|
|
ITR efiling for FY 2021-22(AY2022-23)
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
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 2021-22 ( AY2022-23 )
DEADLINE EXTENDED FOR IT RETURNS WITH AUDIT REPORT
Dated 27.10.2022 : The last date for submission of Income tax returns with Audit Report for the Financial Year 2021-22 is 31.010.2022 . Now Income Tax Department , vide circular dated 26.10.2022 , has extended the deadline to 7th, November 2022 .
To read CBDT Circular dated 26.10.2022 , CLICK HERE
Dated 27.10.2022 : The last date for submission of Income tax returns with Audit Report for the Financial Year 2021-22 is 31.010.2022 . Now Income Tax Department , vide circular dated 26.10.2022 , has extended the deadline to 7th, November 2022 .
To read CBDT Circular dated 26.10.2022 , CLICK HERE
For Income Tax Refund
Check your Income Tax Refund Satus on-line
If you are waiting tax refund for the earlier year , 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 2022-23 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 2021-22 , it is AY 2022-23 ) 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 2022-23 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 2021-22 , it is AY 2022-23 ) 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
LAST DATE FOR FILING INCOME TAX RETURNS FOR FY 2021-22
NO PLANS TO EXTEND DEADLINE : REVENUE SECRETARY
Dated 23.07.2022 : Mr Tarun Bajaj , Revenue secretary of Government of India has told the media that Government has no plans to extend deadline for filing of Income Tax Returns for Fy 21-22 . The last date for submission of Income tax returns for the Financial Year 2021-22 is 31.07.2022 for submission without auditing . ( 31.10.2022 for returns with Audit reports ) .
As many tax payers and chartered Accountants are expecting the extension of the deadline , the Secretary pointed out that the last year also deadline was not extended beyond 31st , December . The Income tax department has received more than 2.5 crore returns so far
Source : Media Reports
Dated 23.07.2022 : Mr Tarun Bajaj , Revenue secretary of Government of India has told the media that Government has no plans to extend deadline for filing of Income Tax Returns for Fy 21-22 . The last date for submission of Income tax returns for the Financial Year 2021-22 is 31.07.2022 for submission without auditing . ( 31.10.2022 for returns with Audit reports ) .
As many tax payers and chartered Accountants are expecting the extension of the deadline , the Secretary pointed out that the last year also deadline was not extended beyond 31st , December . The Income tax department has received more than 2.5 crore returns so far
Source : Media Reports
The last date for submission of Income tax returns for the Financial Year 2021-22 is 31.07.2022 for submission without auditing . ( 31.10.2022 for returns with Audit reports )
Endeavor to submit the returns well within the due date . There are benefits of submission of IT returns .
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 .
Further belated submission of IT Returns will attract penalty ,& Interest for any tax due . Following are the some of the adverse effects:
1. PENALTY : As per section 234F, late filing fees of Rs. 5,000 shall be payable if return furnished after the due date . However amount of late filing fees to be paid shall be Rs.1,000, if the total income of the person does not exceed Rs.5 lakhs.
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.
Endeavor to submit the returns well within the due date . There are benefits of submission of IT returns .
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 .
Further belated submission of IT Returns will attract penalty ,& Interest for any tax due . Following are the some of the adverse effects:
1. PENALTY : As per section 234F, late filing fees of Rs. 5,000 shall be payable if return furnished after the due date . However amount of late filing fees to be paid shall be Rs.1,000, if the total income of the person does not exceed Rs.5 lakhs.
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.
A BROCHURE TO HELP FIRST TIME SUBMISSION OF IT RETURNS :
Dated 21.07.2022 : Income Tax department has published a Brochure explaining the basics of income tax returns and explains how filing of income tax returns is mandatory for certain reasons including Applying for Visa or a loan from an bank or going for overseas education .
One can go through it to understand basics of income Tax returns by clicking here
Dated 21.07.2022 : Income Tax department has published a Brochure explaining the basics of income tax returns and explains how filing of income tax returns is mandatory for certain reasons including Applying for Visa or a loan from an bank or going for overseas education .
One can go through it to understand basics of income Tax returns by clicking here
Which ITR is for whom ?
IT RETURN FORMS FOR FY 2021-22 ( AY 2022-23 )
Dated 03.04.2022 : Income Tax Return forms for FY 2021-22 ( AY 2022-23 ) , 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 up to Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income up to 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 31.07.2022
It will be prudent to match Form 26as / New Annual Information Statement ( AIS ) with the tax returns you submit . Form 26as / AIS have been updated only up to December 2021 and hence you have to wait for updating with last quarter information . Hence please wait till the time form 26AS is updated till you submit your returns .
Dated 03.04.2022 : Income Tax Return forms for FY 2021-22 ( AY 2022-23 ) , 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 up to Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income up to 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 31.07.2022
It will be prudent to match Form 26as / New Annual Information Statement ( AIS ) with the tax returns you submit . Form 26as / AIS have been updated only up to December 2021 and hence you have to wait for updating with last quarter information . Hence please wait till the time form 26AS is updated till you submit your returns .
WHO HAS TO FILE IT RETURNS ?
ADDITIONAL CONDITIONS FOR FILING INCOME TAX RETURNS
Dated 23.04.2022 : As per Income Tax Department's notification dated 21.04.2022 , persons fulfilling any following conditions will also have to submit IT RETURNS , along with others :
(i) if his total sales, turnover or gross receipts, as the case may be, in the business exceeds 60 lakh rupees during the previous year; or
(ii) if his total gross receipts in profession exceeds 10 lakh rupees during the previous year; or
(iii) if the aggregate of tax deducted at source ( TDS ) and tax collected at source ( TCS ) during the previous year, in the case of the person is Rs 25,000 or more ( Rs 50,000 in case of senior citizens ) ; or
(iv) the deposit in one or more savings bank account of the person, in aggregate, is Rs 50 lakh or more during the previous year:
To read IT Department's notification dated 21.04.2022 , CLICK HERE
Dated 23.04.2022 : As per Income Tax Department's notification dated 21.04.2022 , persons fulfilling any following conditions will also have to submit IT RETURNS , along with others :
(i) if his total sales, turnover or gross receipts, as the case may be, in the business exceeds 60 lakh rupees during the previous year; or
(ii) if his total gross receipts in profession exceeds 10 lakh rupees during the previous year; or
(iii) if the aggregate of tax deducted at source ( TDS ) and tax collected at source ( TCS ) during the previous year, in the case of the person is Rs 25,000 or more ( Rs 50,000 in case of senior citizens ) ; or
(iv) the deposit in one or more savings bank account of the person, in aggregate, is Rs 50 lakh or more during the previous year:
To read IT Department's notification dated 21.04.2022 , CLICK HERE
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 2021-22 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 . If TDS or TCS collected is more than Rs 25,000 ( Rs 50,000 for the senior citizens ) , submission of IT Returns is mandatory .
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 .
4. If you hold any asset outside India or beneficiary of any asset outside India or a signing authority for an account outside India , you have to submit IT Returns if you are a resident Indian .
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 2021-22 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 . If TDS or TCS collected is more than Rs 25,000 ( Rs 50,000 for the senior citizens ) , submission of IT Returns is mandatory .
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 .
4. If you hold any asset outside India or beneficiary of any asset outside India or a signing authority for an account outside India , you have to submit IT Returns if you are a resident Indian .
TAX PLANNING FOR FY 2022-23 ( AY 2023-24 )
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
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 / New Annual Information Statement ( AIS ) which show the tax amount already credited to your account and details of your income reported so far .
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 / AIS 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 utilize the service of Tax Return Preparers ( TRPS ) authorized 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 / New Annual Information Statement ( AIS ) which show the tax amount already credited to your account and details of your income reported so far .
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 / AIS 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 utilize the service of Tax Return Preparers ( TRPS ) authorized 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
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. If You have not saved any drafts earlier , proceed click Let’s Get Started
f. In the next screen , select Individual for filing your personal income tax return .
g. In the next screen , Select the ITR Forms .
h. Then proceed with relevant form .
i. Keep necessary documents with you for filling up the form and cross verifying the information available in the form . For the list of such documents , go to the following paragraph .
j. Please answer the question why you are filing the IT return . Reasons can be
a. Taxable income is more than basic exemption limit
b. Filing return of income due to fulfilling any one or more below mentioned conditions as per Seventh Proviso to section 139(1):Filing return of income
b1 . Deposited amount or aggregate of amounts exceeding ₹ 1 crore in one or more current accounts during the previous year;
b2. Incurred expenditure of an amount or aggregate of amount exceeding ₹ 2 lakhs for travel to a foreign country for yourself or for any other person;
b3. Incurred expenditure of amount or aggregate of amount exceeding ₹ 1 lakh on consumption of electricity during the previous year
b4 Are you required to file a return as per other conditions prescribed under clause (iv) of seventh proviso to section 139(1 )
k . You will be guided to pre-filled form and you have to validate the information therein :
Personal information : Profile , contact address , nature of employment ( Retirees have to mention what type of pensioners they are whether government or PSU or other etc ) , Filing section 139(1) .
l. You also have to mention whether you are opting for 115bac or not ( 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
m . Now you confirm the personal information available / you have opted to .
n . Go to Gross Total income , check inidividual incomes and confirm the correctness of the entries .
o. Fill the deductions you are eligible under various rebates like 80C , 80d or others .
p. Confirm the total deductions you are eligible for .
q. Check the tax paid details and confirm .
r. Once you confirm total income , total deductions and tax paid so far , your tax payable amount will be shown .
s . Either you can pay now or pay later .
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 . LAST DATE FOR SUBMISSION IS 31.07.2022
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. If You have not saved any drafts earlier , proceed click Let’s Get Started
f. In the next screen , select Individual for filing your personal income tax return .
g. In the next screen , Select the ITR Forms .
h. Then proceed with relevant form .
i. Keep necessary documents with you for filling up the form and cross verifying the information available in the form . For the list of such documents , go to the following paragraph .
j. Please answer the question why you are filing the IT return . Reasons can be
a. Taxable income is more than basic exemption limit
b. Filing return of income due to fulfilling any one or more below mentioned conditions as per Seventh Proviso to section 139(1):Filing return of income
b1 . Deposited amount or aggregate of amounts exceeding ₹ 1 crore in one or more current accounts during the previous year;
b2. Incurred expenditure of an amount or aggregate of amount exceeding ₹ 2 lakhs for travel to a foreign country for yourself or for any other person;
b3. Incurred expenditure of amount or aggregate of amount exceeding ₹ 1 lakh on consumption of electricity during the previous year
b4 Are you required to file a return as per other conditions prescribed under clause (iv) of seventh proviso to section 139(1 )
k . You will be guided to pre-filled form and you have to validate the information therein :
Personal information : Profile , contact address , nature of employment ( Retirees have to mention what type of pensioners they are whether government or PSU or other etc ) , Filing section 139(1) .
l. You also have to mention whether you are opting for 115bac or not ( 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
m . Now you confirm the personal information available / you have opted to .
n . Go to Gross Total income , check inidividual incomes and confirm the correctness of the entries .
o. Fill the deductions you are eligible under various rebates like 80C , 80d or others .
p. Confirm the total deductions you are eligible for .
q. Check the tax paid details and confirm .
r. Once you confirm total income , total deductions and tax paid so far , your tax payable amount will be shown .
s . Either you can pay now or pay later .
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 . LAST DATE FOR SUBMISSION IS 31.07.2022
MATCHING OF FORM 26AS / NEW AIS WITH YOUR IT RETURNS
It is important to match the information in Form 26AS / New AIS 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 2021-22 in their new e-filing portal . This will be backed with the information they 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 .
To know how to download Form 26AS in the new website , CLICK HERE
It is important to match the information in Form 26AS / New AIS 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 2021-22 in their new e-filing portal . This will be backed with the information they 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 .
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 ?
Procedure for e-payment of Income Tax : Go to our webpage : " PAY TAX ON-LINE "
Procedure for e-payment of Income Tax : Go to our webpage : " PAY TAX ON-LINE "
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
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
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 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.
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
.
.
