Now what to do if the deadline is missed. Let us know whether ITR can be filed after missing the last date for filing ITR. How much penalty will be levied and what is its method?

What is the option?

If you have not filed the return by the last date of filing income tax return i.e. 15 September, then the opportunity is not over. Under section 139(4) of the Income Tax Act, you can file belated returns till 31 December 2025. Though a little late, but filing ITR is still possible. It is important to file belated returns so that you remain within the ambit of the law and avoid penalty.

What are the disadvantages of late filing?
You will have to pay late fees for filing ITR late. If your income is up to 5 lakhs, then a penalty of Rs 1,000 can be imposed and if it is more than 5 lakhs, then a penalty of Rs 5,000 can be imposed. Apart from this, interest may also have to be paid under section 234A, 234B and 234C. The biggest disadvantage of late filing is that you will lose many types of tax benefits.

For example, you will not be able to carry forward business loss or capital loss to the next year. Yes, you can still get the benefit of house property loss. Exemptions or deductions available under section 10A, 10B, 80-IA, 80-IB, 80-IC, 80-ID and 80-IE will no longer be available. These benefits are available only to those who file ITR before the deadline.

You may also receive a notice from the tax department
If you file your ITR late or do not file it at all, you may receive a notice from the income tax department. Then you may have to submit documents, reply and all this can lead to unnecessary tension and hassle. Therefore, it would be better to file a belated return if you miss the deadline.

How to file belated return?

Online method

Step 1: First of all go to the Income Tax website and login to your account.

Step 2: Click on the ‘e-File’ option given above → then select ‘Income Tax Returns’ → and click on ‘File Income Tax Return’.

Step 3: Select the assessment year for which you want to file the return (eg AY 2025–26).

Step 4: If you choose the ‘Online’ mode, then follow steps 5 to 10 given below.

Step 5: Click on the ‘Start new filing’ button.

Step 6: Select your correct status, like Individual, HUF, etc.

Step 7: Now select the ITR form that is correct for you (eg ITR-1, ITR-2).

Step 8: Go to the ‘Personal Information’ section and check all your details to see if everything is correct.

Step 9: Scroll down and select Section 139(4) in the Filing Section – this is the option for Belated Return.

Step 10: Now fill in your income details, calculate tax and pay the outstanding tax, if any.

Offline method

Download the offline ITR preparation utility from the income tax website.

Fill in all your details in it and prepare the ITR.

When everything is done, upload the .json file on the website and then verify the return.

What if you miss the belated return as well?

If you miss the deadline for belated return as well, then you have the option of ITR-U i.e. Updated Return, which can be filed within 48 months under certain conditions. But additional tax has to be paid in this.

The post ITR after 15 September: There is still a chance! This is how you can file late ITR after 15 September, know the complete method first appeared on Rightsofemployees.com.

The main reason for this is a big announcement made by the government in the Union Budget 2025. The government had said in the budget presented in February this year that taxpayers with income up to Rs 12 lakh will not have to pay tax. The government had also made changes in the tax slabs of the new regime. Many taxpayers feel that this change has come into effect with immediate effect. But, it is wrong to think so.

Tax exemption rule up to Rs 12 lakh from FY26

The truth is that the rule of exemption from tax on income up to Rs 12 lakh per annum is applicable from the financial year 2025-26. This means that this decision will not be applicable on income earned from April 1, 2024 to March 31, 2025. This year taxpayers will not get the benefit of this tax benefit in filing returns. If you are going to file income tax return, then the old rules of income tax will apply. Chartered Accountant Balwant Jain said, “Taxpayers should look at the benefits of both the new and old regime before filing the return. For those taxpayers whose HRA component is high, the old regime is more beneficial.”

Benefits of deduction in FY25 returns

Taxpayers can avail the benefits of many deductions and exemptions while filing FY25 returns. Especially if a taxpayer has made tax saving investments during FY25, then he can claim deduction. Under Section 80C, deduction of up to Rs 1.5 lakh can be claimed from tax saving investments in a financial year. Apart from this, deduction can also be claimed on health insurance under Section 80D and home loan interest under Section 24B. Taxpayers living in rented houses can claim HRA. Also, by claiming standard deduction of Rs 50,000, the total deduction can exceed Rs 3-4 lakh.

Old regime is more beneficial for some taxpayers

According to Neeraj Aggarwal, partner, Nangia & Co LLP, the old income tax regime is more beneficial for taxpayers with certain income levels. He said, “Taxpayers can claim deduction of Rs 1.5 lakh under section 80C, deduction up to Rs 75,000 under section 80D, deduction under HRA, deduction on home loan interest and deduction on education loan in the old regime.”

Before filing returns, see which regime is more beneficial

He said that if the annual income of a taxpayer is Rs 15 lakh, then he will benefit from the old regime only if he claims a deduction of about Rs 4 lakh. If the annual income of a taxpayer is Rs 20 lakh, then the old regime will be beneficial only if he claims a deduction of up to Rs 4.5 lakh. This means that now select the default tax regime i.e. the new regime of income tax only after tax calculation. Taxpayers will get the benefit of the new regime when filing returns next year.

The post ITR: Tax-Free Income Up to ₹12 Lakh – New Regime Explained in Simple Terms first appeared on Rightsofemployees.com.

In such a situation, if you are preparing to file your return, then it is very important for you to know on which income sources tax has to be paid. Tax experts say that it is common for a taxpayer to have more than one income. This can be from salary, rental income or business. In such a situation, it is necessary to give information about all income in the return. You may get a notice from the Income Tax Department for hiding the income source. If the mistake is caught, you may have to pay a fine. So let us tell you on which 5 income sources tax is levied.

5 sources of income on which tax is levied

1. Income from Salary: Taxable salary includes basic salary, all allowances, perks and bonuses etc. which fall under the taxable category. Taxpayers whose monthly salary is their sole income should file their income tax return through ITR-1 form.

2. Rental Income:

If one owns a property that is rented out, the rent earned from it is taxable. Eligible taxpayers under this income section can file their ITR through ITR-1 form.

3. Capital Gains:

Long and short term capital gains, as well as profits earned from the sale of shares, mutual funds and property, are income taxable.

4. Income from Business:

Small businesses, freelancers, small agency owners and those with professional income or entrepreneurs fall into the tax slab. Taxpayers in this income category should fill the forms numbered ITR-4, ITR-5 or ITR-6 depending on their respective income categories.

5. Income from other sources:

Citizens receiving interest income of more than ₹50,000 from fixed deposits or bonds, share dividends, gifts, game shows, lucky draws, lottery prizes, etc. fall under the ‘other sources’ slab.

According to tax experts, it is necessary to give information about these 5 incomes while filing returns. If your income is outside the scope of tax, then you will not have to pay any tax. If it comes within the scope of tax, then you will have to pay tax according to the income tax slab you fall in.

The post ITR 2025: Tax is levied on these 5 incomes, give necessary information while filing return first appeared on Rightsofemployees.com.

But, experts say that taxpayers should not use the last date to file returns. While filing returns, you should not try to hide any kind of income.

Income should be based on high value transactions

Experts say that the Income Tax Department keeps track of every financial transaction of taxpayers. It especially keeps an eye on high value transactions. This means that if a person makes a high value transaction, but shows a very low income in the income tax return, then it is certain that he will come under the scrutiny of the Income Tax Department. The purpose of tracking high value transactions is to curb cases of tax evasion.

There is a special eye on the data of deposits in the bank

The Income Tax Department keeps an eye on high value transactions of taxpayers with the help of data received from banks and financial institutions. Vivek Jalan, partner, Tax Connect Advisory Services LLP, said that as per the rules, banks and other financial institutions are required to give information about many types of transactions to the Income Tax Department. For example, if a person deposits more than Rs 10 lakh in savings accounts in a financial year, then the bank has to give this information to the Income Tax Department.

The income tax department becomes cautious even if you withdraw more money

If a person withdraws or deposits more than Rs 50 lakh from the current account, the bank will have to give its information to the Income Tax Department. If a person pays a credit card bill of Rs 10 lakh (excluding cash) in a financial year, then the bank issuing the credit card will give its information to the Income Tax Department. If Rs 2 lakh comes into your account from the sale of goods or services, then the department will get its information.

These are the biggest weapons of the Income Tax Department

It is important for you to understand that the Income Tax Department does not track individual transactions of taxpayers. Instead, the department uses Annual Information Statement (AIS) and Form 26AS. Both these documents contain every transaction of taxpayers, big or small. For example, if you have bought or sold shares, then its information will be there in it. If you have traded in the stock markets, then its information will also be there in it.

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The post Income Tax On High-Value Transactions: How To Avoid Tax Notices? first appeared on Rightsofemployees.com.

Actually, this time there have been many major changes in the process of filing income tax returns, such as new forms, amendments in the tax table and important changes in the rules. Now the Income Tax Department is going to conduct a full investigation in many cases. The Central Board of Direct Taxes has clarified this in the new guidelines issued on 14 June 2025.

The Income Tax Department will scrutinise your ITR closely. During this, every information like your income, deductions, investments, tax exemptions etc. will be matched.

If any of the conditions mentioned apply, a notice of investigation will be sent by June 30, 2025. Approval of the Principal CIT will be mandatory to exclude a case from investigation. The NACFACE process will not apply to foreign tax cases and central circles.

The post Income Tax Department will conduct strict scrutiny of ITR, will send notice if any discrepancy is found first appeared on Rightsofemployees.com.

The Income Tax Department on Friday said it has made available Excel tools for ITR -1 and ITR-4 for the assessment year 2025-26, allowing taxpayers to file their income tax returns. The Income Tax Department wrote on the social media platform X-Excel facility for ITR-1 and ITR-4 for the assessment year 2025-26 is available to taxpayers. With the availability of these facilities, taxpayers can start filing their ITR for income earned in 2024-25.

Deadline is 15 September

Let us tell you that this year the last date for filing income tax returns in ITR-1 and ITR-4 has been extended from July 31 to September 15. Recently, CBDT had issued a statement saying that in order to make the document filing experience smooth and convenient for the taxpayers, it has been decided that the last date for filing ITR which was originally 31st July has been extended to 15th September 2025.

Which form for whom?

Apart from ITR-1, ITR-4 form is filled by individuals, HQFs and institutions whose annual income is up to Rs 50 lakh and who do not have to get their accounts audited. Those who have long-term capital gains up to Rs 1.25 lakh from listed shares can show this income in ITR-1 and ITR-4. Earlier they had to fill ITR-2 form also.

When were the forms notified

This year, the ITR forms for assessment year 2025-26 were notified in late April and early May. Usually, ITR forms are notified around February/March before the end of the financial year. However, this time the facility to file ITR forms and documents was delayed as revenue department officials were busy with the new Income Tax Bill which was introduced in Parliament in February.

The post IT department releases excel utilities for ITR 1 and ITR 4 for AY 2025 26. detail here first appeared on Rightsofemployees.com.

Like every year, this year too, information has been given about the last date for filing income tax return i.e. ITR. In the year 2025, income tax returns will be filed till 31st July. If you also file income tax return. Then you need to take some precautions while filling ITR. Because if you make even a small mistake.

So your form can be rejected. Not only this, you may also have to pay a penalty due to this. At the same time, you can be given a notice by the Income Tax Department. Let us tell you what things you need to keep in mind while filing Income Tax Return i.e. ITR.

do not wait for the deadline

This year the last date for filing ITR is 31st July. Many people start filing income tax returns only when the deadline is near. And in this process they make mistakes. After this they have to file the return again. Sometimes due to this a penalty is also imposed. Therefore, file income tax returns carefully and with ease in time. Do not wait for the deadline at all.

Avoid choosing the wrong form

Let us tell you that the biggest mistake people usually make while filing income tax returns is selecting the wrong ITR form. The Income Tax Department issues 7 different categories of forms for different tax payers. If you do not fill the correct form according to your category, then your return will be considered invalid and you will have to file ITR again.

don’t forget to verify

After filing the income tax return, you have to verify it. But many people forget to verify it. But those who file returns without verification, their returns become invalid. That means it is very important to verify the return after filing it. You can verify your income tax return through OTP or through net banking.

The post ITR Filing Tips: Keep these things in mind while filing ITR, otherwise you may be fined first appeared on Rightsofemployees.com.

Earlier this time limit was 24 months. With this step, taxpayers will get more time to correct the mistakes made in their ITR or add information. But what is an updated return, how is it different from revised and belated returns, let us tell you.

Revised Return

If you have already filed your tax return but later it is found to have errors, omissions or incorrect information, you can revise the return within the given time limit. This return can be filed three months before the end of the relevant assessment year. This means that for assessment year 2025-26, the deadline will be December 31, 2025, as the assessment year will end on March 31, 2026.

Let us understand this with an example. Suppose you filed your original income tax return by July 31, 2025, and later realized that you forgot to include interest income in it or forgot to claim deductions, then you can file a revised income tax return by December 31, 2025 to rectify these mistakes.

You will have to pay more tax on filing revised return

Before filing a revised return, the taxpayer must ensure that the original return has been verified. The good thing is that there is no additional fee to be paid for revising the original return. But, if adding interest income while revising your tax return increases the tax liability, then you will have to pay more tax. The good thing is that you can file revised returns as many times as you need.

Belated Returns

For an individual taxpayer, the due date for filing income tax returns for a financial year is July 31 of the following year. That is, the due date for filing income tax returns for the financial year 2024-25 will be July 31, 2025 (which falls in the assessment year 2025-26).

However, those who miss filing returns within this deadline can file a belated return under section 139(4) by December 31 of that assessment year. That is, any return filed after July 31, 2025, but before December 31, 2025 for assessment year 2025-26 will be treated as a belated return.

This much penalty for filing belated return

For filing a belated return, you may have to pay interest and a penalty of one per cent of the unpaid tax till the date of filing. According to section 234F, if the return is filed after the due date, a late filing fee of Rs 5,000 has to be paid. However, the amount of late filing fee will be only Rs 1,000 if the total income of the person does not exceed Rs 5 lakh.

If you voluntarily file your income tax return after the deadline, no late fee will be charged, provided you are not compelled to file the return. For example, under the old tax regime for the financial year 2024-25, individuals with income less than the basic exemption limit – Rs 2.5 lakh (below 60 years), Rs 3 lakh (60-80 years), and Rs 5 lakh (above 80 years) are not required to file income tax returns.

Updated income tax Return

The updated return facility, introduced in 2022, allows taxpayers to voluntarily correct any errors or omissions in the original or belated returns. Finance Minister Nirmala Sitharaman said in her Budget 2025 speech that the initiative promotes transparency and compliance, and its impact is clearly visible. About 90 lakh taxpayers have used this facility to update their income and pay additional taxes.

Note that updated returns can be submitted only after the deadline for filing original, revised or belated returns has expired. According to experts, the purpose of filing updated returns is to declare additional income and thereby pay additional tax. Updated returns cannot be revised once filed.

You cannot file an updated return for certain reasons. For example, you cannot file an updated return to claim a loss or to increase a refund. Also, filing an updated return should not reduce your tax liability. If a taxpayer misses the December 31 deadline, he can file an updated return under section S 139(8A) for a period of two years from the end of the relevant assessment year. This time period of two years has now been increased to four years in Budget 2025.

Additional tax on updated returns

The facility of filing updated returns comes with certain conditions. While availing this facility, you have to pay a certain percentage of the additional tax declared (additional tax on updated returns), which varies depending on the time limit. If you file an updated return within 12 months of the end of the assessment year, you will have to pay 25 per cent additional tax. This percentage increases to 50 per cent if filed within 24 months, 60 per cent within 36 months and 70 per cent within 48 months of the end of the assessment year.

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The post ITR Filing Rules: New rules for updated income tax returns! Know how it is different from revised and belated returns first appeared on Rightsofemployees.com.

If you do not file ITR by March 31 or any payment is pending, then you may have to pay a penalty. People can file updated returns for financial years 2021-22 and 2022-23 by March 31. People who have to file returns for the current financial year can also file it.

The provision for filing updated returns was made in the Finance Act 2022. Finance Minister Nirmala Sitharaman introduced the amended act, which has a provision that taxpayers can file updated returns to correct errors. When this new provision was introduced in the year 2022, the maximum time limit for filing updated returns was 2 years, but in Budget 2025 this time limit was increased to 48 months. So now people can file updated returns of 2021, 2022, 2023.

March 2

– Date for furnishing details of challans relating to tax deducted under section 194-IA January 2025

– Date for furnishing details of challans relating to tax deducted under section 194-IB January 2025 – Date

for furnishing details of challans relating to tax deducted under section 194-S in

January 2025 – Date for furnishing details of challans relating to tax deducted under section 194-M in January 2025

March 7

– Date for depositing withheld taxes for the month of February 2025.

March 15

-Last date for payment of fourth installment of advance tax for assessment year 2024-25
-Last date for payment of full amount of advance tax for assessment year 2024-25 under the anticipated scheme of section 44AD/44ADA of Income Tax -Last date for
submission of Form 24G through the government office where TDS/TCS has been paid without submitting challan for the month of February 2025.

March 16

– Date of issue of TDS certificate for tax deducted under section 194-IA in January 2024
– Date of issue of TDS certificate for tax deducted under section 194-IB
in January 2024 – Date of issue of TDS certificate for tax deducted under section 194-M in January
2024. – Date of issue of TDS certificate for tax deducted under section 194-S in January 2024.

March 17

– Date of issue of TDS certificate for tax deducted under section 194-IA in January 2025.
– Date of issue of TDS certificate for tax deducted under section 194-IB in January 2025
– Date of issue of TDS certificate for tax deducted under section 194-S in the month of January 2025.

March 30

– Date for furnishing details of challans relating to tax deducted under section 194-IA in February 2025
– Date for furnishing details of challans relating to tax deducted under section 194-IB in February 2025
– Date for furnishing details of challans relating to tax deducted under section 194-M
in February 2025 – Date for furnishing details of challans relating to tax deducted under section 194-S in the month of February 2025

March 31

–Date for filing Form No. 3CEAD for the year 2022-23
–Date for uploading details of foreign income proposed to be taxed in the year 2022-23 and tax deducted or paid on this income in Form 67 to claim foreign tax credit.
–If you have not filed an updated income tax return for the assessment year 2021-22, fill it by March 31.

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The post ITR filing: Keep these 7 dates in mind to file income tax returns… first appeared on Rightsofemployees.com.

For how many days is the deadline extended?

The Bombay High Court has asked the CBDT to extend the deadline for filing belated income tax returns to at least January 15, 2025. This means that taxpayers will now get enough time to file belated or revised returns.

Why did the High Court order to extend the deadline

Actually, the Chamber of Tax Consultants had filed a Public Interest Litigation (PIL). It was said that there have been many changes in the procedure of ITR utility. Due to this, taxpayers are facing difficulty in claiming rebate under section 87A of the Income Tax Act, 1961. Therefore, an order should be given to extend the deadline.

What is belated ITR filing?

The facility of filing belated income tax return is for those taxpayers who for some reason miss filing ITR by 31 July. Belated return can be filed by paying penalty and interest on tax under section 139(4) of the Income Tax Act. Its deadline is usually December 31, 2024, which has now been ordered to be extended.

How much penalty has to be paid?

It depends on the annual income of the taxpayers. Taxpayers whose annual income is more than Rs 5 lakh have to pay a penalty of Rs 5,000. At the same time, those with income less than Rs 5 lakh have to pay a penalty of Rs 1,000. After the Bombay High Court extended the deadline, now taxpayers can file belated returns till January 15, 2025.

How to file belated ITR return?

• Visit the e-filing portal (https://eportal.incometax.gov.in/iec/foservices/#/login) of the Income Tax Department site.
• Log in to the e-Filing Portal using your PAN number.
• Select the correct ITR form according to your income source.
• Now select Assessment Year 2024-25 for FY2023-24.
• Give details of income, tax deduction and dues etc. here.
• Now pay the outstanding interest and penalty and submit the form.

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These messages are being sent specifically in cases where there is a discrepancy in the transaction information recorded in the AIS and the income declared in the ITR for the financial years 2023-24 and 2021-22.

The Central Board of Direct Taxes (CBDT) said in its statement that it has launched a special campaign to resolve the difference between the income and transactions recorded in the AIS and the information given in the ITR. Through this campaign, those persons have also been identified whose taxable income or large value transactions are recorded in the AIS but they have not filed ITR for the relevant financial year.

Notification through e-mail and SMS

This initiative is being taken under the implementation of E-Verification Scheme, 2021. Under this campaign, informative SMS and e-mails are being sent to the taxpayers to help them overcome the difference between the information recorded in ITR and AIS. AIS presents a detailed statement of the taxpayer’s financial information, which the taxpayer can view on the Income Tax Department portal and respond as required.

As part of implementation of the e-Verification Scheme, 2021 , CBDT has launched an e-campaign to assist taxpayers in resolving mismatches between the income and transactions reported in the AIS and those disclosed in ITRs for the F.Y 2023-24 and 2021-22.

Key highlights:… pic.twitter.com/ia56ooVKNG

— Income Tax India (@IncomeTaxIndia) December 17, 2024

CBDT said that the objective of this campaign is to remind and guide those taxpayers who have not correctly disclosed their entire income in ITR. Under this, taxpayers can file revised ITR for the financial year 2023-24 till 31 December 2024.

At the same time, in cases related to the financial year 2021-22, taxpayers have the facility to file updated ITR till March 31, 2025. It is worth noting that last month also CBDT had launched a special campaign in which messages were sent to those taxpayers who had not made high-value disclosure of foreign income or assets in ITR for assessment year 2024-25.

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According to the department, two lakh Income Tax Returns (ITRs) detailing foreign assets and income have been filed so far during the current assessment year.

The department has urged Indian residents to file the correct form for disclosing foreign assets and revise their returns if they have submitted the wrong form.

Such people should review ITR filing

CBDT Commissioner Shashi Bhushan Shukla said resident Indians should inform the Income Tax Department about the shares received from their employers and income earned through employee stock options by filling the foreign assets and foreign source income schedule.

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

Punishment can be given under anti-black money law

The department also organised an online interaction session on the topic ‘Disclosure of foreign assets and income by taxpayers’. During this, Shashi Bhushan Shukla, Commissioner (Investigation) in CBDT explained various provisions of the subject and the provisions of the Anti-Black Money Act of 2015.

He said those who have such assets or income but have filed ITR-1 or ITR-4 should file revised or belated returns by December 31 to avoid penalties and prosecution as prescribed under the anti-black money law.

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The post Income Tax alerted taxpayers! Said- Do this work before filing ITR first appeared on Rightsofemployees.com.

People who have filed their returns will have to wait for their refund after July 31. Some taxpayers may face a delay in getting their refund. Let us know the reasons for the delay in getting the refund.

Incorrect bank account information

Yeshu Sehgal, Head of Tax Markets, AKM Global, said that the most common reason for delay in refund is incorrect information of bank details on the income tax portal. If taxpayers have not pre-validated their bank account i.e. correct information of bank account has not been given to the Income Tax Department, then there may be delay in getting refund.

Also Read: ITR Filing: What concessions do senior citizens get in the matter of income tax?

Wrong information in ITR form

Refunds can also be delayed if the taxpayer’s information in the ITR form is incorrect. Sehgal said that refunds can also be delayed if the reported income does not match. It is important to match the information given in the return form with the information available with the Income Tax Department.

Issues of tax credits from abroad

If a taxpayer has income from assets abroad, it is important to file Form 67 correctly to claim foreign tax credits. This form must be filed before the deadline. If the information in Form 67 is not given correctly, the refund may get delayed.

Wrong clubbing of income

Wrong clubbing of income of spouse or minor may also result in delay in refund. Hence, taxpayers need to take special care in clubbing of income.

26AS or AIS

The TDS deduction claimed by the taxpayers must match the details mentioned in 26AS or AIS. If the details given in these documents and returns do not match, then the refund may get delayed.

Taxpayers who have not yet filed their income tax returns should keep the above mentioned points in mind while filing returns. It is especially important to pre-validate your bank account. This will ensure that the refund amount reaches the taxpayers’ bank accounts soon.

The post ITR Filing: These reasons may cause delay in getting refund money in your bank account first appeared on Rightsofemployees.com.

The Income Tax Department has exempted super senior citizens, i.e. people whose age is more than 80 years, from filing returns. But, it is mandatory for people aged between 60 and 80 years who fall in the category of senior citizens to file returns. But people whose age is 75 years or more and who have income only from pension or interest can file Form 12BBA through the bank (in which the pension money comes). They do not need to file income tax returns.

Higher exemption limit in old regime

The Income Tax Department has also given many additional concessions to senior citizens in terms of tax. In the old regime of income tax, the basic exemption limit for taxpayers above 60 years of age is Rs 3 lakh. For people above 80 years of age, it is Rs 5 lakh. In the new regime of income tax, the basic exemption limit is Rs 3 lakh for all types of taxpayers. Taxpayers whose total income is up to Rs 7 lakh get a rebate of Rs 25,000 under section 87A.

Also Read: Tax professionals appeal to CBDT to extend the last date for filing ITR to August 31

Section 80c

In the old regime of income tax, senior citizens can take advantage of Senior Citizens Saving Scheme (SCSS). This scheme has been started especially for senior citizens. A person of 60 years or more can invest in this scheme. Retired civilian employees of 55 years and defense employees of 50 years can invest in this scheme. An investment of up to Rs 30 lakh in this scheme gets a deduction of up to Rs 1.5 lakh under section 80C. If the interest from all SCSS accounts exceeds Rs 50,000 in a financial year, then it is taxed. Currently, the interest rate of this scheme is 8.2 percent, which is paid every quarter.

Section 80D

Under this section, senior citizens get deduction on health policy premium. This deduction is Rs 50,000 in a financial year. If a taxpayer’s parents are 60 years or older, he can buy a health policy for them and claim deduction on the premium. Apart from this, if a senior citizen does not have a health policy, then he or his children can claim deduction on medical expenses up to Rs 50,000 under Section 80D for the treatment of their senior citizen parents.

Section 80TTB

Under this section, senior citizens get tax exemption on interest up to Rs 50,000 earned from savings account or fixed deposit. Interest above this amount is taxable.

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There is no possibility of it being extended, because last time the government did not extend the date. According to a Live Mint report, it is important to file ITR on time to get a tax refund. You can file ITR online from home through the Income Tax Department website www.incometax.gov.in. After submitting the ITR form, it is necessary to go through the e-verification process to verify your return. You can do e-verification through OTP from your Aadhaar or net banking credentials. After e-verification, the Income Tax Department will evaluate your return. If everything is fine, the department will send you a verification and notification if any refund is due.

How to get a tax refund online

If the notice mentions tax refund, the department will start the process of transferring the money to your bank account. This process usually takes four to five weeks. You can check the status of the refund on the department’s website.

These two things are necessary for income tax refund

Pre-validated bank account: The department transfers refunds only to those bank accounts which are pre-validated. That is, the bank account details (such as account number and IFSC code) linked to your PAN have been verified on the Income Tax e-filing portal before the refund process.

Bank account details should be correct: While filing your ITR, fill in the correct details of the bank account in which you want to receive the refund. Errors in the bank account details can lead to delay in refund.

Also Read: 7th Pay Commission: 7 lakh employees of this state will get good news, salary will increase from August 1

What to do if you don’t get a refund

If the refund is not received on time, this is what the taxpayer should do…

Review errors in ITR: Notifications from the Income Tax Department may indicate any mistakes or incorrect calculations in your filed ITR. You can check the notification through the e-filing portal.

Keep checking emails: The department may send emails providing updates on the status of your refund. These notifications may alert you to delays in processing or ask for additional information if needed.

Use the online refund status tracker: The Income Tax Department website provides a tool to check the status of your refund. By entering your PAN and assessment year details, you can track the progress report and identify any specific reason for the delay.

If this does not resolve the issue, contact the Central Processing Center (CPC). There are different helplines for inquiries about the status of your refund. You can use the e-filing portal to lodge a complaint related to your tax return or refund.

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Last year 8.18 crore ITRs were filed. That is, more than six crore taxpayers have not filed ITR yet. The Income Tax Department has asked taxpayers to file ITR as soon as possible to avoid last minute rush. Last time 18 lakh ITRs were filed in the last two days. Here we are telling you what documents are required to file ITR.

Form-16

Form-16 is the most important document for employed people. ITR is filed with its help. This document is given to any employee by his company. It contains complete information about the tax deducted from the employee’s salary and also the salary given. Information related to this is pre-filled in ITR. You have to confirm it.

Form 26AS

This form is issued by the Income Tax Department. It contains complete information about the tax imposed on the income of the taxpayers. It can be obtained from the Income Tax Department website by entering your PAN number. If you want, you can also compare your Form-16 and Form 26AS to see if the tax deduction is the same in both places or not.

Also Read: Employed people Update: Basic tax exemption limit will be ₹5 lakh in the budget! Employed people in focus

​Interest Income Certificate

If you have made an FD in a bank or post office or have deposited money in any other interest-bearing scheme, then it is necessary to keep a certificate of income from interest or a bank statement so that you can fill in the correct information while filing income tax return. You can get tax exemption on interest income up to Rs 10,000 under section 80TTA of the Income Tax Act.

Proof of tax saving

Many taxpayers make some tax saving investments to save tax. Those who are unable to provide these documents to their employer within the stipulated time need to provide proof of the same while filing income tax returns. This tax saving investment proof can be LIC premium receipt, PPF investment passbook, proof of ELSS, donation receipt and tuition fee receipt etc.

Medical insurance document

Under section 80D, you can claim tax exemption on health insurance premium up to Rs 25,000. These insurance policies can be for you, your spouse or children. If you are a senior citizen, you can get tax exemption on health insurance premium up to Rs 50,000. So keep the receipts of all these with you while filing income tax returns.

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ITR Filing: It is necessary to file income tax returns for the financial year 2023-24 and assessment year 2024-25 by July 31, 2024. After this, you will have to pay a penalty for filing the return.

But there are some people who will not have to pay any tax if they file ITR after the deadline. We are giving you information about this.

Also Read: Govt issued guidelines for issuing CGHS cards for central government employees and pensioners

If a person does not have any tax liability, then you will not have to pay any penalty for filing the return even after the deadline. According to the old tax regime, you will not have to pay any penalty for an annual income of Rs 2.50 lakh. Whereas for a person above 60 years of age, the limit is Rs 3 lakh.

Whereas for senior citizens above 80 years of age, the exemption limit is Rs 5 lakh. According to the new tax regime, the benefit of tax exemption is available on income of Rs 3 lakh.

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The government believes that due to tax relief, people will have more savings, which they will use to buy other things. This will increase consumption in the country and the already strong GDP growth will get further momentum. Let us tell you that the government will present the Budget 2024-25 in the second fortnight of July.

The government is considering raising the exemption limit from income tax slabs from Rs 3 lakh to Rs 5 lakh in the upcoming budget, an official said. This change will apply only to those who file income tax returns under the new tax system. The aim is to leave more money in the hands of low-income people for spending.

Also Read: Post Office Super scheme, You will get monthly income of Rs 20,500 for full 5 years

It is important to mention here that the final decision in this regard will be taken when the budget date comes closer. The government first implemented the new tax system in Budget 2020. The rates of this tax system are lower than the old tax system. However, taxpayers do not get the benefit of many types of deductions and exemptions in tax. While filing income tax returns, taxpayers have the option to choose either the new or the old tax system.

Under the old tax regime, taxpayers were eligible for tax exemptions on various investments, insurance, house allowance and leave travel allowance etc. under various sections of the Income Tax Act.

Another official said that industry representatives have requested to reduce the maximum rate of income tax slab from 30 percent to 25 percent under the new tax system. However, this demand is unlikely to be considered by the government.

“There is no possibility of a change in the upper limit of income tax slabs as at the moment there is a need to boost consumption for the lower income group,” the official said. He added that changes in the rates of the old tax slabs are also unlikely to be considered.

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Taxpayers adopt many methods to save income tax. The government runs many schemes for tax deduction. While filing ITR, taxpayers have to tell about all their investments. But there are many people who give wrong information in ITR, due to which problems arise for them. Income Tax can send notices under various Acts to those taxpayers who give wrong information. Income tax returns are scrutinized in two ways. First compulsory and second manual. But you can save yourself from it by keeping a few things in mind.

Not filing ITR

The Income Tax Department also sends notices to those taxpayers who do not file ITR. It is mandatory for people coming in the income tax slab to fill ITR. Despite being an Indian citizen, it is mandatory for you to file ITR even if you have assets abroad. Income tax note can come home if not filled.

Mistakes in tds

Many times people make mistakes even while filling TDS. Even if there is a difference between TDS deposited and TDS deposited, the notice can come at home. That’s why you must know how much TDS has been deducted before filing ITR.

Undisclosed income

In ITR, you have to tell how much you earn in a financial year. Apart from this, the investment also has to be told. If you earn from investment and you do not disclose it, then also in that case income tax people can send you a notice. To avoid this, you can get the statement of interest from the bank and put it in ITR. Apart from this, you must also give information about the income you are getting from other sources.

Mistake in ITR

Many times people make mistakes while filling ITR in a hurry and forget to fill some important things. In such a situation also notice can come at home.

High value transactions

If you do a big transaction, which is different from your normal transaction, then also notice can be received. For example, if your income is Rs 5 lakh and Rs 12 lakh is deposited in your account in a year, then the Income Tax Department can investigate it or the source of income can be asked.

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Senior citizens can file their Income Tax Returns under Old Tax Regime or New Tax Regime. Both the options will be available when they go to file ITR for assessment year 2023-24. There is no change in this regard. However, the new tax regime will appear as the default regime on the e-filing website. Senior citizens will also have the option of going for the old tax regime.

Which tax slab and rate will be applicable?

If you are filing ITR this year (for Assessment Year 2023-24 or Financial Year 2022-23), then the applicable tax slab and return filing rates will be the same as last year.

Tax slabs and rates for senior citizens-

New Tax Regime Slabs and Rates for ITR Filing in AY2023-24 (FY 2022-23) Rs
0 to
Rs 2.5 Lakh – Rs 0 to Rs 2.5 Lakh – 5% Above Rs 2.5 Lakh Rs
5 Lakh to Rs 7.5 Lakh – 12,500 Rs.5 lakh + 10% above
Rs.7.5 lakh to Rs.10 lakh – Rs.37,500 + 15% above Rs.7.5
lakh Rs.10 lakh to Rs.12.5 lakh – Rs.75,000 + 20% above Rs.10 lakh from
Rs.12.5 lakh 15 Above Rs.15 lakhs – Rs.1,25,000 + 25% above
Rs.12.5 lakhs Above Rs.15 lakhs – Rs.1,87,500 + 30% above Rs.15 lakhs

Old Tax Regime Slabs and Rates for ITR Filing in AY2023-24 (FY2022-23) Rs.3 Lakh-
0 Rs.3-5 Lakh-
5% Above Rs.3 Lakh Rs.5-10 Lakh- Above
Rs.10,000 + Rs.5 Lakh 20%
above Rs 10 lakh – Rs 1,10,000 + 30% above Rs 10 lakh

New Tax Regime Slabs and Rates for ITR Filing in AY2024-25 (FY 2023-24)- Rs
0-3 Lakh- 0
Rs 3-6 Lakh- 5%
Rs 6-9 Lakh- 10% Rs
9-12 Lakh- 15%
Rs 12-15 lakh – 20% Above
Rs 15 lakh – 30%

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He also praised the department for achieving revenue collection of more than Rs 14 lakh crore in the last financial year. The Finance Minister had appealed to the people this time too, whose effect is visible this time also.

This year’s record collection

According to government data, the GST collection in the month of July has increased by 28 percent compared to the same period last year.

In the month of July, Rs 1,48,995 crore has come to the government treasury from the GST collection. At the same time, the GST collection last month was Rs 1,44,616 crore. The GST collection in July 2021 was Rs 1,16,393 crore.

The loopholes have been removed

Significantly, direct tax collection has increased by 49.02 percent on an annual basis to Rs 14.09 lakh crore in 2021-22. The government had set a target of direct tax collection of Rs 14.20 lakh crore for the financial year 2022-23.

The Finance Minister said that the government has resolved many pending issues and infrastructural loopholes related to direct taxes have been removed. The Finance Minister said that the reforms made by the government in recent years have made the tax system trust-based.

Increase in number of income tax returns

Sitharaman said that taxpayers have affirmed the trust-based tax system and said that this tax collection has further improved, which is evident from the increase in the number of income tax returns.

Not only this, he said that technology has been effectively used to enhance taxpayer service and transparency, speed up departmental processes.

Department made positive changes

On this occasion, Minister of State for Finance Pankaj Choudhary has also told that the responsibility of the tax department is not limited only to efficient and effective tax administration, but it is also its responsibility to honor honest taxpayers. Is.

The department has proved itself to be an organization by providing time bound services to the taxpayers and adopting positive changes. The number of people filing tax returns has increased, which shows the efficiency of the department.

The post Big announcement of Finance Minister regarding tax, you will also be happy to hear first appeared on Rightsofemployees.com.

ITR can be filed by 31st December provided ..

Those who have not yet filed their returns can do so by paying the late fee by December 31.At the same time, taxpayers who have submitted their ITR on or before July 31 should verify their returns, otherwise they will not be processed. Must be verified within one month of filing ITR.

Now only 30 days will be available for ITR e-verification, earlier used to get 120 days

There are many ways to verify ITR. However, one of the easiest of these methods is the Aadhaar-based one-time password (OTP) method; To take advantage of this, your mobile number must be linked with Aadhaar. To verify the return using the Aadhaar-based OTP system, simply follow these steps:

(1.) Go to the e-verification page of the IT department’s portal and select the option of Aadhaar-based OTP.

(2.) A pop-up will appear asking you to validate your Aadhaar details, mark a tick next to that box.

(3.) Click on ‘Generate Aadhaar OTP’ to receive the six digit code on your registered mobile number.

(4.) Enter the OTP (valid for 15 minutes only) to complete the e-verification

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The last date for filing income tax returns for the assessment year 2022-23 has passed, now taxpayers are waiting to get their refund. Although the Income Tax Department returns your own money as refund, but still people consider it as a bonus and eagerly wait for it.

Many a times, despite filing income tax returns on time, your refund does not come from the department and the taxpayer is worried about whether his money is stuck. Tax matters expert and CA Atul Jain explains that if you are also facing the same fear or if the refund is not received even after the passage of time, then there can be mainly 5 reasons for this. The department may withhold your refund due to these mistakes. The department usually returns your refund within 25 to 60 days.

1- Non-delivery of additional documents
This is often the biggest reason behind the refund getting stuck. Actually, the Income Tax Department needs additional information from the taxpayers. Therefore, only after getting the necessary documents, the department processes your refund. If you also come to know that any document is missing, then contact your Assessing Officer and submit the necessary documents and also get the receipt.

2- Wrong claim of refund
In many cases, it has been observed that the amount stated by the taxpayer in the refund claim does not match with the assessment of the department. Even if this happens, your refund may get stuck. However, in such cases, the Income Tax Department will send a notice to you to inform that the amount of refund being sought by you is wrong, while the amount being refunded. If you respond to this notice to the satisfaction of the department, you will get the actual refund.

3- Wrong details in ITR

Many times the taxpayer fills mismatch or wrong details in his income tax return, due to which his refund gets stuck. In such a situation, it is possible that there is a difference between the information given by you and the information available with the department. The most common mistake in this is about the bank account. If you do not fill the correct bank account or correct account details, your refund will definitely get stuck.

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The last date for filing Income Tax Return (ITR) for the financial year 2021-22 was July 31, 2022. A record 72.42 lakh income tax returns were filed on the last day, taking the total number of returns filed to 5.83 crore. The Income Tax Department informed about this through a tweet.

The coming department tweeted and told that till July 31, 2022, about 5.83 crore ITRs were filed for AY 22-23. A new record was made for the Income Tax Department for filing more than 72.42 lakh ITRs in a single day i.e. on 31st July, 2022. The Income Tax Department expresses its gratitude to the taxpayers/stakeholders on time.

The government had extended the deadline for filing ITR in the last two years. Some people were waiting till the last minute to announce the extension of ITR filing deadline. But this year the deadline was not extended.

If you have already filed the return, that is great. What happens if you fail to do so even after the July 31 deadline has passed?

If you have missed filing your return, you can still file it till December 31, 2022. However, you will have to pay a late fee. This will have some other financial consequences as well.

Return can be filed by paying fine

For taxpayers whose annual income is up to Rs 5 lakh, the late fee is Rs 1,000. If your annual income is more than 5 lakhs, then the late fine has been fixed at Rs 5,000. However, if your gross total income does not exceed the basic exemption limit, you will not be liable to pay penalties for late filing.

In addition to late fees, there are many other implications of indefinite deadlines. If you miss the deadline, you will have to pay interest on late payment of taxes.

After the deadline, you will have to deposit the outstanding tax with interest retroactively from July 31.

Verify within 30 days by filing late ITR

The Central Board of Direct Taxes (CBDT) has announced a reduction in the time limit for verification of ITR.

The time limit for verifying ITR in respect of any electronic transmission of return data on or after August 1, 2022 has been reduced from 120 days to 30 days. The CBDT announced this through a notification issued on July 29, 2022. It has become effective from 1st August 2022.

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Now that the last date of ITR has passed since July 31, Anjali is worried about her refund. His CA had told that after all the deductions, he would get a refund of Rs 15,000 from the Income Tax Department, but even after a month of filing the return, he did not get his refund, then now he is worried. Like Anjali, there would be lakhs of taxpayers who would have filed their ITRs in early July for early refunds.

If such taxpayers are worried about refund, then they can check their status online. For this, you will need PAN, Aadhaar and mobile number, which should be linked with your Aadhaar. In how many days refund is received, tax matters expert and CA Girish Narang says that according to the Income Tax rules, refunds start coming within 20 to 60 days of e-verification of your ITR.

If no refund has been received even after this time has passed, then you should check the e-mail received from the department. You can also check your refund status online.

How to Check Refund Status –

First of all go to www.incometax.gov.in.
Log in by entering your PAN card details.
Then click on e-file option.
Select Income Tax and click on View Filed Return.
Here you can see the status of your ITR.
You can now view the refund status of your ITR by clicking on View Details.

If the refund has not come, what to do if you have not received the refund even after the passage of time, then first of all check your registered e-mail. If the Income Tax Department has stopped your refund due to some discrepancy, then mail must have come about it. If you see an error, it can be fixed. If not, you can also complain about it to the Income Tax Department. For this, the help of e-filing portal or toll-free number issued by the department can be taken.

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The deadline for filing income tax returns for the financial year 2021-22 and assessment year 2022-23 is over on July 31, 2022. After the deadline is over, whoever files the income tax return will have to pay a penalty. Although there are many categories of people who have not filed their returns yet, they need not panic as they will not have to pay any penalty even after the deadline for filing income tax returns is over.

Who will not have to pay penalty

According to the Income Tax Act, every person filing income tax return is not required to pay penalty even after the deadline is over. If a person’s annual income is less than the basic tax exemption limit, then they will not have to pay any penalty. According to the new tax regime, the basic tax exemption limit is Rs 2.50 lakh per annum. That is, under the new system of tax, those who are filing income tax returns after the deadline is over, they will not have to pay any penalty.

If someone is filing returns under the old tax regime, then the basic income tax exemption limit is determined on the basis of age. If the person is less than 60 years of age and has an annual income of less than Rs 2.50 lakh, then penalty will not have to be paid. Senior citizens in the age group of 60 to 80 years have an annual income of up to Rs 3 lakh, then they will not have to pay any penalty. And super senior citizens above 80 years whose income is less than Rs 5 lakh per annum will not have to pay penalty.

However, even if less than the limit of annual tax exemption but fulfill these conditions, then there will be penalty for filing income tax return after the deadline for assessment year 2022-23.

First – Those who have deposited more than Rs 1 crore in more than one current account in a bank or cooperative bank.

Second – 2 lakh rupees have been spent on foreign travel of himself or someone else.

Third – Those who have paid a bill of more than one lakh rupees in the head of electricity bill in a year.

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The last deadline for filing income tax returns for the financial year 2021-22 and assessment year 2022-23 is over. The Income Tax Department has refused to extend its earlier deadline. However, the income tax payers raised their voice on social media for this. It also trended on Twitter.

The Income Tax Department had announced a helpline number and portal to assist taxpayers in seamless ITR filing. By filing ITR, a taxpayer can report his income and taxes paid in a financial year to the department. If there is a refund from the government, then ITR will help the taxpayers to claim the amount.

ITR is mandatory if your income exceeds the basic exemption limit. There is no extension in the time limit for filing ITR. With less than 24 hours, it is important to file your ITR to avoid any penalties.

On Sunday, the Income Tax Department said through its Twitter account, around 68 lakh ITRs were filed till 11 pm tonight.

It is worth noting that at present, there are seven ITR forms available, however, these forms differ depending on the category of taxpayers and their source of income. These forms are ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7.

ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers. Sahaj can be filed by a person having income up to Rs 50 lakh and who draws income from salary, a house property / other sources (interest, etc.). Similarly, Sugam is filed by Individuals, Hindu Undivided Families (HUFs), and Firms (other than Limited Liability Partnerships (LLPs)) having total income of up to ₹ 50 lakhs and businesses computed under the presumptive taxation provisions and Profession brings income.

Also, individuals and HUFs not having income from business or profession (and not eligible to file Sahaj) can file ITR-2, while those having income from business or profession can file ITR Form 3. Individuals other than individuals, HUFs and companies i.e. partnership firms, LLPs, etc. can file ITR Form 5. Companies can file ITR Form 6. Trusts, political parties, charitable institutions, etc. can file ITR-7 claiming exempt income under the Act.

If you fail to file your ITR on time, you will be liable to pay a certain amount as penalty to the department. Under section 234F of the IT Act, if the return is furnished on or before 31st December of the assessment year, a fine of Rs 5,000 will be levied. Whereas in any other case the fine will be Rs 10,000. It needs to be noted that if the total income of the individual does not exceed Rs 5 lakh, the fee payable under this section will not exceed Rs 1,000.

The basic exemption limit is Rs 2.5 lakh for individuals below 60 years of age, while the exemption limit is Rs 3 lakh for individuals above 60 years but below 80 years of age, and above 80 years. Individual exemption limit is 5 lakhs.

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More than 3 crore Income Tax Returns have been filed till July 25, 2022 for the financial year 2021-22 and assessment year 2022-23. The last date for filing Income Tax Return is 31st July 2022. In such a situation, the Income Tax Department has advised the taxpayers to file the return as soon as possible.

Recently, the Finance Ministry had clarified that the last date for filing ITR will not be extended this year. If you have not yet filed your ITR Return, it is important that you do so before Sunday, that is, 31st July. If you miss the deadline for filing ITR, you may have to suffer a loss.

A salaried individual can file his tax return using ITR-1 or ITR-2. It is important to ensure that the tax return is filed using the correct form. Filing ITR using wrong tax return form will result in faulty ITR filing. After which the Income Tax Department can send you a notice for income tax. In which you will be asked to file ITR using the correct form. The form you need to use to file ITR will depend on your sources of income during the financial year.

Who can file ITR-1?

• Total income should not exceed Rs 50 lakh
• The source of income should be salary, a house property and other sources of income, i.e. interest income, dividend etc. and agricultural income only up to Rs.5,000.
• Person should ordinarily be resident Indian
• If a salaried person fulfills the above conditions, then he/she can file tax return using ITR-1 form.
• If a salaried person has income from any other source such as capital gains, foreign income etc. or is a non-resident individual, he cannot file tax return using ITR-1.

Who can file ITR-2?

A salaried person can file his tax return using ITR-2 form if he-

• is a director of a company
• Investing in unlisted equity shares
• Income from salary, more than one house property, capital asset, foreign income and other sources of income
• holds assets outside India
• Total income is more than Rs 50 lakhs
• Hindu Undivided Family (HUF)
• is a non-resident person or a resident person (both in the ordinary or not in the ordinary course)
• If there are losses which should be carried forward or carried forward under the head ‘Income from house property’.
• Thus, if a salaried person has income from salary and capital gains, he/she has to file income tax return using ITR-2 form.

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Revenue Secretary Tarun Bajaj said over 2.3 crore income returns were filed for the financial year 2021-22 till July 20 and the number is increasing. In the last financial year (2020-21), around 5.89 crore ITRs (Income Tax Returns) were filed till the extended due date of December 31, 2021.

Talking to PTI, he said that people were earlier thinking that the dates would be extended like before. So they were a little slow in filing returns initially but now on a daily basis we are getting returns between 15 lakhs to 18 lakhs. It will reach 25-30 lakhs.

Usually, the return filers wait till the last day to file the return.

He told that last time 9-10 percent entered on the last day. Last time, we had more than 50 lakhs (filing returns on the last date). This time, I have asked my people to be ready for 1 crore (for the last day).

As per IT rules, the deadline for filing ITR for one financial year by individual taxpayers who are not required to get their accounts audited is July 31 of the next financial year.

Through ITR, a person has to submit to the Income Tax Department of India. It contains information about the income of the individual during the year and the taxes to be paid on it.

The Income Tax Department has prescribed 7 types of ITR forms, the applicability of which will depend on the nature and amount of income and the type of taxpayer.

The new income tax filing portal of the tax department is now very strong to bear the increased burden.

“As of now, there is no thought of extending the last date of filing,” he said.

Bajaj said that the feedback received from taxpayers is that filing of return forms has become very easy and refunds are also being done in less time.

When some people complained about the difficulty in filing returns, he said that 2.3 crore people have already filed returns without any complaints.

He said, “Earlier 50,000 people were filing returns daily and now the number has gone up to 20 lakh. I am sure returns will increase in the next few days and people will file their returns.”

In the last two financial years, the government had extended the ITR filing deadline to ease compliance for taxpayers battling the Covid pandemic.

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If you have not filed the tax return even after the last date of filing it, then now you do not have to worry. Measures have also been taken for this situation in the budget of 2022. With the help of the updated tax return facility, you can file your ITR with some additional taxes.

Under the new section 139(8A) of the Income Tax Act, any person who owns or belongs to someone else Income Tax Returns can be made even after 12 months of the year under review. For this, it is not necessary for him to have filled ITR before.

Understand by example

If you filed your ITR on 31st December 2021, then the year under review will end on 31st March 2022. Now according to the new rule, you will be able to file the updated return till March 31, 2024. At the same time, the updated return for the financial year 2020-21 can be filed till March 31, 2023.

New returns can also be filed

Those who did not file returns last year and are being asked to file double TDS this year can also file updated returns. Dr. Suresh Surana, Founder, RSM India has said that under the new rule, original, billed, revised or fresh return can be filed.

More people brought under the purview of tax returns

Earlier, people with a salary of more than 2.5 lakhs had to compulsorily file returns. However, now those who have deducted TDS of Rs 25,000 (Rs 50000 for senior citizens) in a year, who have kept 50 lakh or more in savings account, 1 crore or more in current account, electricity bill Rs 1 lakh Those who have given more than or spent more than Rs 2 lakh on foreign travel, they have to pay TDS.

How much will be the additional tax

If you have filed the updated return one year after the year under review, then you will have to pay an additional tax of 25 per cent on the return. After this, an additional tax of 50 per cent will have to be paid on the updated returns filed between 12-24 months. Along with this, cess and surcharge will also be applicable on base tax.

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