers have not filed returns. The Income Tax Department has identified these people.

Besides, a chance has also been given to rectify the mistakes till 31st March. For this you will have to go to the e-filing portal and file an updated return. This information is being given by the department to the taxpayers by sending SMS and email.

Big transactions not disclosed in ITR

The Income Tax Department has received information about such financial transactions from various sources. This has been made available through Annual Information Statement (AIS). Taxpayers can see this easily. The Income Tax Department is trying to ensure that people pay taxes voluntarily and maintain transparency.

This mismatch has been found in some income tax returns filed in the assessment year 2021-22 (FY 2020-21). The department has come to know that there is a difference between the information given in the ITR and the financial transactions available with the IT department. Therefore, people have been given the opportunity to file updated returns.

Investigation against those who do not file ITR

Besides, investigation is also being done against those who do not file ITR after making big financial transactions. Under the e-Verification Scheme-2021, the department is sending information to these people through email. Through these, the department is requesting the taxpayers to check their AIS through the e-filing portal

https://eportal.incometax.gov.in. Also file ITR-U if required. If taxpayers are not registered on the e-filing website then they will have to register. If taxpayers are unable to correct the mismatch, they can still report the income correctly through an updated income tax return.

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Income Tax Latest News: There is great news for more than 80 lakh taxpayers of the country. In fact, the Income Tax Department will itself eliminate the pending minor tax demands against about 80 lakh taxpayers and a clear order will be issued giving information about the prescribed procedure for this. Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta gave this information on Friday.

What did CBDT say

The CBDT chief said about this, we will eliminate these tax demands, we will remove such demands from the records of the tax department. The taxpayer does not have to do anything and we will not contact them in any way.

Speaking to PTI after the Budget, Gupta said the process will not be adverse for the taxpayer. But these demands will be put on the e-filing portal of individual taxpayers so that they can also see and if there is any problem in it, the department will resolve it.

He said, if the taxpayer has any issue like rectification in relation to these demands or pending refund case, it will be taken care of. We will bring a clear order regarding this in which everything will become clear. The CBDT chief said the move will benefit around 80 lakh taxpayers. An amount of approximately Rs 3,500 crore is involved in these tax demands.

Let us tell you that earlier, Finance Minister Nirmala Sitharaman had announced to withdraw tax demands up to Rs 25,000 in the interim budget presented in the Parliament on Thursday. He had talked about withdrawal of tax disputes up to Rs 25,000 for financial year 2009-10 and outstanding direct tax demands up to Rs 10,000 for financial year 2010-11 to 2014-15.

The post Income Tax Latest News! Big news for 80 lakh taxpayers, these tax cases will be closed automatically first appeared on Rightsofemployees.com.

Data Mismatch SMS: If you have also received some SMS or message from the Income Tax Department like data mismatch, then you may be worried, but there is no need to worry about it. First of all, you should know that this is not an income tax notice and is only a message or e-mail of data mismatch.

Under this, the Income Tax Department has noticed some mismatch between the information given on your Income Tax Return and Dividend Income, just by answering which you will be tension free. It is possible that even those who have not filed ITR may have received this data mismatch SMS.

The Income Tax Department has provided an on-screen facility on the Compliance Portal on its e-filing website to respond to mismatched information or data mismatch, through which taxpayers can respond to data mismatch. On this, details of data mismatch for the financial year 2021-2022 and year 2022-2023 have been posted. Taxpayers can go here and see which information given by them is mismatched or in which data is not matching.

Based on the information received, the IT Department has communicated to the taxpayers to whom emails and SMS have been sent. This is just a communication and not a tax notice.

How to resolve data mismatch issue

• First of all go to https://www.incometax.gov.in website.
• Taxpayers who are already registered on the IT department website should login to their account and go to the direct portal.
• You will get information about data mismatch under the e-verification tab.
• The ‘Register’ button on the e-filing website allows those who are not registered to sign up. After registration, users can log in and navigate to the compliance portal to view data mismatch.
• The on-screen functions are quite user friendly and allow taxpayers to match mismatched information directly on the portal without additional documents.

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Finance Minister Nirmala Sitharaman in her interim budget speech for 2024-25 announced withdrawal of outstanding direct tax demand up to Rs 25,000 up to assessment year 2010-11 and Rs 10,000 from assessment year 2011-12 to 2015-16. The total tax demand involved in this is around Rs 3,500 crore.

The Central Board of Direct Taxes (CBDT) issued this order to implement the announcement made in the interim budget for 2024-25. CBDT has said in the order that till January 31, 2024, a maximum limit of Rs 1 lakh per taxpayer has been fixed for waiving off such outstanding tax demands related to income tax, property tax and gift tax.

The limit of Rs 1 lakh includes the principal amount of tax demand, interest, penalty or fee, cess, surcharge. However, this exemption will not be applicable to demands made against tax collectors deducting tax under the TDS (tax deducted at source) or TCS (tax collected at source) provisions of the Income Tax Act.

No entitlement to any claim of ‘credit’ or ‘refund’: Manish Bawa, partner, Nangia Anderson India, said the instructions make it clear that this exemption does not entitle taxpayers to any claim of ‘credit’ or ‘refund’ Is. Additionally, the exemption will not affect ongoing, planned or potential criminal legal proceedings against the taxpayer and does not provide any immunity under any law.

Sitharaman had said in the budget speech, “A large number of small direct tax demands are pending in the books of accounts. Many of those demands are older than 1962. This causes trouble to honest taxpayers and creates problems regarding refunds.

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PAN or Permanent Account Number is a 10 digit alphanumeric ID, which is an important legal identity card for Indians. This is your important document for the Income Tax Department, but it is very important that you have only one PAN card.

Holding two PAN cards is not allowed. If you are caught with two PAN cards, the Income Tax Department can take action against you.

What if I have more than one PAN?

According to the rules of the Income Tax Department, if you have more than one PAN, you can face a fine of up to Rs 10,000.

How to get two PAN cards?

There can be many reasons behind having two PAN cards, such as-

Multiple Applications:

It is possible that you may have applied for PAN and it has not arrived on time, so you may have to apply again. Two pans were made from this.

There is a mistake in PAN:

If there was a mistake in your PAN and instead of getting it corrected, you applied for a new one.

New PAN generated after marriage:

Women often change their surname after marriage, after which it has to be changed in their PAN also. There may be two cards in this position.

Reasons for fraud:

Some people also keep multiple PAN cards together for fraud, which is illegal.

How to surrender PAN?

You can apply for PAN surrender both offline and online.

How to surrender online?

You have to fill the PAN Change Request Application Form, on top of which you have to enter the PAN number you are using. Item No. In section 11 you will have to give details of the second PAN. A copy of this will also have to be attached and then submitted by visiting the NSDL website.

How to surrender offline

You have to fill Form 49A. Enter the details of the PAN card to be surrendered in the form. And submit this form to your nearest UTI or NSDL TIN Facilitation Centre. Be sure to keep its acknowledgment receipt.

Write a letter to the Assessing Officer of your jurisdiction. You can find out who is the jurisdictional officer of your area on the Income Tax Department website.

In this letter you will have to enter all the information entered in your PAN card. Details of the duplicate PAN card to be surrendered will also have to be given.

You should also verify and submit the copy of the duplicate card and the acknowledgment receipt received from NSDL TIN therein.

The post PAN Card Holders Alert! Income Tax Department can impose a fine of Rs 10,000 on these PAN card holders, check details first appeared on Rightsofemployees.com.

The Income Tax Department has said that tax refund of Rs 2.48 lakh crore has been given for the assessment year 2023-24 from April 1, 2023 to January 10, 2024.

You can also know your tax refund status sitting at home

If you have filed your income tax return and are waiting for your tax return, you can also do so online. Actually, a new type of service has been started on the Income Tax Portal. Through this you can directly check the status of your refund.
You can check the status of refund like this

After logging into the new Income Tax website, you will get information about your income tax refund at the top. Whether your tax refund has been cleared or not. There is also another method in which one has to go to the e-filing portal. After this you have to click on the section of quick links.

After this you will have to scroll down until you see Know Your Refund Status. You have to click on it. After this you will have to enter your PAN number, assessment year and mobile number. After this you will get an OTP. After entering the OTP, your refund status will be visible.

These people will not get the previous stuck income tax refund

– The ITRs which are to be scrutinized.

– Due to some reason, ITR has not been processed by the assessee.

– ITR process in which more refund is demanded after the ITI process.

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