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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

If you keyed in any mistakes while filling your income tax online, you can rectify them now as the Central Board of Direct Taxes (CBDT) has simplified the process of online rectification. 
 
Earlier, a lot of errors from taxpayers’ side due to incomplete TDS forms were leading to delays. 
 
To avoid this inconvenience, a new facility has been provided for pre-filling of TDS schedule while submitting online rectification request on the e-filing portal to facilitate easy correction or up-dating of TDS details. 
 
Also, notices of defective returns were issued under Section 139(9) of the Income-tax Act to Foreign Institutional Investors/Foreign Portfolio Investors (FIIs/FPIs) in cases where Balance Sheet and P&amp;L account were not filled. 
 
In order to overcome this difficulty, now such returns will not be treated as defective in cases where the FIIs/FPIs is registered with SEBI, has no Permanent Establishment/ Place of Business in India, has provided basic information required under section 139(9)(f) of the Income-tax Act, if there is business income. 
 
(Image: Thinkstock)

Now you can rectify mistakes while filing income tax return online

TDS, expanded as Tax deducted at source is a type of <keyword id="6354678" type="DEFINITION" weightage="20" keywordseo="Indirect-Tax">indirect tax</keyword> administered by the Central Board of Indirect Taxes. Under the system of TDS, the person making some specified kind of payments like salary, rent, interest on deposits, commission, etc. is expected to deduct a specified percentage of tax before making the payment to the concerned party. The persons responsible to deduct TDS under the Income Tax Act are liable to deposit the TDS amount thus deducted to the Income Tax Department. Due dates for depositing TDS The TDS that a payer has collected in a given month must be deposited with the government by the 7th of the next month. Only in case of deductions made in the month of March can be paid to the Income Tax Department by April 30. The person collecting and depositing the TDS also need to prepare a statement for every quarter and submit the same to the Income Tax Department. After this, the Income Tax Department will issue a TDS certificate to the payee. What is <keyword id="7861642" type="UNKNOWN" weightage="20" keywordseo="TDS-challan">TDS challan</keyword> TDS challan is used for depositing the TDS with the government. This is a single challan that can be used for depositing the taxes collected under the different sections of the Income Tax Act. If the assesse wants to pay the TDS without challan, the TDS collected must be deposited on the same day when the person collected the TDS. TDS Challan 281 TDS Challan 281 is used both by Corporates and non-corporate entities to deposit the TDS or TCS (Tax Collected at Source) with the government. While selling some kinds of goods, the sellers need to collect the TDS or TCS from the buyers at the point of sale. It is possible to file the TDS challan 281 in two modes namely online and offline. If the payment is done online or through some banks, a challan identification number (CIN) is issued. TDS Challan 280 TDS challan 280 is used to deposit the collections made under the categories of Income Tax payments for Advance Tax, Self-Assessment Tax, Surcharge, Regular Assessment Tax, Tax on Distributed Profits or Income and others. This challan can also be paid either in online or offline mode. What one must know before collecting TDS The persons responsible for collecting taxes through TDS are given Tax Deduction and Collection Account Number (TAN). This is a 10-digit alpha-numeric number available on the NSDL website. To get this number, the person must submit Form No. 49 B along with a specific fee. The assesse liable to deduct TDS will invite a fine of Rs. 10,000 if they fail to quote TAN on all their communications about TDS with the Income Tax Department. TDS Online Payment Here is a step by step guide to make <keyword id="7861644" type="UNKNOWN" weightage="20" keywordseo="TDS-challan-payment">TDS challan payment</keyword> in the online mode. Login to http://www.tin-nsdl.com Select the challan number (ITNS 280, ITNS 281, or others) Enter PAN/TAN and the other details needed If the Pan/TAN is valid, the name of the taxpayer will appear on the screen. The site will guide the tax payer to the net-banking page. The tax payer must now make the payment online through the bank. After the payment is done, a challan counterfoil will display on the screen with CIN. This is the proof of payment.

What is TDS challan payment

If you are a salaried employee in India, filing <keyword id="6354751" type="General" weightage="20" keywordseo="income-tax" source="Orion">income tax</keyword> returns is mandatory even if you do not have any tax liability. Filing IT returns comes as a proof of income that can provide you access to a range of financial products such as loans. The last date to file income tax returns for the assessment year (AY) 2022-23 or financial year (FY) 2021-22 is 31 July 2022. Not complying with this deadline will invite a penalty or late fees as applicable depending on the date of filing later. A salaried person is one who is employed with a public or private enterprise and paid a monthly remuneration as salary. If you are new to filing income tax returns online, you must know that it is a very easy process. Visiting the official website of the <keyword id="65338" type="General" weightage="20" keywordseo="income-tax-department" source="Orion">Income Tax Department</keyword>, you will find can’t be more user friendly than how it is. Here in this article I will let you know how to file I|T returns in a few simple steps. <cmsannotation type="cmsannotation" annotationid="Preliminaries you must do" comment="subhead" text="Preliminaries you must do">Preliminaries you must do</cmsannotation> Before getting started with filing IT returns, calculate your total income for the financial year 2021-22. To do this, you will find the Form-16 issued by your employer very useful. From this form, you will know your total income and also how much taxes has been deducted from the source. If you have other kinds of income like income from house rent or capital gains, you must then calculate it before setting your hands on filing IT returns. While filing IT returns, salaried employees must choose between two forms namely ITR-1 and ITR-2. You must opt for ITR-1 if your total income from salary is below Rs 50 lakh per annum. If your income has crossed this threshold or if you want to claim expenses under the category ‘Income from Other Sources’ you must choose the ITR-2. <cmsannotation type="cmsannotation" annotationid="Keep these documents ready before you file IT returns" comment="subhead" text="Keep these documents ready before you file IT returns">Keep these documents ready before you file IT returns</cmsannotation> Form 16 and 16AS Interest income certificate given by the bank Investment proofs Rental receipts in case you live in a rented home House rental income details if you have rented out your property Interest certificate if you have an ongoing housing loan repayment Proof for other income sources <cmsannotation type="cmsannotation" annotationid="How to file IT returns through ITR-1" comment="subhead" text="How to file IT returns through ITR-1">How to file IT returns through ITR-1</cmsannotation> If you are filing IT returns for the first time, you must first register yourself in the Income Tax online portal inputting the details of your PAN card and Aadhaar Card. Make sure that your mobile number is linked with your Aaadhaar card. You have updated if there are any changes in your phone number linked with your account, and your bank accounts are linked to your PAN, Aadhaar number and mobile number. If you are already registered on the portal, log in using your credentials. On the menu tab, choose E-File &gt; Income Tax Returns &gt; File Income Tax Returns. If you want to file IT returns for the financial year 2021-22, you must choose Assessment Year (AY) 2022-23. Under mode of filing, choose ‘Online’ and then click on ‘Continue’. Choose the type of your <keyword id="6374875" type="General" weightage="80" keywordseo="itr" source="Orion">ITR</keyword> form like ITR-1 or ITR-2, etc. In the next choose from the list of reasons for filing income tax return and then click on ‘Continue’. Now, you will move on to the most important segment of IT returns filing. On this page, you will find five tabs. You need to validate all those pieces of data and information one by one. The tabs are titled as Personal information, Gross total income, Total tax deductions, Total tax paid, and Total tax liability. In the first tab titled as ‘Personal Information’, check your personal details like PAN, Date of Birth, mobile number, and email address. Select your nature of employment as appropriate in your case. The second tab is titled ‘Gross Total Income’. In this section, you need to select the exemptions that are applicable in your case. Here you will find that the required details have been captured by the employer in Form 16. You can ‘skip’ this process and then click on ‘Continue’. The third tab will ask you to give details of “Income from other sources” depending on whatever is applicable in your case, input details for fields including dividend income, rental receipts from house property, interest income from bank deposits, and others. In the fourth tab ‘Total Deductions’, fill in all the fields applicable in your case in order to claim tax deductions under sections like 80C, 80D, and 80CCD. If these details have been given in Form 16, you will find that these fields are pre-filled and you only need to validate the details after checking them. The fifth and final tab in this section is titled ‘Tax Paid’. In this segment, you will find that the details are pre-filled from the data given earlier in form 26AS with TDS, <keyword id="6357150" type="General" weightage="50" keywordseo="tcs" source="Orion">TCS</keyword>, Advance Tax, and Self-Assessment Tax. Your tax liability will be automatically computed by the system. Once you confirm all the details in the IT returns filing form, you have to click on ‘Proceed’. The system will generate a tax summary that will give you all your tax liabilities. If any refunds are applicable in your case, the system will register a refund request to the linked bank account. If there are any dues to be paid, the summary will let you know how much you need to pay. When you have completed all these steps in ITR filing, you will have to preview the returns and click on ‘Submit’. After submitting, you have to validate the tax return in electronic mode through net banking or through Aadhaar OTP. There is also an alternative to this step and you can take a print of the IT return copy, sign it and send a copy to the CPC of the income tax department within 120 days of filing the IT returns. <cmsannotation type="cmsannotation" annotationid="Take Away" comment="subhead" text="Take Away">Take Away</cmsannotation> When compared to earlier times, filing IT returns is made extremely easy and user-friendly now. In fact, you can do it yourself without having to seek any professional help. Salaried employees will be highly benefited by filing IT returns as they can negotiate a better interest rate while applying for personal loans.

How to file income tax return online for salaried employees 2022-2023

New Delhi, Mar 19 () The government has notified the rules and online forms to be filled by taxpayers for availing the direct tax dispute resolution scheme 'Vivad Se Vishwas'. Under the proposed scheme, taxpayers willing to settle disputes will be allowed a complete waiver of interest and penalty if they pay the entire amount of tax in dispute by March 31 this year. After March 31, an additional 10 per cent of disputed tax will have to be paid over and above the tax liability. However, disputes related to wealth tax, commodity transaction tax, securities transaction tax and equalisation levy are not covered. The scheme would remain open till June 30. The Revenue Department notified five forms for various steps under the scheme, which are required to be filled online. The eligible assessees are required to submit their declaration in Form 1 to the designated authority, which is a very detailed form covering different scenarios. Further, an undertaking waiving the right to seek or pursue any remedy or any claim in relation to tax arrears under any law shall have to be furnished by the declarant in Form 2. The declaration form (Form 1) seeks detailed information relating to the nature of tax arrears, assessment year, details of order, amount of tax arrears already paid, etc. Further, the form provides the manner of computation of 'tax payable' under the scheme in different scenarios (i.e. for declarations relating to disputed tax/ TDS/TCS/ disputed interest/ disputed penalty or fee). On receipt of the declaration form and undertaking, the designated authority shall, within 15 days, issue an order (in Form 3) directing the assessees to make payment of sum payable after adjusting the amounts already paid. The assessee has also been given a 30-day period (as per Form 3) for payment of the prescribed sum and give intimation of such payment to the designated authority. The intimation of payment is required to be made in Form 4, specifying the details of payment like the serial number of challan, date of payment and amount. In case of non-payment of the amount determined within the prescribed time period, the declaration shall be treated as void and shall be deemed to have never been made. Finally, the designated authority shall issue a certificate (in Form 5) granting immunity and specifying the details of dispute settlement. Meanwhile, Nangia Andersen Consulting Chairman Rakesh Nangia said the forms and rules have been notified merely 10 days before the due date, if taxpayers want to obtain maximum benefits under the scheme. Additionally, all the forms are required to be filled online and utility/ e-forms are yet to be released, which may take another 1-2 days. So practically, taxpayers may have only around 7-9 working days to avail the scheme on/before March 31, 2020, he said. "Therefore, practically, it may be extremely difficult both for the taxpayers as well as designated authorities to examine all the cases and make payment on/ before 31st March 2020," Nangia said. Further, the turmoil due to the coronavirus pandemic makes matters worse as various offices and tax practitioners have started working from home. "The scheme designed to provide relief to taxpayers stuck in long drawn litigation becomes less attractive and practically very difficult to implement owing to the stringent deadlines, which must be extended by the government," Nangia added. JD ABMABM

Govt notifies rules, forms for Vivad Se Vishwas scheme

Brought into effect by the biggest ever tax reform in India, GST has highly eased how businesses are done in the country. The essence of GST is creating a single system of tax collection across the nation to increase the taxpayer base and avoid the tax complexities. It has integrated multiple taxes into a single system. Why go for GST registration? Registering under GST is incumbent in India for individuals and entities supplying goods or services. GST becomes mandatory when the aggregate value of the supply can exceed over Rs. 20 lakhs per annum. In case of the entity doing business in a state classified under special category, GST registration is mandatory when the total value of the supplies might cross 10 lakhs per annum. Irrespective of the turnover, a person or entity can also choose to go for GST registration. Initially the GST guidelines made it not possible to surrender a voluntary GST registration for a period of one year. Eventually this was modified and the new regulations permit the surrendering of voluntary GST registration by the applicant anytime. Here we discuss the step by step procedure of registering under <keyword id="3612537" type="PERSON" weightage="20" keywordseo="gst-in-india">GST in India</keyword>. <keyword id="7261268" type="UNKNOWN" weightage="20" keywordseo="GST-registration-process">GST Registration Process</keyword> <ul><li>The Central Government of India maintains an online portal to facilitate GST registration online. Here are the steps to register under GST.</li><li>Either through a Facilitation Center or on the GSTN portal, the applicant will have to submit his PAN, mobile number and email id in Part A of Form GST REG–01. </li><li>The GST portal verifies the PAN and also sends a one-time password (OTP) for verifying the mobile number and email id. After verification, the portal sends a reference number for the application submitted on the registered mobile number and email id of the applicant. An electronic acknowledgement will be issued to the applicant in FORM GST REG-02. </li><li>The applicant has to fill in Part- B of Form GST REG-01 by inputting the application reference number. Following this, the form has to be submitted with the necessary documents attached.</li><li>In case the portal will need any additional information from the candidate, Form GST REG-03 will be issued. From the date of receipt of Form GST REG-03, the applicant must furnish the information asked by responding through Form GST REG-04 within 7 working days.</li><li>The registration certificate in Form GST REG –06 is issued to the applicant both for the principal place of business and also for every additional place of business. If an individual or entity operates multiple businesses within a state, separate application must be submitted for GST registration for each of the businesses. </li></ul>Other useful information on GST registration In case the GSTN registration portal is not satisfied with the details submitted by the candidate, the GST registration application will be rejected using Form GST REG-05. The applicant who needs to deduct TDS or collect TCS is expected to register by submitting an application in Form GST REG – 07. If the authorities find that the entity or individual is no longer liable to deduct TDS or collect TCS, the applicant will be notified of it and the registration will be cancelled in such a case.

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

Divyanshi Sharma

Now you can rectify mistakes while filing income tax return online

BI India Bureau

What is TDS challan payment

BI India Bureau

How to file income tax return online for salaried employees 2022-2023

BI India Bureau

Govt notifies rules, forms for Vivad Se Vishwas scheme

PTI

What you need to know about the GST registration process

BI India Bureau

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