The last date for filing income tax returns is about to end. In such a situation, if you have not filed income tax returns yet, then do it in time. At the same time, if you have filed income tax returns but you have not received its refund yet, then today we will tell you how you can get a quick refund after filing ITR. Salaried class people whose 10 percent TDS is deducted can also claim it by filing ITR.

Why does the refund get stuck?

Taxpayers can easily fill the income tax return by following just a few simple steps. If you are also going to file ITR for the first time, then it is very important to understand this process. Just by filing income tax return, you will not get the refund money on time. After this, you will also have to complete its last step. If you file ITR but do not complete the e-verification process, then your refund may get stuck.

Also Read: ITR Filing Documents: These documents will be required to file income tax return. check list here

E-verification is necessary

If taxpayers want to get their refund on time, then they must complete the process of e-verification after e-filing. If you fail to do so, your ITR will be considered incomplete and you will not receive the refund on time.

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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 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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2 crore returns filed till July 11

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

The Income Tax Department tweeted,

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

These people do not have to pay tax.

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

File ITR before 31st July,

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

Who will not have to pay penalty

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

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The Income Tax Department has enabled online filing of ITR-1 and ITR-4. ITR-1 is filed by individuals, including salaried persons and senior citizens. The ITR-4 form can be used by individuals, HUFs and firms (other than Limited Liability Partnership firms) having a total income of up to ₹50 lakh.

Form-16 is generally used by salaried persons to file their ITR. However, this is not always necessary. Actually Form-16 is a certificate of tax deduction at source issued by the employer and plays a vital role in ITR filing for salaried individuals. It gives the details of salary paid to the employee, deduction claimed by the employee and tax deducted from him.

What is Part A and Part B of Form-16

Part A gives the summary of taxes deducted and deposited by your employer as TDS. Part B of Form-16 shows the details of salary income and deductions claimed by the employee to reach his taxable income.

When is Form-16 issued?

Every salaried person generally receives Form-16 from his employer on or before 15th June of the assessment year. Section 203 of the Income Tax Act, 1961 makes it mandatory for the employer to issue Form-16 to his employees, indicating their total TDS on income.

What are the things to be kept in mind while filing ITR in Form-16?

Before filing your ITR, it is necessary to cross-check and verify the information in Form-16 with your salary slips, AIS (Annual Information Statement), and Form 26AS.

According to Abhishek Soni, Co-founder and CEO of Tax2win, it is important for salaried individuals to pay attention to the following aspects of Form-16 while filing ITR:

PAN and personal details

Verify that the PAN mentioned in Form-16 matches with your PAN. Additionally, cross-check your name, address and employer’s TAN (Tax Deduction and Collection Account Number) and PAN.

Part A of Form-16

It is important to compare the tax deduction details in Part A of Form-16 with the information in your Form 26AS, which is a consolidated statement of taxes deducted and paid and AIS.

Part B of Form-16

It summarizes the income paid by your employer. Make sure that any tax, deduction and exemption claimed by you is reflected correctly in Form-16.

Cross-verify tax deductions

It is important to cross-check the actual tax deducted from your salary income, by comparing it with the taxes reflected in Form-16, Form 26AS and AIS (Annual Information Statement). If you identify any mistakes, immediately bring them to the notice of your employer and request them to rectify the information in Form-16. It is important to ensure that the correct details align with Form 26AS and AIS.

Job change and multiple employers

If you have changed jobs during the financial year 2022-23, it is important to take Form-16 from both the employers. This will help you determine actual taxable wages and ensure accurate reporting. Remember that additional tax may be payable on account of change of job if you have not informed the present employer about the income earned with the previous employer.

What to do before getting Form-16?

Before obtaining Form-16, employees should keep handy the details of capital gains, interest income of fixed deposits, rental income and any investment made to claim the deduction.

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Publicity is also being done by the government regarding filing advance income tax returns. In the first quarter of the next financial year, the work of income tax return would have been completed to a large extent. If you too have not yet linked PAN card with Aadhaar (Pan-Aadhaar Link), then definitely read this news.

Transactions may be banned

Capital market regulator SEBI (SEBI) has asked all investors to link PAN card with Aadhaar by the end of March for continuous transactions in the stock market. In a statement issued by SEBI, it was said that non-compliance of this instruction may lead to ban on securities and other transactions till the permanent account number (PAN) and Aadhaar are linked.

It is necessary to complete KYC

The Central Board of Direct Taxes (CBDT) issued a notification in March 2022 saying that if the PAN allotted to a person is not linked to Aadhaar by March 31, 2023, it will become inactive. SEBI said, ‘Since PAN is the key identification number and KYC is necessary for transactions in the stock market. In such a situation, it is necessary to ensure valid KYC for all registered participants and market infrastructure institutions (MIIs).

If you look at the notification issued by SEBI in March 2022, then your PAN card will become inactive. In such a situation, you cannot file income tax return even if you want to. It is very important for your PAN card to be active for filing income tax return. In such a situation, to avoid any problem, link your Aadhaar with PAN card by March 31.

Let us tell you that after the PAN card is deactivated, if you use it as a document, then you can be fined Rs 10,000. You will have to pay this fine under section 272B of Income Tax. That’s why it is important that by March 31, 2023, you must link PAN with Aadhaar card by paying a late fine of Rs 1000.

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Many times mistakes are made in filing Income Tax Return. People make mistakes knowingly or unknowingly. If this happens, the Income Tax Department can send you a notice. This notice should not be ignored. It should be seen carefully what the notice has been sent for. Then the correct answer should be filled in.

 But trying to hide something even after getting the notice can cost you dearly. The department sends the notice only if you have not given any information. Now whether someone has done this due to negligence or due to some other reason, the answer will have to be given when the notice is received. This cannot be avoided.

To do this work without
panic, first login to www.incometaxindiaefiling.gov.in. After this, you can see different types of notices on your account dashboard. Different types of notices are also responded to differently.

131 (1A)
When the assessing IT officer finds that the taxpayer has suppressed any income, he sends an income tax notice 131 (1A).

Answer
: If you are not able to submit all the documents demanded by the Income Tax Department, then send all the documents you have before the deadline. After this, some time may be asked for sending the rest of the documents by giving an application.

139 (9)
If you have filed an incorrect return, then the Income Tax Department sends this notice. You can also get this notice for filling wrong IT form, giving wrong income details.

Reply Reply
it within 15 days. Proceed by clicking on e-File in response to Notice u/s 139(9) at the bottom of the e-file tab.

143 (1)
If you have given wrong information while filing income tax or have filed return by calculating tax incorrectly, then the IT department sends a demand notice for additional tax.

You must reply
to this within 30 days. You can reply by going to e-proceeding.

148
This notice is sent for reassessment if any part of the income has been missed in the assessment. Under this, the IT department can also send a notice for reassessment in the return of 6 years old.

Answer
: Mention the income for which this notice has come, in the income tax return. If you do not agree with the notice, you can ask the IT department the reason for sending the notice.

156
For recovery of outstanding tax, interest, fine or penalty, the Income Tax Department sends a tax notice under 156.

Pay the dues within 30 days of receipt of reply notice. Go to e-File and pay tax by clicking on Respond to Outstanding Demand. 

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ITR can be filled with late fee

Even if you are not able to file ITR till the last deadline, you still have time. You can still file your tax return till December 31 this year. However, for this you will have to pay a late fee. First let us understand who has to pay the late fee. After that we will tell you the further process. Such taxpayers whose annual income is up to Rs 5 lakh will have to pay Rs 1000 as late fee.

Those whose annual income is more than 5 lakh rupees will have to pay a late fee of 5 thousand rupees. Not only this, they will also have to pay interest on late payment of tax. However, if your gross income is less than the basic exemption limit, you will not be penalized for late filing of ITR.

What is the method of filing return with late fee

Now let us tell you how you can file ITR after paying the late fee.

• For this, first you have to go to the website of Income Tax Department -www.incometax.gov.in/iec/foportal. Now fill your registration details and login to the e-filing portal. Select the option to file your ITR on the dashboard. Select the option of assessment year 2022-23.
• Now select your filing mode and ITR form applicable to you to proceed. Review your pre-filled data and if you need to edit anything, do so. Write down your income and deduction and check if there is any liability. Now verify it and complete the process.
• When the process is completed, you will get a confirmation message on your registered mobile number. Keep in mind that if you do not file your ITR by 31st December 2022, then you will not be able to file it after that. After this the Income Tax Department will inform you what is to be done.

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income from agriculture
The government does not charge tax on income from agriculture. Income from agriculture is exempted from tax under section 1961 of Income Tax. Tax exemption is available on income from agriculture. Taxpayer can get tax exemption by showing income from agriculture in his return.

income from gratuity
A part of the salary of salaried employees is deducted as gratuity. The company pays gratuity to the employee after working for a specified period. Gratuity income is completely tax free.

income from savings account
If the interest earned from the savings account is less than Rs 10,000, then there is no tax to be paid on it. This exemption is also available on interest earned from more than one account. If, you have more than one bank account and they get interest of Rs 10000 and Rs 5000 respectively, then your taxable income will be Rs 5000.

income from voluntary retirement
Income from voluntary retirement up to Rs 5 lakh is tax free. According to Section 2BA of Income Tax, if a person takes voluntary retirement from any company or local authority, then the income from this will get tax exemption of up to Rs 5 lakh.

allowance for foreign services
If, you are in a government job and your appointment is outside the country and any allowance is received in lieu of it, then income tax will not be applicable on it. In section 10(7) of Income Tax, it has been provided that the employees working in government service who are rendering their services abroad and are getting allowances in return for them, then they will be tax free.

share of partnership firm
If, you are a partner in a partnership firm and you own its shares, then as per section 10(2) of the Income Tax, the partner is not liable to pay income tax for the income earned in the firm. Apart from shares, if you take remuneration or other benefits, then this income will come under the purview of taxable income.

provident fund income
According to section 10 (11, 12, 13) of income tax, income tax is not to be paid on such income which comes from PPF, PF or retirement fund.

long term capital gain
Tax exemption is available on long-term capital gains made on investments made in equity or mutual funds. According to section 10(36) of Income Tax, if capital gains are made by selling shares or mutual funds for a period of more than one year, then it is eligible for income tax exemption. However, this is not applicable to debt mutual funds and the income generated from it is taxable.

scholarship or award
There is no income tax on any kind of scholarship or award. Income tax is not charged on the amount received under the scholarship or award under the Income Tax Act 1961. The amount of the scholarship or award has not been fixed.

Senior Citizen Saving Scheme
If you are a senior citizen and you have invested in Senior Citizen Saving Scheme (SSSS), then your principal amount will not be taxed. However, you may have to pay tax on its interest income. Also, keep in mind that you have to mention this in your income tax return as well.

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The last date to file income tax return is. Now only a few days are left. There is a demand to extend the deadline on Twitter to extend the date of return. However, the department is not in favor of this. 31st July 2022 is the last date to file tax returns. Different tax payers of different categories of income tax returns file different ITR forms. Most of the people, fill the ITR-1 ‘Sahaj’ form (ITR Form-1). This form is filled when the income from your salary, house rent and other income sources is less than Rs 50 lakh. Let us know in detail how you can file this form in just 15 minutes.

How to File ITR Online

The filing of income tax return will start by logging in to the e-filing portal. Login with your User ID and Password.
Click on ‘e-File’ on the dashboard, then go to ‘Income Tax Return’ and click on the option ‘File Income Tax Return’.
After this, select ‘Assessment Year’ and then click on ‘Continue’.
After this select the ‘Online’ filling mode and then press the option of ‘Proceed’.

Select the type of income tax return

Select whichever category is applicable to you and then select the option ‘Continue’.
You have to choose one of the types of income tax return. You will see two options, first- if you are not sure which ITR you want to file then select the option ‘Help me decide which ITR to file’ and proceed.
– If you know which ITR return you have to file, second, select the option ‘I know which ITR form to file’ and select the ITR format from the options given in the dropdown menu and then click ‘Next Proceed’.

This is how ITR filing process will be completed

After the above-mentioned steps, prepare a list of all the necessary documents in one place and then click on ‘Let’s get started’.
Some questions will appear on the screen, answer them according to you and then select the option of ‘Continue’.
Fill the required data and click on ‘Confirm’ option given after each section.
Fill in your income and deduction figures separately and do not leave any section incomplete.
If there is a tax liability, then select the option to pay it and if it is not there then select ‘Preview return’.  After verification, click on the option ‘Submit Return’, ‘Proceed to Verify’ and then on the page that will open, select the option of your choice and proceed. Please note that this verification is necessary.
– If there is any refund on the basis of tax calculation then you will be taken back to the previous page.
After doing this, on the page of ‘Preview and Submit Return’, fill in the option of ‘Location’, then tick the declaration checkbox and select ‘

Process completed, how will the status be checked

Your income tax filing will be completed. After this, note down the transaction ID and acknowledgment number that appear on the screen so that you can check the status of filling.

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The government has changed the rules of income tax. If the income from Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) of an individual exceeds Rs 25,000 in a financial year, then filing of return has been made mandatory for him. According to the new rule, if the income of an individual is less than the exemption limit of 2.5 lakh, but TDS and TCS income is 25 thousand or more, then it is necessary to file a return for that.

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In fact, the Revenue Secretary has said that the government has no idea at present to extend the date for filing ITR beyond July 31. Let us tell you that the filing of Income Tax Return for the financial year 2021-22 and assessment year 2022-23 has started from June 15, 2022. 

government told the deadline 

Actually, like the last two years, this time too the last date for tax filing was expected to be extended, but now the government has made its stand clear. If you have received Form-16 from your office, then fill it without delay. If you do not fill it before the deadline, then you may have to pay a penalty. Apart from this, when more taxpayers file returns on Income Tax E-filing website, the load increases. In such a situation, if you also want to avoid the problems in income tax filing, then do not wait for the last moment. 

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