Know here what is the last date of ITR filing for you

First of all, know about those taxpayers whose accounts are not to be audited under the filing of ITR, so the date for filing returns for such people is 31 July 2023.

If such taxpayer is required to file transfer pricing (TP) audit report in Form No. 3CEB, then the last date of ITR filing for such people is 30 November 2023.

If such person is a partner in a firm which is required to report Transfer Pricing (TP) audit in Form No. 3CEB, then the last date of ITR filing for such persons is 30 November 2023.

If a person is the spouse of a partner in a firm who is required to report Transfer Pricing (TP) audit in Form No. 3CEB, then the last date for filing ITR for such persons is 30 November 2023. On the other hand, the last date of ITR filing for such taxpayers whose husband or wife is applicable to section 5A is also 30 November 2023.

The last date for ITR filing is October 31, 2023, for companies that do not need to report Transfer Pricing (TP) audit in Form No. 3CEB.

Those whose accounts are to be audited under the Income Tax Act or any other law, then the last date for ITR filing is 31 October 2023.

If such is a partner in a firm whose accounts are required to be audited, then the last date for ITR filing is also 31 October 2023.

Individuals who are the husband or wife of a person whose firm is required to be audited, and to whom the provisions of section 5 apply – need to file ITR by 31 October 2023.

In all other cases (mostly salaried taxpayers and individuals whose accounts are not required to be audited) the last date for ITR filing is till 31 July 2023 i.e. these people have the last date deadline of this current month.

What should taxpayers keep in mind

All taxpayers are advised to file their due ITR before the last date so that they do not have to pay late fee or penal interest.

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The government has made hallmarking mandatory from 1 April 2023. In such a situation, jewelry without hallmark cannot be bought and sold in the whole country. In such a situation, people who have non-hallmarked jewelry may face difficulty in selling it or getting other jewelry instead.

Hallmarking is mandatory

Hallmarked jewelry has the logo of the Bureau of Indian Standards (BIS). Apart from this, it is also told that how many carats of gold the jewel or jewelery piece is. The jewelry is usually made of 18 to 22 karat gold. With this happening, now jewelers will not be able to cheat the customers easily.

Old jewelery can be hallmarked by paying this much fee

According to BIS rules, if someone has un-hallmarked jewellery, then it will have to be hallmarked before selling it. Only after getting this, jewelry or jewelery can be sold. For hallmarking of old jewellery, a fee of Rs 45 per piece will have to be paid. Customers can get their jewelery hallmarked by going to BIS lab. For getting hallmarked, Rs 45 will have to be paid for each piece of jewellery.

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But before that there is a warning of rain in many states due to Western Disturbance. The Meteorological Department has told that light to moderate rain is going to occur in the north eastern states for the next six days.

According to the Meteorological Department, light to moderate rain will continue in the northeastern states for a week. During this, there will be heavy rains in Assam, Meghalaya during May 19-24. Apart from this, there is an alert of heavy rain in Nagaland, Manipur, Mizoram and Tripura today.

Apart from this, talking about North West India, there is a possibility of dust storm in Uttar Pradesh, Rajasthan. Due to Western Disturbance, a new phase of rain may start in the states of North West India from the night of 23 May. Whereas, Madhya Pradesh, Vidarbha, Chhattisgarh in central India may receive light to moderate rains on May 22. Talking about South India, an alert has been issued for light to moderate rain for a week.

Talking about the weather for a week, the maximum temperature in Maharashtra may increase between two to three degrees Celsius. Apart from this, there will be no change in temperature over Northwest and Central India during the next 48 hours. After this, the temperature will increase by two to four degrees Celsius.

At the same time, between May 20 and 23, a heatwave warning has been issued in southern Uttar Pradesh, western Rajasthan and northern Madhya Pradesh. Apart from this, the temperature is going to be very high in Bihar, Jharkhand, Odisha, Konkan, Goa, Coastal Andhra Pradesh, Rayalaseema, Kerala, Tamil Nadu, due to which there may be severe heat.

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Private sector employees can get relief soon. With a decision, the pension (EPS) of lakhs of employees contributing to the Employees’ Provident Fund (EPF) can increase by 300% in one stroke.

The Employees’ Provident Fund Organization (EPFO) has fixed the maximum salary of Rs 15,000 (basic pay) for the pension of the employees. Meaning, even if your salary is more than Rs 15,000 per month, but your pension will be calculated only on the maximum salary of Rs 15,000.

One decision and pension can increase manifold- 

Hearing is going on in the Supreme Court to eliminate this salary-limit of EPFO. Employee Pension (Employee Pension Scheme) can also be calculated on the last pay i.e. higher pay bracket. With this decision, the employees will get many times more pension.

Let us tell you, to get the pension, it is necessary to contribute to the Employees’ Provident Fund (EPF) for 10 years. At the same time, on completion of 20 years of service, a weightage of 2 years is given. If the Supreme Court decides to remove the limit, then how much difference will it make, let’s understand…

How to increase your pension 

According to the current system, if an employee is working from June 1, 2015 and wants to take pension after completing 14 years of service, then his pension will be calculated at Rs 15,000, irrespective of the number of years for which he is working. Are. 20 thousand Rs. Be in the basic salary bracket or Rs 30,000.

Example number 1

Suppose the salary (Basic Salary + DA) of an employee is 20 thousand rupees. His pension will be Rs.4000 (20,000X14)/70 = Rs.4000 by calculating the pension formula. Similarly, higher the salary, higher will be the benefit of pension. There can be a jump of 300% in the pension of such people.

Example No.-2

Suppose the job of an employee is 33 years. His last basic salary is 50 thousand rupees. Under the current system, pension was calculated on a maximum salary of Rs 15,000. Thus (formula: 33 years + 2 = 35/70×15,000) the pension would have been only Rs 7,500.

This is the maximum pension in the current system. But, after removing the pension limit, adding the pension according to the last salary, they will get a pension of 25000 thousand rupees. Means (33 years + 2 = 35/70×50,000 = Rs 25000).

Pension can increase up to 333%!

Let us tell you that according to the rules of EPFO, if an employee contributes to the EPF continuously for 20 years or more, then two more years are added to his service. Thus 33 years of service was completed, but pension was calculated for 35 years. In such a situation, the salary of that employee can increase by 333 percent.

What is the whole matter

The Employees’ Pension Revision Scheme, 2014 was implemented by the Central Government from 1st September 2014 by issuing a notification. This was opposed by the private sector employees and in the year 2018 it was heard in the Kerala High Court. All these employees were covered by the facilities of the EPF and Miscellaneous Provisions Act, 1952. Employees protested against EPFO’s rules, saying it ensures them less pension.

Because even if the salary is more than 15 thousand, but the calculation of pension has been fixed at the maximum salary of 15 thousand rupees. However, before the amendment made by the central government on September 1, 2014, the amount was Rs 6,500. Considering the EPFO’s rules to be unfair, the Kerala High Court had ruled while accepting the writ of the employees. On this, the EPFO ​​filed an SLP in the Supreme Court, which was rejected by the Supreme Court.

Decision came in 2019

The Supreme Court decided to hear its decision again. A Division Bench of Justice Surendra Mohan and Justice AM Babu, while hearing the SLP of EPFO ​​on 1st April 2019, observed – Employees, who are contributing on the basis of their actual salary after furnishing joint option with their employers, as deemed fit It is necessary. Huh,

They are deprived of pension scheme benefits without justification. There is no justification for fixing the pension salary at Rs 15,000. The bench said that 15 thousand monthly i.e. 500 rupees per day. It is common knowledge that even a daily wage earner gets more salary than this. So limiting the maximum salary for pension to Rs 15000 thousand will deprive most of the employees of good pension in old age. As far as the impact on pension funds is concerned,

Re-Hearing 

In January 2021, the Supreme Court reconsidered its 2019 decision and decided to hear the matter. A petition was filed against the order of the Kerala High Court on behalf of the Ministry of Labor and EPFO. The EPFO ​​is of the view that with this order the pension may increase up to 50 times (EPS upper limit). On August 25, a bench of Justice UU Lalit and Justice Ajay Rastogi, while hearing the matter, decided to refer the matter to a larger three-member bench. The case is still pending.

The post EPFO Pension Increased: Big News! Pension will increase from Rs 7500 to Rs 25000, see details here first appeared on Rightsofemployees.com.