If everything goes well, the Income Tax Bill, 2025 will be introduced in the House next week. Union Finance Minister Nirmala Sitharaman may introduce the much-awaited Income Tax Bill, 2025 in Parliament on August 11. This bill will replace the six-decade-old Income Tax Act, 1961.

The bill was introduced in February

Let us tell you that the new Income Tax Bill 2025 was introduced in Parliament on February 13. Later it was sent to the committee which submitted its report on July 21. The Select Committee has given many important suggestions while presenting its report in the Lok Sabha.

What are the important tips

– The Committee recommended that taxpayers be allowed to claim TDS refund even after the last date of filing ITR without paying any penalty. Regarding the withdrawal of TDS refund claims of persons who are not normally required to file tax returns, the Committee recommended that the provision in the Income Tax Bill, which makes it mandatory for a taxpayer to file income tax return within the due date, should be deleted.

-Anonymous donations given to religious and charitable trusts should be kept free from taxation.

-The Committee appreciated the move by the tax department to replace the dual concepts of ‘previous year’ and ‘assessment year’ with a single term ‘tax year’ in the new tax law.

– The committee has said that the profession of company secretary should not be included in the definition of ‘accountant’. The main reason for this decision is that the draft of Income Tax Bill 2025 has been prepared with the aim of simplifying the provisions of the Income Tax Act 1961.

However, the Income Tax Department has also clarified that there is no proposal to change any tax rate in the new Income Tax Bill. The Income Tax Department said- It is clarified that the purpose of the Income Tax Bill, 2025 is to simplify the language and remove unnecessary or obsolete provisions.

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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.

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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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People have to file income tax returns according to those tax slabs. Now, giving an important update regarding income tax return, a special data has also been shared by the government. Let us know about it…

Income tax return

The Income Tax Department said that a record 7.85 crore Income Tax Returns (ITR) have been filed till October 31 for the assessment year 2023-24. The department said that the total number of income tax returns filed in 2023-24 till October 31, 2023 is 7.85 crore, which is the highest so far. Whereas the total number of ITRs filed in 2022-23 was 7.78 crore. In such a situation, more ITRs have been filed in this assessment year as compared to the previous assessment year.

For those taxpayers (not having any international or specified domestic transactions) in whose case audit of accounts was required, the due date for filing ITR (other than ITR 7) was 31 October. “The total number of ITRs filed till October 31, 2023 for assessment year 2023-24 is more than 7.65 crore, which is more than 7.65 crore for assessment year 2022-23 till November 7, 2023,” the Central Board of Direct Taxes (CBDT) said in the statement. This is 11.7 percent more than the 6.85 crore ITRs filed by 2022. Last year, November 7, 2022 was the due date for filing such ITR.”

So many ITRs have been verified

Out of 7.65 crore ITRs filed for assessment year 2023-24, more than 7.51 crore ITRs have already been verified. Of these verified ITRs, 7.19 crore have already been processed till October 31, 2023. In this way, approximately 96 percent of verified ITRs have been processed.

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Although many times the date is not extended further by the government. In such a situation, April 30 is also the last date for many tax filings, about which you need to know.

TDS Payment Due Date for March 2023

TDS is the tax deduction that is levied at the source of your income. This means that TDS is deducted from income from other sources, including bank deposit interest, rent, consultancy fees, commission, cryptocurrency or virtual digital assets, and stamp duty. It is deposited with the government. The normal TDS rate on certain incomes and investments can be as low as 1 percent, and can be as high as 30 percent (such as in the case of gains on cryptocurrencies). The last date for TDS payment for March 2023 is April 30, 2023.

GSTR-4 Last Date for FY 2022-23

GSTR-4 is a return under the Goods and Services (GST) system for taxpayers who have opted for the composition scheme. Till FY 2018-19 when returns were filed every quarter. Now filing is done in a year. The last date for filing annual GSTR-4 return for FY 2022-23 is April 30, 2023. After this date, a late fee of Rs 50 per day is levied on taxpayers for liabilities up to Rs 2,000. Where there is no liability, the maximum late fee is Rs.500. Composition scheme is a system for filing GST for small taxpayers. This includes those people whose total turnover in the previous financial year did not exceed Rs 1.5 lakh.

Last date for filing 15G and 15H for Q4 FY23

If you have earned more than Rs 40,000 in a year by way of interest on your money deposited in the bank, then the bank will deduct TDS on it. For senior citizens, this limit is Rs 50,000 per annum. However, there is a way to save TDS on interest income. If your annual income is less than the taxable income, you can submit self-declaration Form 15G and 15H requesting the bank not to deduct TDS from the interest. The last date for submission of Form 15G and 15H to save TDS on interest income for the quarter January-March 2023 is April 30, 2023.

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