If for any reason taxpayers are facing difficulty in filing returns, then they should use the consultancy services of a CA or tax expert. The reason for this is that taxpayers have to face problems after their income tax returns are rejected. Let us know what mistakes taxpayers should generally avoid.

1. Wrong information in the form

Taxpayers should not give any wrong information in the income tax form. They should not claim any deduction which they are not entitled to. Before submitting the form, every information should be checked once or twice. Many times, due to calculation mistakes, wrong information is entered in the form, due to which the form gets rejected. It is also important for taxpayers to pay attention to using the correct form to file the return.

2. Difference in data of Form 16 and AIS

The Income Tax Department has many ways to keep an eye on every financial of the taxpayers. Annual Information Statement (AIS) is the most important among them. Similarly, the most important document for salaried taxpayers is Form-16. Before filing income tax return, it is important to understand the information given in Form 16 and AIS properly. This will reduce the chances of wrong information going into ITR. Taxpayers are advised to match the data of Form 16 and AIS.

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

3. Not submitting the form by the deadline

It is necessary to submit the ITR form before the last date of filing ITR. Usually, taxpayers fill the ITR form in advance but they do not submit it. If the form is not submitted on time due to some reason, their return may get rejected. After the form is rejected, the return will have to be filed again with a penalty.

4. Mistake in tax calculation

There is a possibility of ITR being rejected even if there is a mistake in the calculation of tax liability. Therefore, before filing the return, taxpayers should calculate their tax liability correctly. They should calculate the deduction, exemption and tax rate correctly. If any kind of problem is faced, then advice of a tax expert can be taken.

5. Not verifying the form

After submitting the income tax return, it is necessary to verify it. There are many ways to verify it. It can be verified through OTP from Aadhaar. It can be verified using netbanking. ITR-V form can be signed and sent to the Central Processing Center in Bangalore. If you file ITR and forget to verify it, then your return will be considered invalid. There is a deadline to verify ITR.

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Income Tax Return: The process of filing income tax returns for the financial year 2023-24 and assessment year 2024-25 has started from April 1, 2014. And in the last four days, 23,000 income tax returns have been filed. The Income Tax Department said that forms related to submission of income tax returns for the financial year 2023-24 have been made available on the e-filing portal and about 23,000 returns have been filed in the last four days.

For the first time in recent years, the Income Tax Department has enabled the portal by implementing the provision for taxpayers to file their income tax returns from the first day of the new financial year. This is a step taken towards ease of tax compliance and uninterrupted taxpayer services.

ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) cater to the needs of a large number of small and medium taxpayers. Whereas ITR-2 is filed by people having income from residential property. CBDT said in a statement that it has given the facility to taxpayers to file their ITR for assessment year 2024-25 (for financial year 2023-24) from April 1, 2024.

CBDT said, commonly used forms ITR-1, ITR-2 and ITR-4 are available on the e-filing portal for taxpayers to file their returns from April 1, 2024. CBDT said that companies can also file their ITR through ITR-6 from April 1. Taxpayers with income up to Rs 50 lakh can file ITR through Sahaj form. This income can be salary, a house property, other sources of income like interest (and agricultural income up to Rs 5,000.

The Sugam form can be filed by individuals, Hindu undivided families and firms (except LLP) whose total income from business and profession is up to Rs 50 lakh. CBDT had already notified the ITR form. CBDT said that the facility to file ITR 3, 5 and 7 forms will also be made available to the taxpayers soon.

RBI MPC Meeting : Now you will have to wait for cheap loans! RBI did not change the repo rate, complete details

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. Otherwise, the additional increased tax on the tax and interest payable may have to be paid in the form of penalty. At the same time, the Income Tax Department has also given an opportunity to the income taxpayers to file updated returns for the assessment year 2022-23.

The Income Tax Department had given 31 December 2022 as the last date to the taxpayers to file belated ITR, revised and updated ITR. Now the Income Tax Department has alerted the taxpayers to file updated returns for the assessment year 2020-21. The Income Tax Department has also issued a circular in this regard and has also given the last date. At the same time, the Income Tax Department has opened a window to facilitate filing of updated returns for the assessment year 2022-23.

Income Tax Department has issued a warning

Income Tax Department has said that- Taxpayers please pay attention! The last date for filing the updated return for Assessment Year 2020-21 (AY2020-21) is 31 March 2023. Don’t miss this last chance! To avoid the highest tax payment, the updated return for the assessment year 2022-23 (AY2021-22/2022-23) can also be filed by March 31, 2023. Don’t delay, file today!

Exemption received under Section 139(8A) of the Income Tax Act

The Income Tax Department has given this facility to the income tax payers under Section 139(8A) of the Act 1961. As per section 139(8A) any taxpayer can file an update statement to report any additional income and pay the relevant tax thereon. Taxpayers can file updated returns even if they have not filed original, revised or belated ITRs.

Kind Attention Taxpayers!
Last date to file Updated ITR for AY 2020-21 is 31.03.23. Don’t miss this last chance!
Updated ITRs for AY 2021-22 & 2022-23 can also be filed by 31.03.23 to avoid paying higher tax later.
Pl refer to S. 139(8A) of IT Act, 1961.
Don’t delay, file today! pic.twitter.com/8cr1i6ct6c

— Income Tax India (@IncomeTaxIndia) March 16, 2023

Income Tax Department has issued a warning

Income Tax Department has said that- Taxpayers please pay attention! The last date for filing the updated return for Assessment Year 2020-21 (AY2020-21) is 31 March 2023. Don’t miss this last chance! To avoid the highest tax payment, the updated return for the assessment year 2022-23 (AY2021-22/2022-23) can also be filed by March 31, 2023. Don’t delay, file today!

Exemption received under Section 139(8A) of the Income Tax Act

The Income Tax Department has given this facility to the income tax payers under Section 139(8A) of the Act 1961. As per section 139(8A) any taxpayer can file an update statement to report any additional income and pay the relevant tax thereon. Taxpayers can file updated returns even if they have not filed original, revised or belated ITRs.

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Income tax experts and CA Sachin Srivastava says that if you have forgotten to mention any of your income in ITR, then it can be rectified by filing an updated return (ITR-U) for the next two years. The government has started this facility from this financial year and taxpayers have also started getting it from April 1, 2022. This was proposed by the Finance Ministry in the Finance Act 2022. For this, sub-section 8(A) has been added in section 139 of Income Tax.

What facilities will be available in this –
Taxpayers can rectify the mistakes and omissions in the previously filed ITR through updated returns. This work can be done even after the time of custom ITR is over.
You can avail the ITR-U facility for 2 years after the ITR assessment date has passed
.
The Income Tax Department provides separate forms for ITR-U to taxpayers.

If you have to update or make some corrections in your old ITR, then the Income Tax Department also imposes some penalty for filing ITR-U . If the ITR-U is being filed within 12 months of the date of assessment, a penalty of 25 per cent will have to be paid, but if you opt to file the ITR-U within 24 months, the penalty amount will increase to 50 per cent. The last date for filing ITR-U for the financial year 2021-22 has been kept as March 31, 2025.

When
taxpayers try to reduce their tax liability through updated returns, then this facility will not be given. However, through this, the tax and penalty associated with the disclosure of additional income will be levied on your part. Apart from this, you cannot use this form even if the department has started the assessment proceedings against you or has started the survey.

This facility will be available only once
. Even though the Income Tax Department gives you two years to file the updated ITR, the taxpayer can avail it only once. If you have filed the updated ITR, then the ITR-U of the respective financial year cannot be filled again. The government has started this facility from this year after the incidents of income missing in ITR by many taxpayers.

The post ITR Update: What to do if you have forgotten any income in the return, know from experts how to rectify the mistake and avoid loss first appeared on Rightsofemployees.com.

The last date for filing Income Tax Return (ITR) has passed and now the Income Tax Department is sending an intimation letter after scrutinizing your ITR. Many taxpayers get scared after seeing this letter that whether the department has given them a notice.

Clearing its doubts, tax affairs expert Balwant Jain says that this is a routine process of the Income Tax Department. After your return is filed, the department scrutinizes it and reconciles it with its records. After this sends you an intimation letter under section 143(1) of Income Tax. This includes all the information given by you along with the information matched with the records with the department. If your data does not match with the records available with the department, then its information is also available through the intimation letter. You can also present the same letter as ITR while taking a loan.

Why does the letter of intimation come The Income Tax Department usually sends letter of intimation to all the taxpayers. This means that the ITR filed by you has been processed. If a taxpayer does not receive this letter, it means that the department has not processed his ITR. Apart from this, the letter also contains the details of the mistakes made on your part. The department will tell that you have entered such data wrong and only after rectifying it, the process of your refund will be started.

The Income Tax Department also informs you about the outstanding tax through the intimation letter. If there is a tax due on any taxpayer and the department has asked to deposit it, then you should deposit your outstanding tax within 20 days of receiving the letter. If this is not done, then after the lapse of 30 days, you will also have to pay interest at the rate of 1 percent every month. Even if the data of the department does not match with the data entered by you, the answer to this letter should be sent to the department as soon as possible.

The amount of refund is also disclosed , through the intimation letter sent by the department, the refund received by the taxpayer is also known. The department tells you in this letter how much money you are left in the form of refund after processing ITR. In such a situation, it is important that after you get the letter, open it through the password and read it carefully. Assess the information given in it and if the department has raised any question, then try to answer it in time.

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1. Employees’ Provident Fund (EPF)

According to the EPF Act, the company invests 12 percent of the basic salary and allowances of the employee in EPF. The company also has to invest the same amount. The employee’s contribution is tax exempt, which is up to Rs 1.5 lakh. This exemption is available under section 80C of the Income Tax Act. Interest earned on this also comes under the purview of tax exemption.

2. Leave Travel Allowance (LTA)

For the employees to travel anywhere in the country with their family, companies provide Leave Travel Allowance, which is tax exempt. This discount is available only on travel by train, airplane or public transport. In this, the shortest distance to reach the destination is made the basis. This part of the salary can be deposited by the employee by depositing the booked ticket with the company. This benefit is available only if you travel twice in four calendar years.

3. House Rent Allowance (HRA)

This part of the salary is given to the employee in lieu of payment of house rent. To get tax exemption on this, it is necessary that it should be part of the salary. You can claim tax exemption on the amount received for HRA with the specified limit.

4. Car Maintenance Allowance

Bank Re-imbursement can be claimed up to a limit on the cost of the car, as per the market. You can also get tax exemption on this. However, it depends on whether the car belongs to the company or the employee. This reimbursement is available for some special office work and many personal work.

5.

Most of the multinational companies give food coupons for food and drink during the work in the food coupon office. You can get tax exemption of up to Rs 50 on a one-time meal. Twice a day for 22 working days in a month can avail tax exemption of up to Rs 26,400 annually.

6. Children Education Allowance

In lieu of payment of fees for the child, companies pay an education allowance of Rs 1,200 annually or Rs 100 per month to the employee. This facility is available for two children only. In addition, one can claim tax exemption on payment of tuition fees under Section 80C of the Income Tax Act.

7. Discount on Hostel Expenses

Companies give hostel expenditure allowance to their employees. Under this, the employee gets an annual allowance of Rs 3,600 or Rs 300 per month on the hostel expenses of the child, which is tax-exempt. This discount is available for maximum 2 children only.

8. Phone Bill Re-imbursement

This includes both telephone and mobile phone bill re-imbursement. Telephone charges including broadband internet connection are covered under this. Some companies provide this facility to their employees, which comes under the purview of tax exemption.

9. Uniform Allowance

The employees get this allowance for the maintenance of their uniform while on duty. You can also get tax exemption on the expenses incurred in the purchase and maintenance of the uniform.

10. Gift Voucher

Companies sometimes give gifts to their employees, on which tax exemption is available. However, the condition in this is that its total value does not exceed Rs 50,000 annually, only then can you get tax exemption.

The post ITR Update: 10 types of tax exemptions are included in your salary, have you claimed in ITR? first appeared on Rightsofemployees.com.

Actually, the department has given two main options to verify ITR. Firstly, you can do e-verification through online. This work can be done through bank account, demat account or Aadhaar-PAN. Another option is to send the ITR-V through post to the Income Tax Department Headquarters in Bangalore. The most important thing is that the department has given only 30 days for verification in both the ways. Even if you have to send ITR-V by post, it has to be delivered to the specified address within 30 days.

If the ITR is not verified, then it should not be considered complete just by filling the ITR. Unless you e-verify your income tax return, it is considered incomplete. This simply means that if you do not get your return verified within the stipulated time, then it will become invalid and it will not be considered as filled.

Sachin Srivastava, expert in tax matters, says that if you have e-verification of ITR done after the lapse of time or send the hard copy of ITR-V to the office of the department, then it will be considered after the late or due date and the department will do such e-verification. Verification can be rejected.

How to send ITR by post

If you want to send hard copy of your income tax return to the department office instead of e-verification, then send it through speed post only. If the taxpayer has sent his ITR-V through any other mode i.e. through courier or normal post, then it will not be valid. Completely filled ITR-V can be sent by the taxpayer to the Centralized Processing Centre, Income Tax Department, Bangalore 560500, Karnataka.

Taxpayers need to keep in mind that from the date on which you have filed your ITR, the department will also count 30 days for e-verification from the same day. Even if you are sending ITR-V through post, 30 days will be added from the date of filing ITR. The taxpayer fills his return and informs the Income Tax Department about the income earned in the relevant financial year and the tax on it or the tax paid.

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Income Tax Expert tried to decode the messages issued by the Income Tax Department and some relief things are also coming out of it. However, the full emphasis of the experts is on the fact that taxpayers should file their returns before the stipulated time i.e. 31st July. The Income Tax Department has also appealed to the taxpayers in their recent tweet to deposit the tax early to avoid late fees and fines.

what did the income tax department say

The Income Tax Department has once again appealed to the taxpayers to file their returns on time by tweeting on July 28. The department said that till July 28, a total of 4.09 crore taxpayers have filed their returns, whereas in the previous assessment year, a total of 5.7 crore audited ITRs had been filed. In such a situation, taxpayers should file their returns soon instead of speculating about extending the deadline. On July 28, more than 36 lakh ITRs were filed.

Over 4.09 crore ITRs filed till 28th July, 2022 & more than 36 lakh ITRs filed on 28th July, 2022 itself.

The due date to file ITR for AY 2022-23 is 31st July, 2022.

Please file your ITR now, if not filed as yet. Avoid late fee.

Over 4.09 crore ITRs filed till 28th July, 2022 & more than 36 lakh ITRs filed on 28th July, 2022 itself.
The due date to file ITR for AY 2022-23 is 31st July, 2022.
Please file your ITR now, if not filed as yet. Avoid late fee.
Pl visit: https://t.co/GYvO3n9wMf#ITR #FileNow pic.twitter.com/p0ABBuoZ6r

— Income Tax India (@IncomeTaxIndia) July 29, 2022

Why experts are telling positive signs

Tax experts say that in the assessment year 2021-22, a total of 6.68 crore returns were filed, out of which the number of ITRs audited till September 2021 was 5.70 crore. If we look at the number of total ITRs filed till July 28, then it is now 1.7 crore behind from last year. Therefore, to fill this big gap, the government can increase the deadline. Apart from this, there is no other reason for which the deadline for filing returns should be extended.

Other experts say that if we look at the number of returns filed on July 28, it was 36 lakhs and there were still three days left. This means that the number of return filers by the deadline will easily cross 5 crores. If we look at the figures of the last day of last year, about 50 lakh taxpayers had filed returns. This means that the total number of ITRs in this also can go up to 5.50 crores. If this happens, then the chances of extending the deadline will be less.

The Income Tax Department may consider increasing its deadline on a single basis, when there is a major technical flaw on the portal, but till now the portal is running well and except in a few cases, there has been no specific report of technical problem. In such a situation, speculating about increasing the deadline seems far-fetched.

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If you are a beneficiary of PM Kisan Yojana, then in any case get KYC done before 31st July. Its last date is also 31st July. Those farmers who will not be able to get e-KYC done, they will have to be deprived of the 12th installment.

If you want to take cylinder cheaply, then book it early. Actually, the prices of Cylinder are fixed on the first of every month. On August 1, Public Sector Oil Marketing Companies will decide the rates of cylinders. This time companies can increase the rate.

If you want to buy electric vehicle on subsidy then Goa government is giving you subsidy. Actually, the Goa government will give subsidy only on the electric vehicle purchased till July 31. 30,000 on a two-wheeler, Rs 60,000 on a three-wheeler and up to Rs 3 lakh on a four wheeler. For this, you have to buy an electric vehicle by July 31 and apply for subsidy.

According to the decline issued by the government, the last date for filing income tax return is July 31. If you will not file income tax return till this day, then you will have to file it later with fine. The government has not yet given any extension in the deadline for filing income tax returns. People who file ITR after the deadline will have to pay Rs 5,000 as penalty.

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The last date for filing income tax returns for the financial year 2021-22 is approaching and many taxpayers have not filed their returns because the deadline will get extended. If you are also sitting in the same expectation that the date of filing the return will be extended, then leave it and
file your return soon.

In fact, the Income Tax Act allows prosecution of taxpayers who do not file returns and even send them to jail. This year the last date for filing returns has been fixed as July 31 and the Income Tax Department is continuously advising taxpayers to file their returns before the last date. If you fail to file your return within the stipulated time, you may also have to pay a late fee of up to Rs 5,000.

What to say, expert tax and investment advisor Balwant Jain explains that if an individual taxpayer does not file his ITR within the stipulated time, then he gets the freedom to file the return later, but for this, he has to deposit a lit fee of up to Rs 5,000. Will have. If the annual taxable income of the taxpayer is more than Rs 5 lakh. At the same time, if the taxable income is less than 5 lakhs, a leet fee of Rs 1,000 will have to be paid.

Jain said that a taxpayer can file his income tax return only once in a financial year and can also amend it once in case of any omission or mistake. If a taxpayer files his return with late fee after the stipulated time, then he will not be given a chance to amend his ITR.

If a person is unable to file his return within the stipulated time, then the Income Tax Department can also impose a fine ranging from 50 percent to 200 percent of his total outstanding tax . Not only this, notice will also be issued to him by the department and interest will also be charged on a daily basis till the ITR is filed from the end of the return deadline. Not only this, the department will also have the right to prosecute the taxpayer.

Provision of 7 years in jail

The Income Tax Department can also send taxpayers who do not file returns to jail. Under this, the taxpayer can be imprisoned from 3 years to 7 years. However, it is not necessary that the department should initiate prosecution against all the taxpayers who have not filed the return, but in cases where the outstanding tax is more than Rs 10 thousand, such action can be taken.

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Income tax experts and taxpayers are hopeful that like the last two financial years, this time too the government will extend the last deadline for filing returns, but the department has put an end to these possibilities through a tweet. The Income Tax Department tweeted on Saturday and said- Dear taxpayers, if you have not filed your return yet, then keep in mind the last deadline. The last date for filing returns for the assessment year 2022-23 is July 31, 2022. There is no time left, enter soon. For this you can visit http://incometax.gov.in.

Dear taxpayers,
Do remember to file your ITR if you haven’t filed yet.
The due date to file ITR for AY 2022-23 is 31st July, 2022.
No time to spare #FileNow

Pl visit: https://t.co/GYvO3n9wMf #ITR pic.twitter.com/METL0Y8h1b

— Income Tax India (@IncomeTaxIndia) July 23, 2022

Government has also indicated

Before the Income Tax Department, Revenue Secretary Tarun Bajaj has also indicated that this time the last date for filing returns will not be extended. On Friday, he had said that at present the government is not considering extending the last date for filing income tax returns. Taxpayers will have to file their returns by the due date of July 31.

Technical flaws not leaving the chase

On the one hand, the government and the Income Tax Department are refusing to extend the date of filing returns, while on the other hand, technical flaws are being seen on the e-filing portal of the Income Tax Department. However, the Income Tax Department is constantly saying that almost all the troubles have been eliminated, but CAs and taxpayers are also talking about the difficulty in filing returns.

What are the experts telling the problem

CA Chetan Joshi tweeted, Bajaj sir – How to file ITR on time with many technical glitches. He also told about the three major problems being faced by the e-filing portal. Said, there is a problem in getting the OTP to reset the password. Apart from this, the ITR form kept in the draft is not visible. ITR form is not getting submitted even after pressing the submit button. Like Joshi, many other taxpayers have tweeted about the technical flaws coming on the portal.

Last year, about 9 to 10 percent of taxpayers had filed ITR on the last date of filing returns. Revenue Secretary Tarun Bajaj had said that last year more than 50 lakh ITRs were filed on the last day. This year the department expects to fill 1 crore ITR on the last day.

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