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

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

What changes have occurred

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

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

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

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

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

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

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

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

For this, the Central Board of Direct Taxes (CBDT) has notified Income Tax Return (ITR) Form 1 and 4 for the financial year 2024-25 (AY 2025-26). Taxpayers were waiting for these forms for a long time. These forms will be used to tell the government about the income made between 1 April 2024 to 31 March 2025.

Not everyone can use ITR-1 and ITR-4

According to the news published in ET, this time the government has made a big change in ITR-1. Long-term capital gain tax (LTCGT) has now been included in this form. Apart from this, not all tax payers can use ITR-1 and ITR-4 forms. There are different forms based on the source and type of income. There are eligibility conditions for each form, which taxpayers have to fulfill. You can use these forms only if your income and status match these conditions.

This change in ITR-1

There has been an important change in ITR-1 this year. Earlier there was no provision to give information about Capital Gain Tax (CGT) in ITR-1. But now long-term capital gains (LTCGT) from listed equity shares and equity-oriented mutual funds can be included in ITR-1. Earlier taxpayers earning income from capital gains had to use ITR-2 form. The change made this time is a matter of relief for taxpayers.

Who can file ITR-1?

ITR-1 form can be used by taxpayers who are normal residents and whose annual income is up to Rs 50 lakh. Their source of income is salary, house property and interest etc. Long-term capital gain up to Rs 1.25 lakh from the sale of listed equity and mutual funds under section 112A. Apart from this, directors of companies, investors in non-listed equity and those with TDS deduction under section 194N cannot use ITR-1 form.

Who can file ITR-4?

ITR Form-4 has also been notified by the CBDT for the financial year 2024-25 (AY 2025-26). This form is for such taxpayers who earn income from small business. Eligibility conditions for using ITR-4 have also been fixed. Not all taxpayers can use this form. This form cannot be used by directors in companies, investors in non-listed shares.

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If you are a salaried person and do not do any side business, then you have to fill ITR-1 form. What are the other conditions for filing ITR for a salaried person and what 5 things should they keep in mind the most. We are giving you information about this.

If the annual income of a salaried person is less than Rs 50 lakh. Also, if there is income from sources like property, family pension, farming (up to 5 thousand maximum) and FD, then they should fill the ITR-1 form. It is important to note that income from business and profession will not be filled in the ITR-1 form. Apart from this, if you have capital gain or income from more than one property or have earned money from things like lottery or horse racing, then also you should not fill the ITR-1 form. Apart from this, you should keep some other things in mind, the details of which we are giving you.

Also Read: Fixed deposits: Top 6 banks offer highest interest rates on their 5-year FDs

Where do you work?

Before filing income tax return, it is important to note in which sector you work. For example, if someone works in the central government, then his salary details are different. Similarly, if you are a state government employee or work in the private sector, then the salary break-up is different and the tax exemption you get also depends on this.

First gather the necessary documents.

You will get Form-16 from your employer to file ITR. Apart from this, download the Annual Information Statement (AIS). Keep the rent slip ready to claim HRA and also keep the receipt of other investments with you. You do not have to upload these documents but keep them ready for the need.

Make sure to match the tax.

Tax of salaried people is usually deducted from their salary in the form of TDS or TCS, however, you must match this tax with other documents. For this, you can assess the actual tax with the help of documents like AIS and 26AS. If there is any mistake, you can also correct it with the help of these documents.

You can file the previous return.

The income tax department also gives the salaried people the opportunity to file the returns of the last 2 years. If you forgot to file any return in the last 2 years or there is some mistake in it, then you can file the updated ITR (ITR-U) along with filing the missed return.

Do this for refund

After filing ITR, you have to keep some things in mind to get your refund quickly and easily. First of all, check whether your Aadhaar and PAN are linked or not. Apart from this, it is also necessary to verify the bank account. It is most important that you choose the right ITR form. Even if it is wrong, then fill the revised ITR in time.

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The time to file Income Tax Return (ITR) for the financial year 2023-24 and assessment year 2024-25 is till 31 July 2024. Taxpayers have 2 months to file ITR. Most of the salaried taxpayers are waiting for Form 16 to file ITR. Most of the companies have also started giving Form 16 to the employees. Here we are telling you how you can file ITR in a few minutes.

You can file ITR online in a few minutes

If you also want to submit your income tax return online, then you can do so in a few minutes. Here we are telling you the step by step process of filing ITR online, through which ITR will be submitted in a few minutes.

How to file income tax return online?

To file ITR online, first you have to visit the official website of Income Tax. You have to go to the Income Tax website https://www.incometax.gov.in/iec/foportal/.

Step 1: Open the Income Tax e-filing website https://www.incometax.gov.in/iec/foportal/ and login by entering your PAN number and password.

Step 2: After this you have to click on File Income Tax Return.

Step 3: In the next step you have to select the assessment year. If you are filing ITR for the financial year 2023-24 then you have to select Assessment Year (AY) 2024-25.

Step 4: After this, you have to tell who you are. That is, Individual, HUF and other options will be available. You can click on ‘Individual’ for your ITI.

Step 5: After this, you have to choose the type of ITR. There are 7 types of ITR in India. ITR forms number 1 to 4 are for individuals and HUF.

Step 6: In the next step, you will have to select the type of ITR and the reason. Here you will have to select options like taxable income more than basic exemption, fulfilling specific criteria. Here you will have to click on the checkbox given below.

Step 7: Pre-field information has to be updated. Here you have to validate PAN, Aadhaar, name, date of birth, contact information and bank details. Here you have to give details of income, tax and exemption deduction. After this you have to confirm to file your return. After giving the details, if any tax remains then it has to be paid.

These documents will be required to file ITR online

• PAN and Aadhaar Card
• bank statement
• Form 16
• donation slip
• Investments, insurance policy payment receipts and home loan payment certificates or receipts.
• Interest Certificate

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Income tax return filing

Taxpayers can use the e-filing portal of the Income Tax Department to file ITR. Despite this option, experts suggest taxpayers to wait for some time as Form 26AS and AIS have been updated, which will make the process of filing ITR easier.

Also Read: Gold Price Today: Heavy fall in the price of gold, check the rate in your city

It is necessary to link Aadhaar with PAN.

ITR can be filed online through the e-filing portal of the Income Tax Department. It is mandatory for all taxpayers to link their Aadhar card and PAN to file ITR.

Form for filing income tax return

There are several ITR forms that taxpayers should choose from category wise. The Income Tax Department has issued seven types of forms for taxpayers to select. These forms are ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7.

These documents will be required

It is necessary to collect documents to file ITR. From salary slip to bank account information, taxpayers will have to ensure that they have information about income, expenses and investments. ITR forms are attachment-free forms and hence, taxpayers are not required to attach any documents (like proof of investment, TDS certificate, etc.) along with the return of income (even if filed manually).

Also Read: FD interest rates Increase : Take advantage of this opportunity to secure your financial future today

They can file electronically. However, taxpayers should retain documents like Form 16, Form 26AS, salary slip, PAN, Aadhar, rent and investment slip with them. So that it can be used at the time of need. Once the necessary paperwork is done, taxpayers can start filing through the e-filing portal of the Income Tax Department.

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New rule to impact flight ticket prices: If you too are troubled by the huge flight fares, then now you can soon get relief from expensive flight tickets. An instruction has been issued by the Directorate General of Civil Aviation (DGCA), in which planning is underway to make the base fare of flights more affordable for passengers.

DGCA says that the fixed fares issued by the airlines also include the fees charged on some services provided by them. Based on the feedback received from different places, it has been seen that many times passengers do not need these services provided by the airlines during the journey.

Circular has been issued

DGCA has said in the circular that by separating the services and their charges, the basic fare can be more economical. With this, consumers get the option to pay for the services they want to avail. The differentiated services should be provided on an ‘opt-in’ basis and not on an ‘opt-out’ basis.

DGCA has released a list of 7 services, which if excluded from the ticket cost, can make the base fare much more affordable.

>> Passenger seat selection charges
>> Meal/snacks/drink charges
>> Charges for using airline lounge
>> Check in baggage charges
>> Sports equipment charges
>> Musical equipment charges
>> Special for valuable baggage declaration fee

Scheduled airlines will be permitted to offer ‘zero baggage/no-check-in baggage fares’ along with free baggage allowance as part of the airline baggage policy. Along with this, DGCA has said that if you bring luggage for check-in at the airline counter, you will be given information about the applicable charges. Along with this, it will also be printed on the ticket.

Also Read-

• Income Tax Return Filing: Should you file income tax return now or wait till July 31?
• What is Inheritance tax: What is the inheritance tax that is levied on ancestral property? When was this tax imposed in India
• Modi government transferred money to the accounts of 28 crore people, did you get it? check balance

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The Income Tax Department has notified all the forms for online return filing. The deadline for filing income tax returns is usually 31 July. Many people file returns at the last moment, while some want to be free by filing returns in advance. There is a technical problem with some people. Especially working people cannot file returns much in advance even if they want to. This is because Form 16 is necessary for ITR filing. TDS payment will be made by employers (companies) and banks till April 30. Only after that the companies issue TDS to their employers.

Form 16 is necessary for salaried taxpayers

Chetan Chandak, director of tax consultancy firm TaxBirable, said, “Companies and banks will start issuing Form 16 and TDS Certificates only after May 31. Only after this, salaried individuals and those earning income from fixed deposits will start issuing them. People with ITR will be able to start the ITR filing process. Form 16 is a certificate of TDS deducted from salary. It is necessary for every company to issue this certificate to its employees.

Taxpayers should wait to receive Form 16

Experts say that even if you have calculated your gross income, taxable income, deductions and exemptions, you should still wait to receive Form 16. The reason for this is that if there is any error or mismatch in your ITR, you may get a notice from the Income Tax Department. Nitish Buddhadev, founder of Nimit Consultancy, said, “To avoid any problem later, you should wait for Form 16 to be received.”

Income tax return will not be processed until TDS payment

“The income tax department will not process your return until the deductor entity files the TDS return,” Chandak said. This means that only a few people can file income tax returns in April. These include NRIs who do not have any other source of income in India (capital gains from sale of property).

Do not wait for the deadline to file returns

Experts say that you should not be in a hurry to file income tax return in April. But, this does not mean that you file income tax return on the deadline i.e. 31st July. The reason for this is that more people file income tax returns closer to the deadline, which leads to technical problems due to increase in traffic. Second, the sooner your income tax return is processed, the sooner you will get the refund. With this your money will not remain blocked for long.

Also Read-

• What is Inheritance tax: What is the inheritance tax that is levied on ancestral property? When was this tax imposed in India
• Modi government transferred money to the accounts of 28 crore people, did you get it? check balance
• Bank Holiday Alert: Big news for bank customers! Bank Holiday for three days from today in these cities, know here

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Income tax return

In such a situation, if you have not filed ITR yet, then you should complete the process as soon as possible to avoid any tax related problems in future. At the same time, crores of people have filed their income tax returns. The total number of returns filed so far shows that taxpayers should not wait for any extension.

Crores of ITR filing

This year, the last date for filing ITR is 31 July. There are still three days left for the date of 31st July to end. Therefore, taxpayers who have not yet filed their returns should file their returns now. Data from the Income Tax e-filing website shows that so far more than 5 crore ITRs have been filed by taxpayers.

We express our gratitude to the taxpayers & tax professionals for helping us reach the milestone of 5 crore Income Tax Returns (ITRs), 3 days early this year, compared to the preceding year!

Over 5 crore ITRs for AY 2023-24 have already been filed till 27th of July this year as…

— Income Tax India (@IncomeTaxIndia) July 28, 2023

Income

Tax Department tweeted, ‘We express our gratitude to taxpayers and tax professionals for helping us reach the target of 5 crore Income Tax Returns (ITR) this year 3 days earlier than last year. ! More than 5 crore ITRs have been filed for AT 2023-24 till 27 July this year as compared to 30 July last year.

Income Tax Return

According to the Income Tax Department, ‘out of 5.03 crore ITRs filed till July 27, 2023, about 4.46 crore ITRs have been e-verified i.e. more than 88% ITRs filed have been e-verified’ ! Out of the e-verified ITRs, over 2.69 crore ITRs have already been processed!’

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Website service can be taken for ITR filing

Most of all take the help of Chartered Accountant (CA) to file ITR. Or you can take the help of third party online platform. Such as Clear (earlier its name was Clear Tax.), Tax2Win, TaxBuddy, Quicko, My Return etc. can file returns.

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2 crore returns filed till July 11

The Income Tax Department said in a notification released on Twitter on Tuesday that two crore income tax returns have been filed till July 11 for the assessment year 2023-24. Last year, till July 20, two crore income tax returns were filed.

The Income Tax Department tweeted,

the Income Tax Department has said in its tweet that with the help of taxpayers, we have achieved the figure of two crore nine days earlier this year than last year. The tax department has asked those who have not yet filed returns for the assessment year 2023-24 to file returns as soon as possible to avoid last minute rush.

These people do not have to pay tax.

Under the new tax regime, income up to Rs 7 lakh is tax free. Similarly, if someone selects the old tax regime, then for those below 60 years of age, this exemption is Rs 2.5 lakh and for those above 60 years of age, this exemption is up to Rs 3 lakh.

File ITR before 31st July,

this time you can file income tax return till 31st July 2023. After this, if income tax return is filed, then penalty can be imposed. Income tax payers are constantly being made aware by the Income Tax Department. It is told by the department that to avoid any kind of penalty, file ITR on time.

Who will not have to pay penalty

Let us tell you that if your total income till the financial year 2021-22 is Rs 2.5 lakh or less, then you will not have to pay penalty for filing income tax after 31st July. The ITR filed on your behalf will be called Zero (0) ITR.

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2 crore returns filed till July 11

The Income Tax Department said in a notification released on Twitter on Tuesday that two crore income tax returns have been filed till July 11 for the assessment year 2023-24. Last year, till July 20, two crore income tax returns were filed.

The Income Tax Department tweeted,

the Income Tax Department has said in its tweet that with the help of taxpayers, we have achieved the figure of two crore nine days earlier this year than last year. The tax department has asked those who have not yet filed returns for the assessment year 2023-24 to file returns as soon as possible to avoid last minute rush.

These people do not have to pay tax.

Under the new tax regime, income up to Rs 7 lakh is tax free. Similarly, if someone selects the old tax regime, then for those below 60 years of age, this exemption is Rs 2.5 lakh and for those above 60 years of age, this exemption is up to Rs 3 lakh.

File ITR before 31st July,

this time you can file income tax return till 31st July 2023. After this, if income tax return is filed, then penalty can be imposed. Income tax payers are constantly being made aware by the Income Tax Department. It is told by the department that to avoid any kind of penalty, file ITR on time.

Who will not have to pay penalty

Let us tell you that if your total income till the financial year 2021-22 is Rs 2.5 lakh or less, then you will not have to pay penalty for filing income tax after 31st July. The ITR filed on your behalf will be called Zero (0) ITR.

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It is necessary to file your ITR to disclose income, liabilities and investments. On the basis of that, tax liability is made on you. While filing ITR, it is important to claim maximum tax refund as per the prescribed norms. Let us tell you some such information, which you should keep in mind while filing ITR. With this, maximum refund will come in your account.

Submit ITR on time

In any work, it is necessary to take care of the time limit. This time the last date for filing ITR is 31 July. By filing ITR before 31st July, you will be saved from penalty and you will also get maximum refund in time. According to the data released by the Income Tax Department, this time so far more ITRs have been filed than last year.

Selection of the right tax regime

Union Finance Minister Nirmala Sitharaman had announced the new tax regime during the budget speech on 1 February 2023. Giving information, the Finance Minister had said that taxpayers should select the regime under which they want to file their ITR. It is important for you to select the right tax regime, on the basis of which you will get refund.

Verify the return Verification

is necessary within 30 days of filing the income tax return. If your return is not verified then it will be treated as invalid. Also, after the time limit is over, the taxpayer will have to file a new ITR. Hence it is important that you verify your return immediately to ensure smooth processing of your refund.

Claim Deduction

You are eligible for deduction on Public Provident Fund (PPF), National Savings Certificate (NSC), National Pension Scheme (NPS), life insurance-medical insurance premium and home loan interest. You should claim it for maximum refund. You are advised to identify all deductions and exemptions other than those shown in Form 16. Also, match your data to avoid any mistake.

Valid Bank Account

You need to verify the bank account and ensure that it is correctly verified on the Income Tax Filing e-portal. Refund is transferred by the Income Tax Department only to the valid bank account on its portal. Verify bank account to get tax refund without any hassle. In this way, you can take advantage of maximum income tax refund.

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Rules Changes From 1st July 2023: The month of June is going to end in a few days. After which the new month i.e. July 2023 will start. Many rules are changed at the beginning of every month. Many new rules (New Rules From 1 July 2023) are going to be implemented in July also.

It is very important for you to know about these changes going to happen from July 1. Because there are some such rules in these, which can have a direct impact on your pocket. These include everything from the price of LPG cylinders to the imposition of TCS on credit cards. So let’s know about some major changes that will happen from July 1.

Changes in the price of petrol-diesel and gas

Government oil companies issue new rates ranging from Petrol-Diesel Price to Gas cylinders on the first of every month. Crude oil prices continue to fluctuate continuously in the international market. Petroleum Minister Hardeep Singh had said a few days ago that if crude oil prices remain stable in the international market, then oil companies would be in a position to consider reducing the prices of petrol and diesel (Petrol-Diesel Price Cut). In such a situation, a reduction in the prices of petrol and diesel can be seen in the next month.

Apart from this, there may be a change in the price of LPG gas on July 1. It is expected that the prices of LPG may be cheaper next month.

There will be a total of 15 days bank holidays in July.

The list of Bank Holidays In July 2023 has been released by the Reserve Bank of India (RBI). According to which, in July 2023, a total of 15 days are going to remain bank closed. Next month, due to weekly holidays and festivals in different states, there will be bank holidays for 15 days (July Bank Holidays). If there is any important work related to the bank, then settle it as soon as possible. Because if the bank holidays start, then you will not be able to do this important work.

20% TCS will be levied on international debit or credit card transactions

Changes are being made in the rules of Tax Collected at Source (TCS) applicable from 1 July. Now if you do transactions abroad with credit card, then you will have to pay 20% TCS. The government had made a change in the rules of TCS in May. According to the new rule, small payments up to Rs 7 lakh in a financial year on international debit or credit cards will be excluded from the 20% TCS rule. However, you can claim it while filing income tax return.

Last date to file ITR is 31st July

The last date for Income Tax Return Filing is 31 July. Taxpayers have to file ITR every year. In such a situation, if you have not yet filed ITR, then file it in time. If ITR is not filed within 31st July, then in such a situation you may have to pay penalty.

QCO made mandatory for footwear companies

From July 1, 2023, the manufacture and sale of poor quality footwear is going to be banned in the country. The government has ordered the footwear units to implement the Quality Control Order (QCO). Under which QCO has been made mandatory for footwear companies.

Following the rules of the World Trade Organization (WTO), the government has introduced standards for footwear companies. Now footwear companies will have to manufacture shoes and slippers according to these rules. At present, 27 footwear products are included in the purview of QCO, but next year the remaining 27 products will also be brought under this purview.

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File ITR on time

Experts are advising personal tax payers to file their ITR as soon as possible to avoid any kind of haste or disturbance at the last moment. With this you will be saved from any kind of mistakes. Let us know how to file step-by-step ITR by yourself-

How to file ITR?

You have the option of filing ITR through e-filing portal and app or through a chartered accountant. If you are filing ITR by yourself then most of you have to file it online on the website of Income Tax Department.

Documents required for ITR

even if there is a pre-filled ITR form on the e-filing portal. But some income like capital gain needs to be filed manually. Following are some of the important documents that you should keep handy while filing ITR. As-

– Form 16
– Form 16A
– Form 26AS
– Capital Gains Statements
– Tax saving investment proof

Step-by-step file ITR like this

• First of all go to Income Tax e-filing portal.
• Now login using your user ID (PAN), password and captcha code.
• After this, click on ‘Income Tax Return’ in the ‘e-File’ tab.
• Select the right Income Tax Return (ITR) form based on your income and other factors. If you have Form-16, you can use either ITR-1 or ITR-2.
• After this, select the Assessment Year (AY) based on the year you are filing ITR. At present, you should select the assessment year 2023-24.
• Validate all the data entered in the form and click on submit.
• After submitting the return, e-verify it through any of the available options like Aadhaar OTP etc.
• Now upload the e-verify return.

In the last step, double-check all the information given by you and upload the form. Your ITR is not complete until you verify the return. Let us tell you that this time the last date for filing ITR on behalf of CBDT has been fixed as 31 July 2023. In such a situation, complete your work on time this time.

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The Income Tax Department has enabled online filing of ITR-1 and ITR-4. ITR-1 is filed by individuals, including salaried persons and senior citizens. The ITR-4 form can be used by individuals, HUFs and firms (other than Limited Liability Partnership firms) having a total income of up to ₹50 lakh.

Form-16 is generally used by salaried persons to file their ITR. However, this is not always necessary. Actually Form-16 is a certificate of tax deduction at source issued by the employer and plays a vital role in ITR filing for salaried individuals. It gives the details of salary paid to the employee, deduction claimed by the employee and tax deducted from him.

What is Part A and Part B of Form-16

Part A gives the summary of taxes deducted and deposited by your employer as TDS. Part B of Form-16 shows the details of salary income and deductions claimed by the employee to reach his taxable income.

When is Form-16 issued?

Every salaried person generally receives Form-16 from his employer on or before 15th June of the assessment year. Section 203 of the Income Tax Act, 1961 makes it mandatory for the employer to issue Form-16 to his employees, indicating their total TDS on income.

What are the things to be kept in mind while filing ITR in Form-16?

Before filing your ITR, it is necessary to cross-check and verify the information in Form-16 with your salary slips, AIS (Annual Information Statement), and Form 26AS.

According to Abhishek Soni, Co-founder and CEO of Tax2win, it is important for salaried individuals to pay attention to the following aspects of Form-16 while filing ITR:

PAN and personal details

Verify that the PAN mentioned in Form-16 matches with your PAN. Additionally, cross-check your name, address and employer’s TAN (Tax Deduction and Collection Account Number) and PAN.

Part A of Form-16

It is important to compare the tax deduction details in Part A of Form-16 with the information in your Form 26AS, which is a consolidated statement of taxes deducted and paid and AIS.

Part B of Form-16

It summarizes the income paid by your employer. Make sure that any tax, deduction and exemption claimed by you is reflected correctly in Form-16.

Cross-verify tax deductions

It is important to cross-check the actual tax deducted from your salary income, by comparing it with the taxes reflected in Form-16, Form 26AS and AIS (Annual Information Statement). If you identify any mistakes, immediately bring them to the notice of your employer and request them to rectify the information in Form-16. It is important to ensure that the correct details align with Form 26AS and AIS.

Job change and multiple employers

If you have changed jobs during the financial year 2022-23, it is important to take Form-16 from both the employers. This will help you determine actual taxable wages and ensure accurate reporting. Remember that additional tax may be payable on account of change of job if you have not informed the present employer about the income earned with the previous employer.

What to do before getting Form-16?

Before obtaining Form-16, employees should keep handy the details of capital gains, interest income of fixed deposits, rental income and any investment made to claim the deduction.

The post Tax Return: Are you waiting for Form-16 to file ITR? Will you not be able to file your return without it? learn here first appeared on Rightsofemployees.com.

One is the old income tax regime and the other is the new income tax regime. Whereas from this time the new income tax regime is the default regime. In such a situation, some things should be kept in mind while filing tax under the new income tax regime.

tax regime

Several announcements were made by Finance Minister Nirmala Sitharaman in the budget for the financial year 2023-24. Through these announcements, changes in the income tax regime were also announced by the Finance Minister and along with this many changes have been made in the new income tax regime. In such a situation, if you file tax under the new income tax regime, then you may also have to pay 30% tax.

Income tax

Actually, income tax slabs have been changed under the new tax regime. Under this, no tax will have to be filed on an annual income of Rs 3 lakh. After this, 5% tax will have to be paid on the annual income of Rs 3-6 lakh. At the same time, 10 percent tax will have to be paid on the annual income of Rs 6-9 lakh. After this, 15% tax will have to be paid on the annual income of Rs 9-12 lakh.

No exemption on investment,after this if someone’s annual income is 12-15 lakh rupees, then such people will have to pay 20 percent tax. On the other hand, if someone’s annual income is more than Rs 15 lakh, then such people will have to pay 30 percent tax. At the same time, while filing tax from the new tax regime, taxpayers should keep in mind that no investment will be exempted in this regime.

Will get exemption in this

If a taxpayer wants to get exemption on his investment, then he will have to file income tax return according to the old tax regime, only then he will be able to get exemption while paying tax on his investment.

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Income Tax Return Filing:  It is mandatory for the taxpayers to file Income Tax Return. A deadline is issued by the government to fill it, within which taxpayers have to pay tax in any case. But some people are not able to file their Income Tax Return even by the due date. After that they have to pay tax along with fine. This penalty is collected as Income Tax Return (ITR) late fee. The Finance Ministry has extended the due date for filing income tax returns.

Extended date for filing ITR 

The Finance Ministry has once again extended the last date for filing Income Tax Return. The ministry has extended the deadline for filing income tax returns (ITR) by companies for the assessment year 2022-23 to November 7. The Central Board of Direct Taxes (CBDT) said in a notification that the deadline for filing audit reports was extended last month, so the deadline for filing ITR has also been extended. The CBDT said, “The date for furnishing the statement of income under sub-section (1) of section 139 of the Act for the assessment year 2022-23 has been extended, which was earlier October 31.” This has now been extended to November 7, 2022.

Form 10A can be filled by November 25

CBDT has also extended the deadline for filing Form 10A to November 25, 2022. Earlier it was to be filled electronically only by 30 September. CBDT said, keeping in view the needs of the taxpayers, the last date for filing Form 10A is extended.

fine will have to be paid

The last date for filing Income Tax Return (ITR) for the financial year 2021-22 was 31 July 2022. Taxpayers whose accounts are not required to be audited were to file income tax returns by this date. Such taxpayers who have not filed ITR by July 31 will have to pay a fine of Rs 5000 i.e. late fee.

Know till when can you pay tax?

The last date for individuals or HUFs or AOPs or BOIs (whose accounts are not to be audited) was July 31, which has passed. At the same time, the deadline for the accounts to be audited is 7 November 2022. Apart from this, business people whose TP report is required can file ITR till 30th November.

Know what are the terms and conditions? 

Those whose date of 31 July has passed and they could not file their return due to some reason, they will now be able to file their return till 31 December 2022, but there will be some conditions. This return is called belated return, late return or revised return. Under this facility, you will file the return but you will be deprived of the benefits of interest and set-off, along with paying some penalty.

Income tax filing is mandatory 

Significantly, the department has been continuously requesting the taxpayers to submit the returns within the stipulated time to avoid the burden of late fee. However, this year a large number of taxpayers have filed returns as compared to the previous years. At the same time, now the holders of the account to be audited should also pay the tax in time.

The post ITR Filing Date Increased: Good news! Then the last date for filing ITR increased, now you will be able to file income tax return till this date first appeared on Rightsofemployees.com.

have to pay fine

The last date for filing Income Tax Return (ITR) for the financial year 2021-22 was 31 July 2022. Taxpayers whose accounts are not required to be audited were to file income tax returns by this date. Such taxpayers who have not filed ITR by July 31 will have to pay a fine of Rs 5000 i.e. late fee.

Till when can I pay tax?

The last date for individuals or HUFs or AOPs or BOIs (whose accounts are not to be audited) was July 31, which has passed. At the same time, the deadline for the accounts to be audited is 31 October 2021. Apart from this, business people whose TP report is required can file ITR till 30th November.

Know Terms and Conditions

Those whose date of 31 July has passed and they could not file their return due to some reason, they will now be able to file their return till 31 December 2022, but there will be some conditions. This return is called belated return, late return or revised return. Under this facility, you will file the return but you will be deprived of the benefits of interest and set-off, along with paying some penalty.

Taxes can be filed till October 31!

Salaried individuals were required to file their income tax returns by July 31, while corporates or those who need to get their accounts audited can file their returns by October 31 of the assessment year. In such a situation, these people will not face any penalty for filing ITR return by 31 October.

Paying tax is mandatory

Significantly, the department has been continuously requesting the taxpayers to submit the returns within the stipulated time to avoid the burden of late fee. However, this year a large number of taxpayers have filed returns as compared to the previous years. At the same time, now the holders of the account to be audited should also pay the tax in time.

The post ITR Filing Date Increased: Now Income Tax Return can be filed till 31st October! check details immediately first appeared on Rightsofemployees.com.

Feel fined

The last date for filing Income Tax Return (ITR) for the financial year 2021-22 was Sunday 31 July 2022. This means taxpayers whose accounts are not required to be audited were required to file income tax returns by this date. Individual income tax payers who have not filed ITR by July 31, if their income is taxable, will have to pay a penalty of Rs 5000.

31 October these people can file

Salaried individuals are required to file their income tax return by 31st July, while corporates or those who need to get their accounts audited can file their returns by 31st October of the assessment year. In such a situation, these people will not face any penalty for filing ITR return by 31 October.

so many returns filed on the last day

At the same time, the last date for submission of Income Tax Return (ITR) for the financial year 2021-22 for individual income tax payers was 31 July. More than 63.47 lakh returns had been submitted till 10 pm on the last day, Sunday. The Income Tax Department has set July 31 as the last deadline for submission of ITR.

was constantly requesting

The department has been continuously requesting the taxpayers to submit the returns within the stipulated time to avoid the burden of late fee. Earlier, till July 30, more than 5.10 crore returns had been filed. With the ITR filed on Sunday, the total number of income tax returns for the financial year 2021-22 has crossed 5.73 crore.

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The last date for filing ITR for the financial year 2021-22 or assessment year 2022-2023 is July 31. This time the government has categorically refused to extend its deadline. Last week, over 2.3 crore income tax returns were filed for the financial year 2021-22 till July 20. Union Revenue Secretary Tarun Bajaj on Wednesday said that the government is not planning to extend the last date for filing ITR this year. However, many users on Twitter are complaining that the website is not working properly, so the deadline should be extended.

Will have to pay a fine of 5 thousand rupees

Taxpayers who fail to file ITR by July 31 can still file returns till December 31, 2022. However, keep in mind that for the year 2021-22, any unpaid tax will have to be penalized along with interest. Deepak Jain, chief executive, tax e-filing and compliance management portal TaxManager.in, says, “If you fail to file your ITR by the due date, you can file the belated return by December 31, 2022. If the return is filed after the last date but before December 31, 2022, you will have to pay a fine of Rs 5,000.

In this case, a fine of Rs 1000 will have to be paid.

As per section 234F, Rs 5,000 will have to be paid as penalty for filing ITR after the last date. However, if the total income of the person does not exceed Rs 5 lakh, then in this case a fine of Rs 1000 will have to be paid. If the total income of a person is not exceeding the basic exemption limit under the tax regime chosen by him, then he will not have to pay any penalty while filing belated ITR.

The post Income Tax Return: You can file ITR after July 31, know here all details immediately first appeared on Rightsofemployees.com.

The last date for filing Income Tax Return is 31st July. According to the rules, it is mandatory for every person earning income to file ITR. But do you know that according to the rules of the Government of India, some people earning income are not required to file ITR. Yes, under the new rule of the Government of India in the year 2021, people above the age of 75 years earning income are not required to file ITR, although some terms and conditions have also been fixed for this.

Exemption to these senior citizens above the age of
75 years According to the rules of the government, all those senior citizens above the age of 75 years, whose source of income is pension or interest on bank deposits, then it is not necessary to file ITR. A new section has been added in the Income Tax Act, 1961 under the Finance Act-2021. This is the new section 194-P.

This condition should be
that for the exemption of senior citizens above the age of 75 years from filing ITR, it has been considered a necessary condition to have a pension account and FD account in the same bank. Keep in mind that tax is deposited on the interest earned on FD, then in that case the benefit of this exemption cannot be taken.

Only senior citizens who fulfill all the necessary conditions have been kept in the purview of this exemption. Senior citizens above the age of 75 years can visit the bank to take advantage of this exemption . For this, it will be mandatory for the applicant to fill and submit the 12-BBA form in the bank.

In this form, the applicant has to share the information related to FD and pension. After filling the tax amount given in the form, the applicant gets the benefit of this exemption. That is, there is no need to fill ITR separately after this.

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The Income Tax Department has urged taxpayers not to wait till the last minute to file their Income Tax Return (ITR) . The last date for filing ITR for the assessment year 2022-23 is July 31, 2022. The department has reminded the taxpayers not to delay and file their ITR today as the due date is approaching soon. Also, the department asked the taxpayers to e-verify after filing.

The ITR form enables a taxpayer to report his income and taxes paid to the department in a financial year. It is mandatory to file ITR if your income exceeds the basic exemption limit.

The IT department on Saturday said, “The due date for filing ITR is approaching! Don’t forget to file ITR for AY 2022-23 before 31st July 2022 . Spend today and avoid the stress of filing last minute.

The due date to file ITR is approaching!
Don’t forget to file ITR for AY 2022-23 before 31st July 2022.
File today and avoid the stress of filing last minute!
Pl visit: https://t.co/GYvO3n9wMf#ITD #FileNow pic.twitter.com/B4vm4j04jo

— Income Tax India (@IncomeTaxIndia) July 16, 2022

By filing ITR on time, you will get these five big benefits-

Technical issues The income tax e-filing portal was launched in June last year, but there have been several occasions where the system has faced technical issues and glitches, which has made it difficult for taxpayers to file income tax returns, or file any other tax obligations on time. interrupted by.

Earlier this month, on July 2, the Income Tax Department said that they have noticed that taxpayers are facing problems in accessing the ITD e-filing portal. Infosys, the seller of the e-filing portal, said that there were some irregularities on the portal, for which proactive steps are being taken.

So, it is always better to be prepared and file your ITR on time or perhaps even before the deadline to avoid any lapses that may delay your filing process. There may be heavy traffic on the system for last-minute ITR filers.

Possibility of errors

The last minute rush to file ITR can open up the possibility of mistakes, leading to rejection of your return by the department. Untimely ITR filing has been seen as one of those mistakes which can result in error.

Some of the most common errors are – filling up of wrong ITR form, quoting wrong assessment year, and wrong personal information like name, date of birth, PAN and bank details. In addition, there may be factual errors, calculation errors, misrepresentation of income, and missing additional details of investments and other income.

It is always better to have enough time in advance when you file your ITR. It helps you to keep calm and file and check your documents thoroughly.

According to the IT department, a request for rectification can be submitted on the e-filing portal, if a notice issued by the CPC under section 143(1) or section 154 shows any discrepancy on record or by the Assessing Officer ( Where the correction rights are transferred by the CPC). Correction request can be submitted only for those returns which have already been processed by CPC.

Further, the department directs that correction of tax liability, gross total income, total deduction and personal information can be done by the taxpayers on the e-filing portal.

Penalty

If you fail to file your ITR on time, you will be liable to pay a certain amount as penalty to the department.

Section 234F of the Income-tax Act states, “Without prejudice to the provisions of this Act, where a person is required to furnish a return of income under section 139, he shall do so within the time prescribed in sub-section (1).” fails to do. said section, he shall pay the fee as…”

For filing returns on or before December 31 of the assessment year, a penalty of Rs 5,000 is levied. Whereas in any other case the fine will be Rs 10,000.

It is worth noting that if the total income of the person does not exceed 5 lakhs – then the fee payable under this section will not exceed Rs 1,000.

Profit carrying loss

If you file your income tax return on time, you will be able to carry forward your losses in subsequent years. There are two types of loss adjustments.

As per the IT Act, if the taxpayer has suffered loss from any source under a particular income in any year, he is allowed to set off such loss against income from any other source falling under the same head. The process of adjustment of loss from one source under a particular head of income against income from other sources under the same head of income is called inter-head adjustment, e.g. profit from business B against profit from business A. loss adjustment.

Further, it is clarified that if in any year, the taxpayer has suffered a loss under one head of income and income under another head of income, then he shall pass on the loss from one head to the income from the other head. can be adjusted against, for example, under the head of house property to be adjusted against loss salary income. This is called inter-head adjustment.

However, specifically, the loss can be carried forward only if the return of income/loss for the year in which the loss has occurred is furnished on or before the due date of furnishing of ITR prescribed under section 139(1) .

Help in TDS claims

Tax Deduction at Source (TDS) is a very common deduction from an individual’s salary or income from other sources. However, TDS claim can be reversed by filing ITR. During e-filing, a taxpayer should sum up his income from various sources which would result in tax liability, and then deduct them from the amount of TDS applicable to your income. If the TDS of a taxpayer is more than his total tax liability in a financial year – it means refund is due from the government. For TDS, a taxpayer has to submit Form 16 which can be availed from his employer.

By filing ITR on time, you can get your TDS refund in your bank account within few months.

The post Income Tax Return Filing: Five big benefits of filing ITR on time, as well as refund will come soon in the account first appeared on Rightsofemployees.com.

Around seven Income Tax Return (ITR) forms are available for filing before the due date of a financial year for different categories of taxpayers. ITR-1 (Sahaj) is one of the simpler forms and covers a large number of small and medium taxpayers.

Sahaj form is to be filed by taxpayers whose income is up to Rs 50 lakh and who draw income from salary, a house property/ other sources (interest, etc.). Notably, the ITR filing for the financial year 2022-23 FT 22 is scheduled to take place on July 31, 2022.

According to the Income Tax Department website, pre-filing and filing of ITR-1 service is available for registered users on the e-filing portal. This service enables individual taxpayers to file ITR-1 online through e-filing portal.

To fill the ITR-1 form, the taxpayer needs to have a registered user ID and password. Also their Permanent Account Number (PAN) status should be active. Other important details are – PAN linked with Aadhaar, pre-validate at least one bank account and enroll it to get refund, and valid mobile linked with Aadhaar / e-filing portal / bank account / NSDL / CDSL Number.

Under ITR-1, a taxpayer has to file five sections. These are – personal information, total income, total deduction, tax paid and total tax liability.

Step-by-Step Process to File ITR-1 Form (Sahaj) Online

1. Log in to the e-filing portal using your User ID and Password.
2. On your dashboard, click on e-File > Income Tax Return > File Income Tax Return.
3. Select the assessment year as 2021 – 22 and click on continue.
4. Select the mode of filing as online and click on proceed.
5. If you have already filed Income Tax Return and it is pending for submission, click on Resume Filing.
6. If you want to discard the saved return and start preparing the return afresh, click on Start New Filing.
7. Select the status applicable to you and click Continue to proceed.
8. You have two options to select the type of Income Tax Return.
9. Firstly, if you are not sure which ITR to file, you can help me decide which ITR form to file and click on proceed.
10. Once the system helps you determine the correct ITR, you can proceed to file your ITR.
11. If you are unsure which ITR to file, select “Know which ITR form I have to file” and then select the applicable income tax return from the dropdown and click on proceed with ITR.
12. Once you have selected the ITR applicable for you, go through the list of documents required and click on Let’s Get Started.
13. Select the checkbox applicable to you and click Continue.
14. Review your pre-filled data and edit it if necessary. Enter the remaining/additional data (if required). Click Confirm at the end of each section.
15. Enter your income and deduction details in different sections. After completing and confirming all the sections of the form, click on proceed.
16. If there is a tax liability, you will be shown a summary of your tax calculations based on the details provided by you.
17. If there is a tax liability calculated based on the payable tax, you get the Pay Now and Pay Later options at the bottom of the page.
18. After paying tax if there is no tax liability (No Demand/No Refund) or if you are eligible for refund, click on Preview Return.
19. If no tax liability is due, or if there is a refund based on the tax calculation, you will be taken to the preview and submit your return page.
20. On the Preview and Submit Your Return page, enter the place, select the declaration checkbox and click on Proceed to Validation.
21. After verification, on your preview and submit your return page, click on proceed for verification.
22. On the Complete Your Verification page, select your preferred option and click Continue.
23. On the e-Verify page, select the option through which you want to e-verify the return and click on continue.
24. Once you have e-verified your return, a success message is displayed along with the transaction ID and acknowledgment number.
25. You will also receive a confirmation message on your mobile number and email ID registered on the e-filing portal.

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The season for filing Income Tax Return has started. People have started getting Form-16 from companies and with this the traffic on Income Tax Portal has started increasing. However, an important thing in filing Income Tax Return (ITR) is that you choose the right form.

The Income Tax Department can declare your return as defective if you fill the wrong form. There are 6 types of income tax return forms. Which form to choose depends on how your income is, category of taxpayer you belong to etc. Let us know what experts say about selecting the form… Yeeshu Sehgal, Head of Tax Market, AKM Global, a tax consulting firm, has given detailed information about this.

ITR-1: This form is for Indian citizens whose income is up to Rs 50 lakh. This income should be from salary, family pension, a residential property etc. Income from lottery or race course does not come under this category. At the same time, ITR-1 is the correct form even if the income from farming is up to Rs 5,000. However, if a person is a director in a company or has shares in an unlisted company, then he cannot file ITR-1.

ITR-2: This form is for those people and Hindu Undivided Families, whose income is more than Rs 50 lakh and they are not making profit from any business. In this, information has to be given about more than one residential property, capital gain or loss on investment, dividend income of more than Rs 10 lakh and income from agriculture more than Rs 5000. The same form is to be filled even if the Provident Fund is earning interest in the form of interest.

ITR-3: This form is for individuals and Hindu Undivided Families who are earning income from the profits of a business. In this, information about all the income categories given in ITR-1 and ITR-2 has to be given. If a person is a partner in the firm, then he has to fill a separate ITR form. The same form has to be filled even if there is capital gain from the sale of shares or property or income from interest or dividend.

ITR-4: ie Sugam: This form is for individuals, other than Hindu Undivided Families and LLPs, whose total income is more than Rs 50 lakh and they are earning from such sources as 44AD, 44ADA or 44AE come under the purview of sections. This form is not for those people who are directors in a company or have investment in equity shares or have earned more than Rs 5000 from farming.

ITR-5: This form for filing income tax return is for LLP companies, Association of Persons, Body of Individuals, Artificial Juridical Person, Co-operative Society and Local Authority.

ITR-6: This form is for companies that have not claimed exemption under section 11. Under section 11, such income is exempt from tax, which is derived from property held with a trust for any charitable or charitable purpose.

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