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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). <br /><br />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: <br /><br />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.<br /><br />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. <br /><br /><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><br />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. <br /><br />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. <br /><br />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. <br /><br /><div type="Article" hostid="261" msid="111402608" title="ITR filing: Documents you need to file your income tax return" mstype="2" mssubtype="0"></div><br />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. <br /><br />So, get going on your ITR filing, right away! <br />

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

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! <br /><br />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. <br /><br />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. <br /><br /><h2>What happens if I don't file my ITR until July 31st? <br /></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: <br /><br /><h2>What are the penalties for late filing of ITR?<br /></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.<br /><br />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.<br /><br />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. <br /><br /><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. <br /><br />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. <br /><br />Also read:<br /><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> <br /><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><br /><br />

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>. <br /><br /><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. <br /><br /><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><br />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. <br /><br /><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. <br /><br /><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.<br /><div type="Article" hostid="261" msid="111402608" title="ITR filing: Documents you need to file your income tax return" mstype="2" mssubtype="0"></div><br /><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. <br /><br />

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

<ul class="summary-list"><li>Trump officially accepted the GOP's presidential nomination for the 3rd time on Thursday.</li><li>His first speech since the assassination attempt, it was the longest acceptance speech in history.</li></ul><p>On Thursday night, former President Donald Trump officially accepted the Republican Party's presidential nomination for the third time.</p><p>The speech, delivered at the Republican National Convention in Milwaukee, Wisconsin, lasted roughly one hour, 32 minutes, apparently the longest in American history.</p><p>It was the former president's first public address since a <a target="_blank" class="" href="https://www.businessinsider.com/who-was-thomas-matthew-crooks-the-trump-rally-shooter-2024-7">gunman attempted to assassinate him</a> at a Pennsylvania rally last Saturday. Following the incident, Trump said that he had <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-new-speech-rnc-assassination-attempt-2024-7">re-written his speech</a> and intended to focus on unity.</p><p>It was also Trump's first speech since he named <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-hillbilly-elegy-transformation-trump-vice-president-2024-7">Sen. JD Vance of Ohio</a> as his running mate. And it came as the candidacy of his chief opponent, President Joe Biden, <a target="_blank" class="" href="https://www.businessinsider.com/chuck-schumer-hakeem-jeffries-democratic-leaders-biden-drop-out-2024-7">appeared to be on its last legs.</a></p><p>The speech was long, at times rambling, and touched on much of the same themes of his previous campaign speeches.</p><p>Here are the 8 top takeaways from Trump's Thursday night address.</p><h2 id="43dcea3e-e5c3-4ccd-bac9-8ae27225ac26"><strong>1. Trump described the assassination attempt in painful detail</strong></h2><p>Still sporting the large ear bandage that he's been wearing throughout the convention, Trump began his speech by addressing Saturday's assassination attempt.</p><p>"I will tell you exactly what happened," Trump said. "And you'll never hear it from me a second time, because it's actually too painful to tell."</p><p>The audience fell dead silent as he described the attempt on his life in detail, describing the "loud whizzing sound" of the bullet grazing his ear.</p><p>"My hand was covered with blood," Trump said, describing what happened after he brought his hand to his ear. "Just absolutely blood all over the place."</p><p>He went further into detail, saying the crowd was unmoving because they saw the blood and believed he might be dead.</p><p>"There's an interesting statistic: The ears are the bloodiest part. If something happens with the ears, they bleed more than any other part of the body, for whatever reason," Trump said. "So we learned something."</p><h2 id="b7dd0cb7-f388-4e72-b2d4-e1757628daf0">2. He recognized Corey Comperatore, the man killed at the rally</h2><p>On stage with Trump the whole time was the fire gear belonging to <a target="_blank" class="" href="https://www.businessinsider.com/victim-trump-rally-shooting-corey-comperatore-shielded-family-from-gunfire-2024-7">Corey Comperatore</a>, the former firefighter chief who was killed by the assassin's bullet at the Pennsylvania rally.</p><div type="image" title="Trump embraces fire gear belonging to Corey Comperatore, the man killed at the Pennsylvania rally." height="1500" width="2000" msid="111852463" hostid="261" sizebytes="183904"></div><p>"But Cory — unfortunately we have to use the past tense — he was incredible," Trump said. The former president added that he had <a target="_blank" class="" href="https://www.businessinsider.com/corey-comperatores-wife-said-trump-hasnt-called-report-2024-7">called</a> Comperatore's wife Helen earlier on Thursday.</p><p>At one point, Trump walked away from the microphone and kissed Comperatore's fire gear, which included a propped-up firefighter jacker and a helmet.</p><h2 id="225743fe-d26c-4961-95a9-9acf1899bbab">3. He also used the assassination attempt to his advantage</h2><p id="225743fe-d26c-4961-95a9-9acf1899bbab">At the end of the day, Trump is still Trump.</p><p id="225743fe-d26c-4961-95a9-9acf1899bbab">As he wound down his discussion of the Pennsylvania rally, Trump turned toward the myriad legal cases he's faced in the last several years.</p><p id="225743fe-d26c-4961-95a9-9acf1899bbab">"We must not criminalize dissent or demonize political disagreement, which is what's been happening in our country lately at a level that nobody has ever seen before," Trump said. "In that spirit, the Democrat Party should immediately stop weaponizing the justice system and labeling their political opponent as an enemy of democracy."</p><p id="225743fe-d26c-4961-95a9-9acf1899bbab">He went on to tout Judge Aileen Cannon's dismissal of the classified documents case against him, which is likely to be appealed.</p><p id="225743fe-d26c-4961-95a9-9acf1899bbab">"If Democrats want to unify our country, they should drop these partisan witch hunts, which I have been going through for approximately eight years," Trump said.</p><h2 id="05659068-0e25-42dd-9581-949c7184fd13"><strong>4. Trump said that JD Vance, his new VP pick, is 'going to be doing this for a long time'</strong></h2><p>Earlier this week, Trump selected Vance — one of the former president's staunchest loyalists in the Senate — to be his running mate.</p><p>In his first public comments after that selection, Trump said he was "thrilled to have a new friend and partner fighting by my side."</p><p>He also mentioned <a target="_blank" class="" href="https://www.businessinsider.com/usha-vance-politics-yale-jd-wife-vice-president-2024-7">Vance's wife, Usha,</a> and focused heavily on the fact that they attended Yale Law School.</p><p>"It was an honor to select him. Great, great student at Yale. His wife was a great student at Yale. They met at Yale. These are two smart people," Trump said. "So JD, you're going to be doing this for a long time. Enjoy the ride."</p><p>Vance, who turns 40 next month, is one of the youngest vice presidential nominees in American history. If Trump is elected, he'll be just a heartbeat away from the presidency, and he's well-positioned to be the GOP's standard bearer in 2028.</p><h2 id="58c9c5b9-3971-41cc-ab79-126d8d2d3421">5. Despite his 'unity' promises, the speech wasn't that unifying</h2><p>Trump promised a unity-focused speech.</p><p>Though his tone was notably more subdued than prior public appears, he made plenty of incendiary comments about his political rivals, declaring at one point that Democrats are "destroying our country." And he continued to lie about the results of the 2020 election.</p><p>"We don't have fierce people," Trump said when discussing foreign wars. "We have people that are a lot less than fierce, except when it comes to cheating on elections and a couple of other things. Then they're fierce."</p><div type="image" title="Trump addressing the RNC on Thursday." height="1500" width="2000" msid="111852459" hostid="261" sizebytes="182336"></div><p>He also went directly after Biden.</p><p>"If you took the 10 worst presidents in the history of the United States — think of it, the 10 worst, added them up — they will not have done the damage that Biden has done," Trump said. "Only gonna use the term once. Biden, I'm not going to use the name anymore. Just one time."</p><h2 id="4fc79c1b-9c2d-4998-b949-739aed7a3ea7">6. Trump called for the firing of UAW President Shawn Fain, underscoring the GOP's struggle to win over organized labor</h2><p>Trump's speech contained numerous appeals toward union members, arguing that "unions are suffering" as the result of illegal immigration.</p><p>At one point, he took a direct swipe at Shawn Fain, the president of the United Auto Workers, who has been harshly critical of Trump and endorsed Biden for president in January.</p><p>As he called for the elimination of <a target="_blank" class="" href="https://www.businessinsider.com/biden-is-probably-going-to-ease-strict-ev-requirements-2024-2">Biden's electrical vehicle requirements</a>, arguing that the policy was driving manufacturing overseas, he said that the union "ought to be ashamed for allowing this to happen, and the leader of the United Auto Workers should be fired immediately."</p><p>Electric vehicle policies have been at the heart of the GOP's attempts to win over auto workers, including <a target="_blank" class="" href="https://www.businessinsider.com/vance-hawley-republicans-uaw-strikes-shawn-fain-labor-2023-9">when the UAW went on strike last fall.</a> While Fain and the UAW have raised concerns about electric vehicles, they have not wholly rejected Biden's policies on the issues.</p><p>"The whole problem that we have is a guy like Shawn Fain blasting Donald Trump," Vance, now Trump's VP pick, told Business Insider in September. "At the very least, just shut your mouth, and take the support from wherever you can get it."</p><p>As Trump's speech continued, the UAW fired back, calling him a "scab and a billionaire."</p><h2 id="18f17fb0-fe30-49fc-ac43-6a3e577d260f">7. Trump showed the chart he displayed on the day he was shot — arguing it may have saved his life</h2><p>A major reason why Trump survived the assassination attempt last Saturday is because his head was turned to the side: He was pointed toward a chart produced by the Border Patrol that depicting illegal immigration in recent years.</p><p>Displaying it again roughly an hour into his speech, Trump described it as "the chart that saved my life."</p><p>"Last time I put up that chart, I never really got to look at it," Trump said. "But without that chart, I would not be here today."</p><h2 id="d86ffbc8-62a0-4f7f-b0cf-94d8995a857d">8. It was the longest presidential nomination acceptance speech in recorded history</h2><p>At 92 minutes, Trump's speech on Thursday night appeared to be the longest ever delivered by a major party's presidential nominee.</p><p>According to <a target="_blank" class="" href="https://www.presidency.ucsb.edu/documents/presidential-documents-archive-guidebook/party-platforms-and-nominating-conventions-2">The American Presidency Project</a> at the University of California, Santa Barbara, Trump exceeded a record he set himself in 2016, when he delivered a nomination speech lasting nearly one hour and 15 minutes.</p><p>Trump's 2020 speech was similarly lengthy, lasting roughly one hour and 10 minutes.</p><p>By contrast, Biden's 2020 acceptance speech lasted less than 25 minutes.</p>

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

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

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8 takeaways from Trump's RNC speech — the first since his attempted assassination

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