Taxpayer Financial Records ──┐
                             ├─► Compare & Reconcile ──► Accurate ITR Submission
Annual Information Statement ─┘   (Fix Discrepancies)
(AIS) & Form 26AS

┌────────────────────────────────────────────────────────────────────────┐
│                        Which Regime Fits You?                          │
├───────────────────────────────────┬────────────────────────────────────┤
│           New Tax Regime          │           Old Tax Regime           │
├───────────────────────────────────┼────────────────────────────────────┤
│ • Lower overall tax slab rates    │ • Beneficial with major deductions │
│ • Higher standard deduction rebate│ • Ideal for high home loan interest│
│ • Minimal paperwork required      │ • Requires 80C & 80D investments   │
└───────────────────────────────────┴────────────────────────────────────┘

The post Why Relying on an ITR Filing Extension Can Become an Expensive Mistake first appeared on Rightsofemployees.com.

Due to this you may have to face many problems. This includes delay in getting refund, penalty, notice from Income Tax, late fine, interest and many other problems. For 2024-25, more than 2.51 crore ITRs have been filed so far in the assessment year 2025-26. However, if e-verification is not done after filing ITR, then the filing is not considered complete. According to the Income Tax Department, if you do not do e-verification within 30 days of filing ITR, then in this situation you may have to file ITR again.

The process of e-verification is quite easy. You will not have to face any kind of problems in this. You can complete the process of e-verification in a few minutes. To do e-verification, first of all you have to visit the income tax website and login.

The post File Your ITR? Complete This Crucial Step Within 30 Days or Your Return Becomes Invalid first appeared on Rightsofemployees.com.

Corporate NPS Contribution

This is a tax benefit that is rarely used. However, this benefit is available in both the new and old Income Tax regimes. In the old regime, a deduction of up to Rs 1.5 lakh can be claimed in NPS under section 80C. Apart from this, a deduction of Rs 50,000 can be claimed under section 80CCD (1B). These benefits are not available in the new regime. However, the facility of deduction on employer’s contribution to the employee’s NPS account is available in the new regime.

An employer’s contribution of up to 14 per cent (basic pay plus DA) to the employee’s NPS account can be claimed as a deduction under section 80CCD(2). It is to be noted that there is a tax-free limit of Rs 7.5 lakh in a year for total cumulative benefits from the employer. Once the total benefits reach this limit, the employer’s contribution above this limit will be taxable.

Tax benefit on home loan interest on rented house

In the new income tax regime, tax benefits can be availed on the interest on home loan for a rented house. However, deduction of up to Rs 2 lakh in a year on interest on home loan for self-occupied property under section 24(B) is not allowed in the new regime.

In the old income tax regime, interest expenses are deducted from the rent received (after property tax and 30% standard deduction) to calculate income from house property. This reduces the taxable property income. This also reduces your total tax. If this calculation shows a loss instead of income from house property and it does not exceed Rs 2 lakh, then it can be set off with other income. This can be set off in the same financial year to reduce the tax liability. If the loss from rented property is more than Rs 2 lakh, then it can be carried forward and claimed during the next 8 financial years.

However, the rules for this tax benefit are slightly different in the new tax regime. Loss from house property can be set off only against income from house property. It cannot be set off against any other income.

Employers’ contribution to EPF is up to 12% of their basic salary

Your employer contributes 12% of your basic salary to your EPF account. Like the employer’s contribution to the NPS account, this amount is also exempt from tax as long as the aggregate retirement benefit from the employer exceeds the limit of Rs 7.5 lakh in a year.

Apart from this, gratuity payout, leave encashment and money received on maturity of insurance policy are also exempted from tax, but there are certain conditions for this.

The post Income Tax Return: You can claim deductions and exemptions even in the new tax regime, know how here first appeared on Rightsofemployees.com.

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

Let us know how we can do e-verification

Aadhaar OTP

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

Net Banking

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

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

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

Where to check verification

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

The most important work

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

The post What to do if you forgot to e-verify your income tax return after filing it? first appeared on Rightsofemployees.com.

Action on fake deduction in these sections

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

New ITR forms have more disclosures than before

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

Taxpayers can file ITR-U to rectify the error

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

Experts are advising to file returns soon

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

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

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

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

Case 1: Exemption claimed by mistake

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

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

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

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

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

Case 2: Claim of fake donation

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

Case 3: Donation claim

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

Deadline for filing returns is 15 September

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

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

Let us know how to verify ITR after filing it. What will happen if it is not verified. Also, how will we know whether ITR verification has been done or not.

7 options to verify returns

The post ITR Verification Rule: Verification is necessary after filing the return, heavy penalty will be imposed on default first appeared on Rightsofemployees.com.

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

Be careful and vigilant while filing returns

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

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

Also Read: Navya Scheme 2025: Central government started ‘Navya’ scheme for girls, Key benefit and how to apply

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

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

Taxpayers may have to pay penalty

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

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

A deliberate mistake can result in imprisonment.

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

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

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

After that they have to issue Form 16 to the employees within 15 days. That is, June 15 is the last date for issuing Form 16. Therefore, most of the employees must have received their Form 16 by now.

What is the difference between Form 16 and Form 26AS?

Form 16: This is issued by your employer (company). It only contains the details of TDS (Tax Deducted at Source) deducted on your salary.

Form 26AS: It is issued by the government (Income Tax Department). It shows the complete record of TDS and TCS (TCS – Tax Collection at Source) deducted from all sources linked to your PAN card. That is, TDS on bank interest, TDS on shares, TDS on fixed deposits, etc. are all included in it.

Also Read: New Service For NRIs: No need for Indian SIM – Now UPI account can be linked to international Number

How to check Form 16 and Form 26AS?

1. Match PAN Number: Your PAN number should be correct and same in both the documents.

2. Match salary amounts: The total salary shown in Form 16 and the salary shown in Form 26AS should be equal.

3. Reconcile TDS amount: The TDS shown in Form 16 should match with the TDS shown in Form 26AS.

What to check in Form 16?

Exempt income: If you have claimed HRA, LTA, or any other exempted benefit (like health insurance, children’s tuition fees) in the old tax regime, make sure it is reflected properly in Form 16.

Did you submit the documents?

If you do not submit documents like rent agreement or receipts to the company, more TDS may be deducted on your salary.

Have you changed jobs? If you have changed jobs during the year, check the tax treatment of amounts such as gratuity or Leave Encashment.

What to check in Form 26AS?

Make sure that the TDS deducted by the employer, TDS on bank interest and advance tax/self-assessment tax paid by you are reflected correctly.

Also Read: New Indian Railway Rules 2025: Key Major Changes for Passengers

What to do if there is a mismatch between Form 16 and 26AS?

1. Contact the employer: First of all talk to your company (employer) or the person who has deducted TDS.

2. Wrong PAN: If the deductor has entered your wrong PAN, he will have to revise the TDS return.

3. TDS not deposited: Sometimes TDS is deducted but not deposited to the government. In such a case, the deductor has to deposit this amount and update the return.

4. Wrong salary shown: If the employer has reported the salary amount incorrectly, the wrong amount will be reflected in Form 26AS as well. Contact the employer to correct it.

Why is it necessary to match Form 16 and 26AS?

To file correct ITR: This prevents mistakes of under-reporting / overstating your income.

To get TDS credit: You get credit in the return only for the TDS shown in Form 26AS. In case of mismatch, there may be problem in getting this credit.

To avoid notice: If there is a difference between the two forms, you may receive a notice for defective return from the Income Tax Department or you may be scrutinized.

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The post Why is Form 16 necessary for ITR? To avoid notice, match it with 26AS first appeared on Rightsofemployees.com.

Can ITR be filed without Form 16?

Yes, it is definitely possible. If you do not have Form 16, then there is no need to worry. You can also fill ITR with the help of your salary slip, bank statement, Form 26AS and AIS. Just keep in mind that whatever information you fill, it should be correct.

Can we download our Form 16 ourselves?

No. You cannot generate Form 16 from your PAN number. Only the company can download it and send it to you. So contact your office or HR to get Form 16.

When will I get Form 16?

Every year by 15 June, the company has to give Form 16 to its employees. Before this, the company informs the government about how much tax has been deducted from whom. Only after that Form 16 is prepared.

Who gets Form 16?

Only the person from whose salary tax is deducted will get Form 16. If tax is not due on your income, then the company will not deduct TDS and will not give Form 16. In the new tax system, people having income up to ₹ 7 lakh do not have to pay tax. In the old tax system, tax is not due up to ₹ 5 lakh. Therefore, if your tax is not deducted, then you will not get Form 16 either.

What is the password to open Form 16?

When Form 16 comes in the mail, that file is opened with a password. It usually has a password.

• Your PAN number (in small or capital letters),
• or date of birth (eg – 01011990),
• Or a combination of both.
• The password information is given in the mail sent with Form 16, you can check it there.
• What to keep in mind in the end?
• If you have got Form 16 then it will be easy to file ITR.
• Even if you have not received it, do not panic – ITR can be filed with other documents also.
• If there is any problem, seek help from a tax expert or nearest CSC center.

The post Income Tax Form 16 : What is the last date to get Form 16 from your company? Know the details first appeared on Rightsofemployees.com.

This year the deadline for return filing (15 September 2025) has been kept shorter than last time, so it is important to prepare in advance.

The utility required for ITR filing is not yet available on the portal

The ITR filing facility was started on the portal in mid-April last year, but the portal has not been updated for AY 2025-26 (FY 2024-25) till 26 May 2025 this year. That is, returns cannot be filed right now. Till then you can use this time to prepare for filing and gather information.

How to file ITR online? Know the complete step-by-step guide here

Step 1: Login or Register

• Website: https://www.incometax.gov.in
• If you are already registered, login (User ID/PAN, Password and Captcha).
• New users will need to register first.

Step 2: Select the ‘File Income Tax Return’ option

• Click on the ‘e-File’ tab on the dashboard
• Then select ‘Income Tax Returns’ and then ‘File Income Tax Return’

Step 3: Fill in the details

• Select Assessment Year: AY 2025-26
• Mode of Filing: Online

Step 4: Select filing status

• Select from Individual, HUF or Other

Step 5: Choose the correct ITR form

Step 6: Specify the reason for filing ITR

• Your taxable income is above the basic exemption limit
• Or you have fulfilled certain special conditions like foreign travel expenses of more than Rs 2 lakh etc

Step 7: Check the pre-filled details

• Check the pre-filled details on the portal like PAN, Aadhaar, bank details etc.
• Provide correct information about all income, tax exemptions and deductions

Step 8: Verify the return

• Verification is required within 30 days
• You can verify in the following ways:
  • Aadhaar OTP
  • E-Verification Code (EVC)
  • Net Banking
  • Or send ITR-V form by printing it

Why is it beneficial to file ITR yourself?

• You have direct control over your financial details
• You will need a professional only if you have foreign income, share trading, business etc.
• Ordinary salaried persons or persons having income from a single source can file on their own

What’s new in ITR for AY 2025-26?

• Relief in rules for small taxpayers
• Changes in ITR forms
• New rates of capital gains tax
• Incentives to promote digital payments
• New compliance rules

The post ITR Filing: It is easy to file ITR online yourself, know step by step first appeared on Rightsofemployees.com.

1- Valid rent agreement

If you are a tenant, then it is necessary to have a valid rent agreement. Also, you should keep in mind that the rent agreement should be as per the Income Tax rules. For example, if your monthly rent is more than Rs 50 thousand, then TDS must be deducted from it. Apart from this, the rent agreement should contain all the basic details and PAN information of both the landlord and the tenant.

2- Rent receipt

To claim HRA, you must have a valid rent agreement as well as a rent receipt. That is, you will also have to keep the receipt of paying rent to your landlord. Only the rent receipt proves that you have actually paid the house rent to the landlord. While claiming HRA, you have to submit the rent receipt along with the rent agreement.

3- Online rent payment statement

Although no one asks you about the method of paying rent, but if due to some confusion you get a notice from the Income Tax Department, then you may need a bank statement. If you pay in cash, then you will not be able to provide this proof. In such a situation, try to pay the rent online only.

4- Make sure to get the PAN of the landlord

You need the landlord’s PAN only when you file ITR or claim HRA from the company. This helps the Income Tax Department to know who actually received the rent you paid.

Income Tax Department has found irregularities

Some time ago, the Income Tax Department had noticed some irregularities in claiming HRA. The Income Tax Department has found that many employees claimed HRA by giving wrong PAN details. There have also been some cases in which many employees have entered the same PAN details, due to which they were also sent notices. Sometimes it also happens that the Income Tax Department sends notices to people due to not getting sufficient evidence. In such a situation, it is important to have these documents with you, so that you can easily present your case in front of the Income Tax Department.

The post TR Filing: Are you claiming HRA? Keep these 4 documents safe, otherwise if you get a notice first appeared on Rightsofemployees.com.

If you filed Income Tax Return (ITR) on time in the financial year 2022-23 and have not received the refund yet, then there is good news for you. The Income Tax Department has said that the ITRs of 2022-23 which have not been processed yet will be processed by 30 November 2025. This decision of the Income Tax Department has brought relief to all those taxpayers whose refunds are still pending or whose ITRs could not be processed in time.

According to an order issued by the CBDT on June 9, 2025 , the deadline for notice under section 143(1) of the Income Tax Act has now been extended. This deadline was earlier till 31 December 2024, but now it has been extended to 30 November 2025.

Who will benefit?

Taxpayers whose ITRs have not been processed yet are now likely to get a refund and will also get interest at the rate of 0.5% per month on the refund. Interest on refunds related to TDS and advance tax will be calculated from April 2023. Interest on refunds related to self-assessment tax will be available from the date of ITR filing.

Who will not get the benefit?

The benefit of this scheme will not be available to those ITR filing taxpayers who were selected for scrutiny. Or those who are stuck due to technical or user error. Also, those whose PAN and Aadhaar are not linked yet will not get the benefit of this scheme. According to the Income Tax Department, refund will not be issued if PAN-Aadhaar is not linked.

Threat of tax demand notice?

Under the new order, no fresh tax demand is allowed as the law stipulates that such a process be terminated after March 31, 2025. However, if tax has been concealed and the conditions are met, an investigation under section 148 can be initiated.

The post ITR Filing: Relief news for these taxpayers, CBDT issued order, know who will get benefit and who will not first appeared on Rightsofemployees.com.

Income Tax Return filing 2025 for FY 2024-25 or Assessment Year 2025-26 has officially started. More than 1.23 lakh returns (ITR) have been filed in the first five days. 90% of these returns have also been verified. Now people’s attention is on when the Income Tax Department will start processing returns and refunds (ITR refund status).

Return filing started late this year

The Income Tax Department has started the filing process for FY 2024-25 with the release of Excel-based utility (V1.0) and validation tool. These tools support ITR-1 (Sahaj) and ITR-4 (Sugam). Soon after releasing the offline tool, the department also started online filing of ITR-1 and ITR-4 with pre-filled data through the e-filing portal.

This year’s ITR filing started later than usual due to the delayed release of the forms and related utilities. ITR forms were made available by the end of April, but the filing utilities were made available only after some time.

So many returns filed in the first five days

After the delayed start, taxpayers are filing returns rapidly. Within just 5 days of the release of the utility, more than 1.23 lakh (ITR e-filing statistics) ITRs were filed and more than 1.12 lakh were verified. Now the question arising in the minds of taxpayers is when will the processing of ITR and the refund process start.

Till when will the processing of returns and refund take place

Broking firm Angel One has written in a blog that the Income Tax Department can start processing returns by mid-June 2025. In the absence of any mistake on the part of the taxpayer, the refund usually arrives in his bank account within 5 to 7 days of the issuance of the information.

Before processing the return, the Centralized Processing Center (CPC) verifies the data filed in the return from third-party sources. These sources include Form 26AS, Annual Information Statement (AIS) and Taxpayer Information Summary (TIS).

This data is filled based on the information provided by financial institutions, employers and other entities during TDS returns. The last date for filing TDS returns for the previous quarter is May 31, so the final data is expected to appear on the income tax portal soon.

The CPC starts processing the return only after successful verification. This verification can be completed using Aadhaar OTP, net banking or by physically submitting the ITR-V at the Bengaluru CPC office. Without verification, the return is not processed.

Finance Minister Nirmala Sitharaman had told the Parliament that in 2013, it took an average of 93 days to process returns, now due to technology upgradation, this time has been reduced to about 10 days.

Cash Deposit Limit! Income tax notice can be received on depositing how much cash in the bank account, check details

The post ITR Filing 2025: 1.23 lakh returns filed in the first 5 days, know when the refund process will start first appeared on Rightsofemployees.com.

However, whether it is an online process or an offline process, it is very important to understand both these processes to avoid mistakes and penalties due to last minute rush, so their step-by-step process is being given here. Note that under the new tax regime, people with income more than Rs 3 lakh are required to file ITR, whether you have a tax liability or not.

Whereas under the old tax regime, people below 60 years of age are exempted from this tax up to Rs 3 lakh, senior citizens between 60-80 years of age are exempted from this tax up to Rs 3.5 lakh and super senior citizens i.e. people above 80 years of age are exempted from this tax up to Rs 5 lakh. Apart from this, it is also mandatory to file return on electricity bills of more than Rs 1 lakh or expenditure of more than Rs 2 lakh on foreign travel or deposit of more than Rs 1 crore in current account.

Mode of offline filing

The post ITR Filing 2025: How to file ITR form, understand each step in easy language first appeared on Rightsofemployees.com.

The Income Tax Department has released all forms from ITR-1 to ITR-7 for the financial year 2024-25 (Assessment Year 2025-26). It is important to understand which category you fall into, so that you can choose the right ITR form according to your income source and entity type. This greatly reduces the chances of your return being rejected.

Let us understand which ITR form is suitable for taxpayers in India:

1. Individual

Who: Individual taxpayers such as salaried employees, freelancers or other professionals.

Taxation: Tax is levied as per the income slab. There are different tax rates for normal citizens, senior citizens (60–80 years) and super senior citizens (above 80 years).

ITR Forms:

ITR-1 (Sahaj): For salaried employees with income up to Rs 50 lakh.

ITR-2: For capital gains or those with more than one property.

ITR-3: For those with income from business/profession.

ITR-4 (Sugam): For those with presumptive income under section 44AD, 44ADA or 44AE.

2. Hindu Undivided Family (HUF)

Who: A family with common ancestors, treated as a separate entity.

Taxation: Same rates as for individual taxpayers, plus certain exemptions.

ITR Form:

ITR-2, ITR-3 or ITR-4 (depending on the source of income).

3. Company

Who: Private or public limited companies registered under the Companies Act.

Taxation: Flat corporate tax rates apply. Minimum Alternate Tax (MAT) is also applicable in certain cases.

ITR Form:
ITR-6 (not for companies claiming exemption under section 11).

4. Firm

Who: Partnership firms, including Limited Liability Partnerships (LLPs).

Taxation: Flat tax rate of 30% on total income plus surcharge and cess is applicable.

ITR Form: ITR-5

5. Association of Persons (AOP) / Body of Individuals (BOI)

Who: Groups of people or bodies that come together for a common purpose.

Taxation: Depending on specific situations, either the individual tax rate or the maximum marginal rate is applicable.

ITR Form: ITR-5

6. Local Authority

Who: Municipalities, panchayats and other local bodies.

Taxation: Income from commercial activities is taxable. Certain sources of income are exempt.

ITR Form: ITR-5

7. Artificial Juridical Person (AJP)

Who: Entities that do not fall into any of the above categories – such as trusts, societies and others.

Taxation: Tax rate is determined based on income and entity type.

ITR Forms:

ITR-5: For general AJPs.

ITR-7: For entities claiming exemptions under sections 11, 12 etc. – such as charitable trusts.

It is very important to choose the right ITR form as per the income source and entity type. This not only makes it easier to comply with tax rules, but also reduces the chances of the return being rejected due to any mistake.

The post ITR: The most important news related to ITR Form for tax payers first appeared on Rightsofemployees.com.

Let us tell you what can be the right time and method of tax filing. You should hurry in filing or not. Let’s understand.

Whenever the portal of IT file is open, it is important to wait for some important information to be updated before filing. Experts say that taxpayers should wait till June 15. Because banks, employers and other institutions have a deadline of May 31 to update the information of financial transactions, Tax Deducted at Source (TDS) and Tax Collected at Source (TCS). After this, it may take 7 to 10 more days for this information to be updated in Annual Information Statement (AIS) and Form 26AS.

What will happen if ITR is filed early?

If taxpayers file ITR before AIS and Form 26AS are fully updated, there may be a discrepancy in the information. For example, suppose an employee’s employer deducts TDS of Rs 10,000 every month. By March 2025, this amount becomes Rs 1.2 lakh. But if the employer does not update the TDS for the January-March quarter by May 31, the tax department’s system will show only Rs 90,000 TDS. The taxpayer can claim TDS of Rs 1.2 lakh on the basis of his salary slip, which will cause a discrepancy in the data. This may lead to a notice from the tax department.

In such a situation, two situations can arise. First, if the taxpayer submits the details of TDS and income for the entire year, but it is not updated in AIS/26AS, then a notice can be received. In this case, the taxpayer can file a rectification to reprocess the return. Second, if the taxpayer submits data for only nine months, then the difference in income or TDS will be visible when AIS and 26AS are updated. In such a situation, a revised return will have to be filed by December 31. If this deadline is missed, then an updated return may have to be filed with additional tax and interest.

What should be done?

Experts believe that taxpayers should wait for AIS and 26AS to be fully updated. Employers usually issue Form 16 by June 15, which contains complete details of salary and TDS. During this time, taxpayers can gather their financial information and match it with AIS when it is updated. If there is any mistake in AIS, taxpayers can request for correction through the portal. Taxpayers whose income is only from fixed deposits or rent and no TDS has been deducted can file returns early. However, in cases related to TDS or TCS, it is necessary to disclose the full amount.

Tax experts say avoid rushing to file ITR. Waiting until the Statement of Financial Transactions (SFT), AIS and 26AS are updated reduces the chances of errors and notices. Filing returns with accurate information at the right time is the safest way.

The post ITR filing: Why you shouldn’t rush to file taxes as soon as the portal opens first appeared on Rightsofemployees.com.

Last date for filing ITR

For most taxpayers who are not audited, the last date to file ITR is 31 July 2025. Although the tax department has extended the timeline in some cases, it is very rare. Therefore, the advice is to file ITR before the stipulated time to avoid any delay.

What will happen if ITR is not filed on time?

If you are unable to file ITR by the due date, you will have to pay interest and penalty for late filing.

Interest will have to be paid on the outstanding tax at the rate of 1% monthly or part of the month.

If your total income is less than Rs 5 lakh, the penalty for late filing is Rs 1,000.

If your total income is more than ₹5 lakh, and you file ITR before December 31, 2025, the penalty will be ₹5,000.

Note that if you do not file ITR on time, losses from business or capital gains cannot be carried forward to subsequent years.

Deadline for audited taxpayers

For taxpayers or professionals whose accounts are audited, the last date to file ITR is October 31, 2025.

Which ITR form to choose?

There are different ITR forms for each type of taxpayer – salaried individuals, businesses, trusts, NGOs, etc. Choosing the right ITR form is important, else filing the wrong form may result in the return being rejected or a penalty being imposed.

What is Form 16 and when will it be available?

Salaried people get Form 16 from their employers when the TDS information is entered in Form 26AS. Usually, employers issue Form 16 by June 15. However, even if you do not have Form 16, you can still file ITR with the help of Form 26AS and other documents. Filing ITR on time is not only easy, but it also saves you from penalty and interest.

The post ITR Filing Deadline 2025: Know by when to file income tax return, how much penalty will be levied for delay first appeared on Rightsofemployees.com.

The Income Tax Department has notified all the seven ITR forms (ITR-1 to ITR-7) for Assessment Year (AY) 2025-26, which will be applicable for income from Financial Year (FY) 2024-25 i.e. 1 April 2024 to 31 March 2025. Each form is designed for different types of taxpayers, including salaried individuals, businessmen, HUFs, firms, trusts and companies, etc. CBDT has also made some important changes in these forms this year, especially regarding capital gains, deductions and disclosure rules. Let us understand each form in detail and see what is new in AY 2025-26.

ITR-1 (Sahaj): Simple form for small taxpayers

ITR-1, also called Sahaj, is for those whose annual income is up to Rs 50 lakh and are residents of India (i.e. those who stay in India for at least 182 days but are not ordinarily resident). This form is for those having income from salary, pension, income from one house property, interest (such as from bank deposits) and agricultural income up to Rs 5,000.

This year, a big change in this form is that now you can show Long-Term Capital Gains (LTCG) which are under section 112A, i.e. gains up to Rs 1.25 lakh from listed shares or equity mutual funds in this form. Earlier, if you had any capital gains, you had to fill ITR-2, which is more complex. Now this new change will bring relief to small investors, as they can show their income in a simple form. But keep in mind, if you have a capital loss which needs to be carried forward, then this form is not for you.

Also, ITR-1 is not for those who are directors in a company, invest in unlisted shares, or have any assets or income abroad. Another change is that you will now have to provide details of all your active bank accounts, except dormant accounts. Also, if you are claiming section 80GG (rent deduction if HRA is not received), you will be required to file Form 10BA electronically.

ITR-2: For salaried and capital gains individuals

ITR-2 is for individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession but have salary, more than one house property, capital gains (short-term or long-term) or foreign assets/income. This form can also be used by those who want to club the income of their wife or minor child, provided the income falls in the categories mentioned above. There are some important changes in ITR-2 this year. First, you will now have to show capital gains separately—for transactions before and after July 23, 2024. This is because Budget 2024 has reduced the long-term capital gains tax on property from 20% (with indexation) to 12.5% ​​(without indexation). If you purchased the property before July 23, 2024, you have the option to choose 12.5% ​​without indexation or 20% with indexation.

The second major change is that the loss on share buyback will now have to be shown in the capital gains section and the amount received from the buyback as dividend in ‘income from other sources’. This change is applicable from October 1, 2024 under the Finance Act 2024.

Third, you will have to give details of your assets and liabilities in Schedule AL only if your total income is more than Rs 1 crore. Earlier this limit was Rs 50 lakh, which has given relief to middle-income taxpayers. Also, now you will have to mention TDS section codes (like 194I, 194J), which will increase transparency.

ITR-3: For businesses and professionals

ITR-3 is for individuals and HUFs whose income is from business or profession, such as those running a proprietary business or professionals (doctors, lawyers, etc.). This can also include capital gains, lottery income or income from more than one house property. There have been some changes in ITR-3 this year as well.

First, the threshold for Schedule AL has been increased from Rs 50 lakh to Rs 1 crore, that is, if your income is less than Rs 1 crore, you will not be required to provide details of your assets and liabilities.

Second, capital gains must be bifurcated into before and after July 23, 2024, as in ITR-2.

Third, if you are a partner in a partnership firm, you will have to provide more details, such as the profit-loss details of the firm. Also, dropdown menus have been added for deductions like Section 80C, 80D, which will make filing easier.

ITR-4 (Sugam): For small businesses and professionals

ITR-4, called Sugam, is for resident individuals, HUFs and firms (except LLPs) whose total income is up to Rs 50 lakh and whose business or professional income is under the presumptive taxation scheme (sections 44AD, 44ADA, 44AE). In this form too, you can show income like salary, one house property and interest. The biggest change this year is that now you can show long-term capital gains (section 112A) up to Rs 1.25 lakh in this form, provided you do not have any capital loss.

Earlier, such taxpayers had to file ITR-2 or ITR-3. Apart from this, the turnover limit of section 44AD (for business) has been increased from Rs 2 crore to Rs 3 crore, provided 95% of the transactions are digital. For professionals, the limit of section 44ADA has been increased from Rs 50 lakh to Rs 75 lakh.

Also, if you want to opt-out of the new tax regime, you need to file Form 10-IEA, and its details need to be mentioned in ITR-4.

ITR-5: For firms and LLP

ITR-5 is for firms, limited liability partnerships (LLP), association of persons (AOP), body of individuals (BOI) and artificial juridical persons. In this form also the rule of separate reporting of capital gains (before and after 23 July 2024) is applicable.

Also, it is necessary to provide details of TDS section codes. If your income is more than 1 crore, then information about assets and liabilities will have to be given in Schedule AL.

ITR-6: For companies

ITR-6 is for companies registered under the Companies Act. This form also requires split reporting of capital gains and TDS codes. Apart from this, if the company has foreign income or assets, their details have to be given. There has been no major change in this form this year, but disclosures have been made more stringent keeping in mind the new tax rules.

ITR-7: For trusts and charitable institutions

ITR-7 is for those units which file returns under section 139(4A), 139(4B), 139(4C) or 139(4D). These mainly include charitable trusts, political parties, scientific research institutions and universities etc. This year, a rule has been added to show share buyback loss and dividend income separately. Also, if the trust has foreign retirement accounts, then their details will have to be given under section 89A.

All these changes are aimed at making tax filing easier and transparent. Taxpayers are advised to choose the right form as per their income and status and file the return before the deadline of 31 July 2025.

The post ITR Forms Sahaj and Sugam: All you need to know before you file your income tax return first appeared on Rightsofemployees.com.

In the old days when companies used to pay salaries to their employees, every year by the time June came, a “Form 16” envelope was also handed over. But now that era is over. Now to file ITR i.e. Income Tax Return, you neither need a printed Form 16, nor do you need to go to the Income Tax Office with it in hand.

What is the role of Form 16 in the digital era?

Now Form 16 is available digitally and is generated directly from the Income Tax Department’s TRACES portal. This means that its data is absolutely confirmed and reliable. It already contains complete information about your yearly salary, tax deduction (TDS) and all the tax-saving investments made. Usually companies issue Form 16 after June 15, only after that you can file your ITR.

Method 1: If you have Form 16, you can upload it on any trusted tax filing platform (like ClearTax, TaxBuddy etc). These platforms read all your data and file your return in a few minutes. Yes, there is some fee for this.

Method 2: File ITR without Form 16 – Absolutely Free
Now the question arises that what to do if you do not have Form 16, or you do not want to pay the fee?

You can file ITR directly by visiting the Income Tax Department’s e-filing website https://www.incometax.gov.in — that too without any charge. Just log in, choose your tax regime (old or new), select the correct ITR form, and follow the step-by-step guide. Most of the data will be pre-filled, such as salary, TDS, bank interest, etc. All you have to do is cross-check it — and this is where Form 16 can prove to be helpful.

But be careful…

If you have income from multiple sources such as freelancing, rent, stock market or foreign income and you have difficulty understanding the ITR form or tax calculations, it would be better to seek the help of a Chartered Accountant (CA) or tax professional.

The post ITR Filing: Now you can file ITR even without Form 16, know the easy way first appeared on Rightsofemployees.com.

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

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

Form 16 has two parts

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

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

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The post ITR Forms 16 Change: Income Tax Department changes Form 16 for easier ITR filing, check update first appeared on Rightsofemployees.com.

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

Refund comes soon if you file ITR before the deadline

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

Income Tax Department has sent email to taxpayers

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

Taxpayers should check their email carefully

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

Income Tax Department will use section 245

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

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

Therefore, to avoid such problems while filing tax return, it is important to keep all the necessary documents ready with you in advance. Although every taxpayer may need different documents according to his income and financial transactions, but there are some documents which are needed by most people.

Whether you work in a company, are a business owner or have many other sources of income, some documents are mandatory for all taxpayers. To help you, today we are going to tell you a checklist of such documents.

List of documents required to file ITR

Given below is the list of important documents you will need to file ITR for the financial year 2024-25 (assessment year 2025-26).

PAN Card: First comes your PAN (Permanent Account Number), which is very important for filing your ITR. It is used for TDS deduction and keep in mind that it should be linked to your bank account for direct income tax refund. If you are not getting your PAN card, then you can also use your Aadhaar number to file ITR.

Aadhaar Card: Under Section 139AA of the Income Tax Act, you have to provide your Aadhaar details while filing your return. If you have applied for Aadhaar, and you have not received it yet, then you can use the enrollment ID in your ITR. Linking PAN and Aadhaar allows online verification of your ITR through OTP.

Form 16: This document is issued by your employer i.e. company and contains details of your salary and TDS (Tax Deducted at Source). This is a very important document for salaried individuals filing ITR. Form 16 has two parts: Part A contains details of tax deducted by the company, and Part B contains TDS calculations such as salary breakup.

Form-16A/ Form-16B/ Form-16C: These forms are required for TDS deducted on income other than salary (such as deposits or income from sale of property). Form 16A is issued to you by the bank or paying institution, while Form 16B deals with property transactions and Form 16C deals with rental income.

Bank Account detail: You have to disclose all active bank accounts in your ITR, as well as specify an account for tax refund. Bank statement or passbook is required to report interest earned on savings account or fixed deposit.

Form 26AS: This is an annual tax statement which shows the tax deposited against your PAN. In simple words, Form 26AS contains details of all your important financial transactions during the entire financial year. It includes TDS details of bank, employer or other organization. To claim tax credit, it is necessary to match the information filled in your return with the details given in Form 26AS. If there is a difference between the two, the Income Tax Department can ask for clarification from you.

Home Loan Statement: If you want to claim tax exemption on the interest on your home loan, then keep the home loan interest certificate ready with you, because you will need it while filing ITR. If you have taken a home loan, then you will easily get this statement from the bank.

Tax Saving Instruments : Keep documents related to tax-saving investments such as FD (Fixed Deposit) or Equity Linked Savings Scheme (ELSS) ready for filing tax returns, especially if you want to claim tax deduction of up to Rs 1.5 lakh.

Capital gains details: If you have sold an asset like shares or property, keep the broker statement or sale deeds to report the capital gain or loss on it.

Rental income: You will also have to declare the rental income from the property in your ITR.

Foreign income: To claim tax benefit or DTAA (Double Taxation Avoidance Agreement) benefit, documents related to income earned abroad are required. Actually, taxpayers can claim deduction on tax paid to foreign governments in their country of residence i.e. where they live.

Dividend income: It is necessary to show dividend income from investment in shares or mutual funds while filing returns. For this, details can be taken out from broker statements or Demat account summaries.

By keeping all these documents ready while filing returns, you can make your tax filing process easier. Keep all these documents safe to show to the tax consultant or the Income Tax Department later if needed. Let us remind you that the last date for filing ITR for the financial year 2024-25 (assessment year 2025-26) is July 31, 2025.

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The post ITR Filing 2025: These documents are necessary to file income tax return, see list first appeared on Rightsofemployees.com.

Who can claim LTA?

LTA is an allowance given in the salary. It is tax exempted under section 10(5) of the Income Tax Act. However, this exemption is applicable only on the actual expenses incurred on domestic travel (travel within India). It does not include the cost of hotel, food or sightseeing.

The post LTA Claim Without Form 16: You can claim LTA even if you don’t have Form 16, know the complete process here first appeared on Rightsofemployees.com.

Taxpayers have to file income tax returns by July 31. Most people feel that they do not have enough income to file a return. But here let us tell you that even if your income is less than the limit prescribed by the income tax, you should still file a return. Even if the income is less than this limit, filing ITR can still prove to be beneficial. Experts also believe that every person should file ITR because it has many benefits. Let’s know why.

1. To get tax refund

If TDS (Tax Deducted at Source) has already been deducted from your income, then you can get this money back by filing ITR. This TDS can be deducted on your salary, commission, interest or fees. Many times more TDS is deducted on a person’s income than required. The only way to get it back is to file ITR. If you do not do this, then your money will remain stuck with the government.

2. To adjust future losses

If you have suffered any financial loss (such as loss in stock market, business or property) in a financial year, then it can be adjusted with the profit of the next year. But for this it is necessary that you file ITR. If you do not file the return for the year of loss, then you will not be able to adjust this loss with the profit in future. In particular, ITR is necessary to carry forward the loss related to house property and capital assets.

3. Ease in taking loan

If you want to take a loan (like home loan, car loan or personal loan) from a bank or NBFC, then ITR acts as a strong income proof. Banks and financial institutions accept the loan application only when you provide proof of your income. You can get a loan even if you do not have ITR, but then the interest rate may be high. Therefore, if you are planning to take a loan in the future, then filing ITR will be beneficial.

4. For foreign travel and visa application

If you are planning to travel abroad, visa authorities of many countries may ask you for income proof. Especially, if you are applying for a visa to countries like the US, Canada, Europe or Australia, it may be necessary to submit ITR of the past few years. This document can make the visa process faster and easier, as it shows your financial stability.

5. To increase reliability in financial transactions

If you are planning a big financial deal, buying property or starting a business, ITR helps you show your financial position as strong. This improves your credit history and makes your transactions with banks and other financial institutions easier.

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The post ITR Filing Benefits: 5 Big Benefits of filing income tax return, Key Details first appeared on Rightsofemployees.com.

In such a situation, let us tell you that the biggest contribution in saving tax is of all the reimbursement or allowance, which are tax free and save your money. In such a situation, when you join a job, get them included in your salary, so that you can get maximum benefit. Let us know about 7 such allowances, which save a lot of your money as soon as they are included in the salary (How to save tax by changes in salary).

1- Traveling or conveyance allowance

Transport allowance or travelling allowance or conveyance allowance covers the cost of travelling between your office and home. Although most companies provide this allowance to their employees in their salary, some companies do not provide it. If this is not a part of your salary, then get it included so that you do not have to pay tax on that money and you can benefit from it.

2- Food coupons or entertainment allowance

Food coupons or meal vouchers or Sodexo coupons also help you save tax. In some companies, it is also called entertainment allowance. Not every company provides this allowance, so if it is not included in your salary, check the company’s policy once and find out if you can include it or not. Many companies provide entertainment allowance of about Rs 2000 every month. You just have to show the food bill of Rs 2000 to the company and you will get its money back without any tax deduction. In this way, you can save tax on about Rs 24,000 in a year. If you fall in the 30 percent tax bracket, you will get a benefit of about Rs 7,200.

3- Car Maintenance Allowance

There are many companies that also give car maintenance allowance to their employees. Under this allowance, the employee is given the cost of car maintenance, its diesel or petrol and even the driver’s salary. If you also have high expenses on the car, then you can talk to your company’s HR for it. If you get car maintenance allowance, then you will not have to pay tax on it.

4- Mobile phone and internet allowance

Under this allowance, you get reimbursement of your mobile phone and internet bills. That is, whatever you have spent on this, the company gives it to you up to a certain limit without deducting any tax. This reduces your taxable income and benefits you.

5. Uniform Allowance

Very few companies give this allowance to their employees. You can talk to your company and if you get uniform allowance there, you can include it in the salary. This money is given by the company to the employees to maintain the expenses of the uniform, on which no tax is levied.

6- Medical Allowance

Some companies also give medical allowance to their employees. Under this, the employee can reimburse his or his family’s medical expenses. If this allowance is not included in your salary, then get it done. This allowance will be very useful for you, because it will save tax and the health of the family will also remain good.

7- Newspaper/Magazine/Books Allowance

There are many jobs which require reading newspapers, magazines or books. Media is also one of them. Such companies provide allowances to their employees up to a certain limit. If you are also in such a company, then you can include it in your salary and save tax.

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The post 7 Allowances That can help You Save Tax, include them in Your Salary first appeared on Rightsofemployees.com.

Let us know how a common taxpayer will benefit from this initiative of the government. If you also have to file your updated return, then how will you be able to do it. We are trying to answer all your questions.

What is Updated ITR (ITR-U)?

Updated ITR (ITR-U) is a form that allows taxpayers to update their income tax returns. They can file their returns using this form if they have missed filing the original or belated returns or need to correct errors in previously filed returns. However, taxpayers cannot use ITR-U to claim refunds, reduce tax liability or set off losses.

Who can file ITR-U?

Any taxpayer who has made any mistake or omitted income details in any of the following returns can file an updated return.

When to file ITR-U?

Taxpayers will have to pay additional tax while filing ITR-U. The rate depends on how late the updated return is filed.

• File ITR-U within the additional tax due
• 25% of tax + interest within 12 months from the end of the relevant Assessment Year (AY)
• 24 months from the end of the respective AY 50% of tax + interest
• 60% of tax + interest 36 months from the end of the respective AY
• 48 months from the end of the respective AY 70% of tax + interest

Who cannot file ITR-U?

• Updated return has already been filed.
• Filing of nil return or loss return.
• Want to increase the refund amount.
• Updated returns result in lower tax liability.
• Search or survey has been initiated under section 132, 133A, or 132A.
• Tax assessment/reassessment is pending or completed.
• No additional tax is due (adjusted with TDS/loss).

How to file updated returns? 

• Download the ITR-U form from the Income Tax Department website.
• Login to the e-filing portal and select “Update Return (ITR-U)”.
• Enter the required details including additional income and tax payable.
• Calculate and pay additional tax before submission.
• Submit the form and verify the return using Aadhaar OTP, Net Banking or DSC.

The post How to file updated income tax return after the budget, know the complete process here first appeared on Rightsofemployees.com.

In the Pre-Budget Memorandum 2025, the Institute of Chartered Accountants of India (ICAI) has suggested to the Central Government that married couples should be allowed to file joint income tax returns (Joint Taxation of Married Couples). The purpose of this proposal of ICAI is to reduce the increasing tax burden on families. Let us tell you that the joint taxation system is applicable in many countries including America and England.

Currently, you can either opt for the default tax regime under section 115BAC or choose the normal provision for taxation. Moreover, the basic exemption limit under the default scheme for individual taxpayers is Rs 2.5 lakh, and under the new/default regime, it can go up to Rs 3 lakh.

Existing tax breaks are not enough

In most families in India, only one member is the breadwinner, so considering the rising inflation, the current exemption limit is not enough. Even if there is a family of just four people, the current tax exemption seems less. Due to which people try to save their tax by splitting their income among the family.

Therefore, ICAI has suggested starting a joint taxation scheme for married couples. While this will reduce the tax burden on families, it will also curb tax evasion.

Total taxable income and tax rates

According to ICAI, there should be no tax on income up to Rs 6 lakh. Tax rate should be 5% on income up to Rs 6-14 lakh, 10% on income up to Rs 14-20 lakh, 15% on income up to Rs 20-24 lakh, 20% on income up to Rs 24-30 lakh and 30% on income above Rs 30 lakh. If both husband and wife are employed, then both should get the benefit of standard deduction.

Apart from this, ICAI has also recommended increasing the surcharge limit. They have proposed that special rates should be applied on income above Rs 1 crore, which should be as follows:

• On income between Rs 1 crore and Rs 2 crore: 10% surcharge
• On income between Rs 2 crore and Rs 4 crore: 15% surcharge
• Surcharge of 25% on income above Rs 4 crore

Benefit of joint taxation

Joint taxation will especially benefit those couples in which one’s income is much higher than the other. By filing returns by combining their income, their tax liability will be reduced. Because tax liability will be decided on the basis of the average income of both.

In this way, filing returns together can reduce their tax burden as compared to filing separate returns. Now it remains to be seen whether this recommendation of ICAI is accepted in Budget 2025 or not.

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The post Joint Taxation: Can husband and wife file joint income tax to save tax? Know its benefits first appeared on Rightsofemployees.com.

Generally, the last date for filing belated return and revised return is 31st December. But, this time the Central Board of Direct Taxes (CBDT) has extended this deadline till 15th January after the order of the Bombay High Court.

What is belated income tax return?

If a taxpayer is unable to file Income Tax Return by 31st July, then the Income Tax Department gives him a chance to file ITR by 31st December. This is called Belated Return . Taxpayers filing belated return have to pay a penalty. The penalty for income more than Rs 5 lakh per annum is Rs 5,000. The penalty for people with an annual income of less than Rs 5 lakh is Rs 1,000. Apart from this, interest is also charged on the tax of taxpayers.

What is the meaning of Revised Income Tax Return?

If a taxpayer feels that wrong information has been entered in his income tax return, he can file a revised return. Generally, its deadline is 31 December. This time the deadline for this has also been extended by 15 days. This means that a taxpayer can revise his income tax return till January 15, 2025. This facility has been provided by the Income Tax Department keeping in mind such taxpayers who inadvertently forget to mention any income related information in ITR.

What will happen if belated return is not filed?

If a taxpayer does not file a belated income tax return by January 15, 2025, then he is allowed to file ITR-U under section 139(8A) of the Income Tax Act. For this, he will have to pay a penalty of Rs 5000. Apart from this, additional tax of 25 percent or 50 percent of the tax amount will also have to be paid. This will depend on when the taxpayer files ITR-U. ITR-U for FY24 can be filed till March 31, 2027. Actually, it has to be filed within 2 years of the end of the relevant financial year.

What are the benefits of filing returns by July 31?

Tax experts say that CBDT has allowed those taxpayers to file income tax returns even after the deadline, who for some reason miss filing ITR by the last date. But, taxpayers do not get many facilities on filing belated or ITR-U. Therefore, taxpayers should try to file income tax returns by the due date i.e. 31st July.

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The post Income Taxpayers can file belated ITR or revise it by 15th January 2025 first appeared on Rightsofemployees.com.

1. Belated/Revised Income Tax Return

The Income Tax Department has extended the deadline for filing belated/revised income tax returns for resident individual taxpayers. Its deadline was December 31, 2024. It has been extended to January 15, 2025.

2. Direct Tax Vivaad se Vishwas Scheme (DTSVS) 2024

The deadline for this scheme has been extended to January 31, 2025. This has given taxpayers additional time to settle their income tax related disputes. The government has launched this scheme to reduce the number of income tax related disputes.

3. Corporate Social Responsibility (CSR) 2024

The Ministry of Corporate Affairs has extended the deadline for filing Form CSR-2. It is mandatory for companies coming under the Corporate Social Responsibility Rules of the Companies Act, 2013 to file Form CSR-2. Now the deadline for this has been extended to March 31, 2025. This has given a lot of relief to the companies.

However, the Income Tax Department has not met all the demands of taxpayers and chartered accountants to extend the deadline. Many deadlines have not been extended beyond December 31, 2024.

The deadline for filing GSTR-9 and GSTR-9C under GST has not been extended. This has disappointed a large number of GST taxpayers.

The Income Tax Department has not extended the deadline for filing income tax returns for firms, companies, societies, NGOs etc. The deadline has not been extended for NRIs. If they have not filed or revised their income tax returns by December 31, 2024, then they will have to file an updated return and pay a penalty to the government in the form of additional tax.

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The Central Board of Direct Taxes (CBDT) has launched a compliance-cum-awareness campaign for Assessment Year (AY) 2024-25 to enable taxpayers to correctly fill the schedule ‘Foreign Assets’ (Schedule FA) in their Income Tax Returns (ITR) and disclose income from foreign sources (Schedule FSI).

Information will be given through SMS

The CBDT said in a statement that the informative messages will be sent via SMS and email to resident taxpayers who have already submitted their ITR for the assessment year 2024-25. The board said that these messages are for persons identified through information received under bilateral and multilateral agreements. This information shows that these persons may have foreign accounts or assets, or it is possible that they have income from abroad.

It is aimed at reminding and guiding those who have not properly completed the Schedule Foreign Assets in their submitted ITR for the assessment year 2024-25, especially in cases involving high value foreign assets.

This initiative is in line with the vision of a developed India and highlights the Income Tax Department’s commitment to use technology to simplify taxpayer compliance and reduce human intervention. By leveraging data obtained through Automated Exchange of Information (AEOI), the Income Tax Department is working to create a more efficient and taxpayer-friendly system.

The CBDT hopes that all eligible taxpayers will avail this opportunity to fulfil their tax responsibilities and contribute to the economic development of the country. This effort is not only in line with the Government’s vision for a developed India but also promotes a culture of transparency, accountability and voluntary compliance.

For detailed, step-by-step guidance on how to complete Schedule Foreign Assets, taxpayers should visit the official website of the Income Tax Department www.incometax.gov.in where resources and support are available to help them.

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In fact, the Income Tax Department has warned taxpayers that if they do not disclose their assets located abroad or income earned abroad in the ITR, then they may be fined Rs 10 lakh under the Anti-Black Money Law.

The Income Tax Department on Saturday issued a public consultation under the recently launched ‘Compliance cum Awareness Programme’ to ensure that taxpayers enter such information in their Income Tax Returns (ITR) for the assessment year 2024-25.

This information has to be given

The advisory clarified that foreign assets for a tax resident of India in the previous year include bank accounts, cash value insurance contracts or annuity contracts, financial interest in an entity or business, immovable property, custodian account, equity and debt interests, trusts in which the person is a trustee, beneficiary of the settler, accounts with signature authority, any capital asset held abroad, etc.

The department said taxpayers falling under this criterion must ‘mandatorily’ fill the Foreign Asset (FA) or Income from Foreign Source (FSI) schedule in their ITR even if their income is “below the taxable limit” or the assets abroad are acquired from “undisclosed sources”.

A fine of up to Rs 10 lakh can be imposed

According to the consultation, “Non-disclosure of foreign assets/income in ITR may attract a penalty of Rs 10 lakh under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The Central Board of Direct Taxes (CBDT), the administrative body for the tax department, had said that under the campaign, it will send ‘informative’ SMS and emails to resident taxpayers who have already filed their ITR for the assessment year 2024-25.

31 December last date

This communication will be sent to individuals who have been ‘identified’ through information received under bilateral and multilateral agreements, which ‘suggest’ that these individuals may hold foreign accounts or assets, or have received income from foreign jurisdictions. The last date for filing late and revised ITR is December 31.

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The post IT Department has issued an alert, Do not make this mistake while filing ITR, otherwise you will be fined Rs 10 lakh first appeared on Rightsofemployees.com.

The Income Tax Department has now prepared to launch a new portal for ITR e-filing. It has been made more user-friendly, easy and secure. Taxpayers will also get many facilities through this new portal. Let us give you all the information about this.

The committee will give its recommendations by November 30

According to the internal circular of the Income Tax Department, all the previous facilities will be available in the ITR e-filing portal 3.0. Apart from this, many other facilities will be provided for filling ITR, submitting all types of forms. The Central Processing Center (CPC) processes returns through this portal itself. To prepare the e-filing portal 3.0, the IT Department has also taken advice from all stakeholders. For this, a committee will also be formed so that the opinion of taxpayers, tax professionals, various departments and the public can also be known. This committee will give its recommendations by November 30, 2024.

It will help in reducing complaints related to e-filing

With the help of ITR e-filing portal 3.0, taxpayers will get many benefits. Efforts will be made to minimize the complaints related to e-filing of people through changes in technology and infrastructure. Along with this, filing of returns will be made easier for people by improving the user experience. With its help, processing can be done quickly. Due to this, the processing time will also be reduced and people will be able to get returns quickly.

7.28 crore taxpayers filed income tax returns

For the financial year 2023-25 ​​and assessment year 2024-25, 7.28 crore taxpayers had filed income tax returns till July 31, 2024. This figure is 7.5 percent more than the 6.77 crore ITRs filed in the assessment year 2023-24. According to the Finance Ministry, 72 percent of the returns have been filed under the new tax regime. Out of a total of 7.28 crore returns, 5.27 crore income tax returns have been filed under the new income tax regime. Only 2.01 crore income tax returns were filed under the old tax regime.

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Because the tax department is preparing to investigate such cases. The Income Tax Department is going to verify such high-risk refund claims during the financial year 2023-24 or assessment year 2024-25. The purpose of this verification is to find out whether tax refund has been obtained by giving wrong information by an organized or individual.

The Income Tax Department will find out whether the deduction under 80G has been claimed through fake house rent allowance, bogus donations using the same common email ID or mobile number. Or whether the expenses have been shown in an exaggerated manner. The tax department can conduct a thorough investigation of such income tax returns. The Directorate of Income Tax Systems, which comes under the Ministry of Finance, has issued SOP instructions for such high risk income tax refund cases, which have been made available to assessing officers, TDS charge officers and officers in the investigation wing.

According to a TOI report, the SOP sent to the investigation wing officer states that in the past, refunds have been claimed wrongly by wrongly claiming TDS credit, under-reporting income, over-stating deductions and showing bogus expenses. This case has come to light when it was found that income tax returns have been filed using the same common email ID or mobile phone number. Now it has been forwarded to the nodal officers of the Central Registry Units for further investigation.

In the SOP, tax officials have been asked to use the insight portal, e-filing portal to find out the person who is associated with the common email ID and mobile phone number. Such taxpayers can be issued notices and asked to verify the information related to tax exemption, deduction, and expenses with documents. According to the report, the purpose of this exercise is not to harass taxpayers. If the claim is correct, the case will be closed. And if the refund has been obtained by giving wrong information, then the matter will be investigated further as per the SOP.

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The post Tax Department is going to start verification of high-risk refund claims during the AY 2024-25 first appeared on Rightsofemployees.com.

Belated ITR: If a taxpayer is unable to file a return by the last date for filing income tax returns, then he can file a belated return. Income Tax has made this provision keeping in mind such taxpayers, who are unable to file returns by the stipulated time due to some compulsion. There is a penalty for filing belated returns. Along with this, interest has to be paid on tax. It is important to know about it properly before filing belated returns.

Who can file belated returns?

The last date for filing Income Tax Return is generally 31 July for individual taxpayers. The deadline for filing income tax returns for the financial year 2023-24 was 31 July, which has passed. If a taxpayer has not filed the return by 31 July, then he can file a belated return.

Till what date can a belated return be filed?

Belated returns can be filed till 31 December of the respective financial year. This means that if you have not filed the return by 31 July this year, then you can file it till 31 December.

How much is the penalty?

Penalty is levied under section 234F of the Income Tax Act for filing a belated return. If the taxpayer’s income is less than Rs 5 lakh, then the penalty is Rs 1,000. If the taxpayer’s income is more than Rs 5 lakh, the penalty is Rs 5,000. Apart from this, if tax is due on the taxpayer, then under section 234A, he will have to pay interest on it.

Will loss carry forward be allowed?

On filing a belated return, certain losses like business loss and capital loss are not allowed to be carried forward to the subsequent years. However, losses under the head of ‘income from house property’ can be carried forward.

Is revised return allowed?

If you feel that you have made a mistake in the belated return, you can file a revised return till December 31.

Also Read- ITR Refund: Have you not received your income tax refund? Know what you need to do

Will the return have to be verified?

After filing the belated return, it will be necessary to verify it. Taxpayers can verify it online through means like Aadhaar OTP, netbanking. Another way is that they can sign a copy of ITR-V and send it to the Centralized Processing Center (CPC) within 120 days.

What is the process of filing a belated return?

The process for filing a belated return is the same as that of filing a normal return. You have to go to the e-filing portal of the Income Tax Department. Then you have to log in with your user ID and password. Then you have to select the ITR form based on your source of income. Then you have to select the correct assessment year. You have to enter your income details, deductions and tax. After paying the tax, the return has to be submitted. After that it has to be verified.

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

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

Lots of complaints about refunds

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

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You will have to pay a fine of Rs 1000

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

How to check refund status

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

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

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

What to do if there is a delay

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

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

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

If there is still a delay….

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

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

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Fraud happening in the name of ‘tax refund’

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

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

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

The All India Federation of Tax Practitioners (AIFTP) has requested the Central Board of Direct Taxes (CBDT) to extend the deadline for filing income tax returns for assessment year 2024-25 by one month to August 31.

In a memorandum, AIFTP national president Narayan Jain and Direct Tax Representation Committee chairman SM Surana said that floods in several states have badly affected the return filing process.

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He said that landslides in Uttarakhand and Himachal Pradesh have further aggravated these difficulties. The memorandum also claimed that there are persistent problems in the income tax portal and software, with difficulties in downloading and verifying various forms. Additionally, he said that the process of paying self-assessment tax through banks and downloading challans also takes time.

The post Tax professionals appeal to CBDT to extend the last date for filing ITR to August 31 first appeared on Rightsofemployees.com.

But, still many people have not filed their ITR. This means that a large number of people will not be able to file ITR by July 31.

Let us know what will happen if you do not file ITR before the deadline. You will get time to file ITR and how much penalty will you have to pay.

Belated returns can be filed till 31 December

According to the rules of the Income Tax Department, taxpayers can file returns even after the deadline of July 31. For this, you have to file a belated return under section 139 (4) of the Income Tax Act 1961. This belated return can be filed 3 months before the end of the current assessment year i.e. till 31 December 2024.

A fine of up to 5 thousand rupees will be imposed

If you are unable to file ITR by July 31, you can file belated return by paying late fee. If your annual income is more than Rs 5 lakh, then the late fee will be Rs 5000. At the same time, for taxpayers with income less than Rs 5 lakh, the fine amount can be up to Rs 1000, not more than that.

Disadvantages of filing ITR late

• If you file a belated ITR, the loss will not be allowed to be carried forward to the next year. In normal circumstances, you can carry forward the loss for 8 years.
• If you file a belated ITR, you do not get any interest on the refund amount. On the other hand, taxpayers who file ITR on time are given interest at the rate of 0.5 percent per month on the refund amount.
• If any kind of tax liability arises while filing belated ITR, then interest i.e. penal interest will be charged as a penalty. It is charged at the rate of 1 percent per month.
• Refund will also be delayed if you file a belated return. There is a process to verify it and the longer you delay filing your ITR, the later you will get your refund.

The post ITR Filing: Fine of up to Rs 5,000 may be imposed for filing ITR after the deadline first appeared on Rightsofemployees.com.

If for any reason taxpayers are facing difficulty in filing returns, then they should use the consultancy services of a CA or tax expert. The reason for this is that taxpayers have to face problems after their income tax returns are rejected. Let us know what mistakes taxpayers should generally avoid.

1. Wrong information in the form

Taxpayers should not give any wrong information in the income tax form. They should not claim any deduction which they are not entitled to. Before submitting the form, every information should be checked once or twice. Many times, due to calculation mistakes, wrong information is entered in the form, due to which the form gets rejected. It is also important for taxpayers to pay attention to using the correct form to file the return.

2. Difference in data of Form 16 and AIS

The Income Tax Department has many ways to keep an eye on every financial of the taxpayers. Annual Information Statement (AIS) is the most important among them. Similarly, the most important document for salaried taxpayers is Form-16. Before filing income tax return, it is important to understand the information given in Form 16 and AIS properly. This will reduce the chances of wrong information going into ITR. Taxpayers are advised to match the data of Form 16 and AIS.

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3. Not submitting the form by the deadline

It is necessary to submit the ITR form before the last date of filing ITR. Usually, taxpayers fill the ITR form in advance but they do not submit it. If the form is not submitted on time due to some reason, their return may get rejected. After the form is rejected, the return will have to be filed again with a penalty.

4. Mistake in tax calculation

There is a possibility of ITR being rejected even if there is a mistake in the calculation of tax liability. Therefore, before filing the return, taxpayers should calculate their tax liability correctly. They should calculate the deduction, exemption and tax rate correctly. If any kind of problem is faced, then advice of a tax expert can be taken.

5. Not verifying the form

After submitting the income tax return, it is necessary to verify it. There are many ways to verify it. It can be verified through OTP from Aadhaar. It can be verified using netbanking. ITR-V form can be signed and sent to the Central Processing Center in Bangalore. If you file ITR and forget to verify it, then your return will be considered invalid. There is a deadline to verify ITR.

The post ITR Update: Your ITR may be rejected due to these 5 reasons – Do you know about these first appeared on Rightsofemployees.com.

Out of these, 46,015,630 ITRs have been filed for the assessment year 2024-25. Whereas, ITRs of 42,288,847 have been verified. A total of 18,942,439 ITRs are in process.

If you have not yet filed your ITR, then do so soon as there is very little hope of its date being extended. You may have to pay a penalty for filing ITR after July 31. You are allowed to file delayed ITR until the end of the year, but then you will be fined between ₹1,000 and ₹10,000 depending on the period of delay. Also, you may be deprived of some deductions and may also face investigation by the Income Tax Department.

Who is required to file ITR?

If the sum of all your income/salary before deductions exceeds the basic exemptions, you are required to file your ITR.

You must file ITR if you are a resident of India for income tax purposes and own any property outside India or are a beneficiary of any property outside India. You must file your ITR even if you are an authorised signatory to any account, immovable or movable, held outside India.

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If you have invested in shares, bonds or mutual fund schemes of foreign companies or have employee stock options (ESOPS), you will have to file ITR irrespective of your income level.

You will have to file ITR if you have paid electricity bill of more than Rs 1 lakh last year even if the electricity connection is not in your name. If you have spent more than Rs 2 lakh on foreign travel, you will have to file ITR. Whether you have spent it yourself or someone else, provided you have borne the travel expenses.

If the bank deposits in your name exceed Rs 50 lakh in one or more savings accounts combined or Rs 1 crore in one or more current accounts, you will have to file ITR. If the value of all sales from your business exceeds Rs 60 lakh, then you will have to file ITR.

The post ITR Filing: Who is required to file ITR? first appeared on Rightsofemployees.com.

HRA limit by cities

• HRA for four metro cities Delhi, Mumbai, Kolkata and Chennai 50% of basic salary + DA for metro cities
• HRA for other cities is 40% of basic salary + DA for non-metro cities

What documents will be required to claim HRA deduction

To claim HRA deduction in income tax return, a salaried person needs certain documents-

Rent Agreement – Rent agreement is a solid proof that you have rented your residence. For deduction, there must be a valid rent agreement of the current financial year.

Rent Receipt – Rent receipt is also required along with the rent agreement. The receipt received for payment of the amount paid as rent every month during the financial year must be stamped. Receipt will be required even in case of payment through electronic mode.

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Landlord’s PAN card – To claim HRA deduction in income tax return, you will have to provide a copy of the landlord’s PAN card. If you are paying rent of more than Rs 1 lakh in a year, then a photocopy of the landlord’s PAN card will be required.

Proof of payment – Whatever the mode of payment of the house rent, you must have proof of rent. For this, bank statement, online transaction receipt and other proofs can be useful.

Rent of family member – If you are paying rent for a family member, you can still claim deduction. However, there should be valid proof and documents for payment of this rent as well.

Employee Declaration Form: If you are a salaried employee, your employer may require you to fill an Employee Declaration Form to claim HRA exemption. This form includes details about the rented accommodation and the rent paid.

If you are a salaried person and you want to deduct HRA and show it in Form 16, then all these documents have to be submitted to the employer. However, you can also claim HRA while filing ITR.

The post ITR Filing: This is how you can claim HRA exemption while filing income tax return, these documents will be required first appeared on Rightsofemployees.com.

Filing ITR is very important for every person, whether they are income tax payers or not. It tells you how much you have earned in the last financial year. Filing ITR on time is good for you in many ways. Firstly, if you file it on time, you will not be charged any penalty.

This is the reason why the Income Tax Department keeps reminding people to file ITR on time. This time, like last year, you can file ITR till 31 July 2024. But what is the penalty for delay? Penalty is imposed by the Income Tax Department for filing ITR. But this penalty varies according to your income.

Also Read: Who is responsible for wrong income tax return filing CA or taxpayers

Individuals earning more than Rs 5 lakh in the financial year 2023-24 may have to pay a fine of up to Rs 5,000 for filing returns late.

For taxpayers having income of Rs 5 lakh or less in a financial year, the maximum penalty for late filing of ITR is limited to Rs 1,000.

People whose taxable income is less than the income tax exemption limit and they file ITR only to get a refund. Such people do not have to pay a penalty for filing the return late. Taxable income means the total income before deductions-

Filing income tax returns is mandatory for you. If you do not follow the rules, you may be fined and you may have to face legal consequences. Apart from this, filing ITR can help you avoid future complications. By filing returns on time, you may be eligible for specific tax benefits or refund.

The post ITR Filing: How much penalty will be charged for filing ITR after July 31? Here is the complete calculation first appeared on Rightsofemployees.com.

This is the reason why many complaints related to the problems coming in the portal are also being received on social media. Due to continuous problems like this, many Chartered Accountants Associations (CA Associations) have also written a letter to the Income Tax Department and informed the taxpayers and professionals about the problems in the e-filing ITR portal. Let us know what kind of problems the taxpayers are facing?

What is the glitch related to tax?

Taxpayers have reported many problems related to the portal on social media. This includes problems in accessing Form 26AS/AIS/TIS due to glitches in the portal and differences in TIS and AIS data. Apart from this, joint income is appearing in the accounts of both the joint account holders. In such a situation, notices related to investigation are being issued even after timely notifications have been issued by the taxpayers.

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TDS figures do not match with Form 26AS

Apart from this, there are very few options to answer in the AIS/TIS portal, which is why every situation cannot be explained correctly. Many taxpayers say that the changes made in their answers in TIS are not reflected quickly, which causes trouble. Due to constant buffering and other technical problems, taxpayers are not able to submit the form. Many times the data already filled in ITR such as salary, interest income and TDS figures do not match with Form 26AS.

Delay in filing returns

Taxpayers who have business income are facing difficulty in showing dividend income correctly in Schedule OS, because in the current system, first dividend income has to be shown in business income and then it has to be deducted. This has complicated the process. When taxpayers try to file their returns, error messages often appear, which is causing delay in filing returns. In some cases, the OTP required for authentication is not received on time or is not received at all. Due to this, there is a problem in verifying and submitting the return. Apart from this, some taxpayers are not able to download the receipt of the filed ITR which is necessary to confirm their compliance.

Will the last date be extended beyond 31st July?

The Income Tax Department has not yet given any official statement on extending the last date for filing income tax returns beyond 31st July. There is no update yet on whether the department will extend the date for filing ITR or not. But people are worried that the date may be extended due to problems in e-filing. Amidst all these problems, many taxpayers have started the process of filing ITR.

According to the data released by CBDT, more than 2.7 crore ITRs have been filed till July 14, 2024. This time 13% more ITRs have been filed as compared to the same period last year. More than 13 lakh ITRs were filed in a single day on July 13. Now the numbers are increasing as the last date approaches. This year the target of filing 1 crore ITRs was completed on June 23, 2024 and the target of 2 crore was completed on July 7, 2024. Compared to every time, this target has already been completed.

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The most common question is whether it is necessary to file ITR if your annual income is less than Rs 7 lakh? Let’s know the answer to this question here. Also, let’s understand why filing ITR can be necessary even if you have a low income.

Ankit Jain, partner, Ved Jain & Associates, explains that all companies and firms are required to file their tax returns. Individuals are required to file their tax returns if their total income before deductions is more than Rs 2.5 lakh. However, this does not mean that you have to pay income tax. There is a provision for tax rebate under Section 87A of the Income Tax Act, 1961.

You are eligible for this rebate if your taxable income does not exceed Rs 5 lakh under the old tax regime or Rs 7 lakh under the new tax regime. For senior citizens (60+ age), this limit is Rs 3 lakh and for super senior citizens (80+ age), this limit is Rs 5 lakh.

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ITR will have to be filed in these situations also

Apart from this, if a person has deposited Rs 50 lakh or more in his savings account or his business is more than Rs 60 lakh or his professional income is more than Rs 10 lakh, then he will also have to file his tax return.

Jain says that if a person’s TDS is more than Rs 25,000, then he will also have to file his tax return. Even if the above conditions are not met, if someone wants to claim a refund, he will have to file a tax return. No refund will be processed without filing a tax return.

Under the old tax regime, you can get a maximum tax rebate of up to Rs 12,500. In the new tax regime, the maximum rebate is Rs 25,000. So, if your income is within these limits, you will not have to pay any income tax.

However, you must file ITR even if your tax liability is zero. You must file ITR if your total income exceeds the basic exemption limit before deductions under Chapter VI (such as Section 80C, 80D, etc.). The basic exemption limits under the old tax regime are as follows:

• Individuals below 60 years of age: Rs 2.5 lakh
• Individuals above 60 years but below 80 years of age: Rs 3 lakh
• Individuals above 80 years of age: Rs 5 lakh

Understand the new tax regime

Under the new tax regime, the basic exemption limit for the financial year 2023-24 (assessment year 2024-25) is Rs 3 lakh. This arrangement is the default. If a taxpayer does not file his ITR and does not opt ​​for the old tax regime by submitting Form 10-IEA, then his income tax will be calculated under the new tax regime by default. This means that they may miss out on deductions that could have been claimed under the old regime.

It is important to file ITR even if your income is less than Rs 7 lakh and tax liability is zero. This is because the filing requirement is based on your gross income before deductions and not filing could cause you to miss out on potential deductions or exemptions. Make sure which tax regime applies to you and file your ITR accordingly to avoid any problems with the tax authorities.

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The last date for filing income tax return (ITR) is 31st July. Since today is 10th July, obviously most of you must have received your Form-16 as well. Experts say that no taxpayer should wait to file the return on the last date, by doing this you have time to reduce errors.

To file ITR, you can either take the help of a chartered accountant or file the return online yourself. If you want to do it yourself, then this has also become very easy now. You have to file this return through the Income Tax Department website. Let us know the online step by step process of filing ITR online.

First of all, you should have these documents in your hand

Whenever you think of filing income tax return online, keep some important documents ready in your hand before that. You should have Form 16, Form 16A, Form 26AS, capital gains statement, proof of tax-saving investments etc. ready as the necessary documents for filing income tax return.

Step by Step ITR Filing Process

• Visit the Income Tax e-filing portal https://www.incometax.gov.in/iec/foportal/ .
• Log in using your PAN, password and captcha code.
• Go to the ‘e-File’ menu and select ‘Income Tax Returns’.
• Choose the appropriate ITR form based on your income (ITR-1 or ITR-2 if you have Form 16).
• Select Assessment Year 2024-25.
• Verify all the data entered in the form and submit it.
• After submission, e-verify your return using Aadhaar OTP or other available options.
• Upload and verify your return.

Who should file ITR

If the total income before deductions under various sections of Chapter VI-A (such as 80C, 80CCC, 80CCD, 80D, 80E, 80G, 80GGA, 80TTA/80TTB, etc.) exceeds the basic exemption limit, you must file your Income Tax Return (ITR). Also, as a resident of India, for income tax purposes, if you own or have an interest in any property outside India as a beneficial owner, you must file an Income Tax Return (ITR).

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ITR Filing: The deadline for filing income tax returns for the financial year 2023-24 and assessment year 2024-25 is approaching. You can file returns till July 31, 2024 without penalty. Taxpayers can easily file income tax returns on the income tax portal without any hassle. If you also have to pay tax while filing ITR, then you can use credit card for this.

There are many benefits of paying tax through credit card

Taxpayers can also pay their taxes through credit cards. The Income Tax Department has started this facility for the convenience of taxpayers. In this, you do not have to face the problems in bank transfer or cash transaction. Through this, you immediately receive a message of payment confirmation. Usually, it takes more time through check or bank transfer. Also, taxpayers can also get the benefit of reward points on the card on tax payment through credit card. If you also want to pay tax through credit card, then we are telling you its step by step process.

This is how you can pay tax through credit card

1. After filing ITR on the income tax portal, first of all you have to generate a challan for tax payment. This document will contain the tax payable amount and the serial number of the challan.
2. Next, you have to choose the option of ‘Pay Tax’. You will see many options for tax payment on the income tax portal. This also includes the credit card payment option.
3. Next, enter the challan details.
4. In this, you have to choose the credit card payment option.
5. Next, you have to enter the credit card related details like card number, expiry date and CVV code.
6. After making payment through credit card, you will receive a confirmation message.

Keep these things in mind while paying tax through credit card

Before making tax payment through credit card, definitely get information about credit card fees. Along with this, the interest charged on credit card is very high. In such a situation, make sure that after paying the tax, you can easily pay that bill. Otherwise, later you may have to pay high interest rate and penalty.

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The last date for filing Income Tax Return (ITR) is about to come. In such a situation, all taxpayers should file ITR within time to avoid late filing and penalty. If you are a salaried taxpayer, then you must check the information given in Form-16 before filing the return ( ITR Filing ).

Let us tell you that Form-16 is a very important document for salaried taxpayers. ITR cannot be filed without it. Today we will tell you what taxpayers should check in Form-16, before that let us know what information is included in Form-16.

This information is in Form-16

• Taxpayers Gross Income
• Net income details
• Information about TDS

Please check this information

Taxpayers should check the TDS data given in Form-16. Many types of taxes are deducted by the company from the employer’s salary. Form-16 contains information about how much tax or TDS the company has deducted from the employee’s salary in the whole year.

The TDS data in Form-16 should be cross checked with Form 26AS and Annual Information Statement (AIS). The details in both these forms should match. If there is a mismatch, the salaried person should not file the return.

Form-16 has incorrect information

If the taxpayer feels that any details in Form-16 are incorrect, then he should not file the return. Actually, if you file ITR with wrong information, then there is a risk of the return being defective. Apart from this, if there is any wrong information, then a notice can also be sent by the Income Tax Department.

On the other hand, if the taxpayer has changed his job, then he must take Form-16 from his company. After this, you should check the data of Form-16 given by the old company and the new company.

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For this, you will have to collect some documents. These include Form-16, Annual Information Statement (AIS) and Form 26AS. After this, the correct ITR form has to be chosen. Many taxpayers get confused between Form-1 and Form-2. Let us know who cannot use ITR-1. ITR-1 is also called Sahaj.

If your income is more than 50 lakhs then ITR-1 cannot be used

If the total income of a taxpayer is more than Rs 50 lakh in a financial year, then he cannot use ITR-1. Similarly, Resident Non-Ordinarily Resident ( RNOR ) and NRI cannot use this form to file returns. If a person’s income from agriculture is more than Rs 500, then he cannot use ITR-1 to file returns. If there is income from lottery, horse racing etc., then ITR-1 cannot be used to file returns.

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ITR-1 is not used in case of capital gains

If a person has made capital gains by selling any assets during the relevant financial year, then he cannot use ITR-1. If a person has invested in shares of companies which are not listed in the stock market, then he cannot use ITR-1. If a person has income from business or profession, then he cannot use ITR-1. Even if a person is a director in a company, he cannot use ITR 1. Employees of companies who have received ESOPs also cannot use ITR-1 to file returns. If a person has more than one house, then also he cannot use ITR-1.

Choose the form wisely

It is important to use the correct form to file income tax return. Filing the return using the wrong form will make your return defective. Therefore, it is important to choose the correct form carefully before filing the return. If you are facing any problem in choosing the correct form, you can take the help of a tax expert. This will prevent you from using the wrong form. That is why experts advise to avoid filing the return at the last moment.

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The last date for filing income tax returns is about to end. In such a situation, if you have not filed income tax returns yet, then do it in time. At the same time, if you have filed income tax returns but you have not received its refund yet, then today we will tell you how you can get a quick refund after filing ITR. Salaried class people whose 10 percent TDS is deducted can also claim it by filing ITR.

Why does the refund get stuck?

Taxpayers can easily fill the income tax return by following just a few simple steps. If you are also going to file ITR for the first time, then it is very important to understand this process. Just by filing income tax return, you will not get the refund money on time. After this, you will also have to complete its last step. If you file ITR but do not complete the e-verification process, then your refund may get stuck.

Also Read: ITR Filing Documents: These documents will be required to file income tax return. check list here

E-verification is necessary

If taxpayers want to get their refund on time, then they must complete the process of e-verification after e-filing. If you fail to do so, your ITR will be considered incomplete and you will not receive the refund on time.

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Then why wait for the last moment to file the return? It is beneficial for taxpayers to file the return before the deadline. Let us know what documents will be required to file the return and how to download them.

Form-16 is most important for salaried taxpayers

Form- 16 is most important for salaried taxpayers to file income tax returns. Companies issue Form-16 to their employees after the financial year is over. It contains information about the employee’s gross income, taxable income and TDS deducted from salary in the financial year . Employers have issued Form-16 to employees. It can be downloaded from the Employee Self Service (ESS) website. The finance department of companies gives complete information about this by sending mail to the employees.

Also Read: Budget 2024: Government may raise tax free income to rs 5 lakh. Report

Information about every transaction will be available in AIS

The second important document for filing returns is the Annual Information Statement (AIS). It is a record of the financial transactions of taxpayers in the financial year. It includes TDS, TCS, interest income, dividend income and transactions related to shares and mutual funds. You can match the TDS given in it with the TDS of Form-16. If there is any difference in both the information, then you can correct it. By doing this, you will get the correct amount of TDS. This will eliminate the possibility of your return being defective.

This is how you can download AIS

To download AIS, you have to log in to the Income Tax Department website. If you are already registered, you can log in with your user ID and password. Your PAN will be your ID. If you are not already registered, you can register with the help of PAN. After logging in, you will see the ‘Annual Information Statement’ menu on the dashboard. Select it. Click on the ‘e-file’ menu. After that go to Income Tax Return and select ‘View AIS’.

After clicking on ‘AIS’, you will see a separate AIS portal. After that you have to click on the ‘Proceed’ button. On the home page of AIS, you will get the option of AIS of many financial years. You can download it by selecting the relevant financial year. If you want, you can also download Form 26. It will have information about your TDS and TCS. You can match it with your Form 16. This also has to be downloaded from the portal of the Income Tax Department. You can download it by logging in with your user ID and password.

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If you want to file the return yourself, you can do so. This entire process is online. If you are filing income tax return for the first time, then it is important to keep some important things in mind. Before filing the return, every taxpayer should keep some important documents with him. With this you will not face any problem in filing the return.

1. Form-16 is necessary

Form-16 is very important for filing income tax return. Form-16 is issued to every employed person by his company i.e. employer. Form-16 is issued by the employer. Through this, filing of income tax return becomes easy. Form-16 contains information about the taxpayer’s gross income as well as net income and TDS deducted from the income.

2. Home loan statement

If you have taken a home loan from a bank or NBFC, then do not forget to take the loan statement for the last financial year from the bank. This will tell you how much interest you have paid on the loan. You can also claim tax exemption on the interest paid on the home loan under section 24 of Income Tax.

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3. Proof of investment

If you have invested under Income Tax Section 80C, 80CCC and 80CCD for tax saving, then you can claim tax exemption with the proof of investment. This works as a proof to claim the exemption.

4. Capital gains documents are also important

If you have earned money by investing in mutual funds, stock market or property, then it is called capital gain. While filing ITR, it is also necessary to give information about the income earned through capital gain.

5. Aadhar card and PAN card are necessary

While filing income tax return, it is necessary to provide details of Aadhaar and PAN. In such a situation, you must keep both these documents with you before filing the return. Along with this, if you have more than one bank account, then it is also necessary to provide their information.

6. Salary slip is also important

While filing income tax return, the taxpayer must also have his salary slip. The salary slip contains the information about the person’s annual income, DA, house rate etc.

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New Delhi. The last date for filing Income Tax Return (ITR) for the financial year 2024 is 31 July 2024. Salaried people and taxpayers are looking for ways to claim deductions in income tax. Apart from the limit of Rs 1.5 lakh under Section 80C, taxpayers can claim additional tax benefits using several other methods.

There are many sections and provisions in the Income Tax rules that can help taxpayers save their money. One such provision is given under Section 80DDB. Using this, people filing income tax returns can get income tax exemption on the money spent for the treatment of any serious illness of themselves or dependents.

ITR Filing 2024: You can save Rs 40,000

Taxpayers can claim an income tax deduction of Rs 40,000 in a financial year under Section 80DDB if they spend on the treatment of themselves or a dependent. This benefit is available for the treatment of critical illnesses such as neurological diseases, cancer, chronic renal failure, dementia, motor neuron disease, Parkinson’s disease and AIDS.

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This special benefit is given only to Indian citizens residing in India. A person can claim it if he has spent money on the treatment of his dependents spouse, children, parents and siblings. The deduction limit is Rs 40,000. In case of senior citizens, it is Rs 1 lakh.

This income tax deduction is applicable even if you have taken a health insurance policy and the money for the treatment is received from the insurance company. The amount of deduction is reduced by the amount received from the insurer or the amount paid by the employer for the treatment of the person.

For example, if a person spent Rs 80,000 on the treatment of a critical illness, he received Rs 30,000 from the insurance company. Under this section, he can claim a deduction of only Rs 10,000. Because the exemption limit in a financial year is Rs 40,000.

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The process of filing income tax returns for the financial year 2023-24 and assessment year 2024-25 has started. You can file ITR till 31 July 2024 without penalty. It is necessary for a salaried person to have Form 16 to file ITR. Form 16 is issued by the employer. Through this, filing income tax returns becomes easy.

It is necessary to issue Form 16 by 15 June

Form-16 issued by the company contains information about the gross income of the taxpayers as well as net income, TDS deducted from income. In such a situation, it becomes very easy to file income tax return through this form. According to the rules of the Income Tax Department, every company is required to issue Form-16 to its employees by June 15, 2024. Most companies have issued Form 16 to their employees.

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Form-16 has a total of two parts. Part A contains information about the tax deducted on income on a quarterly basis. Keep in mind that the company has issued both parts of Form-16 to you. Along with this, both parts should have the TRACES logo, which ensures its authenticity.

Part B contains the details of the total salary received by the taxpayer from the company in that financial year. Along with this, information about deductions and exemptions is also recorded in it. After this, you can calculate your tax liability by calculating the net salary from here.

Match Form 16 with Form 26AS

If Form-16 has been issued to you by the company, then first of all it is necessary to match it with Form 26AS. If there is some difference in the data given in both, then you should inform your company about it. After this, the employer will check the TDS data and correct it. If you do not do this, you may also get an income tax notice later. If the information of Form 16 matches with Form 26AS, you can file income tax return.

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If you have not filed your income tax return yet, then this news is useful for you. Actually, the process of filing income tax return has started. At the same time, the last date for filing ITR is 31st July. In such a situation, it is necessary for all taxpayers falling under the tax slab to file ITR on time.

If you are filing ITR for the first time, then it is very important for you to understand that just by filing income tax return, you do not get the refund on time, but you also have to complete its last process. If you want a quick refund, then you should do some work during ITR filing so that you can get the return quickly.

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This work is very important

If taxpayers want to get their refund on time, then they must complete the process of e-verification after e-filing. If you fail to do so, your ITR will be considered incomplete and you will not receive the refund on time.

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Every income tax payer should take utmost care while filing his income tax return (ITR Filing). Before filing ITR, it is not only necessary to collect all the necessary documents, but it is also necessary to check them thoroughly. Because wrong information recorded in any document can get your ITR cancelled or delay the refund.

Form 26AS is also one of those important documents, which is necessary to check before filing Income Tax Return (ITR). Form 26AS should be matched with Form 16/16A before filing the return. Make sure whether the money deducted as TDS is included in Form 26AS or not.

Also Read: Income Tax Return filing: Salaried individuals need to be aware of these 5 key points

Form 26AS gives information whether the TDS deducted by the company has been deposited to the government or not. It contains details of tax deducted from different sources of income of the taxpayer. These include details like tax deduction at source (TDS), tax collection at source (TCS), payment of advance tax or self-assessment tax, regular tax, refund. On the other hand, Form 16 contains complete information about the tax deducted from salary. Form 16A contains information about TDS deducted on income other than salary.

Therefore, matching is necessary.

Many times it happens that the information given in Form 16 does not match with the information given in Form 26AS. This happens due to the wrong information recorded in Form 26AS. In such a situation, if you file ITR with wrong information without matching both, then while it can cause financial loss to you, there is also a risk of your ITR being cancelled. If the information is wrong, then it is very important to correct it.

If your company or bank has made a mistake in depositing the tax with the government with your PAN number then you have to approach your company or bank to deduct the tax. You have to ask the company or bank to revise the TDS return. Once you file your TDS return with the correct details, your Form 26AS will show the correct information.

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While filing Income Tax Return ( ITR ), taxpayers want to avail maximum exemptions. Although, the Income Tax Department gives tax exemption to the taxpayer on many schemes and allowances. Even a salaried person who pays rent for his residence can also avail the benefit of HRA deduction.

Let us tell you that salaried persons get house rent allowance (HRA) along with their salary. In such a situation, taxpayers claim HRA exemption, but many times the Income Tax Department rejects their claim.

In such a situation, the question arises as to how to claim HRA so that the claim is not rejected and which documents are mandatory while making the claim.

Also Read: New Rule from 1st June 2024 : Details you need to know

Before knowing how to claim HRA, let us tell you that the information about how much HRA an employee gets is given in the salary slip. Apart from this, the company also gives this information in the tax projection statement of its financial year.

HRA is a part of salary, so its information is in Part B of Form 16. Form 16 is issued by the company. It contains all the information of the employee like basic salary, TDS, HRA etc.

Is rent agreement and receipt necessary?

Rent Agreement is necessary for HRA claim. Apart from this, Rent Receipt is also important. Actually, the Rent Receipt shows that the employee has paid the rent as per the rent agreement.

For this reason, the taxpayer should keep both these documents safely. Sometimes the Income Tax Department orders to submit these documents due to some discrepancy.

In the absence of rent receipts, the claim can also be rejected by the department. In fact, many times taxpayers make rent agreements with their family members. In such cases, the department rejects the claim due to lack of rent receipts or proof of actual payment.

You can file a claim without a PAN card

PAN Card is issued by the Income Tax Department. As per the rules, if a person pays less than Rs 1 lakh as annual rent, then the landlord does not need a PAN Card.

At the same time, it is mandatory to provide the PAN details of the landlord for rent of more than Rs 1 lakh. If the tenant pays rent of more than Rs 6,00,000 annually, then TDS of 10 per cent is deducted from the monthly rent.

If the landlord does not have a PAN, then in such a situation the landlord has to give a written declaration. In this, the landlord has to give the name, address and other information. This information helps in verifying the rent receipt.

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The deadline to file ITR is July 31. If you have to fill ITR then you should start preparing for it. Let us know the complete method of filing ITR. It is very important for all salaried employees to file Income Tax Return (ITR). If there is any mistake or irregularity in it, you may be fined and legal action is also taken against you. The deadline to file ITR is July 31, which is very near.

In such a situation, if you are a salaried employee, then you should collect all the necessary documents, forms and other information to file ITR. With this you will be able to file ITR without any hassle.

Also Read: SEBI changed the rules of M-Cap, will be implemented from 31 December 2024

Start ITR from here

You should ensure that your Aadhaar is linked to your PAN card before filing ITR. You should also check the bank account in which you want the refund. If it is not validated, your refund may get stuck.

It is important to choose the right ITR form

It is important to choose the correct ITR form before filing the return. If you select the wrong form, the return will also be considered incorrect. Then you have to file revised ITR using the correct form. You can avoid this hassle by choosing the right form. If you are a salaried taxpayer then you have to file ITR-1.

What is ITR-1 form?

If your income is less than Rs 50 lakh during a financial year, you will have to fill ITR-1 form. This income should come from sources like salary, family pension and agricultural income (up to Rs 5,000).

Who cannot file ITR-1?

If you are not an Indian citizen, you cannot file ITR-1. Apart from this, there are some other conditions which may prevent you from filing ITR-1.

• Your total annual income should be more than Rs 50 lakh.
• You may also earn money from lottery, horse racing, legal betting.
• Capital gains come under the purview of capital gains tax.
• You have invested in unlisted equity shares.

These documents are necessary

You should download the Annual Information Details (AIS). In this, you will get all your previous tax details. Form 16 and other important documents should be kept with you. Although investment or TDS proof is not required to be submitted with the return. But, you should keep these documents with you so that you can show them to the authorities in case of assessment or inquiry.

Keep these things in mind

Download AIS and Form 26AS. If any error or mismatch is found in it, correct it immediately. One should avoid filling ITR form in haste. Whenever you fill the form, cross check it. With this, you will be able to correct any errors in time and your refund will not get stuck.

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If there is any mistake in that statement, please give your feedback to the Income Tax Department so that the department can correct that mistake. Currently, AIS does not have the facility to provide real time feedback.

For the first time, this facility has been started by the Income Tax Department. AIS contains complete details of all financial transactions made during the year on which tax can be collected.

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

AIS can be seen on the e-filing portal

Your AIS can be viewed by visiting the e-filing portal related to ITR. Now you will also be able to give real time feedback on the details shown in AIS. That feedback will immediately go to the source from where the Income Tax Department has taken that information. Then the income tax payer will also get information about the response given by that source.

If there is a need to change the information, the AIS will be amended. Tax experts said that a working person invests and buys in many places like mutual funds, stock market, LIC etc. Mediums like mutual fund companies, stock markets provide information about our purchases and sales to the Income Tax Department. But there can be a mistake in this also.

Suppose a person sold shares worth Rs 60,000, but in the AIS it is showing that he has sold shares worth Rs 1 lakh. On this information, he will give his feedback which will go to the share company and if that company gives the feedback that yes, the person has sold shares worth Rs 60,000 and not Rs 1 lakh, then the Income Tax Department will amend the AIS. . If it rejects this feedback there will be no change in AIS.

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Chartered Accountant (CA) and tax expert M.K. Gupta said that its advantage will be that people will be able to fill correct ITR. Presently, even if there is wrong information in AIS, people consider it to be correct and pay tax. This facility will increase transparency and make compliance easier. After giving feedback on AIS details, the income taxpayer will get the information till the date of feedback given at the source.

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

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

Do not make these 10 mistakes while filing ITR-

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

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

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

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

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

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

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

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

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

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

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The time has come to file Income Tax Return (ITR Filing 2024). Many taxpayers want to change the tax regime while filing returns. Let us tell you that if you have not selected the tax regime, then the automatic new tax regime will be selected or will have been done.

Can taxpayers who want to change the tax regime do so now? Come, let us know the answer to this question.

default tax regime
In Budget 2023, Finance Minister Nirmala Sitharaman had made changes in the Income Tax slab. He had announced the new tax regime. In this, Rs 3 lakh annual income is tax free and the tax has been rebooted to Rs 5 lakh. Let us tell you that the new tax regime is the default regime.

If the taxpayer has not yet selected the tax regime, then tax will be paid under the automatic new tax regime. Apart from this, the company will also deduct TDS under the new tax regime.

How To Switch Tax Regime?
The Central Board of Direct Taxes (CBDT) has not yet given any information regarding whether the tax regime can be changed. This clearly means that whether the tax regime can be changed or not is not yet clear.

However, regarding this, tax experts say that the company gives the option to the taxpayer to settle the tax. If the company does not give this option to the taxpayer then there is no remedy for it.

At the same time, many experts say that the taxpayer can select the tax regime when he files ITR. That is, while filing returns, taxpayers can choose the regime as per their choice.

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Let us tell you that if you have not selected the tax regime, then automatically the new tax regime will be selected.

Taxpayers who want to change the tax regime can do so now? Come, let us know the answer to this question.

Default tax regime

In Budget 2023, Finance Minister Nirmala Sitharaman had made changes in the Income Tax slab. He had announced the new tax regime. In this, Rs 3 lakh annual income is tax free and the tax has been rebooted to Rs 5 lakh. Let us tell you that the tax regime is the default regime.

Also Read: Income Tax Saving Tips: You will not have to pay even a single rupee tax on income up to Rs 10 lakh, know how to save

If the taxpayer has not yet selected the tax regime, then tax will be paid under the automatic new tax regime. Apart from this, the company will also deduct TDS under the new tax regime.

How To Switch Tax Regime?

The Central Board of Direct Taxes (CBDT) has not yet given any information regarding whether the tax regime can be changed. This clearly means that whether the tax regime can be changed or not is not yet clear.

However, regarding this, tax experts say that the company gives the option to the taxpayer to settle the tax. If the company does not give this option to the taxpayer then there is no remedy for it.

At the same time, many experts say that the taxpayer can select the tax regime when he files ITR. That is, while filing returns, taxpayers can choose the regime as per their choice.

The post Tax Regime Change: Can I change New Tax Regime to Old Regime? Know everything here first appeared on Rightsofemployees.com.

Ultimately, you have to pay income tax and any delay strategy will not work. In fact, those who do so are subject to punishment and nowadays the punishments are heavy and getting worse. And when things start going bad, it’s hard to try to make a U-turn. So, the sooner you adjust to all the aspects involved, the better off you will be. To help you deal with all this, we explain many things here including what is Form 16, its parts, when is the issue date and much more. Check it out now.

Before we move ahead, the most important thing – salaried individuals can file income tax returns for FY 2023-24 from June, but only after receiving Form 16, reports Live Mint. The last date for filing Income Tax Return (ITR) is 31 July 2024.

What is Form 16?
Form 16 is a certificate given as per the Income Tax Act. This shows how much money someone made from their job and how much tax their employer took from their salary. This ensures that the employer remits the correct amount of tax to the Income Tax Department. Not doing so is a very serious matter.

In simple words, Form 16 is like a report card for your income and taxes for a specific year (usually from April to March) and it serves as proof of TDS deducted by the employer. It is divided into two parts – 16A and 16B.

These all include information such as:

*PAN (Permanent Account Number) of the employee

*Employer’s TAN (Tax Deduction and Collection Account Number)

* salary income

* Deductions under various sections of the Income Tax Act

* Tax Deducted at Source (TDS).

*Challan Identification Number in case of payment through bank

What is the release date of Form 16?
Employers usually give Form 16 to their employees on or before June 15.

What is Form 16A?
What does Form 16A mean, what does it mean or what does it include? Part-A of Form 16 contains information about TDS deducted from your salary every quarter.

What is Form 16B?
Part B of Form 16 is like an additional part added to Part A. It shows things like how your salary is divided, any deductions you can claim on your taxes, how much tax you’ve already paid, how much tax you still owe, and any other extras from your salary. Money you have earned. Employers create this part of the form for their employees.

Why should you check your Form 16 thoroughly?

It is important to check your Form 16 if TDS (Tax Deducted at Source) is applicable on your income. Here’s a step-by-step guide on how to check your Form 16:

First of all, once you receive Form 16 from your employer, carefully review all the information provided to ensure its accuracy. It contains confirmation details like your income earned and TDS deducted.

It is important to carefully double-check every detail on Form 16, such as your income figures and the amount of tax deducted.

If you find any inaccuracies or discrepancies in your Form 16, it is advised to contact the HR of your organization as soon as possible. Notify them of errors and request them to make necessary corrections.

Thereafter, the employer will take steps to rectify the errors by submitting a fresh TDS return with the correct information linked to the appropriate PAN (Permanent Account Number). Once the revised TDS return is processed, the company will issue a revised Form 16 to the employee.

Form 16 holds vital importance for various reasons:

• Firstly, it serves as concrete evidence of the income earned by an employee throughout the financial year, offering a clear record of their earnings.
• Secondly, Form 16 serves as proof of Tax Deducted at Source (TDS) by the employer on behalf of the employee. This is important to ensure compliance with tax regulations and obligations.
• Additionally, Form 16 contains comprehensive details required for filing Income Tax Return (ITR) accurately. It contains important information like salary income, eligible deductions and amount of TDS deducted, facilitating a smooth and accurate tax filing process.
• Moreover, for salaried employees, Form 16 plays an important role in claiming tax refund. By providing detailed information about their income and taxes deducted, it enables employees to accurately assess their tax liabilities and claim any refunds owed to them.

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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.

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The post Income Tax Return Filing: Should you file income tax return now or wait till July 31? first appeared on Rightsofemployees.com.

The Income Tax Department has made income tax return forms ITR-1, ITR-2, ITR-3 and ITR-4 available for the financial year 2023-24 (AY 2024-25) on the e-filing portal from April 1, 2024. Now taxpayers can file income tax returns by choosing forms ITR1-4 on the portal.

The last date for filing income tax returns for the financial year 2023-24 is 31 July 2024. This means that income tax returns can be filed without any fees till July 31. Let us know what is ITR-1, ITR-2, ITR-3 and ITR-4 and who can fill it?

What is ITR1, ITR2, ITR3 and ITR4?

The Income Tax Department presents tax return forms according to the income. Accordingly, a taxpayer has to fill ITR. There are 7 types of ITR, which include ITR1, ITR2, ITR3 and ITR4. Here we are telling you which form you should fill.

Who should fill ITR1 form-

ITR 1 or Sahaj form should be filled by those people whose annual income is less than Rs 50 lakh. This earning can be from salary, pension or other sources. Those earning income from house or property can also fill this form. A farmer earning Rs 5000 can also fill this form.

People earning more than 1 house property, making capital gains, investing in business or unlisted companies, a businessman, HNI investors and a director of a company are not eligible to fill this form.

Who can fill ITR2 form?

If the annual earning limit is more than Rs 50 lakh then ITR 2 can be filed. Apart from this, short term, capital gains, those earning from more than one house property, those earning more than Rs 5000 from farming, income from horse riding betting, income from lottery or legal gambling, those investing in any company or any other The director of the company can fill this form.

ITR3 Form –

This form can be filled by a person or HUF who is earning from his business or profession. Income from ITR 2 is also included in this. Apart from this, those earning from shares of unlisted companies should also fill this form. Also, if there is income from salary, house property, capital gains, horse racing, lottery etc. then ITR Form-3 can be filled.

ITR4 Form –

This form is for individuals and HUFs whose annual income is Rs 50 lakh or more, then ITR 4 form should be filled. This form has to be filled if the income is under section 44AD and 44AE of Income Tax. Those earning from salary, pension or other sources can fill ITR 4.

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Income Tax Return: The process of filing income tax returns for the financial year 2023-24 and assessment year 2024-25 has started from April 1, 2014. And in the last four days, 23,000 income tax returns have been filed. The Income Tax Department said that forms related to submission of income tax returns for the financial year 2023-24 have been made available on the e-filing portal and about 23,000 returns have been filed in the last four days.

For the first time in recent years, the Income Tax Department has enabled the portal by implementing the provision for taxpayers to file their income tax returns from the first day of the new financial year. This is a step taken towards ease of tax compliance and uninterrupted taxpayer services.

ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) cater to the needs of a large number of small and medium taxpayers. Whereas ITR-2 is filed by people having income from residential property. CBDT said in a statement that it has given the facility to taxpayers to file their ITR for assessment year 2024-25 (for financial year 2023-24) from April 1, 2024.

CBDT said, commonly used forms ITR-1, ITR-2 and ITR-4 are available on the e-filing portal for taxpayers to file their returns from April 1, 2024. CBDT said that companies can also file their ITR through ITR-6 from April 1. Taxpayers with income up to Rs 50 lakh can file ITR through Sahaj form. This income can be salary, a house property, other sources of income like interest (and agricultural income up to Rs 5,000.

The Sugam form can be filed by individuals, Hindu undivided families and firms (except LLP) whose total income from business and profession is up to Rs 50 lakh. CBDT had already notified the ITR form. CBDT said that the facility to file ITR 3, 5 and 7 forms will also be made available to the taxpayers soon.

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This financial year is going to end in a few days, along with which many deadlines are also coming to an end. This time of the financial year becomes important from the income tax point of view. One of the deadlines which is ending with the financial year on 31st March is the deadline for filing ITR-U i.e. updated income tax return.

What is updated income tax return?

The Income Tax Department gives taxpayers an opportunity to correct their mistakes. For this purpose, provision of ITR-U has been made. If you have given any wrong information in the old income tax return or have forgotten to show any income, then you can correct it by filing an updated return. Even if you have not filed a return earlier, you can still file a new return through updated return.

ITR-U is available for 2 years

The last date for filing updated returns is 31 March. Using the updated return, taxpayers can revise the return up to 2 years from the relevant assessment year. That is, the deadline ending on March 31, 2024, is to file updated income tax return for the financial year 2020-21 or assessment year 2021-22.

Fine may be up to 200%

The facility to file updated income tax returns has started from 1 April 2022. This is a great opportunity for those taxpayers who have missed any information in the old ITR or who have not been able to file the return even after being required to file it as per the income tax rules. The consequences of missing this last chance can be very heavy, because if caught by the Income Tax Department, a penalty of up to 200 percent of the payable tax will be imposed.

I have to pay so much more

Taxpayers also have to pay handsomely for filing updated returns. Additional tax equal to 25 per cent of the tax liability and interest has to be paid by filing updated returns within 12 months of the end of the relevant assessment year. Whereas if updated return is filed after 12 months and before 2 years, 50 percent additional tax has to be paid. Taxpayers filing updated returns for FY 2020-21 or Assessment Year 2021-22 can rectify the mistake or file a new ITR after paying 50% extra tax by March 31, 2024.

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Now only a few days are left in the financial year 2023-24. The new financial year will start from April. The new financial year will start from next month, in this respect the month of March is very important. It is important to settle many financial matters this month. If these works are not done in the remaining days of March, there may be losses in future.

Today we will tell you about those financial tasks whose deadline is 31 March 2024.

Tax saving information

Those taxpayers who have selected Old Tax Regime and want to save tax, then they have the last chance to invest in Tax Saving Plan. He can avail tax benefits by investing in any tax saving plan till March 31, 2024.

Under Section 80C of the Income Tax Act 1961, many schemes provide tax benefits of up to Rs 1.5 lakh. There are many tax saving plans like Provident Fund (PPF), Equity-Linked Saving Scheme (ELSS) and Term Deposit (FD), by investing in which taxpayers can save tax.

Updated ITR filing

This is the last chance for the taxpayer to file an updated income tax return (deadline to file an updated income tax return for FY21). The taxpayer should complete this work before March 31, 2024.

If taxpayers have missed filing the return or have not given any information about income, then they have the last chance.

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Income Tax Return: Central Board of Direct Taxes (CBDT) has issued new forms for income tax return. For this, CBDT has also issued a notification in the e-Gazette. ITR-2 form will have to be filled by those people who have received capital gains income and could not fill ITR-1 form. Apart from this, ITR-3 form will have to be filled by those who have income from business or profession.

The last date for filling both these forms has been fixed as July 31, 2024. If the taxpayer has to undergo income tax audit and has earned income from business, then the last date for filing ITR will be October 31, 2024.

ITR Form-2 will be for these people

According to the Income Tax Department website, individuals or Hindu Undivided Families (HUF) who have not filed ITR-1 form will have to file ITR-2. Individuals or HUFs who do not have income from profits and gains of business or profession. Also, they should have received any benefit and income from any partnership firm in the name of interest, salary, bonus or commission. Also, if the income of any other person like spouse, minor child etc. is added with their income, then such people will have to fill ITR-2.

Some new rules have been added

According to the new rules, details of Legal Entity Identifier (LEI) will have to be given to fill ITR-2 form. LEI is a 20 digit unique code. It can identify you in the global financial system. Besides, complete details of donations given to any political party and details of expenditure incurred on medical treatment of a disabled person will also have to be shown in the audit. After this, the individual or HUF can also verify the ITR with EVC to get the tax audit done.

These documents will be needed

According to the Income Tax Department website, employed people will need Form 16A to fill ITR-2. If he has paid TDS on the interest received on FD or savings account, then his certificate will have to be given. Apart from this, Form 26AS will also have to be given. Profit/loss statement on capital gains from rent receipts, shares or securities will also be required. Also, details of rent received from the property and related documents in case of loss will have to be submitted.

They will have to fill ITR Form-3

According to the website, if an individual or HUF has income from business or profession and is not eligible to fill ITR-1, 2 and 4 forms, then he will have to fill ITR-3 form.

The post Income Tax Return : CBDT has issued ITR-2 and ITR-3 forms, know who will have to fill these forms. first appeared on Rightsofemployees.com.

But after taking out some time for celebration, it is also important for you to know that 31st December is also the deadline for many works. If you do not complete the work on the deadline, you may have to suffer huge losses. So only 2 days are left for the missed ones. Because it is Sunday 31st December. Therefore you cannot do any bank related work.

If your income tax return for FY 2002-23 is pending or you have detected any discrepancy in your original ITR, you should file or amend the return before December 31. Now the deadline for late filing of return or amendment in it has been reduced to 31st December of the relevant assessment year. Penalties may be imposed for not adhering to the deadline. Apart from this, other action can also be taken by the Income Tax Department. Therefore, to file your income tax return, log in to the income tax portal and do not forget to e-verify it.
Locker agreement

According to the Reserve Bank of India, the deadline for signing the new locker agreement is ending on 31 December 2023. If you have not yet signed your locker agreement, you have only 2 days time. Because it is Sunday 31st December. Therefore, it is important for you to get the locker agreement done within these two days. Otherwise your locker may freeze. This means that your agreement with the bank may become invalid. Therefore, immediately go to the concerned bank and complete the necessary documentation by filling the agreement form.

If return is already filed, do not forget e-verification

If you have filed your return before December 1, 2023, but have not yet verified it, then complete this process before December 31. This process can be done through Aadhaar OTP or speed post. If you do not verify your return within 30 days, the date of verification is considered the date of filing ITR. Therefore, if you have filed your return before July 31, but you do not verify it before December 31, 2023, then this return will not be considered valid and the Income Tax Department may impose penalty on you.

Inactive UPI ID will be frozen

If you have a UPI ID and have not done any transaction in the last year, the bank will deactivate it. NPCI has issued a circular directing banks and third party apps (eg Paytm, Google Pay etc.) to freeze inactive UPI IDs, so that incidents like fraud and wrong transfer of funds can be prevented. If you want to keep your UPI ID active, then do not forget to do some transactions with this ID.

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The most important thing in this is filing delayed income tax returns. Apart from this, it is necessary to add nominee in Demat and mutual fund account, restart the closed UPI ID and sign new agreement of bank locker, because the last date for these works is 31st December. In such a situation, you can avoid losses by completing these tasks before 31st December.

If income tax is not paid along with fine, action will be taken

The most important thing is to file income tax return because, the last date for filing delayed income tax return (ITR) with penalty for the financial year 2022-23 is December 31, 2023. Under Section 234 F of the Income Tax Act, action will be taken against the person who does not file the return before the due date.

Those filing ITR late will be fined Rs 5,000. However, those whose total income is less than Rs 5 lakh will have to pay a fine of Rs 1000 only. But after December 31, they will also have to pay a fine of Rs 5,000.

Because of this the locker will freeze

The second most important task is to sign the bank locker contract. According to the Reserve Bank of India, the deadline for signing the revised bank locker agreement has been extended till December 31, 2023. In such a situation, if a bank customer fails to sign the bank locker agreement, his locker will be frozen.

RBI has made the renewal process for bank locker contracts mandatory with a last date. Account holders who had submitted the bank locker contract on or before December 31, 2022, will have to sign a revised contract and submit it to their respective bank branch.

Rules for buying a new SIM card will change

The rules for purchasing a new SIM card will also change from January 1, 2024. According to the Department of Telecommunications, customers will now have to submit KYC through paper based process. Only telecom companies will do e-KYC. However, the rest of the rules for taking new mobile connections will remain the same. No changes of any kind have been made in it. Till 31st December, SIM cards will be available only through documents.

Mandatory to add nominee’s name in demat accounts

SEBI has made it mandatory for all demat account holders to file nomination by January 1, 2024. If account holders fail, they will not be able to transact in shares. The deadline to do so was earlier September 30, which was extended by three months.

Last chance to activate UPI ID

National Payments Corporation has asked payment apps (Google Pay, Paytm, Phone Pay) etc. to close those UPI IDs which are not active for one year. Customers paying through UPI have till December 31 to activate their ID.

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What is discard return?

When you file your Income Tax Return (ITR), there are several steps. Under the discard return facility provided by the Income Tax Department, you can discard the income tax return already filed by you. In simple language, this means that that return will be completely removed from the records of the Income Tax Department. To use discard return, the taxpayer will have to go to the website of the Income Tax Department. That means you can remove it before filing ITR.

When will discard returns be used?

Any taxpayer can use the discard return option only if that taxpayer has not verified his ITR. This simply means that before verifying the ITR, you can remove it from the records of the Income Tax Department. The date of discarding the return should be within one year from the end of the financial year. Also, the return can be discarded only by the person who has filed it first. Let us tell you that after discarding the return, no changes can be made, you will have to file it afresh.

Benefits of discard returns

You can correct any mistakes before verifying the return. If you have made any mistake in your income tax return, you can correct it without paying any penalty through ‘Discard Return’. This facility is helpful to taxpayers in correcting or withdrawing income tax returns. Earlier, there was no system for withdrawing the ITR filed with the taxpayers. If there was a mistake in the ITR, a revised return had to be filed.

Discard return process

To make a discard return, users will have to file the following process.

> First of all go to the Income Tax Department website www.incometax.gov.in.
> Now login using your user ID and password.
> After this go to e-File option and select Income Tax Return.
> Now click on e-Verify ITR and select ‘Discard’ option.

Till now this was the process

Before ‘Discard Return’, you were required to file the old return in case of any mistake or change. In this, if you came to know about any discrepancy after filing the return, then you had to file a revised return. But now you can make changes in it without revising.

The post Taxpayers New Service: What is discard return, how to use it ? first appeared on Rightsofemployees.com.

Keeping more than one bank savings account can lead to monetary loss which people do not pay attention to. If the earning person is a salaried person, it is better to have a single savings bank account than having multiple savings accounts. According to tax and investment experts, maintaining a bank account is easy and when you are filing your income tax return, your work becomes easier as most of your banking details are available in a single bank account.

However, apart from convenience, you will also get some monetary benefits if you have a single savings bank account. Like you can save bank service charges levied on debit card AMC, SMS service charges, minimum balance etc.

These 5 big losses can occur if you keep too many accounts-

Can be a victim of fraud-

Having more than one bank savings account means the account is likely to become inactive, with the highest possibility of fraud. This happens when a salaried person changes job from one organization to another, leaving the salary account there. In such a case, the salary account becomes inactive and as said earlier, such accounts are most prone to fraud.

Threat to CIBIL rating-

Having more than one savings account can make it difficult to maintain the appropriate minimum balance for your bank account. In such a case, even a single mistake resulting in penalty will directly impact your CIBIL rating.

Service charge will increase-

Having a bank account comes with various service charges like SMS alert service charges, debit card AMS, etc. If you have a single bank savings account, you have to pay once, while in case of more than one bank the fee payment is doubled.

Threat to your investment-

It is also necessary to maintain a minimum balance to keep a bank savings account. If you have multiple banks then there is a possibility of a large amount of money getting stuck in your savings bank account.

These days, private banks are asking for a minimum balance of Rs 20,000 and if you have three such bank accounts in three different banks, your Rs 40,000 will be lost in maintaining the minimum balance in the two additional bank savings accounts.

This additional Rs 40,000 can be used for investment purpose and a return of 8 percent can be obtained on it as debt funds attract at least 8 percent in short-term investments. At the same time, in bank savings deposits, interest will be 4 to 5 percent, which is almost half of the amount earned through investment in debt funds.

Income tax fraud-

Bank savings account interest up to Rs 10,000 is tax exempt and hence TDS deducted. So, unless you are getting interest of Rs 10,000 in your bank savings account, your bank will not deduct TDS, but due to the number of bank savings accounts being multiple, it may happen that your bank does not deduct TDS from your single bank account. Due to which TDS has not been deducted.

Rs 10,000 does not earn interest in a financial year, but after adding the entire interest in all your savings accounts, it may cross Rs 10,000, making you liable for TDS deduction. In such a situation, you will have to give this information to the Income Tax Department during ITR filing. Failure to do so will result in income tax fraud, which has happened unknowingly.

The post Multiple Bank Accounts: Alert for holders of multiple bank accounts, know 5 big disadvantages first appeared on Rightsofemployees.com.

In such a situation, it is very important to have PAN card. Due to using PAN card for a long time, it gets torn many times. In this way you can easily get another PAN card. For this you will have to follow some easy steps. After this the card will be delivered at home. You will also have to pay a fee for this.

How much fee will have to be paid?

Many times local shops demand Rs 100 to Rs 200 for getting a second PAN card printed, but by visiting the official website of NSDL you can get the PAN card reprinted by paying only Rs 50. If you also want to get a new PAN card, then we are telling you how to get it.

How to get duplicate PAN card-

1. For this you should go to Google and search Reprint Pan Card.
2. After this you will see the option of Reprint Pan Card on the official website of NSDL. Click on it.
3. After this you go here and enter PAN card details like PAN card number, Aadhaar number, date of birth and captcha code.
4. After this you have to accept the terms and conditions and submit it.
5. After this, a page will open in front of you on which all the information related to your PAN will be recorded. Cross verify it.
6. After this you click on Request OTP.
7. Then OTP will come on your registered mobile number, enter it here.
8. After this it will have to be validated.
9. After this you will have to pay a fee of Rs 50 to get the PAN card.
10. You can use net banking or UPI to pay the fee.
11. After payment, your duplicate PAN card will be delivered within 7 days.

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People have to file income tax returns according to those tax slabs. Now, giving an important update regarding income tax return, a special data has also been shared by the government. Let us know about it…

Income tax return

The Income Tax Department said that a record 7.85 crore Income Tax Returns (ITR) have been filed till October 31 for the assessment year 2023-24. The department said that the total number of income tax returns filed in 2023-24 till October 31, 2023 is 7.85 crore, which is the highest so far. Whereas the total number of ITRs filed in 2022-23 was 7.78 crore. In such a situation, more ITRs have been filed in this assessment year as compared to the previous assessment year.

For those taxpayers (not having any international or specified domestic transactions) in whose case audit of accounts was required, the due date for filing ITR (other than ITR 7) was 31 October. “The total number of ITRs filed till October 31, 2023 for assessment year 2023-24 is more than 7.65 crore, which is more than 7.65 crore for assessment year 2022-23 till November 7, 2023,” the Central Board of Direct Taxes (CBDT) said in the statement. This is 11.7 percent more than the 6.85 crore ITRs filed by 2022. Last year, November 7, 2022 was the due date for filing such ITR.”

So many ITRs have been verified

Out of 7.65 crore ITRs filed for assessment year 2023-24, more than 7.51 crore ITRs have already been verified. Of these verified ITRs, 7.19 crore have already been processed till October 31, 2023. In this way, approximately 96 percent of verified ITRs have been processed.

The post Taxpayers Alert! New update from government for income tax payers, check details instantly first appeared on Rightsofemployees.com.

Deadline for filing audit report extended by one month

The Central Board of Indirect Taxes (CBDT) on September 18 announced extension of the deadline for filing audit reports for trusts, educational institutions and hospitals for the financial year 2022-23 to October 30 from the earlier September 30. CBDT said in its circular that the due date for submission of audit report in Form 10B/Form 10BB for the financial year 2022-23, which is 30 September 2023, has now been extended to 31 October 2023.

Trusts and institutions got relief

Form 10B pertains to charitable institutions and religious trusts operating under section 12AB of the Income Tax Act, while Form 10BB is required to be filled by educational institutions and medical institutions operating under section 10(23C) of the law.

Last date for submitting ITR-7 extended till 30th November

CBDT has also extended the due date for filing return of income in Form ITR-7 for assessment year 2023-24 from 30 October to 30 November 2023. Let us tell you that ITR-7 form is filled by charitable and religious trusts, political parties, scientific research institutions, universities, colleges or other institutions.

Nearly 7 crore taxpayers have filed ITR

According to the Income Tax Department, till September, about 6.98 crore taxpayers have filed ITR. Out of these, refund has also been issued to about 3 crore taxpayers. Taxpayers who have not been able to file ITR by July 31 have been given the opportunity to file belated ITR till December.

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Out of these, more than six crore have been processed. CBDT, the apex body related to income tax and corporate tax, said in a statement that in the case of some income tax returns (ITR), the department is not able to process them due to non-provision of some information by the taxpayer or not taking necessary steps. .

14 lakh returns not yet verified

According to CBDT, out of the total ITR filed for the financial year 2022-23, about 14 lakh returns have not yet been verified by the taxpayers. Apart from this, the department has sought additional information related to income from 12 lakh taxpayers. In this regard, they have been informed about the e-filing accounts. Some ITR filers have not verified their bank accounts.

6.98 crore ITRs were deposited,

CBDT said, ‘A total of 6.98 crore ITRs have been deposited till September 5 in the tax assessment year 2023-24. Of these, 6.84 crore returns have been verified. More than six crore ITRs i.e. 88 percent of the total verified returns have been processed. The Income Tax Department has issued refunds to more than 2.45 crore return depositors. After submitting the income tax return, its verification is necessary. Only after this the Income Tax Department processes that return.

The processing time for ITR was 82 days in AY 2019-20 and 16 days in AY 2022-23. This time has been reduced to 10 days for the assessment year 2023-24. CBDT said, ‘The Income Tax Department is ready to process ITR in a quick and efficient manner.’ Regarding the 14 lakh returns that have not yet been verified, the CBDT said that non-verification of returns delays processing. Taxpayers were also told to complete the verification process immediately.

The post Income Tax Return: Big update on ITR filers, CBDT released information about your work first appeared on Rightsofemployees.com.

The Income Tax Department has urged taxpayers not to delay and complete the e-filing process at the earliest. Through a tweet, the Income Tax Department has said that ‘in case of failure to do so, late fee may be imposed on taxpayers as per the provisions of 1961.

That’s why it is necessary to do e-verify

Explain that for the ITR to be considered valid, it must be e-verified. The Income Tax Department has made it mandatory for taxpayers to e-verify their returns within 30 days. On the other hand, the Income Tax Department is planning to further reduce the time limit for getting tax refund. According to a report in Business Standard, the tax department is considering reducing it to 10 days from the current 16 days. The new timeline is expected to be implemented during the current financial year, the report said.

Dear Taxpayers,

Complete the e-filing process today!

Please find below the modes of e-verification of return.
Remember to verify your ITR within 30 days of filing. Delayed verification may lead to levy of late fee in accordance with provisions of the Income-tax Act, 1961.… pic.twitter.com/bu7jrXLFNH

— Income Tax India (@IncomeTaxIndia) August 26, 2023

This is how to e-verify ITR

1. First of all go to the e-filing portal of the Income Tax Department. Click on ‘e-Verify Return’ here.
2. After this you have to enter your PAN number, year of e-verification and acknowledgment number.
3. Now you go to “My Account” and click on “e-Verify Return”.
4. Here a new page will open which will show that your verification is pending.
5. Please tell that the process of verification through Aadhaar OTP is very easy. One can use the OTP received on the mobile number registered and mapped with Aadhaar to verify and e-verify the return.

The post ITR e-Verification: E-verify ITR quickly, otherwise you will be fined, follow these simple steps first appeared on Rightsofemployees.com.

The government’s mandate for income tax audit among businessmen and professionals crossing specific income limits shows commitment to financial transparency and accountability. This remedy serves multidimensional purposes.

Income Tax

First, it ensures the accuracy of financial records and ITRs, aligning reported income and expenses with actual financial activities. Second, such audits act as a deterrent against tax evasion, discouraging entities from misrepresenting income or inflating expenses to reduce tax obligations.

Tax audit report

To get the tax audit report, the accounts should be audited. Under the Income Tax Act, it is mandatory for certain categories of businessmen and professionals to get their income tax audit done through a chartered accountant. The last date for income tax audit for the financial year 2022-23 (AY 2023-24) is September 30, 2023. At the same time, the last date for filing ITR with audit report is 31 October 2023. In such a situation, this time for the earnings of the financial year 2022-23, the audit report should be obtained on or before 30 September.

This is the last date

If a person is required to get tax audited in the financial year 2022-23 due to business or professional income above the audit requirement limit, he should get audited by September 30, 2023 and upload the same report. Who is required to submit the audit report. The due date for filing ITR for those taxpayers is 31 October 2023. This due date is applicable to those taxpayers who are required to get their accounts audited as per section 44AB.

The post Income Tax Return: Big information related to income tax, you can do this work till 30 September first appeared on Rightsofemployees.com.

However, apart from convenience, there are some monetary benefits that you will get if you have only one savings bank account. Like you can save on bank service charges levied on debit card AMC, SMS service charges, minimum balance etc.

These 5 major disadvantages can be caused by keeping more accounts

Can be a victim of fraud

Having more than one bank savings account means the account is likely to be inoperative, with the highest probability of fraud. This happens when a salaried individual changes job from one organization to another leaving behind the salary account. In such a case, the salary account becomes inoperative and as stated earlier, such accounts are most prone to fraud.

Threat to CIBIL Rating

Having more than one savings account can make it difficult for you to maintain the proper minimum balance in your bank account. In such a case, even a single mistake leading to a penalty will directly impact your CIBIL rating.

Service charge will increase

Having a bank account comes with various service charges like SMS Alert Service Charges, Debit Card AMS, etc. If you have a single bank savings account, you will have to make a one-time payment, while the fee payment doubles in case of multiple banks.

Risk to your investment

It is also necessary to maintain a minimum balance for having a bank savings account. If you have multiple banks then there is a possibility of getting a huge amount stuck in your savings bank account.

These days, private banks are asking for a minimum balance of Rs 20,000 and if you have three such bank accounts in three different banks, maintaining a minimum balance in two additional bank savings accounts will sink your Rs 40,000.

The post Multiple Bank Accounts Holders: New updates to people having Multiple Bank Accounts, see otherwise there will be loss first appeared on Rightsofemployees.com.

Crores of people have filed Income Tax Return (ITR) and now people are waiting for Income Tax refund. But is there any delay in getting the tax refund? If you want to get refund how long will it take? But first check whether you have e-verified your ITR or not. If you do not e-verify your ITR, the filing process is considered incomplete and your ITR becomes invalid. In such a situation, first of all verify your income tax return.

Income tax refund

You will get the refund once your ITR is processed. The refund does not come immediately, but will be issued to you through the Income Tax Department after verifying the details of tax already paid with the information available with it. As per the press release of the Income Tax Department, 61% e-verified returns have already been processed. Which means that intimation of processing, refund or adjustment as applicable will have been sent and refund if any is usually credited. This work is done between 10 days to 2 weeks after processing.

Income Tax Return

Normally it takes 20-45 days for the refund to reach you after you have filed and verified your ITR. However, in this financial year 2022-23, the tax department has expedited the processing of Income Tax Return (ITR) by using advanced technology. As a result, the average processing time has come down impressively to just 16 days. On the other hand, if your income tax refund is to come, then you can regularly check the status of your income tax refund and keep the process of checking it in your mind.

Check Income Tax Refund Status Online

– Visit the Income Tax India website.
Log in using your User ID (PAN Number), Password and Captcha Code.
Go to ‘Return / View Form’.
Click on ‘Choose an option’ and then click on ‘Income Tax Return’ from the drop-down menu.
Fill the assessment year and then submit.
Click on the relevant ITR acknowledgment number to check the status of your ITR refund.

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The deadline (31 July 2023) for filing Income Tax Return (ITR) has passed and the government has not given any extension. At the same time, till July 31, people had to disclose their earnings for the financial year 2022-23. More than 6 crore ITRs were filed this time till 31 July. However, many people have not even been able to file their income tax returns by the due date of 31 July 2023. In such a situation, now a good news has come for those people.

Income tax return

If you are a person who has to pay tax but has not been able to file the return by the due date, then you do not need to panic as it is still possible to pay tax till 31 December 2023. This is called late filing of income tax return. Belated returns can be filed anytime after 31st July but before 31st December. However, for this people also have to pay late fees.

What is the fee to be paid for late return filing?

The penalty for late income tax return depends on which salary slab you fall under. A person whose net income is more than Rs 5 lakh can file tax by paying Rs 5000 as late fee. On the other hand, people whose salary is less than Rs 5 lakh will have to pay a late fee of Rs 1000.

Last Date

According to the amendment in the Finance Act 2021, from the assessment year 2021-22, taxpayers can submit belated returns three months before the end of the relevant assessment year or before the completion of assessment, whichever is earlier. For assessment year 2023-24, if the Income Tax Officer does not complete the assessment himself, the last date for filing belated returns is on or before 31 December 2023.

Interest

Another disadvantage of late filing is that when ITR is filed before the due date, taxpayers get interest at the rate of 0.5% per month on the refund amount from April 1 till the date of refund. However, in case of belated returns, this interest will be calculated from the date of filing of ITR till the date of refund.

The post ITR Filing Date: Big Update! ITR can be filled till this date, check details first appeared on Rightsofemployees.com.

However, apart from convenience, there are some monetary benefits that you will get if you have only one savings bank account. Like you can save on bank service charges levied on debit card AMC, SMS service charges, minimum balance etc.

These 5 major disadvantages can be caused by keeping more accounts

Can be a victim of fraud

Having more than one bank savings account means the account is likely to be inoperative, with the highest probability of fraud. This happens when a salaried individual changes job from one organization to another leaving behind the salary account. In such a case, the salary account becomes inoperative and as stated earlier, such accounts are most prone to fraud.

Threat to CIBIL Rating

Having more than one savings account can make it difficult for you to maintain the proper minimum balance in your bank account. In such a case, even a single mistake leading to a penalty will directly impact your CIBIL rating.

Service charge will increase

Having a bank account comes with various service charges like SMS Alert Service Charges, Debit Card AMS, etc. If you have a single bank savings account, you will have to make a one-time payment, while the fee payment doubles in case of multiple banks.

Risk to your investment

It is also necessary to maintain a minimum balance for having a bank savings account. If you have multiple banks then there is a possibility of getting a huge amount stuck in your savings bank account.

These days, private banks are asking for a minimum balance of Rs 20,000 and if you have three such bank accounts in three different banks, maintaining a minimum balance in two additional bank savings accounts will sink your Rs 40,000.

The post Multiple Bank Accounts: New updates to people having Multiple Bank Accounts, see otherwise there will be loss first appeared on Rightsofemployees.com.

The Income Tax Department gives taxpayers the option to file their ITR even after the deadline, just for this they have to pay a penalty according to their income. Here we are giving you all the information regarding belated ITR.

What is Belated ITR?

When you do not file your ITR by the deadline set for the assessment year, i.e. file ITR after the deadline, then you have to file belated ITR. It is clear from the name of billet that it was filed late. The Income Tax Department gives you the facility to file ITR from the belated ITR term.

Penalty has to be paid for belated ITR

You have to pay late fee for filing belated ITR. Late ITR filing attracts a penalty of up to Rs 5,000. If your income is less than 5 lakhs annually, then you will have to pay a fine of Rs 1,000, on income above this it is Rs 5,000.

The burden of interest will also increase

You should also know that when you do not pay the tax, then interest continues to accrue on this unpaid tax. For the number of months the ITR is not filed, the interest will be increased at the rate of 1 percent per month for the same number of months. When you file ITR before the due date, you get interest at the rate of 0.5% per month on the refund from April 1 till the refund is issued. But on late filing this interest is calculated from the day of ITR filing. You cannot carry forward any loss on belated refunds.

The post Belated ITR Filing AY 2023-24: What is the last date for belated ITR, how much will be the penalty? Know full details first appeared on Rightsofemployees.com.

Apart from this, there are some works, whose deadline will end today. Some new rules will come into effect from August, which will either affect your pocket, or some such deadlines will have passed, for which you will only have the option of regretting. Below you can read for which works are getting the last chance today.

Last date to file ITR

Today is July 31, the last date for filing income tax return for the assessment year 2023-24. Till noon on July 31, 6.13 crore ITRs have been filed. Just till date, more than 11 lakh tax returns have been filed. In such a situation, ITRs are being filed quickly at the last moment.

Fill ITR quickly

If you have not yet filed your ITR, then you should do so immediately, otherwise you may have to pay a fine of up to Rs 5,000. Late filing attracts a fine of Rs 5,000. At the same time, taxpayers whose income is less than 5 lakhs, they have to pay a fine of Rs 1,000 for late filing.

Prime Minister Crop Insurance Scheme Registration

A big crop insurance scheme is run by the Modi government for the farmers – Pradhan Mantri Fasal Bima Yojana. Under this scheme, the government provides financial assistance to the farmers in case of loss of their crops. But for this first they have to register for crop insurance scheme. However, today i.e. July 31, 2023 is the last date for registration.

Ministry of Agriculture appealed

Giving information about the deadline in a tweet today, the Ministry of Agriculture said, “Get your crops insured under the Pradhan Mantri Fasal Bima Yojana, and get complete protection from natural calamities! All farmer brothers and sisters should get their crops insured soon. Insurance Registration The last date is 31 July 2023.”

How to register for Pradhan Mantri Fasal Bima Yojana?

You can get your crops insured online under this scheme by visiting the official website- https://pmfby.gov.in/. On the other hand, farmers having Kisan Credit Card can contact their bank branch and get registered under Crop Insurance Scheme. Apart from this, registration can also be done by taking information from the Public Service Center (CSC Center) or from the Agriculture Officer of your district. The toll free number of Kisan Call Center is 18001801551, information can be obtained by calling on this also.

Last date of admission in IGNOU

Candidates desirous of taking admission for online, regular or distance learning under Indira Gandhi National Open University (IGNOU) also have the last chance to register and submit admission applications today. IGNOU has given a deadline of July 31 for fresh admission and re-registration. Candidates can register by visiting ignou.ac.in or ignouadmission.samarth.edu.in.

The post 31st July Deadline: Do these 3 work immediately today, won’t get a chance again first appeared on Rightsofemployees.com.

Today is the last date for filing Income Tax Return (ITR Filing). According to the update released by the Income Tax Department, till the morning of 31 July, 6.13 crore people have filed ITR. There is a continuous demand on social media to extend the last date for filing ITR. Some people believe that its date will be extended by the Finance Ministry. But the government has given a clear refusal for this. But hardly you know that under a rule of Income Tax, penalty will not have to be paid even after filing ITR after 31st July.

Relief on income less than exemption limit

According to Income Tax Expert, under Section 234F (234F) of Income Tax, if your total income (Total Income in FY) is less than the basic exemption limit during a person’s financial year, then filing late ITR will not make any difference. In simple language, it can be said that if your total income in 2022-23 is Rs 2.5 lakh or less as per the old regime, then this rule will apply to you. Under this rule, 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.

Penalty will have to be paid on late filing, apart from this, if you come under income tax and you miss filing ITR, then you can file belated ITR. However, on this they will have to pay a penalty for late filing. If a taxpayer files ITR after the last date, he will be fined a maximum of Rs 5,000. However, the maximum penalty for late ITR filing is Rs 1,000 for individuals whose total income during the entire financial year does not exceed Rs 5 lakh.

If the taxpayer does not file his ITR, then he will not be able to carry forward the loss incurred in the current assessment year. Apart from this, if they willfully fail to file their returns even after receiving notice from the Income Tax Department, they may face prosecution.

The post Big update of finance ministry: Under this rule, you will not have to pay penalty for filing income tax after 31st July first appeared on Rightsofemployees.com.

Facing problem

If the annual income of small taxpayers is less than Rs 5 lakh, then they will have to pay a fine of Rs 1,000. With the completion of the deadline of 31 August, many tax payers are in a hurry to pay the tax. But many tax payers are facing one or the other problem while filing their returns. Those who did not file tax returns for any reason took to Twitter to raise their voice. Also demanded to extend the last date.

ITR filing portal down

User Amit Sharma wrote that ITR filing portal is down, please tell when it will be valid? Another user Prakash wrote that the website is down for two days and it is difficult to access. How should we pay tax? Krishna Arora wrote that the page is loading now, unable to fill ITR, every time the problem related to login is coming. ‘ITR Portal Slow’, ‘Waive Late Fee’, ‘Extend ITR Deadline’ are trending on Twitter regarding ITR.

This is the complete plan of the government, although it has already been clarified by the Finance Secretary that the government does not have any plan to extend the last date for filing ITR. The Finance Secretary had said in the past that this time more ITR returns have been filed than last year. Let us tell you that according to the update till now, this time more than 6 crore tax payers have filed returns.

The post Income Tax Return: ‘Extend ITR Deadline’ trended on ITR filing, government made a big announcement first appeared on Rightsofemployees.com.

Crores of people file income tax returns in the country. At the same time, the last date for filing income tax return has come. By 31 July 2023, taxpayers will have to disclose their earnings made in the financial year 2022-23. On the other hand, if someone does not file income tax return by the due date, then those people may also have to pay a fine. At the same time, more than 6 crore people have filed their ITR.

On the other hand, filing of income tax return this time is very special because this time a good news has also been given to the people by the Modi government. In fact, in Budget 2023, an important announcement was made by Union Finance Minister Nirmala Sitharaman and people were exempted from the tax filing limit. Crores of people have also benefited from this exemption.

New tax regime

Actually, the Modi government had increased the exemption in the income tax limit in the new tax regime. It was announced in Budget 2023 that if a taxpayer files income tax return under the new tax regime, then he will get exemption on annual income up to Rs 7 lakh. This means that if people file income tax returns under the new tax regime, they will not have to pay any tax up to an annual income of Rs 7 lakh.

Along with this, the Modi government has also given the people the benefit of standard deduction in the new tax regime. If you work on salary, then people will also get standard deduction of Rs 50 thousand from the new tax regime. In such a situation, along with tax exemption on annual income of Rs 7 lakh, people will also get a standard deduction of Rs 50 thousand. In such a situation, people can get tax exemption from the new tax regime up to an income of up to Rs 7.5 lakh annually.

The post Big Relief for Taxpayers! Big announcement of the government people will get benefit first appeared on Rightsofemployees.com.

Under income tax rules, if a salaried person lives in a rented house, then without the PAN of the landlord, he does not have to pay any tax on rent up to Rs 1 lakh. But many people are resorting to fake rent bills to take advantage of it.

This is the reason that this time an increase in the number of notices being sent to taxpayers is also being seen. Details are also being sought from the tax department regarding the proof of deposit of rent in the notice.

The post ITR Filing: This mistake will be huge in filing tax return, 200% penalty may be imposed first appeared on Rightsofemployees.com.

From August 1, 2023, a fee of Rs 1,000 to Rs 5,000 will have to be paid for doing this work. Keep in mind that after filing ITR, it is also necessary to do e-verification. ITR filing is not considered complete without e-verification. If you have filed ITR but have not completed the work of e-verification, then settle it immediately.

In how many days it is necessary to do the work of verification

It is worth noting that after filing the income tax return, it is necessary to do the work of e-verification. For this, the Income Tax Department gives a total time of 120 days. You can verify it along with filing ITR. E-verification is an OTP based process in which you can complete the verification process through Demat account, ATM or Aadhaar only. Your return will be filed without e-verification, but it will be considered complete only when you e-verify it.

What are the methods of e-verification-

You can complete the verification work through the registered mobile number of Aadhaar.
The process of verification can be completed with you bank account.
This process can also be completed with a Demat account. You can complete this work with net banking also.

Learn step by step process of ITR e-verification

1. For this, first of all click on the e-filing portal of the Income Tax Department. Here you will get the option of e-verification, click on it.
2. Next you have to enter PAN number, assessment year and ITR acknowledgment number. After that click on the option of Continue.
3. Now a 6 digit OTP will come on your mobile number, enter it.
4. If you are doing e-verification within 30 to 120 days, then select on the OK option.
5. Next you have to enter the reason behind this delay.
6. After this, complete the process of e-verification by selecting one option from Aadhaar, Bank Account, ATM, NetBanking etc.

The post ITR e-Verification: It is necessary to do e-verification after filing ITR, know its easy process first appeared on Rightsofemployees.com.

According to the data of the Income Tax Department, till July 27, only 5.3 crore ITRs have been filed. Out of these, 4.46 crore ITRs have also been e-verified. Out of the total ITRs that have been verified, more than 2.69 crore ITRs have also been processed for the next process.

According to the statistics of the Income Tax Department, still a large number of taxpayers have not been able to file ITR. Many of them have complained of difficulty in filing. The Income Tax Department has said that it will provide assistance to taxpayers on 24×7 basis for filing ITR. Check the helpline number, email for filing income tax return.

CBDT is urging those taxpayers who have not filed ITR for Assessment Year 2023-24, to file their ITR at the earliest to avoid last minute rush. Taxpayers can seek help from the Income Tax Department through calls, live chats, webex sessions and social media.

According to the official tweet of Income Tax Department, our helpdesk will assist taxpayers for ITR filing, tax payment and other related services on 24×7 basis. We are providing support through calls, live chat, webex sessions and social media. We will continue to provide support till 31st July 2023 including Saturdays and Sundays.

E-filing and Centralized Processing Center for e-filing of income tax returns or forms and other services and taxpayers for information, corrections, refunds and other income tax processing related queries 8:00 am – 23:59 pm Thu 27 to Mon 31 You can take help through call, email or chatbox till July 23.

Helpline numbers to help taxpayers

• 1800 103 0025
• 1800 419 0025
• +91-80-46122000
• +91-80-61464700
• Taxpayers can also email to orm@cpc.incometax.gov.in with PAN and their mobile number.
• AIS TIS, SFT can take help by calling contact number 1800 103 4215 for initial response, e-campaign or e-verification related issues.

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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!’

The post New update for ITR filers! Big announcement of Income Tax Department at the last minute first appeared on Rightsofemployees.com.

Filing of Income Tax Return is mandatory under the Income Tax Act 1961. This is the reason why senior citizens are not exempted from filing ITR in India. Senior citizens who are Indian residents and whose taxable income exceeds a certain limit, then they have to file ITR. Senior citizens and super senior citizens have to file ITR in the country.

Who is Senior Citizen and Super Senior Citizen?

A resident who is of the age of 60 years or more but less than 80 years at any time during the previous year is treated as a senior citizen for the purpose of income tax. Super Senior Citizen who is 80 years or more is considered. The Income Tax Act 1961 does not provide any exemption to senior citizens or super senior citizens from filing return of income.

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Appeal to extend ITR date 

Many users on social media are appealing to the government to extend the date of ITR. Many people have also complained that they have faced errors on the e-filing website while trying to file returns. However, the Income Tax Department believes that unless there is a major problem with the e-filing portal, no change should be made in the last date.

New update on the last date of ITR

The petition to extend the last date is done every year on behalf of tax payers. Earlier, a big campaign was launched on social media to advance the fixed date for the assessment year 2022-23 as well. Some tax professionals even say that the ITR due date should be permanently shifted from July 31 to August 31.

Government not looking to extend the date

Although several reports have confirmed that despite being sympathetic to the problems faced by the people due to floods in some parts of the country and violence in Manipur, the government is looking to extend the date Not thinking. Based on the returns filed till July 26, it is clear that taxpayers should not wait for any extension. There are still three days left for the July 31 deadline. Therefore, the taxpayers who have not yet filed the return should file their return.

Data on the e-filing website showed that over 4.75 crore ITRs have been filed till July 26. Apart from this, ITRs of 4.2 crore taxpayers have been verified.

Where to file ITR and things to keep in mind

You can file your return directly on the e-filing website or through any tax-filing website. These websites charge a nominal fee for filing returns. You can also take the help of a CA to file the return on your behalf.

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Verification required

Under the Income Tax rules, ‘If the ITR is not verified within 120 days from the date of filing, it will not be considered valid. As a rule, you can verify it in six ways. Generally, audit of ITR-1, ITR-2 and ITR-4 is not required. Let us know in what ways you can verify ITR?

ITR can be e-verified in these ways

1. Through Aadhaar OTP
2. Through net banking by logging into e-filing account
3. EVC through bank account number
iv. EVC through demat account number
v. EVC through Bank ATM
vi. By sending signed copy of ITR-V through post to CPC, Bengaluru

How to e-verify ITR through Aadhaar

 Step 1: Visit https://www.incometax.gov.in to access your e-filing account . 

Step 2: Select the e-verify return option under Quick Links. 

Step 3: Select to verify using OTP on the mobile number registered with Aadhaar in it. Then click on the e-verify screen. 

Step 4: Select ‘I agree to verify Aadhaar details’ as checked on the Aadhaar OTP screen. Then click on Generate Aadhaar OTP. 

Step 5: After entering the 6-digit OTP sent to your Aadhaar-registered mobile number, click on Validate.

Step 6: Remember that this OTP is valid only for 15 minutes. You will be given three chances to enter the correct OTP. You will also see an OTP expiry countdown timer on the screen, which will inform you when the OTP arrives. And when you click on Resend OTP, a new OTP will be generated and you will get it.

Step 7: Now a page with success message and transaction ID will appear. Preserve the Transaction ID for further use. A confirmation message will also be sent to the e-mail and mobile number provided by you on the filing portal.

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But representations of taxpayers and professions from several states including Himachal Pradesh, Gujarat, Uttarakhand and Haryana have reached the Finance Ministry, which the government is currently examining.

According to the exclusive news quoting the sources, there can be relief in the ITR deadline for the flood affected areas. The representations received from taxpayers and professionals can be considered.

Currently, the Finance Ministry is waiting and watching till July 31, 2023, and no decision has been taken yet to extend the deadline for income tax returns.

This time more returns are expected to be filed than last year. It is known that last year till 31st July, a total of 5.8 crore ITRs were filed. Everyday about 20 to 30 lakh online ITRs are being filed.

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The last date for filing Income Tax Return (ITR Filing) is 31 July. Many people have also filed returns till now. Now they are waiting for their refund. Refund (ITR Refund) usually comes within 20 to 60 days of e-verification of ITR.

You can check your refund status online. You can check the income tax refund status either by visiting the website of NSDL or by visiting the e-filing portal of the Income Tax Department.

As on 2 July 2023, around 1.32 crore ITRs have been filed for assessment year 2023-24. Of these, about 1.25 crore income tax returns have been verified so far. So far only 3,973 ITRs have been verified for the assessment year 2023-24. After filling ITR, you must keep checking your e-mail from time to time. This is because the Income Tax Department informs the income taxpayers about ITR through e-mail only.

Check Status on E-Portal Like This

If you have paid more tax than your actual tax liability, you can get refund by filing ITR. For this, first go to the e-filing portal www.incometax.gov.in. After this click on the quick link section. Now scroll down and on going down a bit you will see ‘Know your refund status’. Now click on it. Here you have to enter your PAN number, assessment year and mobile number. After doing all this OTP will come on your mobile number. You will see the refund status as soon as you enter the OTP at the designated place. If you have any problem with ITR bank details, then it will appear on the screen that no record was found.

This is the process to check refund status on NSDL website

• Visit https://tin.tin.nsdl.com/oltas/refundstatuslogin.html.
• Now enter PAN, assessment year and captcha and click on ‘Proceed’.
• Select the assessment year for which you want to check the refund status.
• After entering the captcha code, click on submit.
• The status of your ITR refund will appear on the screen.

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PhonePe partnered with Paytm

PhonePe has partnered with digital B2B payments and service provider PayMate to enable this feature. Taxpayers can choose to pay their taxes using their credit card or UPI. With credit card payments, users also get an interest-free period of 45 days and earn reward points on their tax payments, depending on their bank. Once the payment is made, taxpayers will receive a Unique Transaction Reference (UTR) number as an acknowledgment within one working day. The invoice for tax payment will be available within two working days, PhonePe said in a statement.

Till when can file ITR

The last date for filing ITR for the assessment year 2023-24 has been fixed as 31 July 2023. The Income Tax Department has now also made it clear that it will not be extended further. According to the information available on the website of the Income Tax Department, a total of 4 crore ITRs have been filed so far for the assessment year 2023-24. Out of these, 3.62 crore ITRs have also been verified and 2.13 crore verified ITRs have also been processed.

what did phonepe say

Niharika Sehgal, Head – Bill Payments & Recharge Business, PhonePe said, “At PhonePe, we are committed to continuously enhance our offerings to meet the evolving needs of our users . We are thrilled to announce the launch of our new feature, the facility to pay Income Tax on the PhonePe app itself.

This is how ITR can be filed through PhonePe

First, tap on the Income Tax icon on the home page of PhonePe. Then enter the type of tax you want to pay, assessment year and PAN card details. Then choose the mode of payment by entering the total amount. If the payment is successful, the amount will be deposited on the Bhirat portal in two working days.

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But do you know that you are getting the benefit of 6 types of exemptions under the old tax regime. Along with this, in the new tax regime, you are getting the benefit of tax exemption on annual income up to Rs 7 lakh.

Rs 33,800 will be saved

After increasing the exemption under the new income tax regime through the Finance Minister, taxpayers with an annual income of up to Rs 7 lakh will save Rs 33,800 in tax.

Benefits of income tax There are some benefits in the new tax regime, but there is no exemption on any investment. However, standard deduction has definitely been added to the new tax regime. On the other hand, if you want investment or other exemption, then you will have to file tax according to the old tax regime. Many exemptions are available in the old tax regime. Today we are going to tell you about it…

These exemptions will be available in the old tax regime –

1. Standard Deduction – For salaried individuals, the benefit of exemption of Rs 50000 will be available

2. Section 80 CCD (1B) – Additional deduction of up to Rs 50,000 will be available for the amount deposited in NPS account.

3. Section 80TTA – This section provides a deduction of a maximum of Rs 10,000 on interest income from savings account of a bank, co-operative society or post office for an individual or a HUF.

4. Section 80D – It allows deduction on health insurance premium.

5. Section 80G – Donations made to eligible trusts and charitable institutions are eligible for deduction.

6. Section 80C – Invest in EPF & PPF, ELSS, life insurance premium, home loan repayment, SSY, NSC & SCSS and get exemption.

If you do not select, you will be part of the new tax regime.

Let us tell you that taxpayers have to pay their income tax by July 31, 2023. Meanwhile, if you do not select any of the new and old tax regime, then your TDS will be deducted under the new tax regime.

CBDT gave information

that the matter has been cleared from a circular of the Central Board of Direct Taxes. It said, “If the intimation is not given by the employee, it shall be deemed that the employee continues to be in the default tax regime and has not exercised the option to opt out of the new tax regime. In such case the employer shall deduct tax at source on the income under section 192 of the Act, at the rates provided under sub-section (lA) of section 115BAC of the Act.”

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The process of depositing income tax return in the account of taxpayers has been started by the Income Tax Department and those who have filed their ITR have started receiving money. Income Tax Department is continuously advising taxpayers by sending messages and through social media that ITR should be filed as soon as possible without waiting for the last date. There has been a sharp increase in the number of people filing income tax returns so far this year as compared to last year.

Till now, more than 3 crore ITR files have

been shared on the Twitter handle of the Income Tax Department through a tweet that till now more than 3 crore ITR files have been filed in the country. Compared to last year, the Income Tax Department has achieved this milestone 7 days earlier. It has been told in the tweet that this year for the assessment year 2023-24, more than 3 crore ITRs have been filed till July 18, 2023, while last year the same number of ITRs were filed till July 25.

Income Tax Department appeals to taxpayers

According to the figures of the Income Tax Department, till July 18, 2023, 3.06 crore taxpayers in the country had filed their ITRs. Out of these, 2.81 crore ITRs have been e-verified, which means the process of e-verification of 91 per cent ITRs has been completed. Taxpayers have been urged by the department that we expect this enthusiasm to continue and all those people who have not yet filed ITR should do this important work as soon as possible to avoid overcrowding in the last dates. Take it.

So much fine after 31st July

If the taxpayer is not able to file his ITR till 31st July, the deadline fixed by the Income Tax Department, then later he will have to do this work along with the fine. Under this, a fine of Rs 1,000 is imposed for taxpayers with annual income up to Rs 5 lakh, while a provision has been made to levy a late fee of Rs 5,000 for annual income of more than Rs 5 lakh. In a tweet by the Income Tax Department, taxpayers have been advised that those who have not filed ITR for the assessment year 2023-24, should do so as soon as possible to avoid last minute rush.

These documents are needed while filing ITR

• PAN Card: PAN card is a necessary document not only for filling ITR but also for opening a bank account. Keep it with you while filling ITR.
• Aadhaar Card: There are details like name, address and date of birth on Aadhaar. Its 12 digit unique ID number has to be entered.
• Form 16A: Form 16A is necessary for sources of income other than your salary, it contains complete details of your income.
• Form 26AS: Gives information about TDS deducted from your income and payments made. Can download from Income Tax website.
• Salary Slip: Salary slip is also an important document. It contains details like income, travel allowance, which have to be filled.
• Home Loan: If you have a home loan going on, then it is necessary to give complete information about it while filing income tax return.

You can file ITR like this sitting at home 

• Go to the e-filing portal (https://eportal.incometax.gov.in/) of the Income Tax Department.
• After this, log-in with the help of your User ID and Password on the homepage.
• On the dashboard, click on e-File > Income Tax Return > ‘File Income Tax Return’.
• Then select the assessment year, such as 2023-24, and click on ‘Continue’.
• Now choose the mode of ITR filing and select the online option.
• Now choose your ITR form according to your tax income and TDS calculation.
• After selecting the applicable ITR for you, keeping all the necessary documents close, click on the start option.
• Now some questions will appear on the screen, whatever is applicable to you, mark its check box and click on continue.
• As per the documents, enter the details of your income and deductions in different sections.
• If there is a case of tax liability, a brief description of the tax-calculation based on the details provided by you will appear.
• Taxability is created according to the calculation, then you can choose the option of ‘pay now’ and ‘pay later’.
• If no tax liability is created, then after paying the tax, one has to click on ‘Preview Return’.
  Then click on ‘Preview and submit return’ declaration checkbox and select ‘Proceed for validation’ option.
• View the preview and on the ‘Submit Return’ page, proceed to verify. It is mandatory to verify and e-verify the return.
• On the e-verify page, select the option using which you wish to e-verify and click on ‘Continue’.
• Once you have e-verified the return, an intimation about the successful submission of the form appears on the screen.
• Transaction ID and Acknowledgment Number are displayed on the screen, so that you can check the status of your ITR form in future.
• Your mobile number and email ID which is registered on the e-filing portal, you will get the message of successfully filling the form.
• Self-select new or old tax regime
• While filing ITR, keep in mind that this time the new tax regime has been kept in default. If you want to file ITR under the old tax regime, then you will have to convert it yourself. There are very limited options to avail tax exemption in the new tax regime. However, income up to Rs 7 lakh has been effectively made tax free. At the same time, the tax exemption limit has not been increased in the old tax regime. But there you can claim tax exemption by investing in various government schemes and in other ways.

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On the other hand, the Income Tax Department says that till now more than three crore income tax returns have been filed. Along with this, the Income Tax Department has also made a special announcement, about which it is very important for people to know.

Income tax return

Actually, while filing income tax return, people have to give information about their income. It is very important to give the details of the means through which people have earned in the financial year. Along with this, the Income Tax Department has said to take care of important things for foreign bank account, property and income holders as well.

The Foreign Income

Tax Department has tweeted, ‘Please note: Foreign bank accounts, property and income holders! If you have foreign bank accounts, assets or income, please fill the Foreign Assets (FA)/Foreign Source of Income (FSI) schedule in your Income Tax Return (ITR) for Assessment Year 2023-24. Last date for filing income tax return for the assessment year 2023-24: 31st July, 2023.’

कृपया ध्यान दें: विदेशी बैंक खाते, संपत्ति और आय धारक!

यदि आपके पास विदेशी बैंक खाते, संपत्ति या आय है तो कृपया निर्धारण वर्ष 2023-24 के लिए आयकर रिटर्न (आईटीआर) में विदेशी संपत्ति (एफए)/आय के विदेशी स्रोत (एफएसआई) अनुसूची भरें।

निर्धारण वर्ष 2023-24 के लिए आयकर रिटर्न दाखिल… pic.twitter.com/mtji0Y8WiI

— Income Tax India (@IncomeTaxIndia) July 18, 2023

Black money

On the other hand, the Income Tax Department has told that if someone fails to give such information, a fine of Rs 10 lakh can be imposed under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. In this case, if you are a resident of India in the previous year, you have foreign assets or bank accounts or you have earned foreign income during the previous year… those people have to give this information in ITR.

Foreign assets

While there, note that the resident in India will have to fill the foreign asset schedule for the foreign assets owned by him till 31 December 2022. Even if you do not have any taxable income or your income comes under the basic exemption limit. Whether this information is entered in any other schedule (like Schedule AL), foreign asset arising/acquired from disclosed sources of foreign or domestic income.

Foreign Assets (FA) include

– – Foreign bank accounts
– Foreign equity and debt
– Financial interest in any entity/ business
– Immovable property
– Any other capital asset
– Any other foreign assets specified in Schedule FA

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