Amid preparations for the upcoming Union Budget 2025 by Finance Minister Nirmala Sitharaman, many important reforms are expected for taxpayers. There may be many big announcements regarding income tax in the 2025 general budget, especially for salary based and senior citizens, including changes in the slabs of income tax returns. Let us know what is going to be available in this budget.

Changes in income tax slabs

To make the new tax regime more attractive, the Finance Minister may revise the income tax slab rates. Experts suggest that a tax rate of 30% be imposed on income above Rs 20 lakh, so that it is in line with inflation and the current economic situation. This step may be an attempt to encourage the new tax regime.

Special discount for senior citizens

The new tax regime applies equally to all taxpayers. Experts have recommended that separate tax slabs be created for senior citizens aged 60 years and above. This could include higher exemption limits or lower tax rates, which could improve their financial situation.

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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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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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At the same time, the income tax payer who chooses the new tax system does not get the benefit of most of the tax exemptions and deductions. An attempt has been made to make the annual income of up to Rs 7 lakh tax free for those adopting the new income tax regime. Apart from this, there are some deductions which salaried employees can also get in the new tax regime.

Income tax payers choosing the new tax system can definitely avail the benefit of two deductions. One is standard deduction and the other is deduction on the contribution made by the employer in NPS. By availing the benefit of both these deductions, a salaried person can significantly reduce his tax liability. If his total annual income is Rs 8 lakh then he will not have to pay even a single penny as income tax.

Standard deduction

Standard deduction is the deduction which is deducted from the income of the taxpayer and after that tax is calculated on the remaining income. Employed individuals get a tax deduction of up to Rs 50,000 as standard deduction, while family pensioners are given a tax deduction of Rs 15,000 as standard deduction.

Suppose the annual income of a working person is Rs 8 lakh. In such a situation, if you get the benefit of standard deduction up to Rs 50,000 in the total package, then its tax will be calculated on Rs 7,50,000 instead of Rs 8 lakh. No documents have to be submitted to avail this discount.

Income taxpayers who have adopted the new tax system can also now avail the benefit of standard deduction. While filing Income Tax Return or ITR, standard deduction is claimed under the head Income from salaries/pension under Section 16(ia) of the Income Tax Act. Family pension is kept under the head “Income from other sources” in ITR.

Deduction on amount deposited in NPS

Under the new tax regime, employed employees also get the benefit of standard deduction on the amount deposited in the National Pension System (NPS). To get this, certain conditions must be fulfilled. The first condition is that this amount in NPS should be deposited by the employer in the Tier-1 NPS account of his employee. Secondly, this amount should not be more than 10 percent of the salary of private sector employees.

For government employees this limit is 14 percent. Salary means the amount made by combining basic salary and dearness allowance. Employed people can avail the benefit of this deduction under Section 80CCD (2) of the Income Tax Act. This amount deposited in the NPS account will be mentioned in Part B of Form 16.

Income up to Rs 8 lakh can be tax free

After availing the benefit of both these deductions, the income of a working person earning Rs 8 per year can be tax free. After deducting Rs 50,000 as standard deduction from the annual income of Rs 8 lakh, his taxable income will be Rs 7.5 lakh. Now if the employer deposits Rs 50 thousand in the employee’s Tier-1 NPS account, then the taxable income will further reduce to Rs 7 lakh. On which no tax will have to be paid under the new tax regime.

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Giving information, the Finance Minister has said that now no tax will be levied on your income. Many such facilities are being provided by the Central Government, taking advantage of which you will not have to pay any tax on that income. A guideline has been issued by the government regarding this.

Which income will not be taxed

Although income up to Rs 2.5 lakh is tax free, but apart from this, there are many such incomes on which you do not have to pay a single rupee tax. Let us tell you which income is your tax free.

Gratuity is not taxed.

If a employed person leaves his company after 5 years in any organization, then he gets the benefit of gratuity. This amount is completely tax free. If we talk about government employees, then their amount up to 20 lakhs is tax free. At the same time, the amount of up to 10 lakhs of private employees is tax free.

There will be no tax on PPF and EPS, apart from this, there is no tax on PPF money. The interest received on this, the amount received on completion of the maturity period, all three are tax free. Along with this, if the employee withdraws his EPF after working continuously for 5 years, then he does not have to pay tax on this amount also.

There will be no tax on such gifts, apart from this, if you have received any family property, cash or jewelry from your parents, then it is exempt from tax. There is no tax on such gifts. If he wants to earn by investing the amount received from his parents, then he will have to pay tax on the income earned from it.

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Finance Minister Nirmala Sitharaman had made income up to Rs 7 lakh tax free while making changes in the new tax regime. While making changes in the new tax regime, the government has exempted income up to Rs 7 lakh from tax. Now the government has given another relief to the taxpayers. Under the Finance Bill 2023, tax exemption has also been given on income above Rs 7 lakh. You think that the government has changed the slab or changed the taxable income, let us tell you that nothing like this has happened. The government has given only marginal relief to those people whose income is a little over Rs 7 lakh.

Income above Rs 7 lakh also out of tax net

The Lok Sabha has approved the Finance Bill 2023. After this amendment, taxpayers have got some relief under the new tax regime. The new rule will come into force from 1 April 2023. Giving detailed information about the new relief, Finance Minister Nirla Sitharaman said that under the new tax regime, if a taxpayer’s annual income is Rs 7 lakh, then he does not have to pay any tax.

It is exempt from tax, but if someone’s income becomes Rs 7,00,100, then he will have to pay Rs 25,010 after calculating under the tax slab. That is, for an increase of only Rs 100 in income, taxpayers have to pay tax of Rs 25 thousand 1 hundred. The government has given minor relief to such taxpayers. So that those people can get relief, whose income is slightly more than the scope of tax free income.

It should be mentioned here that the information has not yet been received on how much this relief will be given. The government has proposed to give minor relief in the Finance Bill.

Minor relief to these people in income tax

To clear the picture of this relief, let us understand with an example. Suppose your income is Rs 7,00,100 means Rs 7 lakh 100. That is, his income is only Rs 100 more than the tax free income. That is, because of only Rs 100, he has to pay tax of Rs 25,010.

The government has given relief to such people by giving minor relief. Under the new proposal, if your income is Rs 7,00,100, then they will not have to pay tax of Rs 25,010, rather they will have to pay only Rs 100 tax.

This relief was found in the budget

In the announcement of Budget 2023, the government gave relief to the taxpayers who adopted the new tax regime. The government made income up to Rs 7 lakh tax free. The government’s intention behind this was that more and more people should adopt the new tax regime. It is also important to know here that no exemption is given on investment in the new tax regime.

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But offline ITR-1 and ITR-4 forms (ITR-1 and ITR-4) have been issued for filing Income Tax Return (ITR) for the financial year 2023-24. Offline ITR-1 and ITR-4 forms have come after the CBDT issued a notification in February.

Such people will be able to fill ITR-1 and ITR-4

According to the Income Tax Department’s website, ‘Excel utility of ITR-1 and ITR-4 for assessment year 2023-24 are available for filing.’ ITR-1 for people whose total income is less than Rs.50 lakh or up to Rs.50 lakh. Also, he has a house and income from other sources and agriculture up to Rs.5,000. Apart from this, ITR-4 (ITR-4) is for Individual and Hindu Undivided Family.

ITR-4 is for these people

If your income is more than Rs 50 lakh or up to Rs 5000 from agriculture under section 44AD, 44ADA or 44AE from business or any profession like medical-advocacy, then ITR-4 is for you. In the offline method, taxpayers will have to download the relevant form. After this it will have to be filled and uploaded on the portal of the department. However, on the other hand, taxpayers can give information about their income directly on the income tax portal in the online form.

For salaried class individuals to file their ITR easily, Form-16 (Form-16) issued by the employer will be necessary. The last date for issue of Form-16 by the employer is June 15. There is no need to audit the accounts of such taxpayers. On the basis of Form-16, you can file income tax return by 31 July 2023.

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. Otherwise, the additional increased tax on the tax and interest payable may have to be paid in the form of penalty. At the same time, the Income Tax Department has also given an opportunity to the income taxpayers to file updated returns for the assessment year 2022-23.

The Income Tax Department had given 31 December 2022 as the last date to the taxpayers to file belated ITR, revised and updated ITR. Now the Income Tax Department has alerted the taxpayers to file updated returns for the assessment year 2020-21. The Income Tax Department has also issued a circular in this regard and has also given the last date. At the same time, the Income Tax Department has opened a window to facilitate filing of updated returns for the assessment year 2022-23.

Income Tax Department has issued a warning

Income Tax Department has said that- Taxpayers please pay attention! The last date for filing the updated return for Assessment Year 2020-21 (AY2020-21) is 31 March 2023. Don’t miss this last chance! To avoid the highest tax payment, the updated return for the assessment year 2022-23 (AY2021-22/2022-23) can also be filed by March 31, 2023. Don’t delay, file today!

Exemption received under Section 139(8A) of the Income Tax Act

The Income Tax Department has given this facility to the income tax payers under Section 139(8A) of the Act 1961. As per section 139(8A) any taxpayer can file an update statement to report any additional income and pay the relevant tax thereon. Taxpayers can file updated returns even if they have not filed original, revised or belated ITRs.

Kind Attention Taxpayers!
Last date to file Updated ITR for AY 2020-21 is 31.03.23. Don’t miss this last chance!
Updated ITRs for AY 2021-22 & 2022-23 can also be filed by 31.03.23 to avoid paying higher tax later.
Pl refer to S. 139(8A) of IT Act, 1961.
Don’t delay, file today! pic.twitter.com/8cr1i6ct6c

— Income Tax India (@IncomeTaxIndia) March 16, 2023

Income Tax Department has issued a warning

Income Tax Department has said that- Taxpayers please pay attention! The last date for filing the updated return for Assessment Year 2020-21 (AY2020-21) is 31 March 2023. Don’t miss this last chance! To avoid the highest tax payment, the updated return for the assessment year 2022-23 (AY2021-22/2022-23) can also be filed by March 31, 2023. Don’t delay, file today!

Exemption received under Section 139(8A) of the Income Tax Act

The Income Tax Department has given this facility to the income tax payers under Section 139(8A) of the Act 1961. As per section 139(8A) any taxpayer can file an update statement to report any additional income and pay the relevant tax thereon. Taxpayers can file updated returns even if they have not filed original, revised or belated ITRs.

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ITR 1 Sahaj form is also included in these forms. In such a situation, let us know who can fill the ITR 1 Sahaj form.

Income Tax Return

Income Tax Return (ITR) in India refers to the form in which taxpayers declare their taxable income, deductions and taxes paid to the Income Tax Department of India. Every year individuals, businesses and other entities whose income exceeds the minimum limit set by the government have to file their income tax return. The due date for filing the return depends on the type of taxpayers and the nature of their income.

After filing the income

tax return, the Income Tax Department verifies the details provided by the taxpayers and calculates the amount of tax due. If taxpayers have paid more tax than the dues, they are entitled to a refund, while if they have paid less, they will have to pay the remaining amount.

Tax Forms

Currently there are seven ITR forms which are used by different taxpayers according to the income and type of individuals. ITR 1 or Sahaj is one such form, which is widely used for filing returns.

These Indian residents can file ITR 1 Sahaj:-

– The total income during the financial year does not exceed Rs.50 lakhs.
Income includes salary, one house property, family pension income, agricultural income (up to Rs 5000) and income from other sources.
Other sources include interest from savings accounts, interest from deposits (bank / post office / co-operative society), interest from income tax refund, interest received on enhanced compensation, any other interest income, family pension, income of spouse (Portuguese citizens other than those covered under the Code) or a minor is added (only if the source of income is within the specified limits mentioned above).

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It has been decided to give big relief to taxpayers in exemption. Its new order has been issued by the Finance Ministry.

Tax will not have to be paid on this amount The Income Tax Department has recently issued a new order for tax exemption, giving great relief to taxpayers. According to this new order, from now on taxpayers will get the benefit of exemption in income tax on the amount received for treatment. That is, you will not have to pay tax on this amount.

CBDT has released the form for exemption

Let us tell you that the Income Tax Department keeps on changing the rules from time to time keeping in mind the facilities of the taxpayers. Information in this regard has been given by the Central Board of Direct Taxes (CBDT). CBDT had recently also issued a form for income tax exemption on new conditions and expenses incurred on the treatment of corona.

Documents to be submitted along with the form

According to the notification of 5 August 2022, from now on your employer will have to submit a form to the Income Tax Department along with some documents, on the amount received from the employer or relatives for the treatment of corona. Tax exemption can be claimed.

Apart from this, the Income Tax Department had digitized the tax exemption form keeping in mind the facilities of the people and to promote digitization, so that people do not face any kind of trouble and Had to go round the offices.

The post Big relief to income tax payers, new order issued, tax exemption announced! first appeared on Rightsofemployees.com.

Finance Minister Nirmala Sitharaman has made a big announcement regarding Income Tax Slab Rates. If you also pay tax, now the Finance Minister has made major changes in the tax slab. The government has abolished the old tax slab. From now on you will have to pay tax under the new slab.

Let’s see the new tax slabs-

>> 0 to 3 lakh – 0 percent
>> 3 to 6 lakh – 5 percent
>. 6 to 9 lakh – 10% tax
>> 9 to 12 lakh – 15% tax
>> 12 to 15 lakh – 20%
>> above 15 lakh – 30%

Exemption increased in the new tax regime

Finance Minister Nirmala Sitharaman has made several announcements for the benefit of taxpayers. In these, regarding income tax, the Finance Minister announced that under the new tax regime, the rebate has been increased on income up to Rs 7 lakh. Earlier this rebate was available up to Rs 5 lakh. Along with this, the income tax slab has also been increased. Now no tax will be levied up to Rs 7 lakh. Salaried people will get benefit from this.

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It has been decided to give big relief to taxpayers in exemption. Its new order has been issued by the Finance Ministry.

Tax will not have to be paid on this amount The Income Tax Department has recently issued a new order for tax exemption, giving great relief to taxpayers. According to this new order, from now on taxpayers will get the benefit of exemption in income tax on the amount received for treatment. That is, you will not have to pay tax on this amount.

CBDT has released the form for exemption

Let us tell you that the Income Tax Department keeps on changing the rules from time to time keeping in mind the facilities of the taxpayers. Information in this regard has been given by the Central Board of Direct Taxes (CBDT). CBDT had recently also issued a form for income tax exemption on new conditions and expenses incurred on the treatment of corona.

Documents to be submitted along with the form

According to the notification of 5 August 2022, from now on your employer will have to submit a form to the Income Tax Department along with some documents, on the amount received from the employer or relatives for the treatment of corona. Tax exemption can be claimed.

Apart from this, the Income Tax Department had digitized the tax exemption form keeping in mind the facilities of the people and to promote digitization, so that people do not face any kind of trouble and Had to go round the offices.

The post Big relief to income tax payers, new order issued, tax exemption announced! first appeared on Rightsofemployees.com.

Tax is necessary for everyone from middle class to upper class, if someone’s income is high then he will have to pay more tax and if income is less then he will have to pay less tax. In which Finance Minister Nirmala Sitharaman can make a big change this time. If you also pay tax or come in the tax slab, then it is important for you to know what kind of changes the Central Government is going to make in the tax slab this time.

The government will present the budget (Budget 2023) on February 1 in 2023. Means the budget is going to come after two days. Let us tell you what is the government’s plan regarding tax this time-

Tax limit may increase

At present, no income tax is levied on income up to Rs 5 lakh, but Finance Minister Nirmala Sitharaman is planning to increase this limit in this budget.

Finance Minister Sitharaman had asked for suggestions

According to the information received from sources, Finance Minister Nirmala Sitharaman had asked for suggestions regarding tax, how much scope is there for improvement in the new tax regime. There is also a discussion about this, so it is believed that the government can make changes in both the new and old tax system. Right now there is no benefit of any kind in the new tax regime.

The last major change was in 2014.

Let us tell you that before this, the income tax limit was changed for the last time in the year 2014. This time again it is expected that the government can give great news before the Lok Sabha elections. It is expected that the government is considering increasing the personal tax exemption limit.

Elections will be held after 13 months

Modi government will present the full budget of its second term in 2023. Next year, after about 13 months of the budget, the general elections will be held, so it is believed that this time the government is preparing to give a big relief to the general public.

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New tax regime may be applicable

According to the information received from the sources, the government wants to have a uniform tax system across the country, due to which it is believed that the implementation of the New Income Tax Regime can be announced this time.

Tax rates can be cut

In the Budget 2020-21, Finance Minister Nirmala Sitharaman announced a new tax regime, in which tax rates were reduced without exemptions and deductions. Let us tell you that in the assessment year 2021-22, about 5.8 crore people had filed taxes, but less than 5 percent of these people had adopted the new tax system. For this reason, the government can also announce a reduction in tax rates in this budget.

To make the income tax system popular, the Ministry of Finance is considering to cut its rates. Experts believe that there should be only one tax system in the country, in which taxpayers get exemption and it should be very simple.

Exemption is available in the old tax system

Taxpayers get many types of exemptions in the old tax system. In this, exemption is available including House Rent Allowance (HRA), Leave Travel Allowance (LTA) and many sections of the Income Tax Act, 1961. At the same time, many exemptions are available under section 80C including insurance, ELSS, provident fund, PPF.

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Updated income tax returns: If you are also an income tax payer, then a new rule has been issued for you by the government. You will also be happy after reading this rule issued by the government. A new order has been issued by the Finance Ministry. The last date for filing the updated Income Tax Return (ITR-U) for Financial Year 2020 (FY20) or Assessment Year (AY 2020-2021) has been extended to March 31, 2023. The facility of new ITR filing was started from the Finance Act of the year 2022. This is called the updated return.

You can update ITR in two years.

If there is any change in your income tax return, you can submit it by March 31, 2023. For this, a new sub-section 8(A) was added to section 139 of the Income Tax Act. It was implemented on 1 April 2022. Under this, you can update ITR within two years. But this will be applicable in the same case when an income tax payer has made a mistake in furnishing the information related to income while filing the original return or while filing the belated return.

Can return till March 31, 2021 Update

About this CNK partner Pallav Pradyuman Narang said that the two-year time limit will be calculated from the year in which you filed the original return. That is, till March 31, 2021, updated returns can be filed till March 31, 2023. If you also have to file an updated return, then you have less than 90 days. Updated return can be filed only when additional income has been disclosed in the return.

The post Big Nws for Income Tax Payers! New order issued by the Finance Minister first appeared on Rightsofemployees.com.

It has been decided to give big relief to taxpayers in exemption. Its new order has been issued by the Finance Ministry.

Tax will not have to be paid on this amount The Income Tax Department has recently issued a new order for tax exemption, giving great relief to taxpayers. According to this new order, from now on taxpayers will get the benefit of exemption in income tax on the amount received for treatment. That is, you will not have to pay tax on this amount.

CBDT has released the form for exemption

Let us tell you that the Income Tax Department keeps on changing the rules from time to time keeping in mind the facilities of the taxpayers. Information in this regard has been given by the Central Board of Direct Taxes (CBDT). CBDT had recently also issued a form for income tax exemption on new conditions and expenses incurred on the treatment of corona.

Documents to be submitted along with the form

According to the notification of 5 August 2022, from now on your employer will have to submit a form to the Income Tax Department along with some documents, on the amount received from the employer or relatives for the treatment of corona. Tax exemption can be claimed.

Apart from this, the Income Tax Department had digitized the tax exemption form keeping in mind the facilities of the people and to promote digitization, so that people do not face any kind of trouble and Had to go round the offices.

The post Big relief to income tax payers, new order issued, tax exemption announced! first appeared on Rightsofemployees.com.

Updated income tax returns: If you are also an income tax payer, then a new rule has been issued for you by the government. You will also be happy after reading this rule issued by the government. A new order has been issued by the Finance Ministry. The last date for filing the updated Income Tax Return (ITR-U) for Financial Year 2020 (FY20) or Assessment Year (AY 2020-2021) has been extended to March 31, 2023. The facility of new ITR filing was started from the Finance Act of the year 2022. This is called the updated return.

You can update ITR in two years.

If there is any change in your income tax return, you can submit it by March 31, 2023. For this, a new sub-section 8(A) was added to section 139 of the Income Tax Act. It was implemented on 1 April 2022. Under this, you can update ITR within two years. But this will be applicable in the same case when an income tax payer has made a mistake in furnishing the information related to income while filing the original return or while filing the belated return.

Can return till March 31, 2021 Update

About this CNK partner Pallav Pradyuman Narang said that the two-year time limit will be calculated from the year in which you filed the original return. That is, till March 31, 2021, updated returns can be filed till March 31, 2023. If you also have to file an updated return, then you have less than 90 days. Updated return can be filed only when additional income has been disclosed in the return.

Actually, the facility of updated return is only for those who are willing to declare additional income in their return. Earlier he could not disclose that income for any reason or wants to make any other kind of improvement.

The post Income Tax Payers: Big news! New Order issued by the Finance Minister first appeared on Rightsofemployees.com.

It has been decided to give big relief to taxpayers in exemption. Its new order has been issued by the Finance Ministry.

Tax will not have to be paid on this amount The Income Tax Department has recently issued a new order for tax exemption, giving great relief to taxpayers. According to this new order, from now on taxpayers will get the benefit of exemption in income tax on the amount received for treatment. That is, you will not have to pay tax on this amount.

CBDT has released the form for exemption

Let us tell you that the Income Tax Department keeps on changing the rules from time to time keeping in mind the facilities of the taxpayers. Information in this regard has been given by the Central Board of Direct Taxes (CBDT). CBDT had recently also issued a form for income tax exemption on new conditions and expenses incurred on the treatment of corona.

Documents to be submitted along with the form

According to the notification of 5 August 2022, from now on your employer will have to submit a form to the Income Tax Department along with some documents, on the amount received from the employer or relatives for the treatment of corona. Tax exemption can be claimed.

Apart from this, the Income Tax Department had digitized the tax exemption form keeping in mind the facilities of the people and to promote digitization, so that people do not face any kind of trouble and Had to go round the offices.

The post Big relief to income tax payers, new order issued, tax exemption announced! first appeared on Rightsofemployees.com.

A fine of Rs 1000 will have to be paid for linking PAN and Aadhaar. If PAN is not linked with Aadhaar card, not only will ITR filling stop, but you will also not be able to take advantage of other PAN card related facilities. That’s why the government has instructed that the citizens should get this work done as soon as possible.

Although most of the people have completed this work, but many people do not know whether their Aadhaar-PAN has been linked or not. This can also be detected very easily. For this you have to go to the website of the Income Tax Department. After this you click on ‘Link Aadhaar Status’. A new window will open in front of you. In this you have to click on ‘View Link Aadhaar Status’. A message will appear in front of you. From this you will know whether your Aadhaar and PAN are linked or not.

See here the steps to link Aadhaar-PAN

• First of all go to incometax.gov.in.
• Find and click on the option ‘Link Aadhaar Status’
• Click on ‘View Link Aadhaar Status’ in the new window that opens in front.
• If Aadhaar-PAN is linked then a message will be displayed to you.
• If Aadhaar and PAN are not linked then you can also link them here.

How to link Aadhaar and PAN

• First of all go to the Income Tax website whose address is given above.
• After this click on ‘link Aadhaar’.
• Here you will be asked to login.
• Enter your date of birth in it along with PAN number and user ID.
• Enter the date of birth as printed on the Aadhaar card.
• After this go to the profile setting of your account.
• Click on the Aadhaar card link option here.
• Now enter the Aadhaar number and captcha code.
• You will see the option of Aadhaar link below. Click it.
• After this your PAN card will be linked with Aadhaar.

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It has been decided to give big relief to taxpayers in exemption. Its new order has been issued by the Finance Ministry.

Tax will not have to be paid on this amount The Income Tax Department has recently issued a new order for tax exemption, giving great relief to taxpayers. According to this new order, from now on taxpayers will get the benefit of exemption in income tax on the amount received for treatment. That is, you will not have to pay tax on this amount.

CBDT has released the form for exemption

Let us tell you that the Income Tax Department keeps on changing the rules from time to time keeping in mind the facilities of the taxpayers. Information in this regard has been given by the Central Board of Direct Taxes (CBDT). CBDT had recently also issued a form for income tax exemption on new conditions and expenses incurred on the treatment of corona.

Documents to be submitted along with the form

According to the notification of 5 August 2022, from now on your employer will have to submit a form to the Income Tax Department along with some documents, on the amount received from the employer or relatives for the treatment of corona. Tax exemption can be claimed.

Apart from this, the Income Tax Department had digitized the tax exemption form keeping in mind the facilities of the people and to promote digitization, so that people do not face any kind of trouble and Had to go round the offices.

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In such a situation, like every time, there are a lot of expectations from farmers to job professionals and businessmen regarding the budget. In this budget, tax experts are hoping that there can be some relief in the higher tax slab from Finance Minister Nirmala Sitharaman. If this relief is given by the government, then it will be the biggest announcement for the job profession.

Payment of tax on the basis of income slab

Deloitte is hopeful that in this budget, relief can be given by the government in the tax slab. At present, people have to pay income tax on the basis of income slab. Deloitte’s partner Tapati Ghosh says on the expectation from the budget that currently the highest income tax rate in the country is 42.744 percent (including surcharge and cess) on income above Rs 5 crore. There has not been any change in the income tax slab since the financial year 2017-18.

There will be a direct impact on the purchasing power, says Tapati Ghosh, this time it is expected that the government can give some relief to the tax payers coming in the 30% slab. This will directly affect their purchasing power. He hoped that this time the highest rate of income tax of 30 percent can be reduced to 25 percent. Along with this, the tax expert has also demanded that the limit of the highest tax rate of income tax should be increased from 10 lakhs to 20 lakhs.

Demand for revision of tax slab rates in Budget 2023 by Deloitte

– Currently there is 30 percent tax on income above Rs 20 lakh, which should be reduced to 25 percent.
– Tax on income between Rs 10 lakh and Rs 20 lakh should be reduced from 30 per cent to 20 per cent.
In the new tax regime, income tax should be reduced to 20 percent on income between 10 lakh to 20 lakh.

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Notification has been issued not to include income tax payers in Atal Pension Yojana. Partial changes have also been made in the main notification for Atal Pension Yojana, issued on October 16, 2015, in this new notification.

In Atal Pension Yojana, a person from 18 to 40 years can pay monthly premium according to the desired pension amount, based on his age. If a youth of 18 years of age wants a pension of Rs 3,000 after the age of sixty, then he will have to pay a monthly premium of Rs 126 till 42 years.

Similarly, different premium amount is payable for the pension amount to the people of different ages as per their wish. After the age of sixty the person gets fixed monthly pension.

People can join Atal Pension Yojana through banks or post office. On the other hand, Senior Superintendent of Postal Division Hamirpur Narendra Kumar says that after October 1, income tax payers will not be included in the Atal Pension Yojana. Notification has been received.

When did it start

Atal Pension Yojana was launched by Prime Minister Narendra Modi on June 1, 2015. Under this scheme, after the age of 60 years of the beneficiaries, an amount ranging from Rs 1,000 to Rs 5,000 will be given as pension.

In this, the amount of pension is decided according to the investment and age deposited by the beneficiary. Any Indian person can take advantage of Atal Pension Yojana.

But the government has fixed a minimum and a maximum limit regarding their age. The age of the person to take advantage of Atal Pension Yojana should be between 18 to 40 years. Persons above 40 years of age cannot take advantage of this scheme. Similarly, a person below 18 years of age cannot register in it.

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Notification has been issued not to include income tax payers in Atal Pension Yojana. Partial changes have also been made in the main notification for Atal Pension Yojana, issued on October 16, 2015, in this new notification.

In Atal Pension Yojana, a person from 18 to 40 years can pay monthly premium according to the desired pension amount, based on his age. If a youth of 18 years of age wants a pension of Rs 3,000 after the age of sixty, then he will have to pay a monthly premium of Rs 126 till 42 years.

Similarly, different premium amount is payable for the pension amount to the people of different ages as per their wish. After the age of sixty the person gets fixed monthly pension.

People can join Atal Pension Yojana through banks or post office. On the other hand, Senior Superintendent of Postal Division Hamirpur Narendra Kumar says that after October 1, income tax payers will not be included in the Atal Pension Yojana. Notification has been received.

When did it start

Atal Pension Yojana was launched by Prime Minister Narendra Modi on June 1, 2015. Under this scheme, after the age of 60 years of the beneficiaries, an amount ranging from Rs 1,000 to Rs 5,000 will be given as pension.

In this, the amount of pension is decided according to the investment and age deposited by the beneficiary. Any Indian person can take advantage of Atal Pension Yojana.

But the government has fixed a minimum and a maximum limit regarding their age. The age of the person to take advantage of Atal Pension Yojana should be between 18 to 40 years. Persons above 40 years of age cannot take advantage of this scheme. Similarly, a person below 18 years of age cannot register in it.

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The government has made a big change in the rules of Atal Pension Yojana, started for the convenience of pension to the people working in the unorganized sector. After October 1, 2022, no such person will be able to invest in this scheme, which pays income tax. A notification in this regard has been issued on August 10.

Atal Pension Yojana (APY) was launched in the financial year 2015-16. This scheme was started especially for those people who are not able to take benefit of any other government pension. In just 6 years, this scheme has reached 4 crore people. 99 lakhs joined this scheme only in the last financial year. According to the Pension Fund Regulatory and Development Authority, by the end of FY 2022, 4.01 crore people were investing in this scheme.

Now the rules have changed

According to a report by Live Mint, in the notification issued by the Department of Financial Services, which comes under the Ministry of Finance, it has been said that those who Income Tax If you fill, they will not be able to apply for the Atal Pension Scheme. The new rule of the Ministry of Finance will come into force on October 1, 2022. On or after October 1, the income tax payer who applies for this scheme will open the account, his account will be closed and the pension money deposited in the account will be returned to the subscribers.

Pension is available from 1 thousand to 5 thousand

Atal Pension Yojana (APY) is a pension scheme for the citizens of India, which is run for the workers of the unorganized sector. Under APY, a minimum pension is guaranteed which is Rs.1,000, Rs. 2,000, Rs. 3,000, Rs. 4,000 or up to Rs.5,000 is given. According to the customer deposit money in this account, according to that, pension is given at the age of 60 years.

The investment amount and your age will determine how much pension you will get after maturity. This scheme is operated by the Pension Fund Regulatory and Development Authority (PFRDA).

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The Income Tax Department has fixed 31 July 2022 as the last date for filing income tax returns and Revenue Secretary Tarun Bajaj has also told that there is no idea to extend the deadline yet. In such a situation, it is necessary to file ITR by the stipulated time limit. Even after this, income tax payers can file income tax return. But for that they have to pay late fee. Out of this, a late fee of Rs 5,000 for high income group and Rs 1,000 for low income group has been fixed. In such a situation, after filing the income tax return, the question remains in the mind of the income tax payers that in how many days will the refund be issued after filing the ITR.

How to check status

1. If your income tax refund was to come, then you can check its status online. The status can be checked through the Income Tax e-filing portal or through the website of NSDL.
2. For this, first go to the new e-filing portal of the Income Tax Department. Login here.
3. Then click on View Return/Forms. Now select Income Tax Returns and enter Assessment Year.
4. Now the status of your refund will be known. Refund status information can also be found through the website of NSDL.

These mistakes can happen

• Sometimes the refund is not received even after the release of money by the department. A major reason in the cases of income tax refund getting stuck can be a mistake in the details of the bank account .
• If you have entered your account details incorrectly while filling the form, then because of this your income tax refund may get stuck.
• In such a situation, you will have to correct the account details on the website of the Income Tax Department. After that you will again be eligible for this refund.
• Once the department has done a preliminary assessment of your verified ITR, it is found that no refund is due to you.
• This will be reflected in the notice under section 143(1) of the Income Tax Act that the tax department will send you regarding the Income Tax Act which the tax department will send to you after processing your return.
• So, if the notice shows you refund due then it will be issued but if the notice shows zero refund then it means that your refund claim was not accepted as your calculation did not match with the department’s calculation.
• The department has processed your refund, but you have not received it due to incorrect bank details. In case your refund is pending due to incorrect details provided by you, you can request the department to reissue the same after providing correct bank details.
• Once you have filed and verified your ITR, regularly check the status of your return to see if you have claimed refund.
• This helps you track your ITR processing and refund (if any). It also helps in ascertaining whether you have committed any mistake while filing the return.

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