This time the last date for filing ITR has been extended from 31 July to 15 September. Experts warn from time to time that a small mistake can lead to a heavy penalty, delay in refund or notice from the Income Tax Department. Not only this, you can be charged a penalty of up to Rs 1.5 lakh. Let us know about those mistakes that people usually make during ITR filing.

Selection of wrong ITR form

The first and most common mistake people make is that they select the wrong ITR form. Each form is for a particular income group. For example, ITR-1 is for employees with an annual income of up to Rs 50 lakh, ITR-2 for those with capital gains or foreign assets, ITR-3 for those doing business and ITR-4 for those with presumptive taxation. Filing a return in the wrong form is considered ‘defective’. It is necessary to correct it within 15 days, otherwise the return may be invalid.

Checking Form 26AS and AIS

It is important to check Form 26AS and Annual Information Statement (AIS) before filing. These contain your income, TDS and other financial information. Without checking, there may be delay in refund or you may have to pay more tax. Employees should keep documents related to Form-16, home loan, capital gain and dividend ready.

E-verification is necessary within 30 days

After filing the return, e-verification is necessary within 30 days. This can be done through Aadhaar OTP, net banking or demat account. If e-verification is not possible, then send the signed ITR-V to the CPC office in Bangalore. Without verification, the return is considered incomplete and is not valid.

Penalty of up to 1.5 lakh rupees

For filing returns late, those with more than 5 lakh income can be fined Rs 5,000 and those with less income can be fined Rs 1,000. A penalty of 50% of the tax can be imposed for providing wrong information and up to 200% for deliberate wrong reporting. If businessmen do not submit the ledger or audit report on time, a penalty of up to 1.5 lakh rupees can be imposed.

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Aadarsh ​​Kumar, who works in a multinational company in Mumbai, is very happy with his Chartered Accountant (CA). Why shouldn’t he be happy, because his CA has got him a refund of Rs 50,000. When Aadarsh ​​told this to his friend, he also requested Aadarsh’s CA to file his income tax return. Aadarsh’s CA helped him get the benefit of all kinds of deductions and got him a refund of Rs 50,000 despite TDS being deducted.

When Adarsh ​​told this to his friend, he also talked to some tax experts about this. Then he came to know that Adarsh’s CA was saving his tax by giving wrong information in deductions. In return, Adarsh’s CA also took 15 percent of the money received as refund. This may not happen only with Adarsh, but with many taxpayers. If the CA fills your ITR by giving wrong information to get his commission, then who will be responsible for this?

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The government had issued a notification.

The Income Tax Department had issued a notification in 2018 to clear the picture in such a case. The department had said that no document is required for filing ITR online. Obviously, the taxpayer must have kept the documents of whatever deduction he claims. It is the responsibility of the taxpayer to file the ITR correctly and on time. In such a situation, even if the CA makes any mistake, the responsibility will fall on the taxpayer.

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What to do if a mistake is made?

As a taxpayer, you must always be prepared to ensure that no wrong information is entered in your ITR form and no correct information is hidden. After filling the ITR, you should also match it once yourself. If you see any mistake and the deadline for filing the return has not yet passed, you can file a revised ITR within the stipulated time. This will also prevent your ITR from being rejected and you will be saved from paying late fees along with penalty.

What is the penalty for filing a wrong ITR?

If a refund is taken by giving wrong information while filing ITR, then the Income Tax Department can impose a heavy penalty on such taxpayers. The refund amount will be recovered along with penalty and interest. If the tax evasion is more than Rs 25 lakh, then the government can also impose a penalty of 100 to 300 percent and in serious cases, the taxpayer can also be jailed.

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Let us tell you that the filing of Income Tax Return for the financial year 2021-22 and assessment year 2022-23 had started from June 15, 2022. which ended on 31 July. Along with this, the government made a big announcement regarding the filing of income tax.

Government told the deadline

Actually, like the last two years, this time also the last date for tax filing was expected to be extended, but now the government has not extended it. If you do not fill it before the deadline, then you will have to pay a penalty. On the other hand, the last date for filing income tax returns for those who require audit is October 31, 2022. That is, it is mandatory for such people to pay tax before 31 October.

File your return before 31st October

It is noteworthy that the last date for filing income tax returns without any late fee for the financial year 2021-22 and assessment year 2022-23 was July 31, 2022, while the deadline for filing tax with late fee is December 31. That is, now you will have to pay interest on tax along with penalty under section 234A and under section 234F of income tax.

Department issued new rule

Along with this, the department has also issued a new rule. According to this, these rules have been applied to the taxpayers who filed their income tax return on or after August 1. According to the new notification of CBDT, the date of furnishing the return electronically will now be considered as the same when Form ITR-V is submitted within 30 days from the date of transmission of data electronically.

Detailed deadline for filing ITR

It is worth noting that the last date for filing income tax return for personal HUF was July 31, 2022. At the same time, the last date for filing income tax returns for those who require audit is October 31, 2022. And for those who have business and in which TP report is required, the last date for filing income tax return is November 30, 2022. That is, the department has introduced a deadline for all types of income tax payers, if you do not pay tax before the deadline, then you will have to pay a penalty.

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Department issued order!

As per the order, the Income Tax Department has reduced the deadline for submission
of hard copy of ITR-V or e-verification after filing income tax return from the existing 120
days to 30 days, with effect from 1st August i.e. Has gone. The department had
announced the change in the deadline by issuing a notification on July 29. That is, for
those who submitted ITR on August 1, the last date for e-verification is August 31.

These rules have been applied to tax payers who file their income tax returns on or after August 1. According to the new notification of CBDT, now the date of furnishing the return electronically will be deemed to be the same when Form ITR-V is submitted within 30 days from the date of transmission of data electronically.

Verification is mandatory:

As per income tax laws, ‘ITR will not be considered valid if it is not verified after 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.

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.

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

The post ITR New Deadline: Government has given a big order for taxpayers, know about the new deadline for ITR. first appeared on Rightsofemployees.com.

ITR can be filled with late fee

Even if you are not able to file ITR till the last deadline, you still have time. You can still file your tax return till December 31 this year. However, for this you will have to pay a late fee. First let us understand who has to pay the late fee. After that we will tell you the further process. Such taxpayers whose annual income is up to Rs 5 lakh will have to pay Rs 1000 as late fee.

Those whose annual income is more than 5 lakh rupees will have to pay a late fee of 5 thousand rupees. Not only this, they will also have to pay interest on late payment of tax. However, if your gross income is less than the basic exemption limit, you will not be penalized for late filing of ITR.

What is the method of filing return with late fee

Now let us tell you how you can file ITR after paying the late fee.

• For this, first you have to go to the website of Income Tax Department -www.incometax.gov.in/iec/foportal. Now fill your registration details and login to the e-filing portal. Select the option to file your ITR on the dashboard. Select the option of assessment year 2022-23.
• Now select your filing mode and ITR form applicable to you to proceed. Review your pre-filled data and if you need to edit anything, do so. Write down your income and deduction and check if there is any liability. Now verify it and complete the process.
• When the process is completed, you will get a confirmation message on your registered mobile number. Keep in mind that if you do not file your ITR by 31st December 2022, then you will not be able to file it after that. After this the Income Tax Department will inform you what is to be done.

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If you have not yet filed Income Tax Return, then fill it immediately. Till now the last date for filing income tax return is 31st July. Although there is a demand to increase it in many places by bringing it from social media, but, the government has clearly refused to extend its last date, that is, now you have to file income tax before July 31 in any case.

If you are also a tax payer then this news is very important for you. The government has changed the rules for filing tax returns. Actually, the Finance Ministry has increased the scope of income tax filing to bring more people into the tax bracket.

It is worth mentioning that some time ago the Ministry of Finance issued
a notice and informed about this. According to this notification, now people with different income group and income will also have to file income tax return. Under the new rule, now more and more people can be brought under the tax net. These new rules will be considered effective from April 21.

Know what the new rules say?

According to the new rule, if the sales, turnover or income in any business is more than 60 lakhs, then the businessman will have to file a return. Even if the earning of a salaried person is more than Rs 10 lakh per annum, they will still have to file ITR. Income tax return has to be filed even if the amount of TDS and TCS is more than Rs 25,000 in a year. Let us tell you that the limit of TDS + TCS has been kept at Rs 50,000 for taxpayers who are 60 years or more.

The post ITR Filing Update: Big Change in ITR Rules! Finance Ministry issued new orders first appeared on Rightsofemployees.com.