Include all income sources

Even though TDS has been deducted on your salary, other income like interest on savings account, interest on fixed deposit, rental income, capital gain etc. need to be reported. If this information is not given, the tax department can send you a notice. Actually, all this information is already available in the Annual Information Statement of your PAN.

Claim required deductions and exemptions

Salaried individuals can avail several deductions and exemptions to reduce their taxable income such as Section 80C- Deduction on Investment, Section 80D- Health Insurance Premium, HRA (House Rent Allowance). Verifying Form 16 with your investment proofs will eliminate any mismatch and you can avail all the benefits.

Check TDS and Form 26AS

Always cross-check the TDS shown in your Form 16 with Form 26AS and Annual Information Statement. If there is a mismatch, correct it with your employer or deductor. Otherwise, tax credits will not be reflected correctly and may result in delay in refund or additional tax payable.

File ITR on time and confirm your return

Filing ITR on time saves you from paying late fees, interest and losing some carry-forward relief. After filing, it is necessary to e-verify the return. If doing it online, post Aadhaar OTP, net banking or bank account verification and if doing it offline, post the signed ITR-V. Only e-verified returns are valid for refund and compliance.

File ITR correctly

Salaried people think that ITR gets filed automatically because of TDS deduction, but it is your responsibility to file it correctly. When you declare your full income, set deductions correctly, check TDS and file the return on time, you avoid penalty and also get refund easily.

What is ITR and when is the last date for this year?

Income Tax Return (ITR) is actually your annual tax accounting. In this, you tell the government how much you earned last year, how much tax was to be paid on it and how much tax you have already deposited. This makes it clear whether you have to pay more money to the government or it will refund you. The last date to file ITR for the financial year 2024-25 is September 15, 2025.

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If you forget to file the return, you get 30 days’ time. If you do not e-verify the return in these 30 days, the return will be considered invalid. In such a case, you will not get the refund or the money deducted in tax. Along with this, you may have to file a new income tax return and for this you may also have to pay a late fine.

Let us know how we can do e-verification

Aadhaar OTP

OTP will come on the mobile number linked to your Aadhaar, enter it on the portal.

Net Banking

Login with your bank account and select “e-verify” option.

Use EVC: Electronic Verification Code from Bank Account or Demat Account.

If you are not able to verify online, you can send your signed copy to Income Tax Centralized Processing Center (CPC), Bangalore within 30 days. This method takes some time.

Where to check verification

You can check the verification status of your return by going to the “View Returns/Forms” section on the Income Tax Department website.

The most important work

Verify on time so that your return is processed. Keep PAN linked to Aadhaar and bank account. Keep the confirmation message or email received after verification safe. This way you can verify your ITR on time without any hassle.

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Know here what is the last date of ITR filing for you

First of all, know about those taxpayers whose accounts are not to be audited under the filing of ITR, so the date for filing returns for such people is 31 July 2023.

If such taxpayer is required to file transfer pricing (TP) audit report in Form No. 3CEB, then the last date of ITR filing for such people is 30 November 2023.

If such person is a partner in a firm which is required to report Transfer Pricing (TP) audit in Form No. 3CEB, then the last date of ITR filing for such persons is 30 November 2023.

If a person is the spouse of a partner in a firm who is required to report Transfer Pricing (TP) audit in Form No. 3CEB, then the last date for filing ITR for such persons is 30 November 2023. On the other hand, the last date of ITR filing for such taxpayers whose husband or wife is applicable to section 5A is also 30 November 2023.

The last date for ITR filing is October 31, 2023, for companies that do not need to report Transfer Pricing (TP) audit in Form No. 3CEB.

Those whose accounts are to be audited under the Income Tax Act or any other law, then the last date for ITR filing is 31 October 2023.

If such is a partner in a firm whose accounts are required to be audited, then the last date for ITR filing is also 31 October 2023.

Individuals who are the husband or wife of a person whose firm is required to be audited, and to whom the provisions of section 5 apply – need to file ITR by 31 October 2023.

In all other cases (mostly salaried taxpayers and individuals whose accounts are not required to be audited) the last date for ITR filing is till 31 July 2023 i.e. these people have the last date deadline of this current month.

What should taxpayers keep in mind

All taxpayers are advised to file their due ITR before the last date so that they do not have to pay late fee or penal interest.

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

Income tax return

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

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

Old Tax Regime

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

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New Delhi. If you are an income tax payer and apart from job or business, you also earn from Virtual Digital Assets and share market, then you will have to give this information to the Income Tax Department. Due to the provisions included in the Finance Act last year, some changes have been made.

Therefore, from April 1, 2022, tax will be levied on the profit made on transactions in virtual digital assets. The Central Board of Direct Taxes had notified income tax return forms for assessment year 2023-24 earlier this month.

These forms are to be used for filing return for income earned during the financial year 23, which ends on 31st March. “For the convenience of taxpayers and ease of filing, no significant changes have been made in these forms as compared to last year’s ITR forms,” the CBDT said in a statement. Due to amendments in the Income Tax Act, 1961 only the minimum changes required have been made.”

VDA schedule given in ITR

Now information about the tax levied on digital assets will have to be given in the ITR forms. From July 1, 1 percent TDS will be deducted on transactions of more than Rs 10,000 in assets like cryptocurrency and non-fungible tokens. Tax expert Vivek Jalan told Money Control that now ITR2/ITR

3/ITR5/ITR6 separate VDA schedule is given. In this, the earnings from virtual digital assets have to be told. Under the new schedule, information related to VDA transactions will have to be filled.

At the same time, those trading in the equity market i.e. stock market may need to provide additional information. Jalan said, “Now, when share trading business is carried out, the entire business should also be divided into intra-day trading and delivery-based trading and reported accordingly in ITR3/ITR5/ITR6.”

Explain that it was announced in Budget 2022 that the sale / transfer of virtual digital assets

The income from this will come under the tax net of 30 per cent. Also, during the transfer of virtual digital assets, 1 percent TDS will be applicable on transactions exceeding a limit.

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The Central Board of Direct Taxes (CBDT) has notified forms for filing Income Tax Return (ITR) for individuals and businesses for the financial year 2022-23. Through a notification dated February 10, ITR Forms- ITR-1 SAHAJ, ITR-2, ITR-3, ITR-4 SUGAM, ITR-5, ITR-6, ITR-V (Certification Form) and (Income Tax Return Acknowledgment Form) ITR Acknowledgment Form has been issued. You can see the updated ITR forms by visiting this link- https://egazette.nic.in

ITR Forms issued earlier always

Rajat Mohan, Senior Partner, AMRG & Associates, said that the CBDT has notified the income tax return forms for assessment year 2023-24 (for income in 2022-23) very early, which has helped taxpayers prepare their returns of income. Will help. Last year such forms were issued in the first week of April. There is good news that ITR-1 and ITR-4, used by a large number of small and medium taxpayers, have been made easier than before.

Those Indian citizens whose annual income is up to 50 lakh rupees, they fill Form 1. Your salary, pension or any other source is also included in earning up to 50 lakhs. Agricultural income up to Rs 5000 is also included in this. But if you are a director of a company, have invested in an unlisted company, earn from capital gains, have income from more than one house or property or earn from business, then you cannot fill this form.

ITR Form 2

If your income is more than 50 lakh rupees then this form is for you. Under this, more than one residential property, capital gain or loss on investment, dividend income of more than Rs 10 lakh and agricultural income of more than Rs 5000 have to be disclosed. Apart from this, even if the PF is earning as interest, then this form is also filled.

ITR Form 3

If you are a businessman, invested in equity unlisted shares, earning as a partner in a company, then you can fill ITR Form 3. Apart from this, you can also fill this form if you have income from interest, salary, bonus, capital gains, horse racing, lottery, rental income from more than one property.

ITR Form 4

Applicable for Individuals and HUF (Hindu Undivided Family). If you have income from your business or any profession such as income of doctor-lawyer, running partnership firms (other than LLP), income under section 44AD and 44AE and earning more than 50 lakhs from salary or pension People fill this form. If you are a freelancer but the annual income is more than 50 lakhs, then also you can fill this form.

ITR Form 5

ITR 5 is for those entities who have registered themselves as Firms, LLPs, AOPs, BOIs. The same form is also used for Association of Persons and Body of Individuals.

ITR Form 6 and 7

ITR Form 6 is for those companies which do not get exemption under section 11 of the Income Tax Act. Those companies and individuals who have to file return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) need to fill ITR Form 7.

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