ITR – Herald Post

New ‘Discard Return’ Facility Offers Taxpayers Relief in Filing ITR

Herald Post — Tue, 05 Dec 2023 17:27:59 +0000

The Income Tax Department keeps improving and changing the system from time to time for the better convenience of its taxpayers. Recently, income tax has given a new facility to the taxpayers. This facility has been named ‘Discard Return’. After the launch of the discard facility, taxpayers can now discard their tax returns. After the introduction of this feature, taxpayers can completely discard any of their income. That is to say, you can delete it also.

Now the question is, for whom is this facility, then let us tell you that it is for the income tax return which the taxpayer has already filed but has not been able to verify it. If you have ever filed an income return before, but it was not verified, then you can now delete such return from the database of the Income Tax Department.

Did you get exemption from revised return?

With this facility it will become easier for taxpayers to file ITR. Let us tell you, there was no facility to reject the old return, so if any mistake remained, the taxpayers had to file a revised return. Now taxpayers can file fresh ITR by rectifying the mistakes instead of going through the entire process of filing amended return.

Have taxpayers got freedom?

To file revised return, it was necessary to verify the old return. Meaning, if you have filed an income tax return and then found a mistake, the way to correct it is to first verify it as it is and then file a revised return. Now taxpayers have got freedom in this process, now taxpayers can fill ITI afresh by leaving the return containing wrong information.

What are the benefits of filing ITR?

There are many benefits of filing ITR. Let us tell you that ITR is the proof of your income. All government and private institutions accept it as income proof. Many times it happens that if you apply for a loan from a bank, the bank asks for ITR from you. That means, if you file ITR regularly then you can easily get a loan from the bank.

New Online Methods for Filing Income Tax Return; Chartered Accountant Not Mandatory

Herald Post — Wed, 21 Jun 2023 09:51:26 +0000

For FY 23, all taxpayers in the country are required to file income tax return by 31 July 2023. The deadline of the last date to file ITR will not be extended, if you miss this deadline then you will have to pay penalty for filing ITR.

Where you are working, if that company has not yet given you Form 16, then you should take Form 16 from your company as soon as possible, because you must have Form 16 to file ITR. You should file ITR as soon as possible, so that last minute mistakes can be avoided.

How to file ITR?

You can file ITR through e-filing portal and app, or through a Chartered Accountant if you prefer. If you want to file ITR by yourself, then you have to file ITR online on the website of Income Tax Department.

What is the process to file ITR?

To file ITR, you must first go to the Income Tax e-filing portal.
After this you have to log in by entering your user ID (PAN), password and captcha code.
After this, you will have to click on the ‘Income Tax Return’ link by clicking on the ‘e-File’ menu.
In the next step, you have to choose the appropriate Income Tax Return (ITR) form based on your income and other factors.
If you have Form 16, you can use either ITR Form 1 or ITR Form 2.
After this you have to choose the Assessment Year (AY) for which you want to file ITR.
Let us tell you that the assessment year 2023-24 is going on now and you should choose this option.
After this, read all the information on the form thoroughly and submit it.
After submitting your return, e-verify it using any of the available options like Aadhaar OTP, etc.
After this you verify your return.

These documents will be required for filing returns

Form 16
Form 16A
Form 26AS
capital gains statement
Tax Saving Investment Proof

Income Tax Department Sets July 31, 2030 Deadline for Filing Returns; Releases Online ITR-3 Form

Herald Post — Thu, 15 Jun 2023 13:49:03 +0000

The Income Tax Department has fixed July 31, 2030 as the last date for filing income tax returns. Regarding this, the Income Tax Department has released the online ITR-3 form on its official website.

Earlier, the Income Tax Department has already issued online forms for ITR-2, ITR-1 and ITR-4 for the taxpayers. Let us tell you that there are a total of 7 forms in ITR.

ITR Form 3 for whom?

ITR-3 form can be used by an individual or a Hindu Undivided Family, whose income is from ‘Profits or gains of business or profession’. Apart from this, ITR Form 3 can also be used by a person who is not eligible to file Form ITR-1 (Sahaj), ITR-2 or ITR-4 (Sugam).

How to do ITR-3 form?

You can file ITR Form 3 in three ways:

In the first method, you can file this form electronically under digital signature.
Alternatively, you can file this form by providing the data in ITR-3 form electronically under the electronic verification code.
Alternatively, you can file by electronically transmitting the data in Form ITR-3, submitting the return verification in Form ITR-V to the Income Tax Office through mail.

Penalty will be imposed for being late

It is mandatory for all taxpayers to file ITR by 31 July 2023 for FY 23. If you are unable to file ITR by this date, then you can pay a fine ranging from Rs 1000 to Rs 5000.

Who gives Form 16?

You must have Form 16 to file ITR. Therefore, if you have not yet taken Form 16, then immediately take the form from the unpay company.

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Form 16 will be given to you by the company in which you work. There are two parts to this form. Part A and Part B. Part A contains the total tax deducted by the employer, while Part B contains the gross salary and other allowances paid to the employee during the financial year.

Mastering the Art of Saving: Effective Tips to Boost Your Bank Balance and Secure Your Future

Herald Post — Thu, 08 Jun 2023 14:01:51 +0000

It is the dream of every person to save a part of his income and keep investing it continuously. If you keep investing even a small amount of money continuously, then that amount will take a big form in the future in the same way as the pitcher fills drop by drop.

If you also work hard, so that you can save and increase your bank balance, then for that today we are telling you some measures which will help you in this.

Some tips to increase your bank balance by saving

In today’s article, we will tell you such important financial tips, with the help of which you can increase your bank balance by saving.

Analysis of your expenses:

The first way to save is to analyze your expenses. We incur many expenses throughout the month. We have to analyze all these expenses and see which one is very important, like house rent, food, etc. There are some expenses that are luxurious, out of these expenses we can stop many expenses. In this way, we can increase our savings.

Tracking Your Investments:

In today’s time, most people invest a certain part of their income. If you are also investing in shares, mutual funds, or any type of insurance, then it is necessary to track it continuously. For this, you should know which investment to hold and which investment to stop or sell. For this, you can also take advice from an expert.

Tax Planning:

If there is any tax on our annual income, then we can reduce it by tax planning. Tax is levied in India on the basis of the Indian Income Tax Act 1961. In this law, many such ways have been told, by adopting which you can legally save or reduce your tax. For this, you have to understand this act and make some investments accordingly.

Financial Education:

Financial education is not given in our country, not even in courses like MBA. If you want to save and multiply your income or investments, try to understand finance. For this you can either read some good books related to finance or you can watch some good youtuber videos related to finance. With this, your understanding related to money will develop and you will be able to save and invest well.

All the rich people you see, you will find that they spend only on their essentials and invest their savings. If you want to increase your bank balance, then these tips will be of great use to you.

Important Update: Last Date to Deposit Income Tax for FY 2022-23 is July 31, 2023 – Answers to FAQs on Income Tax Filing and Form 26AS

Herald Post — Wed, 07 Jun 2023 13:30:26 +0000

The Income Tax Department has fixed July 31, 2023, as the last date for depositing income tax for the financial year 2022-23 (Assessment Year 2023-24). Those taxpayers who are not required to get their accounts audited, have to deposit the tax by this date. For this reason, most salaried people have to deposit tax by this date.

As per income tax rules, after the end of the financial year, the employer has to issue Form 16 to all the employees before 15th June of the next financial year. If you also come under the ambit of tax, then we have brought answers to all the questions related to income tax in this report for you.

Frequently asked questions

What is ITR filing?

ITR filing is an annual process, every person who comes under the tax net has to pay tax every year. If any person has deposited more tax during the financial year in ITR, then he can also claim it.

In how many ways can ITR be filed?

In the first method, you fill out income tax through the offline form. In the second way, you pay income tax electronically through a digital signature. The third method is a kind of shortcut, in which you fill your ITR details through an electronic verification code. The fourth way is that you submit the basic information of your ITR online and later verify it through ITI Form-V.

What documents are required to file income tax?

To pay income tax, you only have to fill out the form issued by the IT department. You do not have to attach any kind of document to this. If the tax authority makes any demand, then you will have to show documents related to your income.

How can I pay income tax?

An e-filing portal (https://www.incometax.gov.in/iec/foportal) has been created for filing returns by the Income Tax Department.

Is there any charge for filing income?

The IT department does not charge you for paying income tax. You only have to pay taxes according to your income.

What is Form 26AS?

Form 26AS is a consolidated annual tax statement form. It is considered very important for filing income tax. It is a kind of tax passbook, in which all the transactions done on a PAN card are recorded.