The Income Tax Department has extended the last date for filing Income Tax Return (ITR) for the financial year 2024-25 i.e. from 1 April 2024 to 31 March 2025 to 15 September 2025. Almost everyone knows this update. With the new date instead of 31 July 2025, tax payers have got an additional 45 days of time.

Why was the date extended?

The Central Board of Direct Taxes (CBDT) said that this time many changes have been made in the ITR forms (which are for AY 2025-26). It was taking more time to implement these changes in the system and prepare online tools (utilities) for filing ITR. Therefore, the date was extended so that people do not face any problems.

Which tax system to choose?

New Regime: This is now the default. Meaning, if you do not say anything, your return will be calculated according to this system.

Old Regime: If salaried individuals want, they can choose the old system while filing ITR by the new deadline (15 September 2025). Many deductions are available in this, such as HRA, exemption on interest (home loan) etc.

Keep in mind that if you file ITR after the deadline (i.e. after 15 September 2025) (which is called ‘belated return’), then you can file returns only in the new tax system. There will be no option to choose the old system.

What are the benefits of the new tax system? (For FY 2024-25)

1. Standard Deduction: Salary or pension earners will get a straight deduction of Rs 75,000. This will already be deducted from your income.

2. Section 87A Rebate: If your total taxable income does not exceed Rs 7 lakh in the new system, you will get a tax rebate of up to Rs 20,000. This means that those with taxable income up to Rs 7 lakh will not have to pay any tax!

3. NPS exemption (Section 80CCD(2)): Even in the new system, if you are a salaried employee and contribute to NPS (National Pension System), you can claim deduction of up to 14% of your basic salary.

What about “no tax up to Rs 12 lakh”?

Here understand a very important thing, the government has recently announced that there will be no tax on income up to Rs 12 lakh in the financial year 2025-26 (ie income from 1 April 2025 to 31 March 2026), but this rule does not apply to the current ITR filing (for FY 2024-25). This facility will be available next year, when you file the return of income from April 2025 to March 2026.

The post ITR Filing Deadline Extended by 45 Days: No Income Tax up to ₹12 Lakh from Next Year – What You Need to Know first appeared on Rightsofemployees.com.

This decision was taken because the utility forms for Excel users of ITR forms (ITR-1, 2, 3 and 4) were issued late. Apart from this, there was also delay due to system upgrade and new reporting rules. Now taxpayers have got about 50 days extra time so that they can file and verify their ITR without any hurry. But can the date of filing ITR be extended.

Utility of which forms is still not available?

Excel utilities for ITR-5, 6 and 7 forms have not been released yet. Also, JSON based utility for online filing of ITR-3 is not available yet. Currently, this form is available only in Excel format.

Will the deadline be extended further?

Although the new deadline of 15 September has been announced, the question still remains among the taxpayers whether this date can be extended further? On this, tax expert Suresh Surana says that no official announcement has been made by CBDT i.e. Central Board of Direct Taxes yet. But the way the utility for some forms has still not been released, the filing time for taxpayers may be reduced. He said that in the last few years, whenever there have been technical problems or delays, CBDT has extended the deadline. This may happen this time too, but it would be too early to say anything right now.

Which people got the benefit?

This deadline has been extended for those salaried employees and HUFs i.e. Hindu Undivided Families whose accounts are not subject to audit. Now these people can file their ITR till 15 September 2025 without late fees.

If you have not filed ITR yet, then now is the time for you. But instead of waiting for the last date, it is better to file the return as soon as possible. So that any technical problem or penalty can be avoided.

The post Taxpayers Await Relief: Will Govt Extend ITR Filing Deadline Past Sept 15? first appeared on Rightsofemployees.com.

Aadhaar verification is mandatory for new PAN card

The Central Board of Direct Taxes (CBDT) has announced that Aadhaar verification will be mandatory for new PAN card applications from July 1. Its purpose is to increase tax compliance and promote digitization. Let us tell you that earlier a valid ID and birth certificate was required to get a PAN card, but from July 1, PAN cannot be made without an Aadhaar card.

ITR filing deadline extended

The CBDT has extended the last date for filing ITR to September 15, 2025, which was earlier scheduled to end on July 31, 2025. This will give taxpayers more time to file their returns without any haste, thereby reducing the chances of errors and incorrect filing.

Revision of credit card and banking charges by SBI, HDFC and ICICI Bank

From July 15, 2025, SBI Cards will revise its minimum amount due calculation for credit card bills to include the full GST, EMI amount, charges, finance charges and over-limit amount, plus 2% of the remaining unpaid balance. Payments will be made in a fixed order, with priority given to GST, EMIs, fees, finance charges, balance transfers, retail transactions and cash withdrawals. Also, SBI Cards will discontinue complimentary air accident insurance, eliminating the Rs 1 crore cover for Elite, Pulse and Miles Elite cards and Rs 50 lakh cover for Prime and Miles Prime cards, affecting both existing and new cardholders.

From July 1, 2025, HDFC Bank will charge a 1% fee on online gaming and wallet load transactions exceeding Rs 10,000 per month, capped at Rs 4,999. No reward points will be earned on these. Utility bill payments above Rs 50,000 (consumer cards) or Rs 75,000 (business cards) will attract a 1% fee, capped at Rs 4,999, while rent, fuel (above Rs 15,000 or Rs 30,000 depending on the card variant) and education payments through third-party platforms will continue to attract a 1% fee, capped at Rs 4,999 per transaction. Reward points on insurance will be limited to 10,000 for Infinia/Infinia Metal, 5,000 for Diners Black/Biz Black Metal and 2,000 for most other cards, with no limit for Marriott Bonvoy cards; however, all charges will be subject to GST.

Axis Bank increased ATM usage charges

Following many other banks, Axis Bank has announced to increase ATM transaction charges above the free limit from Rs 21 per transaction to Rs 23 per transaction from July 1, 2025. This change will affect both Axis and non-Axis ATM users. Let us tell you that many other lenders had already increased ATM charges from May 1 to cover rising operational costs and provide better service.

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The post New Financial Rules From 1st July: Aadhaar For PAN, Credit Card Updates And Key Changes first appeared on Rightsofemployees.com.

The last date for filing income tax returns (ITR) for the financial year 2024-25 (assessment year 2025-26) has now been extended to 15 September 2025. This extension will benefit those taxpayers whose accounts are not audited—such as salaried employees and pensioners. However, those whose income is subject to audit will have to follow the earlier deadline.

Documents required for filing ITR

It is very important to collect the right documents while filing ITR. This can avoid errors and makes it easier to match with the Income Tax Department records.

The required documents include

• Form 16 – Provides TDS details for salaried individuals.
• Interest Certificate – Details of interest received from bank or post office.
• Bank statement – ​​to confirm all transactions and income.
• Form 26AS, AIS and TIS – Detailed statement of tax deduction and income.
• Capital Gain Statement – ​​If you have invested in mutual funds or shares.
• Proof of PAN-Aadhaar linking – Aadhaar number is now mandatory in ITR.
• Details of all bank accounts – including IFSC code and account number.

Information about foreign investment and bank accounts is also necessary

If you have invested in foreign assets or are a signatory to a bank account abroad, it is mandatory to give its information in ITR. This does not violate tax laws and any legal action can be avoided in the future.

The post ITR Filing Deadline: Govt has extended the last date for ITR filing to 15 September 2025, know the new rules first appeared on Rightsofemployees.com.

It is mandatory for all taxpayers to file Income Tax Return (ITR). Those who miss the last date for filing ITR have to pay a penalty later. Income tax return filing for the financial year 2024-25 has started. You can also avoid penalty by filing your return before the last date.

Last date for filing ITR 2025

The last date for filing ITI for the financial year 2024-25 and assessment year 2025-26 is 31 July 2025. This date is mandatory for those taxpayers whose accounts are not required to be audited. These include salaried persons, small businessmen etc. Apart from this, for such professionals or businesses whose accounts are required to be audited, the last date for filing income tax return is 31 October 2025.

Penalty for not filing ITR on time

If you are a salaried person or run a small business, then you must file your income tax return by 31 July 2025. If you miss the last date for filing ITR, then you will have to pay a penalty of up to Rs 5,000 under section 234F of the Income Tax Act, 1961. For those whose income is less than Rs 5 lakh, the amount of deposit is limited to Rs 1000.

Loss due to late filing of income tax return

If you delay filing income tax returns, you will have to face many disadvantages.
1. You may have to pay 1% monthly interest on tax under section 234A.
2. Those who do not file income tax returns on time do not have the benefit of adjusting losses in the next years.
3. Filing a late return may also delay getting a refund.

Benefits of filing income tax returns on time

If you file income tax return on time, then it will give you many benefits such as –

1. By filing income tax return on time, you will avoid a penalty of up to Rs 5000.

2. The sooner you file income tax return, the sooner the refund is processed.

The post ITR Filing Deadline : File ITR by 31 July 2025 or else you will have to pay a penalty of Rs 5,000 first appeared on Rightsofemployees.com.

It is mandatory for all taxpayers to file Income Tax Return (ITR). Those who miss the last date for filing ITR have to pay a penalty later. Income tax return filing for the financial year 2024-25 has started. You can also avoid penalty by filing your return before the last date.

Last date for filing ITR 2025

The last date for filing ITI for the financial year 2024-25 and assessment year 2025-26 is 31 July 2025. This date is mandatory for those taxpayers whose accounts are not required to be audited. These include salaried persons, small businessmen etc. Apart from this, for such professionals or businesses whose accounts are required to be audited, the last date for filing income tax return is 31 October 2025.

Penalty for not filing ITR on time

If you are a salaried person or run a small business, then you must file your income tax return by 31 July 2025. If you miss the last date for filing ITR, then you will have to pay a penalty of up to Rs 5,000 under section 234F of the Income Tax Act, 1961. For those whose income is less than Rs 5 lakh, the amount of deposit is limited to Rs 1000.

Loss due to late filing of income tax return

If you delay filing income tax returns, you will have to face many disadvantages.
1. You may have to pay 1% monthly interest on tax under section 234A.
2. Those who do not file income tax returns on time do not have the benefit of adjusting losses in the next years.
3. Filing a late return may also delay getting a refund.

Benefits of filing income tax returns on time

If you file income tax return on time, then it will give you many benefits such as –

1. By filing income tax return on time, you will avoid a penalty of up to Rs 5000.

2. The sooner you file income tax return, the sooner the refund is processed.

The post ITR Filing Deadline: File ITR by 31 July 2025 or else you will have to pay a penalty of Rs 5,000 first appeared on Rightsofemployees.com.

If you are a taxpayer then this information is very important for you. The last date for filing Income Tax Return (ITR) is 31 July 2025. Memorize this last date. Like every year, this time also some changes have been made in the rules and forms of Income Tax Return, which is very important to understand, so that you can avoid mistakes and do not fall prey to penalty.

Choosing the right ITR form is the first and most important step

The Income Tax Department has issued different ITR forms for different income groups. First of all, you have to decide which form should be filled according to your income and profile.

• ITR-1: For salaried persons, pensioners and small taxpayers
• ITR-4: For those having income from business or profession
• ITR-7: For trusts or charitable institutions

If you are in doubt about which form is suitable for you, it is better to seek the help of a tax advisor.

Changes in ITR form

This year, some changes have been made which have brought relief to taxpayers. Now those people whose long term capital gain (LTCG) is less than Rs 1.25 lakh can also use ITR-1 or ITR-4. Earlier, in this situation, ITR-2 had to be filled. This is especially beneficial for those people whose income is from salary or small business.

Which is better, old or new tax system?

Now taxpayers have two tax options to file ITR.

• Old tax regime: Where various types of exemptions and deductions were available.
• New tax regime: Where there are lower tax rates but no exemptions.

You can choose any of these options while filing the return. If you had chosen any option at the beginning of the financial year, it is now possible to change it.

Do not ignore small income

Many times we ignore the interest received on savings account or the income earned from any small investment. But, according to the Income Tax Department, every income matters. It includes many things.

• Bank Interest
• Income from rent or gift
• Income from any investment

It is important to give correct details of all these sources, so that no notice or fine is received in future.

Avoid penalties and fines by filing on time

If you do not file ITR by 31 July 2025, you may have to face late fees and penalty. Along with this, tax refund may also get delayed. So gather the documents in time and file ITR.

Take ITR filing seriously

Filing income tax returns is not just a legal requirement, but also your financial responsibility. With the right information, the right form, and timely filing, you comply with the law and can also avoid future tax problems.

The post ITR Filing Deadline: Who all need to file ITR by this timeline and other finer details first appeared on Rightsofemployees.com.

In such a situation, it is expected that relief can be given in the budget of 2025. The government can extend the last date for filing income tax returns. Tax payers have been demanding for a long time that enough time should be given to file Income Tax Returns (ITR) after the financial year. Currently the last date for filing income tax returns is 31 July. It starts from the first day of the next financial year.

What is the complete mathematics?

Currently, the return has to be filed by 31st July. For this, they have to get their Form 16 by 15th June. In this way, the taxpayer gets only 45 days. Now some people will say that 45 days are enough. No, it takes a lot of time to collect the necessary documents. This is the reason why taxpayers want an extension in its date. In such a situation, it will be interesting to see whether there will be any change in it or not.

In case of delay, a hefty fine has to be paid

If a taxpayer files his income tax return after 31st July, then he has to pay a fine. If you file your income tax return by 30th December, then you have to pay a fine of 1 thousand. If you file it after 30th December, then you have to pay a fine of up to 5 thousand.

What are the demands?

The last date for filing income tax returns should be extended from July 31 to August 31. This will give taxpayers enough time. Apart from this, extending the last date for filing late returns to March 31 will give taxpayers a chance to properly enter the information of foreign income and tax credits. This will help them avoid fines and interest.

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This decision of the government will help taxpayers avoid penalty for late filing of ITR. The due date for filing income tax return under section 139(1) of the Income Tax Act, 1961 is November 30 in the case of such taxpayers who are required to submit the report referred to in section 92E.

Extension of time limit for assessment year

In an official order issued by the Income Tax Department, it has been said that the Central Board of Direct Taxes (CBDT) has now extended the deadline for assessment year 2024-25 to December 15, 2024. CBDT has said that the deadline for filing income tax returns has been extended for those taxpayers.

Those who have undertaken international transactions are required to submit reports under section 92E. The extension of the deadline for filing ITR will mostly apply to entities participating in international or certain domestic transactions.

Strong economic financial position of the government

According to the official data released recently, the fiscal deficit of the Center at the end of the first seven months (April-October) of the current financial year was 46.5 percent of the full year target. This reflects the strong economic financial position of the government. The government aims to bring down the fiscal deficit to 4.9 percent of the gross domestic product (GDP) in the current financial year, from 5.6 percent in 2023-24.

According to data released by the Controller General of Accounts (CGA), the overall fiscal deficit, the difference between government expenditure and revenue, stood at Rs 7,50,824 crore during April-October this year. The revenue-expenditure data of the central government for the first seven months of 2024-25 showed that the net tax revenue was around Rs 13 lakh crore and 50.5 per cent of the budget estimate of the current financial year.

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The post ITR filing New Deadline: Govt extended the deadline for filing ITR for these taxpayers, check last date here first appeared on Rightsofemployees.com.

What is the rule

Taxpayers whose annual income is less than Rs 5 lakh do not have to pay tax as they get a deduction of Rs 12,500 under section 87A. It is not that their income does not come under the taxable limit. The tax exemption limit is only up to Rs 2.50 lakh.

What is zero return or NIL return?

Zero returns are those in which taxpayers do not have to pay any tax. This happens when the income of a taxpayer is less than the exemption limit. When a taxpayer’s income is less than Rs 2.50 lakh in a financial year, then he has no tax liability. Such people are not required to file tax returns as they do not fall in the tax bracket. If such people still file returns, whose income is less than Rs 2.50 lakh, then it is called NIL return. Let us tell you here that it is not mandatory to file zero return. However, there are many advantages of filing NIL or zero return.

What is the meaning of zero return

Zero return means that you are telling the tax department that your income is not taxable. Your income is less than Rs 2.50 lakh. Filing zero return means that you are not paying tax in that financial year.

Benefits of filing zero return

Loan is easily available

If you file ITR then you get loan easily. To take a loan, you have to give ITR of 3 years.

TDS refund becomes easy

If a taxpayer forgets to fill 15G or H, then his tax is deducted, then he can fill the return by filing ITR.

ITR will be required for Visa

Filing zero returns makes it easier for you to apply for visa applications and credit cards. It acts as proof of your income.

The post What is Nil ITR? Know who has to fill this return and what special benefits are available in it first appeared on Rightsofemployees.com.

Let us tell you that the Income Tax Department has made a tweet alerting all taxpayers. It has been said that taxpayers who have any income source or account in any other country, they are required to fill the foreign asset schedule while filing ITR.

Will be fined up to Rs 10 lakh

While filing ITR, you have to tell about all your income sources. Many people have many other sources of income apart from the job. At the same time, some people earn a lot of money through any job or business abroad. The Income Tax Department has said that it is necessary for such people to file ITR. If you earn money abroad in any way and hide that income while filing ITR, then income tax catches your tax evasion. For which you can be fined up to Rs 10 lakh.

It is necessary to fill foreign asset schedule

Income Tax Department has alerted all taxpayers by tweeting. The department has said that those taxpayers who have an account or income source in any other country must fill the foreign asset schedule while filing ITR for assessment year 2023-24. It is also necessary for taxpayers to tell that they should give all the information related to their foreign income and assets in such cases.

This is how people earning from abroad can save tax

According to the rules of income tax, if a person stays in India for 182 days in a financial year, then he is considered a resident. Resident Indian’s global income comes under the purview of tax. Therefore, while filing ITR, the salary received abroad has to be shown under the income from salary head.

For this, you have to convert the salary received in foreign currency into rupees and give the details of the employer. If any kind of tax has already been deducted on your salary, then you can claim tax credit by showing it in the return. To avoid double tax, you can take advantage of Double Taxation Avoidance Agreement.

The post ITR Filing Deadline: File your income tax return before this date, Such people can be fined 10 lakhs first appeared on Rightsofemployees.com.

If you have not yet filed ITR return, then do it soon. The deadline for filing ITR returns without fine or penalty is ending on 31 July. If you have paid any extra tax during this period, you can claim refund at the time of ITR filing. Let us tell you, if your tax is more than the liability then you are entitled to get refund at the time of ITR filing and can claim extra tax refund.

However, for this, while filing income tax return, you have to attach some documents to show that how much tax you are entitled to pay and how much extra money is being spent from your pocket. Let us tell you how you can get refund.

File returns on time to avoid penalty and interest

First of all, if you want tax refund, then it is very important to file ITR on time. If you do not file ITR on time, you may have to pay heavy penalty and interest for filing belated income tax return. Also, you should select such tax slab which is better for you. Let us tell you, the government has brought a new tax slab in the budget this year.

Under which people’s income up to 7 lakhs is tax free. In such a situation, you should choose a better tax slab for you. Apart from this, also fill your bank account details correctly so that you do not have any problem in getting the refund.

Verify within 30 days of filing ITR

After filing income tax return, you have to verify it within 30 days. If you do not verify your details then it will become invalid. On the other hand, if the deadline for ITR filing is not over, then you can file a new ITR. If the deadline is over then you cannot file ITR return for that financial year.

Avail exemption under Income Tax Sections

To save more tax during ITR filing, you can save tax under many sections under the Income Tax Act. In this, you can avoid tax liability in many ways including PF, PPF, NPS, Life Insurance, Home Loan, Mutual Fund. Along with this, the amount paid extra tax can also be refunded.

The post ITR Filing Deadline: Deadline to file ITR is going to end soon, this is how you will get refund first appeared on Rightsofemployees.com.

The deadline for filing income tax returns for the assessment year 2023-24 i.e. the financial year 2022-23 is nearing. Taxpayers have time till July 31 to file income tax returns. One week of this month has almost passed. In such a situation, now only 3 weeks time is left to file income tax return.

Don’t wait for the last minute

Generally people keep postponing the work of filing income tax return. Although the Income Tax Department repeatedly advises people not to be negligent in filling ITR. People keep sitting thinking that there is still so much time left. In such a situation, they get trapped, because there is a danger of crowding on the portal at the last moment.

Deadline was not increased last year

At the same time, there are many people who feel that like other government deadlines, it will also be extended. Remind such people that last year the deadline for filing income tax return was not extended. This year also there is no scope for giving extra time to file income tax return.

This is how you can save thousand rupees

Filling income tax return is not a very complicated task. The government is also continuously making the process of filing income tax return easier. Documents like Form 16, Form 26S, AIS, TIS etc. have made filing income tax returns very easy. If you try yourself, you can file your ITR sitting comfortably at home in a few easy steps. For this there is no need to go to any CA and pay a fee of thousand rupees. Today we are going to help you in this work…

File ITR like this (How to file ITR, A step by step guide)

• First of all go to the e-filing portal of the Income Tax Department www.incometaxindiaefiling.gov.in
• If your account is already created then log in
• If the account is not created then create an account by clicking on Now register
  on the home page e Select the File option
• Now select the File Income Tax Return
• option to choose the assessment year First of all
• go to the Personal option to file ITR online
• Now the most important thing is to select the appropriate form
• If you are salaried then ITR-1 form Select
• the salaried taxpayer will get the pre-filled form
• You can match the data from your salary slip, Form 16 and AIS etc.
• Check that the bank account details are correct before claiming the return
  Submit ITR after cross-checking all,
• after this it is also necessary to e-verify ITR,
• you can do this work online with the help of bank details.
• Income Tax Department processes ITR in 3-4 weeks.
• You can check the status online anytime with the help of the acknowledgment number

The post How to file ITR: No need to pay CA, you can file ITR like this yourself first appeared on Rightsofemployees.com.

ITR Filing: The Finance Ministry has extended the deadline for filing income tax return for the assessment year 2022-23 till 7 November, giving a big relief to the companies. The last date for filing ITR by companies was October 31. CBDT (Central Board of Direct Taxes), the apex decision making body in income tax and corporate tax matters, said in a notification that the deadline for filing audit reports was extended last month. Therefore, the deadline for ITR filing has also been extended.

CBDT extends the due date for furnishing Income Tax Return for AY 2022-23 to 7th November, 2022 for certain categories of assessees in consequence of extension of due dates for filing various reports of audit. Circular No. 20/2022 dated 26.10.2022 issued.https://t.co/x9yhpL0d1T pic.twitter.com/T4LbT9Qy4K

— Income Tax India (@IncomeTaxIndia) October 26, 2022

CBDT extends deadline

The CBDT said in a notification, “CBDT has extended the deadline for furnishing of return of income under sub-section (1) of section 139 of the Income-tax Act for the assessment year 2022-23 from October 31, 2022 to November 7, 2022. has given.”

Domestic companies are required to file their income tax returns for the financial year 2021-2022 by October 31, 2022. The due date for filing ITR will be November 30, 2022 for companies that are subject to transfer pricing norms.

The post ITR filing: Good news! ITR filing deadline extended till 7 November, see details first appeared on Rightsofemployees.com.

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.

The post ITR Filing Deadline: Deadline not extended to file ITR, know here what will happen if you file after the last date? first appeared on Rightsofemployees.com.

These are the benefits of e-tax filing with ManiFi

• The tax filing process on this is fast and convenient.
• The information shared on ManiFi is secure.
• All the solutions needed for financial planning are available at one place.

ITR filing deadline is near

The last date for filing ITR (Income Tax Return) is getting closer. In such a situation, it should be dealt with as soon as possible so that any kind of technical problems can be avoided when the deadline is approaching. Apart from this, to avoid any kind of legal hassles, file ITR ahead of time. For individual and HUF taxpayers whose accounts are not audited, the deadline for filing returns is 31 July 2022.

On the other hand, the deadline for the taxpayers whose accounts are to be audited i.e. companies, firms, proprietorships etc., is 31 October 2022. Apart from this, if international transactions have been done in any financial year, then for this report has to be filed under section 92E. The deadline for filing returns for such taxpayers is 30 November 2022.

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If you have not filed your income tax return yet, then you have only 10 more days to do so. This time too, if you fail to file ITR, you will have to pay penalty and interest on the amount of penalty. The last date for filing Income Tax Return (ITR) for the assessment year 2022-’23 (Financial Year 2021-’22) is 31st July.

This last date deadline is for individual taxpayers who do not need to get their accounts audited. There is also a penalty for missing the deadline and you also have to pay interest for late filing of return.

How Much Late Fee

If you miss the deadline of July 31, then you can file late ITR till December 31, but you will have to pay late filing fee. For income above Rs 5 lakh, the late fee is Rs 5,000, while others have to pay Rs 1,000.

Late filing fee will also be applicable to those taxpayers whose income may be less than the tax exemption limit of Rs 2.5 lakh, but they are required to file ITR. This includes those taxpayers who have foreign assets or have earned foreign income or have paid more than ₹ 1 lakh in electricity bill during the financial year. Have deposited more than ₹1 crore in one or more bank accounts and paid more than ₹2 lakh on foreign travel for self or family.

If you have outstanding taxes after the July 31 deadline, you will have to pay a monthly simple interest of 1% on the outstanding amount . On how and how much interest is charged, tax experts say that interest starts counting from the beginning of the month. Understand this with an example that suppose you paid the outstanding tax on the fifth day of the month of August, then you will have to pay 1% interest for the whole month.

With this, suppose you have paid late tax. Now the tax department has calculated your ITR. The department felt that you have not done the calculations correctly and you are facing more tax liability. In such a situation, you will have to pay interest on that additional amount with retrospective effect.

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The Income Tax Department is constantly asking people to file ITR immediately without waiting for the ITR Filing Deadline. This time the deadline for filing ITR is 31 July 2022 and it is not necessary that it should be extended like every time. In such a situation, late-late taxpayers can be heavy. From this time, some rules of ITR filing have been changed. It is important to know about these changes before filing ITR, otherwise it is possible that even after filing ITR, you may get a notice from the Income Tax Department.

Know what is AIS and TIS

The Income Tax Department has recently launched AIS i.e. Annual Information Statement and TIS i.e. Taxpayer Information Summary. The department has started these to bring transparency in ITR filing and to make things simpler for the taxpayers. Let us know what is AIS and TIS… In the new AIS form, taxpayers are given the details of all the earnings from different channels. These include interest earned from savings accounts, income from recurring and fixed deposits, income from dividends, mutual funds, including Income from securities transactions, money received from abroad, etc. are included. To make ITR filing easier, the Income Tax Department has introduced TIS.

This way helpful in ITR filing

Generally people, especially the salaried class, file ITR on the basis of Form-16. However, apart from this, many types of income and even gifts also come under the purview of income tax. This is where AIS and TIS prove to be helpful for taxpayers. In AIS, you get the details of every income from sources other than salary, which have been specified under the Income Tax Act 1961. Meaning it will get information about every income that belongs to the taxable category. In simple words, AIS can be called the detailed statement of all the financial transactions done during any one financial year. TIS is the summary of this.

Let us know how to download AIS/TIS (How to Download AIS/TIS)…

• First of all go to the Income Tax Filing Portal (www.incometax.gov.in).
• Now log in to your account with the help of PAN Number and Password.
• Go to the Services tab in the top menu.
• Select ‘Annual Information Statement (AIS)’ in the dropdown.
• A different website will open as soon as you click on Proceed.
• Select the option of AIS on the new website.
• Now you will get the option to download both AIS and TIS.
• You can download AIS and TIS in PDF or JSON format.

The post ITR Filing Rules: AIS/TIS required for filing ITR, Let us know how to download AIS/TIS first appeared on Rightsofemployees.com.

Once again the time has come for all the taxpayers to file Income Tax Return (ITR Filing). The deadline for filing Income Tax Return for the financial year 2021-22 (FY22) i.e. assessment year 2022-23 (AY23) is ending this month. At present, the ITR Filing Deadline is 31 July 2022. Although the deadline for filing ITR changes every time, but it is not a good thing to sit comfortably on it. If the deadline is not extended, you may have to pay a penalty for filing ITR. In such a situation, it is advisable to file ITR before the last date without delay. While filing ITR, the most important thing becomes how to find out the taxable income. Today we are going to tell you this…

ITR filing is easy for salaried people

In today’s time, there is an abundance of people who earn from more than one source. This includes salary, rental income, earnings from shares or mutual funds, etc. According to the Income Tax Act, taxable income i.e. total taxable income is divided into 5 parts. These include income from salary, income from house property, income from capital gains, income from business or profession and income from other sources. If your source of income is only salary, then there is no need to worry much in filing ITR. Salaried people can find out taxable income from Form-16 and fill ITR with ease. Form-16 gives details of tax deducted so far, total salary, tax exemption and deductions etc. In a way, Form-16 is also a document of TDS.

Calculate rental income like this

Apart from salary, the most important source of income for most people is rent. Real estate is the preferred investment avenue for Indian people. People buy a house and rent it out and earn money. Three things are important in this category. You need to check whether your property is self-occupied or within the scope of rental property or rentable property. Self-Occupied Property is the property which is in possession of the person himself. If you have more than one property, you can select any one of them as self-occupied property. Income from self-occupied property will not be considered. If the home loan is running on it, then up to Rs 2 lakh on interest and up to a maximum of Rs 1.5 lakh can be claimed under 80C on repayment of principal. The property given on rent is called rental property. Whereas such property

Tax is also to be paid on the earnings from the stock market

Income from the sale and purchase of houses, shops, mutual funds and shares etc. is also liable to be taxed. The profit made from their sale is called capital gain. The type of capital gain is determined by the amount of time you have sold them after holding them. There are two types of capital gains, which are called short term capital gains (STCG) and long term capital gains (LTCG). Different rates of tax are already fixed for both Short Term Capital Gain (STCG) and Long Term Capital Gain (LTCG). You have to pay tax accordingly.

Now taxpayers get these options to pay tax

There are many such people who are doing some side business along with the job. Such people who are earning income from business or any profession, they have to report the income from it in the category ‘Income from business or profession’. Income from other sources includes bank accounts, bank FDs, pensions from insurance companies, dividends from shares and mutual funds, etc.

In this way you can find out the total taxable income. After this, tax deductions can be availed under 80C, 80D etc. At present, taxpayers get the freedom to choose between the old tax regime and the new tax regime. About 70 types of tax exemptions and deductions have to be lost by opting for the new tax regime. You can find out which arrangement is beneficial for you on the basis of total taxable income.

The post ITR Filing Deadline: ITR filing deadline is near, know how much tax you will have to pay first appeared on Rightsofemployees.com.

Once again the time has come for all the taxpayers to file Income Tax Return (ITR Filing). The deadline for filing Income Tax Return for the financial year 2021-22 (FY22) i.e. assessment year 2022-23 (AY23) is ending this month. At present, the ITR Filing Deadline is 31 July 2022. Although the deadline for filing ITR changes every time, but it is not a good thing to sit comfortably on it. If the deadline is not extended, you may have to pay a penalty for filing ITR. In such a situation, it is advisable to file ITR before the last date without delay. While filing ITR, the most important thing becomes how to find out the taxable income. Today we are going to tell you this…

ITR filing is easy for salaried people

In today’s time, there is an abundance of people who earn from more than one source. This includes salary, rental income, earnings from shares or mutual funds, etc. According to the Income Tax Act, taxable income i.e. total taxable income is divided into 5 parts. These include income from salary, income from house property, income from capital gains, income from business or profession and income from other sources. If your source of income is only salary, then there is no need to worry much in filing ITR. Salaried people can find out taxable income from Form-16 and fill ITR with ease. Form-16 gives details of tax deducted so far, total salary, tax exemption and deductions etc. In a way, Form-16 is also a document of TDS.

Calculate rental income like this

Apart from salary, the most important source of income for most people is rent. Real estate is the preferred investment avenue for Indian people. People buy a house and rent it out and earn money. Three things are important in this category. You need to check whether your property is self-occupied or within the scope of rental property or rentable property. Self-Occupied Property is the property which is in possession of the person himself. If you have more than one property, you can select any one of them as self-occupied property. Income from self-occupied property will not be considered. If the home loan is running on it, then up to Rs 2 lakh on interest and up to a maximum of Rs 1.5 lakh can be claimed under 80C on repayment of principal. The property given on rent is called rental property. Whereas such property

Tax is also to be paid on the earnings from the stock market

Income from the sale and purchase of houses, shops, mutual funds and shares etc. is also liable to be taxed. The profit made from their sale is called capital gain. The type of capital gain is determined by the amount of time you have sold them after holding them. There are two types of capital gains, which are called short term capital gains (STCG) and long term capital gains (LTCG). Different rates of tax are already fixed for both Short Term Capital Gain (STCG) and Long Term Capital Gain (LTCG). You have to pay tax accordingly.

Now taxpayers get these options to pay tax

There are many such people who are doing some side business along with the job. Such people who are earning income from business or any profession, they have to report the income from it in the category ‘Income from business or profession’. Income from other sources includes bank accounts, bank FDs, pensions from insurance companies, dividends from shares and mutual funds, etc.

In this way you can find out the total taxable income. After this, tax deductions can be availed under 80C, 80D etc. At present, taxpayers get the freedom to choose between the old tax regime and the new tax regime. About 70 types of tax exemptions and deductions have to be lost by opting for the new tax regime. You can find out which arrangement is beneficial for you on the basis of total taxable income.

The post ITR Filing Deadline: ITR filing deadline is near, know how much tax you will have to pay first appeared on Rightsofemployees.com.