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.

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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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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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In such a situation, a huge crowd is expected to be seen on the Income Tax e-filing website in the coming days. At the same time, the last date for filing income tax return is 31 July 2023 for individual taxpayers. Meanwhile, several taxpayers are complaining on social media about the problems faced while trying to file their returns on the e-filing portal. Some people on social media have also claimed that the e-filing portal is slow.

tax filing

However, despite problems faced by some users, bumper tax filing has taken place till July 11 this year. According to the Income Tax Department it has reached the milestone of 2 crore ITRs filed 9 days earlier than last year. For taxpayers whose accounts are not required to be audited, the due date for filing returns is July 31.

ITR

However, the bumper ITR filing numbers so far means that there will be no extension of ITR due date this year. Last year also the due date was not extended. Therefore taxpayers are advised to file their returns as early as possible to avoid last minute rush. According to the Income Tax Department, till July 11, 2023, more than 2 crore ITRs had been filed. Last year till 20 July 2022, 2 crore ITRs were filed.

Income Tax Return Update

According to the Income Tax Department’s tweet, “We are happy to inform that more than 2 crore Income Tax Returns (ITR) for the assessment year 2023-24 have been filed till 11th July this year, while last Till July 20, 2 crore ITRs were filed. Our taxpayers have helped us reach the 2 crore mark 9 days earlier this year as compared to the same period last year and we appreciate the effort! We urge those who have not filed ITR for Assessment Year 2023-24 to file their ITR at the earliest to avoid last minute rush.

ITR processed

According to the Income Tax e-filing portal, till July 11, over 1.9 crore ITRs have been verified by taxpayers, while the department has processed over 64 lakh returns. The number of returns filed, verified and processed is expected to increase significantly in the coming days.

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Reached 26.05 percent of the budget estimate

In a statement issued by the Income Tax Department, it was said that in the financial year 2023-24, so far the direct tax collection has reached 26.05 percent of the total budget estimate. This includes income tax and company tax. Direct tax collection after tax refund stood at Rs 4.75 lakh crore. This is 15.87 percent more than the net tax collection in the same period last year.

Issued ‘refunds’ worth Rs 42,000 crore

According to the ministry, during April 1 to July 9 this year, ‘refunds’ worth Rs 42,000 crore have been issued. This is 2.55 percent more than the tax refund received in the same period last year. Gross direct tax collection increased by 14.65 percent to Rs 5.17 lakh crore. Net direct tax collection is estimated to be Rs 18.23 lakh crore in the budget for the financial year 2023-24. This is 9.75 percent more than Rs 16.61 crore for the financial year 2022-23.

The direct tax collection figures for the financial year 2022-23 show that the net collection was Rs 16.61 lakh crore. This is 17.63 percent more than the Rs 14.12 lakh crore of the previous financial year.

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Tax bracket starts from 2.5 lakhs

Generally, under the old tax regime, if someone is 60 years or less, then you have to pay tax as per rules on income above Rs 2.5 lakh annually. That is, you have to pay income tax on income above Rs 2.5 lakh per annum. According to the rules of the Ministry of Finance, 5 percent tax is deducted on the annual income of Rs 2.5 lakh to Rs 5 lakh. This was announced by the Finance Minister during the budget speech.

Extra discount of 50 thousand rupees

If your age is more than 60 years and less than 80 years, even then you come in tax break on income of more than 3 lakhs annually. For people of this age, the limit of exemption from income tax is up to 3 lakhs. That is, you will have to pay tax on income of more than 3 lakhs. Under the old tax regime, people of this age are given an additional rebate of Rs 50,000 by the government.

2.5 lakh extra discount to these people.

Some people have also been kept in the category of Very Senior Citizen. People above 80 years of age are included in this category. Extra exemption has also been given to people who are 80 years or more in filing tax. People of this age limit come in the tax bracket only on annual income of more than five lakh rupees. This is the reason that these people get an additional exemption of Rs 2.5 lakh as compared to normal taxpayers.

Apart from this, for example, if your annual income is Rs 10 lakh and you claim up to Rs 5 lakh under income tax exemption, then you will have to pay zero tax on the remaining income of Rs 5 lakh. Although your taxable income is 2.5 lakhs, but due to the exemption of Rs 12,500 on this, you have to pay zero tax.

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The new financial year has started from 1st April. Along with this, the process of filing Income Tax Return (ITR) for the financial year 2022-23 is also going on. For this, the last date of 31 July 2023 has been fixed by the CBDT. Under this, people with taxable income have to file income tax return. Now you can pay income tax or file ITR under Old Tax Regime and New Tax Regime. The tax slabs are different in both the tax regimes.

Total seven types of ITR forms

If tax liability arises on you, then you will have to file Income Tax Return (ITR) for the financial year 2022-23 by 31 July. ITR forms were issued by the Central Board of Direct Taxes (CBDT) in February. Form-16 has also been issued by the companies for the employed people. After this, the number of ITR filers is sure to increase. As July 31 approaches, the traffic on the Income Tax website increases. That’s why it is important that you keep filing ITR on time. Let us tell you that there are seven types of ITR forms for individual income tax payers, businesses and companies.

When will the penalty be imposed?

Different ITR forms are filed according to the need. ITR-1 and ITR-4 are filed by a large number of small and medium taxpayers. However, if the people paying income tax do not take care of the deadline, then they may have to pay a fine of Rs 5,000.

Actually, this year the last date for filing ITR is 31 July. In such a situation, if someone is not able to file ITR till 31st July, then he has time till 31st December. You can file ITR with late return file till 31st December. In this you will have to pay a penalty of Rs 5,000.

According to the information given on the website of the Income Tax Department, after July 31, 2023, those filing ITR will have to pay a fine of Rs 5,000. Even after this, if an ITR is not filed by the due date, then the amount for filing after that can be doubled.

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Last month, CBDT notified ITR-1 and ITR-4 forms. Let us tell you that online ITR forms were not issued by the Income Tax Department. At present only Excel utility has been released for ITR-1, ITR-2 and ITR-4.

No significant change in ITR form

In such a situation, if a person wants to file his ITR immediately, then he will have to download the tool from the Income Tax e-filing website. After filling the utility form with information related to income and tax rebate, it has to be uploaded on the income tax e-filing platform. Let us tell you that this year no special changes have been made in the ITR form.

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Information about virtual currency will also have to be given

An important change in the ITR form is that you will have to give information about virtual currency and digital asset. When you submit offline or online ITR form, keep in mind that it needs to be verified. If the ITR is not verified by the taxpayer, it will not be processed by the Income Tax Department.

Who can fill ITR-2

If your annual income is Rs 50 lakh or more then you should fill ITR-2 form. Under this, more than one residential property, capital gain or loss received on investment, dividend income of more than 10 lakhs and income from agriculture will have to be disclosed. Apart from this, if you have earned as interest from PF, then this form will also be filled.

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It was said in the media report that the experts are expecting that the tax payer is expected to get the facility of ITR e-filing in the last week of April or the first week of May. Tax payers will be able to file income tax returns for the financial year 2022-23 by 31 July.

Form-16 will be generated in the first week of June

However, the salaried class will have to wait for the second week of June to file the ITR. Actually, in the first week of June, Form-16 will be generated and given by the companies in the first week of June. After that it will be issued to the employees. Currently, there is no option for salaried taxpayers to file ITR for assessment year 2023-24 on the e-filing portal of the Income Tax Department.

ITR filing to speed up from mid-June

Experts say that the salaried class will have to wait till now to file ITR. Salaried people usually file ITR only after Form-16 is issued. This form is issued every time in the first two weeks of June. This is the reason why ITR filing picks up from mid-June every year. Starting from mid-June, you can file ITR till 31 July 2023. It is expected that ITR filing will start from the first week of May.

ITR will be filed without penalty

Under the Income Tax Act, any person or entity is required to submit its ITR with the Income Tax Department at the end of every financial year. Till the last date of filing ITR, you can file the return without any penalty. Taxpayers can download the ITR offline utility through the ‘Download’ option on the Income Tax Department’s website. ITR can be filed through this medium.

Total 7 types of ITR forms

Let us tell you that there are a total of 7 types of ITR forms. It varies according to a particular person, businessman, company and business. Therefore, it is important to select the correct ITR form when you file your tax return. If you use the wrong ITR Form (ITR Form) to file Income Tax Return, then you ITR will be defective. If this happens, the department will send you a notice to file the return again. Let us know who can fill which ITR form?

ITR-1: Individuals with annual income up to Rs 50 lakh can fill.

ITR-2: This form is filled by people who earn from their residential property.

ITR-3: Businessman, invested in equity unlisted shares, working as a partner in a company, then you can fill ITR Form 3. You can fill this form even if you have income from interest, salary, bonus, capital gains, horse racing, lottery, rental income from more than one property.

ITR 4: Is for Individual and Hindu Undivided Family. If your income is from your business or any profession, such as doctor-lawyer’s income, those earning more than 50 lakhs from salary or pension fill this form. If you are a freelancer and your annual income is more than 50 lakhs, then also you can fill this form.

ITR 5: This form is for those entities who have registered themselves as Firms, LLPs, AOPs, BOIs.

ITR 6 or 7: For companies that do not get exemption (income from property for charitable or religious purposes) under Section-11 of the Income Tax Act, ITR Form 6 is there. It can be filed electronically only.

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There is important news for those who pay income tax. Now you are going to get a big advantage. If you also fill your income tax return regularly, and for some reason have not been able to complete your filing, then now information is being given by the department in this regard. The department is sending information to such people telling where their filing is stuck and how much has been filled.

Income tax department is giving big facility

Many times, due to non-availability of necessary documents, or due to non-update, people’s income tax return remains stuck in half and people may forget to file their return. Many times such cases also come to the fore that after the due date is over, people lazily do not file ITR returns. In such a situation, the Income Tax Department is now alerting these people by sending messages.

If you have not verified the ITR, then there is no point in filing your return, that is, your return will be treated as cancelled. You can use Aadhaar OTP or EVC generated through bank account, net banking or demat account to verify ITR. Apart from this, you can also verify it using Digital Signature Certificate (DSC).

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Publicity is also being done by the government regarding filing advance income tax returns. In the first quarter of the next financial year, the work of income tax return would have been completed to a large extent. If you too have not yet linked PAN card with Aadhaar (Pan-Aadhaar Link), then definitely read this news.

Transactions may be banned

Capital market regulator SEBI (SEBI) has asked all investors to link PAN card with Aadhaar by the end of March for continuous transactions in the stock market. In a statement issued by SEBI, it was said that non-compliance of this instruction may lead to ban on securities and other transactions till the permanent account number (PAN) and Aadhaar are linked.

It is necessary to complete KYC

The Central Board of Direct Taxes (CBDT) issued a notification in March 2022 saying that if the PAN allotted to a person is not linked to Aadhaar by March 31, 2023, it will become inactive. SEBI said, ‘Since PAN is the key identification number and KYC is necessary for transactions in the stock market. In such a situation, it is necessary to ensure valid KYC for all registered participants and market infrastructure institutions (MIIs).

If you look at the notification issued by SEBI in March 2022, then your PAN card will become inactive. In such a situation, you cannot file income tax return even if you want to. It is very important for your PAN card to be active for filing income tax return. In such a situation, to avoid any problem, link your Aadhaar with PAN card by March 31.

Let us tell you that after the PAN card is deactivated, if you use it as a document, then you can be fined Rs 10,000. You will have to pay this fine under section 272B of Income Tax. That’s why it is important that by March 31, 2023, you must link PAN with Aadhaar card by paying a late fine of Rs 1000.

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There is important news for those who pay income tax. Now you are going to get a big advantage. If you also fill your income tax return regularly, and for some reason have not been able to complete your filing, then now information is being given by the department in this regard. The department is sending information to such people telling where their filing is stuck and how much has been filled.

Income tax department is giving big facility

Many times, due to non-availability of necessary documents, or due to non-update, people’s income tax return remains stuck in half and people may forget to file their return. Many times such cases also come to the fore that after the due date is over, people lazily do not file ITR returns. In such a situation, the Income Tax Department is now alerting these people by sending messages.

It is necessary to fill ITR

Significantly, it is mandatory to fill ITR only for those who come under the purview of income tax. Under this, those whose annual income exceeds Rs 2.5 lakh must file income tax returns. It is necessary to file ITR. Under the Income Tax Act, the exemption limit has been fixed at Rs 3 lakh for senior citizens and Rs 5 lakh for very senior citizens, that is, it becomes mandatory for you to pay tax if you have income above this. Even if your TDS is being deducted somewhere, you still need to pay income tax. It is also necessary to verify ITR after ITR filing.

Verify online

If you have not verified the ITR, then there is no point in filing your return, that is, your return will be treated as cancelled. You can use Aadhaar OTP or EVC generated through bank account, net banking or demat account to verify ITR. Apart from this, you can also verify it using Digital Signature Certificate (DSC).

The post ITR Filing Rules Change : Good news for ITR filers, Income Tax Department started a big facility first appeared on Rightsofemployees.com.

There is important news for those who pay income tax. Now you are going to get a big advantage. If you also fill your income tax return regularly, and for some reason have not been able to complete your filing, then now information is being given by the department in this regard. The department is sending information to such people telling where their filing is stuck and how much has been filled.

Income tax department is giving big facility

Many times, due to non-availability of necessary documents, or due to non-update, people’s income tax return remains stuck in half and people may forget to file their return. Many times such cases also come to the fore that after the due date is over, people lazily do not file ITR returns. In such a situation, the Income Tax Department is now alerting these people by sending messages.

It is necessary to fill ITR

Significantly, it is mandatory to fill ITR only for those who come under the purview of income tax. Under this, those whose annual income exceeds Rs 2.5 lakh must file income tax returns. It is necessary to file ITR. Under the Income Tax Act, the exemption limit has been fixed at Rs 3 lakh for senior citizens and Rs 5 lakh for very senior citizens, that is, it becomes mandatory for you to pay tax if you have income above this. Even if your TDS is being deducted somewhere, you still need to pay income tax. It is also necessary to verify ITR after ITR filing.

Verify online

If you have not verified the ITR, then there is no point in filing your return, that is, your return will be treated as cancelled. You can use Aadhaar OTP or EVC generated through bank account, net banking or demat account to verify ITR. Apart from this, you can also verify it using Digital Signature Certificate (DSC).

The post ITR Filing Rules: Good news for ITR filers, Income Tax Department started a big facility first appeared on Rightsofemployees.com.

There is important news for those who pay income tax. Now you are going to get a big advantage. If you also fill your income tax return regularly, and for some reason have not been able to complete your filing, then now information is being given by the department in this regard. The department is sending information to such people telling where their filing is stuck and how much has been filled.

Income tax department is giving big facility

Many times, due to non-availability of necessary documents, or due to non-update, people’s income tax return remains stuck in half and people may forget to file their return. Many times such cases also come to the fore that after the due date is over, people lazily do not file ITR returns. In such a situation, the Income Tax Department is now alerting these people by sending messages.

It is necessary to fill ITR

Significantly, it is mandatory to fill ITR only for those who come under the purview of income tax. Under this, those whose annual income exceeds Rs 2.5 lakh must file income tax returns. It is necessary to file ITR. Under the Income Tax Act, the exemption limit has been fixed at Rs 3 lakh for senior citizens and Rs 5 lakh for very senior citizens, that is, it becomes mandatory for you to pay tax if you have income above this. Even if your TDS is being deducted somewhere, you still need to pay income tax. It is also necessary to verify ITR after ITR filing.

Verify online

If you have not verified the ITR, then there is no point in filing your return, that is, your return will be treated as cancelled. You can use Aadhaar OTP or EVC generated through bank account, net banking or demat account to verify ITR. Apart from this, you can also verify it using Digital Signature Certificate (DSC).

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CBDT gave this update It
was told by the Central Board of Direct Taxes (CBDT) that during April 1, 2022 to August 31, 2022, 1.96 crore income tax payers were refunded Rs 61 thousand 252 crore in the form of personal tax refund. . At the same time, in about 1.47 lakh cases, Rs 53,158 crore was released to the taxpayers as corporate tax refund. To know whether your income tax refund has come or not, follow this process-

Check Refund Status Online Like This
– First of all you go to the income tax portal eportal.incometax.gov.in.
– Login here using User ID and Password.
Now go to My Account and click on Refund / Demand status.
– Select Income Tax Return in the drop down menu and click OK on the submit option.
Now click on the acknowledgment number.
Here a new web page will open with ITR details. Here you will also get information about the issue date of the refund.

Check From Here Status Taxpayers can also check
their ITR refund through PAN number by visiting NSDL website. After entering the PAN number here, go to the assessment year and click on submit. You will get to know the status of ITR refund.

5.83 crore people filed ITR

Let us tell you that for the financial year 2021-22, 5.83 crore people had filed ITR. The number of people who filed ITR on the last date i.e. 31st July was a record 72.42 lakhs. This time there was no change in the last date of return from the government side.

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verification is mandatory 

As per income tax laws, ‘ITR will not be considered valid if it is not verified within 120 days from the date of filing. As per the rule you can verify this in six ways. Generally, audit of ITR-1, ITR-2 and ITR-4 is not required. Let us know in which ways ITR can be verified.

You can do ITR e-verify in these ways

1. Through Aadhaar OTP
2. By logging into e-filing account through Net Banking
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:  Go to https://www.incometax.gov.in to access your e-filing account .
Step 2:  Select e-Verify Return option under Quick Links.
Step 3:  In this, select Verify using OTP on the mobile number registered with Aadhaar. Then click on e-Verify screen.
Step 4:  Select ‘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 for 15 minutes only. 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 notify you when the OTP is received. Whereas when you click on Resend OTP, a new OTP will be generated and you will get it.
Step 7:  Now a page with the success message and transaction ID will appear. Keep the transaction ID handy for further use. A confirmation message will also be sent on the e-mail and mobile number that you have given on the filing portal.

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