According to a notification issued by the CBDT, this extension under section 119 of the Income Tax Act, 1961, has been given to the taxpayers referred to in clause (a) of Explanation 2 of sub-section (1) of section 139, from October 31, 2024 to November 15, 2024.

CBDT Extends Due Date for furnishing Return of Income for Assessment Year 2024-25.

✅The due date for assessees under clause (a) of Explanation 2 to Sub Section (1) of Section 139 has been extended from October 31, 2024, to November 15, 2024.

✅Circular No. 13/2024 dated… pic.twitter.com/rstiKeYCEA

— Income Tax India (@IncomeTaxIndia) October 26, 2024

This extension will not apply to other income tax forms like tax audit report, transfer pricing certification in Form 3CEB and Form 10DA. Its deadline will remain October 31, 2024 as before.

Nangia Andersen LLP Tax Partner Sandeep Jhunjhunwala

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The post ITR Filling: CBDT extended the date of ITR filing under AY 2024-25, you can file return till this date first appeared on Rightsofemployees.com.

But, amidst all this hustle and bustle, do not forget an important date or rather deadline. If you exceed this limit then you will not get any income tax exemption. Even if you are paying home loan interest or earning from FD interest.

Actually, we are talking about Income Tax Return (ITR Filling) for the financial year 2023-24, the deadline for which has already been fixed by the Income Tax Department as July 31, 2024. If you file your ITR before this deadline, then you will be given a chance to choose the old regime. After crossing the prescribed deadline, taxpayers will not be given the option to choose the old regime.

What is the old and new regime?
The government had implemented a new tax regime in 2019, in which the income tax slab rates are lower, but no tax exemption of any kind is given. The government had implemented the new regime only after eliminating 70 types of tax exemptions. At the same time, even though the slab rate is higher in the old regime, there is a direct tax exemption of Rs 3.50 lakh on home loan interest and principal, Rs 1.5 lakh under 80C and Rs 75 thousand on insurance. Apart from this, you get tax exemption on other options also.

Why do you have to choose a regimen?
The government has implemented the new tax regime by default from the budget of 2023. This means that if the investor does not choose any regime, his earnings will be calculated under the new regime and tax will be deducted as per its rate. This means that if you want to avail tax exemption on loan, investment or other types of allowances, then you will have to choose the old tax regime yourself. For this, it is necessary to file returns before 31st July.

If you miss the deadline…
If a taxpayer does not file his return by July 31, then from August 1, 2024 to December 31, 2024, such taxpayers will be given a chance to file belated ITR. This means that such taxpayers will be able to file their returns by paying some penalty, but they will not be allowed to use the old tax regime. In such a situation, tax will be deducted directly from their earnings at the same rate by implementing the new regime.

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Have you not filed your Income Tax Return yet? The last date for filing income tax return is 31 July 2023. There is a possibility that the government will not extend the deadline this year. In such a situation, you should file your ITR as soon as possible. However, if you are finding it difficult to file your ITR on your own, here is a step-by-step process to file your income tax return without any help.

If your finances are not very complicated, you have basic knowledge of some rules related to income tax, then you can fill your ITR by yourself. Apart from this, there are many mobile apps nowadays which help people to file income tax returns, although they can take nominal charges for this. In the end, the option of going to a tax expert is open. Now before filing income tax return by yourself, you should keep all your documents ready…

Keep these documents ready

Before filing ITR, you need to submit several documents like PAN card details, Form 16 (for salaried individuals), proof of tax exemption, proof of rental income, proof of savings, proof of income from other sources, purchase in stock market- Proof of sale, proof of investment in any type of asset, etc. should be kept close by. So that you do not have to worry later.

This is the step-by-step process

Filling ITR by yourself is hardly a work of 30 to 40 minutes. That’s why you don’t need to worry too much. You just have to follow this method.

1. First of all, go to the e-filing website of the Income Tax Department.
2. Now register or login here with the help of your PAN card.
3. Now after this you will have to fill some details like assessment year, ITR form number, type of ITR and whether you will deposit tax online or offline.
4. If you are a salaried person then you will get all these details on your Form 16. You can choose the online option to submit the rest.
5. After filling all these details, you will see the option to proceed further. After this you will be asked your status. For example, you are filing ITR for Individual or for Hindu Undivided Family, or for any firm or partnership firm.
6. To file ITR in Individual category, you will have two options, one ITR-1 and the other ITR-4.
7. Both these forms are generally filled by those people whose annual income is up to Rs 50 lakh. They just have to make different selections according to their income source.
8. Those with ITR-1 option have to fill their personal information, gross total income, tax exemption information, tax filing information, tax liability (calculation is done automatically). It is generally available in Form-16.
9. Those with ITR-4 option also have to fill disclosures along with all the information mentioned above.
10. You are very close to filing your ITR. In the end, you have to validate your ITR. For this you can take the help of Aadhaar based OTP. However, it is necessary to link your Aadhaar card with phone number and PAN card.

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There is time till 31 July for ITR filing. You should file your income tax return in time. But before filing ITR, it is very important to know about it well. You can save tax in many ways. HRA is one of them. HRA is a part of your salary only. Under this, you can do tax savings through house rent. Let us tell you how you can get tax benefit from this and how it is calculated.

What is HRA?

HRA is a special tax saving provision under section 10(13A) of the IT Act. The purpose of HRA is to reduce the expenditure on housing. Deduction can be taken as rent. HRA varies from city to city. Its contribution is more in metro cities. This reduces the tax liability. Let us know how to calculate it.

How is HRA calculated?

Suppose you work in Delhi NCR and your basic salary is Rs.40,000. Means your annual salary is Rs.4,80,000. Now out of this you get Rs 11,000 as HRA. If you spend Rs 14,000 for living, then you can take the benefit of HRA exemption amount.

This is the calculation

HRA amount Rs 11,000 x 12 = Rs 1,32,000 50% of basic salary (in metro cities), i.e. 50% of Rs 4,80,000 = Rs 2,40,000 Actual rent of your house, minus 10% of basic salary 1,68,000 (14,000 x 12) (subtract) Rs 48,000 (10% of Rs 4,80,000) = Rs 1,20,000

Now according to this calculation, you are eligible for HRA exemption of the lowest amount of 1,20,000.

The post ITR Filling: How to calculate HRA, here is complete information related to it first appeared on Rightsofemployees.com.

You must have PAN card, Aadhaar card, Form 16, bank account details and other income proofs to file ITR on the e-filing portal. Not only this, it is also necessary to have a link of PAN and Aadhaar to file ITR. Your e-mail ID should also be registered with the Income Tax Department. But, you might be surprised to know that in some cases a salaried individual can file ITR without Form 16 as well.

Form 16 is the document through which the employee gets the account of the entire taxable income. The salary of some employees does not come under the purview of income tax. In such a situation, the company does not issue Form 16 for them. In such a situation, if those employees want to file ITR, they can do so even without Form 16.

What is Form 16?

Form 16 is an important document for filing income tax. In this document, there is an accounting of the entire income of the person. From this it is known that how much money the person has spent in total. How much tax has been deducted. The information about TDS deducted in the financial year is also recorded and there is also information about investment. Income tax rules say, if a company deducts TDS on the salary of an employee, it is required to issue a TDS certificate.

Form 26AS will come in handy

if you do not have Form 16, then you can easily file ITR with the help of Form 26AS. Form 26AS contains information about TDS and TCS. Along with this, the details of the person’s advance tax and high value transactions are also there. Along with the details given in this, your salary slip, HRA slip, proof of investment made under Section 80C and 80D of Income Tax will also be required. If you have taken a home loan, then proof of the same will also have to be given at the time of filing ITR. With the help of all these, you can file income tax return even without Form 16.

Download Form 26AS like this

If your salary does not come under income tax but you want to file ITR, then you can download Form 26AS from the Income Tax website.

• Go to the e-file portal https://www.incometax.gov.in/iec/foportal/.
• Here My Account option will appear. In this, click on the View Form 26AS link.
• After this, select the assessment year in it and click on View Time.
• After that click on the download option. The form will be downloaded.

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If, you have filed your return within the deadline and thinking that you are free from all the tension, then it is not so. Even if you file the return within the time limit, you may be fined Rs 5,000. Tax experts say that this penalty can be imposed if you do not verify (verify) your ITR even after filing it within the stipulated time frame. In this case your income tax return will be rejected. You will then be fined for filing late.

Why it is necessary to verify the return

There is a possibility that some mistake may happen while you are filling the ITR. That’s why the Income Tax Department asks people to verify. Verification lets the Income Tax Department know that the taxpayer has gone through his Income Tax Return once again and the scope of error is eliminated.

The Income Tax Department processes the Income Tax Return only after it is verified by the taxpayer. It is finalized after processing. After this, if any refund is made to the taxpayer, then the refund is issued to him. The Income Tax Department has stated on its website that you need to verify your Income Tax Return to complete the return filing process. ITR is not considered valid without verification within the stipulated time.

For how many days can you verify

If you have filed your return by July 31, then you will get 120 days for verification. At the same time, this time limit will be only 30 days for those who file returns after July 31. At the same time, the new rule has come into effect from August 1, 2022. After this, only 30 days will be given to verify the income tax return. That is, from next year onwards, you will have only 30 days to verify the return.

ITR verification can be done in 5 ways

1. Through Aadhar OTP
2. through demat account
3. through bank account
4. through netbanking
5. Bank through ATM

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If you filed income tax return after the due date i.e. after 31st July, 2022 and before 31st December, 2022 then a penalty of Rs 5,000 will be payable but if the annual taxable income of the taxpayer is less than Rs 5 lakh then a penalty of Rs 1,000 have to give. So stop waiting for the date to extend. Because, it is being told time and again by the top officials of the central government through various forums that there is no plan at present to extend the last date for filing tax returns.

It is to be noted that the last date for filing ITR is 31st July and that day is Sunday. Banks are closed on Sundays. Normally now income tax return is filed online, so there is no need to go to the bank, but still you may be bound to face penalty due to problem in bank network maintenance or net banking on Sunday.

Anyway, this time there are a lot of complaints about the tax portal of the Income Tax Department. Actually the taxpayer has to use the challan to pay the tax. If for any reason there is a problem in online payment, then there is a need to visit the bank branch for payment. Apart from this, TDS certificate is also available from the bank itself.

The post ITR Filling Big Update: Do not wait for the extension of the date, fill the ITR, otherwise be ready to pay a fine of up to Rs 5,000 first appeared on Rightsofemployees.com.

Discounts to these senior citizens

According to the rules of the government, all those senior citizens above the age of 75 years whose source of income is pension or interest on bank deposits, then it is not necessary to file ITR. A new section has been added in the Income Tax Act, 1961 under the Finance Act-2021. This is the new section 194-P.

This condition must be fulfilled

Having a pension account and FD account in the same bank has been considered a necessary condition for exemption from filing ITR for senior citizens above the age of 75 years. Keep in mind that tax is deposited on the interest earned on FD, then in that case the benefit of this exemption cannot be taken. Only senior citizens who fulfill all the necessary conditions have been kept in the purview of this exemption. 

You can take advantage of this discount

Senior citizens above the age of 75 years can visit the bank to avail this exemption. For this, it will be mandatory for the applicant to fill and submit the 12-BBA form in the bank. In this form, the applicant has to share the information related to FD and pension. After filling the tax amount given in the form, the applicant gets the benefit of this exemption. That is, there is no need to file separate ITR after this.

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