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Today is <keyword id="22458495" type="General" weightage="20" keywordseo="July-31st" source="keywords">July 31st</keyword>, 2024, the last day to file your income tax returns, without having to pay any penalties. And before you ask, the <keyword id="19903456" type="General" weightage="20" keywordseo="income-tax-department" source="keywords">Income Tax Department</keyword> has not come out with any notification informing the taxpayers of a deadline extension. That is why you should not delay filing your <a href="https://www.businessinsider.in/personal-finance/article/heres-your-ready-reckoner-for-itr-filing/articleshow/111402608.cms" data-type="tilCustomLink">income tax returns</a> anymore! The <keyword id="20171597" type="General" weightage="20" keywordseo="IT-department" source="keywords">IT department</keyword> noted that as of July 26th, 2024, over 5 crore ITRs had already been filed, marking an 8.5% increase from the number of ITRs filed during this period, last year. The IT department, in an X post, highlighted that last year, it had reached the 5-crore <keyword id="22083160" type="General" weightage="100" keywordseo="ITR-filing-deadline" source="keywords">ITR filing deadline</keyword> on July 27th. However, this year, it had breached the milestone a day earlier, i.e., on July 26th, 2024. Earlier, the All Gujarat Federation of Tax Consultants and Income Tax Bar Association had requested a deadline extension for AY 2024–25 from July 31st, 2024, to August 31st, 2024, citing issues and glitches in the tax filing portal. However, there has been no response from the finance ministry on the same. <h2>What happens if I don't file my ITR until July 31st? </h2>For AY 2024–25, you can file a <keyword id="6380232" type="General" weightage="20" keywordseo="belated-ITR" source="Orion">belated ITR</keyword> until December 31st, 2024. But remember, it comes with many disadvantages as well. Here's a snapshot of all the benefits you will have to forego: <h2>What are the penalties for late filing of ITR? </h2>1. You will have to pay a penalty of Rs. 1,000 if your total annual taxable income is below Rs 5,00,000. But if your taxable income exceeds this threshold, you will have to pay a penalty of Rs 5,000. 2. Even if you have to file a <keyword id="17933087" type="General" weightage="20" keywordseo="NIL-ITR" source="Orion">nil ITR</keyword>, you must do so before July 31st. This is because if you do not end up filing it on time, you will have to pay a fine of Rs 1,000. 3. According to Section 234A of the <keyword id="19936187" type="General" weightage="20" keywordseo="income-tax-act" source="keywords">Income Tax Act</keyword>, you will also have to pay interest on your outstanding tax amount at the rate of 1% per month, starting from the due date, i.e., July 31st. <h2>No carry forward of losses, old tax regime</h2>1. You will not be able to carry forward any losses, including those from your mutual funds or stock investments, business income, and other sources. You will only be allowed to carry forward your losses from house properties. This could significantly raise your total tax liability and lead to you incurring hefty losses. 2. After July 31st, 2024, you will not be able to opt for the old tax regime for tax calculation purposes. Starting August 1, the new tax regime, which offers significantly fewer deductions and exemptions as compared to the old regime, will be considered default for you. Also read: <a href="https://www.businessinsider.in/personal-finance/article/decoding-form-16-how-do-you-file-your-taxes-if-you-dont-get-form-16/articleshow/111529754.cms" data-type="tilCustomLink">Decoding Form 16: How do you file your taxes if you don't get Form 16?</a> <a href="https://www.businessinsider.in/finance/tax/article/wondering-which-itr-form-is-right-for-you-know-all-about-it-here/articleshow/111406215.cms" data-type="tilCustomLink">Wondering which ITR form is right for you? Know all about it here</a>

ITR Filing: Today is the last day to file your income tax returns, so file today to avoid penalties

The <keyword id="19938467" type="General" weightage="20" keywordseo="deadline" source="keywords">deadline</keyword> for filing your <keyword id="19995225" type="General" weightage="20" keywordseo="income-tax-return" source="keywords">income tax return</keyword> for AY 2024-25 i.e. July 31st is knocking right at your door. If you are yet to file your <keyword id="19897621" type="General" weightage="20" keywordseo="itr" source="keywords">ITR</keyword>, you still have some time. But there are certain things that you must remember and double-check before you click on submit ITR-from picking out the right form to ensuring that all the details you’ve furnished are correct. Read on to know the top five things that you must remember before <keyword id="19942833" type="General" weightage="100" keywordseo="ITR-filing" source="keywords">ITR filing</keyword>. <h2>Linking your PAN with Aadhar is mandatory</h2>Before you file your ITR, ensure that your <keyword id="19985317" type="General" weightage="20" keywordseo="Pan-card" source="keywords">PAN card</keyword> is linked to your <keyword id="19952125" type="General" weightage="20" keywordseo="Aadhar-card" source="keywords">Aadhar card</keyword>. You can’t file your ITR without linking your Pan to Aadhar first. This can be done online. In case you’re wondering whether or not your PAN is linked to your Aadhar card, you can visit <a href="https://eportal.incometax.gov.in/iec/foservices/#/pre-login/verifyYourPAN">this</a> link and verify. However, remember that this process can take up to 6-10 days to complete, so you'll have to jump aboard the belated ITR bandwagon in case you've just initiated the linking process. <h2>Pick the correct form</h2>Choosing the correct form is one of the most important things that you need to keep in mind while filing your ITR. For instance, the ITR-1 form is designed for resident individuals who have income from salary, one house property, and other sources such as interest or dividends, provided their total income does not exceed Rs 50 lakh. On the other hand, ITR-2 is applicable to individuals and Hindu Undivided Families (HUFs) with income from capital gains or foreign assets.<div type="Article" hostid="261" msid="111406215" title="Wondering which ITR form is right for you? Know all about it here" mstype="2" mssubtype="0"></div> ITR-3 is applicable for those who have income from business or professions, or those who are self-employed. ITR-4 is filled by those who opt for presumptive taxation. <h2>Remember to <keyword id="22469557" type="General" weightage="20" keywordseo="e-verify" source="keywords">E-verify</keyword> your return: </h2>Think you're done with your ITR filing? Think again! You will also need to e-verify your return. If the e-verification is not done within 30 days from filing your ITR, it will be rendered invalid, and will be considered as not filed. You will also not receive any refunds in the absence of e-verification of your ITR. You can easily e-verify your ITR via generating an OTP on your mobile number linked with Aadhar, or by generating an electronic verification code (EVC) through your pre-verified bank account or demat account. <h2>Check your documents and details</h2> When you are trying to get things done quickly, it isn’t uncommon to forget double-checking the details entered. Do remember to double-check all the details that you enter in your ITR. Also, filing an ITR requires certain documents like bank statements, investment proofs, <keyword id="19948097" type="General" weightage="20" keywordseo="tds" source="keywords">TDS</keyword> certificates, Form 16 etc. Even though you don’t have to attach these documents in the ITR, you must keep them handy. <div type="Article" hostid="261" msid="111402608" title="ITR filing: Documents you need to file your income tax return" mstype="2" mssubtype="0"></div> <h2>Check income and investment details</h2> If you have just one source of income, the process is easy as you just need to mention that in your ITR. However, if you have <keyword id="22106780" type="General" weightage="20" keywordseo="multiple-sources-of-income" source="keywords">multiple sources of income</keyword>, you need to be careful and mention all of them. Similarly, ensure that you have entered all investment details in the form correctly. Do not forget to mention your interest earned on savings and fixed deposits, dividend income (if any) or income from other sources, since that could lead to hefty penalties.

Five things to remember as you file your ITRs at the last minute

July is here, and while we are still 5 months away from the end of 2024, the deadline to file your <keyword id="19897621" type="General" weightage="20" keywordseo="ITR" source="keywords">ITR</keyword> is July 31st, which is looming large. While it is best to not "file away" filing your income tax returns for later, are you aware of the right ITR form that applies to you? Out of the 7 ITR forms available, how do you know which one is the right fit for you, and where to start? For starters, the first 4 ITR forms (ITR-1,2,3,4) are necessary for an individual to know about, while filing taxes. Lets decode all these forms in detail with Tanya, a 22 year old IT professional who earns Rs 10,000 per month. Her mother has a monthly rental income of Rs 12,000 per month. Will the two of them be required to file ITR? Well, the answer is no. You see, Tanya's <keyword id="21120362" type="General" weightage="20" keywordseo="annual-income" source="keywords">annual income</keyword> comes to about Rs 1,20,000, while her mother's total rental income comes to about Rs 2,40,000. If you opt for the old tax regime, you don't need to file an ITR if you annual income is below Rs 2.5 lakh. In the new regime, this limit stands at Rs 3 lakh. Similarly, if your grandparents are aged between 61-79, they need not file an ITR if their annual income (via rent, pensions) falls below Rs 3 lakh. And if they are aged above 80, this threshold if of Rs 5 lakh for the year. <h2>ITR-1: Sahaj </h2>Lets continue with Tanya's life. She works super hard, and over the years, earns a few well deserved raises. Now, her monthly income is Rs 50,000. In this case, she will have to file ITR-1, which is also known as Sahaj. This form applies to you if your total annual income for the year does not exceed Rs 50,00,000. The best part? This form is generally pre-filled, and all you've got to do is verify the information through your <keyword id="22247325" type="General" weightage="20" keywordseo="Form-16" source="keywords">Form-16</keyword> and Annual Information Statement (AIS). <h2>ITR-2 </h2>Over time, Tanya decides to start investing in mutual funds. While she holds most of her investments for the long-term, she is compelled to sell some units of her investment in equity mutual funds, due to a medical emergency at home. She had purchased some equity mutual fund units worth Rs 2,00,000 on April 1, 2023. Due to the emergency, she had to sell about Rs 80,000 worth of units in December of the same year. On redemption, she received Rs 1,10,000. Since she had held these securities for less than 12 months, Tanya would have to pay a short-term <keyword id="20301441" type="General" weightage="20" keywordseo="capital-gains-tax" source="keywords">capital gains tax</keyword> of 15%, Had Tanya held on to these securities for more than 12 months and then sold them at a gain, she'd have to pay long-term capital gains tax, which is applicable at 10% for equity mutual funds. And to account for such capital gains, be it from sale of shares, mutual funds, property or the like, Tanya needs to file ITR-2. <h2>ITR-3</h2>Tanya's brother, Vishal, is a freelancer who got hooked to trading in futures and options during the pandemic. Initially, he made solid profits, but during FY24, he ran into losses worth Rs 5 lakh. In this case, he will have to file ITR-3 to report his losses. This form is to be used by those who earn income under the head of profits (or even losses) of business or profession, other than regular salary. In case Tanya's mother starts receiving rental income from more than one house properties, she will also have to file ITR-3. Or, in case you are a CA, or a doctor and have your own practice (are self employed), this form is for you. <h2>ITR-4: Sugam </h2>This form is exclusively for those who opt to be taxed under the presumptive taxation scheme. You can opt for this scheme if you are a small business/firm and your annual turnover is less than Rs 3 crore, or you are self employed with an annual revenue of less than Rs 75 lakh. Under this, you don't pay taxes on your actual income, rather, you pay taxes on a presumed income. As per law, under this scheme, your net income will be considered as 6% of your total revenue, and you'll have to pay taxes on that. Here, you're really not calculating your income for taxation, and hence, it is not even mandatory to maintain records. In case you file the wrong ITR, you can always file a revised return by December 31, 2024. In case you miss filing your ITR on time, you’ll have to pay Rs 5,000 as a penalty. Moreover, you’ll be charged interest on your outstanding tax liability, if there is any. So, get down to work, right away!

Wondering which ITR form is right for you? Know all about it here

Today is the last day to file your <keyword id="19948101" type="General" weightage="20" keywordseo="income-tax-returns" source="keywords">income tax returns</keyword> for <keyword id="21169488" type="General" weightage="20" keywordseo="AY-2024-25" source="keywords">AY 2024-25</keyword>, without having to pay a <keyword id="19899183" type="General" weightage="20" keywordseo="penalty" source="keywords">penalty</keyword>. Starting tomorrow, you will be able to file your <keyword id="19897621" type="General" weightage="20" keywordseo="itr" source="keywords">ITR</keyword>, but you'd have to forego several benefits, like not being able to choose the old tax regime, or paying a penalty of Rs 1,000 (if your annual taxable income is less than Rs 5,00,000). As per official data, about 6 crore ITRs have already been filed so far, and around 70% of them have opted for the new tax regime. But if you have left your ITR filing to the <keyword id="22611090" type="General" weightage="20" keywordseo="last-minute" source="keywords">last minute</keyword>, and will rush to meet the deadline today, here's a handy list of mistakes you should avoid while filing your ITR: 1. Do not miss out on reporting on your income from other sources. Generally, we only account for our salary, income from business/profession and capital gains (if any) while calculating our tax liability. However, there is one crucial segment we tend to forget-income from other sources. This includes interest income from your savings account, fixed deposits, recurring deposits and bonds. 2. Income from other sources also includes any dividend income you've received throughout the year through stocks, mutual funds, and any monetary gifts with value of over Rs 50,000 you've received from friends, acquaintances, or anyone but your relatives. Don't forget to account for those as well. <div type="Article" hostid="261" msid="111406215" title="Wondering which ITR form is right for you? Know all about it here" mstype="2" mssubtype="0"></div> 3. In case your total annual income exceeds Rs 50,00,000, you have to disclose all details of your properties, both movable and immovable under <keyword id="22611091" type="General" weightage="20" keywordseo="schedule-al" source="keywords">Schedule AL</keyword>. This should also include any liabilities you have incurred on these assets. 4. If you are an NRI, or an Indian holding foreign assets, you will have to share details of all your foreign income, assets, accounts and stocks under <keyword id="22334040" type="General" weightage="20" keywordseo="schedule-fa" source="keywords">Schedule FA</keyword>, along with your ITR. This needs to be done, irrespective of whether your income is taxable in India or not. 5. If you are filing your ITR as per your AIS (<keyword id="20776896" type="General" weightage="20" keywordseo="annual-information-statement" source="keywords">Annual Information Statement</keyword>) and see erroneous entries, don't ignore them. File your ITR as per Form 26AS, which is a condensed version of AIS, and Form 16A and B, which is provided by your employer (both previous and current). But remember to go back and flag errors in AIS, otherwise the IT department could penalise you for willful misreporting of your income. <div type="Article" hostid="261" msid="111402608" title="ITR filing: Documents you need to file your income tax return" mstype="2" mssubtype="0"></div> 6. Do not forget to e-verify your ITR within 30 days of filing it. If you do not do this, your ITR filing will be considered invalid. If 30 days have passed since you filed your ITR post today, it will be seen as filing ITR post deadline, and you'll have to pay a fine. So, get going on your ITR filing, right away!

Filing your ITR at the last minute? Don't make these mistakes

<keyword id="19896016" type="General" weightage="20" keywordseo="New-Delhi" source="keywords">New Delhi</keyword>: The 54th Meeting of the <keyword id="21275205" type="General" weightage="20" keywordseo="Goods-and-Services-Tax-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="Goods and Services Tax Council" meta.hostid="261" meta.entityid="Goods and Services Tax Council">Goods and Services Tax Council</keyword> or GST Council, will be held on 9th September 2024 in New Delhi, the GST Council said in a post on social media platform "X" on Tuesday. On June 22, <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> Nirmala Sitharaman said that the next meeting of the GST Council will take place in mid to late August. The aim of this meeting will be to discuss the pending issues of the last meeting. The council is expected to discuss rate rationalisation and compliance, among others. The GST Council, consisting of the Union Finance Minister and representatives from all States and Union Territories, was established to make decisions on various aspects of GST, including <keyword id="20452955" type="General" weightage="20" keywordseo="tax-rates" source="keywords">tax rates</keyword>, exemptions, and administrative procedures. It played a crucial role in shaping the GST framework in India. The last meeting of the GST Council was held on 22 June 2024 this year. During the meeting, the council recommended relaxation to taxation, Input Tax Credit (ITC) claims and demand notices. The GST Council proposes exemptions for specific services offered by Indian Railways to the general public, as well as for intra-railway transactions. During the 53rd meeting of the council, it proposed an exemption for specific services offered by Indian Railways to the general public, as well as for intra-railway transactions. The sale of platform tickets and services such as retiring rooms, waiting rooms, cloakroom facilities, and battery-operated car services are now exempt from GST. The 53rd council meeting was marked by several key decisions aimed at easing the compliance burden and providing relief to taxpayers. "Today's <keyword id="20115983" type="General" weightage="100" keywordseo="GST-Council-meeting" source="keywords">GST Council meeting</keyword> has taken a lot of decisions on trade facilitation, easing compliance burden and relief to taxpayers in terms of compliance easing out," the Finance Minister had said. The GST Council recommended waiving interest penalties on demand notices issued under Section 73 of the GST Act for fiscal years 2017-18, 2018-19, and 2019-20. The Council, in its June 22 meeting, approved an extension for availing input tax credit (ITC) on any invoice or debit note. To curb government litigation, the Council has recommended setting monetary thresholds for filing appeals by departments: Rs 20 lakh for the GST appellate tribunal, Rs 1 crore for high courts, and Rs 2 crore for the Supreme Court. In a move to assist small taxpayers, the Council, in its last meeting, extended the deadline for furnishing returns from April 30 to June 30 for the fiscal year 2024-25 and subsequent years. The Council, in its last meeting, recommended the phased rollout of biometric-based Aadhaar authentication for GST registration applicants across India. The Council recommended a uniform GST rate of 12 per cent on all milk cans, regardless of their material (steel, iron, or aluminium), to eliminate disputes. The Finance Minister, during the last GST meeting, reiterated the central government's intent to bring petrol and diesel under the Goods and Services Tax (GST) framework. She highlighted that the groundwork for this inclusion was laid during the initial implementation of GST and emphasized that the decision now lies with the state governments. The central government has long maintained that incorporating petrol and diesel into GST would streamline tax rates and potentially reduce prices for consumers.

54th GST Council meeting to take place on September 9 in New Delhi

The deadline to file your <keyword id="19948101" type="General" weightage="20" keywordseo="income-tax-returns" source="keywords">income tax returns</keyword> is approaching fast, and Sana is perplexed. All of 23, she's just started earning and working at an MNC, earning Rs 7,00,000 per annum, and can't figure out which <keyword id="20301439" type="General" weightage="20" keywordseo="tax-regime" source="keywords">tax regime</keyword> would work best for her. If you're having the same concerns and can't seem to wrap your head around the <keyword id="19935168" type="General" weightage="20" keywordseo="new-tax-regime" source="keywords">new tax regime</keyword>, here's a ready reckoner for you: When should I choose new tax regime? Think of choosing a tax regime as having to choose a friend in office. The <keyword id="8706677" type="General" weightage="20" keywordseo="old-tax-regime" source="Orion">old tax regime</keyword> is that aged, wise senior who has answers and hacks for everything. Want to get over with a boring project quickly? They will certainly have a trick up their sleeve! On the other hand, the new regime is far more chilled out, lax and is a no-nonsense person who wants nothing to do with long documents and longer meetings. The new regime was introduced in budget 2020 to simplify taxation, and offer lower rate of taxes as compared to the old regime. However, there's a catch. You cannot claim the 70+ exemptions and deductions that help bring down your taxable income and hence, reduce your tax liability. This option is exclusively available under the old tax regime. The main USP of this tax regime? Lower tax rates, and fuss of deductions! Consider this. If your income is within the range of Rs 5,00,000-Rs 12,00,000, and you have no investments, <keyword id="99916" type="General" weightage="20" keywordseo="house-rent-allowance" source="Orion">house rent allowance</keyword> (<keyword id="19944588" type="General" weightage="20" keywordseo="hra" source="keywords">HRA</keyword>), health/life insurance premiums or other such deductions to claim, the new tax regime would obviously make more sense to you, given the significant difference in tax liabilities (just 5% under new regime, and a whopping 20% in old regime for those in the Rs 5-6 lakh bracket!) <div type="image" title="Tax rates under old and new regime" msid="111685908" hostid="261"></div> So, if you're someone who hates complex tax calculations, wants minimal tax deductions, the new regime might just be for you! But remember, there are two conditions under which this new regime will be automatically chosen for calculating your taxes: <ul><li>If you keep procrastinating and don't file your <keyword id="6374875" type="General" weightage="20" keywordseo="ITR" source="Orion">ITR</keyword> till July 31, 2024</li><li>If you do not specifically opt for the old tax regime on your employer's HR portal</li></ul>Also, if you earn less than Rs 3,00,000 per annum, you are completely exempted from paying any tax at all. In the old regime, this basic limit is slightly lower at Rs 2,50,000. Also read: <a href="https://www.businessinsider.in/personal-finance/income-tax/all-you-need-to-know-about-the-new-tax-regime/articleshow/111578840.cms" data-type="tilCustomLink">All you need to know about the new tax regime</a> So, what do I get under this regime? Thanks to a rebate under Section 87A, if you earn up to Rs 7 lakh per annum, your tax liability (and Sana's as well) will effectively be zero. This is limited to Rs 5 lakh under the old regime. While a <keyword id="20429578" type="General" weightage="20" keywordseo="standard-deduction" source="keywords">standard deduction</keyword> of Rs 50,000 is available under both of them (so you can directly deduct Rs 50,000 from your total income before even beginning to calculate your tax liability), there are a lot more deductions and exemptions that this regime DOES NOT allow you to avail: <ul><li>Leave Travel Allowance (LTA)</li><li>House Rent Allowance (HRA) (Comes in handy if you're paying hefty rents in metros)</li><li>Interest on housing loan (on self-occupied property or vacant property)</li><li>Own contribution to NPS (If there's any)</li><li>Interest earned on savings bank A/Cs </li><li>Investments made in ELSS, PPF</li><li>Premiums paid towards life, health insurance policies</li></ul>As for the deductions that are allowed, that makes for a pretty small list: <ul><li>Transport allowances (only if you are specially abled)</li><li>Gifts of up to Rs 50,000</li><li>Employer’s contribution to your NPS account</li><li>Interest paid on home loan only on let-out property</li></ul>But that's the trade-off. You get to pay taxes at low rates, yes, but you also don't get to claim a whole lot other deductions. Notes CA Nitesh Buddhadev, "Which regime is beneficial for you depends upon the allowances and deduction available to you during a relevant financial year. So, if your total income from salary is Rs 10.5 lakh and if the aggregate of any of the deductions / allowances you can claim is less than Rs. 3.15 lakh, you should opt for the new tax regime. If you have not invested in multiple tax-savings scheme, the new regime will work better. So, don't make this decision in any haste. You can choose your tax regime only once in a financial year. And if your income from business or other professions, be even more careful, because this will then become a once in a lifetime choice for you (quite literally!). So, take a good hard look at your finances, and then decide what works best for you!

Confused about the new tax regime? Here's when you should opt for it

With Indians rushing to file their ITRs ahead of the July 31st deadline that's coming up tomorrow, did you know that residents of just one Indian state are exempt from filing <keyword id="19901478" type="General" weightage="20" keywordseo="income-tax" source="keywords">income tax</keyword> returns, or paying taxes at all? Yes, <keyword id="19903425" type="General" weightage="20" keywordseo="Sikkim" source="keywords">Sikkim</keyword> is the only state in the country where the residents do not have to pay income tax. But why is that the case? Let's delve into it. An erstwhile princely kingdom for almost 333 years prior to its amalgamation, Sikkim merged into independent India in 1975, thereby becoming the country's 22nd state. But this happened on one condition- that it will be allowed to continue with its old <keyword id="21152786" type="General" weightage="20" keywordseo="tax-laws" source="keywords">tax laws</keyword> post the merger. Sikkim has its own income tax manual, which stipulated that no resident of Sikkim was to pay taxes to the center. Hence, honoring the merger agreement, the Indian government granted a special tax exemption to Sikkimese residents from Indian income tax regulations. This changed in 2008, when the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union budget</keyword> repealed the state's tax laws. However, to maintain the exemption status enjoyed by the state's residents, it inserted section 10 (26AAA). Under this section, any income generated by a Sikkimese, be it from a source within the state, or by way of dividend or interest on securities, would be tax-exempt. At present, any individual who has been domiciled (noted as having fixed, principal and permanent residence) in Sikkim as of April 26, 1975 would be considered a Sikkimese, and hence, exempt from paying income tax. As per data from PRS Legislative Research, the state's estimated own tax revenue for 2023-24 stood at Rs 1,727 crore. However, if a Sikkimese has rental income from properties situated outside of the state, or has an income from source that is not located in Sikkim, it will be subject to relevant taxes. Nevertheless, the provisions of tax exemptions would not apply to any Sikkimese woman, who marries a non-Sikkimese or an outsider, on or after April 1, 2008. Market regulator SEBI has also exempted residents of Sikkim from mandatorily having a PAN card for investing in Indian stock markets, equities, cash market and even mutual funds. <h2>Decoding Section 10 (26) of the IT Act</h2>All these income-tax exemptions also extend to a few other regions in the country, but only if you are a member of the scheduled tribes. Section 10(26) of the Income Tax Act applies to Ladakh, Arunachal Pradesh, Manipur, Mizoram, Nagaland and <keyword id="19919396" type="General" weightage="20" keywordseo="tripura" source="keywords">Tripura</keyword>, along with the North Cashar hills district, Karbi Anglang district, Chakma district, Mara district, and Lai District. Simply put, it stipulates that if you belong to the scheduled tribes and generate any income, the source of which lies in the above mentioned regions, or by way of dividend or interest on securities, your income would be tax-exempt. But any income generated outside of these regions would be taxable.

Did you know about the only Indian state exempt from paying any income tax? Know all about it here

<ul class="summary-list"><li>The IRS' much-anticipated <a target="_blank" href="https://www.businessinsider.com/free-e-filing-tax-irs-turbotax-hrblock-internal-revenue-service-2023-5">free tax filing software</a> is now online.</li><li>Direct File is in a pilot phase and available for "simple" tax returns for 2023.</li></ul>A small but growing number of US taxpayers can now do what their counterparts in many other countries have been able to do for years: <a target="_blank" href="https://www.businessinsider.com/direct-file-free-tax-filing-best-tech-product-2024-1">file their annual taxes online, for free, directly with the federal government</a>.The much-anticipated Internal Revenue Service software — aptly named Direct File — opened as of Wednesday in a pilot phase ahead of its wider public launch in mid-March. This year's <a target="_blank" href="https://www.businessinsider.com/personal-finance/when-to-file-taxes">tax filing deadline</a> is April 15.While it's free to sign up, there is a catch: to file using the tool, taxpayers must have been a <a target="_blank" href="https://www.businessinsider.com/irs-file-taxes-free-tax-filing-eligibility-pilot-program-irs-2023-10">resident of one of 12 states for all of 2023</a> and not have income from any other state.The IRS <a target="_blank" href="https://www.irs.gov/about-irs/strategic-plan/direct-file">says</a> it's limiting the release and following best software development practices for building "complex services."<h2>Here's the list of currently eligible states:</h2><ul><li>Arizona</li><li>California</li><li>Florida</li><li>Massachusetts</li><li>Nevada</li><li>New Hampshire</li><li>New York</li><li>South Dakota</li><li>Tennessee</li><li>Texas</li><li>Washington</li><li>Wyoming</li></ul>The tool currently does not prepare <a target="_blank" href="https://www.businessinsider.com/personal-finance/state-income-tax-rates">state income tax returns</a>, but Arizona, California, Massachusetts, and New York residents can access state-supported tools via Direct File.<div type="image" title="The IRS Direct File welcome page" height="800" width="992" msid="108083605" hostid="261" sizebytes="39520"></div><h2>Additional eligibility limits to consider</h2>Direct File is currently designed to handle what the IRS calls "simple" returns for those with W-2 wages and a few of the most <a target="_blank" href="https://www.businessinsider.com/personal-finance/what-is-federal-income-tax">common tax credits and deductions</a>.Unfortunately, even taxpayers with otherwise simple returns can't use the program if they purchased their health insurance through an exchange like HealthCare.gov or used funds from a Health Savings Account.Taxpayers with other types of income (like gig workers, independent contractors, or <a target="_blank" href="https://www.businessinsider.com/irs-resale-concert-tickets-profits-taylor-swift-eras-tour-beyonce-2023-9">Taylor Swift ticket resellers</a>) and those with more complex deductions or credits aren't allowed use the service just yet.There are also some limitations to using the service for households with incomes of more than $125,000, while married couples with combined earnings of more than $250,000 aren't eligible.The IRS says the software is designed to guide users smoothly through the filing process and that many early testers finished their taxes in less than 30 minutes.<a target="_blank" href="https://www.businessinsider.com/personal-finance/how-to-contact-the-irs">IRS customer service agents</a> are also available via live chat in both English and Spanish to answer basic questions about tax law and give technical support — again, for free.

You can now file your taxes directly to the IRS for free — if you live in 1 of these 12 states

<ul class="summary-list"><li>Former Twitter workers were told this week that they likely received incorrect tax information.</li><li>The error likely won't be rectified until after the IRS tax-filing deadline on April 18.</li></ul>Twitter provided incorrect tax documentation to many former employees who were <a href="https://www.businessinsider.com/layoffs-at-twitter-begin-night-before-elon-musk-said-they-would-2022-11">laid off</a> or <a href="https://www.businessinsider.com/twitter-elon-musk-half-working-2022-11">resigned</a> after Elon Musk, Twitter's current CEO, took over. The company told them that the issue likely won't be corrected until after the IRS deadline to file taxes has passed.Dozens of employees learned that they may have received W-2 forms that incorrectly reported any income they may have received from the sale of company stock in October, according to an email sent Monday, seen by Insider and signed by Twitter's "US Payroll team." The payouts from such sales were "not recorded" on the W-2 forms sent out, according to the email and several people who received it.Musk <a href="https://www.businessinsider.com/elon-musk-twitter-reach-agreement-to-close-acquisition-deal-2022-10">took over Twitter</a> in late October and made it a private company. As part of his $44 billion deal to buy Twitter, all holders of company stock — including employees who received part of their compensation in the form of shares — were effectively forced to sell at $54.20 per share.To rectify the mistake on the W-2s, Twitter will send a W-2 C form, used to make corrections to W-2s. The timeframe for affected former employees receiving the corrections is 30 days. However, the IRS deadline to file taxes is April 18, so many former employees now must file an extension. Others have already filed their returns and are concerned they will be hit in the future with the consequence of filing an incorrect return.Twitter's email to employees did not include any advice on how to file their taxes, seek an extension, or amend taxes that may have been filed already.One laid off worker joked that Musk's Twitter "is really the gift that keeps on giving." Another says the late timing "feels like willful negligence" because the company had five months to realize this mistake and inform those affected.Twitter did not comment. Emails to the company's press address are now being dealt with via an automated response that includes only the smiling poop emoji.This is the second time this year that Twitter had issues with W-2s. In February, workers in 38 states, including New York, were told their tax documents had the wrong employer tax IDs and would need to be corrected or resent, several impacted workers told Insider.Issues with tax filings must be fixed fairly quickly. The IRS requires employers to fix any mistakes in their W-2 forms <a href="https://www.irs.gov/pub/irs-pdf/iw2w3.pdf" target="_blank" rel="noopener">as soon as possible</a>.Employees who have yet to file their taxes can seek an extension so that they can get the correct filing from their employer, but they'll still need to pay their taxes by the April 18 deadline set by the IRS, said Lisa Reilly Payton, an estate planning and tax lawyer at Frazer, Ryan, Goldberg &amp; Arnold LLP.Employees can use existing pay documents to make their best estimate of the taxes they believe are due and pay that by the deadline, and those who have already filed their taxes should amend their tax return when they receive the correct W-2, Payton said."Failure to report all your income, no matter the dollar amount, to the IRS, is a serious issue," Payton said.Shortly after Musk took over the company at the end of October, Twitter's <a href="https://www.businessinsider.com/twitter-payroll-finance-department-resigns-en-masse-under-elon-musk-2022-11">payroll department</a> and most of its finance teams left the company, as Insider reported at the time.Hundreds of former Twitter workers are part of <a href="https://www.businessinsider.com/elon-musk-faces-130-million-legal-cost-twitter-severance-2023-2">a mass arbitration effort</a>, essentially suing Musk for his handling of layoffs and forced resignations. The workers also say that Musk refused to pay them the severance and benefits they were set to receive. The legal actions are ongoing.Are you a Twitter employee or someone else with insight to share? Contact Kali Hays at khays@insider.com, on secure messaging app<a href="https://signal.org/en/" target="_blank" rel="noopener"> Signal</a> at 949-280-0267, or through Twitter DM at @hayskali. Reach out using a non-work device.Contact Sindhu Sundar on Signal 984-377-3887, or email ssundar@insider.com

Elon Musk's Twitter made a mistake on tax documents for laid off workers. Now they may miss the tax filing deadline.

The government has extended the deadline for filing <keyword id="6354679" type="General" weightage="100" keywordseo="gst" source="Orion">GST</keyword> returns for the month of September by a day to October 21, the CBIC said on Friday. On Thursday, taxpayers faced a slow functioning of the GST portal, which was the last date for filing monthly GST returns for some taxpayers. Following that, the <keyword id="12579914" type="General" weightage="50" keywordseo="central-board-of-indirect-taxes-and" source="Orion">Central Board of Indirect Taxes and</keyword> <keyword id="6360806" type="General" weightage="50" keywordseo="customs" source="Orion">Customs</keyword> (CBIC) said that an extension of the due date was being considered. "The GST Implementation Committee of GST Council has approved the extension of the due date of filing GSTR-3B return for the month of September 2022, for the monthly filers, from 20th October 2022 to 21st October 2022," the CBIC tweeted on Friday. Monthly return and tax payment form GSTR-3B is filed in a staggered manner between the 20th, 22nd, and 24th of each month by taxpayers in different states.GST Network (GSTN) provides the technology backend for running <keyword id="6359833" type="General" weightage="50" keywordseo="goods-and-services-tax" source="Orion">Goods and Services Tax</keyword> (GST). <keyword id="6354512" type="General" weightage="50" keywordseo="infosys" source="Orion">Infosys</keyword> is the service provider for GSTN. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-falls-12-paise-to-82-91-against-us-dollar/articleshow/95003236.cms">Rupee falls 12 paise to 82.91 against US dollar</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/if-you-are-looking-to-add-sparkle-to-your-portfolio-this-diwali-here-are-ten-stocks-for-samvat-2079/articleshow/95007121.cms">If you are looking to add sparkle to your portfolio this Diwali, here are ten stocks for Samvat 2079</a>

Govt extends deadline for filing September GST return till Oct 21

<ul><li>You must disclose income from virtual digital assets (VDA)s such as <keyword id="2420795" type="General" weightage="20" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword>, non fungible token (NFT)s and more in the ‘schedule VDA’ provided in the <keyword id="6374875" type="General" weightage="20" keywordseo="itr" source="Orion">ITR</keyword> form. </li><li>Schedule VDA requires information such as the acquisition date, transfer date, category of income for taxation, acquisition cost in the case of a gift, and consideration received. </li><li>The donation reference number (ARN), obtained from the form 10BE donation certificate must be included in the ITR to avail 80G deductions. </li></ul>With the <keyword id="6354751" type="General" weightage="20" keywordseo="income-tax" source="Orion">income tax</keyword> filing deadline less than a month away, you need to ensure you are up-to-date on all the changes that are applicable this year. While modifications in tax and taxability of income from insurance policies (other than ULIPs) are among the most notable changes that have drawn a lot of attention, there are a couple of lesser known changes one should be aware of when filing one’s taxes. We take a look at these changes. The first is about disclosing income from virtual digital assets (VDAs) such as cryptocurrencies. “The taxpayer must disclose income from VDAs such as cryptocurrencies, NFTs, and so on in the "schedule VDA" provided in the ITR form,” says Aashish Sharma, co- founder and litigation head, Lex N Tax, a tax consultancy firm. Schedule VDA requires information such as the acquisition date, transfer date, category of income for taxation, acquisition cost in the case of a gift, and consideration received. “Those who get VDA income are not eligible to file ITR-1 or ITR-4. Such income can instead be declared in ITR 2 or ITR 3. Further, income from VDAs can be taxed either under the head of business income or capital gains,” says Sharma. Budget 2022 had introduced new NFT (non fungible token) and VDA regulations. The transfer of such assets will be subject to an income tax rate of 30% plus a surcharge and a levy beginning April 1, 2022, as per recent regulations. “TDS will be deducted at 1% of the sale price beginning July 1, 2022. This tax will be deducted by the developer, intermediary, broker or donor. The taxpayers cannot set off losses or carry forward the losses within crypto or from different heads,” says Suneel Dasari, founder and chief executive officer at EZTax, a tax portal. <cmsannotation type="cmsannotation" annotationid="Provide details of donation reference number to avail 80G deductions" comment="subhead" text="Provide details of donation reference number to avail 80G deductions">Provide details of donation reference number to avail 80G deductions</cmsannotation> To avail a deduction under <keyword id="1667689" type="General" weightage="20" keywordseo="section-80g" source="Orion">Section 80G</keyword> for donations made to charitable institutions, non governmental organisations or research universities, it is crucial to possess the donation receipt, and the donation certificate in Form 10BE. Taxpayers must provide the necessary information regarding their donations in the relevant 'Schedule 80G' within the ITR form in order to claim the deduction. “All approved u/s 80G charitable institutions, NGOs, and research universities must submit Form 10BD for all donations received during the fiscal year. They must also provide form 10BE to the recipients,” says Dasari. Form 10BE, containing a unique registration number, will be issued to benefactors after form 10BD has been filed by the institution. It is essential to enter donation details accurately in the appropriate table while filing the ITR. There is a new column under Table D for disclosing the donation reference number (ARN) for donations made to eligible entities where a 50% deduction is allowed, subject to the qualifying limit. The ARN, obtained from the form 10BE donation certificate issued by the institutions who received the donation, must be included in the ITR. This has been implemented to match donor and donee records and reduce the prevalence of fraudulent donations claims.

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You can now file your taxes directly to the IRS for free — if you live in 1 of these 12 states

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Elon Musk's Twitter made a mistake on tax documents for laid off workers. Now they may miss the tax filing deadline.

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Govt extends deadline for filing September GST return till Oct 21

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