ITR Alert - Rightsofemployees.com https://www.rightsofemployees.com Know Your Rights Sat, 10 Jun 2023 04:12:01 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.4 https://www.rightsofemployees.com/wp-content/uploads/2018/01/cropped-emp1-32x32.png ITR Alert - Rightsofemployees.com https://www.rightsofemployees.com 32 32 Form 16 Date: ITR Alert! Form-16 is coming soon, salaried employees must know these things about their Form 16A, 16B https://www.rightsofemployees.com/form-16-date-itr-alert-form-16-is-coming-soon-salaried-employees-must-know-these-things-about-their-form-16a-16b/ Sat, 10 Jun 2023 14:01:29 +0000 https://www.rightsofemployees.com/?p=17634 Form 16 Date: Form 16 is an important tax document for salaried professionals. Employees are waiting for this form to file tax returns for the financial year 2022-23 . Income tax return has to be filed by July 31, 2023. In such a situation, the process of filling ITR starts before June itself. ITR-1 and […]

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]]> Form 16 Date: Form 16 is an important tax document for salaried professionals. Employees are waiting for this form to file tax returns for the financial year 2022-23 . Income tax return has to be filed by July 31, 2023.

In such a situation, the process of filling ITR starts before June itself. ITR-1 and ITR-4 have also become available online and offline, so ITR can be filled through them as well.

But till when Form 16 will be available?

Form 16 for this financial year may start being issued on or after June 15, 2023. From June 15, all the companies start issuing this form to their employees. If your TDS is deducted between April-2022 to March-2023, then it can also come till the end of June. You can take information from your company that by when your Form-16 can be released. If you have changed jobs during this period, you can also ask for Form 16 from your old company. Generally, companies give Form 16 at the time of relieving the employee.

What is Form 16 ?

Form 16 is a pre-filled form, which contains information about your salary income, TDS deduction, etc. How much salary income you have received from your employer for the whole year, how much TDS has been deducted, how much tax liability has been created, all this is told.

Check these details in Form 16A

In Part-A of Form-16, the amount of TDS (tax deducted at source) of the employee has been deducted and deposited, it also contains information about the PAN-TAN of the employer. Employer can generate and download Form 16 of TRACES https://www.tdscpc.gov.in/app/login.xhtml  You should know that if you have changed jobs in a financial year, separate Part-A will be issued to you from both the employers for both the periods. 

What is in Form 16A?

  • Employer’s name and address
  • TAN and PAN of the employer
  • Employee’s PAN
  • Information about the amount of tax deducted and deposited by the employer.

Check these details in Form 16B

In Form 16B, the details of the employee are prepared by the employer. It contains information about salary breakup and tax deductions approved under Income Tax Chapter VI-A. If you have changed jobs, then you should take Form 16B from both the companies.

Keep these four things in mind

  • When you get Form 16, make sure to check that all your information is correct in both the parts. 
  • Also check whether your salary breakup, TDS deduction amount is correct or not.
  • If any detail is misprinted, get it rectified immediately from your HR or Finance department.
  • If the TDS amount has been wrongly deducted, then the employer on your PAN will deduct the correct TDS amount and process the return again and then issue you the updated Form-16.

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]]> ITR Alert: Do not take tension even if you miss the tax return, these 10 incomes do not attract income tax https://www.rightsofemployees.com/itr-alert-do-not-take-tension-even-if-you-miss-the-tax-return-these-10-incomes-do-not-attract-income-tax/ Tue, 02 Aug 2022 10:28:14 +0000 https://www.rightsofemployees.com/?p=1734 ITR Alert: 31st was the last date for tax return filers, which has now passed. Now you have the last time to file your return till December 31 with a fine of Rs 1000 to 5000. Generally, every citizen has to compulsorily pay tax on his earnings. But even after this, the government keeps certain […]

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]]> ITR Alert: 31st was the last date for tax return filers, which has now passed. Now you have the last time to file your return till December 31 with a fine of Rs 1000 to 5000. Generally, every citizen has to compulsorily pay tax on his earnings. But even after this, the government keeps certain types of income out of the purview of income tax, that is, the common people do not have to pay tax on these incomes. In such a situation, even if the tax return date has passed, if your source of income is outside the tax net, then you need not file any return. Let us know about these 10 types of income which are tax free for you:

income from agriculture
The government does not charge tax on income from agriculture. Income from agriculture is exempted from tax under section 1961 of Income Tax. Tax exemption is available on income from agriculture. Taxpayer can get tax exemption by showing income from agriculture in his return.

income from gratuity
A part of the salary of salaried employees is deducted as gratuity. The company pays gratuity to the employee after working for a specified period. Gratuity income is completely tax free.

income from savings account
If the interest earned from the savings account is less than Rs 10,000, then there is no tax to be paid on it. This exemption is also available on interest earned from more than one account. If, you have more than one bank account and they get interest of Rs 10000 and Rs 5000 respectively, then your taxable income will be Rs 5000.

income from voluntary retirement
Income from voluntary retirement up to Rs 5 lakh is tax free. According to Section 2BA of Income Tax, if a person takes voluntary retirement from any company or local authority, then the income from this will get tax exemption of up to Rs 5 lakh.

allowance for foreign services
If, you are in a government job and your appointment is outside the country and any allowance is received in lieu of it, then income tax will not be applicable on it. In section 10(7) of Income Tax, it has been provided that the employees working in government service who are rendering their services abroad and are getting allowances in return for them, then they will be tax free.

share of partnership firm
If, you are a partner in a partnership firm and you own its shares, then as per section 10(2) of the Income Tax, the partner is not liable to pay income tax for the income earned in the firm. Apart from shares, if you take remuneration or other benefits, then this income will come under the purview of taxable income.

provident fund income
According to section 10 (11, 12, 13) of income tax, income tax is not to be paid on such income which comes from PPF, PF or retirement fund.

long term capital gain
Tax exemption is available on long-term capital gains made on investments made in equity or mutual funds. According to section 10(36) of Income Tax, if capital gains are made by selling shares or mutual funds for a period of more than one year, then it is eligible for income tax exemption. However, this is not applicable to debt mutual funds and the income generated from it is taxable.

scholarship or award
There is no income tax on any kind of scholarship or award. Income tax is not charged on the amount received under the scholarship or award under the Income Tax Act 1961. The amount of the scholarship or award has not been fixed.

Senior Citizen Saving Scheme
If you are a senior citizen and you have invested in Senior Citizen Saving Scheme (SSSS), then your principal amount will not be taxed. However, you may have to pay tax on its interest income. Also, keep in mind that you have to mention this in your income tax return as well.

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]]> ITR Alert: Know Here are your 10 incomes on which income tax is not to be paid, see the complete list https://www.rightsofemployees.com/itr-alert-know-here-are-your-10-incomes-on-which-income-tax-is-not-to-be-paid-see-the-complete-list/ Thu, 28 Jul 2022 06:25:52 +0000 https://www.rightsofemployees.com/?p=1546 New Delhi. The higher the income, the higher the income tax liability. To save tax, we invest in a variety of tax exempt instruments. At the same time, there are some sources of income from which income tax is not payable on income. Let us have a look at these sources of income- Allowance for foreign services If, you […]

The post ITR Alert: Know Here are your 10 incomes on which income tax is not to be paid, see the complete list first appeared on Rightsofemployees.com.

]]> New Delhi. The higher the income, the higher the income tax liability. To save tax, we invest in a variety of tax exempt instruments. At the same time, there are some sources of income from which income tax is not payable on income. Let us have a look at these sources of income-

Allowance for foreign services

If, you are in a government job and your appointment is outside the country and any allowance is received in lieu of it, then income tax will not be levied on it. In section 10(7) of Income Tax, it has been provided that the employees working in government service who are rendering their services abroad and are getting allowances in return for them, then they will be tax free.

Income from gratuity

A part of the salary of salaried employees is deducted as gratuity. The company pays gratuity to the employee after working for a specified period. Gratuity income is completely tax free.

Income from voluntary retirement

Income from voluntary retirement up to Rs 5 lakh is tax free. According to section 2BA of Income Tax, if a person takes voluntary retirement from any company or local authority, then the income from this will get tax exemption up to Rs 5 lakh.

Income from agriculture

The government does not charge tax on income from agriculture. Income from agriculture is exempted from tax under section 1961 of Income Tax. Tax exemption is available on income from agriculture. Taxpayer can get tax exemption by showing income from agriculture in his return.

Income from savings account

If the interest earned from the savings account is less than Rs 10,000, then there is no tax to be paid on it. This exemption is also available on interest earned from more than one account. If, you have more than one bank account and they get interest of Rs 10000 and Rs 5000 respectively, then your taxable income will be Rs 5000.

Share of partnership firm

If, you are a partner in a partnership firm and you own its shares, then as per section 10(2) of the Income Tax, the partner is not liable to pay income tax for the income earned in the firm. Apart from shares, if you take remuneration or other benefits, then this income will come under the purview of taxable income.

Long term capital gain

Tax exemption is available on long-term capital gains made on investments made in equity or mutual funds. According to section 10(36) of Income Tax, if capital gains are made by selling shares or mutual funds for a period of more than one year, then it is eligible for income tax exemption. However, this is not applicable to debt mutual funds and the income generated from it is taxable.

Scholarship or award

There is no income tax on any kind of scholarship or award. Income tax is not charged on the amount received under the scholarship or award under the Income Tax Act 1961. The amount of the scholarship or award has not been fixed.

Senior Citizen Saving Scheme

If you are a senior citizen and you have invested in Senior Citizen Saving Scheme (SSSS), then your principal amount will not be taxed. However, you may have to pay tax on its interest income. Also, keep in mind that you have to mention this in your income tax return as well.

Provident fund income

According to section 10 (11, 12, 13) of income tax, income tax is not to be paid on such income which comes from PPF, PF or retirement fund.

The post ITR Alert: Know Here are your 10 incomes on which income tax is not to be paid, see the complete list first appeared on Rightsofemployees.com.

]]> ITR Alert! You are also getting SMS from Income Tax Department, how important is it for you? https://www.rightsofemployees.com/itr-alert-you-are-also-getting-sms-from-income-tax-department-how-important-is-it-for-you/ Thu, 21 Jul 2022 08:55:03 +0000 https://www.rightsofemployees.com/?p=1270 Combine data from Form 26AS and AIS before filing ITR. Form 26AS will contain the details of all your investments during the entire financial year. You can download both the forms from the website of Income Tax Department. The Income Tax Department has fixed July 31 as the last date for filing income tax return […]

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]]>
  • Combine data from Form 26AS and AIS before filing ITR.
  • Form 26AS will contain the details of all your investments during the entire financial year.
  • You can download both the forms from the website of Income Tax Department.

    • The Income Tax Department has fixed July 31 as the last date for filing income tax return forms for the financial year 2021-22 and is also making taxpayers aware by sending SMS repeatedly. This time many types of SMS are coming from the department, due to which confusion is also arising among the taxpayers.

    You will also have different types of SMS coming from time to time from the Income Tax Department. There is no need to panic about this and there is no need to create any kind of confusion. Once you understand the messages given in these SMS, things will become easy for you. With the help of this, you will also be able to fill your ITR in a better and easier way.

    What is meant by data verification

    The Income Tax Department is sending a new message to the taxpayers this time. In this, they are being asked to reconcile their documents and verify all the data before filing ITR. In such SMS coming from the Income Tax Department, it is being said that before filing ITR, it is being said to collate your data through documents like Form 26AS and Annual Information Statement (AIS).

    This time the Income Tax Department is giving all the data related to annual transactions by including it in AIS, which will not only make it easier to file returns but also increase transparency. Apart from this, your investment information will also be there in Form 26AS, which will have to be verified by matching the information given in the ITR form. You can download both these forms from the website of Income Tax Department.

    FAST ITR FILLING MESSAGE

    In yet another type of SMS, the Income Tax Department asks taxpayers to file their Income Tax Returns at the earliest. In this SMS, citing the last date for filing returns, taxpayers are appealed to avoid last minute rush. The department has fixed July 31 as the last date for filing income tax returns this year. In such a situation, it is better that you file your return early without delay.

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    ]]>         ITR Alert ! Know this important thing before filing Income Tax Return, IT Department took a big step https://www.rightsofemployees.com/itr-alert-know-this-important-thing-before-filing-income-tax-return-it-department-took-a-big-step-roe/ Thu, 14 Jul 2022 09:54:46 +0000 https://www.rightsofemployees.com/?p=1129 ITR Filling: The process of filing Income Tax Return has started. This year, by 31 July 2022, individual income tax payers have to file ITR for the financial year 2021-22. If you file income tax return after this date, then penalty can also be imposed. Even if the income of a person is not taxable, then such person […]

    The post ITR Alert ! Know this important thing before filing Income Tax Return, IT Department took a big step first appeared on Rightsofemployees.com.

    ]]>     ITR Filling: The process of filing Income Tax Return has started. This year, by 31 July 2022, individual income tax payers have to file ITR for the financial year 2021-22. If you file income tax return after this date, then penalty can also be imposed.

    Even if the income of a person is not taxable, then such person can also file income tax return. Such individuals also get many benefits of filing income tax return. However, people are also facing a lot of difficulties in filing income tax returns. For which the Income Tax Department has also taken steps.

    Took many steps

    The Income Tax Department on Saturday said taxpayers are facing difficulties in accessing the e-filing portal and software company Infosys is taking “proactive steps” to tackle the “irregular movement” on the portal. . The Income Tax Department has also tweeted about this.

    Problems coming

    Income Tax Department tweeted, “It has been found that taxpayers are facing problems in accessing the e-filing portal of Income Tax Department. As reported by Infosys, they have noticed some irregular movement on the portal, which is being proactively taken to deal with it.

    Let us

    tell you that the new e-filing portal “www.incomtax.gov.in” was launched on June 7, 2021. Since its inception, taxpayers and professionals have faced turmoil. Infosys was awarded the contract to develop the portal in 2019. The government has paid Rs 164.5 crore to Infosys for setting up a new income tax e-filing portal.

    The post ITR Alert ! Know this important thing before filing Income Tax Return, IT Department took a big step first appeared on Rightsofemployees.com.

    ]]>         ITR Alert ! Know this important thing before filing Income Tax Return, IT Department took a big step https://www.rightsofemployees.com/itr-alert-know-this-important-thing-before-filing-income-tax-return-it-department-took-a-big-step/ Wed, 06 Jul 2022 03:45:45 +0000 https://www.rightsofemployees.com/?p=1017 ITR Filling: The process of filing Income Tax Return has started. This year, by 31 July 2022, individual income tax payers have to file ITR for the financial year 2021-22. If you file income tax return after this date, then penalty can also be imposed. Even if the income of a person is not taxable, then such person […]

    The post ITR Alert ! Know this important thing before filing Income Tax Return, IT Department took a big step first appeared on Rightsofemployees.com.

    ]]>     ITR Filling: The process of filing Income Tax Return has started. This year, by 31 July 2022, individual income tax payers have to file ITR for the financial year 2021-22. If you file income tax return after this date, then penalty can also be imposed.

    Even if the income of a person is not taxable, then such person can also file income tax return. Such individuals also get many benefits of filing income tax return. However, people are also facing a lot of difficulties in filing income tax returns. For which the Income Tax Department has also taken steps.

    Took many steps

    The Income Tax Department on Saturday said taxpayers are facing difficulties in accessing the e-filing portal and software company Infosys is taking “proactive steps” to tackle the “irregular movement” on the portal. . The Income Tax Department has also tweeted about this.

    Problems coming

    Income Tax Department tweeted, “It has been found that taxpayers are facing problems in accessing the e-filing portal of Income Tax Department. As reported by Infosys, they have noticed some irregular movement on the portal, which is being proactively taken to deal with it.

    Let us

    tell you that the new e-filing portal “www.incomtax.gov.in” was launched on June 7, 2021. Since its inception, taxpayers and professionals have faced turmoil. Infosys was awarded the contract to develop the portal in 2019. The government has paid Rs 164.5 crore to Infosys for setting up a new income tax e-filing portal.

    The post ITR Alert ! Know this important thing before filing Income Tax Return, IT Department took a big step first appeared on Rightsofemployees.com.

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