Finance Ministry tweeted

The Finance Ministry said in its official tweet on Thursday that senior citizens above 75 years of age who have only bank pension account and interest on bank account as their only source of income, now they do not need to file ITR. For this, a new section Section 194-P has been included in the Income Tax Act-1961. This section is applicable from April, 2021. Some rules have been amended regarding this and banks have been informed about it.

What is amendment

According to the Central Board of Direct Taxes, this section has been operationalised. For this, a notification has been issued regarding the related forms and conditions. Along with this, necessary amendments have also been made in Rule 31, Rule 31A, Form 16 and 24Q.

Relief for Senior Citizens!

Section 194P inserted in IT Act, 1961 exempting senior citizens above 75 years of age, having only pension & interest income, from filing ITR. Specified banks & relevant forms notified.#PromisesDelivered pic.twitter.com/KHQOIyQabr

— Ministry of Finance (@FinMinIndia) January 5, 2023

What did the finance minister say

Finance Minister Nirmala Sitharaman had said, “Now that we are in the 75th year of our country’s Independence Day, we will continue our journey with enthusiasm. We will reduce the burden of tax compliance on senior citizens above 75 years of age in the country. For such senior citizens whose income comes from pension and interest, we propose that they should be exempted from filing Income Tax Return. The bank in which they have an account That bank will deduct the tax that is due on their income.

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There are many benefits if ITR is filed on time

You can claim several deductions and exemptions on your ITR, which can reduce your tax liability. For example, you can claim exemption on medical expenses, insurance and home loan interest. If you miss the ITR filing deadline of 31st July then you may face many problems.

Rs 5,000 fine for missing ITR deadline

Taxpayers who miss the deadline have the option to file ITR after the deadline. You can file this ITR till 31 December 2023 but you will have to pay late fine. If ITR is filed after July 31 and till December 31, then you will have to pay late filing fine. As per Section 234F of Income Tax, if you file your ITR after the due date of 31st July but before 31st December 2023, you will have to pay a maximum penalty of Rs 5,000.

Rs 1,000 fine on income up to Rs 5 lakh

Those whose total income is up to Rs 5 lakh will have to pay a fine of Rs 1,000.

If ITR is filed after December 31, 2023, the penalty amount will be Rs 10,000.

Interest will have to be paid for late ITR filing

If you have any outstanding tax liability, you will also be charged interest on that amount as a penalty for late filing of returns. It also depends on your case. If there is no tax due, taxpayers will not be required to pay this interest just because of late filing of ITR.

Will have to go to jail for not filing ITR

If a person knowingly files the return late even after receiving the message, the Income Tax Officer can take action called Prosecution Procedures. Failure to file ITR can lead to imprisonment of three months to two years. If the amount of tax evasion is more than Rs 25 lakh, then the punishment can be from 6 months to 7 years.

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So far, more than three crore Income Tax Returns (ITR) have been submitted for the income earned in the financial year 2022-23 and about 91 percent of these returns have been verified electronically. Giving this information in a tweet on Wednesday, the Income Tax Department said that till July 18, a total of 3.06 crore ITRs have been submitted. Out of these, e-verification of 2.81 crore returns has been done, which is more than 91 percent of the total returns.

With this, the Income Tax Department said that out of the electronically verified returns, more than 1.50 crore returns have been processed. The department said that compared to last year, the figure of submission of three crore ITRs this year has been achieved seven days earlier.

The deadline for filing returns will not increase

The last date for submission of ITR for the financial year 2022-23 is 31 July. Generally, the deadline for filing returns has been extended, but this time the Income Tax Department has denied its possibility. The Income Tax Department has said that we expect and urge all those who have not filed ITR for Assessment Year 2023-24, such taxpayers to file their ITR at the earliest to avoid last minute rush.

Easy ITR Filing

Filing of ITR is not a very complicated task. If you try yourself, you can file your ITR sitting comfortably at home in a few easy steps. Today we are telling you how you can file ITR for free by yourself. The process of filing ITR online is known as e-filing. The Income Tax Department has set up an independent portal for e-filing of ITR, which is completely free of cost. In addition, there are some private entities registered by the Income Tax Department that enable the e-filing process through their websites.

Keep these documents ready to file ITR To file

ITR, first of all keep your PAN, Aadhaar card, bank account number, investment details and its proof/certificate, Form 16, Form 26AS with you, because your All the information related to ITR will be available from these documents only.

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People earning more than Rs 3 lakh annually should file ITR. Corporate companies are also issuing Form-16 ahead of time to help their employees file ITR on time.

Currently, taxpayers will file returns for the income earned in the financial year 2022-23. By filing ITR, you declare your investments and earnings to the government. This time the last date for the ITR files to be filed has been set as 31 July 2023. In such a situation, taxpayers should start collecting all the documents related to ITR.

Category wise last date for filing ITR

1. The last date for filing returns for individual taxpayers, HUF, AOP, BOI or those whose account books are not required to be audited is 31 July 2023.
2. The last date for filing ITR for businesses whose account books need to be audited is 31 October 2023.
3. Businesses that have international transactions or specific domestic transactions have been given the last date of 30 November 2023 for filing returns.
4. The last date for filing Revised ITR and belated return has been fixed as 31 December 2023.

ITR Late Fee and Penalty

If taxpayers file their return after the prescribed last date, then they will have to pay interest at the rate of 1% per month on the unpaid tax amount under section 234A. At the same time, under Section 234F, taxpayers will have to pay Rs 5,000 as late fee for missing the due date. On the other hand, if the total income of taxpayers is less than Rs 5 lakh, then this late fee will have to be paid Rs 1,000.

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People earning more than Rs 3 lakh annually should file ITR. Corporate companies are also issuing Form-16 ahead of time to help their employees file ITR on time.

Currently, taxpayers will file returns for the income earned in the financial year 2022-23. By filing ITR, you declare your investments and earnings to the government. This time the last date for the ITR files to be filed has been set as 31 July 2023. In such a situation, taxpayers should start collecting all the documents related to ITR.

Category wise last date for filing ITR

1. The last date for filing returns for individual taxpayers, HUF, AOP, BOI or those whose account books are not required to be audited is 31 July 2023.
2. The last date for filing ITR for businesses whose account books need to be audited is 31 October 2023.
3. Businesses that have international transactions or specific domestic transactions have been given the last date of 30 November 2023 for filing returns.
4. The last date for filing Revised ITR and belated return has been fixed as 31 December 2023.

ITR Late Fee and Penalty

If taxpayers file their return after the prescribed last date, then they will have to pay interest at the rate of 1% per month on the unpaid tax amount under section 234A. At the same time, under Section 234F, taxpayers will have to pay Rs 5,000 as late fee for missing the due date. On the other hand, if the total income of taxpayers is less than Rs 5 lakh, then this late fee will have to be paid Rs 1,000.

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Do you know why Form 16 is provided to you? Form 16 plays an important role in filing Income Tax Return (ITR) as it provides complete details of salary paid to the employee, tax exemption claimed by the employee and tax deducted at source (TDS) by the employer .

Section 203 of the Income Tax Act of 1961 makes it mandatory for employers to issue Form 16 to their employees showing the total TDS on income. After you have received Form 16, it is important for you to check its details thoroughly to ensure that all exemptions and allowances are shown correctly. Such allowances mainly include House Rent Allowance (HRA) and Leave Travel Assistance (LTA).

Take special care of these things

1. First of all, you have to check that your PAN number matches with the PAN in the form. If the PAN is incorrect, the tax deducted from your salary will not reflect in Form 26AS and you will not be able to claim credit for the same while filing your ITR.
2. Cross-check the correctness of your name, address and employer’s TAN (Tax Deduction and Collection Account Number).
3. It is important to cross-check the actual tax deducted from your salary income by comparing it with the tax reflected in Form 16, Form 26AS and AIS (Annual Information Statement).
4. If you find any mistake, immediately inform the employer about that mistake and request to rectify the information in Form 16.
5. If you have opted for Old Tax Regime and have claimed tax exemptions, ensure that they are correctly reflected in Form 16.
6. If you have changed jobs during the financial year 2022-23, then it is necessary to take Form 16 from both the employers.
7. Before filing your ITR, it is necessary to cross-check and verify the information in Form 16 with your salary slips, AIS (Annual Information Statement), and Form 26AS.
8. It is very important to cross-check all the income declared in AIS with TDS certificate, interest income certificate and Form 26AS.

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Now you have to file your ITR by 31st July. If you do not do this, then you can also get into trouble. This time, along with legal action against those who do not file ITR, the government has also made a provision to increase the amount of fine.

Last date will not be extended further

The government said that this time the last date for filing Income Tax Return (ITR) will not be extended further. Because of which it is necessary for all tax payers to file their ITR before the last date. Taxpayers who do not file ITR will also not be able to carry forward the losses of the current financial year. Apart from this, if you file your ITR later, then you will also have to pay a hefty penalty on it.

That’s why it is necessary to file ITR

According to experts, if a person has regular income. Also, if he comes in the tax slab set by the government, then he is required to file income tax return. If he does not do this, then he can also be blacklisted by the department. Apart from this, if this happens, he will not be offered loan from any bank. Along with this, legal action can also be taken against you on the matter of tax evasion.

Works like documents too

ITR filing also serves as a document. You can use it as a proof in different financial applications. Many times, while applying for a loan, bankers ask for a copy of ITR for verification. This also shows your regular income. Apart from this, ITR also helps you in credit card, insurance policy and other such important work.

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