GST Network (GSTN) said that from April 2025, GST taxpayers will not be allowed to change the table showing inter-state supplies made to unregistered persons and small taxpayers (taxpayers falling under the composition scheme) in the monthly tax payment form GSTR-3B. GSTN, which plays the role of technical backbone for the Goods and Services Tax (GST), said in an advisory that from the tax period of April 2025, the inter-state supplies automatically recorded in Table 3.2 of GSTR-3B will not be able to be edited.

Form GSTR-3B will now be filed only with automatically filled values ​​generated by the GST system.

Improvement possible after revision

The values ​​in Table 3.2 will be auto-populated from the corresponding inter-state supplies declared in GSTR-1, GSTR-1A and IFF. GSTN clarified that taxpayers can correct the auto-populated values ​​in Table 3.2 of GSTR 3B by making amendments through Form GSTR-1A or Form GSTR-1/IFF filed for subsequent tax periods.

What is GSTR 3B form

Actually, GSTR-3B form is a monthly self-declaratory return form which has to be filled by taxpayers registered under GST. It has become a regular return. Usually this form has to be filed by the 20th of every month.

All regular taxpayers are required to file GSTR-3B. Those under the composition scheme do not file it; for them there is GSTR-4.

Rajat Mohan of AMRG & Associates said this automation reflects the government’s aim to harmonise GSTR-3B with GSTR-1 and eliminate human intervention.

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In fact, the government has tried to give a boost to the economy by giving income tax exemption to the middle class, which is the savior of the country’s economy. According to the new announcement, in the coming financial year 2025-26, salaried people will not have to pay any tax on income up to Rs 12.75 lakh annually.

There is no tax on income up to Rs 12 lakh

Other people will not be taxed on annual income up to Rs 12 lakh. This facility has been provided under the new system of income tax. Under the new system, the tax slabs have also been changed, due to which those earning up to Rs 24.75 lakh annually will be able to save Rs 1.10 lakh as compared to the present.

Regarding the changes in the tax slabs, Central Board of Direct Taxes Chairman Ravi Agarwal has said that the announcement of no tax on annual income up to Rs 12 lakh and changes in all tax slabs in the Union Budget may motivate more than 90 percent of taxpayers to adopt the new tax system. Till now this figure is about 75 percent.

8 crore people filed ITR

According to the Finance Ministry, by increasing the tax exemption limit from seven lakhs to 12 lakhs, one crore tax payers will become tax-free. In the current financial year, till December, more than eight crore people had filed Income Tax Returns (ITR), but out of these, 4.9 crore people had shown their income as zero tax.
Tax payers should know these thingsThere is a wave of happiness among the middle class people after the budget presented on Saturday. Meanwhile, every taxpayer must know about these ten things after the budget.

• Slab rates have been simplified under the new tax regime, which continues to be the default regime.
• Tax exemption for those availing new tax regime increased from ₹25,000 to ₹60,000 (not applicable for NRIs)
• Taxpayers can now claim the annual value of two self-occupied properties as “nil” without any conditions.
• The limit for tax collection at source (TCS) on foreign remittances has been increased from ₹7 lakh to ₹10 lakh.
• TCS will not be applicable on remittances made for educational expenses. (Earlier 0.5% was applicable on remittances above 7 lakhs)
• The time limit for filing updated returns has been extended from the existing 24 months to 48 months, but this includes 16 additional months and 70% interest on the aggregate.
• The tax deduction for self-contribution to the National Pension System (under the old tax regime) of Rs 50,000 has also been extended to contributions made in the name of minors under the NPS Vatsalya Scheme.
• The limit of tax deduction (TDS) on interest income for senior citizens has been increased to Rs 1 lakh from the present Rs 50,000.
• Rent paid by non-individuals is liable for TDS. The limit for such TDS has been raised from Rs 2.4 lakh per annum to Rs 50,000 per month or part of a month.
• The limit of TDS on dividend income and income from mutual fund units has been increased from the existing Rs 5,000 to Rs 10,000.

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In exercise of its power under section 119 of the Income Tax Act, 1961, the CBDT has made compliance easier for taxpayers by extending important timelines. The deadline for furnishing the statement of tax deduction for the first quarter of the financial year 2023-24, which was initially due on July 31, 2023, has been postponed to September 30, 2023. This is applicable to both Form No. 26Q and Form. Sr. No. 27Q, as referred to under rule 31A of the Income-tax Rules, 1962.

CBDT extends the time limits for submission of certain TDS/TCS Statements.

Due date for filing of TDS/TCS statements in Form Nos. 26Q, 27Q & 27EQ for first quarter of FY 2023-24 has been extended to 30th September, 2023.

CBDT Circular No.9/2023 in https://t.co/JjOohJzlIy.…

— Income Tax India (@IncomeTaxIndia) June 28, 2023

Extension is applicable for TCS statement also

The exemption measures of CBDT are also applicable to TCS statement. The deadline for submission of statement of tax collections for the first quarter of the financial year 2023-24, which was originally scheduled for July 15, 2023, has also been shifted to September 30, 2023. This extension is applicable to Form No. 27EQ. Rule 31AA of the Income-tax Rules, 1962.

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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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The Income Tax Department has not yet enabled the online form for ITR. For now it has released Excel utility for ITR 1 and ITR-4. If a taxpayer wants to file ITR now, then he will have to download the utility from the Income Tax e-filing portal. The last date for filing ITR is 31 July 2023.

Excel utilities of ITR 1 and ITR 4 for assessment year 2023-24 are available for filing as per the e-filing income tax portal. The Income Tax Department is yet to release the JSON utility for ITR-1 and ITR-4. Apart from this, the Income Tax Department has not yet issued other income tax return forms. This means that if a person wants to file ITR now, he will have to download the utility from the Income Tax e-filing portal.

Once the information related to income and deduction is filled in the utility form, it will be necessary to upload it on the income tax e-filing portal. For online ITR form, information has to be filled directly in the online form available on the e-filing income tax portal. Taxpayers should remember that after submitting the ITR form offline or online, it is mandatory to verify it. Because, the Income Tax Department does not proceed to process the unverified ITR.

For the convenience of taxpayers, the Income Tax Department has issued offline forms, but salaried taxpayers will have to take Form 16 from their employer to file ITR. The date for issue of Form 16 by the employer is 15 June 2023. The last date for filing ITR to taxpayers for FY 2022-23 or Assessment Year 2023-24 is 31 July 2023. However, taxpayers whose accounts need to be audited will be given more time limit.

CBDT had issued notification of income tax return form in the beginning of February 2023. Usually this process is done in the month of April. There is no major change in the income tax return form this year. The only change in the ITR form is that it is mandatory for taxpayers to disclose information relating to crypto and virtual digital asset transactions. Amendment in income tax laws made crypto and other virtual assets taxable from 1 April 2022. At the same time, crypto and virtual property taxation has also been announced.

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Apart from ensuring that their Aadhaar is linked to their PAN (Permanent Account Number), the taxpayer should also ensure that their name (not PAN card) as per the PAN database is updated in their bank account records. The name as per one’s PAN card is generally the name which we want to print on the PAN card or if it is an old card, then there may be a mistake in it. However, the name as per the database is the one that is relevant and it may be completely different from the name printed on the PAN card.

It is suggested that the Income Tax Department may be contacted for the exact name as per the database. Or an easy way to find out is to fill the Tax Payment Challan (on NSDL Income Tax website) and see the name which is automatically generated as per the PAN number. This name is the name as per PAN database.

Taxpayers should also check if there is any old tax due and still payable, and now being raised, and address them. They also need to update their bank details: For example, there could be changes in the IFSC code in case of bank mergers, and also check details such as whether it is an individual account or a joint account.

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At the very beginning of the pre-budget meetings, the demand for revising it has started rising. The central government is considering increasing the tax-free slab to Rs 5 lakh in the two-year-old alternative personal income tax regime. According to a government official, at present the taxpayer does not have to pay any tax if his annual taxable income is Rs 2.50 lakh. By increasing the scope of tax-free slabs, the tax burden on the taxpayers will be reduced and they will be left with more money to spend or make suitable investments.

He said that very few taxpayers have opted for the alternative tax regime. If taxpayers take advantage of tax exemptions like Section 80C, Section 80D, then the tax liability in the old personal income tax system comes down. But there is no benefit of any kind of deduction in the new system. This step is being taken because very few people have adopted the new tax system.

Tax related agenda will start from next week

According to sources, this issue has been raised during the preparations for the upcoming budget and the concerned departments have been asked to suggest ways to improve the system. The official says that as part of the budget-making exercise, the tax-related agenda will start from next week, where we will look into the possibility of such changes in the taxation system. However, he said that while considering any such proposal, it must be seen that how much this change will affect the total revenue received by the government and whether we have the scope to do so or not.

He said that a preliminary estimate of the impact on revenue due to the increase in the tax-free range under the new system has been done and it can be sent to the budget makers for consideration. He said that it can also be discussed that there is no need to change both the old and new systems of personal income tax.

Understand the new tax slab like this

If we look at the new tax slab, the tax rate has been kept low in it. The new tax slab is different from the old slab in many ways. There are more slabs with lower rates. Apart from this, the benefits of many exemptions and deductions have been reduced as compared to the old tax slab. In this system, as the income increases, the tax slab increases and in this sequence the tax liability also increases.

• Zero tax on earning up to 2.5 lakhs,
• 5% on 2.5-5 lakhs (exemption under 87A),
• 10% on 5-7.5 lakhs,
• 15% on 7.5-10 lakhs,
• 20% on 10-12.5 lakhs,
• 25% on 12.5-15 lakhs,
• 30% tax has to be paid on income above 15 lakhs.

Old tax slab

In the old tax slab, no tax has to be deposited on income up to 5 lakhs. Apart from this, under section 80C, there is exemption from depositing tax on investment of Rs 1.5 lakh. Accordingly, taxpayers do not have to pay tax on income up to about 6.5 lakhs. Income tax rate in old tax regime or old tax slab mainly depends on your income and income slab. Age is also taken into account in this.

• Up to 2.5 Lakh – 0%
• 2.5 lakh to 5 lakh – 5%
• 5 lakh to 10 lakh – 20%
• Above 10 Lakh – 30%

Need for consultation with stakeholders

The new system of alternate personal income tax slabs with a lower rate of tax was introduced as an option in the Union Budget 2020-21. However, estimates suggest that only 10 to 12 per cent taxpayers have opted for it due to higher tax liability as compared to the old system. There is also discussion on reforms in direct taxes including restructuring of capital gains tax. With regard to capital gains, the official indicated that it would be a separate exercise and could be done outside the budget, as it required extensive consultations with all stakeholders.

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According to the instructions issued by the government, it is necessary to fill GSTR 9 form for taxpayers having a turnover of more than 2 crores in the financial year 2021-22. However, Input Service Distributor, TDS Deductor, TCS Collector, Casual Taxable Person and Overseas Taxable Person are not required to fill it.

The government has said that taxpayers whose annual turnover is more than Rs 5 crore for 2021-22, along with filing annual return in GSTR 9, it is also necessary to file a salp attested reconciliation statement in GSTR 9C. This instruction has been issued by the Central Board of Indirect Taxes and Customs.

In the beginning of December, the businessmen got a big relief. The government had given a big relief to the businessmen regarding the GSTR 9C form. Businesses with turnover of more than Rs 5 crore also fill GSTR 9C form but they had to get it certified by a chartered accountant. However, the government has changed it and traders themselves can attest to it.

What is GSTR 9 form

This is an audit form which has to be filled by businessmen with a turnover of more than Rs 2 crore. Similarly, there is a GSTR 9C form for businesses with a turnover of more than Rs 5 crore. In this, the businessman has annual audited gross and taxable turnover. GSTR 9C is divided into 2 parts, A and B. Part A contains all the information about tax and in part B verification is done which was earlier done by CA but now businessmen can do it themselves.

What will happen if the form is not filled?

If the taxpayer does not file these forms, then a fee of Rs 200 is levied for every day of delay. It takes Rs 100 under Central GST and Rs 100 under State GST. There is no specific penalty for late filing of GSTR 9C. However, if the taxpayer delays filing GSTR 9C by filing GSTR 9 in time, then he can be fined up to Rs 50000. You can fill it by visiting the GST portal.

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If you also pay tax or come in the tax slab, then it is important for you to know what kind of changes the Central Government is going to make in the tax slab this time. The government will present the budget (Budget 2023) on February 1 in 2023. Let us tell you what is the government’s plan regarding tax this time-

Tax limit may increase At present, there is no tax on income up to Rs 2.50 lakh, but in this budget, Finance Minister Nirmala Sitharaman is planning to increase this limit to Rs 5 lakh. That is, after this change, if your income is Rs 5 lakh, then you will not have to pay any kind of tax.

The last major change was in 2014.

Let us tell you that before this, the income tax limit was changed for the last time in the year 2014. At that time this limit was 2 lakhs, which was increased to 2.5 lakhs. This time again it is expected that the government can give great news before the Lok Sabha elections. It is expected that the government is considering increasing the personal tax exemption limit.

Elections will be held after 13 months

Modi government will present the full budget of its second term in 2023. Next year, after about 13 months of the budget, the general elections will be held, so it is believed that this time the government is preparing to give a big relief to the general public.

Finance Minister Sitharaman asked for suggestions

According to the information received from sources, Finance Minister Nirmala Sitharaman had asked for suggestions regarding tax, how much scope is there for improvement in the new tax regime. There is also a discussion about this, so it is believed that the government can make changes in both the new and old tax system. Right now there is no benefit of any kind in the new tax regime.

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\This decision will reduce litigation. The Directorate of Income Tax (Systems) said that the 30-day time limit given to assessing officers to take a decision has been reduced to 21 days.

According to a statement, if the taxpayer does not agree to the adjustment or partially agrees, the case will be immediately referred by the Centralized Processing Center (CPC) to the Assessing Officer, who will give his opinion to the CPC within 21 days that the adjustment has been made. may or may not go.

Will have to answer the complaint in 21 days Rajat Mohan, Senior Partner, AMRG & Associates, said that in many cases involving refund adjustments, the CPC found that wrong classification of demand or non-receipt of response from the assessing officer resulted in wrong adjustment of refund. In such a situation, unnecessary litigation took place. He said that after the latest instructions, taxpayers’ complaints will have to be answered within 21 days.

The DIT (Systems) in an instruction to the field formation said, in some cases, as a result of issue of information under section 245, the assessees had replied on the demand portal that the demands are incorrect. Such wrong demand has been stayed by the Assessing Officer/TAT/High Court.

It has been pointed out that wrong classification of such demand as ‘correct and collectible’ or non-providing of response by the assessing officers to the response of the assessees has led to incorrect adjustments of refunds against such demands by CPCs, leading to complaints. And there has been litigation.

The post Income Tax Refund Rules: Big news for Taxpayer! changed the rules of tax refund, know what will be the benefit first appeared on Rightsofemployees.com.

It is not necessary that everyone has the ability to buy gold but still we get happiness when its price falls. It is also considered useful to overcome the financial challenges of the family in future. As an investment option, gold can be offered in the form of coins, bars, jewelry or paper or in the form of gold exchange-traded funds (Gold ETFs), sovereign gold bonds (SGBs) issued by the Reserve Bank of India and gold mutual funds (Gold MFs), etc.

You can buy through. But do you know the maximum amount of gold a person can hold in India? Even though most Indian households buy and own gold, they should be aware of the legal limits on how much gold they can hold. The Gold Control Act was established in our country in the year 1968.

This law prohibited citizens from holding more than a certain amount of gold. However, this act was abolished in 1990. At present there is no restriction on the quantity of gold in India but the holder must have valid source and documents related to gold.

Separate limits for both men and women

TradeSmart President Vijay Singhania told CNBC-TV18.com that guidelines have been framed for Income Tax officials at the time of seizure of property during an income tax raid. According to these instructions, jewelery or jewelery cannot be confiscated to a certain extent on the basis of gender and marital status of the person.

How many ornaments can you hold?

A married woman can keep gold ornaments up to 500 grams and unmarried women up to 250 grams without papers. Whereas for men, the CBDT has fixed a limit of 100 grams for each male member of the family, irrespective of their marital status. To this extent gold cannot be confiscated even during raids by the Income Tax Department.

This means that if you have valid sources and documents available to you to keep gold, then there is no limit for this, but these rules have been made only to relieve the taxpayers from confiscation of their jewelery during raids.

What are the tax rules on gold?

Determination of tax on gold investment depends on the period of holding, ie, the period of holding by the taxpayer. If gold is held for more than 3 years, it is taxable as Long Term Capital Gain (LTCG) at 20 per cent (excluding education cess and surcharge) and short term capital gain as applicable to the investor. Taxable at tax slab. Gold ETFs/Gold MFs are also taxable like physical gold.

Whereas in case of bonds, if they are held till maturity, they are tax-free. However, capital gains are payable on transactions of physical gold or ETFs or Gold MFs. The bonds are traded in demat form on the exchanges and can be redeemed after the fifth year. If the bond is sold before maturity, it is taxable at 20 per cent.

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With the aim of providing pension facility to the people working in the unorganized sector, the government had started the Atal Pension Yojana, in which the government is going to make a big change from October 1, 2022. The Central Government has amended the investment rules of Atal Pension Yojana, after which Income Taxpayers i.e. income tax payers will not be able to invest in ‘Atal Pension Yojana’. This change in ‘Atal Pension Yojana’ will be applicable from October 1.

While issuing a notification regarding the ‘Atal Pension Yojana’, the Finance Ministry said that from October 1, 2022, no taxpayer will be eligible to invest in APY. If any taxpayer opens an account in Atal Pension Yojana after October 1, 2022, then after scrutiny such account will be closed and till that time the money deposited in Atal Pension Yojana will be transferred to the customer’s account.

Will help in preventing misuse of ‘Atal Pension Yojana’

At the time of the launch of ‘Atal Pension Yojana’, the central government had said that through this scheme people working in the unorganized sector would get financial assistance. The government had told in the beginning of this scheme that this scheme is for the people of low income group. The investment expert said that with this step of the government, genuinely eligible people will be able to get the benefit of this scheme. It is a social security scheme, which is meant for low income people. After this notification of the Finance Ministry, it will help in preventing the misuse of this social security scheme.

Minimum guaranteed pension is available in Atal Pension Yojana

According to the investment of the investors of Atal Pension Yojana, minimum guaranteed pension is available after the age of 60 years. However, through this scheme, a person can get guaranteed pension ranging from Rs 1 thousand to Rs 5 thousand only. In this scheme, the investment amount is decided according to the return. At the same time, after the death of the person investing in this scheme, the nominee made by him gets his money.

‘Atal Pension Yojana’ launched in 2015

The ‘Atal Pension Yojana’ is being operated by the pension regulator PFRDA, which was started in the year 2015. This scheme was mainly started for people working in the unorganized sectors, but any Indian citizen of 18 to 40 years can invest in this scheme.

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Apart from all this, the government has issued an important notification for ITR e-Verification. According to the Finance Ministry, now ITR e-verification will have to be done within 30 days, for which earlier 120 days were available.

When will the ITR filing date be considered

In fact, the Finance Ministry issued a notification saying that those people who have not filed their ITR till 31 July, those people will have 30 days to file ITR from 1 August to 31 December 2022. You will have to get your e-verification done inside.

This new rule will be applicable to those people who have not filed their ITR till July 31 due to some reason. According to the notification, the date of filing ITR will be considered from the date of verification.

This means that if you file your ITR on 1st August and your e-verification happens on 30th August, then the date of filing ITR will be considered as 30th August, not 1st August. .

What if the verification is not done within 30 days?

According to the notification issued by the Finance Ministry, this new rule will not apply to those people who have filed ITR till July 31. This rule will be applicable only to those who have not filed their ITR for the financial year 2022-23 by 31 July 2022.

People who filed ITR with penalty between August 1 and December 31 will have to do their e-verification within 30 days, if the taxpayer is not able to do so within a period of 30 days in any case, then his ITR ( ITR) filing will be treated as invalid.

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Eligibility- Only those people are eligible for tax refund who have filed their ITR (Income Tax Return) on or before 31st July.

Interest on ITR Refund- If you have filed ITR till 31st July then only you will get interest on refund from 1st April 2022. If you have filed ITR after the last date then you will not get this benefit.

How much interest will be received – Taxpayers who file ITR till the last date will get a monthly interest of 0.50 percent on the amount of refund.

Tax rules on refund- The income tax payer has already informed the government about ITR refund. Therefore, the refund amount is not taxed. However, the interest earned on the refund is taxable as per the applicable tax slab on the income tax payer.

Calculation of interest- Every amount less than Rs 100 is ignored while calculating interest on ITR refund, while the number of days in the month is considered as the whole month. For example 3 months not 10 you will get 4 months interest. At the same time, not 4885, you will get interest on Rs 4800.

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According to the rules of the Income Tax Department, no tax has to be paid on income up to 2.5 lakhs annually. There is a provision of 5 percent tax on income of 2.5 to five lakh rupees, while 20 percent tax has to be paid on annual income of 5-10 lakh rupees. At the same time, there is a 30 percent tax slab on annual income of 10 lakhs and above. If your income is Rs 10 lakh then you do not have to pay tax even a single rupee. Today we will tell you about such a way, by which you can save the entire amount of tax by taking advantage of investment and income tax exemption. For this, you have to balance between Savings and Expenses.

Income tax experts explain this through an example, they say that suppose you earn Rs 10 lakh annually, then in this case you get a standard deduction of Rs 50,000. This brings down your taxable income to Rs 9.5 lakh. Then, in addition to this, you can get up to Rs 1.50 lakh rebate by investing in tax saving schemes (life insurance, sukanya samriddhi yojana, children’s fees etc.) under 80C. By doing this your taxable income comes down to Rs 8 lakh.

According to tax experts, to further reduce this, you can take advantage of NPS. Through this, the taxable income can be reduced by another 50 thousand rupees. Apart from this, you can get a discount of 25 thousand rupees through your health insurance and 25 thousand rupees through your parents’ health insurance. With this your taxable income will now be Rs 7 lakh. Then, if you have taken a home loan, you can avail interest deduction of up to Rs 2 lakh through it. Now your taxable income will be Rs 5 lakh.

According to tax experts, on income up to Rs 5 lakh, the government gives a tax exemption of Rs 12,500 under section 87 (A). This will reduce your taxable income to less than Rs 5 lakh and once that happens you will not have to pay any tax. This income is eligible for full exemption under section 87A.

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More than 3 crore Income Tax Returns have been filed till July 25, 2022 for the financial year 2021-22 and assessment year 2022-23. The last date for filing Income Tax Return is 31st July 2022. In such a situation, the Income Tax Department has advised the taxpayers to file the return as soon as possible.

Recently, the Finance Ministry had clarified that the last date for filing ITR will not be extended this year. If you have not yet filed your ITR Return, it is important that you do so before Sunday, that is, 31st July. If you miss the deadline for filing ITR, you may have to suffer a loss.

A salaried individual can file his tax return using ITR-1 or ITR-2. It is important to ensure that the tax return is filed using the correct form. Filing ITR using wrong tax return form will result in faulty ITR filing. After which the Income Tax Department can send you a notice for income tax. In which you will be asked to file ITR using the correct form. The form you need to use to file ITR will depend on your sources of income during the financial year.

Who can file ITR-1?

• Total income should not exceed Rs 50 lakh
• The source of income should be salary, a house property and other sources of income, i.e. interest income, dividend etc. and agricultural income only up to Rs.5,000.
• Person should ordinarily be resident Indian
• If a salaried person fulfills the above conditions, then he/she can file tax return using ITR-1 form.
• If a salaried person has income from any other source such as capital gains, foreign income etc. or is a non-resident individual, he cannot file tax return using ITR-1.

Who can file ITR-2?

A salaried person can file his tax return using ITR-2 form if he-

• is a director of a company
• Investing in unlisted equity shares
• Income from salary, more than one house property, capital asset, foreign income and other sources of income
• holds assets outside India
• Total income is more than Rs 50 lakhs
• Hindu Undivided Family (HUF)
• is a non-resident person or a resident person (both in the ordinary or not in the ordinary course)
• If there are losses which should be carried forward or carried forward under the head ‘Income from house property’.
• Thus, if a salaried person has income from salary and capital gains, he/she has to file income tax return using ITR-2 form.

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Under Section 80C of Income Tax, taxpayers get the benefit of tax exemption on some of their expenses and investments. If you plan your investments well, you can claim a rebate of up to Rs 1.5 lakh per annum. In such a situation, while making a claim under it, taxpayers should avoid five mistakes.

Keep in mind the lock-in period

Certain deductions under Section 80C of Income Tax are covered under the lock-in period. FDs have a lock-in period of 5 years and Equity Linked Savings Schemes have a lock-in period of 3 years. If the taxpayer violates the rules of the lock-in period, the income is taxed as income of the taxpayer for that financial year.

Be sure to calculate tuition or school fees

If a taxpayer claims deduction for school or tuition fees, he/she has to first understand certain provisions. Taxpayer can claim fees paid for full time education of maximum two children. Only the tuition fee portion of the entire fee can be claimed. Therefore, the fee expense should be calculated before making a claim.

Avoid Investing Too Much in Endowment Plans

Endowment plans are good for tax saving and investment. However, investing a large part of the earnings in it will not give good returns. Therefore, to save more, invest in such term plans, on which discounts are given.

home loan repayments

Income tax payers can claim repayment of any type of home loan under 80C, but it needs to be understood that the principal amount of personal loan (loan taken from friends-relatives) is not covered under 80C. For claim, it is necessary to take loan from bank, co-operative bank, national housing bank etc.

Claim on Registration Stamp Duty

Stamp duty, nomination fee and certain other expenses related to transfer of residential house property can be claimed under 80C. For commercial property, these expenses cannot be claimed under 80C.

Don’t spend money in a hurry

One should not invest in haste in the greed of saving tax. This increases the chances of taking wrong investment decisions. So invest wisely and don’t invest just to save tax.

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The last date for filing Income Tax Return (ITR) is approaching. Every taxpayer is required to file the return before this deadline because in case of default, the penalty will have to be paid. For most of the taxpayers, the last date to file ITR for the financial year 2021-22 is July 31, but some should note that the due date for filing ITR varies for different taxpayers. Below are the details of filing returns for all types of taxpayers. Keep in mind here that the government can also increase the deadline.

Here are the deadlines for all types of taxpayers

• Individuals and Salaried: For return filing, individuals and salaried persons whose accounts are not to be audited, have to file by the last of this month i.e. 31st July.
• HUF: For Hindu Undivided Family (HUF) whose accounts are not to be audited, the deadline is July 31.
• Those whose accounts are to be audited: The deadline for filing returns for companies, working partners of a firm, proprietorship, firm, etc. whose accounts are to be audited, is 31 October 2022.
• Taxpayer under section 92E: If international transaction has been done in any financial year, then for this report has to be filed under section 92E. The deadline for filing returns for such taxpayers is 30 November 2022.

What if you miss filing?

If you miss the deadline, you will have to pay a late fee of Rs 5000 under section 234F. However, for small taxpayers with annual taxable income of less than Rs 5 lakh, this penalty amount is Rs 1,000. Apart from late fee, taxpayers will also have to pay penalty under section 234A of the Income Tax Act. If you are paying advance tax due, you will have to pay interest penalty under section 234B and section 234C. The last date to file belated income tax return is 31 December 2022.

Where to file return

Taxpayers can file their return for the assessment year 2022-23 by visiting the Income Tax website ( https://incometaxindia.gov.in ). However, if taxpayers face any problem, they can also take the help of a professional like CA. Apart from this, some online platforms also help in filing returns.

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ITR Last Date: If you earn money, then obviously you have to pay income tax. The last date for filing Income Tax Return (ITR) for FY 2022 or Assessment Year 2023 is July 31, 2022. It is to be noted that the last date for filing income tax returns varies from taxpayer to taxpayer, depending on their category. Therefore, it is important to pay attention to the last dates for filing income tax returns. Missing the date of ITR may result in heavy penalty and interest on tax payable by a taxpayer.

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The Income Tax Department has urged taxpayers not to wait till the last minute to file their Income Tax Return (ITR) . The last date for filing ITR for the assessment year 2022-23 is July 31, 2022. The department has reminded the taxpayers not to delay and file their ITR today as the due date is approaching soon. Also, the department asked the taxpayers to e-verify after filing.

The ITR form enables a taxpayer to report his income and taxes paid to the department in a financial year. It is mandatory to file ITR if your income exceeds the basic exemption limit.

The IT department on Saturday said, “The due date for filing ITR is approaching! Don’t forget to file ITR for AY 2022-23 before 31st July 2022 . Spend today and avoid the stress of filing last minute.

The due date to file ITR is approaching!
Don’t forget to file ITR for AY 2022-23 before 31st July 2022.
File today and avoid the stress of filing last minute!
Pl visit: https://t.co/GYvO3n9wMf#ITD #FileNow pic.twitter.com/B4vm4j04jo

— Income Tax India (@IncomeTaxIndia) July 16, 2022

By filing ITR on time, you will get these five big benefits-

Technical issues The income tax e-filing portal was launched in June last year, but there have been several occasions where the system has faced technical issues and glitches, which has made it difficult for taxpayers to file income tax returns, or file any other tax obligations on time. interrupted by.

Earlier this month, on July 2, the Income Tax Department said that they have noticed that taxpayers are facing problems in accessing the ITD e-filing portal. Infosys, the seller of the e-filing portal, said that there were some irregularities on the portal, for which proactive steps are being taken.

So, it is always better to be prepared and file your ITR on time or perhaps even before the deadline to avoid any lapses that may delay your filing process. There may be heavy traffic on the system for last-minute ITR filers.

Possibility of errors

The last minute rush to file ITR can open up the possibility of mistakes, leading to rejection of your return by the department. Untimely ITR filing has been seen as one of those mistakes which can result in error.

Some of the most common errors are – filling up of wrong ITR form, quoting wrong assessment year, and wrong personal information like name, date of birth, PAN and bank details. In addition, there may be factual errors, calculation errors, misrepresentation of income, and missing additional details of investments and other income.

It is always better to have enough time in advance when you file your ITR. It helps you to keep calm and file and check your documents thoroughly.

According to the IT department, a request for rectification can be submitted on the e-filing portal, if a notice issued by the CPC under section 143(1) or section 154 shows any discrepancy on record or by the Assessing Officer ( Where the correction rights are transferred by the CPC). Correction request can be submitted only for those returns which have already been processed by CPC.

Further, the department directs that correction of tax liability, gross total income, total deduction and personal information can be done by the taxpayers on the e-filing portal.

Penalty

If you fail to file your ITR on time, you will be liable to pay a certain amount as penalty to the department.

Section 234F of the Income-tax Act states, “Without prejudice to the provisions of this Act, where a person is required to furnish a return of income under section 139, he shall do so within the time prescribed in sub-section (1).” fails to do. said section, he shall pay the fee as…”

For filing returns on or before December 31 of the assessment year, a penalty of Rs 5,000 is levied. Whereas in any other case the fine will be Rs 10,000.

It is worth noting that if the total income of the person does not exceed 5 lakhs – then the fee payable under this section will not exceed Rs 1,000.

Profit carrying loss

If you file your income tax return on time, you will be able to carry forward your losses in subsequent years. There are two types of loss adjustments.

As per the IT Act, if the taxpayer has suffered loss from any source under a particular income in any year, he is allowed to set off such loss against income from any other source falling under the same head. The process of adjustment of loss from one source under a particular head of income against income from other sources under the same head of income is called inter-head adjustment, e.g. profit from business B against profit from business A. loss adjustment.

Further, it is clarified that if in any year, the taxpayer has suffered a loss under one head of income and income under another head of income, then he shall pass on the loss from one head to the income from the other head. can be adjusted against, for example, under the head of house property to be adjusted against loss salary income. This is called inter-head adjustment.

However, specifically, the loss can be carried forward only if the return of income/loss for the year in which the loss has occurred is furnished on or before the due date of furnishing of ITR prescribed under section 139(1) .

Help in TDS claims

Tax Deduction at Source (TDS) is a very common deduction from an individual’s salary or income from other sources. However, TDS claim can be reversed by filing ITR. During e-filing, a taxpayer should sum up his income from various sources which would result in tax liability, and then deduct them from the amount of TDS applicable to your income. If the TDS of a taxpayer is more than his total tax liability in a financial year – it means refund is due from the government. For TDS, a taxpayer has to submit Form 16 which can be availed from his employer.

By filing ITR on time, you can get your TDS refund in your bank account within few months.

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1.83 lakh interest on 5 lakh deposit

According to the FD calculator, if you deposit a lump sum deposit of Rs 5 lakh in SBI for 5 years, then on maturity you will get Rs 6,57,033. In this, interest of Rs 1,57,033 will be earned. On the other hand, if you are a senior citizen, then on an FD of Rs 5 lakh, you will get Rs 6,83,450 on maturity. In this, there will be an income of Rs 1,83,450 from interest.

SBI Wecare Deposit for Senior Citizen

SBI is running SBI Wecare Scheme for Senior Citizens in Retail Term Deposit / Fixed Deposit. In this scheme, in addition to 0.50 percent, 0.30 percent ie 0.80 percent more interest is being offered to all senior citizens on FDs with tenure of 5 years or more. The bank has extended this scheme till 30 September 2022.

Interest rates of banks

Apart from SBI, Punjab National Bank (PNB) is offering 5.25 per cent annual interest to common customers and 5.75 per cent per annum to senior citizens on its 5-year tax saver FDs. At the same time, HDFC Bank is paying 5.45 percent annual interest to the common customer and 5.95 percent to the senior citizens for FDs above 5 years. Apart from this, if we talk about the tax saver FD of ICICI Bank of the private sector, it is paying 5.45 percent annual interest to common customers and 5.95 percent to senior citizens.

Tax saving on FD up to 1.5 lakhs

Fixed Deposit / Term Deposit of banks is considered safe. This is a good option for risk-averse investors. Tax benefit of tax exemption is available in section 80C on 5 years tax saving FD. You can save tax up to Rs 1.5 lakh in banks. It has a lock-in period of 5 years. However, keep in mind that the return on maturity of the tax saving FD is taxable.

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How to fill Income Tax Return sitting at home, fill online in 9 steps

1 Click www.incometaxindiaefiling.gov.in.

2 Go to the ‘E-File’ tab and click on the Income Tax Return link.

3. The year for which ITR is to be filed. Choose his year.

4. If you want to fill ‘Original’ then click on it

5. If you are filing Revised Return then click on ‘Revised Return’.

6. After this select Prepare and Submit Online then click on Continue

7.Keep saving the filled form. Otherwise all the information entered may go missing at any point of time.

8. After filling the verification page will come. If you want, verify at the same time.
Otherwise, you can verify within 120 days.

9. Then click on Previw and submit and submit ITR.

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