Income Tax Refund Delay 2025: Millions of taxpayers filed their income tax returns months ago, but they still haven’t received their refunds. Every morning, taxpayers are checking their bank accounts, but their refunds haven’t arrived. Why are ITR refunds so delayed? CBDT Chairman Ravi Agarwal himself has provided the answer. Let’s explore the details.

CBDT Chairman Explains These Reasons
Inaugurating the Taxpayers’ Lounge at the India International Trade Fair 2025 on Monday, CBDT Chairman Ravi Agarwal said, “In many cases, incorrect or excessive deduction claims have been made. These are being investigated. While small refunds are being issued regularly, the department is taking precautions with suspicious returns. Many taxpayers have been sent messages asking them to file revised returns.” He further stated, “We are trying to ensure that all remaining refunds are issued this month or by December.”

Interest will be charged if the refund is delayed.

Furthermore, he stated that if the refund is delayed through no fault of yours, the government will transfer the refund along with interest. Under Section 244A of the Income Tax Act, taxpayers receive simple interest at the rate of 0.5 percent per month for delayed refunds. However, there are certain conditions.

1. If the ITR is filed on time, interest will be charged from April 1, 2025.

2. If the ITR is filed late, interest will be charged from the date of filing.

3. Interest continues to accrue even during scrutiny, provided the delay is not due to you.

4. However, if the refund is less than ₹100 or is due to an overpayment of self-assessment tax, no interest will be charged.

Refunds can also be withheld due to these five reasons:

1. If the form does not match Form 26AS, AIS, or TIS, the refund is withheld. Refunds can also be withheld due to TDS credit errors, such as incorrect TAN, outdated invoices, or differences in net-gross interest.

2. Furthermore, returns with foreign income, capital gains, income from multiple sources, or high-value transactions face increased scrutiny. This often results in refund delays.

3. Refunds can also be withheld if the taxpayer’s PAN is inoperative, TDS credit is denied, e-verification is not performed, the bank account is not active, or the PAN is not linked to Aadhaar.

4. Furthermore, if e-verification is not completed within 30 days of filing the return, the return is considered invalid.

5. Refunds can also be withheld if there is any outstanding tax from the previous year.

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Income Tax Refund: For the past few months, a large number of taxpayers have been worried about the delay in their income tax refunds. People are constantly questioning on social media platforms why refunds haven’t been issued even weeks, even months, after filing.

In many cases, returns are showing as “Under Processing,” some have received “Defective Return” notices, while many taxpayers are simply at a loss for the reason for the delay. This begs the question: why are refunds delayed, and what steps should taxpayers take to receive their refunds on time?

Increasing complaints on social media

Delays in tax refunds have become common in the past few months. Many people have written that they have filed revised returns or are awaiting refunds due to complex entries such as foreign investments, capital gains, or advance tax payments.

Many taxpayers have received their refunds, while others have been waiting for months. Tax experts say that factors such as high CTC, multiple income sources, or investment complexity slow down the refund process.

5 Major Reasons for Refund Delays

• The department conducts additional scrutiny on refunds exceeding ₹1 lakh, which delays processing.
• Returns that include foreign income, capital gains, or multiple income sources must undergo manual verification.
• Refunds that receive a ‘Defective Return’ notice under Section 154 may be withheld until a new ITR is filed.
• Sometimes, government liquidity constraints cause large-scale refund delays.
• If you filed a revised ITR, it takes longer for the system to process the new data.

What types of refunds are processed quickly?

Tax experts say that delays in refunds are due to technical scrutiny as well as administrative reasons. The department, especially for high-value refunds, requires additional verification. If there are any defects in the return, the system blocks it and requires the taxpayer to file a new ITR.

Simple return forms like ITR-1 (Sahaj) are generally processed quickly. However, complex forms like ITR-2 and ITR-3 may experience delays. Therefore, it is important that taxpayers periodically check the status of their returns on the Income Tax e-Filing Portal to determine if there are any pending notices or information from the department.

Other Reasons for Refund Delays

• Refund delays can be caused not only by departmental investigations but also by minor errors made by the taxpayer.
• If you fail to verify your ITR after filing, the return becomes invalid and the refund is not issued.
  If the tax credit shown in the return does not match Form 26AS or Annual Information Statement (AIS), the department may withhold the refund.
• Sometimes, even minor discrepancies in the amounts reported by the bank, employer, or financial institution can stall the refund process.
• In such cases, you should visit the CPC portal to file a grievance and resolve the mismatch.

ITR Filing Deadlines and Rules

The last date for filing ITR for non-audit cases for the financial year 2024-25 (FY25) was September 16, 2025. This date was previously extended twice from July 31. First, to September 15, due to major changes to the ITR form. Then, it was extended by one more day, to September 16, due to technical issues with the portal.

Those who have not yet filed their ITR can file a belated return by December 31, 2025. However, they will be subject to a late fee.

Filing your return before the end of the year is essential to avoid penalties or notices.

What to do if your refund is stuck

• If your refund hasn’t arrived for a long time, there’s no need to panic.
• First, check whether you’ve verified your return.
• Then, match the data in your Form 26AS and AIS with your return.
• If there’s a mismatch, file a grievance on the CPC portal.
• If you’ve filed a revised return, be patient. Its processing time is longer.

Delays in tax refunds are not uncommon. But by being vigilant and providing correct information, you can quickly overcome this problem. Keep your documents updated, regularly check your refund status on the portal, and respond promptly to any notices. This increases your chances of receiving your refund quickly.

Property Buying Tips : Before buying your dream home, keep these important things in mind, otherwise you may incur huge losses.

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Income Tax Rules: In today’s era of promoting digital payments, the tax department’s strictness on cash transactions is not surprising. Therefore, it’s important to be aware of the current law so that you don’t get into trouble due to your negligence. In any case, the Income Tax Department keeps a close eye on high-value transactions. Therefore, taxpayers should always be cautious about such transactions. Let’s find out how much cash you can transact in a day.

According to Section 269ST of the Income Tax Act, any individual can transact up to ₹2 lakh per day. If the transaction amount exceeds this limit, you may be at risk from the Income Tax Department. Abhishek Soni, CEO and co-founder of Tax2win, says that taxpayers should be aware that the Income Tax Department monitors cash transactions exceeding a certain limit. Notices from tax officials are possible.

Penalties may apply.
If someone violates Section 269ST and accepts cash of ₹2 lakh or more, they may have to pay the entire amount as a fine. For example, if you accept ₹3 lakh in cash for a property deal or business transaction, if the tax department catches you, you will have to pay a fine of the full ₹3 lakh. This rule applies to all types of money. Tax experts say that even simple or personal transactions can come under scrutiny.

How to avoid an income tax notice?
If you want to avoid an income tax notice, it’s crucial to maintain transparency in all your transactions. Whether cash or UPI, ensure you have a bill or proof for every transaction. Especially for transactions involving the purchase and sale of large items, it’s crucial to obtain a bill. This will avoid any future problems.

IRCTC is offering a special offer! now visit the 7 Jyotirlingas on EMI, know the booking details

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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

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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.

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The middle class has high hopes from the budget to be presented by Finance Minister Nirmala Sitharaman on February 1. The middle class has not got any major relief in the last two-three budgets. The middle class is expected to get a big relief from the change in tax slabs in Budget 2025.

This step can not only improve the economic condition of the people, but will also give new energy to the slowing economy. The government is considering changes in the income tax slabs, which can benefit salaried taxpayers earning up to Rs 20 lakh annually.

According to a report by Business Standard, the government is currently considering two major options. First, making annual income up to Rs 10 lakh completely tax-free. Second, bringing a new tax slab of 25% on income of Rs 15 to 20 lakh. Currently, 30% tax is levied on income above Rs 15 lakh. If the budget allows, both options can be implemented. For this, the government is ready to bear a revenue loss of Rs 50,000 crore to Rs 1 lakh crore.

The concession of the previous budget was incomplete

In 2023, the Finance Minister had increased the rebate under Section 87A and made income up to Rs 7 lakh tax-free, but for this there was a condition of giving up most of the deductions. Now under the new tax system, the tax exemption limit can be increased to make income up to Rs 10 lakh tax-free. Currently, with a standard deduction of Rs 75,000, those with income up to Rs 7.75 lakh do not have to pay tax.

The economy will get a boost

If the government increases the scope of tax exemption or brings a new slab, then it can help in promoting urban consumption, especially when the country’s GDP growth is slowing down. GDP growth in the second quarter of FY 2025 was 5.4%, which is the lowest in seven quarters. Tax concessions will increase the spending capacity of the people, which will increase demand in the market and strengthen the economy.

PwC consultant and former CBDT member Akhilesh Ranjan believes that a 25% tax slab should be introduced for those earning between Rs 15 lakh and Rs 20 lakh. This will leave more money with the middle class, which will increase the purchase of consumer durables (such as refrigerators, TVs). IASCC professor Anil K Sood says that a 30% tax on income a little more than Rs 15 lakh is unfair. He suggested that the government should provide relief to the salaried class, but without changing the existing incentives.

Focus on fiscal deficit
Professor Sood said that the government is more focused on fiscal deficit. He also said that budget is made for capital expenditure, but there is lack in spending it. For example, National Highway Authority of India (NHAI) has sufficient funds, but they are being used to repay loans.

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Income Tax Regime: Finance Minister Nirmala Sitharaman is going to present the budget on 1 February 2025. Before this, it is being discussed whether the government will abolish the old tax regime? Let us tell you that the new tax system was introduced during the general budget on 1 February 2020. The old tax regime included many types of deductions and exemptions, so people like it more, whereas in the new tax regime, the tax rates are low, but the benefit of deductions and exemptions is not that much.

The aim of the government is to simplify the income tax system

The Finance Minister had recently said that the government wants to simplify the income tax system, so taxpayers are speculating that the government will abolish the old tax system because the new tax system is simpler than it. In the old tax system, tax exemption is available on investment up to Rs 1.5 lakh under section 80C of the Income Tax Act. Similarly, under section 80D, there is a provision for exemption on health insurance premium, that is, under this, taxpayers can claim deduction on medical insurance premium for themselves as well as the family. This helps in reducing the taxable income.

Will the old tax regime be abolished?

Will the government abolish the old tax regime? Responding to this question, tax and investment expert Balwant Jain told The Mint, “Given the government’s biased attitude towards the new tax system, the increasing number of people adopting it and the fact that the limit of exemptions available in the old system has not been increased after the implementation of the new tax regime, do not be surprised if the Finance Minister completely abolishes the old tax system.” He further said that since the government wants you to give correct information about your income, which is the base of the new tax regime, it is likely to be implemented soon.

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Actually, the government can take steps to cut income tax rates due to concerns related to the decrease in consumption in the economy. According to an exclusive report by CNBC, sources said that the government can take special steps in this budget to increase consumption. These include the option of cutting income tax rates and increasing the limit of standard deduction.

Will the government give relief on income tax

If sources are to be believed, the government can increase the limit of income tax exemption up to Rs 50,000 in the budget. At the same time, the limit of standard deduction can be increased to Rs 1 lakh. Currently, this limit is Rs 50,000 in the old tax regime, while in the new tax regime this limit is Rs 75,000. In such a situation, the government can increase it by Rs 25,000 more. Currently, the tax rate on annual income of Rs 12 to 15 lakh is 20 percent.

Taxpayers hope for relief

Taxpayers and experts have high expectations from the budget for the financial year 2025. In fact, this time the government is expected to take several important steps to amend the income tax slab, increase the investment limit and encourage startups. Especially, amid rising inflation and expenses, the demand to make tax rules more simple and flexible to provide relief to the middle class and senior citizens is gaining momentum.

As per the current tax slab, there is no tax on annual income up to ₹2.50 lakh, while 5% tax is levied on income from ₹2.5 lakh to ₹5 lakh, 20% tax is levied on income from ₹5 lakh to ₹10 lakh, and 30% tax is levied on income above ₹10 lakh.

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There is a relief news for those who pay income tax. The Central Board of Direct Taxes (CBDT) has given some relaxation to the tax officers regarding the interest charged on not paying the due tax as per the tax demand notice. This relaxation has been given with some conditions. According to this relaxation, the authorities can now reduce or waive the interest charged on tax.

The CBDT issued a circular on November 4 prescribing monetary limits for officers to reduce or waive interest paid or payable under section 220(2) of the Income Tax Act, which is an order issued under section 119(1) of the Income Tax Act.

How much was the interest?

Under Section 220(2) of the IT Act, if a taxpayer fails to pay the tax specified in the demand notice under Section 156, he has to pay interest on that amount at the simple rate of 1 per cent per month for every month of delay. Under Section 220(2A), the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner rank officers have the power to reduce or waive the amount of interest payable.

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Income Tax Refund: Rahul, who works in the IT sector, had filed ITR on time this year as well, like every year. Last year his tax refund came after a week, but this time it has not been processed yet. Now Rahul is worried. Actually, filing ITR timely does not mean that you will get your refund soon. There are many steps in the tax refund process. If something goes wrong in any step, then the entire process may get delayed.

This can cause delay in tax refund

You are eligible for tax refund when the tax already paid by you is more than your actual tax liability. The Income Tax Department calculates it after considering all deductions and exemptions during assessment. Income Tax Return (ITR) refund can be delayed due to many reasons. If the taxpayer has not done his ITR through Electronic Verification Code (EVC) or through Central Processing Center (CPC), then his refund can be delayed.

Income figures not matching is also the reason for delay

Apart from this, errors in ITR details like non-matching of income figures, wrong bank account information or error in PAN details also cause delay in ITR processing and refund. In cases where the ITR involves complex income sources or various deductions, such ITRs need to be proceeded manually. This is the reason why processing and refund of such ITRs can usually take more time.

Apart from this, delays can also occur due to backlog in CPC. Especially during peak filing or due to non-compliance of the notice or request of the Income Tax Department by the taxpayer. Therefore, any taxpayer should try to file his return well before the stipulated time limit.

Also Read- Belated ITR: What is the process for filing belated income tax return, what is the penalty?

What to do in case of delay in ITR refund?

If your refund is also getting delayed, then you should first check the status on the Income Tax e-filing portal. This will give you information about the current status of processing. If the reason for the delay in your refund is not clear, you can register a complaint by going to the ‘e-Nivaran’ section on the e-filing portal or you can also contact the CPC helpline for updates. It is important to respond quickly to any notice or request from the Income Tax Department as delay in your response may increase the processing time.

How to raise the issue of tax refund

If your refund process is stuck for a long time, then you may have to file a re-issue request for refund. How can you do this? Let’s know-

• First of all go to the ITR e-filing portal and login with your credentials.
• After this go to the ‘Service’ tab and click on the ‘Refund Re-issue’ button.
• Now a new webpage will open. Click on ‘Refund Reissue Request’. Now select the ITR here and you want to request for re-issue of refund.
• Here select the bank account where you want to receive the refund. If the selected account is not verified then you have to verify it first.
• Now click on Proceed and choose a verification method Aadhaar OTP, EVC or DSC. Complete the process after receiving the OTP.

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The last date for filing ITR was 31 July. According to the information given by the Income Tax Department, 7.28 crore returns have been filed till the last date. After filing ITR, tax payers wait for their refund. Because now after July, the month of August is also going to end, so everyone is eagerly waiting for the refund.

Income Tax Refund Delayed: If you are still waiting for the refund even after filing ITR on time, then this information is going to be useful for you. Here you need to understand that there can be many reasons for the delay in getting income tax refund. These reasons are listed here-

Also Read:- Income Tax Notice: Did you also get 143(1) intimation notice? How to answer? Know everything

Why is there a delay in getting income tax refund?

• ITR not verified
  Not only filing ITR, but also verifying ITR is important. It is necessary to verify ITR using Aadhaar OTP. If this is not done, there may be a delay in refund.
• Error in account details
  If you have given wrong information about your bank account, then this can also be the reason for delay in refund. This can happen due to bank account number, IFSC code, micro code or wrong name.
• Filing wrong return
  If you have filed ITR return but any kind of information in the return is incomplete or wrong, then a notice is received under section 139 (9). 15 days are also given to correct this mistake. In such a situation, this can also be the reason for delay in refund.
• High amount
  If you have filed ITR and are now waiting for refund, then high amount of refund can be the reason for delay. Income Tax Department closely examines the refund of high amount. Only after this the refund is processed.

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You may find filing Income Tax Returns complicated, but by avoiding some common mistakes you can make the process easier and ensure that you get your due refund. However, some mistakes may occur inadvertently while filing ITR. These mistakes can cost you dearly. In such a situation, you should be careful while filing income tax return.

Filing your ITR is important for many reasons. Mainly it fulfills a legal obligation under the Income Tax Act. Along with following the tax laws and regulations, the government gets information about your income from different sources through ITR. It gives you an opportunity for financial planning and ITR is also an important document for loan or visa applicants.

Do not make these 10 mistakes while filing ITR-

Incorrect personal information – While filing your ITR form, ensure that all the information like name, PAN, address and bank account details are filled correctly in the form.

Choosing the wrong ITR form – Choose the right ITR form based on your income sources and your type of income. Filling wrong forms may result in fine.

Not giving complete information about your income – Provide information about income from all sources of income including salary, interest income, rent income, capital gains in your ITR. Failure to report all income sources may result in penalties.

Ignoring TDS credit– Must show the TDS details in ITR from Form 16/16A issued by your employer or deductor. Failure to provide correct information may result in notice and fine.

Incomplete information about investments and deductions– Correctly declare all investments, expenses and deductions to claim eligible tax benefits under Section 80C, 80D, 80G of the Income Tax Act.

Hiding interest income – Correct information about interest earned from savings accounts, FD or other sources should be given. Failure to do so may result in a fine.

Form 26AS not matching – Cross-check the statements in your ITR with Form 26AS. It contains details of your TDS, tax payment and other income tax related information.

Not filing ITR on time – This is a very important thing. Do not wait till the last moment of the last date to file ITR. Late filing of ITR may result in penalty.

Not verifying ITR – After filing ITR online, it is necessary to verify it electronically through Aadhaar OTP, NetBanking etc. or by sending a physical copy with your signature to the Income Tax Department within the stipulated time. If verification is not done, ITR filing becomes invalid.

Not maintaining necessary records – Maintain records of all documents, receipts and evidence related to your income, investments and tax deductions, as these may be required for verification or in case of any tax investigation in future.

Cash Withdrawal Rules : Good News! You will not have to go to ATM to withdraw cash, now you will get money sitting at home, just do this work

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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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The season of tax saving has arrived. People earning more have started struggling to save tax. The central government has given tax exemption on income up to Rs 7 lakh under the new tax regime, while annual income up to Rs 5 lakh has been exempted under the old tax regime. But if your annual income is more than these two limits then you may have to pay tax.

People have to pay tax on higher income as per the tax slab. Under the old tax regime, the Income Tax Rule says that no tax will have to be paid on annual income up to Rs 2.5 lakh. There is a provision of 5% tax on income of Rs 2.5-5 lakh. Whereas 20% tax is charged on annual income of Rs 5-10 lakh. There is a 30% tax slab on annual income of Rs 10 lakh and above.

Tax can be saved even on income of Rs 10.50 lakh

According to this, if your annual income is Rs 10 lakh then you will have to pay 30% tax. However, if you want, you will not have to pay even a single rupee tax. Not only this, even if your salary is Rs 10.50 lakh, you can save the entire amount of tax by investing and taking advantage of exemptions.

How can you save tax on income of Rs 10.50 lakh?

1. A rebate of up to Rs 50 thousand is available as standard deduction. In such a situation, tax will now be levied on Rs 10 lakh.

2. By investing in schemes like PPF, EPF, ELSS, NSC, you can save tax of Rs 1.5 lakh under Section 80C of Income Tax. Now if we subtract Rs 1.5 lakh from Rs 10 lakh, Rs 8.5 lakh will come under tax.

3. Similarly, if you separately invest up to Rs 50,000 annually in the National Pension System (NPS), then under Section 80CCD (1B), you get help in saving income tax of additional Rs 50 thousand. Now if we subtract Rs 50 thousand more, Rs 8 lakh will come under the tax net.

4. If a home loan is also taken, then tax saving of up to Rs 2 lakh can be done on its interest under Section 24B of Income Tax. If you subtract another Rs 2 lakh from Rs 8 lakh, the total tax income will be Rs 6 lakh.

5. By taking a medical policy under Section 80D of Income Tax, you can save tax up to Rs 25 thousand. Your name, your wife and children’s names should be there in this health insurance. Apart from this, if you buy health insurance in the name of your parents, you can get an extra discount of up to Rs 50,000. In this case, if we subtract 75 thousand from Rs 6 lakh, the total tax liability will be Rs 5.25 lakh.

6. If you donate to any organization, you can avail tax benefit of up to Rs 25,000. Under Section 80G of Income Tax, you can claim tax deduction up to Rs 25,000 on the amount given as donation. After deducting Rs 25 thousand, your income will now come in the tax slab of Rs 5 lakh. According to Income Tax rules, no tax will have to be paid under the old tax regime on income up to Rs 5 lakh.

Best FD Rates: This bank is giving more than 9 percent interest, these people have good earning opportunity

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Currently, individual taxpayers have the option to choose between the new and old tax regime. The option to switch between the two is also open for him. Many taxpayers are unable to decide which of the new and old regimes is beneficial for them.

Benefits of old tax regime

The new and old tax regimes have their own advantages and disadvantages. Tax rates are lower in the new tax regime. But, deductions are not available under different sections of income tax. The most prominent among these are deduction under section 80C, deduction under section 80D and deduction under section 24B.

Section 80C relates to deduction on life insurance policies, PPF, ELSS and children’s tuition fees. 80D is related to the deduction available on health policy. Section 24B relates to deduction on interest payment on home loan.

Who benefits from the new tax regime?

Deduction facility is not available on Section 80C, Section 80D and 24B in the new tax regime. Experts say that the new tax regime is beneficial for those taxpayers who do not claim any deduction. If a person has taken a home loan and claims deduction on home loan interest every financial year, then his tax liability reduces significantly. Similarly, tax liability is reduced due to deduction on premium of life insurance policy and health policy.

Deductions in the new tax regime

Finance Minister Nirmala Sitharaman had also allowed two types of deductions under the new tax regime in the Union Budget presented in 2023. In this, the first annual standard deduction is Rs 50,000. The second section is the deduction available on employer’s contribution to NPS under section 80CCD(2). Pensioners can also avail the benefit of standard deduction. They can claim either Rs 15,000 or 33.33 per cent of their pension, whichever is less.

These benefits also in the new tax regime

One thing that is important to keep in mind is that pensioners can claim standard deduction only if the pension is taxable as salary income. If a taxpayer selects pension under other income then he will not get the benefit of standard deduction. In the new tax regime, exemptions are available on voluntary retirement, gratuity and leave encashment. In the new regime, disabled people also get deduction on transport allowance.

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The new financial year 2024-25 has started from 1 April 2024. This date is especially important for financial institutions, because if there is any change in the tax system, it comes into effect from this day. Let us know which dates are important from the Income Tax point of view in April (Income Tax Deadline 2024).

Taxpayers should keep these dates of April in mind

7 April

April 7 is the due date for depositing the tax collected or deducted by any government office for the previous month i.e. March 2024. However, the amount collected or deducted will be paid into the government account on the same day the tax is paid without producing the income tax challan.

14 April

April 14 is the last date for issuance of TDS certificate for tax deducted under sections 194-IA, 194-IB, 194M and 194S in the month of February.

15th April

April 15 is the last date for furnishing quarterly statement regarding foreign remittances in Form No. 15CC for the quarter ending March 2024. It is offered by registered dealers.

30 April

• This is the last and very important date. Many things have due date on this day (April due date).
•  This is the last date to submit Form 24G from the government office where TDS/TCS payment for March 2024 has been made without presenting the challan.
• This is the deadline to submit Challan-Cum-Statement in respect of tax deducted under sections 194-IA, 194-IB and 194M in March 2024.
• This is the last date for depositing the tax for March which has been deducted by any assessee other than the government office.
• This is the last date for e-filing of declaration in Form No. 61 containing details of Form No. 60 received during the period October 1, 2023 to March 31, 2024.
• Due date for uploading Form 15G/Form 15H for the quarter January-March 2024

New tax regime will be default

For information, let us tell you that from April 1, 2024, the new tax regime has become the default option in the country. Meaning that if you have not chosen between the new and old tax regime, then your income tax return (ITR file) will be filed under the new regime. Its objective is to bring more people under its ambit by improving the methods of filing returns. It does not provide many deductions and exemptions, but includes low tax rates.

And if you want to pay tax through the old system, then you will have to tell your company about this. Otherwise he will deduct it from your salary as per the new tax regime.

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There is a provision of separate exemption in the new tax regime for those taxpayers who fall in the category of disabled. If such taxpayers get any transport allowance, then they can claim income tax exemption on that amount. This exemption will be applicable to both private and government sector employees.

If an employee has been transferred or has been sent on a tour at the company’s expense. In both these circumstances, if any amount is paid by the company for any kind of compensation, then the taxpayer can claim income tax exemption on that also. Apart from this, other allowances or facility charges received from the office, like if you are doing office work from some other place and are paid to meet the expenses there, then income tax can be claimed on this also. Could.

Under Section 10(10C) of Income Tax, income tax will not be charged on the amount of gratuity and leave encashment even after taking VRS i.e. voluntary retirement. You will also get the benefit of income tax exemption on such payments.

Actually, the benefit of tax exemption on home loan is available only in the old regime. But, under certain circumstances, under the new tax regime, tax exemption under Section 24 on home loan interest can also be availed. This exemption is available when you are paying interest on the loan of a house which you have given on rent.

You will be surprised to know that in the new tax regime, you can also avail tax exemption on gifts received in any one financial year. However, the gift amount should be in a fixed amount. A taxpayer can claim income tax exemption only on gifts up to Rs 50,000 in a financial year.

The money deposited in NPS by the employee’s employer is eligible for tax exemption. Apart from this, tax exemption is also given on additional investment of Rs 50 thousand in Tier 2 account of NPS. You get this exemption in both the old tax regime and the new regime.

Taxpayers who earn through family pension can also get tax exemption on this amount. Under Section 57 of Income Tax, the amount of such family pension is out of the scope of income tax even in the new tax regime and exemption can be claimed on this amount.

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Earlier in the new tax regime there was no provision for standard deduction. At the same time, after Budget 2023, the benefit of discount up to Rs 50,000 is available.

Everyone will get the benefit of deduction
The special advantage of this deduction is that no matter which tax slab the taxpayer falls under, he will get the benefit of this exemption.

Employed people are getting discounts
In the new tax regime, employed people get all kinds of perks or allowances for travel, transport, conveyance and office work. You get the benefit of tax exemption on them.

Discount on gifts
Apart from this, you will also get the benefit of discount on gifts up to Rs 50,000. If you are paying home loan for a house given on rent, then you will also get rebate on its interest.

There will be discount in NPS
Those investing in NPS can claim their tax deduction. Along with Voluntary Retirement Scheme, there will also be exemption on gratuity and leave encashment.

How much is the tax on which slab?
In the new tax regime, there is no tax on annual salary of Rs 0-3 lakh. Apart from this, 5% tax is levied on salary between Rs 3 to 6 lakh. 10% tax is applicable on income from 6 to 9 lakhs, 15% on 9 to 12 lakhs, 20% on income from 12 to 15 lakhs and 30% tax on income above 15 lakhs. Apart from this, 4% is charged as Health and Education Cess.

Property Tax : 30% rebate on property tax interest, big relief to the people of Haryana including Gurugram, Faridabad.

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Income Tax Saving Option: The financial year is about to end. Everyone is planning to save as much tax as possible. To save income tax, salaried class invest under Section 80C of Income Tax. By investing in this, you get tax relief on income up to Rs 1.5 lakh. But if even after this your tax is due, then you can save your tax by investing under other sections of income tax. If you are also thinking about tax saving options other than 80C, then we give you information about it.

NPS will save tax

If your limit under Section 80C has been exhausted and you want to save tax, then do not worry. You can save tax up to Rs 50,000 by investing in the National Pension Scheme (NPS). This investment is in addition to the limit of Rs 1.5 lakh under section 80C. This means that you can save tax on total income up to Rs 2 lakh.

Exemption on Health Insurance:

If you pay health insurance premium for your family, you can get tax exemption on it. Under Section 80D, you can invest up to Rs 25,000 on the health insurance premium of yourself, spouse and children. Apart from this, if the age of your parents is less than 60 years, then you can pay a premium of up to Rs 25,000 for health insurance. But if your parents are senior citizens then this limit is up to Rs 50,000.

Exemption available on health checkup:

Do you know that you can also get tax exemption on getting a health checkup done? Under Section 80D, you can take deduction on the expenses incurred on investigation. Every year you can claim a maximum deduction of Rs 5,000. This amount comes within the limit of total deduction given under section 80D.

Exemption on interest on savings account

Under section 80TTA, individual taxpayers and Hindu Undivided Families (HUFs) (to whom section 80TTB does not apply) are entitled to a deduction on interest income from savings account opened in a bank, post office or co-operative society. The benefit of maximum tax deduction up to Rs 10,000 is available in the financial year.

Exemption available on donation:

If you have donated funds to someone under Section 80G, then you can claim deduction on the donated amount. But it should be kept in mind that the amount of this donation should not be more than 10% of the total income. This deduction is also available on donations made for the renovation of temples, mosques and churches approved by the Central Government.

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NPS will save tax

If your limit under Section 80C has been exhausted and you want to save tax, then do not worry. You can save tax up to Rs 50,000 by investing in the National Pension Scheme (NPS). This investment is in addition to the limit of Rs 1.5 lakh under section 80C. This means that you can save tax on total income up to Rs 2 lakh.

Exemption on Health Insurance:
If you pay health insurance premium for your family, you can get tax exemption on it. Under Section 80D, you can invest up to Rs 25,000 on the health insurance premium of yourself, spouse and children. Apart from this, if the age of your parents is less than 60 years, then you can pay a premium of up to Rs 25,000 for health insurance. But if your parents are senior citizens then this limit is up to Rs 50,000.

Exemption available on health checkup:
Do you know that you can also get tax exemption on getting a health checkup done? Under Section 80D, you can take deduction on the expenses incurred on investigation. Every year you can claim a maximum deduction of Rs 5,000. This amount comes within the limit of total deduction given under section 80D.

Exemption on interest on savings account
Under section 80TTA, individual taxpayers and Hindu Undivided Families (HUFs) (to whom section 80TTB does not apply) are entitled to a deduction on interest income from savings account opened in a bank, post office or co-operative society. The benefit of maximum tax deduction up to Rs 10,000 is available in the financial year.

Exemption available on donation:
If you have donated funds to someone under Section 80G, then you can claim deduction on the donated amount. But it should be kept in mind that the amount of this donation should not be more than 10% of the total income. This deduction is also available on donations made for the renovation of temples, mosques and churches approved by the Central Government.

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The tax department has given big relief to some companies in the matter of filing income tax returns. This relief is for those companies which have gone through business reorganization. CBDT has now given more time to such companies to file modified income tax returns.

Got time till 30th June
CBDT issued an order regarding this on Thursday. According to the CBDT order, companies undergoing business reorganization can now file modified returns till June 30. The increase in the deadline is going to provide relief to those companies whose business has undergone corporate developments like merger, demerger or amalgamation.

What does the CBDT order say?
According to the CBDT order, companies undergoing reorganization, especially the scheme of amalgamation, merger or demerger or the process of succession after insolvency under the approval from the competent authority, can now file modified returns till June 30, 2024. The extension in the deadline for modified returns is for those companies whose reorganization process has started after June 2016 and before April 2022.

Provision made in Finance Bill 2022
A provision for filing modified returns was made in the Finance Bill 2022 for companies undergoing business reorganization. Such companies were asked to file modified income tax returns after reorganization. However, this was applicable only to those companies for which the reorganization order had come between April 1 and September 30, 2022.

CBDT order clears up confusion
After the provision of modified returns in the Finance Bill 2022, a situation of confusion had arisen in front of those companies whose reorganization order had come before April 1, 2022. After the new order of CBDT, the confusion has been cleared and the companies starting the process of reorganization before the implementation of Finance Bill 2022 have got additional time to file modified returns.

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Income Tax: Everyone wants to invest in property. In this, the returns are quite good, even if late. Besides, your investment also remains safe. But, these days people are facing Income Tax Notice on purchasing property. If something similar has happened to you too, then you should know where the mistake happened.

It is very important to link PAN and Aadhaar –

If you have received income tax notice after purchasing a house or land. So check carefully whether your PAN card and Aadhaar are linked (PAN Aadhaar Link) or not. Also, the PAN card of the person whose property you are buying should also be linked to Aadhaar. If the PAN card of either the buyer or the seller is not linked to his Aadhaar number, then both can get into trouble. Recently more than one crore PAN cards were closed.

How much is the tax?

According to income tax rules on purchase and sale of property, 1 percent TDS has to be paid on purchase of property worth Rs 50 lakh or more. However, it can be claimed later. But now the deadline for linking Aadhaar-PAN has passed. In such a situation, people will have to pay 20 percent TDS.

Notices started coming –

More than 6 months have passed since the last date for linking Aadhaar-PAN. In such a situation, now the Income Tax Department is sending notices to the people who have purchased property. In these, 20 percent TDS has been demanded from the people. Hundreds of such notices have been issued by the IT department.

More than one crore PAN cards have become inactive –

Recently more than one crore PAN cards were deactivated. All of them had not linked their PAN card with Aadhaar. The government had taken this decision to promote the digital economy. Linking of these two cards makes it easier for the government to keep an eye on financial transactions. Therefore, if you are thinking of buying a house or house somewhere in the future, then be a little careful. Be sure to collect information about not only your own but also the PAN and Aadhar card of others.

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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.

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The New Year has started. It is time for new financial planning. But, before that, efforts should be made to save tax for the current financial year. If you plan, you can save tax. Believe me, if the planning is correct then there will be no tax on your earnings i.e. salary. Means zero tax.

Will have to avail the benefit of reimbursement

According to income tax rules, tax can be saved if tax deductions and tax exemptions are used properly. However, for this you will have to keep your salary structure in such a way that the tax scope is not high. Apart from this, you can avail more benefits from reimbursement.

What needs to be done for zero tax?

Now the matter is that in order to avoid any tax on salary, the coordination between investment and savings will have to be maintained. If your salary is Rs 12 lakh and you take full advantage of reimbursement and investment tools, then definitely there will be no tax on the salary. The entire salary will be received without tax.

What should be kept in the salary structure?

The option to change the salary structure remains in your hands. You can also request this from company HR. There is a limit on reimbursement. But, it can have multiple tools. Convance, LTA, entertainment, broadband bills, petrol bills and entertainment or food coupons can also be used in reimbursement. With the help of all this, tax can be saved. Apart from this, there is also the option of HRA to save tax.

This is how you get benefits in HRA

Three figures are included in claiming HRA. Tax exemption will be given on the one which is lowest among these three. In the salary structure, the HRA given by the company is according to metro and non-metro cities. There is an exemption to claim HRA up to 50% of the basic salary in a metro city and up to 40% of the basic salary in a non-metro city. The amount that is left after deducting 10 percent of the basic salary from the total rent can be claimed as HRA.

How will your HRA be decided?

The fare in metro city is Rs 20 thousand. Meaning 20 percent of your total monthly salary. Basic salary will be 50 percent of CTC. In this case your basic amount is Rs 6 lakh. If you get HRA of about 40 percent of the basic salary from the company, then you will get HRA of about Rs 2.40 lakh annually.

But, since you live in a metro city, you can take HRA up to 50 percent i.e. Rs 3 lakh. At the rate of Rs 20 thousand, the annual rent was Rs 2.40 lakh. From this, after deducting 10 percent of basic salary i.e. Rs 60 thousand, the total HRA became Rs 1.80 lakh. Now Rs 1.80 lakh is the lowest among the three figures given above. In this situation you can claim Rs 1.80 lakh annually.

LTA- Leave Travel Allowance

LTA benefit can be availed twice in 4 years. This includes the travel plan fare. This is 10 percent of your basic salary. LTA of Rs 60 thousand will be available on basic salary of Rs 6 lakh. If we look at the annual average, tax exemption can be availed on Rs 30 thousand.

How will you get the benefit of reimbursement?

1. Conveyance Allowance: Those in the salary bracket of Rs 12 lakh usually get a reimbursement of Rs 1-1.50 lakh. Meaning, conveyance allowance of Rs 1.50 lakh will be completely non-taxable.

2. Broadband bill: Tax exemption can also be available on broadband bill. Get it included in the reimbursement. For this, an allowance of Rs 700-1000 is available every month. Let us assume that under this you get Rs 1000 every month i.e. your annual non-taxable salary will be Rs 12000.

3. Entertainment Allowance: Entertainment Reimbursement can be claimed by showing the food bill. Those with salary up to Rs 12 lakh will be non-taxable up to Rs 2000 i.e. Rs 24 thousand every month.

4. Uniform, Books or Petrol Bills: Different companies give reimbursement in the name of uniform, petrol or books bills. In this category also you can take Rs 1000-2000. By taking Rs 1,000 as reimbursement every month, Rs 12,000 annually will come into the non-taxable category.

You will definitely get income tax deduction

Some deductions are available in the Income Tax Act, which help in reducing the taxable salary.

1- Basic Income Exemption: Salary up to Rs 2.5 lakh has been kept non-taxable under income tax rules. Meaning, no exemption tax will be levied on your total salary up to Rs 2.5 lakh. But, it is calculated in the end.

2. Standard Deduction: First of all, standard deduction of Rs 50 thousand will be available. Meaning, whatever your salary, subtract Rs 50 thousand from it.

3- Section 80C: In this, you can get tax exemption on investment up to Rs 1.50 lakh. It includes tools like EPF, PPF, Sukanya Samriddhi Yojana, NPS, child’s tuition fees, LIC, home loan principal. You can claim a deduction of Rs 1.50 lakh by using its entire limit.

3- Section 80CCD(1B): In this, one gets the benefit of investing additional Rs 50 thousand in NPS.

4- Section 80D: In this, you can save tax up to Rs 25 thousand by taking health insurance for yourself. Apart from this, you can also avail tax exemption up to Rs 25 thousand on health insurance of parents. The total deduction in this can be up to Rs 50 thousand. If the parents are above 65 years of age, then the limit of senior citizen deduction will be Rs 50 thousand. In such a situation, you can save tax up to Rs 75 thousand. At present, you will be able to save tax on a total of Rs 50 thousand in 80D.

Now understand the complete calculation of taxable and non-taxable

• First HRA– In this, tax exemption up to Rs 1.80 lakh will be available.
• Second Reimbursement – If you add all the reimbursements together, you will get a total reimbursement of Rs 1.98 lakh.
• Third Deduction– Total deduction of Rs 3 lakh will be available.
• Fourth Leave Travel Allowance (LTA) – Tax exemption of Rs 30 thousand will be available. There will be no tax on Rs 7.08 lakh from your total salary.

Now income tax will be 0

The total annual salary is Rs 12 lakh. Of this, there will be no tax on Rs 7.08 lakh. Now the taxable salary left is Rs 4.92 lakh. Now another rule of income tax will come here. If taxable salary is less than Rs 5 lakh then you will get rebate under section 87A.

There is 5 percent tax on salary between Rs 2.5 to Rs 5 lakh, but if the total taxable salary is less than Rs 5 lakh, then a rebate of Rs 12,500 will be available on Rs 2.5 lakh. After this, the remaining Rs 2.50 lakh will be kept under the basic exemption limit. In this way your entire salary will be tax free. In this way your entire tax becomes zero (0).

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This has also become the default tax regime for the financial year 2024. Most all banks offer the option to invest in tax saving FD. You can open your five year FD wherever you have a savings account.

HDFC Bank Tax-Saving FD: How to open

According to HDFC Bank, if you already have a bank account, you can open an FD by visiting the nearest branch or using your netbanking account. If you already have an account in HDFC Bank then you can open FD through your internet banking.

Go to your netbanking account. Click on FD option. Enter your branch, time period and amount and create a nominee. After this press the Continue button and verify. After this download the FD deposit receipt.

If you have an HDFC Bank account and want to open an FD in your nearest bank branch, download the FD application form before visiting the bank. Fill all the required information in the form and take a photocopy of the KYC document.

You will have to take all the original documents to your branch for KYC verification. HDFC Bank is offering up to 7.75% interest on its tax-saving FD. Tax saving FD has a lock-in period of 5 years.

Investors can claim tax exemption under Section 80C of the Income Tax Act up to a limit of Rs 1.5 lakh for investing in tax saving FDs. However, the interest received on FD will be taxable. Senior citizens can claim an additional tax exemption of Rs 50,000 under section 80TTB of Income Tax on the interest received on FD.

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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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what income is tax free: ITR filing season is on, in such a situation, we have brought a very important information related to income tax for you people. We have to pay tax on different types of income, but do you know that there are some incomes which are not taxed. If not, then this article is for you only. Here we will tell you in detail about those incomes.

Income Tax is levied on your entire income. This does not include only salary. Apart from salary, many things like interest from savings, income from home, side business, capital gains etc. are included. But there are some sources from where the income does not come under the purview of tax. Apart from income from farming, there are many other incomes which have been kept out of the tax net. According to tax experts, there is mention of such tax exempt income in Section 10 of the Income Tax Act.

Let us tell you that under the new tax regime in Budget 2023, changes have been made in the tax slabs. Now those earning up to Rs 7 lakh will not have to pay tax. Earlier, rebate was available up to Rs 5 lakh. Now it has been increased to Rs 7 lakh. Salaried people will benefit from this. Apart from this, there are some incomes on which you do not have to pay any tax. Let us tell you about such income on which tax can be saved…

1. Income from agriculture: India is an agricultural country. In order to promote the agricultural sector in the country, the Income Tax Act 1961 has kept the income from agriculture out of the scope of income tax. If you have agricultural land and are earning from farming or related activities, then you do not have to pay any tax on that income.

2. Money received from Hindu Undivided Family (HUF): Money received from Hindu Undivided Family (HUF) or income in the form of inheritance is kept out of the purview of income tax. Under Section 10(2) of the Income Tax Act, this type of income is out of the scope of tax. This section states that a Hindu Undivided Family will not have to pay income tax on family income, income from immovable property or ancestral property.

3. Interest from savings account: You get interest every quarter on the amount in your savings account. This is your income according to income tax law. On this you can get income tax exemption according to section 80TTA of the Income Tax Act. If the interest on savings account is more than Rs 10,000 annually, then you will have to pay income tax on the additional amount.

4. Tax exemption on gratuity: If an employee works for the Central or State Government, then the gratuity received by him is completely tax free. However, when an employee working in the private sector receives a token of appreciation, the tax rules for it are different.

5. Amount received on VRS: Under Rule 2BA of the Income Tax Act, the amount received as VRS up to Rs 5 lakh is tax free.

6. Scholarships, Awards: If a student receives any scholarship or award to meet the expenses of his studies, then it is exempted from income tax under Section 10 (16) of the Income Tax Act. There is no limit of amount in this.

The post Income Tax Free Income : You will not have to pay even a single rupee tax on these 6 earnings, file returns only after seeing the list. first appeared on Rightsofemployees.com.

If you also transact money between father and son or between husband and wife, then this news is useful for you. Actually, every transaction of ours has an eye on income. In such a situation, a question arises in the minds of many people whether income tax notice can be received even on cash transactions? Let us know how much cash transaction you can do in your family.

Income tax sends notice?

According to tax experts, if you give money every month for household expenses or give money as a gift, then the wife is not liable for income tax. Both these types of amounts will be considered as the income of the husband. The wife will not receive any notice from the Income Tax Department for this amount.

But, if the wife repeatedly invests this money somewhere and gets income from it, then tax will be payable on the income. In other words, the investment income calculated on a year-to-year basis will be considered as the wife’s income, on which tax will have to be paid.

Under Section 269SS and 269T of Income Tax, penalty can be imposed on cash transactions of more than Rs 20 thousand. However, there are relaxations in this in many cases.

There is exemption in these cases

For example, there is no penalty on transactions between father-son, husband-wife and some close relatives. Exemption has been given in these cases.

In simple words, the wife will not receive any notice from the Income Tax Department for this amount. But, if the wife repeatedly invests this money somewhere and gets income from it, then she will have to pay tax on the income.

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Income Tax News: If you are a taxpayer then this news is important for you. Because, before the due date of TDS and TCS deposit, the income e-filing website will be down for 2 days. In such a situation, taxpayers will not be able to file for all the services.

According to the report of Taxscan, in fact, maintenance work will be done on the website of Income Tax Department to further improve the experience of the users, hence from 3:00 pm on 3rd February to 8:00 am on 5th February, you can do any work on the website. will not be able.

The IT Department issued an alert

in this regard. The Income Tax Department said, “Due to regular maintenance activity, the e-filing website and related services will not be available from 3.00 pm on February 3 to 08.00 am on February 5. Therefore, make your action plan keeping the date and time in mind.”

The IT department said, during this period, access to the income tax e-filing website and related services will be temporarily suspended. The purpose of this maintenance is to improve the website and provide users with a better experience while using the Income Tax e-filing services. Remember that during this maintenance period, the Income Tax e-filing website and its related services will not be available.

The post Taxpayer Alert : Income Tax E-Filing website will remain closed for 2 days, know the date and time, complete these 2 important tasks on time. first appeared on Rightsofemployees.com.

Income from digital currency

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

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

Claiming deduction under 80G

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

Information about intraday trading turnover Information

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

Claiming Section 89A Relief

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

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At present, no tax has to be paid on annual income up to Rs 2.5 lakh, the government is planning to increase the limit to Rs 5 lakh. That is, if your annual income is also Rs 5 lakh, then you will not have to pay any tax.

In view of the elections, the government can make new announcements in this budget to attract the job profession. The focus of the government will be on presenting the budget with emphasis on economic development. According to experts, the salaried clause can make these hopes in the 2023 budget.

The government can give big relief to the middle class this year. Before this, the last change in the limit of personal tax exemption was made in the year 2014.

Earlier, Finance Minister Arun Jaitley had announced to increase this limit from Rs 2 lakh to Rs 2.5 lakh, but this time it is expected that this limit can be increased to Rs 5 lakh.

According to media reports, the government is considering increasing the tax exemption limit in the 2-year-old tax system. This will give relief to taxpayers and they will have more money for investment.

The post Tax Free slab: Big news! This time there will be a big announcement in the budget, preparation for change in tax free slab! first appeared on Rightsofemployees.com.

Income Tax Slab: There is good news for crores of taxpayers on the new year. If you also pay income tax, then from now on you will have to pay only 5% tax. Finance Minister Nirmala Sitharaman (FM Nirmala Sitharaman) has given a big gift to the people on the new year. Preparations are going on in full swing for the budget across the country, in such a situation, everyone from the middle class to the employed is expecting a big tax relief this time.

use any system

Giving information, Finance Minister Nirmala Sitharaman has said that from now on many people will have to pay only 5% tax. Whether you adopt the new tax regime or the old tax system, but now you will not have to pay heavy tax.

Who will have to pay 5% tax

Let us tell you that people with income between 2.5 lakh to 5 lakh will have to pay tax only at the rate of 5 percent. These people will not have to pay more tax than this. On the other hand, if your income is less than Rs 2.5 lakh, then you will not have to pay a single rupee tax.

Tax free income slab may increase

Let us tell you that this time in the budget, the government can increase the scope of tax free income. At present, lakhs of people get the benefit of tax exemption only up to Rs 2.5 lakh. This limit can be increased from 3 to 5 lakhs. This time the government can give big benefits to crores of taxpayers.

Last change was in 2014

The last time in the year 2014, the government had increased the tax limit. Earlier this limit was Rs 2 lakh, which was increased to Rs 2.5 lakh. With this decision of the government, people get more money to invest

The post Income Tax : Great News, Now only 5% Tax Will be Levied on income, orders issued by Finance Minister first appeared on Rightsofemployees.com.

Income Tax Slab: There is good news for crores of taxpayers on the new year. If you also pay income tax, then from now on you will have to pay only 5% tax. Finance Minister Nirmala Sitharaman (FM Nirmala Sitharaman) has given a big gift to the people on the new year. Preparations are going on in full swing for the budget across the country, in such a situation, everyone from the middle class to the employed is expecting a big tax relief this time.

use any system

Giving information, Finance Minister Nirmala Sitharaman has said that from now on many people will have to pay only 5% tax. Whether you adopt the new tax regime or the old tax system, but now you will not have to pay heavy tax.

Who will have to pay 5% tax

Let us tell you that people with income between 2.5 lakh to 5 lakh will have to pay tax only at the rate of 5 percent. These people will not have to pay more tax than this. On the other hand, if your income is less than Rs 2.5 lakh, then you will not have to pay a single rupee tax.

Tax free income slab may increase

Let us tell you that this time in the budget, the government can increase the scope of tax free income. At present, lakhs of people get the benefit of tax exemption only up to Rs 2.5 lakh. This limit can be increased from 3 to 5 lakhs. This time the government can give big benefits to crores of taxpayers.

Last change was in 2014

The last time in the year 2014, the government had increased the tax limit. Earlier this limit was Rs 2 lakh, which was increased to Rs 2.5 lakh. With this decision of the government, people get more money to invest

The post Income Tax : Great News, Now only 5% Tax Will be Levied on income, orders issued by Finance Minister first appeared on Rightsofemployees.com.