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PERSONAL FINANCE FINANCIAL PLANNING TAX PLANNING BANK ACCOUNTS CREDIT CARDS INSURANCE DEPOSITS STOCKS MUTUAL FUNDS
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ITR efiling for FY 2020-21(AY2021-22)
BUDGET PROPOSALS FOR FY 2021-22 BY FM Ms NIRMALASITHARAMAN ON 01.02.2021
TO VIEW/HEAR THE SPEECH ,CLICK HERE
TO VIEW/HEAR THE SPEECH ,CLICK HERE
DEADLINE FOR SUBMISSION OF IT RETURNS EXTENDED
New last date is 15.03.2022 for IT Returns Submission for FY 2020-21 .
Dated 11.01.2022 : On consideration of difficulties reported by taxpayers/stakeholders due to Covid & in e-filing of Audit reports for AY 2021-22 under the IT Act, 1961,CBDT further extends due dates for filing of Audit reports & ITRs for AY 21-22. Circular No. 01/2022 dated 11.01.2022 issued . Due date for submission of It returns had already elapsed on 31st , december for non-audit returns . The new due dates are as follows .
1. The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which was 30th September 2021, in the case of assessees referred in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Act, as extended to 31 st October 2021 and 15 th January 2022 by Circular No.9/2021 dated 20.05.2021 and Circular No.17/2021 dated 09.09.2021 respectively, is hereby further extended to 15th February, 2022;
2. The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which was 31st October, 2021, in the case of assessees referred in clause (aa) of Explanation 2 to sub-section (1) of section 139 of the Act, is hereby extended to 15th February, 2022;
3. The due date of furnishing of Report from an Accountant by persons entering into international transaction or specified domestic transaction under section 92E of the Act for the Previous Year 2020-21, which was 31 st October 2021, as extended to 30th November 2021 and 31st January 2022 by Circular No.9/2021 dated 20.05.2021 and Circular No.17/2021 dated 09.09.2021 respectively, is hereby further extended to 15th February, 2022;
4. The due date of furnishing of Return of Income for the Assessment Year 2021-22, which was 31 st October 2021 under sub-section (1) of section 139 of the Act, as extended to 30th November 2021 and 15th February 2022 by Circular No.9/2021 dated 20.05.2021 and Circular No.17/2021 dated 09.09.2021 respectively, is hereby further extended to 15th March, 2022;
5. The due date of furnishing of Return of Income for the Assessment Year 2021-22, which was 30 th November 2021 under sub-section (1) of section 139 of the Act, as extended to 31st December 2021 and 28th February 2022 by Circular No.9/2021 dated 20.05.2021 and Circular No.17/2021 dated 09.09.2021 respectively, is hereby further extended to 15th March, 2022.
Clarification 1: It is clarified that this extension shall not apply to Explanation 1 to section 234A of the Act, in cases where the amount of tax on the total income as reduced by the amount as specified in clauses (i) to (vi) of sub-section (1) of that section exceeds one lakh rupees.
Clarification 2: For the purpose of Clarification 1, in case of an individual resident in India referred to in sub-section (2) of section 207 of the Act, the tax paid by him under section 140A of the Act within the due date (without extension under Circular No.9/2021, Circular No.17/2021 and this Circular) provided in that Act, shall be deemed to be the advance tax
To read IT Department's notification , CLICK HERE
Check your Income Tax Refund Satus on-line
If you have filed your IT Returns for FY 20-21 ALREADY , first check the your filed IT Returns processing status . The step is easy
1. Log in to the new e-filing website . To login to the site , CLICK HERE Use your PAN Number as your user ID . The old password you were using in the earlier site will continue to be your password .
2. As soon as you enter the website , you will get a message with the heading " Assessment year 2021-22 filing " and it would indicate " Filed Successfully " .
Below the message you will get the details of
1. Date of return Filing
2. Date of Verification
3. Return Processing start date
4. Processing Completion Date .
If you receive the message of Processing complete , you can check the IT Refund status .
HOW TO CHECK IT REFUND STATUS :
If you have paid tax in excess , IT Department will refund the excess paid . In case you have received IT Department message that your IT Return is processed and refund initiated , you may check with your pre-validated bank account for the refund amount . In case the refund is not received , you may go to the following NSDL website to verify the refund status by CLICKING HERE
Then enter your PAN Number, Assessment Year ( For FY 2019-20 , it is AY 2020-21 ) and captcha code .
Then you will get date of credit of IT Refund , amount credited and last four numbers of your bank account .
In case if you have not received your refund , you may :
1. Write to CMP, State Bank of India at Survey No.21 Opposite : Hyderabad Central University, Main Gate, Gachibowli, Hyderabad -500019
PS : BE CAREFUL . SOME SCAMSTERS ARE SENDING FRAUDAULANT MESSAGES ABOUT YOUR IT REFUND VIA SMS AND ASKING YOU TO GIVE DETAILS OF YOUR AADHAAR , BANK ACCOUNT , PAN ETC AND PASSWORDS BY CLICKING ON THE LINK PROVIDED BY THEM . IT IS ONLY THEIR ATTEMPT TO STEAL DATA AND MONEY FROM YOUR BANK ACCOUNTS . DON'T FALL PREY . YOU NEED NOT SUBMIT ANY OF YOUR PERSONAL DATA ON THE WEBSITE EXCEPT PAN NUMBER
1. Log in to the new e-filing website . To login to the site , CLICK HERE Use your PAN Number as your user ID . The old password you were using in the earlier site will continue to be your password .
2. As soon as you enter the website , you will get a message with the heading " Assessment year 2021-22 filing " and it would indicate " Filed Successfully " .
Below the message you will get the details of
1. Date of return Filing
2. Date of Verification
3. Return Processing start date
4. Processing Completion Date .
If you receive the message of Processing complete , you can check the IT Refund status .
HOW TO CHECK IT REFUND STATUS :
If you have paid tax in excess , IT Department will refund the excess paid . In case you have received IT Department message that your IT Return is processed and refund initiated , you may check with your pre-validated bank account for the refund amount . In case the refund is not received , you may go to the following NSDL website to verify the refund status by CLICKING HERE
Then enter your PAN Number, Assessment Year ( For FY 2019-20 , it is AY 2020-21 ) and captcha code .
Then you will get date of credit of IT Refund , amount credited and last four numbers of your bank account .
In case if you have not received your refund , you may :
1. Write to CMP, State Bank of India at Survey No.21 Opposite : Hyderabad Central University, Main Gate, Gachibowli, Hyderabad -500019
PS : BE CAREFUL . SOME SCAMSTERS ARE SENDING FRAUDAULANT MESSAGES ABOUT YOUR IT REFUND VIA SMS AND ASKING YOU TO GIVE DETAILS OF YOUR AADHAAR , BANK ACCOUNT , PAN ETC AND PASSWORDS BY CLICKING ON THE LINK PROVIDED BY THEM . IT IS ONLY THEIR ATTEMPT TO STEAL DATA AND MONEY FROM YOUR BANK ACCOUNTS . DON'T FALL PREY . YOU NEED NOT SUBMIT ANY OF YOUR PERSONAL DATA ON THE WEBSITE EXCEPT PAN NUMBER
IT RETURNS CAN BE SUBMITTED AFTER DUE DATE
YOU CAN STILL SUBMIT YOUR IT RETURNS :
Dated 03.01.2022 : The last date for submission of Income tax returns for the Financial Year 2020-21 , without auditing is over now ( Last date was 31.12.2021 ( For the audit cases , the last date is 15.02.2022 ) . If you have not been able to submit your IT RETURNS so far , you can still submit the belated returns , of course along with a penalty .
Belated submission of IT Returns will attract penalty ,& Interest for any tax due . Following are the some of the adverse effects
1 PENALTY :
Levy of fee under section 234F* as detailed below:
W.e.f. assessment year 2018-19, if assessee failed to furnish return of income within due date as prescribed in section 139(1) then he is required to pay:-
a) Rs. 5000 if return is furnished on or before 31 December of assessment year. ( In the current year , there is no penalty for submission of IT Returns up to 31.12.2021 )
b) Maximum of Rs 10,000 beyond 31st , December ( However Rs 5,000 is fixed penalty for FY 2020-21 ) . Further , if total income of the person does not exceeds Rs. 5 lakh then fee payable shall be Rs. 1000. only
2. INTEREST : Interest of 1 % of tax due every month under section 234A.
3. CARRY FORWARD OF LOSSES : Loss (other than loss under the head “Income from house property”) cannot be carried forward.
4. Exemptions/deductions under sections 10A, 10B, 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID and 80-IE are not available.
Dated 03.01.2022 : The last date for submission of Income tax returns for the Financial Year 2020-21 , without auditing is over now ( Last date was 31.12.2021 ( For the audit cases , the last date is 15.02.2022 ) . If you have not been able to submit your IT RETURNS so far , you can still submit the belated returns , of course along with a penalty .
Belated submission of IT Returns will attract penalty ,& Interest for any tax due . Following are the some of the adverse effects
1 PENALTY :
Levy of fee under section 234F* as detailed below:
W.e.f. assessment year 2018-19, if assessee failed to furnish return of income within due date as prescribed in section 139(1) then he is required to pay:-
a) Rs. 5000 if return is furnished on or before 31 December of assessment year. ( In the current year , there is no penalty for submission of IT Returns up to 31.12.2021 )
b) Maximum of Rs 10,000 beyond 31st , December ( However Rs 5,000 is fixed penalty for FY 2020-21 ) . Further , if total income of the person does not exceeds Rs. 5 lakh then fee payable shall be Rs. 1000. only
2. INTEREST : Interest of 1 % of tax due every month under section 234A.
3. CARRY FORWARD OF LOSSES : Loss (other than loss under the head “Income from house property”) cannot be carried forward.
4. Exemptions/deductions under sections 10A, 10B, 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID and 80-IE are not available.
READ OUR NEW ARTICLE : What’s Unique in this year’s tax return filing ?
Do you know ? There are 12 Tax rebates you can claim while submitting IT Returns , when when you have not even made any fresh investments .
DO YOU KNOW ? : Senior citizens can claim Tax Rebate under section 80D even without having paid health insurance premium .
For details of such rebates , CLICK HERE
You may also go through our article : INCOME TAX REBATES THAT DON’T NEED FRESH INVESTMENTS
DO YOU KNOW ? : Senior citizens can claim Tax Rebate under section 80D even without having paid health insurance premium .
For details of such rebates , CLICK HERE
You may also go through our article : INCOME TAX REBATES THAT DON’T NEED FRESH INVESTMENTS
ITR FORMS FOR FY 2020-21 ( AY2021-22 )
IT RETURN FORMS FOR FY 2020-21 ( AY 2021-22 )
Income Tax Return forms for FY 2020-21 ( AY 2021-22 ) , ITR-1 , ITR2 , ITR3 , ITR4 ,ITR5 , ITR6 & ITR7 are since notified by the income tax Department .
Click on the Form number below to download the relevant form for you
ITR 1- SAHAJ :For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income u pto Rs.5 thousand
ITR2 : For Individuals and HUFs not having income from profits and gains of business or profession
ITR3 : For individuals and HUFs having income from profits and gains of business or profession
ITR4- SUGAM : For Individuals, HUFs and Firms (other than LLP) being a resident having total income up to Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE
ITR 5 : For persons other than- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
ITR 6 : For Companies other than companies claiming exemption under section 11
ITR 7 : For persons including companies required to furnish return under sections
139(4A) or 139(4B) or 139(4C) or 139(4D) only
Form No.:ITR-V : Where the data of the Return of Income in Form ITR-1 (SAHAJ), ITR-2, ITR-3, ITR-4(SUGAM), ITR-5, ITR-7 filed but NOT verified electronically
Form No.:Acknowledgement Where the data of the Return of Income in Form ITR-1 (SAHAJ), ITR-2, ITR-3, ITR4(SUGAM), ITR-5, ITR-6, ITR-7 filed and verified
The last date for submission of the returns for the individual IT payers is now 30.09.2021
.
Income Tax Return forms for FY 2020-21 ( AY 2021-22 ) , ITR-1 , ITR2 , ITR3 , ITR4 ,ITR5 , ITR6 & ITR7 are since notified by the income tax Department .
Click on the Form number below to download the relevant form for you
ITR 1- SAHAJ :For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income u pto Rs.5 thousand
ITR2 : For Individuals and HUFs not having income from profits and gains of business or profession
ITR3 : For individuals and HUFs having income from profits and gains of business or profession
ITR4- SUGAM : For Individuals, HUFs and Firms (other than LLP) being a resident having total income up to Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE
ITR 5 : For persons other than- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
ITR 6 : For Companies other than companies claiming exemption under section 11
ITR 7 : For persons including companies required to furnish return under sections
139(4A) or 139(4B) or 139(4C) or 139(4D) only
Form No.:ITR-V : Where the data of the Return of Income in Form ITR-1 (SAHAJ), ITR-2, ITR-3, ITR-4(SUGAM), ITR-5, ITR-7 filed but NOT verified electronically
Form No.:Acknowledgement Where the data of the Return of Income in Form ITR-1 (SAHAJ), ITR-2, ITR-3, ITR4(SUGAM), ITR-5, ITR-6, ITR-7 filed and verified
The last date for submission of the returns for the individual IT payers is now 30.09.2021
.
WHO HAS TO FILE IT RETURNS ?
Every individual or Hindu Undivided Family ( HUF ) is obliged to submit Income Tax returns if they meet following criterion .
1. Income exceeding Rs 2,50,000 in case of individuals below 60 years
2. Income exceeding Rs 3,00,000 in case of individuals above 60 years and below 80 years
3. Income exceeding Rs 5,00,000 in case of individuals above 80 years
Note : Income means total income in the financial year 2020-21 before allowing deductions under chapter VI -A of Income tax act .
Further you have to submit your IT Return if you have
1. expended more than Rs. 2 lakh on foreign travel or
2. paid more than Rs. 1 lakh on electricity consumption in a year
3. deposited more than Rs. 1 crore in a current account in a year,
even if your income is less than the threshold limit .
Note : 1. If TDS / TCS has been collected from your account , you have to file your IT Returns to claim refund , even when you are not taxable for the year .
2. If your income exceeds basic exemption limit , you have to submit your IT Returns even though you are not liable for any income tax . For example your income is below Rs 5.00 lakhs and you are not liable to pay tax on the basis of section 87A
3. You have filed your audit report , but not filed your IT Returns . You have to complete the process by filing the returns .
1. Income exceeding Rs 2,50,000 in case of individuals below 60 years
2. Income exceeding Rs 3,00,000 in case of individuals above 60 years and below 80 years
3. Income exceeding Rs 5,00,000 in case of individuals above 80 years
Note : Income means total income in the financial year 2020-21 before allowing deductions under chapter VI -A of Income tax act .
Further you have to submit your IT Return if you have
1. expended more than Rs. 2 lakh on foreign travel or
2. paid more than Rs. 1 lakh on electricity consumption in a year
3. deposited more than Rs. 1 crore in a current account in a year,
even if your income is less than the threshold limit .
Note : 1. If TDS / TCS has been collected from your account , you have to file your IT Returns to claim refund , even when you are not taxable for the year .
2. If your income exceeds basic exemption limit , you have to submit your IT Returns even though you are not liable for any income tax . For example your income is below Rs 5.00 lakhs and you are not liable to pay tax on the basis of section 87A
3. You have filed your audit report , but not filed your IT Returns . You have to complete the process by filing the returns .
TAX PLANNING FOR FY 2021-22 ( AY 2022-23 )
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
CLICK HERE TO READ
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
CLICK HERE TO READ
POST OFFICES TO HELP INCOME TAX RETURNS FILING :
Dated 17.07.2201 : Post Offices , through their CSC counters , will help income Tax Returns filing shortly . This was announced by Indian Postal department through a tweet . However the details of what type of services will be available to the Income Tax payers are yet to be revealed by the department and from when .
As we receive any further information , we will bring it here for your information .
Dated 17.07.2201 : Post Offices , through their CSC counters , will help income Tax Returns filing shortly . This was announced by Indian Postal department through a tweet . However the details of what type of services will be available to the Income Tax payers are yet to be revealed by the department and from when .
As we receive any further information , we will bring it here for your information .
UPDATED E-FILING WEBSITE WITH NEW WEB ADDRESS
UPDATED E-FILING WEBSITE WILL HAVE NEW WEB ADDRESS , TO ACCEPT CREDIT CARDS
Dated 27.05.2021 : Income tax department is updating the existing https://www.incometaxindiaefiling.gov.in/home and it will be temporarily closed between 1st, June 2021 to 6th, June 2021 . The new updated website will start functioning from 7th , June 2021 with a new web address : https://www.incometax.gov.in/
As per income Tax department's notification , the new website will have following salient features :
1. New taxpayer friendly portal integrated with immediate processing of Income Tax Returns(ITRs) to issue quick refunds to taxpayers;
2. All interactions and uploads or pending actions will be displayed on a single dashboard for follow-up action by taxpayer;
3. Free of cost ITR preparation software available online and offline with interactive questions to help taxpayers fill ITR even without any tax knowledge, with prefilling, for minimizing data entry effort;
4. New call center for taxpayer assistance for immediate answers to taxpayer queries with FAQs, Tutorials, Videos and chatbot/live agent;
5. All key portal functions on desktop will be available on Mobile App which will be enabled subsequently for full anytime access on mobile network;
6. New online tax payment system on new portal will be enabled subsequently with multiple new payment options using netbanking, UPI, Credit Card and RTGS/NEFT from any account of taxpayer in any bank, for easy payment of taxes.
However it is not clear whether any additional charges will be payable on usage of credit / debit cards . As the old website will be restarted on 7th , june 2021 , It is also not clear how long the existing e-filing website will continue to function and whether filing of income tax returns can continue to be performed either with old or new website . all the new features Below we had given various links for downloading the forms , pre-filled returns , etc . We have to wait and see whether the existing links will work or not . Further we also have to see whether all new features will be available on launch of new site or it would be built over time .
As of now Banks , mutual funds , companies , Demat holders have time up to 30th , June 2021 to upload the interest , dividend , capital gains to the income tax department for the purpose of submission of Statement of Financial Transactions (SFT ) . Hence Form 26AS can be final only after 1st , july 2021 . Hence to match our ITreturns with 26as , we have to wait till the end of June 2021 . So technically one can submit IT Returns for FY 2020-21 ( AY 2021-22 ) after 1st , July 2021 , if we want to match 26AS with our returns . Of course , time is there up to 30th , September 21 for the submission .
To go through IT department Press Release , CLICK HERE
Dated 27.05.2021 : Income tax department is updating the existing https://www.incometaxindiaefiling.gov.in/home and it will be temporarily closed between 1st, June 2021 to 6th, June 2021 . The new updated website will start functioning from 7th , June 2021 with a new web address : https://www.incometax.gov.in/
As per income Tax department's notification , the new website will have following salient features :
1. New taxpayer friendly portal integrated with immediate processing of Income Tax Returns(ITRs) to issue quick refunds to taxpayers;
2. All interactions and uploads or pending actions will be displayed on a single dashboard for follow-up action by taxpayer;
3. Free of cost ITR preparation software available online and offline with interactive questions to help taxpayers fill ITR even without any tax knowledge, with prefilling, for minimizing data entry effort;
4. New call center for taxpayer assistance for immediate answers to taxpayer queries with FAQs, Tutorials, Videos and chatbot/live agent;
5. All key portal functions on desktop will be available on Mobile App which will be enabled subsequently for full anytime access on mobile network;
6. New online tax payment system on new portal will be enabled subsequently with multiple new payment options using netbanking, UPI, Credit Card and RTGS/NEFT from any account of taxpayer in any bank, for easy payment of taxes.
However it is not clear whether any additional charges will be payable on usage of credit / debit cards . As the old website will be restarted on 7th , june 2021 , It is also not clear how long the existing e-filing website will continue to function and whether filing of income tax returns can continue to be performed either with old or new website . all the new features Below we had given various links for downloading the forms , pre-filled returns , etc . We have to wait and see whether the existing links will work or not . Further we also have to see whether all new features will be available on launch of new site or it would be built over time .
As of now Banks , mutual funds , companies , Demat holders have time up to 30th , June 2021 to upload the interest , dividend , capital gains to the income tax department for the purpose of submission of Statement of Financial Transactions (SFT ) . Hence Form 26AS can be final only after 1st , july 2021 . Hence to match our ITreturns with 26as , we have to wait till the end of June 2021 . So technically one can submit IT Returns for FY 2020-21 ( AY 2021-22 ) after 1st , July 2021 , if we want to match 26AS with our returns . Of course , time is there up to 30th , September 21 for the submission .
To go through IT department Press Release , CLICK HERE
ITR FORMS CAN BE FILED ON-LINE
HOW TO FILE ON LINE IN THE NEW INCOME TAX E-FILING WEBSITE ?
FOR FILING ITR1 SAHAJ ON-LINE , CLICK HERE
FOR FILING ITR2 ON-LINE , CLICK HERE
The general procedure for submitting on-line in the new website is explained below :
HOW TO FILE ON LINE ON INCOME TAX E-FILING WEBSITE ?
1. GO TO NEW INCOME TAX E-FILING WEBSITE
2. IF REGISTERED ALREADY , LOGIN USING YOUR PAN NUMBER AND PASSWORD ( OLD PASSWORD USED IN THE EARLIER SITE IS VALID HERE ALSO ) . OTHERWISE REGISTER WITH YOUR PAN NUMBER
3. Link PAN and Aadhaar , if not already linked
4. Pre-validate at least one bank account and nominate it for refund (recommended)
5. Link your mobile number with Aadhaar / e-Filing portal / your bank / NSDL / CDSL (for e-Verification)
6. Income Tax forms would be prefilled by the Income Tax Department from the fy 2020-21 onwards . All you have to do is to verify the correctness of data before submitting .
7. You can file and submit your ITR through the following methods:
Online Mode – through e-Filing portal
Offline Mode – through Offline Utility
How to submit the IT returns on the e-filing website ?
a . Log in to the e-Filing portal using your user ID ( PAN Number ) and password.
b. On your Dashboard, click e-File > Income Tax Returns > File Income Tax Return.
c. In the next screen , Select Assessment Year as 2021– 22 and click Continue. and Filing return as 139( 1) original .
d. In the next screen , Select Mode of Filing as Online and click Proceed.
e. : You may may select APPROPRIATE IT FORM . If you are not sure which ITR to file, you may select Help me decide which ITR Form to file and click Proceed. Once the system helps you determine the correct ITR, you can proceed with filing your ITR.
f. Once you have selected the ITR applicable to you, note the list of documents needed and click Let’s Get Started.
g. In the next screen , Select the checkboxes applicable to you and click Continue.
h. : Review your pre-filled data and edit it if necessary. Enter the remaining / additional data (if required). Click Confirm at the end of each section.
i. Enter your income and deduction details in the different section. After completing and confirming all the sections of the form, click Proceed.
j. In case there is a tax liability , You will be shown a summary of your tax computation based on the details provided by you. If there is tax liability payable based on the computation, you get the Pay Now and Pay Later options at the bottom of the page.
k.
It is recommended to use the Pay Now option. Carefully note the BSR Code and Challan Serial Number and enter them in the details of payment.
If you opt to Pay Later, you can make the payment after filing your Income Tax Return, but there is a risk of being considered as an assessee in default, and liability to pay interest on tax payable may arise.
l. Go and pay tax
m. After paying tax, click Preview Return. If there is no tax liability payable, or if there is a refund based on tax computation, you will be taken to the Preview and Submit Your Return page.
n. On the Preview and Submit Your Return page, enter Place, select the declaration checkbox and click Proceed to Validation.
o. On the Complete your Verification page, select your preferred option of verifying immediately or later and click Continue.
p.
Refer to How to e-Verify user manual to learn more.
If you select Verify via ITR-V, you need to send a signed physical copy of your ITR-V to Centralized Processing Center, Income Tax Department, Bengaluru 560500 by normal / speed post within 120 days.
Please make sure you have pre-validated your bank account so that any refunds due maybe credited to your bank account.
q. Once you e-Verify your return, a success message is displayed along with the Transaction ID and Acknowledgment Number. You will also receive a confirmation message on your mobile number and email ID registered on the e-Filing portal.
IMPORTANT NOTES :
1. Employers , banks , demat companies , mutual funds etc have time up to 30th , June 2021 for submitting their data / information .
2. Hence form 26AS and pre-filled IT Return forms can undergo changes till 30th , June 2021 . Further if income tax department extends the deadline , till the deadline is reached . Hence as of now , one can file the matched return only after 1st, July 2021 .
3 . Presently the new portal is having some glitches . Many are unable to proceed further than updating profiles . Wunderstand that the vendor of the software M/S Infosys is attending to the same . Once the portal starts running smoothly , we will update the position to you .
FOR FILING ITR1 SAHAJ ON-LINE , CLICK HERE
FOR FILING ITR2 ON-LINE , CLICK HERE
The general procedure for submitting on-line in the new website is explained below :
HOW TO FILE ON LINE ON INCOME TAX E-FILING WEBSITE ?
1. GO TO NEW INCOME TAX E-FILING WEBSITE
2. IF REGISTERED ALREADY , LOGIN USING YOUR PAN NUMBER AND PASSWORD ( OLD PASSWORD USED IN THE EARLIER SITE IS VALID HERE ALSO ) . OTHERWISE REGISTER WITH YOUR PAN NUMBER
3. Link PAN and Aadhaar , if not already linked
4. Pre-validate at least one bank account and nominate it for refund (recommended)
5. Link your mobile number with Aadhaar / e-Filing portal / your bank / NSDL / CDSL (for e-Verification)
6. Income Tax forms would be prefilled by the Income Tax Department from the fy 2020-21 onwards . All you have to do is to verify the correctness of data before submitting .
7. You can file and submit your ITR through the following methods:
Online Mode – through e-Filing portal
Offline Mode – through Offline Utility
How to submit the IT returns on the e-filing website ?
a . Log in to the e-Filing portal using your user ID ( PAN Number ) and password.
b. On your Dashboard, click e-File > Income Tax Returns > File Income Tax Return.
c. In the next screen , Select Assessment Year as 2021– 22 and click Continue. and Filing return as 139( 1) original .
d. In the next screen , Select Mode of Filing as Online and click Proceed.
e. : You may may select APPROPRIATE IT FORM . If you are not sure which ITR to file, you may select Help me decide which ITR Form to file and click Proceed. Once the system helps you determine the correct ITR, you can proceed with filing your ITR.
f. Once you have selected the ITR applicable to you, note the list of documents needed and click Let’s Get Started.
g. In the next screen , Select the checkboxes applicable to you and click Continue.
h. : Review your pre-filled data and edit it if necessary. Enter the remaining / additional data (if required). Click Confirm at the end of each section.
i. Enter your income and deduction details in the different section. After completing and confirming all the sections of the form, click Proceed.
j. In case there is a tax liability , You will be shown a summary of your tax computation based on the details provided by you. If there is tax liability payable based on the computation, you get the Pay Now and Pay Later options at the bottom of the page.
k.
It is recommended to use the Pay Now option. Carefully note the BSR Code and Challan Serial Number and enter them in the details of payment.
If you opt to Pay Later, you can make the payment after filing your Income Tax Return, but there is a risk of being considered as an assessee in default, and liability to pay interest on tax payable may arise.
l. Go and pay tax
m. After paying tax, click Preview Return. If there is no tax liability payable, or if there is a refund based on tax computation, you will be taken to the Preview and Submit Your Return page.
n. On the Preview and Submit Your Return page, enter Place, select the declaration checkbox and click Proceed to Validation.
o. On the Complete your Verification page, select your preferred option of verifying immediately or later and click Continue.
p.
Refer to How to e-Verify user manual to learn more.
If you select Verify via ITR-V, you need to send a signed physical copy of your ITR-V to Centralized Processing Center, Income Tax Department, Bengaluru 560500 by normal / speed post within 120 days.
Please make sure you have pre-validated your bank account so that any refunds due maybe credited to your bank account.
q. Once you e-Verify your return, a success message is displayed along with the Transaction ID and Acknowledgment Number. You will also receive a confirmation message on your mobile number and email ID registered on the e-Filing portal.
IMPORTANT NOTES :
1. Employers , banks , demat companies , mutual funds etc have time up to 30th , June 2021 for submitting their data / information .
2. Hence form 26AS and pre-filled IT Return forms can undergo changes till 30th , June 2021 . Further if income tax department extends the deadline , till the deadline is reached . Hence as of now , one can file the matched return only after 1st, July 2021 .
3 . Presently the new portal is having some glitches . Many are unable to proceed further than updating profiles . Wunderstand that the vendor of the software M/S Infosys is attending to the same . Once the portal starts running smoothly , we will update the position to you .
NO SCRIP-WISE REPORTING OF SHARES FOR SHORT TERM GAINS :
27.09.2020 : Income Tax Department has given clarification yesterday , by way of a press release , that One need not give details of share-wise purchase , sale and profits earned in Income tax returns by the tax payers . It will be sufficient to furnish total short term capital gain earned in the returns .
However for the long term capital gains made in the investments in shares where grandfathering is required to assess the taxable gain or loss , one has to provide scrip-wise details of such transactions .
With the above clarification , returns filing will be easier for those who have earned income by trading in stocks during the year .
SHORT TERM CAPITAL GAIN : In respect of assets like shares (equity or preference) which are listed in a recognised stock exchange in India (listing of shares is not mandatory if transfer of such shares took place on or before July 10, 2014), units of equity oriented mutual funds, listed securities like debentures and Government securities, Units of UTI and Zero Coupon Bonds, the period of holding to be considered is 12 months for short term capital gain .
LONG TERM CAPITAL GAIN : In respect of above transactions , assets held for more than 12 months is considered for Long term Capital Gain .
What is Grandfathering ?
The concept of grandfathering was introduced in the budget of 2018-19 .
Long Term Capital Gain Tax on sale of equity shares and equity oriented mutual funds was introduced at 10 % , in the budget , for gains more than Rs 100,000 in the financial year . Further no indexation was allowed for calculating the gain . However gains earned up to January 31, 2018 was allowed to grandfathered . Grandfathering is allowing of existing benefits for the previous period . Hence Long Term Profits earned after February 1, 2018 will only be taxed if profits are booked in the financial year 2018-19 i.e from 01.04.2018 to 31.03.2019 . The higher of the purchase price of share or mutual fund or the price as on 31st Jan , 2018 for equity and NAV as on 31st , Jan 2018 will be taken as investment cost for arriving the long term gain . The concept has continued in the budget of Fy 2019-20 & Fy 2020-21 also .
WHY SCRIP-WISE REPORTING IS REQUIRED FOR LONG TERM CAPITAL GAINS ?
Without this reporting requirement, there may be situations where taxpayer may not claim or wrongly claim the benefit of grandfathering due to lack of understanding of the provisions. Also, if the calculation is not made scrip wise and taxpayer is allowed to enter the total figures only, there will be no way for the income tax authorities to check the correctness of the claim and therefore many returns will require to be audited, which may lead to unnecessary grievances/rectifications at a later stage. If scrip wise long-term gain is available, it can be cross verified by the Department electronically with stock exchange, brokerage companies, etc and there will be no need to subject these income tax returns to further audits or scrutiny
To read the Press Release dated 26.09.2020 , CLICK HERE
27.09.2020 : Income Tax Department has given clarification yesterday , by way of a press release , that One need not give details of share-wise purchase , sale and profits earned in Income tax returns by the tax payers . It will be sufficient to furnish total short term capital gain earned in the returns .
However for the long term capital gains made in the investments in shares where grandfathering is required to assess the taxable gain or loss , one has to provide scrip-wise details of such transactions .
With the above clarification , returns filing will be easier for those who have earned income by trading in stocks during the year .
SHORT TERM CAPITAL GAIN : In respect of assets like shares (equity or preference) which are listed in a recognised stock exchange in India (listing of shares is not mandatory if transfer of such shares took place on or before July 10, 2014), units of equity oriented mutual funds, listed securities like debentures and Government securities, Units of UTI and Zero Coupon Bonds, the period of holding to be considered is 12 months for short term capital gain .
LONG TERM CAPITAL GAIN : In respect of above transactions , assets held for more than 12 months is considered for Long term Capital Gain .
What is Grandfathering ?
The concept of grandfathering was introduced in the budget of 2018-19 .
Long Term Capital Gain Tax on sale of equity shares and equity oriented mutual funds was introduced at 10 % , in the budget , for gains more than Rs 100,000 in the financial year . Further no indexation was allowed for calculating the gain . However gains earned up to January 31, 2018 was allowed to grandfathered . Grandfathering is allowing of existing benefits for the previous period . Hence Long Term Profits earned after February 1, 2018 will only be taxed if profits are booked in the financial year 2018-19 i.e from 01.04.2018 to 31.03.2019 . The higher of the purchase price of share or mutual fund or the price as on 31st Jan , 2018 for equity and NAV as on 31st , Jan 2018 will be taken as investment cost for arriving the long term gain . The concept has continued in the budget of Fy 2019-20 & Fy 2020-21 also .
WHY SCRIP-WISE REPORTING IS REQUIRED FOR LONG TERM CAPITAL GAINS ?
Without this reporting requirement, there may be situations where taxpayer may not claim or wrongly claim the benefit of grandfathering due to lack of understanding of the provisions. Also, if the calculation is not made scrip wise and taxpayer is allowed to enter the total figures only, there will be no way for the income tax authorities to check the correctness of the claim and therefore many returns will require to be audited, which may lead to unnecessary grievances/rectifications at a later stage. If scrip wise long-term gain is available, it can be cross verified by the Department electronically with stock exchange, brokerage companies, etc and there will be no need to subject these income tax returns to further audits or scrutiny
To read the Press Release dated 26.09.2020 , CLICK HERE
FREE PORTALS FOR E- FILING IT RETURNS
There are various portals services of which you can use and file IT Returns without paying any fees .
1. https://portal.incometaxindiaefiling.gov.in/ : The first and foremost website of income tax department of government of India . The website is authentic , official and absolutely free of charge . We have below explained how to submit IT Retirns ITR1, ITR2, ITR3 & ITR4 on-line . Website also supplies pre-filled forms which can be used for filing the returns
2. https://cleartax.in/ : The website facilitates submission of ITRs without any charges for its basic usage . Here you can upload Form 16 and Form 26AS and submit ITR1 only . The website has both free and paid services and you may have to use their paid services if you have other sources of Income other than salary or pension
3. https://www.taxsmile.com/ : Basic submission / DIY is free and assisted services are available on payment of a fee . Fee starts with Rs 499 + tax .
4. https://myitreturn.com/ : The assisted services for Income tax return filing starts with of fee rs 175 + tax onward . The portal also has mobile app which can be downloaded free and used for submitting IT Returns .
5. https://eztax.in/ : Self service on the website is free and assisted services start from Rs 599 + tax
6 . https://www.taxspanner.com/ : The fee starts from Rs 99 onward .
7. https://tax2win.in/ : Self filing on the website is free and assisted filing starts with a price of Rs 549 + tax
We have not independently verified the quality , efficiency and data security of such private websites .
1. https://portal.incometaxindiaefiling.gov.in/ : The first and foremost website of income tax department of government of India . The website is authentic , official and absolutely free of charge . We have below explained how to submit IT Retirns ITR1, ITR2, ITR3 & ITR4 on-line . Website also supplies pre-filled forms which can be used for filing the returns
2. https://cleartax.in/ : The website facilitates submission of ITRs without any charges for its basic usage . Here you can upload Form 16 and Form 26AS and submit ITR1 only . The website has both free and paid services and you may have to use their paid services if you have other sources of Income other than salary or pension
3. https://www.taxsmile.com/ : Basic submission / DIY is free and assisted services are available on payment of a fee . Fee starts with Rs 499 + tax .
4. https://myitreturn.com/ : The assisted services for Income tax return filing starts with of fee rs 175 + tax onward . The portal also has mobile app which can be downloaded free and used for submitting IT Returns .
5. https://eztax.in/ : Self service on the website is free and assisted services start from Rs 599 + tax
6 . https://www.taxspanner.com/ : The fee starts from Rs 99 onward .
7. https://tax2win.in/ : Self filing on the website is free and assisted filing starts with a price of Rs 549 + tax
We have not independently verified the quality , efficiency and data security of such private websites .
FOR STEP BY STEP GUIDE TO FILE ITR1 SAHAJ , CLICK HERE
FOR STEP BY STEP GUIDE TO FILE ITR2 , CLICK HERE
FOR STEP BY STEP GUIDE TO FILE ITR2 , CLICK HERE
DOCUMENTS REQUIRED TO FILE ITR FORMS FOR SALARIED PERSONS / PENSIONERS
NECESSARY DOCUMENTS TO BE OBTAINED BEFORE FILING IT RETURNS
a. You require following documents before starting to fill up IT Returns or to verify pre-filled IT Returns . As some time is required to collect from the relevant issuers , you may contact them at the earliest if you have not obtained so far . If you don't have AADHAR , APPLY NOW AND OBTAIN ENROLLMENT ID OF AADHAR APPLICATION
1. Your AADHAR NUMBER / CARD
2.Salary certificate / Form 16 issued by employer in the new format ,
3.Interest certificates issued by your banks for the deposits / education loans and housing loans etc
4. Life Insurance premium certificates , health Insurance premium paid certificates ,
5. Bank account statements for housing loans and savings bank accounts etc
6. TDS Certificates from employers / Deposit holders
7. Form 26 AS which shows the tax amount already credited to your account
8. Capital gain certificates / statements from your stock brokers
9. Copy of last year return submitted .
10. Your bank name , account number and IFSC code of the bank branch .
11. Total dividend received by you , quarter wise. Your bank account statement or your stock broker will fetch you the information .
12 . Any other relevant documents if you have any other income
b. Link your Aadhar number to income tax e-filing website
C. Verify Taxes paid already in Form 26AS and confirm that all tax deducted for you by your employer / bank as given in Form 16 or Salary receipt is credited to your account with income tax department . You can view 26 AS ( Tax Credit ) in the income tax department's website by logging in .
d. Tax returns are made simple now . You may prepare and submit on line itself on the income tax e-filing website You may yourself file on line or use or utilise the service of Tax Return Preparers ( TRPS ) authorised by Income Tax Department ., if you are not confident of using the on -line services . Otherwise you may use your chartered accounts for the job .
You should keep following details handy for yourself / your employer and your tenant
Your Details
1. Aadhar Number
2. Mobile Number
3. E-mail address
4. Residential Address
5. Passport Number ( If you have passport )
Other Details :
A. Have you deposited more than Rs 1.00 crore in bank accounts ?
B. Have you incurred more than Rs 2.00 lakhs for Foreign Travel ?
C. Have you spent more than Rs 1.00 lakh on electricity consumption
(All the limits of outgo for the entire year ) For persons with salary income :
6. Details of your Employer
a. TAN Number of the Employer
b. Name of the Employer
c. Nature of Employer
d. Address of the Employer
7. Details of all bank accounts held any time during the year
a. IFSC Code of the bank
b.Name of the bank
c. Account number
7. If you have let out a property
a. Address of the property
b Details of the tenant
1. Name of the Tenant
2. Tenant's Aadhaar Number
3. Tenant's PAN Number
The benefits of filing tax returns early is
1. You will have sufficient time to collect relevant documents , prepare , cross check and then submit . You can reduce errors .
2. As the income tax servers would be relatively free , last minute slowdown of computers due to heavy rush for submissions .
3. Processing of your returns by IT department would be faster and you will get refunds faster .
4. You will be avoiding penalties , interest etc levied on belated submission .
So take steps now to have advantages of filing IT Returns early
a. You require following documents before starting to fill up IT Returns or to verify pre-filled IT Returns . As some time is required to collect from the relevant issuers , you may contact them at the earliest if you have not obtained so far . If you don't have AADHAR , APPLY NOW AND OBTAIN ENROLLMENT ID OF AADHAR APPLICATION
1. Your AADHAR NUMBER / CARD
2.Salary certificate / Form 16 issued by employer in the new format ,
3.Interest certificates issued by your banks for the deposits / education loans and housing loans etc
4. Life Insurance premium certificates , health Insurance premium paid certificates ,
5. Bank account statements for housing loans and savings bank accounts etc
6. TDS Certificates from employers / Deposit holders
7. Form 26 AS which shows the tax amount already credited to your account
8. Capital gain certificates / statements from your stock brokers
9. Copy of last year return submitted .
10. Your bank name , account number and IFSC code of the bank branch .
11. Total dividend received by you , quarter wise. Your bank account statement or your stock broker will fetch you the information .
12 . Any other relevant documents if you have any other income
b. Link your Aadhar number to income tax e-filing website
C. Verify Taxes paid already in Form 26AS and confirm that all tax deducted for you by your employer / bank as given in Form 16 or Salary receipt is credited to your account with income tax department . You can view 26 AS ( Tax Credit ) in the income tax department's website by logging in .
d. Tax returns are made simple now . You may prepare and submit on line itself on the income tax e-filing website You may yourself file on line or use or utilise the service of Tax Return Preparers ( TRPS ) authorised by Income Tax Department ., if you are not confident of using the on -line services . Otherwise you may use your chartered accounts for the job .
You should keep following details handy for yourself / your employer and your tenant
Your Details
1. Aadhar Number
2. Mobile Number
3. E-mail address
4. Residential Address
5. Passport Number ( If you have passport )
Other Details :
A. Have you deposited more than Rs 1.00 crore in bank accounts ?
B. Have you incurred more than Rs 2.00 lakhs for Foreign Travel ?
C. Have you spent more than Rs 1.00 lakh on electricity consumption
(All the limits of outgo for the entire year ) For persons with salary income :
6. Details of your Employer
a. TAN Number of the Employer
b. Name of the Employer
c. Nature of Employer
d. Address of the Employer
7. Details of all bank accounts held any time during the year
a. IFSC Code of the bank
b.Name of the bank
c. Account number
7. If you have let out a property
a. Address of the property
b Details of the tenant
1. Name of the Tenant
2. Tenant's Aadhaar Number
3. Tenant's PAN Number
The benefits of filing tax returns early is
1. You will have sufficient time to collect relevant documents , prepare , cross check and then submit . You can reduce errors .
2. As the income tax servers would be relatively free , last minute slowdown of computers due to heavy rush for submissions .
3. Processing of your returns by IT department would be faster and you will get refunds faster .
4. You will be avoiding penalties , interest etc levied on belated submission .
So take steps now to have advantages of filing IT Returns early
MATCHING OF FORM 26AS WITH YOUR IT RETURNS
It is important to match the information in Form 26AS with the information you provide in the Income tax returns as any mismatch may attract lengthy / unwanted correspondence with the income Tax department later . Now Income Tax department will assist you with pre-filled forms for FY 2020-21 in their new e-filing portal . This will be backed with the information hey receive which will also reflect in Form 26as . Hence it becomes easier for you to match the information in your IT returns with that of Form 26as .
In this context , 26AS for FY 2020 -21 may not be reflecting all the transactions in your accounts like salary payment / pensions / interest payments especially done in the last quarter of the year as bankers / mutual funds / demat holders / employers have time up to 30th , June for submitting their information on you . Hence wait till 30th , june 2021 to download form 26AS and verify the returns .
To know how to download Form 26AS in the new website , CLICK HERE
It is important to match the information in Form 26AS with the information you provide in the Income tax returns as any mismatch may attract lengthy / unwanted correspondence with the income Tax department later . Now Income Tax department will assist you with pre-filled forms for FY 2020-21 in their new e-filing portal . This will be backed with the information hey receive which will also reflect in Form 26as . Hence it becomes easier for you to match the information in your IT returns with that of Form 26as .
In this context , 26AS for FY 2020 -21 may not be reflecting all the transactions in your accounts like salary payment / pensions / interest payments especially done in the last quarter of the year as bankers / mutual funds / demat holders / employers have time up to 30th , June for submitting their information on you . Hence wait till 30th , june 2021 to download form 26AS and verify the returns .
To know how to download Form 26AS in the new website , CLICK HERE
SELECT BETWEEN OLD TAX REGIME AND NEW
While filing IT Returns , there is a question : Are you opting for new tax regime u/s 115BAC ? Yes No
Before filling just check which is beneficial for you old tax regime with rebates or new simplified system with lower tax rates and without any rebates . Before answering , check which is beneficial for you by going to our webpage and finding the answer yourself
Before filling just check which is beneficial for you old tax regime with rebates or new simplified system with lower tax rates and without any rebates . Before answering , check which is beneficial for you by going to our webpage and finding the answer yourself
HOW TO E-PAY INCOME TAX ?
Dated 14.07.2019 : Some of our readers wanted guidance on e-payment of tax, as they wanted to pay self assessment tax before filing the returns .
Procedure for e-payment of Income Tax :
Step-1
To pay taxes online, login to NSDL WEBSITE :
Step-2
Select the relevant challan i.e. ITNS 280 and proceed
Step-3
Enter PAN / TAN (as applicable) and other mandatory challan details like accounting head under which payment is made, address of the tax payer and the bank through which payment is to be made etc.
Step-4
On submission of data entered, a confirmation screen will be displayed. If PAN / TAN is valid as per the ITD PAN / TAN master, then the full name of the taxpayer as per the master will be displayed on the confirmation screen.
Step-5
On confirmation of the data so entered, the taxpayer will be directed to the net-banking site of the bank.
Step-6
The taxpayer has to login to the net-banking site with the user id / password provided by the bank for net-banking purpose and enter payment details at the bank site.
Step-7
On successful payment a challange counterfoil will be displayed containing CIN, payment details and bank name through which e-payment has been made. This counterfoil is proof of payment being made.
Dated 14.07.2019 : Some of our readers wanted guidance on e-payment of tax, as they wanted to pay self assessment tax before filing the returns .
Procedure for e-payment of Income Tax :
Step-1
To pay taxes online, login to NSDL WEBSITE :
Step-2
Select the relevant challan i.e. ITNS 280 and proceed
Step-3
Enter PAN / TAN (as applicable) and other mandatory challan details like accounting head under which payment is made, address of the tax payer and the bank through which payment is to be made etc.
Step-4
On submission of data entered, a confirmation screen will be displayed. If PAN / TAN is valid as per the ITD PAN / TAN master, then the full name of the taxpayer as per the master will be displayed on the confirmation screen.
Step-5
On confirmation of the data so entered, the taxpayer will be directed to the net-banking site of the bank.
Step-6
The taxpayer has to login to the net-banking site with the user id / password provided by the bank for net-banking purpose and enter payment details at the bank site.
Step-7
On successful payment a challange counterfoil will be displayed containing CIN, payment details and bank name through which e-payment has been made. This counterfoil is proof of payment being made.
INCOME TAX REFUND STATUS FOR FY 2019-20
HOW TO CHECK IT REFUND STATUS :
Dated 19.01.2020 : After submission of IT Return , you have to verify the IT Return submitted . After verification of IT Return only , Income Tax Department will process your return . If your return is accepted by the IT Department , you will get notification with regard to completion of the verification process by the department . If you have paid tax in excess , IT Department will refund the excess paid
In case you have received IT Department message that your IT Return is processed and refund initiated , you may check with your pre-validated bank account for the refund amount . In case the refund is not received , you may go to the following NSDL website to verify the refund status by CLICKING HERE
Then enter your PAN Number, Assessment Year ( For FY 2019-20 , it is AY 2020-21 ) and captcha code .
Then you will get date of credit of IT Refund , amount credited and last four numbers of your bank account .
In case if you have not received your refund , you may :
1. Write to CMP, State Bank of India at Survey No.21 Opposite : Hyderabad Central University, Main Gate, Gachibowli, Hyderabad -500019, or Call on SBI's Toll free number: 18004259760 or
email at :- [email protected]
PS : BE CAREFUL . SOME SCAMSTERS ARE SENDING FRAUDAULANT MESSAGES ABOUT YOUR IT REFUND VIA SMS AND ASKING YOU TO GIVE DETAILS OF YOUR AADHAAR , BANK ACCOUNT , PAN ETC AND PASSWORDS BY CLICKING ON THE LINK PROVIDED BY THEM . IT IS ONLY THEIR ATTEMPT TO STEAL DATA AND MONEY FROM YOUR BANK ACCOUNTS . DON'T FALL PREY . YOU NEED NOT SUBMIT ANY OF YOUR PERSONAL DATA ON THE WEBSITE EXCEPT PAN NUMBER
Dated 19.01.2020 : After submission of IT Return , you have to verify the IT Return submitted . After verification of IT Return only , Income Tax Department will process your return . If your return is accepted by the IT Department , you will get notification with regard to completion of the verification process by the department . If you have paid tax in excess , IT Department will refund the excess paid
In case you have received IT Department message that your IT Return is processed and refund initiated , you may check with your pre-validated bank account for the refund amount . In case the refund is not received , you may go to the following NSDL website to verify the refund status by CLICKING HERE
Then enter your PAN Number, Assessment Year ( For FY 2019-20 , it is AY 2020-21 ) and captcha code .
Then you will get date of credit of IT Refund , amount credited and last four numbers of your bank account .
In case if you have not received your refund , you may :
1. Write to CMP, State Bank of India at Survey No.21 Opposite : Hyderabad Central University, Main Gate, Gachibowli, Hyderabad -500019, or Call on SBI's Toll free number: 18004259760 or
email at :- [email protected]
PS : BE CAREFUL . SOME SCAMSTERS ARE SENDING FRAUDAULANT MESSAGES ABOUT YOUR IT REFUND VIA SMS AND ASKING YOU TO GIVE DETAILS OF YOUR AADHAAR , BANK ACCOUNT , PAN ETC AND PASSWORDS BY CLICKING ON THE LINK PROVIDED BY THEM . IT IS ONLY THEIR ATTEMPT TO STEAL DATA AND MONEY FROM YOUR BANK ACCOUNTS . DON'T FALL PREY . YOU NEED NOT SUBMIT ANY OF YOUR PERSONAL DATA ON THE WEBSITE EXCEPT PAN NUMBER
FOR TAX PLANNING FOR FY 2018-19 , CLICK HERE
Submission of IT Return is not complete without verifying the same .For various ways of verification ,CLICK HERE
INCOME TAX DEPARTMENT WARNS SALARIED PERSONS AGAINST WRONG DECLARATIONS WHILE FILING OF IT RETURNS :
As per amended section 270A of Income Tax act , mis-reporting of income may be fined 50 % of tax payable and it can go up to 200% if it is judged as concealment of income .
For 270A section of IT Act , CLICK HERE and fill 270A in section column
As per amended section 270A of Income Tax act , mis-reporting of income may be fined 50 % of tax payable and it can go up to 200% if it is judged as concealment of income .
For 270A section of IT Act , CLICK HERE and fill 270A in section column
FOR READING ARTICLE TAX ON RETIREMENT BENEFITS , CLICK HERE
PRECAUTIONS TO BE TAKEN WHILE INVESTING STOCK MARKETS , CLICK HERE
FINANCIAL PLANNING FOR YOUNG , CLICK HERE HOW TO LINK AADHAR WITH PAN ? CLICK HERE
PRECAUTIONS TO BE TAKEN WHILE INVESTING STOCK MARKETS , CLICK HERE
FINANCIAL PLANNING FOR YOUNG , CLICK HERE HOW TO LINK AADHAR WITH PAN ? CLICK HERE
E-VERIFICATION OF RETURNS FILED THROUGH E -FILING
Submission of IT Return is not complete without verifying the same . For various ways of verification , CLICK HERE
FOR READING ARTICLE TAX ON RETIREMENT BENEFITS , CLICK HERE
PRECAUTIONS TO BE TAKEN WHILE INVESTING STOCK MARKETS , CLICK HERE
FINANCIAL PLANNING FOR YOUNG, CLICK HERE
Intimation under section 143(1) of Income Tax Act 1961
INTIMATION U/S 143(1) OF THE INCOME TAX ACT will be received by you if you file the IT Return online directly or through your Tax Consultant. Under Section 143 ( 1) , the income tax department completes the assessment , based on returns filed by you ,without requiring your presence .The department checks , through its computers , for the arithmetical inaccuracies and or any incorrect claims made . You will receive the INTIMATION U/S 143(1) OF THE INCOME TAX ACT by emails to the email addresses provided by you. The intimation will have two columns viz tax determined as per return filed by you and secondly tax determined by the department after making necessary corrections . The intimation may have NET AMOUNT DEMAND/ NET AMOUNT REFUNDABLE .On receiving the intimation , if there are any discrepancies , one may file rectification of the return submitted after paying any tax demanded . If one is not satisfied with the claim made by the department , one can go on line to the portal of the department and file Response to the intimation received . The department will send the notification within one year from the date of filing return . However , now a days ,the notifications are received much faster , some times within a week due to computerisation of system in the department . Normally notification received is treated as completion of assessment by the department.
Income Tax Department (ITD) has launched a new initiative e-Sahyog with a view to reduce compliance cost, especially for small taxpayers. Traditionally, when Income Tax Department (ITD) found mismatch in information shown in the Income Tax Return with the information submitted from third parties in the form of Annual Information Return (AIR), TDS Statement etc., the cases were selected for scrutiny. E-sahyog is a Pilot Project to provide an online mechanism to resolve mismatches in income Tax return without requiring taxpayers to attend the Income Tax Office. Under the scheme an assessee can submit on line response to demand made by the department , instead of visiting Office of the department and submit a manual reply . An assessee can login to e-filing portal ,view pending action where outstanding demands are given and can give a response to the demand if he is not satisfied with the demand made . For step by step guide for filing the response , click here
We value your opinions , comments and suggestions. We shall be happy to your feedback on the contents of the Article . For Feedback form , CLICK HERE
THIS ARTICLE CARRIES INFORMATION ON VARIOUS TAX PROVISIONS WHICH ARE GENERALLY USEFUL .YET IT DOES NOT CARRY ALL THE PROVISIONS AND HENCE YOU ARE ADVISED TO GO THROUGH INCOME TAX DEPARTMENT WEBSITES FOR AUTHENTIC COMPLETE INFORMATION . ESPECIALLY THOSE WHO HAVE GOT MULTIPLE STREAMS OF INCOME OR COMPLEX INVESTMENTS MAY CONSULT A QUALIFIED TAX CONSULTANT / CHARTERED ACCOUNTANT FOR ANY CLARIFICATION. READERS ARE ALSO WELCOME TO SEND FEEDBACK . YOU CAN DOWNLOAD THE FORM HERE . WE ARE OPEN FOR CORRECTION IF NEEDED
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