Taxpayer Financial Records ──┐
                             ├─► Compare & Reconcile ──► Accurate ITR Submission
Annual Information Statement ─┘   (Fix Discrepancies)
(AIS) & Form 26AS

┌────────────────────────────────────────────────────────────────────────┐
│                        Which Regime Fits You?                          │
├───────────────────────────────────┬────────────────────────────────────┤
│           New Tax Regime          │           Old Tax Regime           │
├───────────────────────────────────┼────────────────────────────────────┤
│ • Lower overall tax slab rates    │ • Beneficial with major deductions │
│ • Higher standard deduction rebate│ • Ideal for high home loan interest│
│ • Minimal paperwork required      │ • Requires 80C & 80D investments   │
└───────────────────────────────────┴────────────────────────────────────┘

The post Why Relying on an ITR Filing Extension Can Become an Expensive Mistake first appeared on Rightsofemployees.com.

The deadline is set for December 31, 2025. If your documents are not synced by then, your entire financial life basically hits a wall. Let’s be real, they’ve given extensions before, but the mood now is final—no plans to extend the deadline further.

Also read | 3-Year Tax Trap: Section 54 for Under-Construction Homes.

The January 1, 2026 Freeze

Starting New Year’s Day 2026, any unlinked PAN is officially labeled “inoperative.” This isn’t just a slap on the wrist; it freezes almost every crucial financial activity you have.

The consequences are brutal, split cause-effect is mandatory here:

• ITR Filing Blocked. You cannot file your Income Tax Returns. And then, any tax refunds that were due will remain stuck, completely on hold.

• Higher TDS/TCS. The system views you as a non-compliant person. And then, tax will be deducted or collected from your income at much higher rates under Sections 206AA and 206CC.

• KYC Failure. Banking, mutual funds, stock trading, insurance services—all of it may be temporarily suspended. And then, you lose access to your own investments.

• Invalid Exemptions. Senior citizens rely on Forms 15G/15H for interest exemptions. And then, those forms become invalid, leading to tax deductions on your savings.

The government’s logic is all about transparency—“One Identity – One Verification.” They are trying to stop tax evasion, duplicate PANs, and fraudulent accounts.

Also read | 3-Year Tax Trap: Section 54 for Under-Construction Homes.

 How to Fix It (The Penalty Phase)

The free deadline is long gone. Now, compliance costs you.

1. Visit the e-filing portal: Go to https://www.incometax.gov.in.

2. Click on “Link Aadhaar” on the homepage.

3. Enter your details (PAN, Aadhaar, name).

4. Pay the fee: If you missed the previous deadline, you must pay the standard ₹1,000 penalty via the e-Pay Tax section.

5. Verify and Submit. The status usually updates in 3–5 days.

What if Your PAN is Already Inoperative?

The process is still doable, but you have to be patient.

• You must pay the ₹1,000 reactivation fee and then complete the linking process.

• Here’s the kicker: Your PAN will be reactivated, but it takes about 30 days from the date of successful submission.

• The Advice: Tax experts are saying avoid any major financial or investment transactions during that month-long interim period. KYC validation will fail until the system catches up.

Who is Exempt?

Not everyone has to panic. The following are safe, for now:

• Non-Resident Indians (NRIs).

• Foreign citizens who do not have Aadhaar.

• Super Senior Citizens (aged 80 years or above).

• Residents of Jammu & Kashmir, Assam, and Meghalaya.

For everyone else, the countdown is absolute.

Also read | 3-Year Tax Trap: Section 54 for Under-Construction Homes.

The post PAN-Aadhaar Link Deadline Dec 31, 2025: PAN Becomes Inoperative. first appeared on Rightsofemployees.com.

Will you have the option to choose your tax regime?

According to income tax rules, after the deadline for filing income tax returns has passed, taxpayers can only file their returns under the new tax regime. They don’t have the option to choose a tax regime of their choice between the two tax regimes.

Returns will be filed under the default regime.

Indeed, the government has now made the new tax regime the default option. The new tax regime has lower tax rates and no tax is payable on income up to ₹11 lakh. However, under the old tax regime, several deductions such as 80C, 80CCC, and 80CD(1) are available, which are not available in the new tax regime.

Interest will be charged along with a penalty.

It should be noted that filing a belated ITR (Belated ITR Filing 2025) could result in a penalty of up to ₹5,000. Furthermore, if a tax liability arises under Section 23A, a 1% interest will also be charged on the belated ITR every month. However, if the taxpayer has already paid the tax, no interest will be charged on filing a belated ITR.

Diwali Gift : Government announces ₹2000 Diwali gift to Anganwadi workers

The post ITR Filing : Missed the ITR deadline? You can only file returns under this regime, learn the full details. first appeared on Rightsofemployees.com.

What is belated return?

An ITR filed after the due date specified in Section 139(1) is considered a belated return. This date is usually July 31st. However, due to several changes to ITR forms this assessment year, the deadline was extended to September 16th. This means that ITRs filed after September 16th and until December 31st are considered belated ITRs.

Penalties and fees on belated returns

Taxpayers with annual income of more than ₹5 lakh will be charged a penalty of ₹5,000.
Taxpayers with annual income less than ₹5 lakh will be charged a penalty of ₹1,000.
Apart from this, 1% interest will have to be paid every month on the tax due.
According to the Income Tax Department, “Under section 234F, a late fee of ₹5,000 will be applicable for filing the return after the due date specified in 139(1). However, if the total income is less than ₹5 lakh, the fee will be ₹1,000.”

Limitations on Belated Returns

You can claim a refund through a belated return, but you can’t change your tax regime. This means that if you don’t file your ITR on time, you may end up paying more tax and receiving a lower refund. Certain deductions and exemptions (such as sections 10A, 10B, 80-IA, 80-IB, 80-IC, 80-ID, and 80-IE) are not available with a belated return.

Additionally, taxpayers who miss the deadline also lose certain other benefits. For example, business and capital gains losses cannot be carried forward to subsequent years. However, house property losses can be carried forward to belated returns.

If the tax is not paid, the penalty is imprisonment for a term of three months to two years. If the outstanding tax exceeds ₹25 lakh, the penalty is imprisonment for six months to seven years. This generally does not apply to salaried individuals.

The post Belated ITR filing: How to file belated returns, what are the penalties and late fees; know every detail first appeared on Rightsofemployees.com.

If a taxpayer hides his actual income, then a penalty of 200% of the tax amount can be imposed for giving wrong information. Under Section 270A of the Tax Act, a penalty of 50% of the tax amount is imposed for underreporting income.

What is the most common mistake made while filing taxes?
Many taxpayers claim deductions under Section 80C of the Income Tax Act without proper documents. Apart from this, it is also common to claim the wrong house rent allowance (HRA) or show personal expenses as business expenses. Such mistakes, even if unintentional, can lead to heavy penalties. Disclosure of all income is mandatory It is mandatory to show income from freelancing, crypto trading or side jobs in ITR. If income is hidden, strict action can be taken by the tax authorities.

To avoid penalty, every deduction or exemption claim must be accompanied by the correct documents. Even if a Chartered Accountant (CA) or tax consultant makes a mistake, the responsibility will be of the taxpayer. According to the law, the taxpayer is held accountable, not the professionals who prepare the return. What should you do? Check your tax return thoroughly before submitting it. As the deadline is near, mistakes can be made in haste. Being careful can help avoid unnecessary scrutiny and heavy penalties. Keep all documents ready before filing taxes and file the return with correct information.

The post ITR Filing Guide: If you make this mistake while filing tax, you will have to pay 200% penalty, even CA or tax advisor will not be able to help! first appeared on Rightsofemployees.com.

If an NRI stays outside India for 182 days or more in a financial year, then he is placed in the category of NRI. In such cases, the salary received for services rendered outside India and the salary deposited in the Non-Resident External (NRE) account is not taxed in India. Now the question arises whether Merchant Navy officers should file income tax return? In response to this, experts say that Merchant Navy officers should also file income tax returns. Let’s know why this is so

Should Merchant Navy officers file ITR?

In this regard, while talking to Live Mint, Shefali Mundra, tax expert of ClearTax, said that even though Merchant Navy officers are exempted from tax, income from rent, capital gains or NRO interest is still taxable. Therefore, if these are the sources of income for Merchant Navy officers, then it is necessary for them to file ITR.

For example, the interest on Non Resident External (NRE) accounts and NRE fixed deposits is completely tax free, but the interest on NRO accounts is taxable in India. TDS is deducted on this at the rate of 30 percent. Similarly, in India, property tax or capital gains from mutual fund investments are also taxed under long-term or short-term rules. Rental income from properties and dividends from Indian companies also come under the purview of tax.

Bank Holiday in September: Banks will remain closed for 9 days in September! See the complete list

The post ITR filing : Merchant Navy employees are not taxed, so know whether it is necessary to file ITR first appeared on Rightsofemployees.com.

There is an alert for those who file Income Tax Return (ITR). The last date for filing ITR for the financial year 2024-25 has been fixed as 15 September 2025 ( ITR Filing Last Date ). That is, now you have less than 20 days left. If you have not filed the return yet, then delaying it can prove costly.

This time the surprising thing is that the number of ITRs filed so far is not even half of what it was last year. According to the Income Tax Department’s website, only 3.68 crore returns have been filed till August 25.

Out of these, about 3.54 crore have been verified and 2.30 crore have been processed. Whereas last year more than 9 crore returns were filed in the entire financial year. This means that crores of people are still left to file ITR.

then this trouble can come
In view of this, experts believe that those who file returns should fill ITR early, otherwise a big problem may arise in the last days. Because, when people suddenly file ITR, they may have to face problems like server down.

Earlier the deadline was 31 July
The government had extended the deadline this time. Earlier the last date was 31 July, which has now been extended to 15 September. This deadline is for those taxpayers who do not require audit. That is, most of the salaried class people have to file ITR by this date. For those taxpayers who need to get audit done, the deadline is 31 October.

Top earners of 1 to 5 crores
If we look at the figures, the number of people earning more than Rs 1 crore in the country is increasing rapidly. As of March 31, 2025, 10,814 people with income of more than Rs 10 crore filed returns. At the same time, 16,797 people with income of 5 to 10 crores and about 2.97 lakh people with income of 1 to 5 crores filed ITR.

There is no tax on income up to 12 lakhs
There have been changes in the tax slabs as well. In the new tax regime, there will be no tax on income up to Rs 12 lakh. Salaried people will also get a standard deduction of Rs 75,000. That means a total income of up to Rs 12.75 lakh will be tax free. At the same time, a new slab of 25% tax will be applicable on people with an income of 20 to 24 lakh.
Let us tell you that the Income Tax Department keeps an eye on your every big transaction. Your account details reach the tax department through the bank. For example, if you deposit more than 10 lakh cash in your savings account or make a big FD-RD in cash, then its information goes directly to the tax department.

The post ITR Filing Last Date: You have only this many days left, file soon or else you may face this problem! first appeared on Rightsofemployees.com.

ITR Filing 2025: If you have not filed your income tax return yet, then you do not have much time left now. The government has made the last date for filing ITR for the financial year 2024-25 15 September 2025. Earlier this date was 31 July, which was later extended. One should not wait for the deadline to file income tax return. You may make many mistakes in haste. In such a situation, if you are going to file ITR for the first time, then first of all you have to register yourself on the e-filing portal (www.incometax.gov.in) of the Income Tax Department. This portal provides many important tax related services to taxpayers online. The process of registering has now become very easy.

Any taxpayer can register on the e-filing portal of the Income Tax Department through a valid PAN (Permanent Account Number) number. Once the registration is complete, you will start getting many tax related services online. After this, filing ITR will become easy. Without registration, you can neither file ITR nor claim refund. This registration is completely free.

ITR Filing 2025: Documents required for registration
1- A valid and active PAN card

2 – Mobile number

3 – Email ID

Separate registration has to be done for each PAN card.

Let us tell you that the e-filing portal is a kind of digital platform for taxpayers , where you can not only file ITR but can also manage your tax profile. Here you get many tax related services, such as tax payment information, viewing refund status, responding to notices and checking the record of old filing.

How to register?

1 – First of all go to the Income Tax e-filing portal and click on the ‘Register’ button on the homepage.

2 – Select ‘Taxpayer’ option and enter your PAN number, then click on ‘Validate’.

3 – If PAN is valid, fill in the basic details like your name, DOB, gender and residency status on the next screen.

4 – Next, fill in the contact details like mobile number, email ID and address.

5 – Two separate OTP will be sent to the entered mobile number and email. Enter both the OTP correctly and proceed.

6 – If any information is incorrect then correct it and confirm it.

7 – Now set the password and type a security message which will appear on every login.

8 – As soon as you click on the ‘Register’ button, your registration will be completed and after that you can login.

The post ITR Filing 2025: Those filing returns for the first time should be alert, register here quickly, know the process first appeared on Rightsofemployees.com.

Taxpayers are now gradually filing income tax. So that the last minute rush can be avoided. If you are also going to file ITR, then before that know which form is right for you among ITR-1, ITR-2, ITR-3 and ITR-4. Along with this, what are ITR-1, ITR-2, ITR-3 and ITR-4 and what are their uses?

The post ITR Filing Made Easy: Which Form – ITR-1, ITR-2, ITR-3, or ITR-4 – Suits You Best? first appeared on Rightsofemployees.com.

People in India are often worried about ITR filing, but now Jio-Finance app has made it easy and cheap. A new facility of tax planning and ITR filing has now been started on the app, the starting price of which is only Rs 24. Jio has created this facility in collaboration with a platform called ‘TaxBuddy’, which specializes in online tax filing.

Two magical features: Planning and filing

This new module has two special features. The first is tax planner, which estimates how much tax you may have to pay in the future and suggests ways to save. The second is tax filing, which removes the confusion between the old and new tax system. It will help you save tax under sections like 80C, 80D. The biggest thing is that now you will not need expensive agents.

How much will it cost?

If you want to file your tax yourself, then its cost is only 24 rupees. On the other hand, if you need the help of a tax expert, then the expert will prepare your return for Rs 999. After filing, you can also track the status of the refund on the app and get instant alerts of any tax notice.

“The tension of tax filing is over now”: Jio CEO

Jio Finance CEO Hitesh Sethia said, “People start getting nervous as the tax filing deadline approaches. We want to make this process completely easy. Also, tax planning throughout the year can help people understand their responsibilities better. This module is the next step in our commitment to Digital India.”

How does the app work?

From entering income to uploading documents, every step is easy. The app guides you at every step, helps you choose the right tax regime and finally your return is ready. That is, tax filing is now as simple as telling a story.

Try these apps too

1. Government Apps (Free and Fully Official)

Income Tax Department Portal & Aayakar Setu

Key Features: Government powered, Auto-prefill from PAN/Aadhaar, E-verification (Aadhaar OTP), Refund tracking, Tax calculator.

Limitations: Expert support not available, less suited for complex returns.

Suitable for: All taxpayers (especially those with simplified returns).

Private Apps (Free Basic Plan + Paid Upgrade)

• TaxBuddy
• Properties

AI-Automation: Auto-fills data from PAN/Aadhaar, Bank Statement, Form 16.

24/7 expert support: via chat/email (free basic; paid for complex cases).

Refund tracking, tax notice resolution, tax-saving plans.

Suitable for: Individuals, businesses, and those with cryptocurrency income.

• ClearTax
• Main characteristics

User-friendly interface: Auto-fill Form 16 upload, Live Chat support.

Free Service: Only salary income and simple returns (ITR-1/ITR-4).

Suitable for: Salaried professionals and those with complex returns (in paid plans).

• MyITReturn
• Main characteristics

Multilingual support: Interface in 10+ languages including Hindi, Tamil.

Simplicity: Step-by-step guidance, email support.

Suitable for: New users filing returns or those with simple income sources.

• Tax2Win

Key Features: Refund Tracking: Real-time updates, e-verification.

Free limit: ITR-1 only (Salary/One house property).

Suitable for: Salary income earners and those looking for quick filing.

• Apps for specific needs
• EZTax (AI-Supported)

Auto tax calculation, support from ITR-1 to ITR-4, tax-saving tips.

TaxSpanner (Last-Minute Filing): Complete your return in 10 minutes, with special help close to deadlines.

The post Jio-Finance Launches ITR Filing Service for Just ₹24 – Limited Time Offer first appeared on Rightsofemployees.com.

This has become so common that we do not even think that any record of this is being made. But now the question arises whether the Income Tax Department keeps an eye on such small amounts?

Suppose you send Rs 300 to someone every day. In a month it becomes Rs 9,000, and in a year it becomes more than Rs 1 lakh. If this payment is being made in exchange for any service, such as tuition, freelance work, or a small business, then it can be considered as your income. If your total income comes under the tax bracket, then it is necessary to show it in ITR.

How does the Income Tax Department catch you?

The data of your bank and UPI apps can reach the Income Tax Department through NPCI and banks. If the pattern of transactions is frequent and large, then the department can investigate where the money is coming from and why. The amount of ₹ 200- ₹ 300 may be small, but if it is happening daily, then it can come under notice.

If your total income is below the tax slab, and these payments are only for expenses, like household items, food items, then there is nothing to worry about. But if you are getting money from Paytm or Google Pay after doing some work, then it would be right to show it as income.

The Income Tax Department now not only looks at transactions worth crores, but also looks at where the money is coming from and how many times it is coming. Therefore, if you use digital payments, it is wise to provide all the information honestly while filing ITR.

The post ITR Filing: Do you pay ₹200- ₹300 daily through Paytm-Google Pay? You may also be under the scrutiny of the Income Tax Department, know why first appeared on Rightsofemployees.com.

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.

Most Read Articles:-

• Bank Holiday: Banks will remain closed tomorrow, know why RBI has declared holiday on 5th July

• No need to visit Aadhaar center, update mobile number in Aadhaar online

• Railways New Super App “RailOne” – Key 5 Benefits & Feature

• Train Cancelled: Railways canceled these trains going from UP, see the list

• SIM Swap Fraud: Government has issued an alert regarding SIM swap scam. Know the easy way to avoid it

The post ITR Filing Update: A mistake in ITR filing can cost you a fine of Rs 1.5 lakh 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.

This year the deadline for return filing (15 September 2025) has been kept shorter than last time, so it is important to prepare in advance.

The utility required for ITR filing is not yet available on the portal

The ITR filing facility was started on the portal in mid-April last year, but the portal has not been updated for AY 2025-26 (FY 2024-25) till 26 May 2025 this year. That is, returns cannot be filed right now. Till then you can use this time to prepare for filing and gather information.

How to file ITR online? Know the complete step-by-step guide here

Step 1: Login or Register

• Website: https://www.incometax.gov.in
• If you are already registered, login (User ID/PAN, Password and Captcha).
• New users will need to register first.

Step 2: Select the ‘File Income Tax Return’ option

• Click on the ‘e-File’ tab on the dashboard
• Then select ‘Income Tax Returns’ and then ‘File Income Tax Return’

Step 3: Fill in the details

• Select Assessment Year: AY 2025-26
• Mode of Filing: Online

Step 4: Select filing status

• Select from Individual, HUF or Other

Step 5: Choose the correct ITR form

Step 6: Specify the reason for filing ITR

• Your taxable income is above the basic exemption limit
• Or you have fulfilled certain special conditions like foreign travel expenses of more than Rs 2 lakh etc

Step 7: Check the pre-filled details

• Check the pre-filled details on the portal like PAN, Aadhaar, bank details etc.
• Provide correct information about all income, tax exemptions and deductions

Step 8: Verify the return

• Verification is required within 30 days
• You can verify in the following ways:
  • Aadhaar OTP
  • E-Verification Code (EVC)
  • Net Banking
  • Or send ITR-V form by printing it

Why is it beneficial to file ITR yourself?

• You have direct control over your financial details
• You will need a professional only if you have foreign income, share trading, business etc.
• Ordinary salaried persons or persons having income from a single source can file on their own

What’s new in ITR for AY 2025-26?

• Relief in rules for small taxpayers
• Changes in ITR forms
• New rates of capital gains tax
• Incentives to promote digital payments
• New compliance rules

The post ITR Filing: It is easy to file ITR online yourself, know step by step first appeared on Rightsofemployees.com.

First understand when you will get the benefit

Many people are confused about the fact that this time while filing ITR, they will not have to pay tax on income up to Rs 12 lakh. Let us tell you that this is not the case at all. Under the new income tax system, tax exemption of income up to Rs 12 lakh is applicable from the financial year 2025-26, whereas the ITRs that will be filed now are for the financial year 2024-25.

Now know who will not get the benefit

If you invest money in the stock market or buy and sell property and earn some money from it, then you will not get the benefit of tax free income up to Rs 12 lakh on that income. In such a situation, the income from capital gains will not be counted in the calculation of taxable income.

Let’s understand with an example

Let’s assume that your total income in a year is Rs 12 lakh. Out of this, Rs 8 lakh is your salary income, but the remaining Rs 4 lakh is earned by you from capital gains. In such a situation, you will get tax benefit on Rs 8 lakh, but you will have to pay capital gains tax on Rs 4 lakh. So in this condition, your income of Rs 12 lakh will not be tax free.

What is capital gain?

A salaried person can earn capital gains in two ways. First is from the stock market and second is from buying and selling a house or land. If you sell a share in the stock market after keeping it with you for more than 1 year, then the income earned from it is called long term capital gain. Whereas if you sell it before 1 year, then it is called short term capital gain.

What is the rule in case of property

If we look at the case of house or land, the definition of short and long term is slightly different. If you sell the house or land after 2 years, then the profit you make will be called long term capital gain. On the other hand, if you sell it before 2 years, the profit you make will be called short term capital gain.

How much is capital gains tax?

Talking in the context of the stock market, you will have to pay 20 percent tax on short term capital gain. Earlier this tax was 15 percent. On the other hand, you will have to pay 12.5 percent tax on long term capital gain, which was 10 percent earlier. However, if you have a long term capital gain, then you will get tax exemption on a gain of up to Rs 1.25 lakh.

How will tax be levied on income from house or land

If you have made long term capital gains by selling a house or land, then its calculation will be slightly different. 12.5 percent tax will have to be paid on a house bought before July 23, 2024 without including the effect of inflation (indexation). At the same time, you will also have the option of paying 20 percent tax with indexation benefit under the old scheme. You can pay whichever of the two options results in less tax.

LTCG holders will get special benefit from this year

Have you also got long term capital gain up to Rs 1.25 lakh in the financial year 2024-25? If yes, then the Income Tax Department has given a special facility for you. Due to this, it will now be even easier for you to file ITR. Recently, ITR-1 form has been issued by the Income Tax Department, in which special measures have been taken regarding long term capital gain up to Rs 1.25 lakh.

There has been a big change in the ITR form

This year, a major change has been made in the ITR form. This change is that ITR-1 (Sahaj) can be filed to deposit long term capital gain (LTCG) under section 112A. However, the condition is that the LTCG should not exceed Rs 1.25 lakh and the taxpayer does not have any loss to carry forward or set off under the capital gain category.

This facility has been started this year

If you are in this category, then this time it has become easier for you to file income tax return. Let us tell you that earlier there was no provision for reporting capital gains tax in ITR-1 form. This special facility has been started from this year.

Those with short term capital gains will not get the benefit

ITR-1 form cannot be used by those taxpayers who have made short term capital gains from selling house property or from listed equity and equity mutual funds.

The post ITR Filing: You should know this rule, everyone’s income up to ₹ 12 lakh will not be tax free, heavy tax will be levied despite low income first appeared on Rightsofemployees.com.

1- Valid rent agreement

If you are a tenant, then it is necessary to have a valid rent agreement. Also, you should keep in mind that the rent agreement should be as per the Income Tax rules. For example, if your monthly rent is more than Rs 50 thousand, then TDS must be deducted from it. Apart from this, the rent agreement should contain all the basic details and PAN information of both the landlord and the tenant.

2- Rent receipt

To claim HRA, you must have a valid rent agreement as well as a rent receipt. That is, you will also have to keep the receipt of paying rent to your landlord. Only the rent receipt proves that you have actually paid the house rent to the landlord. While claiming HRA, you have to submit the rent receipt along with the rent agreement.

3- Online rent payment statement

Although no one asks you about the method of paying rent, but if due to some confusion you get a notice from the Income Tax Department, then you may need a bank statement. If you pay in cash, then you will not be able to provide this proof. In such a situation, try to pay the rent online only.

4- Make sure to get the PAN of the landlord

You need the landlord’s PAN only when you file ITR or claim HRA from the company. This helps the Income Tax Department to know who actually received the rent you paid.

Income Tax Department has found irregularities

Some time ago, the Income Tax Department had noticed some irregularities in claiming HRA. The Income Tax Department has found that many employees claimed HRA by giving wrong PAN details. There have also been some cases in which many employees have entered the same PAN details, due to which they were also sent notices. Sometimes it also happens that the Income Tax Department sends notices to people due to not getting sufficient evidence. In such a situation, it is important to have these documents with you, so that you can easily present your case in front of the Income Tax Department.

The post TR Filing: Are you claiming HRA? Keep these 4 documents safe, otherwise if you get a notice first appeared on Rightsofemployees.com.

If you filed Income Tax Return (ITR) on time in the financial year 2022-23 and have not received the refund yet, then there is good news for you. The Income Tax Department has said that the ITRs of 2022-23 which have not been processed yet will be processed by 30 November 2025. This decision of the Income Tax Department has brought relief to all those taxpayers whose refunds are still pending or whose ITRs could not be processed in time.

According to an order issued by the CBDT on June 9, 2025 , the deadline for notice under section 143(1) of the Income Tax Act has now been extended. This deadline was earlier till 31 December 2024, but now it has been extended to 30 November 2025.

Who will benefit?

Taxpayers whose ITRs have not been processed yet are now likely to get a refund and will also get interest at the rate of 0.5% per month on the refund. Interest on refunds related to TDS and advance tax will be calculated from April 2023. Interest on refunds related to self-assessment tax will be available from the date of ITR filing.

Who will not get the benefit?

The benefit of this scheme will not be available to those ITR filing taxpayers who were selected for scrutiny. Or those who are stuck due to technical or user error. Also, those whose PAN and Aadhaar are not linked yet will not get the benefit of this scheme. According to the Income Tax Department, refund will not be issued if PAN-Aadhaar is not linked.

Threat of tax demand notice?

Under the new order, no fresh tax demand is allowed as the law stipulates that such a process be terminated after March 31, 2025. However, if tax has been concealed and the conditions are met, an investigation under section 148 can be initiated.

The post ITR Filing: Relief news for these taxpayers, CBDT issued order, know who will get benefit and who will not first appeared on Rightsofemployees.com.

It contains many important information, which is very important for your income tax profile. Now employers are going to issue digital Form 16 to their employees.

This is how digital form 16 is downloaded

Digital Form 16 is very easy to use. Using this, income tax returns can be filed without any mistake. Like the old Form 16, it also contains complete information about your salary, TDS and deductions. The question is where will you get Form 16? For this, employers can visit the official TRACES portal of https://www.tdscpc.gov.in. On this portal, employers can log in with Tax Deduction Account Number ( TAN ), password and captcha code. After logging in, you have to go to the ‘Download’ tab. Then select ‘Form 16’.

Employers have to provide this information

After selecting Form 16 on TRACES, you will have to select the financial year. After that, you will have to enter the PAN of the employees and other necessary information. After that, you will have to enter the TDS receipt number, date of deduction and total deducted amount. After this, you will have to click on Submit and Download Request. After this, Form 16 will be downloaded. It can be used as per your requirement.

Employers will have to issue Form 16 by June 15

Form 16 has two parts – Part A and Part B. Part A contains information about the employer and employees. There is also a summary of the tax deducted. There is also information about the tax deposited with the government. Part B contains details of salary components, exemptions, deductions and total tax or refundable. It is easy for employers to issue Form 16 to employees by June 15. After this, the process of filing income tax return can be started.

How to use Form 16

Usually, employers generate Form 16 using TRACES. They then send it to all employees. Filing income tax returns has become much easier with the use of digital Form 16. The Income Tax Department’s platform automatically imports the salary details of employees. It also imports TDS and exemption details. After filing the income tax return with the help of these details, the e-verification process has to be completed using the OTP of Aadhaar. This process can be completed through netbanking or by signing the ITR-5 and sending it to the centralized processing center.

The post Digital Form 16: How can Digital Form 16 be downloaded and how should it be used for ITR filing? 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.

While filing income tax return, it is mandatory to enter all the required information correctly and upload the required documents. Usually every year many taxpayers make some common mistakes. Due to this, their return gets suspended and they are not able to get refund and have to file the return again.

Not choosing the right form: There are forms from ITR-1 to 7 for different types of taxpayers. Forms have been prescribed for different taxpayers based on the sources of income. Filling the wrong return form will make your ITR invalid and you will have to file the return again. So always use the correct form.

Not disclosing the source of income: Declare all sources of income. Not doing so can prove costly for you. Concealing income from other sources can attract a penalty of 50% to 200% of the tax liability. Information related to other income and liabilities including foreign income, assets, accounts and shares must be given in ITR.

Not giving information about big expenses: If you have made big expenses like your annual electricity bill is more than one lakh, if you have spent more than 10 lakh on credit card or have made big expenses like buying an expensive car or have made big expenses on foreign travel, then you must give information about it and show coherence between income and expenses. If this is not done, you may get income tax notice and refund may be stopped.

Not disclosing exempted income: A big mistake while filing income tax return is not declaring exempted income. Agricultural income is tax free. If you are earning income from farming, then definitely tell it. Profit share received from partner firm is tax free. If you earn income from this, then enter it in the prescribed column.

Not cross checking: Before filing ITR, cross check Form 26AS and Form 16 or TDS certificate. If the details are different, find out the reason and get it corrected from the employer. If you do not do this, the refund you get may be reduced.

Error in Form 16: If you have changed your job, then give the Form 16 received from the old employer to the new employer. So that the new employer can deduct the correct TDS. You can get the proper benefit of standard deduction. If you do not give the information, it is possible that you have got the benefit of standard deduction from both the employers, which is wrong. You may have to pay more tax at the time of return.

Giving incorrect information: Personal details like name, address, mail ID, phone number, PAN, date of birth, etc. should be written correctly in the ITR. These should match with your PAN card. If you are claiming a refund, your bank details should also be correct.

Wrong claim of HRA: Under the old tax regime, salaried persons could claim HRA exemption as part of their salary component. Rent agreement, rent receipts and PAN number of the landlord for rent up to Rs 1 lakh per annum are required for valid claims. Residence in the rented premises is also a must as the department can verify your claim.

Not doing e-verification: E-verification is necessary after filing ITR. If for some reason you are unable to do this, then sign the ITR-V form within 30 days of filing and send it to the Centralized Processing Center (CPC) by post.

Highest FD rates: These 5 banks are paying the highest interest on FD, the list includes SBI, HDFC, ICICI Bank

The post ITR Filing : If you make this mistake then your refund will get stuck, know this before filing ITR first appeared on Rightsofemployees.com.

Frauds are caught with AI

The Income Tax Department is using Artificial Intelligence i.e. AI. The Income Tax Department is catching fake rent receipts with the help of AI. For this, it matches Form-16 with AIS Form and Form-26AS.

The difference comes to the fore

All the transactions related to PAN card are recorded in AIS form and Form-26AS. In such a situation, when a taxpayer claims house rent allowance through rent receipt, the Income Tax Department matches his claim with these forms. If there is any increase or decrease, the difference is immediately visible. This entire process is done automatically and in a jiffy by AI.

When is it necessary to provide the landlord’s PAN?

There is a rule related to House Rent Allowance i.e. HRA that an employee can claim deduction of HRA only if he is getting HRA from the company. At the same time, if the employee pays rent of more than Rs 1 lakh, then he will also have to provide the PAN number of his landlord.

Matching claim amount with PAN

The Income Tax Department matches the amount you claim under HRA with the amount sent to your landlord’s PAN number. If a difference is found between the two, a notice is sent by the Income Tax Department.

Up to what amount of rent is there no inspection?

If your company gives HRA and you are claiming annual rent of less than Rs 1 lakh, then you do not have to provide the PAN of your landlord. In this case, you can claim HRA up to Rs 1 lakh, which will not even be checked by the Income Tax Department whether it is correct or fake.

Why fraud in HRA?

The biggest reason for fraud related to HRA is that it saves tax on a lot of income. However, from next year, in the new tax system, income up to Rs 12 lakh will be tax free with rebate, so perhaps the scope of HRA will also decrease and due to that, fraud can also be reduced.

The post ITR Filing: Know how Income Tax catches fake rent receipts, otherwise you are sure to get a notice! first appeared on Rightsofemployees.com.

Filing ITR is the legal responsibility of every citizen, but it has many other benefits, so it is important to fill it carefully. Do not forget to check Form 26AS and Annual Information Statement (AIS) before filing ITR, otherwise your refund may get stuck.

Form 26AS

Form 26AS is your annual tax statement, which contains complete details of the tax paid by you. It is linked to your PAN number, so you can get it by visiting the Income Tax Department website.

Form 26AS also contains information about TDS deduction, advance tax deposited by you, self-assessment tax, TCS and refund issued by the Income Tax Department. It also mentions the name of the person/institution deducting the tax, the amount of tax, etc.

Apart from this, details of heavy transactions can also be seen in the form such as payment of life insurance premium of more than 50 thousand, payment of health insurance premium of more than 20 thousand, payment of educational fees or donation of more than 1,00,000, payment of property tax of more than 20,000 etc.

While filing the return, the TDS amount mentioned by you should match with the TDS mentioned in 26AS. Even a slight difference in this can bring you under the scanner of the Income Tax Department. If your return matches with the details shown in 26AS, then the Income Tax Department processes it quickly and it becomes easy for you to get the refund quickly.

Annual Information Statement

Many times while filing Income Tax Return (ITR), we do not remember the previous details. To solve this problem, AIS was introduced in November 2021. You can download it from the official website of Income Tax www.incometax.gov.in . It contains all the information of taxpayers, which the Income Tax Department already has. These are in two parts-

Part A: It contains the general information of the taxpayer such as PAN, Aadhaar number, mobile number, email ID, address, name and date of birth. If there is a company instead of an individual, then the date of establishment of the company is mentioned instead of birth.

Part B: It contains technical information related to your tax.

The post ITR Filing: Do not forget to check form 26as and annual information statement before filing ITR first appeared on Rightsofemployees.com.

Let us tell you what can be the right time and method of tax filing. You should hurry in filing or not. Let’s understand.

Whenever the portal of IT file is open, it is important to wait for some important information to be updated before filing. Experts say that taxpayers should wait till June 15. Because banks, employers and other institutions have a deadline of May 31 to update the information of financial transactions, Tax Deducted at Source (TDS) and Tax Collected at Source (TCS). After this, it may take 7 to 10 more days for this information to be updated in Annual Information Statement (AIS) and Form 26AS.

What will happen if ITR is filed early?

If taxpayers file ITR before AIS and Form 26AS are fully updated, there may be a discrepancy in the information. For example, suppose an employee’s employer deducts TDS of Rs 10,000 every month. By March 2025, this amount becomes Rs 1.2 lakh. But if the employer does not update the TDS for the January-March quarter by May 31, the tax department’s system will show only Rs 90,000 TDS. The taxpayer can claim TDS of Rs 1.2 lakh on the basis of his salary slip, which will cause a discrepancy in the data. This may lead to a notice from the tax department.

In such a situation, two situations can arise. First, if the taxpayer submits the details of TDS and income for the entire year, but it is not updated in AIS/26AS, then a notice can be received. In this case, the taxpayer can file a rectification to reprocess the return. Second, if the taxpayer submits data for only nine months, then the difference in income or TDS will be visible when AIS and 26AS are updated. In such a situation, a revised return will have to be filed by December 31. If this deadline is missed, then an updated return may have to be filed with additional tax and interest.

What should be done?

Experts believe that taxpayers should wait for AIS and 26AS to be fully updated. Employers usually issue Form 16 by June 15, which contains complete details of salary and TDS. During this time, taxpayers can gather their financial information and match it with AIS when it is updated. If there is any mistake in AIS, taxpayers can request for correction through the portal. Taxpayers whose income is only from fixed deposits or rent and no TDS has been deducted can file returns early. However, in cases related to TDS or TCS, it is necessary to disclose the full amount.

Tax experts say avoid rushing to file ITR. Waiting until the Statement of Financial Transactions (SFT), AIS and 26AS are updated reduces the chances of errors and notices. Filing returns with accurate information at the right time is the safest way.

The post ITR filing: Why you shouldn’t rush to file taxes as soon as the portal opens first appeared on Rightsofemployees.com.

In the old days when companies used to pay salaries to their employees, every year by the time June came, a “Form 16” envelope was also handed over. But now that era is over. Now to file ITR i.e. Income Tax Return, you neither need a printed Form 16, nor do you need to go to the Income Tax Office with it in hand.

What is the role of Form 16 in the digital era?

Now Form 16 is available digitally and is generated directly from the Income Tax Department’s TRACES portal. This means that its data is absolutely confirmed and reliable. It already contains complete information about your yearly salary, tax deduction (TDS) and all the tax-saving investments made. Usually companies issue Form 16 after June 15, only after that you can file your ITR.

Method 1: If you have Form 16, you can upload it on any trusted tax filing platform (like ClearTax, TaxBuddy etc). These platforms read all your data and file your return in a few minutes. Yes, there is some fee for this.

Method 2: File ITR without Form 16 – Absolutely Free
Now the question arises that what to do if you do not have Form 16, or you do not want to pay the fee?

You can file ITR directly by visiting the Income Tax Department’s e-filing website https://www.incometax.gov.in — that too without any charge. Just log in, choose your tax regime (old or new), select the correct ITR form, and follow the step-by-step guide. Most of the data will be pre-filled, such as salary, TDS, bank interest, etc. All you have to do is cross-check it — and this is where Form 16 can prove to be helpful.

But be careful…

If you have income from multiple sources such as freelancing, rent, stock market or foreign income and you have difficulty understanding the ITR form or tax calculations, it would be better to seek the help of a Chartered Accountant (CA) or tax professional.

The post ITR Filing: Now you can file ITR even without Form 16, know the easy way 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.

These forms are for those people and organizations whose annual income is up to Rs 50 lakh. It is important for taxpayers to understand some important sections of the Income Tax Act, 1961 while filing returns.

These sections can help you in correct tax calculation, availing deductions and choosing the right tax regime. Let us tell you about it…

Filing under section 139(1)

Let us tell you that under section 139(1), it is mandatory for those people and organizations whose income is above a certain limit to file their ITR within the prescribed time limit. Under this section, information has been given about the provisions for both mandatory and voluntary return filing.

Tax Saving under Section 80C

If you opt for the old tax regime, then section 80C gives you the opportunity to save your tax by investing in several tax saving schemes. For example, you can avail a deduction of up to Rs 1.5 lakh by investing in Public Provident Fund (PPF), Employee Provident Fund (EPF), Equity Linked Savings Scheme (ELSS), tax saving FD and life insurance.

However, note that under the new tax regime, the benefit of section 80C is not available. But taxpayers opting for the new regime can avail a deduction of up to 10% on employer’s contribution to the National Pension Scheme (NPS) under section 80CCD(2).

Apart from this, there is a provision of tax deduction on contribution made to Agniveer Corpus Fund under Section 80CCH and under Section 80JJAA, eligible business entities can claim deduction on appointing new employees.

Section 24B

Taxpayers who are paying interest on home loan or home improvement loan can claim tax deduction under section 24B. The special thing is that this benefit is available under both the old and new tax regimes. In both regimes, you can avail a maximum tax exemption of up to Rs 2 lakh on home loan interest.

Section 10(13A)

Under this section, people living in rented houses can claim exemption on House Rent Allowance (HRA) if their rent is more than Rs 1 lakh per annum.

Section 80D

There is a provision for deduction on the premium of health insurance policies under section 80D. For those below 60 years of age, this limit is Rs 25,000, however, for senior citizens, this limit has been increased to Rs 50,000. Taxpayers can claim a maximum deduction of up to Rs 1 lakh by combining the premiums of their spouse, children and parents.

Section 234F

If you file ITR after the due date, there is a provision of penalty under section 234F. On filing the return late, a penalty of Rs 1,000 is applicable on those with income less than Rs 5 lakh and for those with income more than Rs 5 lakh, the penalty amount increases to Rs 5,000. Not only this, if you file ITR late, you may also have to pay interest charges under section 234A and 234B.

So if you are going to file ITR, keep in mind the above mentioned important sections. These sections will not only help you save maximum tax but will also make tax planning easier for you.

The post ITR Filing: Tax payers must know about sections 80C, 80D, 24B before filing ITR first appeared on Rightsofemployees.com.

This form will be used to file income tax return for the financial year 2024-25. The Income Tax Department had issued a notification in this regard on 30 April. According to this, many changes have been made in the ITR-3 form. Its purpose is to simplify the return filing process.

Amount limit increased under Schedule AL

The biggest change is related to increasing the limit of amount for reporting assets and liabilities under ‘Schedule AL’. Now information about assets and liabilities up to Rs 1 crore can be given under this. Earlier the limit for this was Rs 50 lakh. A large number of taxpayers will benefit from this change. They will now have to make less disclosure.

TDS on income above Rs 5 crore

The second change is in the case of TDS. E-commerce operators whose business income is more than Rs 5 crore will be charged 1% TDS under section 194Q. The third change is that now taxpayers will have to provide information about foreign income and assets in Schedule FA. Income Tax has also made a provision that if a taxpayer wants to use the old tax regime, he can do so. For this, he will have to fill Form 10-IEA. This will enable taxpayers to choose between the new and old regimes as per their benefit.

Schedule CG for Capital Gains details

The Income Tax Department has also introduced Schedule CG for providing information about capital gains. Apart from this, a new column has also been provided to provide information about Short Term Capital Gains (STCG) under Section 50. This is especially for depreciated capital. The Income Tax Department believes that this will make it easier for taxpayers to provide information about capital gains at the time of filing returns.

IT department wants to make the filing process easier

The IT department had issued ITR-1 and ITR-2 forms on 29 April. Taxpayers will be able to use them to file income tax returns for the financial year 2024-25. The department wants to simplify the process of filing income tax returns. For this, it keeps making necessary changes in the form.

The post ITR Form-3: Are you going to use ITR-3 form for ITR filing? Then first know about these changes in the form first appeared on Rightsofemployees.com.

The Income Tax Department has notified the ITR-2 form for the financial year 2024-25 (Assessment Year 2025-26). This form is for those individuals and Hindu Undivided Families (HUFs) who do not have any income from business or profession. This time many big changes have been made in the form, which will affect lakhs of taxpayers.

The post ITR-2 form notified: Income Tax Department released ITR-2 form, know 5 big changes first appeared on Rightsofemployees.com.

New Delhi. The process of filing income tax returns for the financial year 2024-25 is now going to start. The Income Tax Department has also notified ITR-1 and ITR-4 forms for the assessment year 2025-26. These forms are for individuals and entities whose annual income is up to ₹ 50 lakh. Taxpayers need to be aware of some important sections of the Income Tax Act, 1961 while filing returns. Understanding these helps in calculating tax, understanding deductions and choosing a tax regime.

Every taxpayer should know about Section 80C of the Income Tax Act. Taxpayers who opt for the old tax system can avail tax deduction of up to ₹1.5 lakh under Section 80C. This includes investments such as Public Provident Fund (PPF), Employees Provident Fund (EPF), Equity Linked Savings Scheme (ELSS), tax saving fixed deposits and life insurance premium. However, there is no deduction under Section 80C in the new tax system. However, under Section 80CCD(2), one can avail deduction of up to 10% on contributions made by the taxpayer’s employer to the National Pension Scheme (NPS).

Section 24B

If you have taken a loan for a house, then you can get tax exemption of up to Rs 2 lakh on its interest. This exemption is available under section 24B of the Income Tax Act. This exemption is available in both tax regimes. Therefore, it is important for you to know about this section.

Section 10(13A)

Income tax payers who live in a rented house and are paying rent of more than ₹ 1 lakh per annum can avail exemption on House Rent Allowance (HRA) under Section 10(13A). This exemption is especially beneficial for eligible persons.

Section 80D

Section 80D provides for a deduction on health insurance premium. For those below 60 years of age, the limit is ₹25,000, while senior citizens get a deduction of up to ₹50,000. A maximum deduction of up to ₹1 lakh can be claimed by combining the premiums of family and parents.

Related Articles:-

CBDT notifies ITR-5 Form For AY 2025-26: Know Key Changes And Who Can File It

Driving License Could Suspend or Cancel New traffic Rules

CBDT notifies ITR-5 Form For AY 2025-26: Know Key Changes And Who Can File It

The post ITR Filing: 80C, 80D, 24B…Before filing ITR, you must know about these sections first appeared on Rightsofemployees.com.

Companies will soon make Form 16 available to employees. This time the Income Tax Department has made many changes in Form 16. These changes will make it easier for taxpayers to file returns. Earlier, where Form 16 had limited information, now with detailed details, this process will become more transparent and easier.

Form 16 is an important document for salaried employees filing ITR, which is issued by their employer i.e. the company. Form 16 contains important information related to the employee’s salary and TDS. In the new format, information related to tax deduction, exemption and salary will now be recorded more clearly. In the new format, taxpayers will now get more detailed information. Earlier, where only basic information was given, now there will be a detailed description of tax-free allowance, how much deduction was made, and which salary benefits came under the tax purview, etc.

Form 16 has two parts

Part A contains employee and employer details, TDS amount, and details of tax deductions every quarter. Part B contains salary breakup, exemptions under section 10 (such as HRA) and deductions under sections such as 80C, 80D. Form 16 not only helps in filing tax returns, but it is also used as income proof for bank loans. If an employee has paid more tax in a year, he can claim a refund on that basis.

The Income Tax Department will soon notify the Income Tax Return Forms. Taxpayers should gather all the necessary documents in advance so that there is no problem in filing the return and they do not face any technical or document related problems.

Related Articles:-

Higher TDS on rent: This is how you can reclaim it. A step-by-step guide

Summer Holidays: Govt has announced summer holidays for all schools from May 20, Check Details

Tourist Destination Closed: Tourists will not be able to visit these 48 places, big decision of the government

The post ITR Forms 16 Change: Income Tax Department changes Form 16 for easier ITR filing, check update first appeared on Rightsofemployees.com.

When will ITR filing 2025 start?

The post ITR Filing 2025: When will Form 16 be available, when will income tax return filing start? first appeared on Rightsofemployees.com.

ITR Filing 2025: The new financial year has started and now the countdown to the most important task for taxpayers has begun. Taxpayers have to file Income Tax Return (ITR) by July 31. ITR filing for assessment year 2025–26 may start soon. If you want to file returns on time and without any mistake, then it is very important to keep some important documents ready from now on. Here is the complete checklist of documents that you should have before filing ITR.

1. PAN and Aadhar Card

PAN is necessary to file income tax return. Also, now it is mandatory to link PAN and Aadhaar. Your identity is verified through Aadhaar.

2. Form 16 (for salaried people)

This document is given by the company which contains information about your salary and the tax deducted. It has two parts – Part A (TDS details) and Part B (salary breakup). This Form 16 has to be given to the company by 15 June every year.

3. Form 26AS and AIS (Annual Information Statement)

Form 26AS is like your tax passbook which contains details of TDS, advance tax and big transactions. AIS contains details of all your sources of income – like salary, interest, dividend, shares etc. Be sure to cross check your TDS and income with this.

4. Bank account details

Keep information about all your active bank accounts. Especially it is important to fill the IFSC code and account number correctly so that there is no problem in tax refund.

5. Certificates of Interest

Take a statement of interest received on savings account, FD, RD from the bank or post office. This income is counted in Income from Other Sources.

6. Investment Proofs (for Tax Deductions)

Keep the required documents to get deductions under section 80C, 80D etc. like – life insurance premium receipts, PPF, ELSS, children’s fees, home loan documents and health insurance receipts.

7. Home loan and property documents

Get a certificate from the bank for interest on home loan and if you are claiming HRA then keep the rent receipt or agreement.

8. Capital gains statements

If you have sold shares, mutual funds or property, then collect the related sale-purchase receipts and statements.

9. Foreign income and assets (if applicable)

If you have earned money abroad or have property, it is mandatory to provide information about it.

10. Freelance or business related income

Maintain profit-loss statements, GST returns, and professional invoices.

11. Receipts of advance tax and self-assessment tax

12. Last year’s ITR copy and old tax notices

When will ITR filing start?

CBDT’s new ITR forms are released in April and the portal may open this month. But most salaried people file only after June, because Form 16 is available to them by June 15. So if you also want to file returns quickly and correctly, then do not forget to keep these documents ready in advance.

Related Articles:-

Tatkal Ticket Timing: What is the right time to login to get a confirmed Tatkal ticket?

Airport Closed: Mumbai airport will be closed for six hours on this date next month, Check all details

Passport Online: Getting a New passport is very easy, apply from home

The post ITR filing Documents: Taxpayers must have these documents for ITR filing, check here first appeared on Rightsofemployees.com.

The Central Board of Direct Taxes (CBDT) is likely to notify ITR forms and launch the e-filing portal in this month itself i.e. April 2025. The last date for filing ITR returns will be July 31, 2025. Last year also the e-filing portal was opened in April itself. After filing the return, now the refund is received within 7 to 20 days.

However, most salaried people start filing ITR only in late May or June. The reason for this is that companies give Form 16 to employees only after May. This form contains details of the total salary and tax deduction (TDS) for the year. The information recorded in it is very useful for filing the correct return. According to the rules, it is mandatory for employers i.e. companies and government departments to issue Form 16 by June 15.

Refund process has become faster

The Income Tax Department has made the refund process much faster. Now usually the refund is transferred to the taxpayers’ account within 7 to 20 days of filing the ITR. To get a quick refund, it is important to verify the ITR on time and ensure that there are no deficiencies in the return. Experts say that taxpayers who file ITR before the deadline of July 31 are more likely to get a refund quickly.

Pre-filled ITR forms

Apart from this, the facility of pre-filled ITR forms is also made available on the portal, which is especially beneficial for salaried and small taxpayers. However, before submitting the ITR form, it is necessary to thoroughly check the information given in it.

Related Articles:-

New Toll System: Govt’s clarification on implementation of GPS based toll system from May 1, 2025

GST on UPI transactions: Govt issues clarification on GST over Rs 2000 UPI transactions, check detail

Bank Holiday: Banks will remain open tomorrow on Saturday, know the complete list of RBI here

The post CBDT is likely to notify ITR forms and launch e-filing portal this month itself i.e. in April 2025 first appeared on Rightsofemployees.com.

If you do not file ITR by March 31 or any payment is pending, then you may have to pay a penalty. People can file updated returns for financial years 2021-22 and 2022-23 by March 31. People who have to file returns for the current financial year can also file it.

The provision for filing updated returns was made in the Finance Act 2022. Finance Minister Nirmala Sitharaman introduced the amended act, which has a provision that taxpayers can file updated returns to correct errors. When this new provision was introduced in the year 2022, the maximum time limit for filing updated returns was 2 years, but in Budget 2025 this time limit was increased to 48 months. So now people can file updated returns of 2021, 2022, 2023.

March 2

– Date for furnishing details of challans relating to tax deducted under section 194-IA January 2025

– Date for furnishing details of challans relating to tax deducted under section 194-IB January 2025 – Date

for furnishing details of challans relating to tax deducted under section 194-S in

January 2025 – Date for furnishing details of challans relating to tax deducted under section 194-M in January 2025

March 7

– Date for depositing withheld taxes for the month of February 2025.

March 15

-Last date for payment of fourth installment of advance tax for assessment year 2024-25
-Last date for payment of full amount of advance tax for assessment year 2024-25 under the anticipated scheme of section 44AD/44ADA of Income Tax -Last date for
submission of Form 24G through the government office where TDS/TCS has been paid without submitting challan for the month of February 2025.

March 16

– Date of issue of TDS certificate for tax deducted under section 194-IA in January 2024
– Date of issue of TDS certificate for tax deducted under section 194-IB
in January 2024 – Date of issue of TDS certificate for tax deducted under section 194-M in January
2024. – Date of issue of TDS certificate for tax deducted under section 194-S in January 2024.

March 17

– Date of issue of TDS certificate for tax deducted under section 194-IA in January 2025.
– Date of issue of TDS certificate for tax deducted under section 194-IB in January 2025
– Date of issue of TDS certificate for tax deducted under section 194-S in the month of January 2025.

March 30

– Date for furnishing details of challans relating to tax deducted under section 194-IA in February 2025
– Date for furnishing details of challans relating to tax deducted under section 194-IB in February 2025
– Date for furnishing details of challans relating to tax deducted under section 194-M
in February 2025 – Date for furnishing details of challans relating to tax deducted under section 194-S in the month of February 2025

March 31

–Date for filing Form No. 3CEAD for the year 2022-23
–Date for uploading details of foreign income proposed to be taxed in the year 2022-23 and tax deducted or paid on this income in Form 67 to claim foreign tax credit.
–If you have not filed an updated income tax return for the assessment year 2021-22, fill it by March 31.

Related Articles:-

• New Vande Bharat: Another Vande Bharat sleeper train will run in this state, know route
• TDS & TCS Rule: Big news for Taxpayers! Major changes in TDS and TCS rules going to happen from April 1
• IND vs NZ Final Live Score: Rachin Ravindra returns to the pavilion, Kuldeep dismisses him
• Passport Rules Change: Ministry of External Affairs has made a major change in the passport rules, Birth certificate is mandatory for these people
• Income tax: Be careful if you have high income and zero expenses, you may get a notice from the IT department!

The post ITR filing: Keep these 7 dates in mind to file income tax returns… first appeared on Rightsofemployees.com.

Let us tell you that these changes will come into effect from April 1, 2025, which means that when you file your tax return in July 2025 or if you file late or in June (if you file early), then these changes will not be applicable. In July 2025, taxpayers will file tax returns for the financial year 2024-25 in which the provisions of the Finance Act 2024 will be applicable.

Let us tell you that in the Budget 2024 announced on July 23 last year, Finance Minister Nirmala Sitharaman announced new tax slab rates and also increased the limit of standard deduction under the new tax system. These changes will naturally take effect when you file your tax return in July 2025. Let us tell you what these changes are like….

The post ITR filing: Want to claim zero tax for income upto ₹12 lakh? Need to wait till.. first appeared on Rightsofemployees.com.

What has the Income Tax Department written?

The Income Tax Department has written in the post- ‘CBDT has extended the last date for filing belated/revised returns for Indian citizens for the assessment year 2024-25 from 31 December 2024 to 15 January 2025.’

CBDT extends the last date for furnishing Belated/ Revised return of income for AY 2024-25 in the case of Resident Individuals from 31st December, 2024 to 15th January, 2025.

✅Circular no. 21/2024 dated 31/12/2024 issued-https://t.co/DedADMfnGX pic.twitter.com/sBVdGZqxRF

— Income Tax India (@IncomeTaxIndia) December 31, 2024

Dispute to Trust Scheme date extended

The Income Tax Department on Monday extended the date for filing information for determining tax dues and waiver of interest and penalty under the Vivad Se Vishwas Scheme till January 31. As per the original rules of the Direct Tax Vivad Se Vishwas Scheme, 2024, taxpayers filing declaration before December 31, 2024 had to pay 100 per cent of the disputed tax demand. There is a provision to waive interest and penalty in such cases.

The Central Board of Direct Taxes (CBDT) said in a circular that the due date for determining the amount payable under the Vivaad se Vishwas scheme has been extended from December 31, 2024 to January 31, 2025.

CBDT extends due date for determining amount payable as per column (3) of Table specified in section 90 of Direct Tax Vivad Se Vishwas Scheme, 2024 from 31st December, 2024 to 31st January, 2025.

Circular No. 20/2024 dated 30.12.2024 issuedhttps://t.co/uYGf1Oh3g2 pic.twitter.com/agjuRsMHqg

— Income Tax India (@IncomeTaxIndia) December 30, 2024

According to the circular, the taxpayer will have to pay 110 percent of the disputed tax demand on declarations made on or after February 1, 2025. Taxpayers in whose cases there is a dispute / appeal has been filed can avail the benefit of this scheme.

If you also have to file your belated or revised ITR and you have not done it yet, then you still have time. And if you want to get benefit under the Vivaad se Vishwas scheme, then you have time for that too.

Related Articles:-

• Bank Account Closed: 3 Types Of Bank Accounts To Be Closed From January 1. Check if yours is affected
• Bank Holidays: Banks will be closed for half a month in January, when are the holidays, see the complete list
• NO EXIT from Rajiv Chowk Metro Station; Check the traffic route before leaving home
• India Post GDS 6th Merit List 2024 Released at indiapostgdsonline.gov.in
• PAN 2.0’s QR code can save you from fraud – Key Feature & Benefits

The post ITR filing extended: Last date for ITR filing has been extended for these taxpayers, know till when the time limit is given first appeared on Rightsofemployees.com.

They may also have to go to jail. The amount of penalty may also increase after 31 December. Some other complications may also have to be faced. The belated return defined under section 139(4) applies to any income tax return not filed within the original time limit under section 139(1).

The original deadline was till July 31

The deadline for filing Income Tax Return (ITR) for the financial year 2023-24 (assessment year 2024-25) was only till July 31. Taxpayers who missed this deadline have time till December 31 to file belated returns. According to section 234F of the Income Tax Act, now a late fee of five thousand rupees will have to be paid on filing. If missed even after this, other complications will increase.

What will happen if you miss it till 31 December?

For those who do not file income tax returns by 31 December, the penalty on annual income of more than Rs 5 lakh will increase to Rs 10,000. Apart from this, legal action and financial loss may also have to be faced in the future, including limited ability to carry forward some losses. The deadline for giving information about any foreign property or income has also been given by the Income Tax Department till 31 December.

If you do not give this information to the Income Tax Department till then, legal action can also be taken against you. A fine of up to Rs 10 lakh may also have to be paid for hiding information. Not only this, in some circumstances, jail can also be done.

Related Articles:-

PM Modi to visit Haryana / Rajasthan on Dec 9 to inaugurate Rising Rajasthan Summit

PAN Card Photo Change: You can change your photo on PAN Card from home, you just need mobile and internet

Railway Passengers ALERT! Railways has changed the numbers of 73 trains, check immediately or else you will face trouble

The post ITR Filing: These people still have a chance to file ITR, correct the mistake by paying this late fee first appeared on Rightsofemployees.com.

If someone does not tell the Income Tax Department about his foreign assets or income even by this deadline, then it is possible that he may have to face serious consequences.

What could be the harm?

If you do not tell the Income Tax Department about your foreign assets or income, then legal action can be taken against you. Under this, you may have to pay a fine of up to Rs 10 lakh for hiding information and in some circumstances you may also have to go to jail.

The Income Tax Department has all the information

The Income Tax Department has clarified that it has detailed information about people’s foreign assets and earnings. The Income Tax Department has information about financial accounts in many countries that belong to Indians. In such a situation, the Income Tax Department has warned and clarified that there will be no benefit in hiding it. In some cases, legal action can be taken considering it as black money.

According to the Income Tax Department, it has information about the name, address and tax identification number (TIN) of the account holders. Along with knowing the account number, the Income Tax Department also has information about the balance of that account. The Income Tax Department also has information about income like interest and dividend.

All this information helps the Income Tax Department to know about the global income of its taxpayers. It also helps in identifying those taxpayers who have hidden or not disclosed the information about their foreign assets or income.

Related Articles:_

Cabinet approves One Nation One Subscription (ONOS)

IMD has issued a heavy rain alert in 11 states…Know when will there be fog across the country?

School Closed: Supreme Court’s latest order regarding school closure, CAQM will decide

The post ITR Filing: Taxpayers must do this work by 31 Dec, otherwise a fine of up to ₹ 10 lakh will be imposed first appeared on Rightsofemployees.com.

According to the department, two lakh Income Tax Returns (ITRs) detailing foreign assets and income have been filed so far during the current assessment year.

The department has urged Indian residents to file the correct form for disclosing foreign assets and revise their returns if they have submitted the wrong form.

Such people should review ITR filing

CBDT Commissioner Shashi Bhushan Shukla said resident Indians should inform the Income Tax Department about the shares received from their employers and income earned through employee stock options by filling the foreign assets and foreign source income schedule.

The Income Tax Department and its administrative authority Central Board of Direct Taxes (CBDT) have recently launched a compliance-cum-awareness campaign for Assessment Year (AY) 2024-25 to enable taxpayers to correctly fill up the schedule ‘Foreign Assets’ (Schedule FA) in their Income Tax Returns (ITR) and disclose income from foreign sources (Schedule FSI).

Punishment can be given under anti-black money law

The department also organised an online interaction session on the topic ‘Disclosure of foreign assets and income by taxpayers’. During this, Shashi Bhushan Shukla, Commissioner (Investigation) in CBDT explained various provisions of the subject and the provisions of the Anti-Black Money Act of 2015.

He said those who have such assets or income but have filed ITR-1 or ITR-4 should file revised or belated returns by December 31 to avoid penalties and prosecution as prescribed under the anti-black money law.

Related Articles:-

AADHAAR Holders: Big news! UIDAI has changed the rules, now this is how wrong name can be corrected in Aadhaar Card

School Timing Changed: Big relief for students! Govt of this state changed the school timings, order issued

Weather Update- Alert for these 7 districts of THIS state, know the condition of your city…

The post Income Tax alerted taxpayers! Said- Do this work before filing ITR first appeared on Rightsofemployees.com.

It is mandatory to file income tax returns on time. If this is not done, one has to face legal problems. Now the government has given a big relief to the corporates and extended the deadline for filing ITR for them by 15 days to November 15. This information has been given by the Income Tax Department. The Central Board of Direct Taxes (CBDT) on Saturday extended the deadline for corporates to file ITR for the financial year (FY) 2023-24 i.e. asset year (AY) 2024-25. This year corporates can file till November 15 instead of October 31.

Earlier the deadline for filing tax audit report was extended

This extension in ITR filing will apply to taxpayers covered under sub-section (1) of section 139 of the Income Tax Act, 1961. Earlier, the government had extended the deadline for submitting tax audit report from the initial deadline of 30 September 2024 to 7 October 2024. Under the Income Tax Act, certain taxpayers are required to get their income tax audit done and its report has to be filed by 30 September in the assessment year.

They will not get the benefit of deadline extension

Talking to news agency PTI, Sandeep Jhunjhunwala, tax partner of Nangia Andersen, said that the deadline for filing ITR has not been extended for those for whom transfer pricing provisions and audit will be applicable. There will be no extension in the case of tax audit under section 44AB and transfer pricing under section 92CE and taxpayers will have to file ITR by October 31.

According to Sandeep Jhunjhunwala, this deadline has been extended so that corporates get more time and they can easily file ITR. Rajat Mohan, senior partner of AMRG & Associates, says that no official reason has been given for extending the deadline, but one reason for this could be the festive season so that one does not have to face the problem of filing ITR during the festive season.

Related Articles:-

New NPS Rule: Can you invest even after retirement? these are the rules

DA Hike: Diwali gift to government employees in this state, DA hiked by 3%

Indian Railway Alert! Central Railway has banned platform tickets at these stations till 8 November 2024

The post ITR Filing Deadline Extended: Deadline for filing ITR has been extended for these taxpayers, check new date here first appeared on Rightsofemployees.com.

More than 50 lakh returns were filed on the last day i.e. July 31. The Income Tax Department has appealed to those taxpayers who have not filed to file their returns. The department has said that a 24/7 helpdesk is available to assist in tax filing.

The number of returns filed till 7 pm is more than 7 crore

The Income Tax Department has posted a post on the social media platform X. It says that more than 7 crore returns have been filed till 7 pm on July 31. More than 50 lakh returns were filed till 7 pm on July 31 alone. The department has said in the post that our helpdesk is available 24/7 to help with return filing and related services. We appeal to those taxpayers who have not filed to file their returns.

The last date for filing income tax returns has not been extended

The last date for filing income tax returns for the financial year 2023-24 has not been extended. Its last date was 31 July. The Income Tax Department had already indicated that the last date would not be extended. July 31 was the last date for filing returns for such taxpayers who are not required to get their accounts audited. But, for those taxpayers who are not required to get their accounts audited, the deadline was 31 July.

More returns were filed this year than last year

This year more returns have been filed than last year. Last year, till the evening of 31st July, more than 6.77 crore returns were filed. This time this number is more than 7 crores. Last year, on the last day i.e. 31st July, 64.33 lakh returns were filed. This time more returns have been filed under the new regime of income tax. Revenue Secretary Sanjay Malhotra had said on 30th July that till that date (30th July), more than 6 crore returns were filed, out of which 70 percent were filed under the new regime.

The post ITR Filing: Income Tax Department has not extended the last date for filing returns – Know why ? first appeared on Rightsofemployees.com.

People who have filed their returns will have to wait for their refund after July 31. Some taxpayers may face a delay in getting their refund. Let us know the reasons for the delay in getting the refund.

Incorrect bank account information

Yeshu Sehgal, Head of Tax Markets, AKM Global, said that the most common reason for delay in refund is incorrect information of bank details on the income tax portal. If taxpayers have not pre-validated their bank account i.e. correct information of bank account has not been given to the Income Tax Department, then there may be delay in getting refund.

Also Read: ITR Filing: What concessions do senior citizens get in the matter of income tax?

Wrong information in ITR form

Refunds can also be delayed if the taxpayer’s information in the ITR form is incorrect. Sehgal said that refunds can also be delayed if the reported income does not match. It is important to match the information given in the return form with the information available with the Income Tax Department.

Issues of tax credits from abroad

If a taxpayer has income from assets abroad, it is important to file Form 67 correctly to claim foreign tax credits. This form must be filed before the deadline. If the information in Form 67 is not given correctly, the refund may get delayed.

Wrong clubbing of income

Wrong clubbing of income of spouse or minor may also result in delay in refund. Hence, taxpayers need to take special care in clubbing of income.

26AS or AIS

The TDS deduction claimed by the taxpayers must match the details mentioned in 26AS or AIS. If the details given in these documents and returns do not match, then the refund may get delayed.

Taxpayers who have not yet filed their income tax returns should keep the above mentioned points in mind while filing returns. It is especially important to pre-validate your bank account. This will ensure that the refund amount reaches the taxpayers’ bank accounts soon.

The post ITR Filing: These reasons may cause delay in getting refund money in your bank account first appeared on Rightsofemployees.com.

The Income Tax Department has exempted super senior citizens, i.e. people whose age is more than 80 years, from filing returns. But, it is mandatory for people aged between 60 and 80 years who fall in the category of senior citizens to file returns. But people whose age is 75 years or more and who have income only from pension or interest can file Form 12BBA through the bank (in which the pension money comes). They do not need to file income tax returns.

Higher exemption limit in old regime

The Income Tax Department has also given many additional concessions to senior citizens in terms of tax. In the old regime of income tax, the basic exemption limit for taxpayers above 60 years of age is Rs 3 lakh. For people above 80 years of age, it is Rs 5 lakh. In the new regime of income tax, the basic exemption limit is Rs 3 lakh for all types of taxpayers. Taxpayers whose total income is up to Rs 7 lakh get a rebate of Rs 25,000 under section 87A.

Also Read: Tax professionals appeal to CBDT to extend the last date for filing ITR to August 31

Section 80c

In the old regime of income tax, senior citizens can take advantage of Senior Citizens Saving Scheme (SCSS). This scheme has been started especially for senior citizens. A person of 60 years or more can invest in this scheme. Retired civilian employees of 55 years and defense employees of 50 years can invest in this scheme. An investment of up to Rs 30 lakh in this scheme gets a deduction of up to Rs 1.5 lakh under section 80C. If the interest from all SCSS accounts exceeds Rs 50,000 in a financial year, then it is taxed. Currently, the interest rate of this scheme is 8.2 percent, which is paid every quarter.

Section 80D

Under this section, senior citizens get deduction on health policy premium. This deduction is Rs 50,000 in a financial year. If a taxpayer’s parents are 60 years or older, he can buy a health policy for them and claim deduction on the premium. Apart from this, if a senior citizen does not have a health policy, then he or his children can claim deduction on medical expenses up to Rs 50,000 under Section 80D for the treatment of their senior citizen parents.

Section 80TTB

Under this section, senior citizens get tax exemption on interest up to Rs 50,000 earned from savings account or fixed deposit. Interest above this amount is taxable.

The post ITR Filing: What concessions do senior citizens get in the matter of income tax? first appeared on Rightsofemployees.com.

But, still many people have not filed their ITR. This means that a large number of people will not be able to file ITR by July 31.

Let us know what will happen if you do not file ITR before the deadline. You will get time to file ITR and how much penalty will you have to pay.

Belated returns can be filed till 31 December

According to the rules of the Income Tax Department, taxpayers can file returns even after the deadline of July 31. For this, you have to file a belated return under section 139 (4) of the Income Tax Act 1961. This belated return can be filed 3 months before the end of the current assessment year i.e. till 31 December 2024.

A fine of up to 5 thousand rupees will be imposed

If you are unable to file ITR by July 31, you can file belated return by paying late fee. If your annual income is more than Rs 5 lakh, then the late fee will be Rs 5000. At the same time, for taxpayers with income less than Rs 5 lakh, the fine amount can be up to Rs 1000, not more than that.

Disadvantages of filing ITR late

• If you file a belated ITR, the loss will not be allowed to be carried forward to the next year. In normal circumstances, you can carry forward the loss for 8 years.
• If you file a belated ITR, you do not get any interest on the refund amount. On the other hand, taxpayers who file ITR on time are given interest at the rate of 0.5 percent per month on the refund amount.
• If any kind of tax liability arises while filing belated ITR, then interest i.e. penal interest will be charged as a penalty. It is charged at the rate of 1 percent per month.
• Refund will also be delayed if you file a belated return. There is a process to verify it and the longer you delay filing your ITR, the later you will get your refund.

The post ITR Filing: Fine of up to Rs 5,000 may be imposed for filing ITR after the deadline first appeared on Rightsofemployees.com.

Meanwhile, the department has asked those filing returns not to make fake claims for expenses and not to understate their income.

The department said that making exaggerated and fraudulent claims is a punishable offence and leads to delay in issuing refunds. The last date for filing ITR for assessment year 2024-25 for all taxpayers is July 31, after which the accounts will not be audited.

More than 5 crore ITRs have been filed so far

. According to the Income Tax Department and its administrative body Central Board of Direct Taxes (CBDT), more than 5 crore ITRs have been filed till July 26.

Also Read: Aadhaar Card Rules: Aadhaar Card Enrollment ID can no longer be used for these purposes

Filing ITR correctly speeds up the refund process

The Income Tax Department recently said that taxpayers should file their returns correctly to get timely refunds. The department said, “Refund claims are subject to verification, which may cause delays. Filing ITR correctly speeds up the refund process. In case of any discrepancy in the claims made, a request for a revised return will be made.”

Avoid making false claims

The Income Tax Department has urged taxpayers filing ITR not to claim wrong TDS amounts, under-report their income or exaggerate deductions.

The post Income Tax Department warns, taxpayers should not make fake claims to get refund first appeared on Rightsofemployees.com.

Out of these, 46,015,630 ITRs have been filed for the assessment year 2024-25. Whereas, ITRs of 42,288,847 have been verified. A total of 18,942,439 ITRs are in process.

If you have not yet filed your ITR, then do so soon as there is very little hope of its date being extended. You may have to pay a penalty for filing ITR after July 31. You are allowed to file delayed ITR until the end of the year, but then you will be fined between ₹1,000 and ₹10,000 depending on the period of delay. Also, you may be deprived of some deductions and may also face investigation by the Income Tax Department.

Who is required to file ITR?

If the sum of all your income/salary before deductions exceeds the basic exemptions, you are required to file your ITR.

You must file ITR if you are a resident of India for income tax purposes and own any property outside India or are a beneficiary of any property outside India. You must file your ITR even if you are an authorised signatory to any account, immovable or movable, held outside India.

Also Read: Departing from India? From 1st Oct, Clearance certificate under Black Money Act require

If you have invested in shares, bonds or mutual fund schemes of foreign companies or have employee stock options (ESOPS), you will have to file ITR irrespective of your income level.

You will have to file ITR if you have paid electricity bill of more than Rs 1 lakh last year even if the electricity connection is not in your name. If you have spent more than Rs 2 lakh on foreign travel, you will have to file ITR. Whether you have spent it yourself or someone else, provided you have borne the travel expenses.

If the bank deposits in your name exceed Rs 50 lakh in one or more savings accounts combined or Rs 1 crore in one or more current accounts, you will have to file ITR. If the value of all sales from your business exceeds Rs 60 lakh, then you will have to file ITR.

The post ITR Filing: Who is required to file ITR? first appeared on Rightsofemployees.com.

But now in a warning issued by the Income Tax Department, it has been said that the news published in a Gujarat newspaper is wrong. In this news going viral on social media, it is being claimed that the last date for filing Income Tax Return (ITR) has been extended to 31 August 2024.

Wrong information given about extension of date for filing ITR

The Income Tax Department clarified that this information is incorrect and the last date for filing ITR for the financial year 2023-24 is July 31, 2024 only. The Income Tax Department said that we have received information that a newspaper cutting is going viral on social media, which is giving wrong information about the extension of the date for filing Income Tax Return (ITR). This news is completely baseless. Taxpayers are advised to check the updates only from the official website of the Income Tax Department.

The Income Tax Department has also warned people about the fraud in the name of
income tax refund. The department said that people waiting for refund should be careful. Some fraudsters are sending SMS and emails to people on the pretext of refund and trying to withdraw money from their bank account. According to the information given on the website of the Income Tax Department, more than 4 crore Income Tax Returns (ITR) have been filed till 22 July 2024. This number is 8% more than the returns filed during the same period last year.

More than 15 lakh ITR filings in a day

The number of Income Tax Returns (ITRs) filed daily on July 16 has exceeded 15 lakh and is expected to increase further as the date of July 31, 2024 approaches. While the record of filing one crore ITRs for Assessment Year (AY) 2024-25 was made on 23 June 2024. After this, the number of ITR filers reached 2 crore and 3 crore on July 7 and July 16 respectively. After this, the next one crore people filed income tax in six days.

It has come to our knowledge that a clipping of @sandeshnews is circulating on social media regarding extension of date of e-filing of ITR. This is FAKE news.

Taxpayers are advised to follow updates from the official website/portal of @IncomeTaxIndia#FactCheck pic.twitter.com/Hs5jk0kF3J

— Income Tax India (@IncomeTaxIndia) July 22, 2024

More than 4 crore ITR filings so far

Last year, the figure of 4 crore was achieved on 24 July. The department informed that taxpayers facing any kind of technical problem related to filing ITR can contact the toll free helpdesk number (1800 103 0025 or 1800 419 0025) or Efilingwebmanager@incometax.gov.in (email).

Such problems were reported

All Gujarat Federation of Tax Consultants and Karnataka State Chartered Accountants Association (KSCAA) have cited several issues and demanded extension of the last date for filing ITR from 31 July to 31 August 2024. On their part, problems have been reported such as disruption in portal access, difficulty in accessing or downloading the required forms, mismatch of pre-filled data and information in Form 26AS/AIS, submission related problems, problem in resetting password, difficulty in generating challan, error message during return submission, non-receipt of OTP to e-verify the return and problem in downloading ITR receipt.

The post ITR Filing: Deadline for filing ITR extended to 31 August? Income Tax Department itself told the truth first appeared on Rightsofemployees.com.

HRA limit by cities

• HRA for four metro cities Delhi, Mumbai, Kolkata and Chennai 50% of basic salary + DA for metro cities
• HRA for other cities is 40% of basic salary + DA for non-metro cities

What documents will be required to claim HRA deduction

To claim HRA deduction in income tax return, a salaried person needs certain documents-

Rent Agreement – Rent agreement is a solid proof that you have rented your residence. For deduction, there must be a valid rent agreement of the current financial year.

Rent Receipt – Rent receipt is also required along with the rent agreement. The receipt received for payment of the amount paid as rent every month during the financial year must be stamped. Receipt will be required even in case of payment through electronic mode.

Also Read: DMRC Liquor policy: How many liquor bottles allowed to carry in Delhi metro, know DMRC rules

Landlord’s PAN card – To claim HRA deduction in income tax return, you will have to provide a copy of the landlord’s PAN card. If you are paying rent of more than Rs 1 lakh in a year, then a photocopy of the landlord’s PAN card will be required.

Proof of payment – Whatever the mode of payment of the house rent, you must have proof of rent. For this, bank statement, online transaction receipt and other proofs can be useful.

Rent of family member – If you are paying rent for a family member, you can still claim deduction. However, there should be valid proof and documents for payment of this rent as well.

Employee Declaration Form: If you are a salaried employee, your employer may require you to fill an Employee Declaration Form to claim HRA exemption. This form includes details about the rented accommodation and the rent paid.

If you are a salaried person and you want to deduct HRA and show it in Form 16, then all these documents have to be submitted to the employer. However, you can also claim HRA while filing ITR.

The post ITR Filing: This is how you can claim HRA exemption while filing income tax return, these documents will be required first appeared on Rightsofemployees.com.

This is the reason why many complaints related to the problems coming in the portal are also being received on social media. Due to continuous problems like this, many Chartered Accountants Associations (CA Associations) have also written a letter to the Income Tax Department and informed the taxpayers and professionals about the problems in the e-filing ITR portal. Let us know what kind of problems the taxpayers are facing?

What is the glitch related to tax?

Taxpayers have reported many problems related to the portal on social media. This includes problems in accessing Form 26AS/AIS/TIS due to glitches in the portal and differences in TIS and AIS data. Apart from this, joint income is appearing in the accounts of both the joint account holders. In such a situation, notices related to investigation are being issued even after timely notifications have been issued by the taxpayers.

Also Read: IMD Rainfall Report! IMD has issued an alert regarding rain in these 21 states for the next 5 days

TDS figures do not match with Form 26AS

Apart from this, there are very few options to answer in the AIS/TIS portal, which is why every situation cannot be explained correctly. Many taxpayers say that the changes made in their answers in TIS are not reflected quickly, which causes trouble. Due to constant buffering and other technical problems, taxpayers are not able to submit the form. Many times the data already filled in ITR such as salary, interest income and TDS figures do not match with Form 26AS.

Delay in filing returns

Taxpayers who have business income are facing difficulty in showing dividend income correctly in Schedule OS, because in the current system, first dividend income has to be shown in business income and then it has to be deducted. This has complicated the process. When taxpayers try to file their returns, error messages often appear, which is causing delay in filing returns. In some cases, the OTP required for authentication is not received on time or is not received at all. Due to this, there is a problem in verifying and submitting the return. Apart from this, some taxpayers are not able to download the receipt of the filed ITR which is necessary to confirm their compliance.

Will the last date be extended beyond 31st July?

The Income Tax Department has not yet given any official statement on extending the last date for filing income tax returns beyond 31st July. There is no update yet on whether the department will extend the date for filing ITR or not. But people are worried that the date may be extended due to problems in e-filing. Amidst all these problems, many taxpayers have started the process of filing ITR.

According to the data released by CBDT, more than 2.7 crore ITRs have been filed till July 14, 2024. This time 13% more ITRs have been filed as compared to the same period last year. More than 13 lakh ITRs were filed in a single day on July 13. Now the numbers are increasing as the last date approaches. This year the target of filing 1 crore ITRs was completed on June 23, 2024 and the target of 2 crore was completed on July 7, 2024. Compared to every time, this target has already been completed.

The post ITR Filing: Will the date for ITR filing be extended beyond July 31? check IT department update first appeared on Rightsofemployees.com.

Last year 8.18 crore ITRs were filed. That is, more than six crore taxpayers have not filed ITR yet. The Income Tax Department has asked taxpayers to file ITR as soon as possible to avoid last minute rush. Last time 18 lakh ITRs were filed in the last two days. Here we are telling you what documents are required to file ITR.

Form-16

Form-16 is the most important document for employed people. ITR is filed with its help. This document is given to any employee by his company. It contains complete information about the tax deducted from the employee’s salary and also the salary given. Information related to this is pre-filled in ITR. You have to confirm it.

Form 26AS

This form is issued by the Income Tax Department. It contains complete information about the tax imposed on the income of the taxpayers. It can be obtained from the Income Tax Department website by entering your PAN number. If you want, you can also compare your Form-16 and Form 26AS to see if the tax deduction is the same in both places or not.

Also Read: Employed people Update: Basic tax exemption limit will be ₹5 lakh in the budget! Employed people in focus

​Interest Income Certificate

If you have made an FD in a bank or post office or have deposited money in any other interest-bearing scheme, then it is necessary to keep a certificate of income from interest or a bank statement so that you can fill in the correct information while filing income tax return. You can get tax exemption on interest income up to Rs 10,000 under section 80TTA of the Income Tax Act.

Proof of tax saving

Many taxpayers make some tax saving investments to save tax. Those who are unable to provide these documents to their employer within the stipulated time need to provide proof of the same while filing income tax returns. This tax saving investment proof can be LIC premium receipt, PPF investment passbook, proof of ELSS, donation receipt and tuition fee receipt etc.

Medical insurance document

Under section 80D, you can claim tax exemption on health insurance premium up to Rs 25,000. These insurance policies can be for you, your spouse or children. If you are a senior citizen, you can get tax exemption on health insurance premium up to Rs 50,000. So keep the receipts of all these with you while filing income tax returns.

The post ITR Filing: These documents are required to file ITR, otherwise the work will get stuck! first appeared on Rightsofemployees.com.

ITR Filing: The deadline for filing income tax returns for the financial year 2023-24 and assessment year 2024-25 is approaching. You can file returns till July 31, 2024 without penalty. Taxpayers can easily file income tax returns on the income tax portal without any hassle. If you also have to pay tax while filing ITR, then you can use credit card for this.

There are many benefits of paying tax through credit card

Taxpayers can also pay their taxes through credit cards. The Income Tax Department has started this facility for the convenience of taxpayers. In this, you do not have to face the problems in bank transfer or cash transaction. Through this, you immediately receive a message of payment confirmation. Usually, it takes more time through check or bank transfer. Also, taxpayers can also get the benefit of reward points on the card on tax payment through credit card. If you also want to pay tax through credit card, then we are telling you its step by step process.

This is how you can pay tax through credit card

1. After filing ITR on the income tax portal, first of all you have to generate a challan for tax payment. This document will contain the tax payable amount and the serial number of the challan.
2. Next, you have to choose the option of ‘Pay Tax’. You will see many options for tax payment on the income tax portal. This also includes the credit card payment option.
3. Next, enter the challan details.
4. In this, you have to choose the credit card payment option.
5. Next, you have to enter the credit card related details like card number, expiry date and CVV code.
6. After making payment through credit card, you will receive a confirmation message.

Keep these things in mind while paying tax through credit card

Before making tax payment through credit card, definitely get information about credit card fees. Along with this, the interest charged on credit card is very high. In such a situation, make sure that after paying the tax, you can easily pay that bill. Otherwise, later you may have to pay high interest rate and penalty.

The post ITR Filing: Pay tax quickly through credit card, know its step by step process first appeared on Rightsofemployees.com.

ITR Filing: It is necessary to file income tax returns for the financial year 2023-24 and assessment year 2024-25 by July 31, 2024. After this, you will have to pay a penalty for filing the return.

But there are some people who will not have to pay any tax if they file ITR after the deadline. We are giving you information about this.

Also Read: Govt issued guidelines for issuing CGHS cards for central government employees and pensioners

If a person does not have any tax liability, then you will not have to pay any penalty for filing the return even after the deadline. According to the old tax regime, you will not have to pay any penalty for an annual income of Rs 2.50 lakh. Whereas for a person above 60 years of age, the limit is Rs 3 lakh.

Whereas for senior citizens above 80 years of age, the exemption limit is Rs 5 lakh. According to the new tax regime, the benefit of tax exemption is available on income of Rs 3 lakh.

The post ITR Filing: These people will not be charged penalty for filing ITR even after July 31, know why? first appeared on Rightsofemployees.com.

One way of doing validation is to validate through bank account. If your account is not already linked, then you will have to add the bank account to it and then validation will be done. Your refund will come in this account only.

What has the Income Tax Department written?

The Income Tax Department has written- ‘It is necessary to have a validated bank account to get the refund. Please check your bank account validation status by visiting the e-filing portal.’ Along with this, the Income Tax Department has also explained the process of validating the bank account.

View your profile on Income Tax Portal

First of all you have to login to the income tax portal. If you are a new user then you will have to first create a username password and if you are an old user then you can login using your username password.

Also Read: PPF Account Extension Rules: How many times can PPF extension be done in a block of 5 years? Check Details here

What to do next?

After logging in, you will have to go to the profile, where you will find a drop down menu. As soon as you click on this menu, many options will open in front of you. You have to choose the option of profile settings and proceed further.

Provide bank account details

In the profile settings, you will see the option of pre-validate your bank account or bank account e-verification. Click on it. After this, you will be asked for bank account information. Here you have to enter your bank name, account number, IFSC code and mobile number. Enter the mobile number which is registered with your bank.

How to validate your account

After this, you will have to validate the account, which you can do either through Electronic Verification Code (EVC) or through internet banking. If both your bank account and mobile number are linked with Aadhaar, then you should choose the EVC option. An OTP will come on your mobile, which will validate your bank account as soon as you enter it on the portal.

Then a confirmation message will come

If internet banking is active on your account then it will redirect you directly to the bank’s site. Login to your bank account and your account will be validated. When the validation process is over, you will also get a confirmation message.

The post ITR Filing: Add and validate your bank account on the Income Tax portal, otherwise you will not get a refund first appeared on Rightsofemployees.com.

If you want to file the return yourself, you can do so. This entire process is online. If you are filing income tax return for the first time, then it is important to keep some important things in mind. Before filing the return, every taxpayer should keep some important documents with him. With this you will not face any problem in filing the return.

1. Form-16 is necessary

Form-16 is very important for filing income tax return. Form-16 is issued to every employed person by his company i.e. employer. Form-16 is issued by the employer. Through this, filing of income tax return becomes easy. Form-16 contains information about the taxpayer’s gross income as well as net income and TDS deducted from the income.

2. Home loan statement

If you have taken a home loan from a bank or NBFC, then do not forget to take the loan statement for the last financial year from the bank. This will tell you how much interest you have paid on the loan. You can also claim tax exemption on the interest paid on the home loan under section 24 of Income Tax.

Also Read: EPFO changed the rules regarding pension, PF and insurance scheme. Details here

3. Proof of investment

If you have invested under Income Tax Section 80C, 80CCC and 80CCD for tax saving, then you can claim tax exemption with the proof of investment. This works as a proof to claim the exemption.

4. Capital gains documents are also important

If you have earned money by investing in mutual funds, stock market or property, then it is called capital gain. While filing ITR, it is also necessary to give information about the income earned through capital gain.

5. Aadhar card and PAN card are necessary

While filing income tax return, it is necessary to provide details of Aadhaar and PAN. In such a situation, you must keep both these documents with you before filing the return. Along with this, if you have more than one bank account, then it is also necessary to provide their information.

6. Salary slip is also important

While filing income tax return, the taxpayer must also have his salary slip. The salary slip contains the information about the person’s annual income, DA, house rate etc.

The post ITR Filing: You can file income tax return till July 31, 2024 without penalty, these documents are required first appeared on Rightsofemployees.com.

The process of filing income tax returns for the financial year 2023-24 and assessment year 2024-25 has started. You can file ITR till 31 July 2024 without penalty. It is necessary for a salaried person to have Form 16 to file ITR. Form 16 is issued by the employer. Through this, filing income tax returns becomes easy.

It is necessary to issue Form 16 by 15 June

Form-16 issued by the company contains information about the gross income of the taxpayers as well as net income, TDS deducted from income. In such a situation, it becomes very easy to file income tax return through this form. According to the rules of the Income Tax Department, every company is required to issue Form-16 to its employees by June 15, 2024. Most companies have issued Form 16 to their employees.

Also Read: ICICI Bank revised charges of many services for these customers. check here

Form-16 has a total of two parts. Part A contains information about the tax deducted on income on a quarterly basis. Keep in mind that the company has issued both parts of Form-16 to you. Along with this, both parts should have the TRACES logo, which ensures its authenticity.

Part B contains the details of the total salary received by the taxpayer from the company in that financial year. Along with this, information about deductions and exemptions is also recorded in it. After this, you can calculate your tax liability by calculating the net salary from here.

Match Form 16 with Form 26AS

If Form-16 has been issued to you by the company, then first of all it is necessary to match it with Form 26AS. If there is some difference in the data given in both, then you should inform your company about it. After this, the employer will check the TDS data and correct it. If you do not do this, you may also get an income tax notice later. If the information of Form 16 matches with Form 26AS, you can file income tax return.

The post ITR filing with Form 16 keep these things in mind first appeared on Rightsofemployees.com.

The process of filing ITR for the financial year 2023-24 and assessment year 2024-25 has started. Its deadline is ending on 31 July 2024. After this, you will have to pay a penalty for filing the return. You should take special care while filing income tax return, but sometimes people make some mistakes while filing the return. In such a situation, the biggest question arises whether those mistakes can be corrected. How can these mistakes be corrected.

Revised return can be claimed even after receiving processing refund

Under Section 139 (5) of the Income Tax Act, 1965, taxpayers get the facility to correct the mistakes made while filing revised income tax returns. With this, if the taxpayer makes any kind of mistake while filing ITR, then in such a situation he can correct those mistakes. Keep in mind that the last date for filing ITR without late fees for the financial year 2023-24 and assessment year 2024-25 is 31 July 2024.

Also Read: Airtel brought special plans to watch T20 World Cup

How many times can ITR be filed

According to the rules of the Income Tax Department, any taxpayer can file income tax return as many times as he wants within the prescribed limit. No limit has been set for this, but you will have to provide complete information while filing revised ITR. If you do not verify the information after filing revised ITR, then the Income Tax Department will not accept it. This ITR will become invalid after the prescribed limit. In such a situation, after filing revised ITR, do verify it.

In this way you can file revised return-

1. To file revised income tax return, first click on the income tax department’s e-filing portal www.incometaxindiaefiling.gov.in/home .
2. Login to the e-filing portal by entering your PAN number, password, captcha code.
3. Next, click on the e-file menu and click on the income tax return link.
4. Next, a page will open in front of you in which your PAN number will be filled.
5. Select the assessment year and ITR form type in it.
6. Now choose the type of filing you are doing, such as original/revised return.
7. Next, click on the option of Prepare and Submit Online.
8. After this, in the online ITR form, select the option of Revised Return under Section 139(5) in the Return Filing Section and Revised in the Return Filing Type.
9. Then finally fill in the Acknowledge Number and the date of filing the ITR.
10. After this, fill all the details and correct the mistakes and submit this ITR form.

How to check return status

You can easily check whether your revised income tax return has been filed correctly or not. For this, you have to click on the official website of the Income Tax Department https://www.incometax.gov.in/iec/foportal /. Next, go to the My Account menu and click on the option of View e-Filed Returns/Forms. Next, select the option of Rectification Status. After this, the complete status of the return will open in front of you in a few minutes. 

The post ITR Filing: Know how many times you can file revised ITR first appeared on Rightsofemployees.com.

Income Tax Return Filing 2024: The process of filing ITR for the financial year 2023-24 and assessment year 2024-25 (AY 2024-25) has started, but there are many employed people who are not able to get Form 16. Unable to file tax returns.

Form 16 contains complete details of the income and expenses of a salaried class person. In such a situation, information about how much salary you received and how much tax was deducted can be easily obtained from Form 16. Apart from this, Form 16A and Form 27D are also required to file ITR.

Form 16, 16A and 27D are necessary to file ITR.

Often employer companies issue forms for their employees by the end of 16th May or 15th June. If you do not have Form 16, you can also file ITR through Form 16A and 27D. These forms can be easily downloaded online.

Complete information is recorded in Form 16-

Complete information of a salaried class person is recorded in Form 16. At the end of every year, it is necessary for the employer to issue Form 16 to his employees. It is usually released by companies by the end of May and June. In this form, information like TDS deducted by the company etc. is entered. This form also reveals the tax information of the taxpayers.

How to download this form?

1. Form 16 can be downloaded from TRACES website i.e. TDS Reconciliation Analysis and Correction Enabling System from June 15 onwards.

2. For this, click on the official website of Traces www.tdscpc.gov.in/en/home.html .

3. Next, click on the login section and select the taxpayer option in the dropdown menu.

4. Further login by entering user ID, password and PAN number. Next click on the section of tax credit or verification.

5. For further TDS, choose any one of Form 16/16A/27D.

6. Next, a page will open in which request for TAN number, financial year, quarter etc. will have to be entered from the company.

7. Next you can download any one of the forms 16/16A/27D.

Old vs New Tax Regime: Retired? Which tax system will be better, understand the details before filing ITR

The post ITR Filing 2024 : You will be able to download Form 16 from next month, know its easy process first appeared on Rightsofemployees.com.

How To Boost Tax Refund: With the beginning of the new financial year, the process of filing Income Tax Return (ITR Filing) started. Most of the companies will give Form-16 to the employees by the end of May. At the same time, some self-employed people have completed the process of filing ITR. This time the last date to file Income Tax Return (ITR) is 31 July 2024. While filing ITR, you can claim certain deductions to reduce the income tax return. Many times people are not aware of the deductions under which you can claim deductions.

No exemption of any kind in the new tax regime

There is no benefit of any kind of exemption or deduction under the new tax regime. But in the old tax regime, there are many investment options on which you can avail tax deduction. There are some tax deductions about which people do not have much knowledge but the tax payer definitely gets benefits by claiming under them. Let us know about such options-

National Pension Scheme

You can get the benefit of additional deduction of Rs 50,000 under section 80CCD (1B) on investment in Tier-1 account of NPS. This is different from the benefit of deduction available under section 80C on investments up to Rs 1.50 lakh.

Deduction made on rent payment

Those in the salaried class who do not get the benefit of House Rent Allowance (HRA) and those running their own business can claim tax deduction on rent under section 80GG for the rented house under certain conditions. For example, if your monthly rent is Rs 10,000 and your annual income is Rs 7 lakh. In such a situation, you can avail deduction of Rs 50,000. Let us understand this calculation like this-

Rent paid: Rs 10,000 per month
Total income: Rs 7 lakh annually
10% of income: 7,00,000 x 10/100 = Rs 70,000
Deducting 10% of the rental income: Rs 10,000 – (70,000 / 12) = 10,000 – 5,833 = approximately Rs 50,000 per annum

Medical expenditure

Taxpayers can also avail tax deduction on the medical expenses of their parents. Many people are aware that they can claim tax deduction on health insurance premiums taken for life partner, dependent children and parents. But, if your parents are senior citizens and do not have any health insurance, then you can also avail tax deduction of up to Rs 50,000 under Section 80D on their medical expenses. Apart from this, you can claim a deduction of Rs 5000 under Section 80D on the health related check-up of your life partner and parents.

Deduction on electric vehicle

If you have bought an electric vehicle and taken a loan for it, then you can also get income tax exemption on the interest paid on its loan. Under Section 80EEB, you can claim a deduction of up to Rs 1,50,000 on the interest paid on loan taken from the bank. But the benefit of this deduction will be available only if your loan is approved between January 1, 2019 and March 31, 2023.

Discount on donations

Apart from this, you can also claim income tax deduction on donations made to some organizations. Donations given to these organizations get tax exemption under section 80G. But depending on the type of donation given by you to the registered organization, you get the benefit of different tax deductions.

These are also options for tax reduction

Apart from the tax deductions mentioned above, there are many more tax deduction options under the Income Tax Act, 1961. You can invest in PPF, EPF, ELSS, NSC under section 80C. In Section 24, you can claim deduction on the interest paid on your home loan. Tax deduction is also available on interest paid on loan taken under Section 80E. You can also get the benefit of tax deduction on House Rent Allowance (HRA).

The post ITR Filing: After filing ITR, your tax refund will also increase, just keep these 5 things in mind first appeared on Rightsofemployees.com.

New rule to impact flight ticket prices: If you too are troubled by the huge flight fares, then now you can soon get relief from expensive flight tickets. An instruction has been issued by the Directorate General of Civil Aviation (DGCA), in which planning is underway to make the base fare of flights more affordable for passengers.

DGCA says that the fixed fares issued by the airlines also include the fees charged on some services provided by them. Based on the feedback received from different places, it has been seen that many times passengers do not need these services provided by the airlines during the journey.

Circular has been issued

DGCA has said in the circular that by separating the services and their charges, the basic fare can be more economical. With this, consumers get the option to pay for the services they want to avail. The differentiated services should be provided on an ‘opt-in’ basis and not on an ‘opt-out’ basis.

DGCA has released a list of 7 services, which if excluded from the ticket cost, can make the base fare much more affordable.

>> Passenger seat selection charges
>> Meal/snacks/drink charges
>> Charges for using airline lounge
>> Check in baggage charges
>> Sports equipment charges
>> Musical equipment charges
>> Special for valuable baggage declaration fee

Scheduled airlines will be permitted to offer ‘zero baggage/no-check-in baggage fares’ along with free baggage allowance as part of the airline baggage policy. Along with this, DGCA has said that if you bring luggage for check-in at the airline counter, you will be given information about the applicable charges. Along with this, it will also be printed on the ticket.

Also Read-

• Income Tax Return Filing: Should you file income tax return now or wait till July 31?
• What is Inheritance tax: What is the inheritance tax that is levied on ancestral property? When was this tax imposed in India
• Modi government transferred money to the accounts of 28 crore people, did you get it? check balance

The post DGCA New Rules: Now flight tickets will be cheaper, DGCA has issued this new rule first appeared on Rightsofemployees.com.

The Income Tax Department has notified all the forms for online return filing. The deadline for filing income tax returns is usually 31 July. Many people file returns at the last moment, while some want to be free by filing returns in advance. There is a technical problem with some people. Especially working people cannot file returns much in advance even if they want to. This is because Form 16 is necessary for ITR filing. TDS payment will be made by employers (companies) and banks till April 30. Only after that the companies issue TDS to their employers.

Form 16 is necessary for salaried taxpayers

Chetan Chandak, director of tax consultancy firm TaxBirable, said, “Companies and banks will start issuing Form 16 and TDS Certificates only after May 31. Only after this, salaried individuals and those earning income from fixed deposits will start issuing them. People with ITR will be able to start the ITR filing process. Form 16 is a certificate of TDS deducted from salary. It is necessary for every company to issue this certificate to its employees.

Taxpayers should wait to receive Form 16

Experts say that even if you have calculated your gross income, taxable income, deductions and exemptions, you should still wait to receive Form 16. The reason for this is that if there is any error or mismatch in your ITR, you may get a notice from the Income Tax Department. Nitish Buddhadev, founder of Nimit Consultancy, said, “To avoid any problem later, you should wait for Form 16 to be received.”

Income tax return will not be processed until TDS payment

“The income tax department will not process your return until the deductor entity files the TDS return,” Chandak said. This means that only a few people can file income tax returns in April. These include NRIs who do not have any other source of income in India (capital gains from sale of property).

Do not wait for the deadline to file returns

Experts say that you should not be in a hurry to file income tax return in April. But, this does not mean that you file income tax return on the deadline i.e. 31st July. The reason for this is that more people file income tax returns closer to the deadline, which leads to technical problems due to increase in traffic. Second, the sooner your income tax return is processed, the sooner you will get the refund. With this your money will not remain blocked for long.

Also Read-

• What is Inheritance tax: What is the inheritance tax that is levied on ancestral property? When was this tax imposed in India
• Modi government transferred money to the accounts of 28 crore people, did you get it? check balance
• Bank Holiday Alert: Big news for bank customers! Bank Holiday for three days from today in these cities, know here

The post Income Tax Return Filing: Should you file income tax return now or wait till July 31? first appeared on Rightsofemployees.com.

Updated ITR Filing : The deadline to file updated Income Tax Return ( ITR ) for the financial year 2020-21 is near. This work will have to be completed by March 31, 2024. This provision was included in the Finance Act of 2022. This allows taxpayers to file updated ITR if they have not filed the return for the financial year mentioned above for any reason or have reported any income. This provision allows taxpayers to file updated returns within 24 months of the end of the relevant assessment year.

Who can file?

Taxpayers who have not been able to file ITR for financial year 2020-21 can do so by March 31, 2024. It is important to understand the difference between financial year and assessment year. We file returns for every financial year in the next financial year. The financial year in which we file the return is called the assessment year of the previous financial year.

Which form should be used?

To file updated returns, taxpayers will have to use the ITR form notified for the relevant assessment year. Also, the recently launched ITR-U will have to be used. Updated returns can be filed only electronically.

What information needs to be given?

Taxpayers will have to provide all the information in the updated return form. These include basic information, details of previously filed returns, reasons for filing updated returns and information about additional income according to different heads.

Why is there a need for updated ITR filing?

If a taxpayer discovers an error or omission in the previously filed return, he or she can file an updated return to correct the error. If a taxpayer has additional income from investment or freelance after filing the original return, he can declare this income by filing an additional return.

What are the benefits of updated ITR filing?

By filing updated returns, taxpayers can avoid penalties for non-compliance of income tax law. By correcting the mistakes in the original return, taxpayers can prove their sincerity in following the tax rules.

Filing of updated return is not allowed in the following situations:

• -Taxpayers cannot file updated returns in case of any kind of loss.
• -If filing an updated return reduces the tax liability of the taxpayer then he cannot file an updated return.
• -If by filing an updated return the taxpayer’s refund amount increases compared to the original return, then the updated return is not allowed.
• -If any kind of search, survey or seizure action has been initiated against the taxpayer, then he is not allowed to file updated returns until it is over.

RBI’s gift to credit card users! You will be able to choose the card as per your wish, new rule for billing also

The post Updated ITR Filing: Deadline to file updated ITR is March 31, know everything including rules and procedure here first appeared on Rightsofemployees.com.

During the same period, net direct tax collection increased by 160.52 percent in 2022-23 to Rs 16,63,686 crore, which was Rs 6,38,596 crore in 2013-14. The government has set a target of raising Rs 18.23 lakh crore from direct taxes (personal income tax and company tax) in the budget of 2023-24. This is 9.75 percent more than the Rs 16.61 lakh crore raised in the last financial year.

Direct tax collection increased by 173.31 percent in 2022-23

According to CBDT data, gross direct tax collection increased by 173.31 percent in 2022-23 to Rs 19,72,248 crore which was Rs 7,21,604 crore in the financial year 2013-14. With this, the direct tax-GDP ratio increased from 5.62 percent to 6.11 percent. However, the collection cost increased to 0.57 per cent in 2022-23 from 0.51 per cent in 2013-14.

Till December 31, 8.18 crore people filed income tax returns.

Recently, the Finance Ministry said that the number of people filing returns in the country has crossed 8 crores. A record 8.18 crore income tax returns have been filed for the assessment year (AY) 2023-2024 till December 31, 2023, which is 9 percent more than 7.51 crore ITRs filed in the same period of the last financial year.

The post ITR Filing: Income tax filers more than double to 7.78 cr in 10 years first appeared on Rightsofemployees.com.

The deadline (31 July 2023) for filing Income Tax Return (ITR) has passed and the government has not given any extension. At the same time, till July 31, people had to disclose their earnings for the financial year 2022-23. More than 6 crore ITRs were filed this time till 31 July. However, many people have not even been able to file their income tax returns by the due date of 31 July 2023. In such a situation, now a good news has come for those people.

Income tax return

If you are a person who has to pay tax but has not been able to file the return by the due date, then you do not need to panic as it is still possible to pay tax till 31 December 2023. This is called late filing of income tax return. Belated returns can be filed anytime after 31st July but before 31st December. However, for this people also have to pay late fees.

What is the fee to be paid for late return filing?

The penalty for late income tax return depends on which salary slab you fall under. A person whose net income is more than Rs 5 lakh can file tax by paying Rs 5000 as late fee. On the other hand, people whose salary is less than Rs 5 lakh will have to pay a late fee of Rs 1000.

Last Date

According to the amendment in the Finance Act 2021, from the assessment year 2021-22, taxpayers can submit belated returns three months before the end of the relevant assessment year or before the completion of assessment, whichever is earlier. For assessment year 2023-24, if the Income Tax Officer does not complete the assessment himself, the last date for filing belated returns is on or before 31 December 2023.

Interest

Another disadvantage of late filing is that when ITR is filed before the due date, taxpayers get interest at the rate of 0.5% per month on the refund amount from April 1 till the date of refund. However, in case of belated returns, this interest will be calculated from the date of filing of ITR till the date of refund.

The post ITR Filing Date: Big Update! ITR can be filled till this date, check details first appeared on Rightsofemployees.com.

Under income tax rules, if a salaried person lives in a rented house, then without the PAN of the landlord, he does not have to pay any tax on rent up to Rs 1 lakh. But many people are resorting to fake rent bills to take advantage of it.

This is the reason that this time an increase in the number of notices being sent to taxpayers is also being seen. Details are also being sought from the tax department regarding the proof of deposit of rent in the notice.

The post ITR Filing: This mistake will be huge in filing tax return, 200% penalty may be imposed first appeared on Rightsofemployees.com.

ITR Filling Process

While filing ITR, no details of the link of Aadhaar card and PAN card are asked from the taxpayers. Also, the ITR e-filing portal cannot stop you from filing income tax returns. Apart from this, such people who file ITR do not have to follow any separate process. That is, people whose PAN card is not linked to Aadhaar card can fill ITR like others.

If you are going to file ITR, then keep in mind that after filing income tax return, it has to be verified within 30 days. The person who doesn’t do this. His ITR is treated as cancelled. In such a situation, now the question is arising that how to file ITR again. Because Aadhaar OTP is required during verification. Explain, such taxpayers can send the signed copy of their ITR to CPC Bengaluru. Or you can generate EVC through net banking or ATM.

The post ITR Filing without Pan Card: ITR can be filled even if PAN card is inactive, have to follow this method, know the details first appeared on Rightsofemployees.com.

Filing of Income Tax Return is mandatory under the Income Tax Act 1961. This is the reason why senior citizens are not exempted from filing ITR in India. Senior citizens who are Indian residents and whose taxable income exceeds a certain limit, then they have to file ITR. Senior citizens and super senior citizens have to file ITR in the country.

Who is Senior Citizen and Super Senior Citizen?

A resident who is of the age of 60 years or more but less than 80 years at any time during the previous year is treated as a senior citizen for the purpose of income tax. Super Senior Citizen who is 80 years or more is considered. The Income Tax Act 1961 does not provide any exemption to senior citizens or super senior citizens from filing return of income.

The post ITR Filing: Is it necessary for senior citizens to file ITR? Know the rules made by the government first appeared on Rightsofemployees.com.

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.

The post ITR : Big update for ITR filers, ITR will be invalid if this work is not done first appeared on Rightsofemployees.com.

But representations of taxpayers and professions from several states including Himachal Pradesh, Gujarat, Uttarakhand and Haryana have reached the Finance Ministry, which the government is currently examining.

According to the exclusive news quoting the sources, there can be relief in the ITR deadline for the flood affected areas. The representations received from taxpayers and professionals can be considered.

Currently, the Finance Ministry is waiting and watching till July 31, 2023, and no decision has been taken yet to extend the deadline for income tax returns.

This time more returns are expected to be filed than last year. It is known that last year till 31st July, a total of 5.8 crore ITRs were filed. Everyday about 20 to 30 lakh online ITRs are being filed.

The post Big news on income tax return, these people can get relief first appeared on Rightsofemployees.com.

The last date for filing Income Tax Return (ITR Filing) is 31 July. Many people have also filed returns till now. Now they are waiting for their refund. Refund (ITR Refund) usually comes within 20 to 60 days of e-verification of ITR.

You can check your refund status online. You can check the income tax refund status either by visiting the website of NSDL or by visiting the e-filing portal of the Income Tax Department.

As on 2 July 2023, around 1.32 crore ITRs have been filed for assessment year 2023-24. Of these, about 1.25 crore income tax returns have been verified so far. So far only 3,973 ITRs have been verified for the assessment year 2023-24. After filling ITR, you must keep checking your e-mail from time to time. This is because the Income Tax Department informs the income taxpayers about ITR through e-mail only.

Check Status on E-Portal Like This

If you have paid more tax than your actual tax liability, you can get refund by filing ITR. For this, first go to the e-filing portal www.incometax.gov.in. After this click on the quick link section. Now scroll down and on going down a bit you will see ‘Know your refund status’. Now click on it. Here you have to enter your PAN number, assessment year and mobile number. After doing all this OTP will come on your mobile number. You will see the refund status as soon as you enter the OTP at the designated place. If you have any problem with ITR bank details, then it will appear on the screen that no record was found.

This is the process to check refund status on NSDL website

• Visit https://tin.tin.nsdl.com/oltas/refundstatuslogin.html.
• Now enter PAN, assessment year and captcha and click on ‘Proceed’.
• Select the assessment year for which you want to check the refund status.
• After entering the captcha code, click on submit.
• The status of your ITR refund will appear on the screen.

The post Income tax return (ITR): How to check IT refund status online first appeared on Rightsofemployees.com.

The Income Tax Department has tightened its noose on salaried taxpayers who have resorted to fake documents for higher tax deductions and refunds. These include fake house rent receipts taken from close relatives, additional claims for home loans and fake donation papers. The department has started investigation against these taxpayers after finding discrepancies in the returns and has sought answers by sending notices.

It is being told that the Income Tax Department has asked these taxpayers to provide documents as proof for claiming tax exemption. Not only this, the department has also asked taxpayers to disclose the name, address and contact number of the chartered accountant or tax expert preparing and filing the ITR.

Data matching with the help of technology: According to tax experts, this time the Income Tax Department is sorting the returns filed with the help of Artificial Intelligence (AI) technology and data collected from various sources (Big Data). Taxpayers often use fake rent receipts to get more tax exemption, but if the landlord has not given details of the rent amount in his return, AI is catching it immediately. Earlier this work used to take time. Taxpayer thinks who will investigate the claims of small amount, so they file bogus claims.

Notice was issued to eight thousand: Along with this, the department has also started investigating the claims of donation. Under this, the figures given by the charitable institutions in their returns are being matched with the details of the donor. It may be noted that in April this year, the department had issued notices to about 8,000 tax evaders in the name of charity. Companies, traders, salaried people and people running businesses were also among those who received the notices.

Get help from AIS

The Annuity Information Report (AIS) facility has recently been launched by the Income Tax Department. It contains details of tax payments and transactions made during the relevant financial year. Apart from the total tax paid, annual income, rent received, bank balance, cash deposited, cash withdrawn, credit and debit card transactions, dividends, interest earned on savings account, purchase and sale of shares and mutual funds, foreign travel, purchase and sale of property, long-term profits, refunds, 46 types of information are included. This can be accessed from the Income Tax Department’s website and matched with the figures given in the return.

Must disclose this in ITR

1. Provide information on children’s accounts

2. Details of interest received in savings account
3. Profit from any investment plan

4. Income from any other interest
5. Information on investments made abroad

Category wise last date for filing ITR
1. July 31 for salaried and other individual and small taxpayers

2. October 31 for traders whose accounts need to be audited
3. November 30 for businesses with international or domestic transactions

4. December 31 to file Revised ITR

The post ITR Filing: Notice issued to those who put fake documents for income tax exemption first appeared on Rightsofemployees.com.

Invalid PAN card holders will have to pay a fine to get their card reactivated. The IT department said that non-resident Indians (NRIs) can still use their PAN cards to fill ITR forms.

Income Tax Department tweeted

Clarifying this through its official Twitter handle, the department said, concerns have been raised by some NRIs/OCIs regarding their PAN being invalid, however they are exempted from linking their PAN with Aadhaar. Further, PAN holders whose PAN has been invalidated due to non-linking of PAN with Aadhaar have expressed concern about some of the implications of PAN becoming invalid.

NRIs and Overseas Citizens of India (OCIs), who fall under the categories mentioned in the tweet, are requested to approach their respective Jurisdictional Assessment Officers (JAOs) with necessary documents to update their residency in the database . The IT department has also shared the link of JAO directory to help the individuals to locate the officials.

ITR can also be filed with an invalid PAN card.

The Income Tax Department further clarified that invalid PAN card will not affect the filing of income tax returns. Taxpayers can still file ITR with invalid PAN card. However, it may also cause some harm to them. As their tax may be deducted more or their refund may also be delayed.

All those NRIs and OCIs who have not updated their residential status, their PAN cards have become invalid. PAN cards of OCI or foreign nationals who have not filed their ITR for the last three assessment years have been invalidated. The Income Tax Department said that if NRIs and OCIs update their database on PAN cards, they can maintain their tax filing smoothly.

The post ITR Filing: Can ITR be filed even with an invalid PAN card? Know what the income tax rule says first appeared on Rightsofemployees.com.

The CBDT said that some NRIs have expressed concerns about PAN being inoperative, while they are allowed not to link PAN with Aadhaar. The CBDT, on its part, clarified that the Income Tax Department has mapped the residential status of NIRs who have filed income tax returns in the last three assessment years and informed their residential status to the Jurisdictional Assessing Officer (JAO). Is. But those who have not done so, their PAN has become inoperative.

In such a situation, any NRI whose PAN has become inoperative must have informed his residential status to his jurisdictional assessing officer along with supporting documents. They have to ask their jurisdictional assessing officer to update the residential state in the PAN database. The details of the Juridical Assessing Officer can be found by clicking on this link https://eportal.incometax.gov.in/iec/foservices.

The Income Tax Department said that those NRIs who have applied for PAN under resident status and have not updated the residential status with the jurisdictional assessing officer and have not filed income tax returns for three assessment years, their PAN has become inoperative. He has to inform the Juridical Assessing Officer at the link https://eportal.incometax.gov.in/iec/foservices/ to update the residential status in the PAN database along with the supporting documents.

The Income Tax Department said that inoperative PAN is not an active PAN. Despite this, any person can file income tax return despite PAN being inoperative.

The post ITR Filing Update: NRIs upset due to PAN being inoperative, unable to fill ITR first appeared on Rightsofemployees.com.

After the arrival of Modi government in the country, many changes have come. Due to these changes, people in the country have also got many types of relief. At the same time, it is also very important for the people in the country to fill the income tax return. It is very important for those whose income is taxable to fill ITR. At the same time, this time a lot of exemption has also been given by the Modi government in the income tax return, through which people will also be helped in saving tax. Let’s know about it…

Tax free income

In Budget 2023, Finance Minister Nirmala Sitharaman announced that income up to Rs 7 lakh will be tax-free under the new system. However, concerns were expressed as to what would happen to taxpayers who were earning marginally above Rs 7 lakh. Regarding this, Sitharaman said that the government has taken note of such concerns and now income up to Rs 7.27 lakh has become tax-free due to the introduction of minor relief provisions under the new tax regime.

Standard Deduction

The finance minister said, “Under the new regime, no income tax will be payable on annual income up to Rs 7 lakh, which effectively increases to Rs 7.27 lakh with marginal relief provisions.” Apart from this, to make the new system attractive, a standard deduction of Rs 50,000 was announced in Budget 2023.

Exemption

Sitharaman said that now standard deduction of Rs 50,000 has also been started under the new income tax regime. Standard deduction facility is available to salaried employees. Apart from this, the exemption limit on medical expenses of senior citizens has been increased from Rs.30,000 to Rs.50,000. Also, life saving drugs and cancer drugs have been exempted from GST.

The post Standard Deduction: Finance Minister Big Announcement! got this exemption on Income Tax first appeared on Rightsofemployees.com.

2 crore returns filed till July 11

The Income Tax Department said in a notification released on Twitter on Tuesday that two crore income tax returns have been filed till July 11 for the assessment year 2023-24. Last year, till July 20, two crore income tax returns were filed.

The Income Tax Department tweeted,

the Income Tax Department has said in its tweet that with the help of taxpayers, we have achieved the figure of two crore nine days earlier this year than last year. The tax department has asked those who have not yet filed returns for the assessment year 2023-24 to file returns as soon as possible to avoid last minute rush.

These people do not have to pay tax.

Under the new tax regime, income up to Rs 7 lakh is tax free. Similarly, if someone selects the old tax regime, then for those below 60 years of age, this exemption is Rs 2.5 lakh and for those above 60 years of age, this exemption is up to Rs 3 lakh.

File ITR before 31st July,

this time you can file income tax return till 31st July 2023. After this, if income tax return is filed, then penalty can be imposed. Income tax payers are constantly being made aware by the Income Tax Department. It is told by the department that to avoid any kind of penalty, file ITR on time.

Who will not have to pay penalty

Let us tell you that if your total income till the financial year 2021-22 is Rs 2.5 lakh or less, then you will not have to pay penalty for filing income tax after 31st July. The ITR filed on your behalf will be called Zero (0) ITR.

The post Income Tax Rule: Big relief to the tax payer, these people do not have to pay tax first appeared on Rightsofemployees.com.

Let us tell you that while filing income tax return, you need some important documents as well. Form 16 is very important for salaried people while filing ITR. Form 16 is given to the employed by their office. However, it is observed that employees whose taxable income does not exceed the basic exemption limit do not receive Form 16 from their employers. Also, there may be other cases when they will not issue it.

ITR can be filed without Form 16

However, even if you do not have Form 16, you do not need to worry as you can still file your income tax return without it. Experts say that you can file your ITR even without Form 16. Form 16 gives the details of TDS and TCS between the deductor and the tax deductee. Apart from this, it also tells about the income received in the form of salary along with different allowances and deductions. As per the rule, companies, offices or employers have to issue Form 16 every year on or before 15th June.

Form 16 is in two parts

Explain that there are two parts of Form 16. In Part A, there are details about the monthly deduction of several taxes from the salary of the employees by the office or the company. Whereas in its Part B, along with the salary given by the office, there are details of any other income and the tax deducted on it. Let us now know how we can file ITR without Form 16.

How to file ITR without Form 16

If you do not have Form 16, you can file ITR through your salary slip along with Form 26AS. One can download Form 26AS from TRACES website or through net banking of authorized bank. The salary slip contains the details of all the tax deductions along with the salary.

Apart from this, taxpayers should also ascertain that the extra income, deduction claimed on HRA, deduction under section 80C and 80D and other details have also been calculated. Tax payers can file their income tax return without Form 16 if the gross income, total deduction and total TDS are the same as shown in Form 26AS.

The post You can file your ITR even without Form 16, know its complete details first appeared on Rightsofemployees.com.

The Income Tax Department is repeatedly advising taxpayers to file ITR on time. If you have not completed this work, then complete it today itself.

After filing the income tax return, it is also very important to do its e-verification. Without this ITR is not considered complete.

We are giving you information about the e-verification process after filing ITR. It is necessary to do this work within 120 days of filing ITR.

Immediately after filing ITR, go to the e-filing portal and select I would like to e-verify to fill your ITR.

After this, by entering the details of Aadhaar linked number, demat account and prevalidated bank, get OTP on the number linked to it.

After this you have to complete the verification by entering the OTP within 60 seconds. On the other hand, if you choose offline verification, you will have to send the ITR verification form to the CPC in Bengaluru.

The post ITR e-verification: Must do e-verification after filing ITR, know its easy process first appeared on Rightsofemployees.com.

According to the Income Tax Department, people earning 3 lakh or more annually should file ITR. More than 2 crore taxpayers have filed ITR for FY 2022-23. The last date for filing ITR is 31 July 2023. In such a situation, taxpayers should file the return before the end of the deadline. However, some categories of people are exempted from filing income tax.

Under Section 194P of the Income Tax Act, 1961, relief has been provided to select senior citizens from filing income tax returns. However, they have to fulfill the eligibility conditions to avoid the compulsion of filing ITR.

Who is exempted from filing ITR u/s 194P

Senior citizen is a resident of India and has attained the age of 75 years or more during the previous year i.e. FY 2022-23 (ending March 31, 2023) Exempted from filing ITR. Such senior citizens should not have any other income other than pension. However, such people can get interest income from the same bank in which they get their pension.

Be sure to keep this in mind

According to the notification of the Central Government, senior citizens can submit the declaration form in the bank where pension and interest income comes. The details should be included in the declaration as per rules. Such senior citizens will come in two categories, in the first category no tax will have to be paid and in the second category people will have to pay tax.

Who will file ITR after the death of taxpayers

According to income tax rules, whoever is the legal heir of the deceased person will have to file ITI in the name of the deceased. This return will be filed for the income that has been earned in the name of the deceased person. For this, first of all, the successor has to register himself legally. The heir can not only file income tax return in the name of the deceased person but can also claim refund.

The post ITR Filing: These people will not have to fill ITR this year, exemption due to income tax rules first appeared on Rightsofemployees.com.

This is called refund. The department sends this money to the taxpayer’s bank account. To make its process transparent and easy, the Income Tax Department has made the entire process online. This has significantly reduced the time taken for processing refunds. However, the receipt of refund in the bank account of taxpayers depends on many factors. Let us know about this in detail.

Check all the details

The information that taxpayers give in ITR is very important. If any information is incorrect, there may be a delay in the refund process. Taxpayers generally make mistakes in reporting income, deductions and tax paid. That’s why it is necessary to double-check all the information before submitting ITR. Many times taxpayers make a mistake in giving the correct details of their bank account. Due to this, there is a delay in getting the refund money in the account. If you have more than one account, then you have to clearly tell in which account you want to get the refund money.

Processing of more returns affects

The IT department starts processing the refund after the verification process of ITR is complete. After verifying the ITR of the taxpayer, the department examines the return. If everything is found correct, he starts the process of refund. The time taken to get the money into the account depends on whether the ITR is simple or complex. Apart from this, the number of ITRs processed by the department also affects the time taken to receive the refund.

Benefits of online returns

E-filing of ITR takes less time than paper filing. That is why the Income Tax Department advises taxpayers to file returns online. This speeds up the processing of refunds. Filing ITR online reduces the scope of mistakes in it. Because of this, there is no delay in getting the refund money in the taxpayer’s account. Online return filing has become mandatory for most of the taxpayers.

Verification of ITR is also necessary

Merely filing income tax return is not enough. It is also necessary to verify it. You can also verify your return by sending a copy of Aadhaar OTP or ITI-V to the Centralized Processing Center located in Bengaluru. The department will process the refund only if the verification process is found correct.

The post ITR Filing: How long does it take to get ITR refund? first appeared on Rightsofemployees.com.

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.

The post ITR Filing: Can ITR filers get good news? Here is the update on the last date for filing ITR first appeared on Rightsofemployees.com.

It is necessary to file your ITR to disclose income, liabilities and investments. On the basis of that, tax liability is made on you. While filing ITR, it is important to claim maximum tax refund as per the prescribed norms. Let us tell you some such information, which you should keep in mind while filing ITR. With this, maximum refund will come in your account.

Submit ITR on time

In any work, it is necessary to take care of the time limit. This time the last date for filing ITR is 31 July. By filing ITR before 31st July, you will be saved from penalty and you will also get maximum refund in time. According to the data released by the Income Tax Department, this time so far more ITRs have been filed than last year.

Selection of the right tax regime

Union Finance Minister Nirmala Sitharaman had announced the new tax regime during the budget speech on 1 February 2023. Giving information, the Finance Minister had said that taxpayers should select the regime under which they want to file their ITR. It is important for you to select the right tax regime, on the basis of which you will get refund.

Verify the return Verification

is necessary within 30 days of filing the income tax return. If your return is not verified then it will be treated as invalid. Also, after the time limit is over, the taxpayer will have to file a new ITR. Hence it is important that you verify your return immediately to ensure smooth processing of your refund.

Claim Deduction

You are eligible for deduction on Public Provident Fund (PPF), National Savings Certificate (NSC), National Pension Scheme (NPS), life insurance-medical insurance premium and home loan interest. You should claim it for maximum refund. You are advised to identify all deductions and exemptions other than those shown in Form 16. Also, match your data to avoid any mistake.

Valid Bank Account

You need to verify the bank account and ensure that it is correctly verified on the Income Tax Filing e-portal. Refund is transferred by the Income Tax Department only to the valid bank account on its portal. Verify bank account to get tax refund without any hassle. In this way, you can take advantage of maximum income tax refund.

The post Income Tax Return Filing: Great refund will come on your ITR, do 5 things today without delay first appeared on Rightsofemployees.com.

You can check your refund status online. You can check the income tax refund status either by visiting the website of NSDL or by visiting the e-filing portal of the Income Tax Department.

As on 2 July 2023, around 1.32 crore ITRs have been filed for assessment year 2023-24. Of these, about 1.25 crore income tax returns have been verified so far. So far only 3,973 ITRs have been verified for the assessment year 2023-24. After filling ITR, you must keep checking your e-mail from time to time. This is because the Income Tax Department informs the income taxpayers about ITR through e-mail only.

Check Status on E-Portal Like This

If you have paid more tax than your actual tax liability, you can get refund by filing ITR. For this, first go to the e-filing portal www.inco

metax.gov.in. After this click on the quick link section. Now scroll down and on going down a bit you will see ‘Know your refund status’. Now click on it. Here you have to enter your PAN number, assessment year and mobile number. After doing all this OTP will come on your mobile number. You will see the refund status as soon as you enter the OTP at the designated place. If you have any problem with ITR bank details, then it will appear on the screen that no record was found.

This is the process to check refund status on NSDL website

• Visit https://tin.tin.nsdl.com/oltas/refundstatuslogin.html.
• Now enter PAN, assessment year and captcha and click on ‘Proceed’.
• Select the assessment year for which you want to check the refund status.
• After entering the captcha code, click on submit.
• The status of your ITR refund will appear on the screen.

The post ITR Refund Status: Check ITR refund status online in these 2 ways in minutes – check here first appeared on Rightsofemployees.com.

The last date for filing income tax return for the financial year 2022-23 is 31 July 2023. Before this you have to file ITR, otherwise you will be allowed to file income tax return with penalty. You can file returns by visiting the official website of the Income Tax Department. However, some changes have been made by the Income Tax Department as compared to last year.

These changes are not major, but if you are going to file ITR, then you should know about these changes. This may be of use to you. Let us know what changes have taken place regarding the income tax return form.

Details of Income from Virtual Digital Assets (VDA)

Certain specifications have been added to the Income Tax Act to tax income relating to virtual digital assets from 1 April 2022. TDS under section 194S will be applicable on the transaction of crypto. The form has been modified to provide necessary disclosures regarding income from VDA. Taxpayers will have to give complete details of income from VDA.

If a person has received any income from cryptocurrency during the financial year 2022-23, then he will have to enter the details of date of purchase, date of transfer, cost and sale proceeds for the filing of tax. Along with this it is necessary to verify Form 26AS and AIS.

ARN details for claiming 80G deduction

If someone has donated during the financial year 2022-23, then he is eligible for deduction under section 80G. In this case, the ARN number of the donation will have to be given in the ITR form. Where 50 per cent deduction is allowed on donations.

Tax collection at source

Taxpayers are allowed to claim Tax Collected at Source (TCS) against their income tax liability. Also, if a taxpayer has claimed relief under section 89A in previous years and subsequently becomes a non-resident, details of taxable income from such relief are required in the ITR form.

Disclosure of income on 89A relief

Indian residents have the option to defer tax on income earned from Foreign Retirement Benefit Accounts till withdrawal. Section 89A provides tax relief on income from retirement benefit accounts maintained in the country by the IT department. If a person has claimed such relief, then they will have to give details in the salary section.

Foreign Institutional Investor Information

Many other changes have also been made in the ITR form for the financial year 2022-23, such as additional information will have to be given in the balance sheet in ITR-3. Along with this, the SEBI registration number will need to be shared, where the taxpayer is a Foreign Institutional Investor (FII), or a Foreign Portfolio Investor (FPI) registered with SEBI.

Disclosure on Intraday Trading

As per the new ITR form, turnover and income from intraday trading will have to be reported under the newly introduced section ‘Trading Account’.

The post ITR Form FY 2022-23: These 6 changes have happened in the income tax return form, know the complete details before filling first appeared on Rightsofemployees.com.

If you are now preparing to file your income tax return for the financial year ending 2022-23. So you will have to pay attention to some rules because this year the Income Tax Department has made some important changes in the ITR form. Which taxpayers should know before starting the ITR file. Here are the major changes introduced in the latest ITR form.

If you have earned any income from cryptocurrency during FY 2022-23, you must mention necessary details such as date of acquisition, date of transfer, cost of acquisition and sale income etc. in your return to avoid any hassle while filing your return. Keep close. Taxpayers should check their Form 26AS and AIS to ensure that the income from VDA, in respect of which tax has been deducted under the newly introduced section 194S, has been included in the return of income.

It is necessary to give donation reference number

If you have made any donation during the financial year 2022-23, now only having the donation receipt under section 80G may not be sufficient to claim the deduction. The ITR form now makes it mandatory for taxpayers to mention the Donation Reference Number (referred to as ARN in the ITR form).

Where donations are made to institutions, a deduction of 50% is allowed subject to qualifying limits. ARN is a unique reference number and is available on the Form 10BE/receipt issued by the receiving institution. Therefore, if your donation is eligible for the above deduction, you must ensure that your Form 10BE/Donation Receipt reflects the ARN accurately.

Taxpayers will have to give this information

With effect from 1 April 2021, individuals who are resident in India have the option of deferring tax in respect of income earned on Foreign Retirement Benefit Account. However, if the taxpayer subsequently becomes an NRI, the income on which relief under section 89A was claimed in previous years will be taxable in the hands of the taxpayer.

Earlier it was necessary to disclose the income in the ITR form in the year of withdrawal from the Retirement Benefit Account. The ITR form for FY 22-23 is now also required to disclose the income on which relief under section 89A was claimed in previous years and which has become taxable during the year.

These important changes happened

Certain other changes have also been introduced in ITR forms for AY 2023-24 such as additional disclosures relating to advances in the balance sheet in ITR-3, and requirement to disclose SEBI registered number where the taxpayer is a Foreign Institutional (FII). OR Foreign Portfolio Investor (FPI) is an investor registered with SEBI.

How to file ITR online

1. Tax payers can file their ITR on the online portal of the Income Tax Department at incometax.gov.in .
2. As the first step in the ITR filing process, it is necessary to determine which ITR form is applicable to you. It is mainly based on your income source for the respective financial year.
3. If you are a new taxpayer, there is no reason to worry as necessary guidance is available on the Income Tax Portal itself to enable taxpayers to choose the appropriate ITR form.
4. After selecting the appropriate ITR form, you can file your return either by filling the applicable ITR form online on the e-filing portal or use the Excel/Java utilities issued by the department to fill the ITR form offline and then proceed to upload the same online on the portal.
5. The Income Tax Department has enabled pre-filling of the data already available with the tax authorities. This feature not only auto-populates the general information fields in the ITR form, but also pre-populates details of income on which tax has been deducted at source, dividend income, interest from bank account, etc. This option will reduce data entry and help you prepare your tax return easily.

Please re-verify the pre-filled information with your records as there could be a mismatch between the actual taxable amount and the amount shown in the pre-filled ITR. Taxpayers should also check the details appearing in Annual Information Details (AIS), Form 26AS and Taxpayer Information Summary (TIS) available on the IT portal.

The post ITR Filing: IT department made important changes in ITR form, know complete details first appeared on Rightsofemployees.com.

Who can file ITR through online banking?

Those people who use internet banking can pay income tax through banking. On the other hand, if your bank gives you the facility to make e-payment, then also you can fill ITR online through banking. Suppose if your bank does not allow you to file ITR online, then you are a person whose account is in the bank given below. You can fill your ITR from his account. However, for this you have to fill your PAN number and challan number correctly. You can file your ITR till 31 July 2023.

These banks have online ITR filing facility

1. Axis Bank
2. Bank Of Baroda
3. Bank of India
4. Bank of Maharashtra
5. Canara Bank
6. Central Bank of India
7. City Union Bank
8. DCB Bank
9. federal bank
10. HDFC Bank
11. IDBI Bank
12. ICICI Bank
13. Indian Bank
14. Indian Overseas Bank
15. IndusInd Bank
16. Jammu Kashmir Bank
17. Karur Vyas Bank
18. Kotak Mahindra Bank
19. Punjab National Bank
20. Punjab And Sind Bank
21. RBL Bank
22. State Bank Of India
23. South Indian Bank
24. UCO Bank
25. Union Bank

The post ITR Filing: Income tax can be paid sitting at home from these 25 banks, see the complete list here first appeared on Rightsofemployees.com.

Form 16 is the most important document for salaried employees in India. It is provided by the employer to the employees along with details of Tax Deducted at Source (TDS) and salary component. As per the Income Tax rules, every employer has to issue Form 16 to the employees having income subject to TDS. However, there may be instances of non-issuance of Form 16. However, if Form 16 is not provided to a person, he can still file Income Tax Return (ITR).

Form 16

It is possible to file ITR without Form 16 as well. It has been confirmed by tax experts that it is possible to file Income Tax Return (ITR) without Form 16 for the assessment year 2023-24. While Form 16 is generally used by salaried employees to simplify the process. In the absence of Form 16, individuals can file their ITR using other documents like payment slips and Form 26AS along with investment records to claim the deduction.

How to file ITR without Form-16 for salaried individuals?

– Firstly all the salary slips or salary slips from the concerned financial year should be collected. These slips should contain comprehensive details of salary, allowances, deductions and other income components.

Second, the taxable income should be computed by considering all the components of salary including basic pay, allowances, perquisites, bonus etc. using the information obtained from the pay slips. Relevant deductions such as house rent allowance (HRA), standard deduction and professional tax should be deducted to arrive at taxable income.

Individuals should review their bank statements to identify any additional sources of income such as interest income, dividends, or any other form of income beyond their salary. These amounts should be included in computing taxable income.

Lastly, it is important to verify Form 26AS, which can be accessed through the Income Tax Department’s website. Form 26AS provides a consolidated statement of all taxes deducted and deposited against the PAN of the individual. It is necessary to ensure that the TDS details mentioned in Form 26AS match with the computed income details. If any discrepancies are found, the deductor, whether employer or bank, should be contacted to remove the discrepancies.

By following these steps and providing necessary supporting documents individuals can successfully file their ITR without relying on Form 16. Once the return is filed, remember to e-verify it. ITR filed without e-verification is incomplete and will not be considered for processing through the Income Tax Department.

The post Salaried individuals: How to file ITR without Form-16 for salaried individuals? first appeared on Rightsofemployees.com.

According to the Income Tax Department, the last date for filing ITR for FY 2022-23 and Assessment Year 2023-24 is 31 July 2023. The department has issued an online form for filing ITR. In such a situation, do not delay ITR filing thinking that there is time till 31st July.

It is important to do this…

Even if you do not come under the tax net, you should still file ITR. Meanwhile, Form-16 is being made available to the salaried class for ITR filing by the institute. In such a situation, before filing ITR, match the data given in Form-16 and Annual Information Statement (AIS). So that it can be ascertained that the data being given to the Income Tax Department is absolutely accurate.

It is important to do this…

Even if you do not come under the tax net, you should still file ITR. Meanwhile, Form-16 is being made available to the salaried class for ITR filing by the institute. In such a situation, before filing ITR, match the data given in Form-16 and Annual Information Statement (AIS). So that it can be ascertained that the data being given to the Income Tax Department is absolutely accurate.

vaaLet us tell you, Finance Minister Nirmala Sitharaman, while presenting the budget for the year 2023, gave relief to the tax payers under the new tax regime. However, no change was made in the old tax regime by the government.

Now let us tell you how you can file ITR sitting at home:

• Go to the e-filing portal (https://eportal.incometax.gov.in/) of the Income Tax Department.
• After this, log-in with the help of your user ID and password on the homepage.
• On the dashboard, click on e-File > Income Tax Return > ‘File Income Tax Return’.
• Then select the assessment year, such as 2023-24, and click on ‘Continue’.
• Now choose the method of ITR filing and select the online option.
• Now choose your ITR form according to your tax income and TDS calculation.
• After selecting the applicable ITR for you, keeping all the necessary documents close, click on the start option.
• Now some questions will appear on the screen, whatever is applicable to you, mark its check box and click on continue.
• As per the documents, enter the details of your income and deductions in different sections.
• If there is a case of tax liability, a brief description of the tax-calculation based on the details provided by you will appear.
• Taxability is created according to the calculation, then you can choose the option of ‘pay now’ and ‘pay later’.
• If no tax liability is created, then after paying the tax, one has to click on ‘Preview Return’.
• Then click on ‘Preview and submit return’ declaration checkbox and select ‘Proceed for validation’ option.
• View the preview and on the ‘Submit Return’ page, proceed to verify. It is mandatory to verify and e-verify the return.
• On the e-verify page, select the option using which you want to do e-verification and click on ‘Continue’.
• Once you have e-verified the return, a successful submission of the form is displayed on the screen.
• Transaction ID and Acknowledgment Number are available on the screen, so that you can check the status of your ITR form in future.
• Your mobile number and email ID which is registered on the e-filing portal, you will get the message of successfully filling the form.

Choose yourself new or old tax regime

While filing ITR (ITR), keep in mind that this time the new tax regime has been kept in default. If you want to file ITR under the old tax regime, then you will have to convert it yourself. There are very limited options to avail tax exemption in the new tax regime. However, income up to Rs 7 lakh has been effectively made tax free. At the same time, the tax exemption limit has not been increased in the old tax regime. But there you can claim tax exemption by investing in various government schemes and in other ways.

The post ITR Filing Process: How to file ITR yourself in 5 minutes, step by step process, keep these documents beside first appeared on Rightsofemployees.com.

The last date to file Income Tax Return ( ITR ) for the financial year 2022-23 is nearing. For taxpayers with income from salary whose accounts do not require audit, the ITR filing deadline is July 31. Companies have started issuing Form 16 to their employees. Generally, companies issue Form 16 to the employees by the first and second week of June.

This means that the employees who have received Form 16 can file Income Tax Return. Form 16, Form 16A and Form 16B are all certificates of Tax Deducted ( TDS ) on income from different sources. However, their purposes and uses are different.

What is Form 16?

This is a certificate of Tax Deducted at Source (TDS). It is also called salary certificate. Companies issue this certificate to all their employees. It contains the details of tax deducted (TDS) by the company (employer) in a financial year. The employer pays the salary to the employee every month. If the employee’s total income is taxable, then the employer calculates his tax and after deducting it every month, pays the salary to the employee. Form 16 is a very important document for people earning from salary.

Form 16 contains many types of information. These include PAN, TAN and name and address of the employer. This includes PAN, name and address of the employee. It also contains the details of TDS amount and the details of depositing it with the government.

What is Form 16A?

This applies to income other than salary. For example, the bank may deduct tax on the amount of interest you pay on fixed deposits. Similarly, Form 16A is issued for tax deducted at source on income from other sources like rent, insurance commission. It contains the name and address of the employee. It has PAN. There are details of tax deducted and deposited.

What is Form 16B?

Form 16B is the certificate that states the tax deducted (TDS) on the sale of real estate. It mentions that the TDS amount of the buyer has been deposited with the Income Tax Department. The person buying the immovable property is required to deduct TDS @ 1% of the amount paid to the seller. It is the responsibility of the buyer to deposit 1% of the amount with the Income Tax Department and provide Form 16B to the seller.

The post ITR Filing: How many types of TDS certificates are there, what is their use? first appeared on Rightsofemployees.com.

The process of filing Income Tax Return has started. Income Tax Department has issued new forms to fill ITR. Changes have also been made in some forms. The last date for filing ITR is 31 July 2023. If an income tax payer wants, he can also file his ITR. Now returns are filed online. Even sitting at home, you can handle this important work very easily.

To file the return (ITR Filing), you will have to do some preparation in advance. You have to collect the necessary documents with you while filing ITR. By the way, even if you get the returns filed by the CA, you have to collect the documents related to income and expenses and give them to the CA. We are telling you which documents will be required before filing ITR.

1. Form 16

If you are a salaried individual, then this is one of the most important documents for you to file your ITR. Form 16 is a kind of TDS certificate, which is considered the most important document during ITR filing. It is mandatory for the employer to issue it to its employees. This form is in two parts, in which tax deduction in salary is mentioned on behalf of your employer during a financial year.

2. Home loan statement from Bank/NBFC

If you have taken home loan from any bank or other financial institution, do not forget to collect the loan statement for the last financial year. It will provide you the break up details of how much principal and interest has been repaid by you. This statement is required as both proof of source of information and proof for filing your income tax return. Under section 24, you can take advantage of the exemption of home loan interest payment.

3. Tax Saving Investment Proof

All tax saving investments and expenses are eligible for deduction under section 80C, 80CCC and 80CCD. Through this, you can claim tax savings of only Rs 1.50 lakh during a financial year. You need to carry these investment proofs with you.

4. Bank and Post Office Interest Certificates

In this year’s ITR forms, information will also be sought from taxpayers about the source of interest income, such as interest on savings account or interest on fixed deposits or interest on other income. Usually the interest income earned is taxable, but if the interest income is up to Rs 10,000 during a year, you can claim it under section 80TTA of Income Tax.

5. Securities Statement

Securities Statement or Holding Statement provides a comprehensive record of all transactions relating to securities like equity, mutual funds, bonds and debentures during the financial year.

6. Documents related to capital gain

If you have received capital gain through sale of property, mutual funds and equity shares, then you should also keep its documents with you. You have to mention this during ITR filing.

7. It is mandatory to provide Aadhaar details to successfully file Aadhaar Card ITR. As per section 139AA of the Income Tax Act, it is mandatory to mention Aadhaar during ITR filing.

8. Details of all the banks

If you have multiple bank accounts, then you will have to give details of all the bank accounts. In case of not doing this, you can also come in difficulties. So do not forget to give this information during ITR filing.

9. Salary Slip

In this time’s ITR forms, you will also have to provide your salary slip, in which your salary breakup will be mentioned. It will contain all the information like your basic salary, dearness allowance and house rent allowance.

The post Income Tax Return: Taxpayers should keep these documents ready before ITR filing, check list here first appeared on Rightsofemployees.com.

If you want to file ITR without any penalty, then you have time till July 31, 2023. At the same time, till December 31, you can file it by paying a fine. It is often seen that people whose salary is outside the tax slab do not file ITR, but you should avoid doing so. Even if the salary is less than the tax slab, filing ITR can provide many benefits. Let’s know about it-

Can work like necessary documents

You should file ITR even if your salary is less than the income tax slab. You can use these documents as income proof in many ways. At the time of taking loan from bank to credit card, you need income proof everywhere. In this case, after filing ITR, you can use this document as income proof.

Refund can be claimed

Many times companies deduct TDS from people’s income, while their salary is out of the tax slab. In such a situation, you can easily claim your deducted TDS by filing income tax return. The Income Tax Department transfers the deducted TDS to your bank account.

Easy to apply for Visa

If you file ITR, you can easily apply for Visa. ITR related documents are sought for visa application. People’s income is seen before getting visa for many countries. In such a situation, they get to know the financial status of that person.

Can claim for damages

If you claim ITR within the prescribed limit, then you can claim for capital gain or loss in business. According to the rules of income tax, the benefit of carry forward loss is available only to those people who file ITR in the same financial year at the specified time.

The post ITR Filing: File ITR even if your income is not taxable, You can get many benefits from this first appeared on Rightsofemployees.com.

Income Tax Return Form of ITR-2 is available for filing through online mode with prefilled data on the portal as per the Income Tax website. The Income Tax Department has released the ITR-2 offline form on 17 May 2023 for filing Income Tax Return (ITR) for the financial year 2022-23 (AY 2023-24).

Unlike online, offline i.e. in case of Excel utility, taxpayers have to download the form, fill in the required information and then upload it to the website for electronic filing. In case of online ITR form, all taxpayers have to do is to verify the prefilled information with their documents. In addition, this data has to be verified from Form 26AS as well as Annual Information Statement (AIS).

ITR filing deadline July 31

The Central Board of Direct Taxes (CBDT) had announced the ITR form in February this year. Income tax return for the financial year 2022-23 (AY 2023-24) is now being submitted. For salaried taxpayers and whose accounts are not required to be audited, the deadline for filing ITR is 31 July 2023.

Who is eligible to file ITR-2 form? (Who is eligible to file ITR-2)

• The ITR-2 form is used to report salary income, income from other sources, house property income (more than one) and capital gains.
• ITR-2 can be used by both tax residents (both ordinary and normal) and NRIs. If the taxable income is more than Rs.50 lakhs, then ITR 2 needs to be filed instead of ITR 1, even if the condition of filing ITR 1 is satisfied.
• Holders of unlisted shares or directors of a company are required to file ITR 2 even if all the conditions for filing ITR 1 are satisfied.
• If a person has any foreign assets, then also ITR 2 has to be filed instead of ITR 1.

The post ITR Filing: ITR Form-2 available online, know who is eligible to file from Income Tax website first appeared on Rightsofemployees.com.

The last date for filing ITR for the financial year 2022-23 (FY 2022-23) has already been announced by the Income Tax Department. Along with this, the ITR form has been made available both online and offline.

Notification released on February 10 and February 14

If you do not file ITR till the last date, then you can be fined heavily by the department. CBDT has announced to file ITR for the financial year 2022-23 (AY 2023-24) through notifications on February 10 and February 14, 2023. After this, notification for ITR-1 and ITR-4 was issued by CBDT on 25 April 2023. Notification for ITR-2 was issued on 11 May 2023. Along with this, e-filing of ITR also started.

ITR can be filed till 31st July

According to the Income Tax Department, salaried people and taxpayers whose accounts do not need to be audited can file ITR till 31st July 2023. If for any reason you are not able to file ITR till the last date of 31st July, then you may have to pay a fine ranging from Rs 1,000 to Rs 5,000. In case of delay in ITR, you will have to pay the penalty amount before filing.

Not only this, even if your final taxable amount is zero, you may have to pay a penalty. Apart from this, a notice can also be issued to you by the Income Tax Department. To select the option of the new tax regime, you will have to file your ITR on or before 31 July 2023. After this, ITR filers will not get a chance to opt for the new tax regime.

The post Income Tax Return: Big update from Income Tax, must file ITR by this date; Otherwise… first appeared on Rightsofemployees.com.

Income tax return is a process through which taxpayers file information about their total income earned in a financial year. Also taxpayers can claim refund for excess tax or deduction paid for that financial year through income tax return.

Who is the ITR-2 form for?

ITR-2 can be filed by any individual or Hindu Undivided Family (HUF), whether resident or non-resident, having the following sources of income:

[web_stories title=”true” excerpt=”false” author=”true” date=”true” archive_link=”false” archive_link_label=”” circle_size=”150″ sharp_corners=”false” image_alignment=”left” number_of_columns=”1″ number_of_stories=”4″ order=”DESC” orderby=”post_title” view=”carousel” /]

Salary or Pension

Income from one or more households

return on investment

– income from other sources (including bets on horse races, lotteries and other legal forms of gambling)

ITR-2 cannot be filed by an individual or Hindu Undivided Family (HUF) whose source of income is business or profession. Further, individuals who are under partnership of a firm are also not considered eligible for ITR-2 filing.

Documents required to file ITR

Salaried taxpayers will need Form-16 issued by their employer to file ITR. If he has earned interest on Fixed Deposit or Savings Bank Account and TDS has been deducted on the same, he will need TDS Certificate i.e. Form 16A issued by the bank.

They will need Form 26AS to verify TDS on salary and TDS other than salary. Form 26AS can be downloaded from the e-filing portal. Taxpayers living in rented accommodation need the rent receipt (if they have not submitted it to their employer) for HRA calculation.

The post ITR Filings: Income Tax Department issued offline ITR-2 form, know who can use it first appeared on Rightsofemployees.com.

Explain that if a refund is made after filing ITR, then the Centralized Processing Center (CPC) of the Income Tax Department transfers it to your bank account. However, for this it is necessary to pre-validate the bank account in which you want to transfer the refund.

Bank account pre-validation is an important step in ITR filing, the main objective of which is to ensure the identity and security of the user’s account. In the pre-validation process, the ITR portal or software system validates your bank account details with valid parameters. This validation ensures that your account is valid and your identity is correct.

Important things for taxpayers before pre-validation

>> He should have a valid PAN which is linked to his bank account.
>> PAN should also be linked to the e-filing facility of the IT department.
>> Taxpayers should register themselves on the e-filing portal.
>> One should have a valid bank account number and a valid IFSC code of their home branch.

Steps to pre-validate your bank account

• Go to the official website of IT department incometax.gov.in.
• Use your login details or PAN/Aadhaar details to login.
• After logging in, go to the ‘My Profile’ section and select ‘My Bank Account’.
• As soon as you click on it, the option of ‘Add Bank Account’ will appear.
• Enter the required information like name, bank account number, type, IFSC code, bank name etc.
• Click on ‘Validate’ option and submit.

The post Bank Account: Pre-validation of your bank account is necessary in ITR filing, know the reason, do this work from home first appeared on Rightsofemployees.com.

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.

The post ITR FY 2022-23: Deadline announced for filing ITR for FY2022-23, penalty will be imposed on delay first appeared on Rightsofemployees.com.

Penalty for not filing ITR till the deadline

If you have not filed ITR till the last date, then according to the rules, you may have to pay a fine of up to Rs 10,000. Apart from this, you may also have to pay interest on tax due to delay in ITR filing.

ITR comes in handy

If you file income tax return continuously, then any government or private bank gets ready to give you loan easily. ITR is an important document for any type of loan approval. Section 70 and 71 of the Income Tax Act 1961 also provides for carry forward of loss in any year to the next year. This means that you can carry forward your loss to the next assessment year.

Government gives exemption

The government allows you some exemptions when you file ITR. This helps the taxpayers to reduce their burden. This motivates more and more people to file ITR.

The post ITR Filing: Big news for taxpayers! Now you will get these benefits if you file ITR before July 31 first appeared on Rightsofemployees.com.

Along with this, it is also necessary for taxpayers to be aware of the new rules and laws related to income tax. Missing the deadline can sometimes lead to legal proceedings. The Income Tax Department has issued a calendar regarding deadlines and important dates for the convenience of taxpayers. Keeping these dates in mind, you can complete all your work within the stipulated time. Here we have given complete information about the important dates related to income tax return.

According to the tax calendar given on the official website of Income Tax Department, the important dates of May 2023 are as follows

07 May 2023

The last date for depositing TCS and TDS collected in April is May 7, 2023. This TDS is deducted on the earnings of the employees, which is deposited by the employer with the Income Tax Department by the 7th of every month.

15 May 2023

​Last date for issue of TDS certificate for tax deducted under section 194-IA in the month of March 2023

Last date for issue of TDS certificate for tax deducted under section 194-IB in the month of March 2023

​Last date for issue of TDS certificate for tax deducted under section 194M in the month of March 2023

Last date for issue of TDS certificate for tax deducted under section 194S in the month of March 2023

Apart from this, the last date for submission of Form 24G as well as submission of TDS-TCS without challan for April has also been fixed as May 15. Not only this, the deadline for submission of TCS statement for the March quarter is also May 15.

30 May 2023

Such non-resident Indians who run their company in the country will have to submit the statement of Form 49C for the financial year 2022-23 by 30 May. Apart from this, the last date for submission of challan statement of TDS deducted under section 194-IA, 194M, 194-IB and 194S in the month of April is also 30th May. Apart from this, the TCS certificate for the fourth quarter will also be submitted on May 30.

31 May 2023

This is the last date for refund of tax deducted from contributions paid by the trustees of an approved superannuation fund.

Further, the last date for furnishing of statement of financial transactions (in Form No. 61A) under sub-section (1) of section 285BA of the Act for the financial year 2023-24 is . It is also the deadline for e-filing of Annual Statement of Reportable Accounts.

May 31 is also the deadline for non-resident Indians who are MD, director, partner, trustee, author, founder or CEO of a company in India to apply for PAN.

31st May is the last date for making application in Form 9A for exercising the option available under section 11(1) to apply for the income of the previous year in the next year or in future.

The post Income Tax: Keep in mind these important dates related to ITR filing, otherwise you may have to pay fine first appeared on Rightsofemployees.com.

But offline ITR-1 and ITR-4 forms (ITR-1 and ITR-4) have been issued for filing Income Tax Return (ITR) for the financial year 2023-24. Offline ITR-1 and ITR-4 forms have come after the CBDT issued a notification in February.

Such people will be able to fill ITR-1 and ITR-4

According to the Income Tax Department’s website, ‘Excel utility of ITR-1 and ITR-4 for assessment year 2023-24 are available for filing.’ ITR-1 for people whose total income is less than Rs.50 lakh or up to Rs.50 lakh. Also, he has a house and income from other sources and agriculture up to Rs.5,000. Apart from this, ITR-4 (ITR-4) is for Individual and Hindu Undivided Family.

ITR-4 is for these people

If your income is more than Rs 50 lakh or up to Rs 5000 from agriculture under section 44AD, 44ADA or 44AE from business or any profession like medical-advocacy, then ITR-4 is for you. In the offline method, taxpayers will have to download the relevant form. After this it will have to be filled and uploaded on the portal of the department. However, on the other hand, taxpayers can give information about their income directly on the income tax portal in the online form.

For salaried class individuals to file their ITR easily, Form-16 (Form-16) issued by the employer will be necessary. The last date for issue of Form-16 by the employer is June 15. There is no need to audit the accounts of such taxpayers. On the basis of Form-16, you can file income tax return by 31 July 2023.

The post ITR Filing New Form: Big update for Income Tax Payers, Income Tax Department released ITR form first appeared on Rightsofemployees.com.

In such a situation, many rules have been made by the Income Tax Department regarding ITR. If you ignore these rules made by the department or make any mistake in filling ITR, then a notice can be issued to you by the tax department.

In such a situation, if you are also going to file income tax return, then let us know which mistakes you should not commit even by mistake and in which situations notice can be issued to you by the department.

If the given information is not a correct match, then tell that if your total income and the income given by you in ITR do not match, then a notice can be sent to you by the Income Tax Department. In this case, you should give correct information about total income, assets and other things in ITR.

On the other hand, if there is a difference in income and transactions, if your income increases or decreases due to any reason, then the tax department can ask for information from you. For this reason, whenever you are doing any high value transaction or investing more money in any property, then you must give information about it in ITR.

On late filing of tax return, if any person does not file income tax return on time, then notice can be sent to him under section 142 (1) (i) of the IT Act and he can also be fined.

If you do not give the correct information about income tax, then

tell that the tax return is assessed by the Income Tax Department. In such a situation, if the correct information of income tax has not been given, then a notice can be sent to the taxpayer under section 147.

The post Income Tax Notice: Do not do these 4 mistakes in ITR filing, lest the tax department’s notice reaches home first appeared on Rightsofemployees.com.

Income Tax Return: If you also file Income Tax Return (ITR Filing) every year, then from this time you need to be alert. The Income Tax Department is going to make a big change for the tax payers. The department’s eye will now be specially on those who buy expensive flats, form houses and luxury vehicles.

The Income Tax Department has got an inkling that some people who do foreign tours in the country and live a luxury life give less details of their annual income. The department suspects that such people are evading tax.

Notice will be sent on the discrepancy in ITR,

now the details of income given by such people and the property purchased (expensive vehicles and flats etc.) will be matched. If anything wrong is found in the ITR declared by these people, notice will be sent to them immediately.

Action will be taken on the basis of receipt of reply to the notice from the income tax payer. According to the information given by CBDT, the target of direct tax collection in the current financial year has been kept at Rs 16 lakh crore.

An increase of 15 to 20 percent is expected in the target.

According to the data released by the Income Tax Department, till January 10, the direct tax collection has reached Rs 14.71 lakh crore. After refund, this tax collection is Rs 12.31 lakh crore.

Less than one and a half month is left for the financial year, in such a situation the target of direct tax collection is expected to be met. In the financial year 2023-24, the target of direct tax collection is expected to increase by 15 to 20 percent. That is, next time it can increase to 19 to 20 lakh crore rupees.

The purpose of stopping tax evasion

The CBDT officer said that along with increasing the direct tax collection, it is necessary to stop tax evasion and increase the number of tax payers. On the other hand, it is also a fact that this time the government has made the annual income up to 7 lakhs tax free.

In such a situation, there may be a decrease in the number of ITR filers this time. But the aim of the government is that tax payers should show their income correctly. This time, preparations are on from the department to be strict about this.

The post Big update for tax payers! Income tax department came into action, this mistake will be heavy first appeared on Rightsofemployees.com.

Senior citizens can file their Income Tax Returns under Old Tax Regime or New Tax Regime. Both the options will be available when they go to file ITR for assessment year 2023-24. There is no change in this regard. However, the new tax regime will appear as the default regime on the e-filing website. Senior citizens will also have the option of going for the old tax regime.

Which tax slab and rate will be applicable?

If you are filing ITR this year (for Assessment Year 2023-24 or Financial Year 2022-23), then the applicable tax slab and return filing rates will be the same as last year.

Tax slabs and rates for senior citizens-

New Tax Regime Slabs and Rates for ITR Filing in AY2023-24 (FY 2022-23) Rs
0 to
Rs 2.5 Lakh – Rs 0 to Rs 2.5 Lakh – 5% Above Rs 2.5 Lakh Rs
5 Lakh to Rs 7.5 Lakh – 12,500 Rs.5 lakh + 10% above
Rs.7.5 lakh to Rs.10 lakh – Rs.37,500 + 15% above Rs.7.5
lakh Rs.10 lakh to Rs.12.5 lakh – Rs.75,000 + 20% above Rs.10 lakh from
Rs.12.5 lakh 15 Above Rs.15 lakhs – Rs.1,25,000 + 25% above
Rs.12.5 lakhs Above Rs.15 lakhs – Rs.1,87,500 + 30% above Rs.15 lakhs

Old Tax Regime Slabs and Rates for ITR Filing in AY2023-24 (FY2022-23) Rs.3 Lakh-
0 Rs.3-5 Lakh-
5% Above Rs.3 Lakh Rs.5-10 Lakh- Above
Rs.10,000 + Rs.5 Lakh 20%
above Rs 10 lakh – Rs 1,10,000 + 30% above Rs 10 lakh

New Tax Regime Slabs and Rates for ITR Filing in AY2024-25 (FY 2023-24)- Rs
0-3 Lakh- 0
Rs 3-6 Lakh- 5%
Rs 6-9 Lakh- 10% Rs
9-12 Lakh- 15%
Rs 12-15 lakh – 20% Above
Rs 15 lakh – 30%

The post Income Tax Slab: How much tax will senior citizens have to pay, know the details first appeared on Rightsofemployees.com.