PERSONAL FINANCE FINANCIAL PLANNING TAX PLANNING BANK ACCOUNTS CREDIT CARDS INSURANCE DEPOSITS STOCKS MUTUAL FUNDS
|
|
OFF-LINE FILING OF IT RETURNS FOR FY 2021-22(AY2022-23)
ITR1 SAHAJ & ITR2
BUDGET PROPOSALS FOR FY 2022-23 BY FM Ms NIRMALASITHARAMAN ON 01.02.2022
TO VIEW/HEAR THE SPEECH ,CLICK HERE
TO VIEW/HEAR THE SPEECH ,CLICK HERE
OUR POPULAR ARTICLE
HAVE YOU READ ?
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
HAVE YOU READ ?
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
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
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
Who has to file Income tax returns for FY 2021-22 ?
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 2019-20 before allowing deductions under chapter VI -A of Income tax act .
Further , even if your income is less than the threshold limit , 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,
(ADDITIONAL CONDITIONS FOR FILING INCOME TAX RETURNS AS PER NOTIFICATION DATED 21.04.2022 )
4 . If total sales, turnover or gross receipts, as the case may be, in the business exceeds 60 lakh rupees during the previous year; or
5 . IF total gross receipts in profession exceeds 10 lakh rupees during the previous year; or
6. 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
7. 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
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 2019-20 before allowing deductions under chapter VI -A of Income tax act .
Further , even if your income is less than the threshold limit , 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,
(ADDITIONAL CONDITIONS FOR FILING INCOME TAX RETURNS AS PER NOTIFICATION DATED 21.04.2022 )
4 . If total sales, turnover or gross receipts, as the case may be, in the business exceeds 60 lakh rupees during the previous year; or
5 . IF total gross receipts in profession exceeds 10 lakh rupees during the previous year; or
6. 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
7. 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
PORTALS FOR 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 .
NECESSARY DOCUMENTS TO BE OBTAINED BEFORE FILING IT RETURNS
Due Date for filing IT Returns for individuals for FY 2021-22 is 31st, July 2022 .
a. You require following documents before starting to fill up 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. Copy of last year return submitted .
9. . Your bank name , account number and IFSC code of the bank branch
10. Capital gain certificates / statements from your stock brokers .
11. Quarter wise dividends received .
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 .
d. Tax returns are made simple now . If you are eligible to file IT Returns ITR 2 , you can now 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. Aadhaar 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
Due Date for filing IT Returns for individuals for FY 2021-22 is 31st, July 2022 .
a. You require following documents before starting to fill up 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. Copy of last year return submitted .
9. . Your bank name , account number and IFSC code of the bank branch
10. Capital gain certificates / statements from your stock brokers .
11. Quarter wise dividends received .
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 .
d. Tax returns are made simple now . If you are eligible to file IT Returns ITR 2 , you can now 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. Aadhaar 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 EFFECT OFF-LINE SUBMISSION OF INCOME TAX RETURNS
Income Tax department for the Financial year 2020-21 and for subsequent years will collect all your income , TDS , TCS data from your employers , banks , mutual funds , demat account holders and the data will be reflected in Form 26AS issued by them to you . Further they will prepare a pre-filled data to help you in filing IT Returns . While submitting IT Returns , your main job is to verify the data in pre-filled forms , correct it or add missing items and submit the returns . Further to help income tax payers to prepare the Income Tax off-line on their desktops , IT Department has created an Utility to which pre-filled data can be imported and edited .
Hence for submitting the IT Returns off-line , You have to download the utility to your desktop , import prefilled data to it , edit and correct the data . Then you may upload the ready IT Returns on-line . Follow the steps explained below for each action .
Hence for submitting the IT Returns off-line , You have to download the utility to your desktop , import prefilled data to it , edit and correct the data . Then you may upload the ready IT Returns on-line . Follow the steps explained below for each action .
HOW TO DOWNLOAD OFFLINE UTILITY FROM E-FILING WEBSITE ?
DOWNLOAD OFFLINE UTILITY FROM E-FILING WEBSITE :
1. Go to income tax e-filing website > Downloads
2. Then For FY 2021-22 ( AY 2022-23 ) , You will get two options to download :
1. Common offline Utility for ITR1 to ITR4
2. Individual utility for ITR1 to ITR7
3. Depending up on which income tax return you want to file , click on the appropriate option . The related utility will be downloaded on your desktop .
4. Alternately, you can download the offline utility after logging in to the e-Filing portal, and clicking
e-File > Income Tax Returns > File Income Tax Return > Select the current AY and Mode of Filing (Offline). Then, click Download under the Offline Utility option.
5. You may install the utility on your computer .
1. Go to income tax e-filing website > Downloads
2. Then For FY 2021-22 ( AY 2022-23 ) , You will get two options to download :
1. Common offline Utility for ITR1 to ITR4
2. Individual utility for ITR1 to ITR7
3. Depending up on which income tax return you want to file , click on the appropriate option . The related utility will be downloaded on your desktop .
4. Alternately, you can download the offline utility after logging in to the e-Filing portal, and clicking
e-File > Income Tax Returns > File Income Tax Return > Select the current AY and Mode of Filing (Offline). Then, click Download under the Offline Utility option.
5. You may install the utility on your computer .
IMPORT PREFILLED DATA FOR YOUR IT RETURNS
1. Open the Desktop utility downloaded on your computer .
2. On the Homes screen , go to Returns> File returns
3. You will get following 3 options to tick :
a. Download prefilled data ( you can download the pre-filled data prepared by Income tax department )
b. Import prefilled data ( you can import data already saved by you earlier )
c. Import Draft ITR Filled on-line ( you can import partially filled income tax return prepared by you online .
4. First you have to download the data prepared by IT Department and hence chose option a .
5. You have to login with your PAN Number and PASSWORD .
6. Your prefilled data will be downloaded now in the utility
2. On the Homes screen , go to Returns> File returns
3. You will get following 3 options to tick :
a. Download prefilled data ( you can download the pre-filled data prepared by Income tax department )
b. Import prefilled data ( you can import data already saved by you earlier )
c. Import Draft ITR Filled on-line ( you can import partially filled income tax return prepared by you online .
4. First you have to download the data prepared by IT Department and hence chose option a .
5. You have to login with your PAN Number and PASSWORD .
6. Your prefilled data will be downloaded now in the utility
UPDATE PREFILLED DATA IN THE UTILITY AND SUBMIT RETURNS
7. Click on " File Return " to continue for updating the data downloaded
8. Chose your status as Individual or HUF or Others and continue
9. You chose the form you want to file . Let us say you have chosen ITR1/ ITR 2
10. You will get message Proceed with ITR1/ ITR2
11. In the next screen , you will get message asking you to validate the your return ( Break up of the pre-filled ) , confirm your Return summary and verify and submit the report .
12. Click on" LET'S GET STARTED "
13. In the next screen , Select the checkboxes applicable to you and click Continue.
14: Here you have to validate the pre-filled data 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.
There are 5 Sections in ITR 1 / 25 sections in the form ITR2 and details you may view in our articles on
1. Submitting ITR1 SAHAJ ON-LINE
or 2 . Submitting ITR2 ON-LINE . ( Article is under preparation )
15. In each section of your ITR ,
- Review the pre-filled data downloaded / imported
- Edit your pre-filled data (if necessary)
- Enter your remaining / additional details
16. Confirm your income and deduction details in each section. After completing and confirming all the sections of the form, click Proceed.
17. 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.
18. 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.
19. Go and pay tax
20 . 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.
21. On the Preview and Submit Your Return page, enter Place, select the declaration checkbox and click Proceed to Validation.
22. On the Complete your Verification page, select your preferred option of verifying immediately or later and click Continue.
23. 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.
- 24 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.
-
CHOOSE BETWEEN OLD AND NEW TAX REGIMES
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
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 2021-22 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 .
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 2021-22 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 .
To know how to download Form 26AS in the new website , CLICK HERE
HOW TO E-PAY INCOME TAX ?
Procedure for e-payment of Income Tax : VISIT OUR WEBPAGE : PAY TAX ON-LINE
Procedure for e-payment of Income Tax : VISIT OUR WEBPAGE : PAY TAX ON-LINE
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 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
IMPORTANCE OF FILING RETURNS WITHIN DUE DATE
The Due date for submission of above returns fixed for the Financial Year 2021-22 is 31.07.2022 . However ,it is advisable to file as early as possible to avoid last moment scramble to get relevant papers / details for filing the same .
Delay in filing the return of income may attract certain adverse consequences. Following are the consequences of delay in filing the return of income:
1 . Loss (other than loss under the head “Income from house property”) cannot be carried forward.
2. Levy of interest under section 234A.
3 . Levy of fee under section 234F*
4. Exemptions/deductions under sections 10A, 10B, 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID and 80-IE are not available.
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 Rs. 5000 if return is furnished on or before 31 December of assessment year. However, if total income of the person does not exceeds Rs. 5 lakh then fee payable shall be Rs. 1000.
Delay in filing the return of income may attract certain adverse consequences. Following are the consequences of delay in filing the return of income:
1 . Loss (other than loss under the head “Income from house property”) cannot be carried forward.
2. Levy of interest under section 234A.
3 . Levy of fee under section 234F*
4. Exemptions/deductions under sections 10A, 10B, 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID and 80-IE are not available.
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 Rs. 5000 if return is furnished on or before 31 December of assessment year. However, if total income of the person does not exceeds Rs. 5 lakh then fee payable shall be Rs. 1000.
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
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
.
.
HAVE CAKE AND EAT IT TOO
Plan your Expenses and Credit Card use , Tweak your Bank Accounts and Earn Extra Income Click Here to read HAVE CAKE AND EAT IT |