ITR Filing FY 2023-24 Archives

Missed ITR deadline? Here’s how you can file a…

2 August 2024
by admin

Income Tax Return (ITR) Filing FY 2023-24: The deadline for filing Income Tax Returns for FY 2023-24 was July 31, 2024. However, if you haven’t been able to file your ITR within the deadline, you can always file a belated ITR.
It is important to note that you may face certain penalties or consequences for filing late. However, it’s crucial to complete the process as soon as possible to minimize any further issues.

What is the deadline for filing belated ITR?

Remember, the deadline for filing belated income tax returns is December 31 each year. If you haven’t filed your taxes for the 2023-24 financial year (assessment year 2024-25), you have until December 31, 2024, to submit your late return.
A belated return refers to the submission of your income tax return after the original deadline (July 31) has passed. This type of return is filed under Section 139(4) of the Income Tax Act, 1961.
Also Read | ITR Filing FY 2023-24: What is Form 16 and how you can download it to file your income tax return

How to file belated ITR for FY 2023-24?

The process for filing a belated ITR is similar to filing before the deadline. The only difference is that when completing the belated ITR form, you must select section 139(4) instead of 139(1), according to an ET report.
Filing an income tax return after the deadline subjects individuals to a late filing fee under Section 234F of the Income Tax Act. The penalty for filing a belated ITR before December 31 of the assessment year is Rs 5,000. However, if the total income does not exceed Rs 5,00,000, the penalty is capped at Rs 1,000.
Individuals whose taxable income is below Rs 5 lakh will face a penalty of Rs 1,000 for filing a belated ITR, regardless of whether any tax payment is required. If the total income falls below the basic exemption limit, no late fees will be imposed for a delayed ITR. However, a fine will still be levied if filing an ITR is mandatory, even if the total income is below the exemption limit, the report said.
Also Read | New Budget 2024 rule: Why Income Tax Department is likely to issue a huge number of tax notices this month
In addition to the late filing fee, penal interest will be charged on any pending tax dues while filing a belated ITR. Under Section 234 A, B, or C, penal interest is levied at a rate of 1% per month on the tax-due amount. Section 234A applies to self-assessment tax dues, while Sections 234B and 234C apply to non-payment or shortfall in advance tax payment, respectively.
Filing a belated ITR comes with several disadvantages beyond the penalty for late filing. Individuals lose the ability to carry forward losses from capital gains, business income, and other sources, with the exception of losses from house property.

Science & Environment

ITR Filing FY 2023-24: Which is the correct Income…

30 July 2024
by admin

ITR filing FY 2023-24: The Income Tax Return filing deadline for FY 2023-24 is approaching, and if as a salaried taxpayer you are still wondering about the correct ITR form to use for filing return this year, then we have you covered. Salaried taxpayers can often be confused on the right ITR form – should it be ITR-1 or ITR-2?
The correct form for assessment year 2024-25 depends on the level of your income and a host of other factors.Do remember that from financial year 2023-24, the new income tax regime is the default income tax regime. If you want to file your ITR under the old income tax regime, you will have to opt for it.

Who should file tax return using ITR-1?

According to an ET report, salaried individuals should file ITR using ITR-1 if they satisfy the following conditions:
Total Income: The total income does not exceed Rs 50 lakh for the financial year.
Sources of Income: The income must be derived from:

Salary
Income from one house property
Family pension
Agricultural income up to Rs 5,000
Other sources, including:
Interest from savings accounts
Interest from bank, post office, or cooperative society deposits
Interest from income tax refunds
Interest on enhanced compensation
Any other interest income
Income of a spouse (excluding those covered under the Portuguese Civil Code) or minor, provided it falls within the specified limits mentioned above.

Salaried individuals meeting the specified requirements can use the ITR-1 form to file a tax return. However, a salaried person cannot use ITR-1 if they are a non-resident or have income from other sources, such as capital gains or foreign income.
Also Read | ITR filing FY 2023-24 deadline extension: Will Income Tax Department extend the July 31, 2024 deadline for filing tax returns?

List of documents required to file ITR-1 and how to obtain them

To file ITR-1, you need to gather the following documents:

Annual Information Statement (AIS): Download and review your AIS.
Form 16: Obtain this from your employer.
House Rent Receipt: Required if you are claiming house rent allowance (HRA).
Investment Payment Receipts: Collect receipts for any tax-saving investments.
Premium Receipts: Keep receipts for insurance premiums, if applicable.

ITRs are annexure-less forms, meaning you are not required to attach any documents (such as investment proofs or TDS certificates) when filing your return, either manually or electronically. However, it is important to keep these documents handy for situations where they may need to be produced before tax authorities, such as during assessments or inquiries.

Who should file returns using ITR-2?

A salaried individual can file their tax return using the ITR-2 form if they meet any of the following criteria:

Is a Director of a company
Holds investments in unlisted equity shares

Income Sources

Has income from salaries
Has income from more than one house property
Has capital gains
Has foreign income and other sources of income
Has capital gains from selling virtual digital assets such as cryptocurrency

Asset Holdings: Holds assets outside India
Income Threshold: Total income exceeds Rs 50 lakh
Additional Categories:

Hindu Undivided Family (HUF)
Is a non-resident individual or a resident individual (both ordinarily or not ordinarily)

Specific Situations:

Has losses that must be carried forward or brought forward under the income head ‘Income from house property’
TDS under Section 194N was applicable for certain cash withdrawals made during FY 2022-23
Agricultural income exceeds Rs 5,000 in a financial year

Also Read | ITR Filing FY 2023-24: What happens if I file income tax return after deadline? Check penalties, consequences for late filing

Is Verification of ITR Mandatory?

Yes, according to the Income Tax department FAQs, verifying your ITR after submission is mandatory. The return must be verified within 30 days of successful submission, either through EVC mode or DSC.
You can also download the ITR-V receipt from the “View Filed Return” section after logging into the portal and send it to CPC via speed post within 30 days for verification. However, it is recommended to complete the verification online to avoid any postal issues.

Science & Environment

ITR filing FY 2023-24: 49% taxpayers yet to file…

25 July 2024
by admin

With the Income Tax Returns (ITR) filing deadline approaching, numerous troubled netizens have reported encountering glitches on the tax-filing portal and facing significant difficulties during the procedure. A latest survey has said that nearly half the taxpayers are yet to file their ITR.
The survey, conducted by LocalCircles, a social media platform, pegged the percentage of taxpayers who are yet to file Income Tax Return at 49%.Additionally, it found that 33% of taxpayers have faced or are highly likely to face difficulties in the filing process, with as many as 11% admitting that it would be impossible for them to complete the procedure successfully before the 31st of July deadline.
Digging deeper into the reasons behind these difficulties, the survey reported that 16% of taxpayers are struggling to obtain the required documents. Chartered Accountants (CAs) for 14% of taxpayers have reported facing difficulties, but the primary problem, reportedly troubling as many as 38% of the respondents, is the filing portal itself.
Commonly cited issues include login failures, unresponsive pages, timeouts, problems with pre-filled data, and difficulties in uploading large files. There have also been reports of inconsistent calculations for capital gains and foreign income tax, along with non-reflection of filings post-submission.
Also Read | ITR Filing FY 2023-24: What is Form 16 and how you can download it to file your income tax return
In the midst of this outcry-choked whirlwind, the Institute of Chartered Accountants of India (ICAI) and the Karnataka State Chartered Accountants Association (KSCAA), along with other Chartered Accountant associations, have reportedly written to the Income Tax Department requesting a speedy resolution of these issues.
They have also urged the department to consider extending the filing deadline in light of these substantial roadblocks, with the survey, which collected data from taxpayers across 311 districts, suggesting that the revised date for the same be set for mid- or end-August to ease the undue stress being placed on taxpayers.

Science & Environment

ITR Filing AY 2024-25: What Are The Income Tax…

15 July 2024
by admin

Income Tax Slabs FY 2023-24 rebate under new tax regime: Under the new tax regime, taxpayers with a net taxable income of up to Rs 7,00,000 are eligible for a rebate of up to Rs 25,000. Furthermore, individuals whose net taxable income surpasses Rs 7,00,000 can still avail marginal relief, provided that the additional income tax liability exceeds the incremental income above Rs 7,00,000. (AI image)

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Missed ITR deadline? Here’s how you can file a…

What is the deadline for filing belated ITR?

How to file belated ITR for FY 2023-24?

ITR Filing FY 2023-24: Which is the correct Income…

Who should file tax return using ITR-1?

List of documents required to file ITR-1 and how to obtain them

Who should file returns using ITR-2?

Is Verification of ITR Mandatory?

ITR filing FY 2023-24: 49% taxpayers yet to file…

ITR Filing AY 2024-25: What Are The Income Tax…