If you’re short on immediate funds but need to pay your income tax, using a credit card can be a convenient option. The Income Tax Department allows taxpayers to pay certain tax liabilities online through its e-filing portal, including payments made via authorized credit card payment gateways.

However, while the facility offers flexibility, taxpayers should understand the associated charges and repayment rules before choosing this payment method.

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Can You Pay Income Tax Using a Credit Card?

Yes.

The Income Tax Department permits taxpayers to pay various direct taxes online using a credit card through its e-Pay Tax facility.

The option is available for payments such as:

• Advance Tax
• Self-Assessment Tax
• Outstanding Tax Demand
• Other eligible direct tax payments

The payment can be made through authorized payment gateways that support credit card transactions.

What Is the e-Pay Tax Facility?

The e-Pay Tax facility is an online service available on the Income Tax Department’s e-filing portal that allows taxpayers to pay taxes electronically.

The service is available in:

• Post-login mode (after signing into the e-filing portal)
• Pre-login mode (using PAN/TAN verification through OTP)

Besides credit cards, taxpayers can also make payments using:

• Debit Cards
• Net Banking
• UPI

Once a payment mode is selected, users are redirected to the respective payment gateway to complete the transaction.

How to Pay Income Tax Using a Credit Card

Follow these steps after logging into the Income Tax e-filing portal:

Step 1

Go to:

Dashboard → e-File → e-Pay Tax

Select the appropriate option and click Continue.

Step 2

On the e-Pay Tax page, click New Payment.

Step 3

Choose the relevant tax payment category, assessment year, minor head and other required details before clicking Continue.

Step 4

Enter the applicable tax amounts under the relevant tax heads and proceed.

Step 5

Select Credit Card as the payment method and complete the transaction through the payment gateway.

After successful payment, download and save the challan receipt for future reference.

Are There Any Charges?

Yes.

Paying income tax through a credit card is generally not free.

Banks and payment gateways may charge a convenience or processing fee, typically ranging from:

• 0.85% to 1.25% of the tax amount

The exact fee depends on the bank or payment gateway handling the transaction.

Will You Pay Interest?

Not necessarily.

The tax payment is treated like any other credit card purchase.

Interest is charged only if:

• You fail to pay the full credit card bill by the due date, or
• You carry forward the outstanding balance.

Most credit cards offer an interest-free period of around 45 to 55 days, allowing users to manage short-term cash flow without paying finance charges if the bill is cleared in full within the billing cycle.

Are There Any Benefits?

If the credit card bill is paid on time, taxpayers may enjoy several advantages, including:

• Better short-term cash flow management
• Reward points
• Cashback (if applicable)
• Interest-free credit during the billing cycle

However, these benefits should be weighed against the processing fee charged by the payment gateway.

Things to Keep in Mind

Before using a credit card to pay taxes, remember:

• Convenience or processing charges may apply.
• Clear the full credit card bill before the due date to avoid high interest charges.
• Keep the tax payment challan safely for future reference.
• Compare the processing fee with the rewards or cashback offered by your card to determine whether it is cost-effective.

Key Highlights

• Income tax can be paid using a credit card through the Income Tax Department’s e-filing portal.
• The facility supports advance tax, self-assessment tax and outstanding tax payments.
• Payments can be made in both pre-login and post-login modes.
• Banks and payment gateways may charge a convenience fee of 0.85% to 1.25%.
• Interest is charged only if the credit card bill is not paid in full by the due date.
• Most cards offer an interest-free period of 45–55 days.
• Taxpayers should download the challan after successful payment.

FAQs

Can I pay income tax using a credit card?

Yes. The Income Tax Department allows taxpayers to pay eligible taxes using a credit card through the e-Pay Tax facility on the e-filing portal.

Which taxes can be paid using a credit card?

Eligible payments include advance tax, self-assessment tax, outstanding tax demands and other applicable direct taxes.

Is there any fee for paying income tax by credit card?

Yes. Banks or payment gateways may charge a convenience or processing fee, typically between 0.85% and 1.25% of the transaction amount.

Will I be charged interest immediately?

No. Interest is charged only if you do not pay your full credit card bill by the due date.

Can I earn reward points when paying income tax with a credit card?

Yes. Depending on your card issuer’s policy, the transaction may qualify for reward points or cashback, though taxpayers should compare these benefits with the applicable processing charges.

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Why Are the Forms Staying the Same?

The government wants to help people transition to the Income Tax Act, 2025. Specifically, they decided that the current ITR-1 to ITR-7 forms are still best for now. Instead of a sudden change, the new rules will roll out in small steps. Furthermore, this move ensures that the 9 crore people who file returns face zero confusion in 2026.

What Changes in 2027?

While 2026 is stable, the real shift starts in 2027. Specifically, the tax department will start using a new data-sharing system then. Therefore, banks and crypto exchanges will have to report more details. Actually, the goal is to find the 3 crore people who pay tax but do not file a return. Meanwhile, the department will focus on “Smart Forms” that fill themselves using your saved data.

Key Points for Taxpayers

• New Act: The Income Tax Act, 2025 technically starts on April 1.

• Old Forms: You will still use the 1961 Act forms for the upcoming season.

• Gradual Shift: Major reporting changes for crypto and digital assets start from 2027.

• Compliance: The focus remains on making filing easy rather than harder.

Summary: Filing Status for AY 2026-27

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The clock is ticking. Tomorrow, FM Nirmala Sitharaman will deliver her ninth Union Budget. Specifically, millions of salaried Indians are waiting. Last year, the government made income up to ₹12.75 lakh tax-free. Notably, people now want even more. Consequently, all eyes are on the Parliament.

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Table of Contents

• The Fight for a Higher Standard Deduction

• Current Tax Slabs: A Quick Look

• Expert Views: Will Slabs Change?

• Old vs New Tax Regime

• Conclusion

The Fight for a Higher Standard Deduction

Salaried workers face rising costs every day. First, many hope the standard deduction will go up. Specifically, it sits at ₹75,000 right now. Notably, experts want the FM to hike it to ₹1 lakh. Furthermore, this change would make income up to ₹13 lakh totally tax-free. Therefore, it is the top demand for 2026.

Current Tax Slabs: A Quick Look

Knowing your current tax is vital. Notably, the new regime is now the default choice. Specifically, it has more steps to lower your bill.

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Expert Views: Will Slabs Change?

Most experts do not expect a huge slab overhaul. Notably, a major tax cut happened just last year. However, there is a strong call to fix TDS rules. Specifically, the current system is too complex. Consequently, the government may simplify how tax is cut at the source to save time for all.

Old vs New Tax Regime

Which one is better for you? Specifically, the old regime allows for more deductions like LIC or home loans. Notably, the new regime offers lower rates but fewer breaks. Moreover, the government wants everyone to switch to the new system. In fact, most taxpayers have already made the jump.

Conclusion

Budget 2026 is a big moment for India. Specifically, the FM must balance the books while helping the middle class. Notably, even small tweaks to the standard deduction will mean more cash in hand. In conclusion, tomorrow’s speech will define the financial year for us all.

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1. The “Privacy” Fact Check

A viral post by ‘bingewealth’ claimed the ITD tracks personal app usage and social media. The PIB has officially stated:

• NO Monitoring of: Emails, social media profiles (Instagram/X), personal apps, or general online shopping behavior.

• NO Surveillance of: Daily digital payments (small UPI transactions for groceries, etc.) or personal spending habits.

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“The system is transaction-based, not behavioral. There is no mechanism to monitor an individual’s digital activity.” — PIB Fact Check

2. What is Actually Tracked? (Form 61A / SFT)

The ITD receives information only through Statement of Financial Transactions (SFT). Banks and financial institutions are legally required to report transactions that exceed specific thresholds.

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3. When Should You Be Concerned?

The ITD only intervenes when there is a discrepancy between your reported income in your Income Tax Return (ITR) and the high-value transactions linked to your PAN.

• The Process: If a mismatch is found, the ITD issues a Show Cause Notice.

• The Solution: If you can justify the transaction (e.g., a property sale used to buy another, or a gift from a relative) with adequate proof, the proceedings are typically dropped….

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The post Income Tax Myths Busted: What the ITD Actually Tracks first appeared on Rightsofemployees.com.

ITR Audit Due Date: There’s some good news for tax filers. The Central Board of Direct Taxes (CBDT) has extended the deadline for filing Income Tax Returns (ITRs) and audit reports. This decision brings significant relief to taxpayers whose accounts are subject to audit. Taxpayers and professionals now have more time to prepare their documents and complete tax-related tasks.

What’s the new update?

On October 29th, the Central Board of Direct Taxes (CBDT) announced significant relief for taxpayers and professionals. The deadline for filing Income Tax Returns (ITRs) and audit reports has been extended. According to the new rules, audit reports and ITRs can now be submitted until November 10, 2025.

Be sure to check out the CBDT’s official Xpost regarding this news.

The Central Board of Direct Taxes (CBDT) has decided to extend the due date of furnishing of Return of Income under sub-Section (1) of Section 139 of the Act for the Assessment Year 2025-26, which is 31st October 2025 in the case of assessees referred in clause (a) of Explanation… pic.twitter.com/w7Hl94Y9Ns

— Income Tax India (@IncomeTaxIndia) October 29, 2025

How long was the deadline previously?

Previously, taxpayers whose accounts were required to be audited, such as companies, proprietorship firms, and working partners of partnership firms, had to file their income tax returns by October 31, 2025. However, the government has now granted them approximately 40 days to ensure they can file their taxes properly without any rush.

Why was this decision taken?

The CBDT’s decision came after the Himachal Pradesh, Punjab, Haryana, and Gujarat High Courts ordered an extension to the deadline for filing tax audit reports. Instead of October 31, the courts granted relief until November 30. Following this, the CBDT announced new dates nationwide to ensure equal access for all taxpayers.

Who will get relief?

This extended deadline applies to all taxpayers, such as companies, business owners, and partners of firms whose accounts are audited. They will now have more time to properly prepare their financial documents and file their returns.

What should taxpayers do now?

If you are associated with a business or firm that is audited, you must now file your audit report and ITR by November 10th. Previously, the deadline was in October, but now the government has given everyone additional time to file their taxes without stress.

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ITR Deadline Extended: For those stuck in audit cases or worried about deadlines, there’s some relief. The Income Tax Department announced on Wednesday, October 29, 2025, that the last date for filing audit reports and Income Tax Returns (ITRs) has been extended to December 10, 2025.

CBDT Extends ITR Date
The Income Tax Department shared on the social media platform X that the Central Board of Direct Taxes (CBDT) has decided to extend the previous deadline of October 31 to December 10. The Income Tax Department stated in the post that for taxpayers who are required to file returns under Section 139(1) for the assessment year 2025-26 (whose due date was previously October 31, 2025), the due date has now been extended to December 10, 2025. This decision was taken by the Central Board of Direct Taxes (CBDT).

This means that taxpayers who are required to be audited can now file their returns by December without penalty.

The Central Board of Direct Taxes (CBDT) has decided to extend the due date of furnishing of Return of Income under sub-Section (1) of Section 139 of the Act for the Assessment Year 2025-26, which is 31st October 2025 in the case of assessees referred in clause (a) of Explanation… pic.twitter.com/w7Hl94Y9Ns

— Income Tax India (@IncomeTaxIndia) October 29, 2025

The deadline had been extended before.
Initially, the deadline for submitting tax audit reports was September 30, 2025. It was later extended to October 31, following demands from tax professionals and CA institutes. However, as this deadline approached, the department extended the deadline again, extending it to November 10, 2025, and now to December 10, 2025.

What if the deadline is missed?
If a company or taxpayer fails to submit a tax audit report on time, they may be subject to a penalty under Section 271B of the Income Tax Act. Mint, in a report, stated that this penalty can be up to 0.5% of total sales or a maximum of ₹150,000. However, if the taxpayer proves that there was a valid reason for the delay, they may be exempted from the penalty.

Who is required to undergo an audit?

Taxpayers with business turnover exceeding ₹1 crore in a financial year, or up to ₹10 crore when cash transactions constitute less than 5% of total transactions, are required to undergo an income tax audit. Professionals with annual income exceeding ₹50 lakh are also required to undergo a tax audit. Professionals should also have their accounts audited if their annual gross receipts exceed ₹50 lakh.

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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.

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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.

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It’s time again to file Income Tax Returns (ITR). Although filing returns online has become easier than before, the process can still be a bit tricky for first-time filers. If you make a mistake while filing returns and want to correct it, here’s what you should do.

Last date for filing return

The last date for filing income tax returns without paying penalty this year is September 15, 2025. Even after this, you can file a delayed return till December 31, 2025, but for this you will have to pay a penalty ranging from Rs 1,000 to Rs 10,000. This amount will depend on the period of delay and your taxable amount.

Things to remember before filing return

Before filing the return, make sure that your PAN and Aadhaar are linked. Verify the bank account where you want to receive your refund amount. Do not forget to choose the correct ITR form. File your return within the stipulated time limit and do e-verification. If you have received any notice from the Income Tax Department, then do reply to it by the due date.

How to rectify mistakes in returns

According to the Income Tax Department, people who have made a mistake in their returns can correct it by filing a ‘revised return’. Note that, once filed, the revised return replaces the original return. This facility is provided under Section 139(5) of the Income Tax Act, 1961.

Through this, you can rectify the following mistakes like accidental under-reporting of income, error in personal information, omission of exemptions, change in ITR form, incorrect tax calculation, change in tax liability, or if tax authorities have sent a notice for rectification.

Last date for filing revised returns

For this financial year, you can file a revised return till December 31, 2025, provided the original return is filed on time. There is no limit on filing revised returns and there will be no penalty for using this service.

You can also correct belated returns. Even after you have received your refund, you can file a revised return if it is before the deadline (31 December).

Steps to File Revised Return

• First of all login to the official website of Income Tax Department.
• Then select the relevant financial year and download the ITR form you require.
• Fill in the form with correct information and enter the acknowledgement number and date of the original return.
• After this, validate the form and generate an XML document.
• After checking this document, go to the e-filing section, select ‘Upload Return’ and upload the corrected form.
• Finally, submit the revised return and e-verify it using Aadhaar OTP, net banking or through post.

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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.

Then the Income Tax Department processes it. Sometimes even after verification, processing takes more time than usual.

Lakhs of taxpayers are preparing for the Income Tax Return (ITR) filing deadline of 15 September. But keep in mind, just filing the ITR is not enough. It is also necessary to verify it. Then the Income Tax Department processes it. When the processing is complete, a notification of ‘Processing Complete’ appears on the portal. If you do not e-verify within 30 days of filing, the return becomes invalid. This may delay the refund and may also cause other problems.

Why does processing take so much time?

Sometimes, even after verification, processing takes more time than usual. Tax and investment expert Balwant Jain says that after the ITR is verified, the department checks the accuracy of the information given in it and the errors in tax calculation. This process can take from a few hours to 6 months. It all depends on the complexity of your sources of income.

For example, ITR-1 is usually processed quickly as it does not contain capital gains or business income. However, if you have earned capital gains from shares or mutual funds, then it may take longer for the ITR to be processed.

Main reasons for delay in processing

According to Jain, ITR processing usually runs on autopilot. If your declaration matches the annual payment shown in Form 26AS and Annual Information Statement (AIS), then processing is done smoothly. But in cases of capital gains or business income, both these forms (26AS and AIS) have to be matched, which is time consuming.

If the TDS amount does not match in both these forms, then the ITR is not processed. Apart from this, providing wrong bank account details or difference in PAN and Aadhaar card information can also delay processing.

Processing not done even after verification?

Once the taxpayer files and verifies the ITR, the responsibility of processing it rests entirely with the Income Tax Department. If there is a difference between your income declaration and the department’s records, you will receive a notice regarding this. After this, you will have to make the necessary changes in your ITR.

Suppose you are getting interest from fixed deposit and you have not disclosed it in ITR, then you may get a notice. To avoid this, Jain advises that you can adopt two methods. One is to show interest income on year-by-year basis (this is the common method). For this, you can get a certificate of interest from the bank every year or you can take the data from AIS and enter it in ITR. The second method is ‘receipt basis’. Show the income of FD only when you get the full amount after maturity.

ITR may also be rejected

Remember, the Income Tax Department can also reject the ITR, but before doing so, it will send a notice of ‘Defective Return’ to the taxpayer. Jain explains, “The taxpayer will be given a chance to correct the mistake. If he does not correct the mistake, then only the ITR can be rejected.”

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Due to this you may have to face many problems. This includes delay in getting refund, penalty, notice from Income Tax, late fine, interest and many other problems. For 2024-25, more than 2.51 crore ITRs have been filed so far in the assessment year 2025-26. However, if e-verification is not done after filing ITR, then the filing is not considered complete. According to the Income Tax Department, if you do not do e-verification within 30 days of filing ITR, then in this situation you may have to file ITR again.

The process of e-verification is quite easy. You will not have to face any kind of problems in this. You can complete the process of e-verification in a few minutes. To do e-verification, first of all you have to visit the income tax website and login.

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Aadhaar is now mandatory for getting PAN card

From July 1, Aadhaar card has become mandatory for making a new PAN card. Earlier, documents like driving license or birth certificate could also be used for making PAN, but now only Aadhaar will be accepted. Those who already have PAN but it is not linked to Aadhaar have time till December 31. If this is not done then the PAN will become inactive, which will affect every work from paying tax to banking.

Aadhaar hold on Tatkal train tickets

Now, even the Tatkal coach of the railways will not be available without Aadhaar. Aadhaar verification has been made mandatory for booking Tatkal tickets. Also, from July 15, two-factor OTP verification will be applicable in ticket booking both online and at the counter. That is, the OTP received on the registered mobile will have to be entered. Another big news is that the railways is considering increasing the fare. There may be an increase of 1 paisa per km for non-AC coaches and 2 paisa per km for AC.

Extra time given to file income tax return

Relief news for tax payers. The Income Tax Department has extended the last date for filing ITR from 31 July to 15 September. This means that salaried people have now got 46 days extra time to file their returns. Tax experts advise to file ITR early to avoid last minute rush and technical difficulties.

Credit card charges increased, facilities changed

Big banks like SBI, HDFC and ICICI are now imposing new rules on your credit card.

For SBI card holders: The air accident insurance facility available on premium cards like SBI Elite and Miles will now be discontinued. Also, the method of calculating the minimum outstanding amount (MAD) every month will also change.

HDFC Bank’s new charges: 1% charge will now be levied on paying rent, spending more than Rs 10,000 on online gaming, paying utility bills above Rs 50,000 excluding insurance, and adding Rs 10,000+ in one go to digital wallet (up to a maximum of Rs 4,999).

ATM withdrawal charges hike: First 5 withdrawals are free at ICICI Bank’s own ATMs, then a charge of Rs 23. After 3 free transactions in metros and 5 free transactions in non-metros, Rs 23 will be charged for cash withdrawal and Rs 8.50 for balance check at other bank’s ATMs.

Foreign ATM: Rs 125 + 3.5% foreign currency charge on cash withdrawal. IMPS transfer: Rs 2.5 to Rs 15 (depending on the amount).

Cash deposit: First 3 deposits at cash recycler machine are free, thereafter Rs 150 per transaction. Deposits above Rs 1 lakh in a month will be charged Rs 150 or Rs 3.5 per Rs 1,000 (whichever is higher).

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The Income Tax Department has clearly stated that if you give wrong information in your return, then a penalty of up to 200% of the tax due can be imposed. Apart from this, 24% annual interest can also be charged and a case can be filed under section 276C. This means that a small mistake or false claim can put you in big trouble.

To avoid this, it is important that you fill in your income and deduction details correctly. Here we are going to tell you which common mistakes you should avoid and how you can avoid the penalty.

Also Read:- Will Two-Wheelers Need To Pay Toll Tax For Using National Highways? Nitin Gadkari clarified

These are some common mistakes made in ITR which can cost you heavily…

• Claiming 80C deduction without bills or proof
• If you do not have proof of the money you have spent on things like LIC, PPF or tuition fees, then that claim can be rejected by the tax department.
• Opting for the old tax regime first and then switching to the new one
• There is a deduction benefit under the old tax regime, but if you later choose the new regime, all those benefits are lost.
• Claiming HRA without rent agreement or PAN of landlord
• If you are claiming HRA, you must have proof of rent and PAN of the landlord.
• Disclosure of personal expenses as business expenses
• If expenses like mobile bill, food or travel are personal, then it would be wrong to show them as business expenses.
• Hiding freelancing, crypto, or side income

If you have earned any kind of extra income, hiding it can prove costly. It is necessary to report every income source.

What to do to avoid penalty?

• Make sure to keep proof of the item on which you are claiming deduction and it should be genuine
• Match your income with your Annual Information Statement(AIS)
• Declare every income source
• File ITR before the deadline

Keep these things in mind related to ITR

If the department finds out that you have knowingly given wrong information, then there will be no benefit in filing a revised return. Also know that even if the CA or consultant makes a mistake, the responsibility will be yours. Even if someone else has filed the return, according to the law, the accountability lies with the taxpayers. These rules apply not only to salaried people but also to employed people, freelancers, professionals and businessmen, i.e. everyone.

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The post Taxpayers Alert: If you show fake deduction in ITR, you will be fined up to 200%, keep these important things in mind first appeared on Rightsofemployees.com.

Actually, this time there have been many major changes in the process of filing income tax returns, such as new forms, amendments in the tax table and important changes in the rules. Now the Income Tax Department is going to conduct a full investigation in many cases. The Central Board of Direct Taxes has clarified this in the new guidelines issued on 14 June 2025.

The Income Tax Department will scrutinise your ITR closely. During this, every information like your income, deductions, investments, tax exemptions etc. will be matched.

If any of the conditions mentioned apply, a notice of investigation will be sent by June 30, 2025. Approval of the Principal CIT will be mandatory to exclude a case from investigation. The NACFACE process will not apply to foreign tax cases and central circles.

The post Income Tax Department will conduct strict scrutiny of ITR, will send notice if any discrepancy is found first appeared on Rightsofemployees.com.

Can ITR be filed without Form 16?

Yes, it is definitely possible. If you do not have Form 16, then there is no need to worry. You can also fill ITR with the help of your salary slip, bank statement, Form 26AS and AIS. Just keep in mind that whatever information you fill, it should be correct.

Can we download our Form 16 ourselves?

No. You cannot generate Form 16 from your PAN number. Only the company can download it and send it to you. So contact your office or HR to get Form 16.

When will I get Form 16?

Every year by 15 June, the company has to give Form 16 to its employees. Before this, the company informs the government about how much tax has been deducted from whom. Only after that Form 16 is prepared.

Who gets Form 16?

Only the person from whose salary tax is deducted will get Form 16. If tax is not due on your income, then the company will not deduct TDS and will not give Form 16. In the new tax system, people having income up to ₹ 7 lakh do not have to pay tax. In the old tax system, tax is not due up to ₹ 5 lakh. Therefore, if your tax is not deducted, then you will not get Form 16 either.

What is the password to open Form 16?

When Form 16 comes in the mail, that file is opened with a password. It usually has a password.

• Your PAN number (in small or capital letters),
• or date of birth (eg – 01011990),
• Or a combination of both.
• The password information is given in the mail sent with Form 16, you can check it there.
• What to keep in mind in the end?
• If you have got Form 16 then it will be easy to file ITR.
• Even if you have not received it, do not panic – ITR can be filed with other documents also.
• If there is any problem, seek help from a tax expert or nearest CSC center.

The post Income Tax Form 16 : What is the last date to get Form 16 from your company? Know the details first appeared on Rightsofemployees.com.

Income Tax Return filing 2025 for FY 2024-25 or Assessment Year 2025-26 has officially started. More than 1.23 lakh returns (ITR) have been filed in the first five days. 90% of these returns have also been verified. Now people’s attention is on when the Income Tax Department will start processing returns and refunds (ITR refund status).

Return filing started late this year

The Income Tax Department has started the filing process for FY 2024-25 with the release of Excel-based utility (V1.0) and validation tool. These tools support ITR-1 (Sahaj) and ITR-4 (Sugam). Soon after releasing the offline tool, the department also started online filing of ITR-1 and ITR-4 with pre-filled data through the e-filing portal.

This year’s ITR filing started later than usual due to the delayed release of the forms and related utilities. ITR forms were made available by the end of April, but the filing utilities were made available only after some time.

So many returns filed in the first five days

After the delayed start, taxpayers are filing returns rapidly. Within just 5 days of the release of the utility, more than 1.23 lakh (ITR e-filing statistics) ITRs were filed and more than 1.12 lakh were verified. Now the question arising in the minds of taxpayers is when will the processing of ITR and the refund process start.

Till when will the processing of returns and refund take place

Broking firm Angel One has written in a blog that the Income Tax Department can start processing returns by mid-June 2025. In the absence of any mistake on the part of the taxpayer, the refund usually arrives in his bank account within 5 to 7 days of the issuance of the information.

Before processing the return, the Centralized Processing Center (CPC) verifies the data filed in the return from third-party sources. These sources include Form 26AS, Annual Information Statement (AIS) and Taxpayer Information Summary (TIS).

This data is filled based on the information provided by financial institutions, employers and other entities during TDS returns. The last date for filing TDS returns for the previous quarter is May 31, so the final data is expected to appear on the income tax portal soon.

The CPC starts processing the return only after successful verification. This verification can be completed using Aadhaar OTP, net banking or by physically submitting the ITR-V at the Bengaluru CPC office. Without verification, the return is not processed.

Finance Minister Nirmala Sitharaman had told the Parliament that in 2013, it took an average of 93 days to process returns, now due to technology upgradation, this time has been reduced to about 10 days.

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The post ITR Filing 2025: 1.23 lakh returns filed in the first 5 days, know when the refund process will start first appeared on Rightsofemployees.com.

ITR filing deadline extended:  The Central Government has given great relief to those filing income tax returns by extending the deadline for filing it. Now the last date for filing ITR for the financial year 2024-25 (AY 2025-26) has been extended from 31 July to 15 September. This means that salaried people and those taxpayers whose accounts do not require audit will now get 46 days extra time. If ITR is not filed by the last date, then a fine of up to Rs 5,000 will be imposed.

ITR deadline extended

Information about this has been given by the Income Tax Department on Social Media X (formerly Twitter). The department has said that the deadline for ITR to be submitted by 31 July 2025 has now been extended to 15 September 2025. This decision was taken due to major changes in the ITR form, the need to show TDS credit correctly and to prepare the system. Filing such a tax return will be accurate and easy. Soon an official notification will also be issued by the department in this regard.

Kind Attention Taxpayers!

CBDT has decided to extend the due date of filing of ITRs, which are due for filing by 31st July 2025, to 15th September 2025

This extension will provide more time due to significant revisions in ITR forms, system development needs, and TDS credit… pic.twitter.com/MggvjvEiOP

— Income Tax India (@IncomeTaxIndia) May 27, 2025

Recently, the Income Tax Department has issued all seven ITR forms for the assessment year 20225-26, in which there have been many major changes. It is taking time to update the system to implement them. Utilities are also being tested. For example, ITR-7 for Trust or Charitable Institutions was notified on 11 May, while ITR-1 and ITR-4 for small and medium taxpayers were notified on 29 April.

The CBDT also said that TDS statements, which will be submitted by May 31, 2025, will all start appearing in early June. Due to this, there may be less time to file the return this time, due to which this step has been taken.

Usually, ITR forms are notified around February/March before the end of the financial year. However, this time the facility of filing ITR forms and documents was delayed as the officials of the Revenue Department were busy with the new Income Tax Bill which was introduced in Parliament in February. CBDT said, “In order to make the document filing experience smooth and convenient for the taxpayers, it has been decided that the last date for filing ITR which was originally July 31 has been extended to September 15, 2025.

The post ITR filing deadline extended: Big relief to those who file income tax returns, now you will be able to file ITR till this date first appeared on Rightsofemployees.com.

Form 16 is actually a TDS certificate, which is issued by the employer. It contains information about your annual salary, tax deductions and exemptions like section 80C, 80D. But if for some reason you are unable to get Form 16, then do not panic, you have other options to file ITR. Companies do not give Form 16 to those employees whose salary does not come under the purview of tax and whose TDS is not deducted. These employees can file ITR even without this form.

If you do not have Form 16, then you can file ITR with the help of some important documents. Form 26AS is the most important among these. It is a tax credit statement, which contains complete information about the amount of tax deducted from you. Form 26AS contains information about TDS and TCS. It also contains details of the person’s advance tax and high value transactions.

How to download Form 26AS

• Visit the e-file portal https://www.incometax.gov.in/iec/foportal/.
• Here you will see the My Account option. Click on the View Form 26AS link in it.
• After this, select the assessment year in it and click on view time.
• After this click on the download option. The form will be downloaded.

These documents will also be needed

While filing ITR without Form 16, you will need many other documents besides Form 26AS. Salary slip is the most important among these. Especially from the March month’s slip, you can get a complete calculation of your annual income and tax deduction. If you do not have slips, then definitely get the annual income statement from the employer.

Bank statement

The bank statement shows when and how much salary you received, how much interest you received and in which investments the money was invested. If you have earned through rent or freelancing, that will also be visible here.

The post ITR Filing 2025: Can ITR be filed without Form 16? Know when and who does not need it 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.

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

Generally, the last date for filing belated return and revised return is 31st December. But, this time the Central Board of Direct Taxes (CBDT) has extended this deadline till 15th January after the order of the Bombay High Court.

What is belated income tax return?

If a taxpayer is unable to file Income Tax Return by 31st July, then the Income Tax Department gives him a chance to file ITR by 31st December. This is called Belated Return . Taxpayers filing belated return have to pay a penalty. The penalty for income more than Rs 5 lakh per annum is Rs 5,000. The penalty for people with an annual income of less than Rs 5 lakh is Rs 1,000. Apart from this, interest is also charged on the tax of taxpayers.

What is the meaning of Revised Income Tax Return?

If a taxpayer feels that wrong information has been entered in his income tax return, he can file a revised return. Generally, its deadline is 31 December. This time the deadline for this has also been extended by 15 days. This means that a taxpayer can revise his income tax return till January 15, 2025. This facility has been provided by the Income Tax Department keeping in mind such taxpayers who inadvertently forget to mention any income related information in ITR.

What will happen if belated return is not filed?

If a taxpayer does not file a belated income tax return by January 15, 2025, then he is allowed to file ITR-U under section 139(8A) of the Income Tax Act. For this, he will have to pay a penalty of Rs 5000. Apart from this, additional tax of 25 percent or 50 percent of the tax amount will also have to be paid. This will depend on when the taxpayer files ITR-U. ITR-U for FY24 can be filed till March 31, 2027. Actually, it has to be filed within 2 years of the end of the relevant financial year.

What are the benefits of filing returns by July 31?

Tax experts say that CBDT has allowed those taxpayers to file income tax returns even after the deadline, who for some reason miss filing ITR by the last date. But, taxpayers do not get many facilities on filing belated or ITR-U. Therefore, taxpayers should try to file income tax returns by the due date i.e. 31st July.

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The post Income Taxpayers can file belated ITR or revise it by 15th January 2025 first appeared on Rightsofemployees.com.

But, there is a penalty and interest on filing the return late. This is called belated return. Let us try to know about this in detail.

Who can file belated return?

Taxpayers whose accounts are not required to be audited can file their FY24 income tax returns by December 31, 2024. There is a provision of penalty on belated return under section 234F of the Income Tax Act . There is a penalty of Rs 5000 for filing the return by December 31 of the assessment year. There is a penalty of Rs 10,000 for filing the return after December 31 but before the end of the assessment year (before March 31). For those whose total income is up to Rs 5 lakh, there is a penalty of Rs 1,000 for filing a belated return.

No loss carry-forward facility

On filing a belated return, interest is charged on the tax liability of the taxpayer under section 234A. One disadvantage of filing a belated return is that it does not provide the facility of loss carry-forward. The facility of loss carry-forward is available only on ‘income from house property’. Even if there is any mistake in the belated return, a revised return will have to be filed by 31 December.

What is the filing process?

The process of filing a belated return is similar to filing a normal return. It can be filed from the e-filing portal of the Income Tax Department. For this, taxpayers will have to log in with their ID and password. Then the correct income tax return form will have to be selected. Then all the information including income will have to be entered. Then after submitting the form online, the verification process will have to be completed. It has to be kept in mind that belated return can be filed only for FY24.

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

Extension of time limit for assessment year

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

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

Strong economic financial position of the government

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

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

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

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

Information will be given through SMS

The CBDT said in a statement that the informative messages will be sent via SMS and email to resident taxpayers who have already submitted their ITR for the assessment year 2024-25. The board said that these messages are for persons identified through information received under bilateral and multilateral agreements. This information shows that these persons may have foreign accounts or assets, or it is possible that they have income from abroad.

It is aimed at reminding and guiding those who have not properly completed the Schedule Foreign Assets in their submitted ITR for the assessment year 2024-25, especially in cases involving high value foreign assets.

This initiative is in line with the vision of a developed India and highlights the Income Tax Department’s commitment to use technology to simplify taxpayer compliance and reduce human intervention. By leveraging data obtained through Automated Exchange of Information (AEOI), the Income Tax Department is working to create a more efficient and taxpayer-friendly system.

The CBDT hopes that all eligible taxpayers will avail this opportunity to fulfil their tax responsibilities and contribute to the economic development of the country. This effort is not only in line with the Government’s vision for a developed India but also promotes a culture of transparency, accountability and voluntary compliance.

For detailed, step-by-step guidance on how to complete Schedule Foreign Assets, taxpayers should visit the official website of the Income Tax Department www.incometax.gov.in where resources and support are available to help them.

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However, if the government decides to make the annual income of Rs 8 lakh tax free, then this figure can be crossed very easily. A report has claimed that the demand for giving this exemption has started being raised. In such a situation, the government can give this relief to senior citizens between 60 and 80 years.

Around 2 crore more ITRs are expected to be filed this year

According to this research report of the Economic Department of State Bank of India (SBI), if the government has to increase the number of ITRs rapidly in the assessment year 2024-25, then it will not hesitate to take such steps. If this exemption is given to senior citizens, then the number of return filers will increase tremendously. According to the SBI report, about 2 crore more ITRs are expected to be filed this year. In such a situation, by the end of the financial year, the number of ITRs will cross 9 crores. Next year this figure can easily cross 10 crores.

Government should also make changes in TDS deduction and certificate

The report said that a total of 7.3 crore ITRs were filed in Assessment Year 2022. In Assessment Year 2024, this figure was 8.6 crores. However, the number of people filing ITR after the due date is decreasing rapidly. In such a situation, it is understood that now the discipline of filling ITR on time is increasing among the people. The Income Tax Department has also made it easier to fill ITR by simplifying the process and form. The report said that the government should improve the scope of TDS deduction. Also, changes should be made in the TDS certificate.

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The post Income Tax: Income up to Rs 8 lakh can be tax free, check details here first appeared on Rightsofemployees.com.

There is going to be a big change in the e-filing ITR portal for filing income tax returns. This will be more convenient for taxpayers. According to the Economic Times report, an internal circular from the department has revealed that a new ITR e-filing portal IEC 3.0 will be launched soon. The process for this has already started. According to the internal circular, the operation phase of the existing Integrated e-filing and Centralized Processing Center (IEC) 2.0 is ending. With this, IEC 3.0 will replace it as a new project. Let’s know about it.

What is IEC project?

The IEC project offers an e-filing platform. It allows taxpayers to electronically file their ITR, submit regular forms and access a number of other services. An important part of the IEC project is the Centralized Processing Center (CPC). It takes up the responsibility of processing the ITR filed with the help of the e-filing portal and ITBA. In addition, IEC also provides a back-office (BO) portal. Through this, field officers can access taxpayer filing and processing data.

How will IEC 3.0 help?

The internal circular states that the goal of Project IEC 3.0 is not just to continue the services provided by Project IEC 2.0. But to establish a much better system. Necessary improvements are to be made in the processing of ITR. New technology is to be used to speed up the processing of ITR with the new system, so that taxpayers can get quick refunds. Apart from this, it can reduce the shortcomings and complaints of IEC 2.0.

What will be the benefit?

Chartered Accountant Ashish Neeraj says that the change from IEC 2.0 to IEC 3.0 can bring a more user-friendly experience for taxpayers. Strict data quality checks should be implemented in IEC 3.0. In IEC 2.0, taxpayers and professionals faced problems in downloading ITR forms, downloading 26AS, server related problems, problems in challan payment etc. last year, which can be improved in IEC 3.0. The internal circular states that Project IEC 3.0 will have a huge impact on the functioning of the department and the general public in the coming years. Therefore, it is important for the Income Tax Department to take opinions and suggestions to make the IEC 3.0 project user friendly.

Why is it necessary to upgrade?

Hardik Kakadiya, president of Chartered Accountants Association, Surat (CAAS), says that no e-commerce platform crashes during festive sale offers. On the other hand, problems keep coming in the ITR e-filing portal. A petition has already been filed by CAAS in the Gujarat High Court regarding the problems in the Income Tax portal. Therefore, if prudence is used and the portal is upgraded on time, not only difficulties can be prevented, but many litigations can also be avoided.

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The post Good news for taxpayers, ITR will be filed in a jiffy and refund will come instantly first appeared on Rightsofemployees.com.

In the last few years, the Income Tax Department has greatly accelerated its process of giving refunds. Now people are able to file tax returns (ITR Filing) much more easily than before. Not only this, they are also getting refund within a few days. However, this agility of the Income Tax Department can also become a cause of trouble for some people. This is because before the taxpayer realizes that he has made a mistake in filing ITR and he is able to correct it, the Income Tax Department processes the ITR and sends the refund. In such a situation, the taxpayer does not get a chance to correct his mistake.

More refund comes into the account of taxpayers

In such a situation, what happens is that people get more money in their account than the actual refund. This happens because people take some time to correct the mistake in their ITR, while the Income Tax Department has started working so fast that it processes the refund even before the mistake is corrected. If this happens to you, then do not make the mistake of not returning the extra refund amount, otherwise you may get a notice from the Income Tax Department.

What to do when you receive the notice?

There are many people who have not received a notice from the Income Tax Department despite getting additional refund. In such a situation, if you think that you will not get a notice, then do not make such a mistake at all. As soon as the additional refund comes, you should file a revised ITR as soon as possible and return the additional refund back to the Income Tax Department. If in the meantime you get a notice from the tax department, then you can give your explanation and show the revised ITR.

There should be no delay in filing the revised ITR, because if the tax officer issues a notice before that, then some penalty can also be imposed on you. The tax officer of the Income Tax Department can issue you a notice under section 143 (3), 147 or 144. You will also have to pay interest on the additional tax refund, so the sooner you pay back the money, the better it will be.

Before filing ITR, definitely check these 7 things

Let us know what 7 things you should check before filing income tax return.

1- First of all Form-16

To file ITR, a salaried person first needs Form-16. You will get it from your company, which contains all the information about the tax levied on your salary. Let us tell you that many companies issue Form-16 in the second-third week of June. However, if you have hidden any information from your employer i.e. your company, then it will not be in Form-16. Keep in mind, if you have Form-16, which contains complete information about the tax levied on your salary, then filing ITR becomes a matter of a few minutes for you.

2- Check TDS-TCS in 26AS form

Before filing income tax return, you must check 26AS form once. Check once whether the information about tax imposed on you in Form-16 is correct or not. If there is any mistake, get it corrected in time. Keep in mind that if any information is wrong and you get it corrected, it may take up to 7-10 days.

3- Check income and TDS-TCS in AIS form

After checking Form 26AS, you should also check AIS i.e. Annual Information Statement form. This will let you know what transactions you have done in the whole year. If you have earned from other sources other than salary i.e. rent or interest etc., then its information will also be available in AIS form. Along with this, you will also know what you have sold i.e. what you have earned money from. It is important to check that no transaction is missed. If something is missed, then get it corrected in time.

4- Check capital gains statement

This form needs to be checked only by those who have made capital gains. If you have invested in any stock or mutual fund, then it is important for you to check this form. If you have a capital gain of more than Rs 1 lakh, then you will have to pay 10 percent tax on it. On the other hand, if you have a short term capital gain, then you will have to pay 15 percent tax on it. The calculation of this tax is done by the brokerage firm itself and sent to the customers. If you have not received this form, then you can talk to your brokerage firm.

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5- Check the interest earned

There are many taxpayers who do not report their income from other sources. The most common income is the income from interest. If you have made an FD or have earned interest from your savings account, then it is important to show it in your income. You will get this information in the AIS form as well, because it has a record of every transaction related to your PAN card. Remember, if you show wrong income, then you may get a notice from the Income Tax Department.

6- Be sure to show income from crypto assets

If you have invested in any crypto asset, then it is very important to show the income earned from it. You will have to pay 30 percent tax on the income earned from crypto assets. Be sure to mention this while filing ITR, otherwise you will definitely get a notice from the Income Tax Department.

7- Also tell about foreign assets and income

There are many people who have property even abroad. If you also have property abroad and you earn from it, then you will have to tell about it while filing income tax return. If you have kept money in a foreign bank account, then you will have to tell about it while filing income tax return.

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The post ITR refund: Did you get more money in your ITR refund by mistake? refund it immediately, otherwise you will face a big problem first appeared on Rightsofemployees.com.

Refunds come within about a month of filing ITR. If your refund is also due and you have not received it yet, there can be many reasons behind it. It is possible that you have not filed ITR correctly. Keep in mind that refund is available only when the Income Tax Department processes your ITR and sends you a notice confirming it. This notice is issued under Section 143(1) of the Income Tax Act, 1961.

The amount is deposited directly in the account

After the entire process is completed, the refund amount issued by the Income Tax Department is deposited directly in the taxpayer’s bank account. However, this amount goes to the same bank account which is linked to the taxpayer’s account on the Income Tax website. In such a situation, it is important that the bank account number and IFS code (IFSC) are filled correctly. Go to the Income Tax Department website and login to your account and check whether the bank account details are correct or not.

How many days does it take to get a refund?

To get a refund, it is necessary to verify your tax return online. Usually, it takes 4 to 5 weeks for the refund to be credited to your account. If you have not received the refund within this time, then email the income tax department and get information about it. Apart from this, you can also track the status of your refund by visiting the e-filing website.

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These can be 5 reasons for not getting refund

1. If your PAN is inactive, then you will not get a refund. In such a case, you will see a warning message to link your PAN with Aadhaar.

2. If the bank account details are wrongly entered in your account on the Income Tax website, then also you will not get a refund. In such a case, check all the bank related details like account number, IFSC code, name etc. once again.

3. If your bank account registered in the Income Tax website is closed or suspended due to KYC or any other reason, then also the refund amount will not come in the bank account.

4. If the bank account you have given to the Income Tax Department is different from the savings account or current account, then also the refund amount will not come in the account.

5. Income Tax found in the investigation that there is a mistake in the return you had filed. For correction in this, the department had also sent you an email on the registered email ID, but you did not pay attention to it. Unless the correct return is filed, refund will not be given.

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The post ITR Refund: Haven’t received refund yet after filing ITR? Know the 5 reasons why it may be stuck, check now first appeared on Rightsofemployees.com.

Income Tax Refund: Refund has not come after filing Income Tax Return (ITR) . This time many taxpayers are facing this problem. If you are also among those who are waiting for refund after filing your ITR, then there is no need to worry. Delay in getting refund is a common problem, which troubles many taxpayers. It is important to know when the refund money should come and what can be done if there is a delay in the refund so that you can exercise your rights and get your refund money. Let’s know.

Due to this there may be a delay in getting the refund

CA Adarsh ​​Jha, MAG Auditor, GMR Group, said that if the taxpayer has not completed the verification process of his ITR through Electronic Verification Code (EVC) or by submitting signed ITR-V to the Central Processing Centre (CPC), the refund process may be delayed, and the taxpayer has to e-verify the return within 30 days from the date of filing the return.

Refund may also be stuck due to these reasons

Discrepancies in ITR, such as difference in income, error in bank account information, error in PAN details etc. can also cause delay in refund. Apart from this, non-matching of income with 26AS and AIS, incorrect bank account information, error in PAN details can also cause delay in refund. He said that nowadays the Income Tax Department uses advanced tools to verify the details in the Income Tax Return before issuing the refund.

Also Read- Tax Saving Tips: Invest money in these 5 schemes, get huge profits and save income tax also

What to do now if there is a delay in refund?

Adarsh ​​Jha said that if the refund is delayed, the first thing you should do is check the status on the Income Tax e-filing portal. This will let you know the current stage of processing and any issues that need your attention. If the delay is too much and unexplained, you can lodge a complaint through the ‘e-Nivaran’ section on the e-filing portal or contact the CPC helpline for updates. If a refund fails due to mismatch of bank account, first update the bank details in the Income Tax portal and then request for re-issue of tax refund.

Request a refund to be issued this way

How to request for re-issue of income tax refund? Regarding this, CA Adarsh ​​Jha told that log in to the ITR e-filing portal and go to the ‘Services’ tab and click on the ‘Refund Reissue’ button. After this a new webpage will open, click on the ‘Create Refund Reissue Request’ option there. After this, select the ITR for which you want to re-issue the refund. After this, select the bank account in which you want to receive the refund. If your bank account is not verified, then first it has to be verified and then go ahead and choose Aadhaar OTP, EVC or DSC to verify.

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The post Income Tax Refund did not come after filing ITR, know step by step what to do now? first appeared on Rightsofemployees.com.

Income Tax Refund: Rahul, who works in the IT sector, had filed ITR on time this year as well, like every year. Last year his tax refund came after a week, but this time it has not been processed yet. Now Rahul is worried. Actually, filing ITR timely does not mean that you will get your refund soon. There are many steps in the tax refund process. If something goes wrong in any step, then the entire process may get delayed.

This can cause delay in tax refund

You are eligible for tax refund when the tax already paid by you is more than your actual tax liability. The Income Tax Department calculates it after considering all deductions and exemptions during assessment. Income Tax Return (ITR) refund can be delayed due to many reasons. If the taxpayer has not done his ITR through Electronic Verification Code (EVC) or through Central Processing Center (CPC), then his refund can be delayed.

Income figures not matching is also the reason for delay

Apart from this, errors in ITR details like non-matching of income figures, wrong bank account information or error in PAN details also cause delay in ITR processing and refund. In cases where the ITR involves complex income sources or various deductions, such ITRs need to be proceeded manually. This is the reason why processing and refund of such ITRs can usually take more time.

Apart from this, delays can also occur due to backlog in CPC. Especially during peak filing or due to non-compliance of the notice or request of the Income Tax Department by the taxpayer. Therefore, any taxpayer should try to file his return well before the stipulated time limit.

Also Read- Belated ITR: What is the process for filing belated income tax return, what is the penalty?

What to do in case of delay in ITR refund?

If your refund is also getting delayed, then you should first check the status on the Income Tax e-filing portal. This will give you information about the current status of processing. If the reason for the delay in your refund is not clear, you can register a complaint by going to the ‘e-Nivaran’ section on the e-filing portal or you can also contact the CPC helpline for updates. It is important to respond quickly to any notice or request from the Income Tax Department as delay in your response may increase the processing time.

How to raise the issue of tax refund

If your refund process is stuck for a long time, then you may have to file a re-issue request for refund. How can you do this? Let’s know-

• First of all go to the ITR e-filing portal and login with your credentials.
• After this go to the ‘Service’ tab and click on the ‘Refund Re-issue’ button.
• Now a new webpage will open. Click on ‘Refund Reissue Request’. Now select the ITR here and you want to request for re-issue of refund.
• Here select the bank account where you want to receive the refund. If the selected account is not verified then you have to verify it first.
• Now click on Proceed and choose a verification method Aadhaar OTP, EVC or DSC. Complete the process after receiving the OTP.

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The post Income Tax Refund: Still waiting for your income tax refund? here’s what you need to do first appeared on Rightsofemployees.com.

Belated ITR: If a taxpayer is unable to file a return by the last date for filing income tax returns, then he can file a belated return. Income Tax has made this provision keeping in mind such taxpayers, who are unable to file returns by the stipulated time due to some compulsion. There is a penalty for filing belated returns. Along with this, interest has to be paid on tax. It is important to know about it properly before filing belated returns.

Who can file belated returns?

The last date for filing Income Tax Return is generally 31 July for individual taxpayers. The deadline for filing income tax returns for the financial year 2023-24 was 31 July, which has passed. If a taxpayer has not filed the return by 31 July, then he can file a belated return.

Till what date can a belated return be filed?

Belated returns can be filed till 31 December of the respective financial year. This means that if you have not filed the return by 31 July this year, then you can file it till 31 December.

How much is the penalty?

Penalty is levied under section 234F of the Income Tax Act for filing a belated return. If the taxpayer’s income is less than Rs 5 lakh, then the penalty is Rs 1,000. If the taxpayer’s income is more than Rs 5 lakh, the penalty is Rs 5,000. Apart from this, if tax is due on the taxpayer, then under section 234A, he will have to pay interest on it.

Will loss carry forward be allowed?

On filing a belated return, certain losses like business loss and capital loss are not allowed to be carried forward to the subsequent years. However, losses under the head of ‘income from house property’ can be carried forward.

Is revised return allowed?

If you feel that you have made a mistake in the belated return, you can file a revised return till December 31.

Also Read- ITR Refund: Have you not received your income tax refund? Know what you need to do

Will the return have to be verified?

After filing the belated return, it will be necessary to verify it. Taxpayers can verify it online through means like Aadhaar OTP, netbanking. Another way is that they can sign a copy of ITR-V and send it to the Centralized Processing Center (CPC) within 120 days.

What is the process of filing a belated return?

The process for filing a belated return is the same as that of filing a normal return. You have to go to the e-filing portal of the Income Tax Department. Then you have to log in with your user ID and password. Then you have to select the ITR form based on your source of income. Then you have to select the correct assessment year. You have to enter your income details, deductions and tax. After paying the tax, the return has to be submitted. After that it has to be verified.

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The post Belated ITR: What is the process for filing belated income tax return, what is the penalty? first appeared on Rightsofemployees.com.

NIL ITR: The last date for filing Income Tax Return (ITR) is 31st July. Now you will have to pay a penalty for not filing income tax. But, zero return i.e. return with zero tax liability can still be filed without any penalty. The thing to keep in mind in this is that you will not be able to claim any deduction. Your total income should fall directly within the basic exemption limit.

In the new tax regime, the basic exemption limit is Rs 3 lakh for everyone. Whereas, in the old tax regime, the basic exemption limit for people below 60 years of age is Rs 2.5 lakh. For 60-80 years, it is Rs 3 lakh and for people above 80 years of age, it is Rs 5 lakh. People falling in this category can file returns without penalty.

Let us know why one can file zero return, why it is filed, what are its benefits.

Easily get loan

Income tax return serves as proof of your income. When you file ITR, it becomes a solid proof that you are earning from some source. This also creates your credit profile. This makes it easier for you to get a loan from a bank or NBFC (Non-Banking Finance Companies).

TDS will be refunded

If you are a salaried person and are unable to submit Form 15G/H, then TDS (Tax Deduction at Source) will be deducted from your salary. In such a situation, zero return can save you from loss. With its help, you can claim the refund of the TDS amount which your company has deducted from your salary.

The advantage of showing a loss

If you invest in business or stock market, you may incur loss during the financial year. In such a situation, you can show your loss by filing zero return. When you make profit in the future, you can adjust that loss in taxable income. This will reduce your tax liability.

You will get visa easily

With zero ITR, you can easily get visa for many countries. Sometimes visa officers ask for ITR of a few years for foreign travel. They actually want to verify your income level. In such a case, ITR may also be required along with bank statements and other financial documents.

Also Read- GST taxpayers Alert! GSTR-1 will not be filed without bank account information, the rule will be applicable from this day

Also helpful for scholarship

Many scholarships or fellowships are given on the basis of income. If you have filed zero ITR, then you can easily show your income limit. This will make it easier for you to get those government fellowships, which are especially for low-income families.

Who can file zero return?

If you are filing income tax return for the first time and your total income does not fall under the taxable income bracket, then you can file NIL return. It can also be filed by those who have been filing returns for the past several years, but this time their income has fallen below the income tax bracket. However, filing a zero return after the deadline does not provide benefits like carrying forward of losses.

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The last date for filing ITR was 31 July. According to the information given by the Income Tax Department, 7.28 crore returns have been filed till the last date. After filing ITR, tax payers wait for their refund. Because now after July, the month of August is also going to end, so everyone is eagerly waiting for the refund.

Income Tax Refund Delayed: If you are still waiting for the refund even after filing ITR on time, then this information is going to be useful for you. Here you need to understand that there can be many reasons for the delay in getting income tax refund. These reasons are listed here-

Also Read:- Income Tax Notice: Did you also get 143(1) intimation notice? How to answer? Know everything

Why is there a delay in getting income tax refund?

• ITR not verified
  Not only filing ITR, but also verifying ITR is important. It is necessary to verify ITR using Aadhaar OTP. If this is not done, there may be a delay in refund.
• Error in account details
  If you have given wrong information about your bank account, then this can also be the reason for delay in refund. This can happen due to bank account number, IFSC code, micro code or wrong name.
• Filing wrong return
  If you have filed ITR return but any kind of information in the return is incomplete or wrong, then a notice is received under section 139 (9). 15 days are also given to correct this mistake. In such a situation, this can also be the reason for delay in refund.
• High amount
  If you have filed ITR and are now waiting for refund, then high amount of refund can be the reason for delay. Income Tax Department closely examines the refund of high amount. Only after this the refund is processed.

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The post ITR processing delays reasons: Why your tax refunds are stuck? know details here first appeared on Rightsofemployees.com.

After filing income tax returns, taxpayers are now waiting for their refund. The income tax department first processes the ITR. If it finds any discrepancy, it can ask questions to the taxpayers. If it does not find any discrepancy in any ITR, it processes it. Its information is sent to the taxpayers via email. The department has started the work of processing the ITR. The information of the ITRs which have been processed has been given to the taxpayers. Many taxpayers have also received refund. Have you received the refund money?

Income tax department is sending message

The Income Tax Department is giving information about refund through SMS. Therefore, you should check your SMS once. If there is no such message, then you should check your email. Then you should check the balance of the bank account. If your refund has not arrived, then you can log in to the e-filing portal of the Income Tax Department and check the status of the refund.

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Check status on e-filing portal

You can log in to the e-filing portal with the help of your IT and password. After that you have to go to the ‘View Return/Forms’ option. After that you have to select ‘Income Tax Return’. To see the status, you have to click on the acknowledgement number. Here you will know whether your return has been processed or not. If you have any issue with the return, then you will also know about it. If it is written here ‘Processed with no demand no refund’, then it means that your return has been processed, but no refund is being made for you.

check bank account details

Many times, refunds are delayed due to incorrect bank account details. Therefore, taxpayers should check whether the bank account details given in the ITR are correct or not. The Income Tax Department sends refund money only to pre-validated bank accounts. Experts say that your refund can also get stuck due to any error in the ITR. If this happens, you can file a revised return under section 139(5) of the Income Tax Act, 1961.

If you have received a notice, respond to it

The Income Tax Department sends notices to some taxpayers. This may contain some questions related to ITR. You need to log in to your email ID and e-filing portal to check whether any income tax notice has been sent to you. If you have been sent a notice, then you have to respond to the notice sent under section 143(1).

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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.

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.

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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.

The post ITR Update: Your ITR may be rejected due to these 5 reasons – Do you know about these first appeared on Rightsofemployees.com.

In such a situation, ClearTax has launched a WhatsApp feature to make tax filing easier for more than 2 crore gig workers including drivers, delivery executives, home service providers. With the help of AI, QuierTax’s new service will provide a chat-based experience directly through WhatsApp. Currently, only ITR 1 and ITR 4 forms can be filled in it.

Features and Benefits

ClearTax’s WhatsApp service for ITR is available in 10 languages ​​including English, Hindi and Kannada. This process has been designed in such a way that the user will not face any problem and can easily fill the form and make payment. If there is still any problem, AI bot is there to help, which is there to guide in every step of the process. The special thing is that this AI based system will tell which tax regime will have more savings.

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ITR Filing via WhatsApp: How to avail the service?

Save ClearTax’s WhatsApp number and send ‘Hi’. Choose your language from 10 languages ​​including English, Hindi and Kannada. After this, provide details like your PAN, Aadhaar and bank account. You can easily upload the required documents through images or send them as audio-text messages. AI bot will help you at every step in filling both ITR 1 and ITR 4 forms. Once the form is filled, review it and confirm it by editing it where necessary. Then complete the process by making payment through WhatsApp. After submission, a confirmation message will come which will contain the acknowledgement number.

The post File ITR 2024 via WhatsApp before July 31: Here’s a step-by-step guide first appeared on Rightsofemployees.com.

The most common question is whether it is necessary to file ITR if your annual income is less than Rs 7 lakh? Let’s know the answer to this question here. Also, let’s understand why filing ITR can be necessary even if you have a low income.

Ankit Jain, partner, Ved Jain & Associates, explains that all companies and firms are required to file their tax returns. Individuals are required to file their tax returns if their total income before deductions is more than Rs 2.5 lakh. However, this does not mean that you have to pay income tax. There is a provision for tax rebate under Section 87A of the Income Tax Act, 1961.

You are eligible for this rebate if your taxable income does not exceed Rs 5 lakh under the old tax regime or Rs 7 lakh under the new tax regime. For senior citizens (60+ age), this limit is Rs 3 lakh and for super senior citizens (80+ age), this limit is Rs 5 lakh.

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ITR will have to be filed in these situations also

Apart from this, if a person has deposited Rs 50 lakh or more in his savings account or his business is more than Rs 60 lakh or his professional income is more than Rs 10 lakh, then he will also have to file his tax return.

Jain says that if a person’s TDS is more than Rs 25,000, then he will also have to file his tax return. Even if the above conditions are not met, if someone wants to claim a refund, he will have to file a tax return. No refund will be processed without filing a tax return.

Under the old tax regime, you can get a maximum tax rebate of up to Rs 12,500. In the new tax regime, the maximum rebate is Rs 25,000. So, if your income is within these limits, you will not have to pay any income tax.

However, you must file ITR even if your tax liability is zero. You must file ITR if your total income exceeds the basic exemption limit before deductions under Chapter VI (such as Section 80C, 80D, etc.). The basic exemption limits under the old tax regime are as follows:

• Individuals below 60 years of age: Rs 2.5 lakh
• Individuals above 60 years but below 80 years of age: Rs 3 lakh
• Individuals above 80 years of age: Rs 5 lakh

Understand the new tax regime

Under the new tax regime, the basic exemption limit for the financial year 2023-24 (assessment year 2024-25) is Rs 3 lakh. This arrangement is the default. If a taxpayer does not file his ITR and does not opt ​​for the old tax regime by submitting Form 10-IEA, then his income tax will be calculated under the new tax regime by default. This means that they may miss out on deductions that could have been claimed under the old regime.

It is important to file ITR even if your income is less than Rs 7 lakh and tax liability is zero. This is because the filing requirement is based on your gross income before deductions and not filing could cause you to miss out on potential deductions or exemptions. Make sure which tax regime applies to you and file your ITR accordingly to avoid any problems with the tax authorities.

The post ITR: Is it necessary to file ITR even if the salary is less than Rs 7 lakh? first appeared on Rightsofemployees.com.

The last date for filing income tax return (ITR) is 31st July. Since today is 10th July, obviously most of you must have received your Form-16 as well. Experts say that no taxpayer should wait to file the return on the last date, by doing this you have time to reduce errors.

To file ITR, you can either take the help of a chartered accountant or file the return online yourself. If you want to do it yourself, then this has also become very easy now. You have to file this return through the Income Tax Department website. Let us know the online step by step process of filing ITR online.

First of all, you should have these documents in your hand

Whenever you think of filing income tax return online, keep some important documents ready in your hand before that. You should have Form 16, Form 16A, Form 26AS, capital gains statement, proof of tax-saving investments etc. ready as the necessary documents for filing income tax return.

Step by Step ITR Filing Process

• Visit the Income Tax e-filing portal https://www.incometax.gov.in/iec/foportal/ .
• Log in using your PAN, password and captcha code.
• Go to the ‘e-File’ menu and select ‘Income Tax Returns’.
• Choose the appropriate ITR form based on your income (ITR-1 or ITR-2 if you have Form 16).
• Select Assessment Year 2024-25.
• Verify all the data entered in the form and submit it.
• After submission, e-verify your return using Aadhaar OTP or other available options.
• Upload and verify your return.

Who should file ITR

If the total income before deductions under various sections of Chapter VI-A (such as 80C, 80CCC, 80CCD, 80D, 80E, 80G, 80GGA, 80TTA/80TTB, etc.) exceeds the basic exemption limit, you must file your Income Tax Return (ITR). Also, as a resident of India, for income tax purposes, if you own or have an interest in any property outside India as a beneficial owner, you must file an Income Tax Return (ITR).

The post ITR filing 2024: File income tax return online from home, know step by step process 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.

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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. 

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The deadline to file ITR is July 31. If you have to fill ITR then you should start preparing for it. Let us know the complete method of filing ITR. It is very important for all salaried employees to file Income Tax Return (ITR). If there is any mistake or irregularity in it, you may be fined and legal action is also taken against you. The deadline to file ITR is July 31, which is very near.

In such a situation, if you are a salaried employee, then you should collect all the necessary documents, forms and other information to file ITR. With this you will be able to file ITR without any hassle.

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Start ITR from here

You should ensure that your Aadhaar is linked to your PAN card before filing ITR. You should also check the bank account in which you want the refund. If it is not validated, your refund may get stuck.

It is important to choose the right ITR form

It is important to choose the correct ITR form before filing the return. If you select the wrong form, the return will also be considered incorrect. Then you have to file revised ITR using the correct form. You can avoid this hassle by choosing the right form. If you are a salaried taxpayer then you have to file ITR-1.

What is ITR-1 form?

If your income is less than Rs 50 lakh during a financial year, you will have to fill ITR-1 form. This income should come from sources like salary, family pension and agricultural income (up to Rs 5,000).

Who cannot file ITR-1?

If you are not an Indian citizen, you cannot file ITR-1. Apart from this, there are some other conditions which may prevent you from filing ITR-1.

• Your total annual income should be more than Rs 50 lakh.
• You may also earn money from lottery, horse racing, legal betting.
• Capital gains come under the purview of capital gains tax.
• You have invested in unlisted equity shares.

These documents are necessary

You should download the Annual Information Details (AIS). In this, you will get all your previous tax details. Form 16 and other important documents should be kept with you. Although investment or TDS proof is not required to be submitted with the return. But, you should keep these documents with you so that you can show them to the authorities in case of assessment or inquiry.

Keep these things in mind

Download AIS and Form 26AS. If any error or mismatch is found in it, correct it immediately. One should avoid filling ITR form in haste. Whenever you fill the form, cross check it. With this, you will be able to correct any errors in time and your refund will not get stuck.

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You may find filing Income Tax Returns complicated, but by avoiding some common mistakes you can make the process easier and ensure that you get your due refund. However, some mistakes may occur inadvertently while filing ITR. These mistakes can cost you dearly. In such a situation, you should be careful while filing income tax return.

Filing your ITR is important for many reasons. Mainly it fulfills a legal obligation under the Income Tax Act. Along with following the tax laws and regulations, the government gets information about your income from different sources through ITR. It gives you an opportunity for financial planning and ITR is also an important document for loan or visa applicants.

Do not make these 10 mistakes while filing ITR-

Incorrect personal information – While filing your ITR form, ensure that all the information like name, PAN, address and bank account details are filled correctly in the form.

Choosing the wrong ITR form – Choose the right ITR form based on your income sources and your type of income. Filling wrong forms may result in fine.

Not giving complete information about your income – Provide information about income from all sources of income including salary, interest income, rent income, capital gains in your ITR. Failure to report all income sources may result in penalties.

Ignoring TDS credit– Must show the TDS details in ITR from Form 16/16A issued by your employer or deductor. Failure to provide correct information may result in notice and fine.

Incomplete information about investments and deductions– Correctly declare all investments, expenses and deductions to claim eligible tax benefits under Section 80C, 80D, 80G of the Income Tax Act.

Hiding interest income – Correct information about interest earned from savings accounts, FD or other sources should be given. Failure to do so may result in a fine.

Form 26AS not matching – Cross-check the statements in your ITR with Form 26AS. It contains details of your TDS, tax payment and other income tax related information.

Not filing ITR on time – This is a very important thing. Do not wait till the last moment of the last date to file ITR. Late filing of ITR may result in penalty.

Not verifying ITR – After filing ITR online, it is necessary to verify it electronically through Aadhaar OTP, NetBanking etc. or by sending a physical copy with your signature to the Income Tax Department within the stipulated time. If verification is not done, ITR filing becomes invalid.

Not maintaining necessary records – Maintain records of all documents, receipts and evidence related to your income, investments and tax deductions, as these may be required for verification or in case of any tax investigation in future.

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The time has come to file Income Tax Return (ITR Filing 2024). Many taxpayers want to change the tax regime while filing returns. Let us tell you that if you have not selected the tax regime, then the automatic new tax regime will be selected or will have been done.

Can taxpayers who want to change the tax regime do so now? Come, let us know the answer to this question.

default tax regime
In Budget 2023, Finance Minister Nirmala Sitharaman had made changes in the Income Tax slab. He had announced the new tax regime. In this, Rs 3 lakh annual income is tax free and the tax has been rebooted to Rs 5 lakh. Let us tell you that the new tax regime is the default regime.

If the taxpayer has not yet selected the tax regime, then tax will be paid under the automatic new tax regime. Apart from this, the company will also deduct TDS under the new tax regime.

How To Switch Tax Regime?
The Central Board of Direct Taxes (CBDT) has not yet given any information regarding whether the tax regime can be changed. This clearly means that whether the tax regime can be changed or not is not yet clear.

However, regarding this, tax experts say that the company gives the option to the taxpayer to settle the tax. If the company does not give this option to the taxpayer then there is no remedy for it.

At the same time, many experts say that the taxpayer can select the tax regime when he files ITR. That is, while filing returns, taxpayers can choose the regime as per their choice.

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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.

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The Income Tax Department keeps introducing new features to help the taxpayers. In this new session of return filing, the Income Tax Department has introduced another new feature. This feature will enable taxpayers to track the notices received from the department in a single click.

Facility will be available here on the portal
This new feature of the Income Tax Department has been added to the e-Proceedings section. By clicking on this new tab, users will be able to track all pending tax proceedings at one place. All the letters and notices received by the taxpayer from the Income Tax Department will be available in this single tab. Search option has also been given to search them.

This information given in FAQ

The Income Tax Department has also explained about this new feature in the FAQ. The department has said about this in the FAQ that the e-Proceeding tab available on the e-filing portal is a simple way to electronically respond to all notices, intimations and letters issued by the Income Tax Department.

The communications that will be available in this new tab of the Income Tax Portal are as follows:

• Defective notice under section 139(9)
• Information under Section 245 – Against Adjustment of Demand
• Prima facie adjustment under section 143(1)(a)
• Suo-Moto Correction under Section 154
• Notices issued by the Assessing Officer or any other income tax authority
  Communications seeking clarification
• Additionally, a registered user can add or remove an authorized representative to respond to any notice/information/letter listed above

The tax department has this hope
The Income Tax Department says that this new facility introduced on the portal will reduce the compliance burden on the taxpayer. They will not need to go to the Income Tax office for every work. Apart from this, it will be convenient for the taxpayers to keep an eye on various other communications sent by the department including income tax notices.

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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).

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The Income Tax Department has made income tax return forms ITR-1, ITR-2, ITR-3 and ITR-4 available for the financial year 2023-24 (AY 2024-25) on the e-filing portal from April 1, 2024. Now taxpayers can file income tax returns by choosing forms ITR1-4 on the portal.

The last date for filing income tax returns for the financial year 2023-24 is 31 July 2024. This means that income tax returns can be filed without any fees till July 31. Let us know what is ITR-1, ITR-2, ITR-3 and ITR-4 and who can fill it?

What is ITR1, ITR2, ITR3 and ITR4?

The Income Tax Department presents tax return forms according to the income. Accordingly, a taxpayer has to fill ITR. There are 7 types of ITR, which include ITR1, ITR2, ITR3 and ITR4. Here we are telling you which form you should fill.

Who should fill ITR1 form-

ITR 1 or Sahaj form should be filled by those people whose annual income is less than Rs 50 lakh. This earning can be from salary, pension or other sources. Those earning income from house or property can also fill this form. A farmer earning Rs 5000 can also fill this form.

People earning more than 1 house property, making capital gains, investing in business or unlisted companies, a businessman, HNI investors and a director of a company are not eligible to fill this form.

Who can fill ITR2 form?

If the annual earning limit is more than Rs 50 lakh then ITR 2 can be filed. Apart from this, short term, capital gains, those earning from more than one house property, those earning more than Rs 5000 from farming, income from horse riding betting, income from lottery or legal gambling, those investing in any company or any other The director of the company can fill this form.

ITR3 Form –

This form can be filled by a person or HUF who is earning from his business or profession. Income from ITR 2 is also included in this. Apart from this, those earning from shares of unlisted companies should also fill this form. Also, if there is income from salary, house property, capital gains, horse racing, lottery etc. then ITR Form-3 can be filled.

ITR4 Form –

This form is for individuals and HUFs whose annual income is Rs 50 lakh or more, then ITR 4 form should be filled. This form has to be filled if the income is under section 44AD and 44AE of Income Tax. Those earning from salary, pension or other sources can fill ITR 4.

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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.

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The Central Board of Direct Taxes has issued a press release. According to this press release, the Income Tax Department has identified certain mismatches between the information received from third parties on interest and dividend income of taxpayers and the Income Tax Returns (ITR) filed by taxpayers.

Apart from this, the department said that many taxpayers have not yet filed ITR.

The Income Tax Department has provided the facility of on-screen function on the e-filing website (https://eportal.incometax.gov.in) for the taxpayers to give their feedback on this. Here readers can easily give feedback.

Currently, information related to financial years 2021-22 and 2022-23 is mismatched on the portal. As per the details available with the department, taxpayers are also being made aware through SMS and email.

How can taxpayers take advantage of this?

The department said that those taxpayers who are already registered on the e-filing website should log into their account. After this he can directly go to the compliance portal. Now all the information will be available under “e-Verification” tab.

If the taxpayer is not registered on the e-filing website, he/she must first register himself on the e-filing website. After this the taxpayers have to click on the “Register” button where they will get all the information.

After registration, the taxpayer can easily log in to the e-filing account. The compliance portal can then be used to view those mismatches.

Reconciliation of mismatched details will also be allowed in the on-screen facility. There is no need to submit any document for this. The Department informed that this is a proactive step taken by the Department to reach out to the taxpayers and provide them an opportunity to respond to the communication in a structured manner.

If the taxpayer has disclosed interest income in ITR under line item ‘Others’ in Schedule OS, he is not required to respond to the mismatch relating to interest income.

The press release issued by the department said that taxpayers who are unable to explain the mismatch may consider the option of furnishing income tax returns when eligible, so that any under-reporting of income can be corrected.

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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.

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In such a situation, if your PAN card is lost somewhere, you will not have to worry. Now you can easily download your e-PAN card from the new website of Income Tax. Let us know the complete process of e-PAN Card (e-Pan Card Download).

How can I download PAN card by Aadhaar number?

1. First of all login to the Income Tax website  https://www.incometax.gov.in/iec/foportal .
2. Now click on ‘Instant E PAN’. 
3. After this, click on ‘New E PAN’. 
4. Now write your PAN number.
5. If you do not remember your PAN number, then write your Aadhaar number.
6. Many terms and conditions are given here, read them carefully and then click on ‘Accept’.
7. Now OTP will come on your registered mobile number, write it.
8. Now ‘Confirm’ after reading the given details.
10. Now your PAN will be sent to your email ID in PDF format.
11. Download your ‘e-Pan’ from here.

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The Income Tax Department is keeping an eye on the taxpayers who have done high value transactions in this financial year. The Income Tax Department is sending a message to taxpayers doing high value transactions. The Income Tax Department has made a post regarding this on X (formerly Twitter).

Some references have come to the notice of the Income Tax Department regarding recent communication sent to taxpayers pertaining to transaction(s) made by them.

Taxpayers may pl note that such communication is to facilitate the taxpayers & make them aware of the information…

— Income Tax India (@IncomeTaxIndia) December 26, 2023

Meaning of the message sent by the Income Tax Department

Income Tax Department is sending messages to many taxpayers regarding high value transactions. The department is advising the taxpayer through SMS. Many people are considering this message as a notice, whereas let us tell you that this is not a notice but an advice is being given by the department. The department is advising the taxpayer to file revised returns on time.

The department said in its ex-post that taxpayers can fill the feedback online on the official portal of the department. Apart from this, taxpayers can also modify the return.

You have also received the message from ITD

If you have also received a message from ITD, then first of all you will have to remove AIS. After this you match the AIS with the returns. If there is any mismatch, you can file a revised return. You can respond on the Compliance Portal on the official portal of the Income Tax Department.

To respond on the Compliance Portal, you have to log in to the e-filing portal ( www.incometax.gov.in/ ) . After this you have to go to Pending Action and select Compliance. Now after clicking on the ‘e-Campaign Tab’, high-value transactions will be shown. Here you can enter the reply for these transactions.

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What is discard return?

When you file your Income Tax Return (ITR), there are several steps. Under the discard return facility provided by the Income Tax Department, you can discard the income tax return already filed by you. In simple language, this means that that return will be completely removed from the records of the Income Tax Department. To use discard return, the taxpayer will have to go to the website of the Income Tax Department. That means you can remove it before filing ITR.

When will discard returns be used?

Any taxpayer can use the discard return option only if that taxpayer has not verified his ITR. This simply means that before verifying the ITR, you can remove it from the records of the Income Tax Department. The date of discarding the return should be within one year from the end of the financial year. Also, the return can be discarded only by the person who has filed it first. Let us tell you that after discarding the return, no changes can be made, you will have to file it afresh.

Benefits of discard returns

You can correct any mistakes before verifying the return. If you have made any mistake in your income tax return, you can correct it without paying any penalty through ‘Discard Return’. This facility is helpful to taxpayers in correcting or withdrawing income tax returns. Earlier, there was no system for withdrawing the ITR filed with the taxpayers. If there was a mistake in the ITR, a revised return had to be filed.

Discard return process

To make a discard return, users will have to file the following process.

> First of all go to the Income Tax Department website www.incometax.gov.in.
> Now login using your user ID and password.
> After this go to e-File option and select Income Tax Return.
> Now click on e-Verify ITR and select ‘Discard’ option.

Till now this was the process

Before ‘Discard Return’, you were required to file the old return in case of any mistake or change. In this, if you came to know about any discrepancy after filing the return, then you had to file a revised return. But now you can make changes in it without revising.

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Every year crores of people file income tax returns in the country. Those people whose income is taxable, it is necessary to file income tax return. Now important information has come out from the Income Tax Department. In fact, the Income Tax Department has said that Advance Ruling Boards have been started in Delhi and Mumbai. These boards will work through email-based procedures and conduct hearings through video conferences.

Advance ruling

The Central Board of Direct Taxes (CBDT) constituted three boards in September 2021 for advance ruling. Along with this, the scheme of e-advance ruling was launched to make the entire process of advance ruling more efficient, transparent and accountable with minimum direct physical intervention. People are expected to get a lot of benefit from this.

CBDT

The CBDT said in a statement, “Advance ruling boards have started functioning in Delhi and Mumbai. These boards have started working through e-mail-based procedures and conducting hearings through video conference.

Income tax return

Let us inform that those people whose income is taxable in India, they will have to file ITR every year. On the other hand, if people do not file income tax returns on time, then people can also be fined. Also, till 31 July 2023, people could file income tax returns.

However, now if people file income tax return after this due date, then a fine of Rs 5000 thousand can also be imposed on people as late fees. This penalty will be imposed till the filing of income tax return by 31 December 2023.

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How much is the fine?

According to Section 234F of the Income Tax Act, 1961, if you file a late ITR, a fine of up to Rs 5,000 will have to be paid to those earning more than Rs 5 lakh in a financial year, while those earning less than Rs 5 lakh will have to pay a fine of Rs 1,000. Will have to pay the fine. On the other hand, if you have any tax liability, interest will also have to be paid on it at the rate of one percent per month till the date of submission of ITR.

If someone wants to revise his return, then he does not have to pay any kind of penalty. However, if the tax officer detects any discrepancy, a penalty has to be paid.

There is no penalty for updating ITR . However, if any additional tax is created, the taxpayers have to deposit it under Section 140B of the Income Tax Act.

How to file?

Late ITR is filed like normal ITR. For this you have to go to the official website of Income Tax. You can also submit the revised return by visiting this website. Revised return has to be filed before the end of the assessment year.

To update the income tax return, you need to fill Form ITR-U. After this, you want to update the return of the assessment year. can update it.

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Crores of people have filed Income Tax Return (ITR) and now people are waiting for Income Tax refund. But is there any delay in getting the tax refund? If you want to get refund how long will it take? But first check whether you have e-verified your ITR or not. If you do not e-verify your ITR, the filing process is considered incomplete and your ITR becomes invalid. In such a situation, first of all verify your income tax return.

Income tax refund

You will get the refund once your ITR is processed. The refund does not come immediately, but will be issued to you through the Income Tax Department after verifying the details of tax already paid with the information available with it. As per the press release of the Income Tax Department, 61% e-verified returns have already been processed. Which means that intimation of processing, refund or adjustment as applicable will have been sent and refund if any is usually credited. This work is done between 10 days to 2 weeks after processing.

Income Tax Return

Normally it takes 20-45 days for the refund to reach you after you have filed and verified your ITR. However, in this financial year 2022-23, the tax department has expedited the processing of Income Tax Return (ITR) by using advanced technology. As a result, the average processing time has come down impressively to just 16 days. On the other hand, if your income tax refund is to come, then you can regularly check the status of your income tax refund and keep the process of checking it in your mind.

Check Income Tax Refund Status Online

– Visit the Income Tax India website.
Log in using your User ID (PAN Number), Password and Captcha Code.
Go to ‘Return / View Form’.
Click on ‘Choose an option’ and then click on ‘Income Tax Return’ from the drop-down menu.
Fill the assessment year and then submit.
Click on the relevant ITR acknowledgment number to check the status of your ITR refund.

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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.

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If you have filed ITR on time, but now you are coming to know that some mistake has been made or some information has been entered wrongly, then it can be rectified. The Income Tax Department has asked such taxpayers to file Revised ITR while giving them an opportunity to rectify the mistake.

Taxpayers who miss the deadline can file belated ITR, according to the Income Tax Department, 6.77 crore income tax returns have been filed till July 31 for the financial year 2022-23. However, a large number of taxpayers have missed this deadline. The Income Tax Department has given such taxpayers an opportunity to file belated ITR. However, for this, a penalty of up to Rs 5,000 has to be paid.

Taxpayers who have filed ITR

But have entered wrong information or figures have gone wrong, such taxpayers can file Revise ITR under Section 139(5) of the Income Tax Act, 1961. get a chance to.

Will I have to pay penalty for Revising ITR?

According to income tax rules, no penalty or fee is charged for correcting mistakes and filing revised ITR. However, there is definitely a deadline to file it. December 31, 2023 is the last date for filing Revised ITR for the financial year 2022-23.

Revise ITR can be filed multiple times

According to income tax rules, taxpayers can file Revise tax return multiple times within the deadline. However, you will have to give complete details of the return to the Income Tax Department every time.

Method of filing Revise ITR

Revise ITR is filed under section 139(5) of the Income Tax Act. The process of filing it is the same as filing the original ITR. Individual taxpayers only need to ensure that section 139(5) is selected while filling the applicable income tax return form and the original ITR number is required in the process.

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Crores of people file income tax returns in the country. At the same time, the last date for filing income tax return has come. By 31 July 2023, taxpayers will have to disclose their earnings made in the financial year 2022-23. On the other hand, if someone does not file income tax return by the due date, then those people may also have to pay a fine. At the same time, more than 6 crore people have filed their ITR.

On the other hand, filing of income tax return this time is very special because this time a good news has also been given to the people by the Modi government. In fact, in Budget 2023, an important announcement was made by Union Finance Minister Nirmala Sitharaman and people were exempted from the tax filing limit. Crores of people have also benefited from this exemption.

New tax regime

Actually, the Modi government had increased the exemption in the income tax limit in the new tax regime. It was announced in Budget 2023 that if a taxpayer files income tax return under the new tax regime, then he will get exemption on annual income up to Rs 7 lakh. This means that if people file income tax returns under the new tax regime, they will not have to pay any tax up to an annual income of Rs 7 lakh.

Along with this, the Modi government has also given the people the benefit of standard deduction in the new tax regime. If you work on salary, then people will also get standard deduction of Rs 50 thousand from the new tax regime. In such a situation, along with tax exemption on annual income of Rs 7 lakh, people will also get a standard deduction of Rs 50 thousand. In such a situation, people can get tax exemption from the new tax regime up to an income of up to Rs 7.5 lakh annually.

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Employed people should also be careful

According to CNBC Awaj, Sharad Kohli solved all the problems of job seekers. He told that earlier it was believed that the government keeps a close watch on the returns of the businessmen. But this assumption is not correct. The department has as much eye on the returns of salaried people as it does on the returns of businessmen.

A small mistake will be heavy

Earlier you had to attach documents together. But now it is not so. There can be a mess in the declaration that is made from your side. If you make a rent claim, donation claim, home loan or any other claim, then you must have a proper proof of each claim. The government can investigate any claim. If the declaration turns out to be wrong, then you will have to bear the consequences.

Never forget this

That’s why whatever deduction you are claiming, keep its papers in the file beforehand. So that tomorrow if you are asked any question related to this, then you have solid proof of it. In such a situation, you may also be penalized for tax evasion.

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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.

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Have to pay penalty

ITR taxpayers of FY 2022-23 and Assessment Year 2023-24 can file even after July 31, but in such a situation they will have to pay penalty. This penalty depends on the income of the taxpayer. According to income tax rules, if your annual income is less than Rs 5 lakh, then you will have to pay a penalty of Rs 1,000 for filing ITR after July 31. On the other hand, if you file ITR on income of more than Rs 5 lakh, you will have to pay a penalty of Rs 5,000.

May be with penalty

It is worth noting that those people who are liable to pay tax are required to file ITR. In case of not doing so, the Income Tax Department can also take legal action against you. For tax evasion, you can be jailed for three months to two years along with income tax notice. It is worth noting that if a taxpayer evades tax of more than Rs 25 lakh, then he can be imprisoned for up to 7 years.

Must do e-verification after filing return

Significantly, after filing ITR on the Income Tax website, it is also necessary to do e-verification. Without e-verification, your ITR cannot be considered complete. For this, the Income Tax Department gives 120 days to taxpayers, in which you can easily do e-verification through your Aadhaar. To do e-verification, first you login to the e-portal of the IT department.

Here you will see the option of e-verify Return, click on it. Next enter the PAN number, assessment year and enter the mobile number. After this enter the 6 number OTP received on your mobile and submit it. If you are doing e-verification within 30 to 120 days of filing ITR, then give the reason behind it. After this your e-verification will be completed. It is worth noting that without e-verification, your ITR filing is not considered complete.

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Will parents have to file ITR on child’s property?

According to the rules of the Income Tax Department, the income of a minor child or the money received as a gift, property, investment etc. comes under the ambit of tax. Under Section 64 (1A) of the Income Tax Act, the money of children below the age of 18 years will be clubbed with the parent’s income tax return. This means that the father will have to file ITR on the income or property of the child.

Different rule on earning of disabled child

According to the Income Tax Department, if both the mother and the father of a child file income tax returns, then the details of the child’s earnings or assets will be clubbed with the ITR of the one who earns more. However, if the child is a victim of any kind of disability, his wealth will not be clubbed with the parents’ ITR under section 80U of the Income Tax Act. Rather, a separate ITR will be filed.

Income tax rules in case of orphan child

As per income tax rules, income tax return has to be filed even if an orphan child below the age of 18 years has a taxable asset. A chartered accountant or an income tax firm can be contacted for the filing process. The Income Tax Department has already given the facility of PAN card for minor kids. That’s why the orphan child is not going to face any problem in filing ITR.

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The government changed the tax rules 

The new financial year has started from 1st April. The government has changed many rules related to tax for the new financial year. According to the rules, if you choose the new tax regime, then you can get many benefits. Your tax can be zero under the new rules. According to the new tax regime, no tax is to be paid on income up to Rs 7 lakh. If your annual income is Rs 7 lakh, then you do not have to pay any tax.

Can take advantage of standard deduction 

On February 1, Finance Minister Nirmala Sitharaman had announced to give the benefit of standard deduction in the new income tax regime. Its purpose is to attract taxpayers towards the new tax regime. The government wants more and more taxpayers to use the new tax system instead of the old tax system. Now even in the new tax regime, salary class and pensioners will get the benefit of standard deduction of Rs 50,000.

Will get benefit here too 

Employed people whose annual income is Rs 15.5 lakh or more will get a standard deduction of Rs 52,500 annually in the new tax regime. Earlier, no standard deduction was available in the new tax regime. Only people employed in the old tax regime used to get the benefit of standard deduction, but it will be available in the new tax regime as well.

Government increased leave encashment exemption

Private sector employees used to get Rs 3 lakh exemption under leave encashment but now it has been increased to Rs 25 lakh.

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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.

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According to the figures of the Income Tax Department, till July 24, more than 4 crore ITRs have been filed. The last date for filing ITR has been fixed as 31 July 2023. Those who do not file ITR by this date will have to file belated ITR and pay penalty for the same.

Foreign assets must be disclosed in ITR

The Income Tax Department has said that taxpayers who have property abroad or have a bank account or receive any kind of income from abroad must disclose it in the ITR. The Income Tax Department said in the tweet – Please note: Holders of foreign bank accounts, properties and income. Please do not forget to disclose foreign assets in your Income Tax Return (ITR) for Assessment Year 2023-24. Please ensure that you disclose all Foreign Assets (FA) and Foreign Sources of Income (FSI) if you have foreign bank accounts, or assets, or receive income from abroad.

Returns from Shares or PPF Investments

The Income Tax Department has also asked those who receive income from investment in shares or receive dividends to disclose. If taxpayers have invested in Public Provident Fund, then the interest received in it is tax free. That’s why you have to show it as your income.

Details of foreign investment information

According to the Income Tax Department, taxpayers who earn income by investing anything abroad will have to disclose it in ITR. This income can be in the form of holdings, foreign funds, property, bank accounts.

10 lakh fine for hiding foreign assets

Income Tax Department said that- the last date for filing ITR is 31 July 2023. Remember: Failure to disclose foreign assets/income can result in a penalty of Rs 10 lakh under the Black Money (Undisclosed Foreign Income and Assets) and Tax Act 2015.

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It was also informed by the department that this time refund has been issued to 80 lakh people so far. It has already been clarified by the government that this time there will be no change in the last date of income tax return. However, under a rule of Income Tax, penalty will not have to be paid even after filing ITR after 31 July.

Website related to e-filing slow!

It is being said on behalf of the people who file ITR that the website related to e-filing is already working slow. On the other hand, income tax payers are constantly being made aware by the Income Tax Department. It was told by the department that to avoid any kind of penalty, file ITR on time. However, in some cases, ITR can be filed without penalty even after the last date.

Relief will be available on income less than the exemption limit

Income tax experts say that under Section 234F (234F) of Income Tax, if the total income of a person during the financial year (Total Income in FY) is less than the basic exemption limit, then it will not make any difference to file ITR late. Simply put, if your total income in the financial year 2022-23 is Rs 2.5 lakh or less as per the old regime, then this rule will apply to you. Under this rule, 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.

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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.

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The last date for filing ITR for the financial year 2022-23 is very near. According to the Income Tax Department, a citizen whose annual income is more than 3 lakhs must file ITR. The last date for filing income tax return has been fixed as 31 July 2023. If you fail to file ITR, then you will have to pay penalty, as well as you may have to face income tax notice.

Penalty on delay in filing ITR

According to the Income Tax Department, if you do not do this work before July 31, the last date for filing ITR, then penalty or fine will have to be paid. As per the rules, the late ITR filing fee is Rs 1,000 for small taxpayers ie those earning up to Rs 3 lakh. On the other hand, those whose income exceeds Rs 5 lakh may have to pay a penalty of Rs 5,000. Let us tell you that till 2021, Rs 10,000 had to be paid as late penalty, but it has been reduced under the new rules.

Documents required to file ITR

• If you are salaried then you got form 16 from office
• Form 26AS
• If there is FD in the bank or dividend is received then its documents
• Documents of mutual funds, property, shares and gold
• If there is property abroad, then its documents

How to file ITR online

1. Log on to the official website of Income Tax at incometax.gov.in.
2. After that click on view return or form.
3. View e-filed tax returns.
4. After this, select Assessment Year, ITR Form Number, Filing Type Original/Revised Return on the page.
5. After that click on continue and enter the requested information.
6. Tax paid and verification page will open, on this you have to choose the option accordingly.
7. After that preview and submit the form after checking it properly.

Note- In case of any problem in ITR filing, take help from the information available in the user manual given on the website of the Income Tax Department.

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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.

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Otherwise you will have to face the consequences. Timely filing of returns would be considered good. But if you file income tax return after the deadline, you will have to file belated return. For which also you are given a time limit by the Income Tax Department. But along with this you will also have to pay the penalty.

How much fine will have to be paid?

First of all, if we talk about the fine, then if your income is less than five lakh rupees, then you will have to pay a fine of one thousand rupees. If your income is more than five lakh rupees, then the amount of fine will increase to five thousand rupees. Along with this, you will not get the benefit of many deductions and exemptions.

Due to which your tax burden will increase. That means you will have more loss in this too. Time from 31 July to 31 December is given by the Income Tax Department for filing belated i.e. late returns. If even then you have not filed the income tax return, then ten thousand rupees will be taken from you as a fine. So it is better to file returns before 31st July to avail income tax exemptions and deductions.

Interest will have to be paid along with the fine

If your income is taxed and you are not able to file the return by the deadline, interest will have to be paid at the rate of 1 percent every month until you file the return. If you under-declare your income while filing income tax, you will have to pay a penalty of 50 percent and 200 percent for misrepresenting your income. If you don’t file any income tax even after giving repeated notices, then in such a case there can be imprisonment of three years to seven years.

If the salaried people fail to file the tax return, then they will not get the benefit of the new tax regime. In the new tax regime, income up to Rs 7 lakh was kept tax free. A major disadvantage of filing late return is that even if you are going to get tax refund, you may have to face inconvenience in it. Along with this, the attention of the officials of the Income Tax Department will come towards you. Because of which you can come under investigation or inquiry.

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The process of depositing income tax return in the account of taxpayers has been started by the Income Tax Department and those who have filed their ITR have started receiving money. Income Tax Department is continuously advising taxpayers by sending messages and through social media that ITR should be filed as soon as possible without waiting for the last date. There has been a sharp increase in the number of people filing income tax returns so far this year as compared to last year.

Till now, more than 3 crore ITR files have

been shared on the Twitter handle of the Income Tax Department through a tweet that till now more than 3 crore ITR files have been filed in the country. Compared to last year, the Income Tax Department has achieved this milestone 7 days earlier. It has been told in the tweet that this year for the assessment year 2023-24, more than 3 crore ITRs have been filed till July 18, 2023, while last year the same number of ITRs were filed till July 25.

Income Tax Department appeals to taxpayers

According to the figures of the Income Tax Department, till July 18, 2023, 3.06 crore taxpayers in the country had filed their ITRs. Out of these, 2.81 crore ITRs have been e-verified, which means the process of e-verification of 91 per cent ITRs has been completed. Taxpayers have been urged by the department that we expect this enthusiasm to continue and all those people who have not yet filed ITR should do this important work as soon as possible to avoid overcrowding in the last dates. Take it.

So much fine after 31st July

If the taxpayer is not able to file his ITR till 31st July, the deadline fixed by the Income Tax Department, then later he will have to do this work along with the fine. Under this, a fine of Rs 1,000 is imposed for taxpayers with annual income up to Rs 5 lakh, while a provision has been made to levy a late fee of Rs 5,000 for annual income of more than Rs 5 lakh. In a tweet by the Income Tax Department, taxpayers have been advised that those who have not filed ITR for the assessment year 2023-24, should do so as soon as possible to avoid last minute rush.

These documents are needed while filing ITR

• PAN Card: PAN card is a necessary document not only for filling ITR but also for opening a bank account. Keep it with you while filling ITR.
• Aadhaar Card: There are details like name, address and date of birth on Aadhaar. Its 12 digit unique ID number has to be entered.
• Form 16A: Form 16A is necessary for sources of income other than your salary, it contains complete details of your income.
• Form 26AS: Gives information about TDS deducted from your income and payments made. Can download from Income Tax website.
• Salary Slip: Salary slip is also an important document. It contains details like income, travel allowance, which have to be filled.
• Home Loan: If you have a home loan going on, then it is necessary to give complete information about it while filing income tax return.

You can file ITR like this 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 mode 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 wish to e-verify and click on ‘Continue’.
• Once you have e-verified the return, an intimation about the successful submission of the form appears on the screen.
• Transaction ID and Acknowledgment Number are displayed 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.
• Self-select new or old tax regime
• While filing 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.

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There are many benefits if ITR is filed on time

You can claim several deductions and exemptions on your ITR, which can reduce your tax liability. For example, you can claim exemption on medical expenses, insurance and home loan interest. If you miss the ITR filing deadline of 31st July then you may face many problems.

Rs 5,000 fine for missing ITR deadline

Taxpayers who miss the deadline have the option to file ITR after the deadline. You can file this ITR till 31 December 2023 but you will have to pay late fine. If ITR is filed after July 31 and till December 31, then you will have to pay late filing fine. As per Section 234F of Income Tax, if you file your ITR after the due date of 31st July but before 31st December 2023, you will have to pay a maximum penalty of Rs 5,000.

Rs 1,000 fine on income up to Rs 5 lakh

Those whose total income is up to Rs 5 lakh will have to pay a fine of Rs 1,000.

If ITR is filed after December 31, 2023, the penalty amount will be Rs 10,000.

Interest will have to be paid for late ITR filing

If you have any outstanding tax liability, you will also be charged interest on that amount as a penalty for late filing of returns. It also depends on your case. If there is no tax due, taxpayers will not be required to pay this interest just because of late filing of ITR.

Will have to go to jail for not filing ITR

If a person knowingly files the return late even after receiving the message, the Income Tax Officer can take action called Prosecution Procedures. Failure to file ITR can lead to imprisonment of three months to two years. If the amount of tax evasion is more than Rs 25 lakh, then the punishment can be from 6 months to 7 years.

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If you have not yet filed ITR, then do it before 31 July. Filing ITR on time is good for you in many ways. If you do not file ITR by the due date for the financial year 2022-23, then belated returns will have to be filed. For this, you are being given time till December 31, 2023 by the department. If you are also unable to file ITR by July 31, 2023 for any reason, then you may suffer the following losses.

Late ITR filing attracts a penalty of Rs 5,000 for individuals with income above Rs 5 lakh. The fine is Rs 1000 on income up to Rs 5 lakh. Also, non-filing of ITR on time may result in loss of certain tax deductions and exemptions. Eventually, this may increase your tax liability. If you file ITR after December 31, 2023, then you will have to pay a fine of Rs 10,000.

Interest on Late Filing

If your income is taxable, then for not filing the return by 31st July, you will be charged additional interest at the rate of 1% every month till the ITR is filed. Under this, an interest of 1% is levied till the date of filing the return. After 31st December the assessee shall have the option to file the updated return only in case tax is due but is to be paid for the updated return up to 31st March 2024.

The prosecution

can be fined up to 50% for under-reporting income and up to 200% for misrepresenting income. Experts say that if the tax return is not filed despite the reminder, the authorities may have to start the prosecution process on the basis of outstanding tax. In this, there can be imprisonment from three months to 7 years.

There is no benefit of the new tax regime,

if you are late from March 31, then the salaried employees cannot select the option of the new tax regime. If they select this option with the employer, then additional tax and interest will have to be paid for late filing of ITR. Let us tell you that in the budget presented on February 1, the Finance Minister had kept income up to Rs 7 lakh tax free under the new tax regime.

Delay in refund

Another disadvantage of filing late ITR is that if you get tax refund then it can be delayed. Such delays can lead to unnecessary financial stress and inconvenience. Additionally, late filing of ITR may attract the attention of the authorities. This increases the chances of audits and inquiries in their tax matters.

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Must file these things in the return –

Give information about children’s accounts

If you have invested anything in the name of your child and you are getting income from it, then you will have to register it while filing income tax return. Many times it happens that parents get bank accounts opened in the name of minor children. Let’s invest in his name. But do not include the interest income received in your total taxable income. For this, you can also get a notice from the Income Tax Department. By adding this income to your income, a benefit of Rs 1500 can also be taken.

return of savings bank account

While filing returns, people often forget to include the interest earned from savings bank account in their total income. Because they ignore it considering it as a small income. You also need to include this in ITR. In this, you can also claim a rebate of ten thousand rupees under section 80TTA within one year.

Include accrued interest as well.

Accrued interest means the income from interest is also your income. In which payment will be made only on maturity. TDS will be taken in this. You have to file all your investments in ITR.

Return on investment

While filing the return, you must also show the return on investment. If you have invested in Public Provident Fund, then the interest earned in it is tax free. That’s why you have to show it as your income.

Information about investments made abroad

If you have made any investments abroad. Which holdings, foreign funds, property also you have to show while filing ITR.

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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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Last date for filing ITR is 31 July

According to the Income Tax Department, the last date for filing ITR for the financial year 2022-23 is 31 July 2023, in which now less than 15 days are left. According to the Income Tax Department, a person with an annual income of Rs 3 lakh or more should file ITR. Relief has been given only to those who are exempted from the Income Tax Act.

Kind Attention: Holders of foreign bank accounts, assets, and income!

Please don’t forget to fill the Foreign Asset Schedule in your Income Tax Return (ITR) for Assessment Year 2023-24.

Please ensure you disclose all Foreign Assets (FA) and Foreign Sources of Income (FSI) if… pic.twitter.com/0l8CntCm9Q

— Income Tax India (@IncomeTaxIndia) July 14, 2023

Disclosure of foreign income received in ITR is mandatory The Income Tax Department has cautioned taxpayers who have assets or bank accounts abroad or receive any income from abroad, saying- Please note: Foreign bank accounts, properties and holder of income. Please do not forget to disclose foreign assets in your Income Tax Return (ITR) for Assessment Year 2023-24. Please ensure that you disclose all Foreign Assets (FA) and Foreign Sources of Income (FSI) if you have foreign bank accounts, or assets, or receive income from abroad.

10 lakh fine for hiding foreign assets

The Income Tax Department further said that the last date for filing ITR is 31 July 2023. Remember: Failure to disclose foreign assets/income can result in a penalty of Rs 10 lakh under the Black Money (Undisclosed Foreign Income and Assets) and Tax Act 2015.

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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.

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On the other hand, if you have filed the return and you want to see the status of your tax refund, now you can easily do so. For this you do not even need to go anywhere, you can do this work while sitting at home. Let’s know its step-by-step process

New facility for taxpayers

In fact, keeping in view the convenience of taxpayers, the department has started a new facility on the Income Tax Portal for them. Taking advantage of this facility, people can now directly check their refund status sitting at home. Till this facility, taxpayers could check their refund status only through the website of TIN-NSDL.

According to the Income Tax Department, if a taxpayer deposits more tax than his tax, then he is entitled to a refund. People who have filed for return and want to check their refund status then follow this procedure-

Check status online like this

First of all go to the e-filing portal of the Income Tax Department,
scroll down here you will see the option ‘Your Refund Status’, click here.
After this you have to enter PAN number, financial year and assessment year.
Now you will get an OTP which you will have to enter on the website.
After this you will see your status immediately.
If there is any problem in your ITR, then the message ‘Record Not Found’ will appear on the screen.

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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.

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Yes, you may face problems after a few days due to increase in traffic. Apart from this, it was told by the Income Tax Department that till July 11, 2023, more than 2 crore income tax returns have been filed for the financial year 2023-23. This number is more than last year’s figures.

Maybe you have also filed ITR. In this, the next question is whether your refund has come yet or not. If it does not come, then you may have made a mistake. That’s why it is necessary to cross check it once. However, now the process of return is very fast and now Income Tax Refund comes in 7 to 10 days. Still, if your refund has not come, then you may have made some mistake.

Reasons for delay in refund

1. Not giving complete information in ITR

If incomplete information is given in your ITR, then your refund can be stopped. For this you can check ITR preview. After this you can connect with your assessing officer with other information and documents.

2.
If you have not paid any kind of tax due to tax or if there is some kind of mistake in your calculation, then also you can get income tax notice. Your refund of any kind can be stopped by the Income Tax Department on receipt of the notice.

3. Mistake in refund request

You may receive a notice from the Income Tax Department if there is any mistake in your refund request. In such a situation, your calculation may be wrong, then you need to file Rectification ITR.

4. Irregularity in deduction:

Many times this thing gets caught after ITR filing. On checking, you can see that you have made some kind of mistake regarding ITR deduction. In such a situation, if you have not claimed the correct deduction, then you will have to file Revised ITR.

5. Incorrect bank account information

If in any way your bank account information is entered incorrectly, your refund may be withheld. Actually, it is most important for your account details to be correct for refund. Check once, if the details are not correct, in this case you will have to request a ‘refund re-issue’.

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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.

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The last date for filing income tax return for the financial year 2022-23 is 31 July 2023. If you also want to avoid penalty, then you must file your ITR on time. You can file your return through the official website of the Income Tax Department. However, this time some changes have been made by the department as compared to last year. In such a situation, if you are filing your ITR, then you should know about them. Let us see at a glance about the changes related to the ITR form.

Income from Virtual Digital Assets (VDA)

The Income Tax Act has a provision to tax income from virtual digital assets from April 1, 2022. TDS will be levied under section 194S on transactions related to cryptocurrency. The ITR form for income from VDA has been revised. Taxpayers will have to give information about their income from VDA. This includes date of purchase, date of transfer, cost and sale proceeds.

ARN details for claiming 80G

A person making a donation during the financial year 2022-23 is eligible for deduction under section 80G. From this time onwards, the donor will have to give the ARN number of the donation in the ITR form. This is applicable for donations where 50% deduction is allowed.

TCS and relief under section 89A

Taxpayers can claim Tax Collection at Source (TCS) against their payable income tax. Apart from this, if a taxpayer has claimed relief under section 89A and later he ceases to be a resident, then details of taxable income from that relief will have to be given in the ITR form.

Foreign Institutional Investor (FII) Information

ITR forms for FY 2022-23 will require more information than before, such as balance sheet information for ITR-3 and SEBI registration number for taxpayers registered with SEBI as Foreign Institutional Investors (FIIs). It is necessary to do.

Disclosure on Intraday Trading

The newly introduced ‘Trading Account’ section in the ITR form will require reporting of turnover and income from intraday trading. This time before filing ITR, you must be aware of all the above mentioned things. If any of these is of use to you, then keep it in mind while filing ITR.

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When we asked tax expert Balwant Jain for the correct information about the number of days the refund comes after filing and verification, he said that usually it takes 20 to 25 days for this work. However, the chairman of the Central Board of Direct Taxes (CBDT) claims that now the refund time has reduced considerably. We try to process the return within a few days of filing it. The intention of the government is to send the refund money within a day.

In how many days will the money be received this time –

CBDT Chairman Nitin Gupta says that with the use of technology, now the process of refund has become very simple. If we talk about the last financial year, the refunds of 80 percent taxpayers were issued within 30 days. Not only this, if we look at the average of ITR refund for 2022-23, it was 16 days.

That is, the refund was returned to every taxpayer within an average of 16 days. If you look at the figures, earlier in 2022-23, it used to take an average of 26 days for the refund to come back. The department had claimed to settle about 23 lakh returns in a single day on July 28, 2022. This year also the tax return money is expected to come back soon.

Sends the information in advance-

Income Tax Department gives all the information regarding the refund in advance. The department tells you in advance by sending a message or through email that how much is your tax liability or how much money you will get refund. Apart from this, if you want, you can also check the status of your refund by visiting the official website of the Income Tax Department. After verification, the first priority of the department is to refund the tax money. If you do not see its information in the inbox of the mail, then the mail can also be checked in the Spam folder.

What message does the department send-

After the income tax return of any taxpayer is filed, the department investigates it. After processing, it seems that the claim made by you for refund is correct, then you will get its information through SMS or e-mail. The department issues a notice under section 143 (1) of the Income Tax. It contains the complete details of how much tax has been made and how much you will have to pay. In this notice, the tax deducted on your earnings and the amount received on filing the return is mentioned.

How to get refund money –

You are already appealed to share your bank details on the Income Tax Department’s website. Before filling ITR, check whether your bank details are correct or not. The Income Tax Department puts the refund money in this bank account. For this, the Income Tax Department has prepared SBI. This means that your refund money is sent by SBI. In some cases, your refund money is also sent by post through check or bank draft.

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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 this case, 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.

Form-16 mentions the details of income as well as deductions for which taxpayers can claim. The employee has to check the details mentioned in Form-16. He has to see whether it matches the amount earned or not. There should be no difference between the details given in the tax return and AIS, otherwise the taxpayer may get a notice.

Let 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 on the part of 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. 

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 How to File Income Tax Return Online in 2023 ? 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’.

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Actually, day by day people are becoming aware about filing income tax. This time the income tax returns filed in June are about 12 percent more than the same period last year.

Can file even after 31st July

Let us tell you that the last date for the process of ITR filing is 31 July. However, according to the rules of Income Tax, you will not have to pay penalty for filing ITR even after 31st July. Let’s know what is this rule? 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. But hardly you know that in some cases you can file ITR without penalty even after the last date.

Income tax experts say that under Section 234F of Income Tax, if the total income of a person during the financial year (Total Income in FY) does not exceed the basic exemption limit, then there is no difference in filing ITR late. Doesn’t have to In simple language, 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 31 July. The ITR filed on your behalf will be called Zero (0) ITR.

Exemption on age and annual income

Similarly, if someone selects the old tax regime, then this exemption is Rs 2.5 lakh for those below 60 years of age. At the same time, the income of up to three lakh rupees for those 60 years or more and less than 80 years is tax free. Similarly, the basic exemption limit for those above 80 years of age is 5 lakhs. Under the new tax regime, income up to Rs 7 lakh is tax free.

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Rules Changes From 1st July 2023: The month of June is going to end in a few days. After which the new month i.e. July 2023 will start. Many rules are changed at the beginning of every month. Many new rules (New Rules From 1 July 2023) are going to be implemented in July also.

It is very important for you to know about these changes going to happen from July 1. Because there are some such rules in these, which can have a direct impact on your pocket. These include everything from the price of LPG cylinders to the imposition of TCS on credit cards. So let’s know about some major changes that will happen from July 1.

Changes in the price of petrol-diesel and gas

Government oil companies issue new rates ranging from Petrol-Diesel Price to Gas cylinders on the first of every month. Crude oil prices continue to fluctuate continuously in the international market. Petroleum Minister Hardeep Singh had said a few days ago that if crude oil prices remain stable in the international market, then oil companies would be in a position to consider reducing the prices of petrol and diesel (Petrol-Diesel Price Cut). In such a situation, a reduction in the prices of petrol and diesel can be seen in the next month.

Apart from this, there may be a change in the price of LPG gas on July 1. It is expected that the prices of LPG may be cheaper next month.

There will be a total of 15 days bank holidays in July.

The list of Bank Holidays In July 2023 has been released by the Reserve Bank of India (RBI). According to which, in July 2023, a total of 15 days are going to remain bank closed. Next month, due to weekly holidays and festivals in different states, there will be bank holidays for 15 days (July Bank Holidays). If there is any important work related to the bank, then settle it as soon as possible. Because if the bank holidays start, then you will not be able to do this important work.

20% TCS will be levied on international debit or credit card transactions

Changes are being made in the rules of Tax Collected at Source (TCS) applicable from 1 July. Now if you do transactions abroad with credit card, then you will have to pay 20% TCS. The government had made a change in the rules of TCS in May. According to the new rule, small payments up to Rs 7 lakh in a financial year on international debit or credit cards will be excluded from the 20% TCS rule. However, you can claim it while filing income tax return.

Last date to file ITR is 31st July

The last date for Income Tax Return Filing is 31 July. Taxpayers have to file ITR every year. In such a situation, if you have not yet filed ITR, then file it in time. If ITR is not filed within 31st July, then in such a situation you may have to pay penalty.

QCO made mandatory for footwear companies

From July 1, 2023, the manufacture and sale of poor quality footwear is going to be banned in the country. The government has ordered the footwear units to implement the Quality Control Order (QCO). Under which QCO has been made mandatory for footwear companies.

Following the rules of the World Trade Organization (WTO), the government has introduced standards for footwear companies. Now footwear companies will have to manufacture shoes and slippers according to these rules. At present, 27 footwear products are included in the purview of QCO, but next year the remaining 27 products will also be brought under this purview.

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1. Reporting of Income from Virtual Digital Assets

CA Ajay Bagadia told that VDA i.e. Virtual Digital Assets includes crypto assets. There is taxation, surcharge and cess at the rate of 30 per cent on income generated from the transfer of VDA. It is important to note that while computing such income, you cannot avail deduction for any expenditure, except the cost of acquisition, if applicable.

According to Bagadia, Schedule VDA requires details such as date of acquisition, date of transfer, category of income chargeable to taxation, cost of acquisition in case of gift and consideration received. If your income is from VDA then you cannot file ITR-1 or ITR-4. Instead, ITR-2 or ITR-3 form will have to be filled. Such income can be taxed under business income or capital gains.

2. Details of exit from New Tax Regime

CA Abhinandan Pandey explains that an individual or a Hindu Undivided Family (HUF) has the option to opt for the alternate tax regime under section 115BAC. If the taxpayer has income from business or profession, he can exercise this option, but can withdraw it only once for the previous year, except the year in which it was initially exercised. Once the option is withdrawn, the taxpayer is not eligible to exercise it again under this section, unless he has any income from business or profession. To opt out of the arrangement, the assessee has to submit Form 10-IE electronically through the e-filing portal.

The assessee needs to provide details in this year’s ITR form if he has opted out of section 115BAC in earlier years. If the taxpayer has opted out, then he is required to provide the details of the assessment year.

3. Reporting of turnover from intraday trading

Profit or loss arising from intraday trading, which is treated as a speculative transaction, is subject to taxation under the head business income of capital gains. This year’s ITR form includes a specific section, Part A-Trading Account, where individuals are required to provide separate information in respect of their intraday trading activities. The ITR form now requires details such as turnover from intraday trading and income from intraday trading, which has been transferred to profit and loss account.

4. Donation Reference Number details for claiming 80G deduction

If you are claiming deduction under section 80G, it is necessary to have donation receipt and donation certificate in Form 10BE readily available. To claim the deduction, the details of your donation have to be given in the applicable ‘Schedule 80G’ in the ITR form.

CA Santosh Mitra informed that a new column has been added in ‘Table D’ in the current year’s ITR form. This column requires disclosure of ARN (Donation Reference Number) for donations made to institutions, where 50 per cent deduction is allowed subject to qualifying limits. The ARN should be derived from the donation certificate issued in Form 10BE by the institutions receiving the donation and the same should be mentioned in the ITR.

5. Disclosure of income

Section 89A provides tax relief on income from retirement benefit accounts held in specified countries by the authorities. In case a person has claimed such relief, he has to furnish the relevant information in the Schedule Salary.

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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

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The Income Tax Department allows salaried individuals to file their ITR easily using Income Tax Return Form ITR-1. This is because ITR-1 does not require much information to be filled in comparison to other ITR forms. That is why it is also called Sahaj Form. However, not all salaried individuals can file their tax return using ITR-1 form. If someone has made some major transactions in the financial year 2022-23 (AY 2023-24), then they may be ineligible to use ITR-1.

Who is eligible to file ITR-1 (SAHAJ) in FY 2022-23?

ITR-1 i.e. Sahaj form can be filed by such taxpayers who-

• Be an Indian resident.
• The total income in the financial year 2022-23 (AY 2023-24) should be less than Rs 50 lakh.
• Income source should be salary, pension or family pension.
• You have income from a house property.
• Agricultural income up to Rs.5,000.
• Earning from interest and dividend from bank, post office.

Who is not eligible to file ITR-1 Sahaj Form for FY 2022-23?

If a person earns income from any of the sources mentioned below then he cannot file ITR using ITR-1 form. People in the list given below cannot file ITR from ITR-1.

• Individuals with an annual income of more than Rs.50 lakh.
• RNOR and NARI cannot file ITR-1.
• People who have more than one house cannot fill ITR-1.
• Income from horse race, lottery or legal gambling cannot fill ITR-1.
• If you have short term or long term capital gains from the sale of shares, mutual funds, land, you cannot file ITR-1.
• Earning more than Rs 5,000 through agriculture.
• People who are getting income from both business and job.
• If TDS has been deducted for withdrawing money from bank or post office in excess of the prescribed limit, then ITR-1 cannot be filed.
• Individuals who have any asset in a foreign company.
• People who have invested in non listed stocks.
• Be a director of a company or have a bank account abroad. Such persons cannot file ITR-1.

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Every year you will need to file ITR to get tax return. For this all of you need Form-16. This includes your income, deductions from it and many other information related to your salary. Under Section 203 of the Income Tax Act, 1961, it has been made mandatory for every company to give complete information of its employee’s income through Form-16 showing TDS. This year you should file ITR by 31st July 2023.

When you will get Form-16, then you will have to check many types of information. In this, you have to pay special attention that the deduction you get is correct. Such deductions include House Rent Allowance (HRA) and Leave Travel Assistant (LTA).

You should keep these things in mind while filing ITR-

– You should keep in mind whether the PAN number mentioned on Form 16 is correct or not. If it is wrong, then it will not appear in Form 26AS, due to which you will not be able to claim credit.

You have to check other details like your name, home address, tax deduction and collection account number. Examine it carefully.

– You should compare the tax shown in Form 16, Form 26AS and AIS (Annual Information Return. You should check the tax deducted from your salary multiple times. If anything is wrong, you can report this to the employer in Form 16. Request correction of information.

If you have opted for the old tax regime, then you can apply for the deduction. For this, make sure that all the information in Form 16 is correct.
If you have changed the job, then you must take Form-16 from the old company.

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If you file income tax return, keep one important thing in mind. Actually, while filing ITR, take care of Standard Deduction. Standard deduction is available to individuals and pensioners. Standard Deduction is a fixed amount that is allowed as a deduction from the taxable income of an individual. It helps in reducing the taxable income of individuals and provides relief from tax liability.

Standard Deduction

Standard Deduction was introduced in India in 1974, which was later discontinued. Union Budget 2018 reintroduced it and currently it is available for salaried individuals and pensioners. This deduction reduces the taxable income of the individual and hence his tax liability comes down. Standard deduction was applicable only for those individuals who opt for the old tax regime. However, from the current financial year (FY 2023-24) the benefit is given to those individuals who opt for the new tax regime.

Income Tax Standard Deduction FY 2023-24

The Standard Deduction for salaried individuals for the financial year 2023-2024 is Rs 50,000. This is a flat deduction which can be claimed irrespective of the actual expenses incurred on transport allowance and medical allowance. The Standard Deduction is available to all salaried individuals, including those employed by the government, private companies, or non-profit organizations.

Taxable Income

Standard Deduction is a tax benefit that can help you reduce your taxable income. For example, if your taxable income is Rs 100,000 and you claim standard deduction of Rs 50,000, your taxable income will be reduced by Rs 50,000. This would result in a tax saving of Rs 12,500 (assuming you are in the 25% tax bracket).

Who can claim standard deduction of Rs 50,000?

Individuals receiving salary or pension from government organization, private company or any other employer can claim standard deduction of Rs.50000.

Who is not eligible for standard deduction?

Standard deduction of Rs.50,000 or the amount of salary, whichever is less, is available to all salaried individuals and pensioners. Self-employed individuals are not eligible for standard deduction.

How to claim standard deduction?

To claim the standard deduction, you need to file your Income Tax Return (ITR) with the Income Tax Department. You can file your ITR online or offline. When you file your ITR, you will need to enter the amount of Standard Deduction that you are claiming. Standard deduction is a valuable tax benefit that can help reduce your taxable income. If you are a salaried individual, you should consider claiming standard deduction while filing your income tax return.

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Income tax return

Actually, it has been told many times by the Income Tax Department that they should get their PAN card linked with their Aadhaar card. It is mandatory to link PAN card with Aadhaar card. Its last date is 30 June i.e. people are required to link PAN card with Aadhaar card by 30 June 2023.

Link pan card with aadhaar

If a person does not link his PAN card with Aadhaar card by June 30, 2023, then his PAN card will become inactive. In such a situation, the native may have to face difficulties in doing his financial transactions. Along with this, people may have to face a lot of trouble in filing income tax returns due to the deactivation of the PAN card.

Link aadhar card

For the financial year 2022-23, people can file income tax return till 31 July 2023. On the other hand, if people have not linked PAN card with Aadhaar card, then those people may also face difficulties in filing income tax return. In such a situation, to avoid any kind of trouble, get your PAN card linked with Aadhaar card.

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The Income Tax Department had selected about five hundred cases for e-verification in Uttarakhand for the financial year 2019-20. According to the department, 200 of these cases were found to have shown either less or no income in the returns. In many of these cases, the transactions were not disclosed in the ITR at all.

Therefore, the Income Tax Department has referred such cases for scrutiny, where the final investigation will take place. Documents related to income tax return filers will be called. According to the officials, even after this, if the satisfactory answer is not given, then fine action will be taken by the department. In the department for the financial year 2020-21 also, 550 cases have come for e-verification, which are being investigated.

This is how the mess is being made

For example, a person got insurance of Rs.5000. While filing ITR, he showed it as Rs 50,000 to avoid tax. When the department investigated, the matter came to light. Similarly, income tax exemption is also available on purchase of PPF, Sukanya Yojana, selected bonds. But, some people do not give correct information about it, which gets caught in departmental enquiry.

E-verification has started from 2021

According to the Income Tax Department, e-verification was started from 2021. Earlier the verification was done under the second scheme. E-verification has brought transparency in the work. In such cases the department initially sends online notices. After this physical notice is given.

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Till the time of writing this information, this information has been received from the website of the Income Tax Department. Salaried employees will be able to file their returns for assessment year 2023-24 soon after receiving Form 16 from their employers by June 15.

What is ITR-1?

Tax filing season has started, so the steps given below will be very useful for salaried taxpayers. Most of the salaried employees will be eligible for ITR-1 (Sahaj). ITR-1 is filed by those who receive income from salary, one house property and other sources like interest etc. with income up to Rs 50 lakh.

You can file ITR by following these steps

• Visit the Income Tax e-filing portal https://www.incometax.gov.in/iec/foportal/
• Login to e-filing portal by entering User ID (PAN), Password, Captcha Code 
• Click on the menu ‘e-File’ and then click on the link ‘Income Tax Return’
• After filling all the details, click on ‘Continue’.
• In this step, read all the instructions carefully and fill the mandatory fields of the online ITR form. Also, click on ‘Save Draft’ button to avoid data loss due to session time-out.
• Check the total income, deductions, taxes paid and tax liability (if any) thoroughly to ensure maximum tax benefit.
• Submit your ITR after this. An OTP will come on your mobile. Verify your filing by entering it.

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Income tax return is filed in India according to the new tax regime and old tax regime. The slabs for paying tax under both these tax regimes are different. However, if you want to file income tax return for the financial year 2022-23, then you have to take care of one important thing.

Income tax return

Individuals having income above the basic exemption limit during a financial year have to compulsorily file Income Tax Return (ITR). The last date for filing ITR for the financial year 2022-23 (Assessment Year 2023-24) is 31 July 2023. In such a situation, people must take care of this date.

Income Tax Return Update

Now only two months are left to file income tax return. If the income tax return is not submitted by the due date, then the penalty will also have to be paid at the time of filing the income tax return. ITR filing is a three-step process and takes much longer than uploading the return of income. The first part is the filing of the tax return, the second is the verification of the ITR and the third is the processing of your ITR through the tax authorities.

ITR Verification

Also if ITR is not verified before the last date then it is considered invalid. However, if a taxpayer fails to verify their ITR before the due date, they can file an condonation request with the tax department citing a valid reason for the delay. If the pardon request is in order, the return will be verified.

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Till now these forms were only available offline. However, now the Income Tax Department has given information about their availability online through a tweet. To make it easier for the taxpayers to fill the form, a lot of information related to them will be pre-filled in the form.

Most of the people who file income tax returns are salaried people or individual taxpayers. The last date for filing ITR without penalty for these people is 31 July 2023. Those filling the form after July 31 may have to pay a fine.

Last date for filing ITR for different categories of taxpayers-

1. For individual taxpayers, Hindu Undivided Family (HUF), Association of Persons (AOP) or Body of Individuals (BOI) whose books of accounts are not required to be audited, the last date for filing returns is 31 July 2023 .

2. The last date for filing ITR for businesses whose accounts need to be audited is 31 October 2023.

3. The last date for filing ITR for businesses with international transactions or certain domestic transactions is 30 November 2023.

4. The last date for filing revised ITR and belated returns has been fixed as December 31, 2023.

What will happen if ITR is not filed on time?

Interest: If you file your return after the last date, you will be required to pay interest at the rate of 1% per month on the unpaid tax amount under section 234A of the Income Tax Act.

Late fee: A fine of Rs 5,000 has to be paid under section 234F. This will be reduced to Rs 1,000 if the total income is less than Rs 5 lakh.

Loss Adjustment: If you have incurred loss in stock market, mutual funds, properties or any of your business, then you can carry it forward and adjust it against next year’s income. This helps in reducing your tax liability significantly. Adjustment of loss is allowed only if you declare the loss in your ITR and file it with the Income Tax Department before the due date.

Belated Return: If you are not able to file the ITR form till the last date and file it after that then it is called belated return. In belated returns also, taxpayers have to pay penalty and interest, but they are not allowed to adjust the loss in future. This year you can fill belated ITR till 31 December 2023.

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The new rules regarding capital gain tax rule on debt mutual funds have come into effect from April 1, in which you will not get the benefit of long term capital gain on returns on debt funds. But the focus of this article is on the taxation of any kind of investment in equity. If you earn money from equity (equity investment tax rule), but your income is not taxable, then what will be the rule regarding it? Know all these things before ITR filing.

What are the tax rules on equity investment? (Equity Investment Taxation)

If you make equity investments, such as investing in shares listed in the stock market, or investing in mutual funds, and maintain your investment in them for more than 1 year, then this is a long-term capital gain. comes and long term capital gain tax is applicable on it. But you get tax exemption on long term capital gain up to Rs 1 lakh. On returns above this, you will have to pay tax at the rate of 10%.

If you file ITR…

If you do equity investment and you have to file ITR, then you have to disclose this source in your income tax return form. You should also check your Annual Information Statement, it contains all the information related to your income and tax returns.

When will you not have to pay tax?

But if your entire tax liability is zero, then you are not bound to file ITR. It is another matter that despite not coming under the purview of taxable income, you are advised to file ITR.

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Why should ITR be filed?

According to the Income Tax Act 1961, you are exempted from paying tax if there is no tax liability, but still you should file ITR due to various reasons. First of all, it is a legal proof of your income. If TDS has been deducted from your salary, then you should file ITR to claim TDS. It also helps in taking loan. You need to show documents related to income proof for passport or visa etc., in which case ITR proves to be a big proof.

What is the scope of taxable income?

There are two tax regimes in the country – old and new. There is a lot of difference between the two. The scope of taxable income is also different in this. If you file ITR in the old tax regime, then you do not have to pay any tax on gross total income up to 2.5 lakhs. On top of this, you can save tax up to two lakhs by taking rebates and exemptions. This reduces your tax liability.

Scope of taxable income in the new tax regime

In the new tax regime, in this budget, income up to Rs 3 lakh has been completely exempted till the tax is paid. At the same time, along with rebate, tax exemption is also available on income up to 7 lakhs, this reduces your tax liability.

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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.

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