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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

Have you filed your <keyword id="19948101" type="General" weightage="20" keywordseo="income-tax-returns" source="keywords">income tax returns</keyword> till now? If not, don't forget that <keyword id="22458495" type="General" weightage="20" keywordseo="July-31st" source="keywords">July 31st</keyword> is the last date to file your ITR, without paying any penalties. However, if you miss this <keyword id="19938467" type="General" weightage="20" keywordseo="deadline" source="keywords">deadline</keyword>, you can still file your ITR by <keyword id="19993002" type="General" weightage="20" keywordseo="December-31st" source="keywords">December 31st</keyword>, 2024. But then, you will have to pay a hefty penalty! To avoid any hassles, here's a handy guide you can use to bookmark all the dates associated with <keyword id="19942833" type="General" weightage="100" keywordseo="ITR-filing" source="keywords">ITR filing</keyword> this year 13 days from now, i.e., 31st July 2024 is the last date for salaried individuals, non-resident Indians (<keyword id="19918875" type="General" weightage="20" keywordseo="NRIs" source="keywords">NRIs</keyword>), Hindu undivided families (HUF) and other entities to file their income tax returns. This date, unless extended, is final for those do not require a prior audit of their books of accounts. Per experts, a date extension seems unlikely, given that there has been no formal notification from the Finance Ministry as yet. Remember that if you are a salaried individual and do not file your ITR by July 31st, you could face serious consequences, which include: <ul><li>In case your net annual taxable income is up to Rs 5,00,000, you will have to pay a fine of Rs 1,000 while filing your belated return. </li><li>If your net annual taxable income exceeds Rs 5,00,000, you will have to pay a fine of Rs 5,000.</li></ul>However, the biggest loss in case of filing belated ITR would be the inability to opt for old tax regime. All ITR filed belatedly, or after July 31st, will automatically be processed under the new regime. In case you have significant investments in ELSS, <keyword id="19919089" type="General" weightage="20" keywordseo="nps" source="keywords">NPS</keyword>, PPF under Section 80C, HRA exemptions, your tax liability could be significantly higher under the new tax regime, since it does not offer many exemptions and deductions generally available under the old regime. For businesses which require an audit before filing their ITR, 31st October 2024 is the last date to file ITR, sans any penalties. <h2>Filing revised/belated ITR </h2>The last date for filing a belated or revised ITR is 31st December. You can file a revised ITR in case: <ul><li>You have unintentionally missed out on reporting any significant income</li><li>You missed out on claiming tax-saving deductions in your initial ITR</li><li>You have opted for the wrong ITR form, and want to change it</li><li>You receive a notice from the IT department highlighting discrepancies in your original ITR</li></ul>Note that you don't have to pay any penalties while filing a revised ITR. And while not advisable, you can revise your ITR multiple times. Once a revised return is filed, the IT department considers it as your final ITR. You can also file an updated return within 2 years of the relevant assessment year (in this case 2023-24). This means that the last date to file your updated return for this cycle will be March 31st, 2027. But note that you cannot revise your updated returns i.e., it can be filed only once for any particular assessment year. Also, you will have to pay additional tax equal to 25% of the total of tax and interest payable, if you file the updated return before 12 months of the end of relevant assessment year. In case you file your updated return after more than 12 months, but less than 24 months from the relevant assessment year have passed, your additional tax payable would be 50% of the aggregate of tax and interest payable.

Important dates to remember while filing your ITR this time!

<ul><li>they lose the opportunity to carry forward most types of losses.</li><li>Late filing of tax returns would also lead to delayed tax refunds.</li><li>Failure to file even after receiving these notices can result in prosecution and even imprisonment. </li></ul>The deadline to file income tax returns (ITR) for assessment year (AY) 2023-24, is today (July 31) and the Revenue Secretary Sanjay Malhotra has confirmed that the deadline will not be extended. According to a recent survey, <a href="https://www.businessinsider.in/personal-finance/news/one-in-four-taxpaying-citizen-yet-to-file-it-returns-with-3-days-to-deadline/articleshow/102203531.cms">14% taxpayers</a> say they will not be able to meet the deadline. Missing the deadline can lead to various adverse consequences. Let us take a look. <cmsannotation type="cmsannotation" annotationid="You cannot carry forward most losses" comment="subhead" text="You cannot carry forward most losses">You cannot carry forward most losses</cmsannotation> The Income Tax Act provides provisions for offsetting and carrying forward losses. Offsetting involves adjusting the loss against taxable income, and any remaining loss can be carried forward to future years for set off against future incomes. These rules apply to losses under each specific income category. If a taxpayer fails to file the <keyword id="104359" type="General" weightage="20" keywordseo="income-tax-return" source="Orion">Income Tax Return</keyword> (ITR) within the prescribed due date as per Section 139(1), they lose the opportunity to carry forward most types of losses. However, losses under the category "Income from House Property" can still be carried forward to future years, even if the ITR is filed after the due date. If losses are not offset against future income, the taxpayer may miss out on potential tax deductions and end up paying more taxes than necessary. <cmsannotation type="cmsannotation" annotationid="Delay in tax refunds if you are eligible" comment="subhead" text="Delay in tax refunds if you are eligible">Delay in tax refunds if you are eligible</cmsannotation> In India, taxpayers can receive a tax refund if they have paid more tax than their actual tax liability. Tax refunds are usually issued by the Income Tax Department after processing the taxpayer's income tax return (ITR). The time frame for receiving a tax refund can vary depending on the complexity of the return, verification processes, and the efficiency of the tax authorities. Generally, taxpayers can expect to receive their tax refunds within a few weeks to a few months after filing their ITR and it being processed successfully. Late filing of tax returns will lead to delayed tax refunds, causing financial strain. Timely filing of tax returns is essential to avoid these complications and ensure a smoother refund. <cmsannotation type="cmsannotation" annotationid="Penalty and interest on unpaid taxes" comment="subhead" text="Penalty and interest on unpaid taxes">Penalty and <keyword id="6397939" type="General" weightage="20" keywordseo="interest" source="Orion">interest</keyword> on unpaid taxes</cmsannotation> If the Income Tax Return (ITR) is not filed by the due date of 31 July, individuals can still file a belated return by 31 December, but they will be subject to a maximum penalty of ₹5,000. Additionally, interest at 1% per month or part thereof under Section 234A will be charged on taxes due until payment. It is crucial to file the belated return promptly to avoid further <keyword id="512003" type="General" weightage="20" keywordseo="penalties" source="Orion">penalties</keyword> and comply with tax regulations. The interest calculation starts from the day after the due date. <cmsannotation type="cmsannotation" annotationid="Further penalties and prosecution" comment="subhead" text="Further penalties and prosecution">Further penalties and prosecution</cmsannotation> If a taxpayer fails to file their Income Tax Return (ITR) by the given deadline, the income tax department can impose penalties ranging from 50% to 200% of the taxpayer's actual income tax liability. In addition to the tax and interest liability until the date of filing the ITR, the penalties will be levied in response to the income tax notice from the department. If a taxpayer fails to file their income tax returns for an assessment year, they will receive a notice from the Income Tax Department under Section 142(1), 148, or 153A. Failure to file even after receiving these notices can result in prosecution under Section 276CC of the Income Tax Act for tax evasion. The penalties for tax evasion exceeding ₹25 lakh include a penalty for not filing ITR and imprisonment of at least 6 months, which may extend to 7 years. For other cases, the prescribed penalty is imposed along with imprisonment of at least 3 months, which can be extended up to two years. <cmsannotation type="cmsannotation" annotationid="Other ways in which missing the deadline may hurt" comment="subhead" text="Other ways in which missing the deadline may hurt">Other ways in which missing the deadline may hurt</cmsannotation> While these do not fall under income tax rules, late filing of tax returns may lead to other problems. Banks and financial institutions often require this documentation to assess your financial status and loan repayment capacity and even for travel abroad. If you miss the <keyword id="4822916" type="General" weightage="20" keywordseo="tax-filing-deadline" source="Orion">tax filing deadline</keyword>, you may find it difficult to apply for a loan or go for your next international holiday, as tax returns are mandatory for visa applications. Several embassies and consulates make it mandatory for applicants to submit copies of their tax returns from the previous years when applying for a visa. So filing tax returns on time is a smart thing to do.

ITR filing deadline is today – If you miss it, there are more consequences than just a penalty

<ul><li>The government extends the deadline to file income tax returns from 31 July 2019 to 31 August 2019. </li><li>The decision came after some “taxpayers were facing certain difficulties,” said the government. </li><li>People who breach the deadline to file income tax return are still eligible for belated returns. </li></ul>The Indian government has extended the due date to file an income tax return by a month. The new deadline is 31 August 2019. "In this regard, the Central Board of Direct Taxes, in exercise of its powers conferred under Section 119 of the Income Tax Act, 1961, hereby extends the due date as prescribed under Section 139 (1) of the Act for filing of income tax returns from 31st July, 2019, to 31st August, 2019, in case of all taxpayers who are liable to file their income tax returns by the said due date," a Finance Ministry <a href="https://www.incometaxindia.gov.in/news/order-for-extension-of-due-date-for%20filing-of-itrs-23-07-2019.pdf">order said.</a> The decision came after some “taxpayers were facing certain difficulties,” said the government. The government introduced the rule to file income tax by 31 July last year. Before that, people were allowed to file their income tax return documents anytime before 31 March. People who breach the deadline to file the income tax return are still eligible for belated returns. However, The Income Tax department <a href="https://www.businessinsider.in/missing-income-tax-return-dates-can-put-you-behind-the-jail/articleshow/70228882.cms">is going to levy a penalty of ₹5000</a> if you file your return before 31 December of the assessment year. How can salaried employees file income tax online? Here are simple steps to file income tax returns online <ul><li>Keep all the documents like PAN, Aadhaar, Bank Account details, Form 16, and details of investments ready before you start filing the income tax. </li><li>Register and Login with IRS website by submit the details of your email ID and mobile number. </li><li>Upload Form 16. </li><li>Enter the details like your name as on your PAN card, PAN, date of birth, and father’s name. </li><li>Then, fill in the name and the category of your employer. </li><li>Enter your salary details and the TDS information. (Try entering the break-up for the clear calculation of taxable income.) </li><li>Enter the details of the investments you made to claim the deductions. It can include contributions towards PPF, and insurance premiums and also tuition fees of children. </li><li>Fill in the form 26AS with necessary details about any income other than your salary. </li><li>In the next step, you will have to enter your bank account details and e-file your income tax return. </li><li>Once done, you will get an acknowledgment number. </li><li>You can also e-verify your income tax return.</li></ul>See also: <a href="https://www.businessinsider.in/who-can-file-itr-1/articleshow/70194620.cms">ITR 1 Filing: Who can file ITR 1</a> <a href="https://www.businessinsider.in/explained-what-is-itr1-and-who-can-file-itr-1/articleshow/70113618.cms">Explained: What is ITR1 and who can file ITR 1?</a> <a href="https://www.businessinsider.in/missing-income-tax-return-dates-can-put-you-behind-the-jail/articleshow/70228882.cms">ITR Filing: Missing income tax return dates can put you behind the bars</a>

ITR Filing 2019: Deadline to file income tax returns extended till 31 August

As per the regulations put in place by the Income Tax Department, individuals are expected to file Income Tax Returns (ITR) on or before July 31 of every financial year. For example, if you are filing the income tax returns of Financial Year 2018-19 which ends on March 31, 2019, you must do the filing on or before July 31, 2019. Here we discuss how to file income tax returns for the previous years if you have missed them out. Filing <keyword id="104359" type="PERSON" weightage="20" keywordseo="income-tax-return">income tax return</keyword> for the previous years As per the Finance Act amendment 2016, it is possible to file the delayed IT returns any time before 1 year after the corresponding assessment year has ended. What to do if you get a late payment notice? If the income tax department sends you a late payment notice directing you to tile the returns that stretch beyond 2 financial years in the past, you can prepare your tax returns accordingly and submit it to the department. Taxpayers are expected to file old returns when they get an IT notice. Starting from AY 2018-19, the time limit allowed for filing a revised IT return has been reduced. If you need to make some changes in the original like rectifying the omission or correcting the errors, you must do so before the end of the corresponding AY. Till AY 2017-18, the time limit of 1 year was allowed for filing a revised return from the end of the corresponding AY. What are the negative sides of filing belated IT returns? When you file IT returns late, you are supposed to pay the interest as per the sections 234A, 234B and 234C. If the It returns are filed on or before 31 March of the corresponding AY, a fee of Rs 5,000 will be charged under Section 234F. After this date, the fine will go up to Rs 10,000. How to file the missed returns? The Finance Act 2016 amendment has created provisions to file the IT returns once the taxpayer has missed out the due date. Filing the missed returns in allowed only in some specific cases. Requests for filing income tax returns for the previous years are accepted if the IT department finds that your case is genuine, based on some real difficulties, a refund is due on account of excess tax deduction or TDS or advance tax or self-assessment tax. Delayed IT returns can be filed for the previous years within a period of six years from the end of the assessment year. For example, if you have missed it out, you can file the IT returns of March 31, 2019 up to March 31, 2024. If you have not paid the tax for the FY 2017-18 for example, you must pay it along with the interest applicable as per the Section 234A, 234B and 234C. If you have paid you taxes in time but have not filed the returns in time, you will get a notice from the IT department asking you to file the ITR in this case, you will have to pay a penalty of Rs. 5,000. The legal actions that will be taken for not filing the ITR in time include penalizing, fines, or even imprisonment.

How to file the income tax return for the previous year

<ul><li>People who have not filed an <keyword id="104359" type="PERSON" weightage="20" keywordseo="income-tax-return">income tax return</keyword> before the due date are still eligible to file belated return</li><li>In case you forget to file your <keyword id="6374875" type="UNKNOWN" weightage="20" keywordseo="itr">ITR</keyword> at all, then the IT department is going to send you a notice to conduct legal proceedings</li><li>The Income Tax authorities extended the deadline to issue Form 16 till 10 July</li></ul> If you haven’t filed your income tax return yet, better hurry because you will have to pay a penalty and face restrictions in case you forget to fill ITR before the due date. The Income Tax authorities extended the deadline to issue Form 16 till 10 July, which in turn extended the deadline to file an income tax return (ITR) for FY18-19 to 31 July. What is a belated return? People who have not filed an income tax return before the due date are still eligible to file belated return any time during the current assessment year 2019-2020. Individuals can file belated return till 31 March 2019 or before the completion of assessment, whichever is earlier. The Penalty However filing belated returns comes with late fee and certain restrictions. The Income Tax department is going to levy a penalty of ₹5000 in case you file your return before 31 December of assessment year and ₹10,000 if the return is filed between January 1 and March 31. Further, people below the income of ₹5 lakh per annum will not be charged more than ₹1,000. The penalty is required to be submitted before the belated return. The Income Tax will levy a penalty irrespective of whether there is any tax due or not. Besides the penalty, you will also be required to pay interest on taxes for all the months till you file ITR. And in case you forget to file your ITR at all, then the IT department is going to send you a notice to conduct legal proceedings. This can include jail term between three months to two years. The jail term can go as high as seven years if the tax is more than ₹25 lakh.

ITR Filing: Missing income tax return dates can put you behind the bars

<ul><li>The deadline to link your PAN to your Aadhaar is March 31, 2022.</li><li>One could face certain consequences in executing financial transactions if PAN and Aadhaar are not linked.</li><li>Also a penalty of ₹1,000 is levied if failed to link PAN with Aadhaar before March 31.</li></ul>While the current financial year is about to end this week, there are a host of tax-related tasks one needs to complete to avoid any consequences. Among other things, an important one is to link your PAN with your Aadhaar card before March 31st, 2022. If you do not link your PAN to Aadhaar, it will become inoperative and one may face slew of penalties. Linking PAN-Aadhaar after March 31 will levy a fine up to ₹1,000, according to the Central Board of Direct Taxes. Besides, providing an invalid PAN will also attract fines up to ₹10,000. In case you don’t link PAN with Aadhaar, your PAN would become inoperative, which would mean that you will not be able to invest in mutual funds, stocks or open a bank account among other things. To complete the KYC process on an investment platform, one needs an active PAN. These are the easiest two ways to link your PAN to Aadhaar. <ul><li><a href="https://eportal.incometax.gov.in/iec/foservices/#/pre-login/bl-link-aadhaar">Click here </a>to quickly link your PAN to Aadhaar on the income tax portal.</li><li>Send an SMS from your registered number with Aadhaar on 567678 or 56161.</li></ul>Linking your PAN with Aadhaar will help you in quick e-verification of income tax returns. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[ ]]></cdata></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/india-might-be-building-a-super-app-for-its-farmers-combining-weather-market-updates-advisories-and-more-in-one-app/articleshow/90509756.cms">India might be building a super app for its farmers, combining weather, market updates, advisories and more in one app</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/crypto-prices-are-on-the-rise-heres-list-of-altcoins-that-have-been-in-the-spotlight/slidelist/90495792.cms">Crypto prices are on the rise – here’s list of altcoins that have been in the spotlight</a>

Three days left to link PAN with Aadhaar to avoid any penalty or other consequences

<ul><li>As the new financial year starts, there are quite a few changes in tax and other rules that one should know about.</li><li>Let’s take a look at the new rules effective from April 1.</li><li>Check out our <a href="https://www.businessinsider.in/bi-newsletter">weekly explainers</a> on the hottest topics and <a href="https://www.businessinsider.in/newsletters_signup.cms">sign up</a> if you like them.</li></ul>With the start of the new financial year, there are several changes in regards to taxation, deduction and investments that are to be effective from April 1, 2022. Let’s take a look at the new rules that have been introduced for new fiscal year: <keyword id="12151324" type="General" weightage="20" keywordseo="crypto-tax" source="Orion">Crypto tax</keyword> The government has finally introduced tax on virtual digital assets (VDA) or cryptocurrencies including non-fungible tokens (NFT). According to the <keyword id="1038456" type="General" weightage="20" keywordseo="new-rule" source="Orion">new rule</keyword>, profits made on crypto assets will attract 30% tax and 1% tax deducted at source (TDS). This will apply even if your taxable income is below ₹2.5 lakh. Non-KYC penalty If you have not linked your PAN and Aadhaar till now, you will face a fine up to ₹1,000, according to the Central Board of Direct Taxes. Besides, providing an invalid PAN will also attract fines up to ₹10,000. PF tax According to the notification by the Central Board of Direct Taxes, interest on the provident fund (PF) contribution of an employee above ₹2.5 lakh in a year will be taxed from April 1. LTCG From today, April 1, the surcharge on long-term capital gains on all types of assets will be capped at 15%. Removal of benefit under section 80EEA Buying a home may become more expensive for a common man now as from April 1 2022, the government has stopped income tax benefit under Section 80EEA. Section 80EEA is available for first time home buyers with stamp duty value of the property up to ₹45 lakh for an additional deduction of ₹1.5 lakh. ITR filing If you have failed to file your income tax return by March 31, 2022, then you are liable for a penalty. Taxpayers who have an annual income of more than ₹5 lakh shall pay a fine of ₹5000 (on taxable income) if they do not file belated tax returns. For those whose income is less than ₹5 lakh, the fine will be ₹1,000 (on taxable income). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/after-byjus-and-unacademy-vedantu-is-looking-at-offline-centers/articleshow/90584769.cms">Exclusive: After Byju’s and Unacademy, Vedantu is looking to start offline centres</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/upcoming-new-cars-and-suv-in-april-2022/slidelist/90587227.cms">Upcoming cars expected to launch in April 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/crude-oil-price-on-a-falling-spree-as-us-to-release-emergency-oil-reserve/articleshow/90582811.cms">Crude oil price on a falling spree as US to release emergency oil reserve to control energy costs</a>

These are the new changes in taxation that have kicked in from April 1

In a major relief for <keyword id="59866" type="COMPANY" weightage="20" keywordseo="taxpayers">taxpayers</keyword>, the Centre on Wednesday announced extension of the <keyword id="65922" type="ENTERTAINMENT" weightage="20" keywordseo="Due-date">due date</keyword> for filing <keyword id="6355828" type="UNKNOWN" weightage="20" keywordseo="income-tax-returns">income tax returns</keyword> for assessment year 2019-20 by a couple of months to November 30, 2020. The decision has come in the wake of many taxpayers facing difficulty in filing their income tax returns due to the outbreak of <keyword id="8902449" type="UNKNOWN" weightage="20" keywordseo="covid-19-pandemic">Covid-19 pandemic</keyword>. The last date for filing returns for AY 2019-20 was extended earlier till September 30, the third such extension during the pandemic. It has been further extended till November to provide more time to taxpayers. "On further consideration of genuine difficulties being faced by taxpayers due to the Covid-19 situation, CBDT further extends the due date for furnishing of belated &amp; revised ITRs for Assessment Year 2019-20 from 30th September, 2020 to 30th November, 2020," <keyword id="2236838" type="COMPANY" weightage="20" keywordseo="The-Income-Tax-department">the Income Tax Department</keyword> said in a tweet. The government has already extended the date for filing income tax returns for AY 2020-21 to November 30. SEE ALSO: <a href="https://www.businessinsider.in/business/news/reliance-retail-seals-its-third-deal-this-month-general-atlantic-to-invest-3675-crore/articleshow/78397878.cms" data-type="tilCustomLink">Reliance Retail seals its third deal this month – General Atlantic to invest ₹3,675 crore</a> <a href="https://www.businessinsider.in/business/auto/news/cars-and-tractor-sales-likely-to-remain-healthy-but-commercial-vehicles-may-feel-the-pain-in-september-month-sale/articleshow/78407001.cms" data-type="tilCustomLink">All eyes on September auto sales — Cars and tractor sales likely to remain healthy but commercial vehicles may feel the pain</a>

Centre extends deadline for IT returns filing for 2019-20 to November 30

<ul><li>If you did not file your tax returns in 2018-19, you may be stuck in pickle this season and have to pay double the applicable rate or 5%, whichever is higher.</li><li>This rule shall come into force starting 1 July 2021.</li><li>Deductors will now have to ask for proof of ITR submission for the last two years, increasing the burden of compliance, according to Archit Gupta, the founder and CEO of ClearTax.</li></ul>“Suppose you are making payment to a contractor. And, when you’re getting the work executed, you’re supposed to deduct TDS at 2% — that’s the normal rate. If I made a payment of ₹ 1 crore, I deducted TDS of ₹2 lakh and deposited it in his account.,” explained Ved Jain, former President of The Institute of Chartered Accountants of India (ICAI) told Business Insider. “Starting from December 2021-22, I will ask him if he has filed returns for the last two years or not. For years 2018-19 and 2019-20. If he has filed for any of these, I will continue to deduct 2%. But, if he has not filed returns of the last two years, then I need to deduct at 5%,” he said. This provision has been brought in by Finance Minister Nirmala Sitharaman in the latest budget to tighten the leash on those who haven’t filed their <keyword id="6355828" type="UNKNOWN" weightage="20" keywordseo="income-tax-returns">income tax returns</keyword>. This new provision comes into effect from 1 July 2021. However, it may be the case that some of the stick may hit those making the payment to the lax taxpayer, and therefore collecting the tax at source. The burden of compliance is on the the person⁠— who may be a prompt filer of returns⁠— deducting the tax. Some will have no choice but to pay double the tax The new proposal means that those who haven’t filed their tax returns in 2018-19 and 2019-20 may be in trouble. Some corporates already take a declaration, before processing payments, from their usual vendors that they have filed their returns. For transactions involving individuals, like contractors, artists and freelancers, and businesses in the unorganised sector, the situation is a little more complicated. How do you know if the person you are transacting with has filed returns? Deductors can check whether or not returns have been filed on the Income Tax Department’s official website. There is a utility available where the PAN number can be given, and deductors can check the last returns filed by an individual. “That utility is in the public domain,” said Jain. <div type="image" title="Form 26AS" msid="80765867" hostid="261" caption="&amp;lt;p&amp;gt;Sample of Form 26AS&amp;lt;/p&amp;gt;"></div> Wherever TDS or TCS applies, it should automatically come in Form 26AS and return filing could be ascertained through it. But it is still easier said than done for most people. "This is an additional burden of compliance for deductors. No additional remedy has been provided for cases where ITR filing was not applicable in the two previous years. Taxpayers who foresee facing this issue should prepare to file ITR for FY 2020-21 in due course," Archit Gupta, founder and CEO, ClearTax told Business Insider. Unanswered questions about the new TDS rule* The primary challenge that emerges from the proposed amendment is the ability of the deductor to determine whether the deductee or collectee has filed their income tax returns for the previous two years, according to <a href="https://www.taxmann.com/budget-2021-22/budget-story/154/are-you-a-non-filer%3F-tds%2Ftcs-on-non-filers-at-higher-rates">Taxmann</a>. The onus will also be on the deductor to determine whether the aggregate TDS and TCS over the last two years was more or less than ₹50,000. Another uncertainty is whether the deductee was mandatorily required to furnish their income tax return. For instance, individuals who don’t fall under any taxable bracket or if they are an NRI earning only dividend, interest, royalty or fees for technical services — as specified in section 115A of the Act — will they also be penalised for not submitting their TDS or TCS over the last two years. Taxmann points out that in cases where the due date of filing of return has not expired, should a deductor obtain a declaration from the deductee that the income-tax return will be filed within the prescribed due date and will such declaration be admissible? “It is also possible that the deductee or collectee may refrain from furnishing particulars of their income tax return with the deductors/clients. As a result, the onus of gathering information from the deductee or collectee shall trammel the deductors from ease of functioning and may impose additional compliances in terms of revision of e-TDS returns in case the information is retrieved belatedly from the deductee,” says Taxmann. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/meet-the-lawyer-turned-fitness-entrepreneur-who-is-training-alia-bhatt-ranbir-kapoor-kiara-advani-among-others/articleshow/80761071.cms">Meet the lawyer-turned-fitness entrepreneur who is training Alia Bhatt, Ranbir Kapoor, Kiara Advani among others</a> <a href="https://www.businessinsider.in/international/news/joe-biden-and-narendra-modi-spoke-over-the-phone-last-night-heres-what-they-discussed/articleshow/80759960.cms">Joe Biden and Narendra Modi spoke over the phone last night⁠— here’s what they discussed</a> <a href="https://www.businessinsider.in/thelife/personalities/news/meet-the-it-veteran-making-a-comeback-as-tech-mahindras-cfo/articleshow/80708957.cms">Meet the 63-year old making a comeback as Tech Mahindra's CFO</a>

With the new TDS rule, every time you make a payment, you must ask if the receiver has filed tax returns in last two years

New Delhi, Mar 2 () The Election Commission of India (ECI) is not in favour of state funding of elections as it will not be able to prohibit or check candidates own expenditure over and above provided for by states, the Lok Sabha was informed on Monday.In a written reply, Minister of State for Finance Anurag Thakur said the ECI's view is that for addressing the real issues, there have to be radical changes in the provisions regarding receipts of funds by political parties and the manner in which such funds are spent by them so as to provide for complete transparency in the matter."The Election Commission has informed the Government that it is not in favour of State Funding as it will not be able to prohibit or check candidates own expenditure or expenditure by others over and above that which is provided for by the state," the minister said.Thakur further said that in order to discourage cash transactions and bring in transparency in the sources of funding of political parties, the government has amended the Income Tax Act and limited anonymous cash donations to Rs 2,000.The government introduced the 'Electoral Bond Scheme 2018' to establish a transparent political funding system in the country with well established audit trail.In another reply, he said the number of assessees filing Income Tax Returns (ITRs) has consistently increased during each of the last three years as well as in the current year.As per the data provided by him, the total number of e-returns (excluding revised returns) were 5.18 crore in assessment year 2016-17 and 6.35 crore during Assessment Year (up to Feb 15, 2020).The belated returns of AY 2019-20 can be submitted up to March 31, 2020, therefore, this number will increase further, the minister said.Thakur said the Income Tax Department has implemented the Non-Filers Monitoring System (NMS) which assimilates and analyses in-house information as well as transactional data received from third parties to identify such persons/entities who have undertaken high value financial transactions but have not filed their returns.The number of non-filers with potential tax liabilities identified in the last three assessment years were 33 lakh, 38.81 lakh and 15.58 lakh. NKD CSBAL

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