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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

Tax compliance is viewed as the mark of an individual’s financial wisdom and ethical outlook. It is highly advised that every individual earning a taxable income files ITR in time. In fact, filing ITR is never a difficult thing to do. E-filing, also expanded as electronic filing refers to the process of submitting your income tax returns online. Income tax returns can be filed in two ways. The traditional route to doing this requires you to visit the Income Tax Department’s office and filing your ITR physically. The other route is to do e-filing online. During the past few years, filing ITR online has become the most sought after route taken by the taxpayers since it is very easy and does not need any printing of documents. Moreover, it can be done free of cost. Here are the simple steps to file income tax returns online. Here we learn the different easy steps to file ITR online for salaried employees. Getting ready Before moving forward, you must first get ready with the documents including PAN, Aadhaar, Bank Account details, Form 16, and details of investments made. Login If you have registered with the IRS site, you need to login to file your ITR. If you are a new user, you need to first register by signing up. This is a simple process easy to follow on the Income Tax Department’s website. Submit the details of your email ID and mobile number to receive the OTP for registration. Once you register, filing ITR can be simpler than you think. Upload Form 16 The next step is to upload Form 16 in PDF format. Personal information In the next step, you will enter the details like your name as found on your PAN card, PAN, date of birth, and father’s name. Salary details You will then fill in the name of your employer and the category to which the employer belongs. Then you have to input he salary details and the TDS information. Entering the break-up of the salary is necessary for the clear calculation of taxable income. Details to claim deductions You need to enter the details of investments you made for the purpose of claiming the deductions. This will include contributions towards PPF, and insurance premiums. You can also claim deductions under other heads like the tuition fees of children. Details of taxes paid If you happen to have an income other than the salaries you get like income on freelance jobs and income through interest, you need to enter such information in addition to the details about the tax payments that you have made already. These details can be added up by uploading Form 26AS. When you upload this form, only the details about TDS will get auto-populated. Hence, you must enter the details of income in their respective places. E-filing In the next step, you will have to enter your bank account details and move towards e-filing. When you make e-filing, you will get an acknowledgement number. Once you have filed your ITR, you can also e-verify your <keyword id="104359" type="PERSON" weightage="20" keywordseo="income-tax-return">income tax return</keyword>. Now you have completed your ITR filing successful online.

How to file Income Tax Return online for salaried employee

Finance Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>, while replying to a question in Lok Sabha, said Aadhaar number will be compulsory for filing <keyword id="6355828" type="UNKNOWN" weightage="20" keywordseo="income-tax-returns">Income Tax Returns</keyword> (ITR), rejecting opposition’s move to block the proposal. 
 
Jaitley said making Aadhaar number mandatory will curb tax evasion and frauds. 
 
"Aadhaar has biometric details, so its chances of misuse become minimal. When the country has so much technology, and when it is being put to use, then why create such a hue and cry about it? It is an anti-evasion measure which will benefit the country. So the government considers it right to implement it," he said. 
 He was replying to a debate on the <keyword id="123776" type="ORGANIZATION" weightage="20" keywordseo="Finance-Bill">Finance Bill</keyword> 2017, which was later passed by the House along with 40 official amendments, including the one on reducing the cap on cash transactions from Rs 3 lakh to Rs 2 lakh from April 1. 
 
The amendments also included the merger of tribunals of different ministries and a proposal for launching electoral bonds. 
 
Jaitley said the cap on cash transactions is being reduced to curb generation of black money and the move to introduce electoral bonds is for cleansing the political funding. 
 
"To encourage digital economy and to discourage cash economy, I had proposed in Budget that there will be a ban on cash transactions of over Rs 3 lakh. I am making it Rs 2 lakh by an amendment," he said.

Keep your Aadhaar number ready while filing income tax return

<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

When it comes to filing ITR, tax payers need to choose the right kind of form. The <keyword id="6354751" type="UNKNOWN" weightage="20" keywordseo="income-tax">Income Tax</keyword> Department in India has provided different kinds of forms for different categories of tax payers. Here we discuss what you must know about ITR 4. What is ITR 4? The other popular name of ITR 4 Form is Sugam form. This form has to be used by those tax payers who have opted for the presumptive income scheme under the Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act. However, the individuals who earn more than Rs 2 crores through their business need to file <keyword id="104359" type="PERSON" weightage="20" keywordseo="income-tax-return">Income Tax Return</keyword> Form 3 (ITR 3). ITR 4 can be filed both online and offline. Here are the details on who can file ITR 4 and the process of filing the ITR 4. Who can file ITR 4? ITR 4 can be filed by those individuals, Hindu Undivided Families and Partnerships whose total income during the assessment year is from the following sources. Income through business under section 44AD or 44AE Income generated through profession that is listed under the section 44ADA Salary or pension whose total value exceeds Rs. 50 lakhs per year Income from the single house property that exceeds Rs. 50 lakhs Income from winning lotteries or horse races if the income exceeds Rs. 50 lakhs per annum Freelancers whose income does not exceed Rs. 50 lakhs per annum Who need not file ITR 4? Those individuals who make more than Rs. 50 Lakhs as income from their salaries, house, property or the other sources discussed above cannot use this form. The person who is the director of a company and has made investments in unlisted equity shares cannot file the ITR through this form. <keyword id="2847764" type="PERSON" weightage="20" keywordseo="how-to-file-ITR">How to file ITR</keyword> 4 online You can file the ITR online electronically with your digital signature. The data will be transmitted electronically and then the tax payer must submit the verification of the ITR in ITR-V Return Form. When the ITR 4 form is submitted electronically through the online mode with digital signature, the Income Tax Department will send an acknowledgement to the registered email address of the tax payer. This acknowledgment can also be downloaded from the official website of the Department of Income Tax. Once you download the acknowledgment or get it in your email, you must send it to the CPC office of the Income Tax Department within 120 days of filing the form online. How to file ITR 4 offline Tax payers can file the ITR offline if they happen to meet any one of the following criteria. If the tax payer is aged 80 years or more If the income of the tax payer is less than Rs. 5 Lakhs and if the individual need not claim any refund in the ITR. For filing the ITR 4 offline, the individual can take the following routes. Furnish the ITR in a physical paper form. Furnish the returns in a bar coded way. Once you submit your ITR 4 through offline mode following the above mentioned ways, the Income Tax Department will send you an acknowledgement.

Who and How we can file ITR 4 Online?

It’s the season of taxes and most individuals are running from pillar to post to figure out how to do things right! Well, if you are planning to file your tax returns for the very first time, and are looking for information on the same your search ends here as we have a comprehensive guide that will tell you all you need to know about filing <keyword id="6355828" type="UNKNOWN" weightage="100" keywordseo="income-tax-returns">income tax returns</keyword>. 
 
Who needs to file income tax returns? 
 
Normally there is a lot of confusion about who needs to file returns, here’s a list of people who need to file returns: 
 
a) If you are an individual whose gross income is ₹ 2.5 lakhs per annum and above you need to file returns. If your income exceeds ₹ 5 lakhs e-filing is mandatory. 
 
b) If you are senior citizen aged between 60-80, you need to file returns if your gross income is ₹ 3 lakhs and above. 
 
c) If you are a super senior citizen above the age of 80 you need to file returns only if your gross income exceeds ₹ 5 lakhs. 
 
What’s the last date to submit returns? 
 
The last date to file returns for the financial year 2015-16 is July 31st 2016.To avoid a last minute rush job, it is highly recommended that you finish the process earlier. If you have taxable income in 2015-16, this year is referred to as the financial year and the year in which you file income tax returns for the same is referred to as the assessment year. 
 
Documents you will need 
 
a) Form 16 – If you are a salaried individual, you will need this form. It is issued by your employer to certify that you have drawn a salary for the financial year and tax has been deducted at source (TDS) for the same. 
 
b) Form 16 A – Form 16 A bears witness to any other income you have may have earned during the financial year. So you need to collect this form from your bank because it deducts TDS from your interest income. Also if you are a homeowner, do not forget to collect this form from your tenant, if he is deducting TDS on rent. 
 
c) Other income – All income that cannot be classified under the heads of salary, capital gains, property or business and profession must be categorised as ‘Other Income’ from other sources. These are: 
 
1) Apart from interest income, dividend income, loans and deposits, winning from lotteries, income incurred from furniture or machinery put in rent, gambling and even any sum of ₹ 50,000 or above that has not been received as an inheritance or on the occasion of one’s marriage is also classified as other income. You therefore need to keep the document proofs of one of more of the incomes incurred from the above mentioned sources. 
 
2) If you have incurred income on any immoveable property or capital assets based offshore, you need to report and show income proof from the same. 
 
3) If your income is above ₹ 50 lakhs you are also required to provide details of your other assets such as jewellery, cash and land or property, so ensure that you have details of the same handy. 
 
4) Finally, if you have a home loan or a student loan, keep your loan documents and bank statements handy as deductions will apply to your case. 
 
d) Form 26AS – This is the statement of your tax credit that shows that all your tax has been received on time by the Income Tax Department.Details of your tax deductions as well as high value transactions are recorded in this form. You must check this form for errors before you begin filing income tax returns for the year. In case of any error, corrective action must be taken immediately. 
While you may feel that a large part of your income is taxable, you must know that there are several deductions you can avail according to the tax bracket that is applicable to you. 
 
Filing one’s income tax returns is not as difficult as it is made out to be. If you carefully collate all the documents and keep them in order, you will be able to e-file your returns in a few minutes! 
 
This article was brought to you by <a href="http://www.bigdecisions.com/tax-planning?utm_source=businessinsider&amp;utm_medium=referral&amp;utm_campaign=howtofiletaxesonline">Big Decisions</a> 
 
<a href="http://www.ocd.com/wp-content/uploads/2015/01/taxclock.jpg">Image source</a>

Guide to filing Income Tax Returns

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

If you are filing the <keyword id="6374875" type="UNKNOWN" weightage="20" keywordseo="itr">ITR</keyword> for the first time, you will wonder if filing ITR is a difficult process. The IT department has made ITR filing a highly user friendly process. Here is how to file the ITR yourself easily. Visit <a href="https://incometaxindiaefiling.gov.in/">https://incometaxindiaefiling.gov.in/</a> this is the e-filing website of the IT department. If you file ITR for the first time, click on ‘New Registration’. Provide the information asked and create your profile. For creating your user ID, you must have an active email ID and mobile number. Your registered email ID and mobile numbers are important avenues to receive all the communications from the IT department. When you click the activation link sent to you, the registration will be completed. If you need any assistance, you can click on ‘customer care tab’ to get the helpline number and call the customer care section. Login to the website and give the required details including user ID which is your PAN, password and the captcha. Click on Log-in. You will see ‘Your Account’ dash board. Click on e-file and select the option ‘Income Tax Return’. Choose the Assessment Year and the ITR form that is relevant to you. The two options to choose from are ITR-1 and ITR-4. Choose submission mode ‘prepare and submit online’ and click on Submit. You will have to select the option for verifying your returns. The three options are a) Via Aadhaar OTP (this will be valid for 30 minutes), b) the option of EVC generation through My Account or Bank ATM (this is valid for 72 hours) or c) the option of sending signed copy of ITR-V to Centralized Processing Centre, Income Tax Department, Bengaluru -560500. Select the option convenient to you and click on ‘Submit’. You will be redirected to the page that will ask you to fill in the form that you have selected. Before filling in, read the ‘General Instructions’ for getting to know the dos and don’ts. Fill in the details in different tabs in the ITR form including General Information, Income Details, Tax Details, Taxes paid and verification and 80G. Ensure that the tax payable displayed in the form matches with the calculations you have made. Before submitting finally, save the data you have entered and check it once again in order to avoid any mistakes. You can also see a preview of your filled in form before final submission. After you submit, your ITR form will be uploaded and you will have to verify your return through any of the options provided. It is possible to verify the return through Aadhaar OTP or the Electronic verification method. For verifying through offline method, send a singed printout of the ITR V to CPC, Bengaluru within 120 days from the date of filing the ITR. Once your ITR is uploaded successfully, you will get an acknowledgement on your registered mobile and email. This acknowledgement will also be displayed in your account on the e-filing website. You can also download it if you want. Once the department processes your ITR, you will get the information via email and SMS on your registered email ID and mobile numbers.

How to file income tax returns for the first time

For the purpose of collecting taxes, the government takes into account the profession, business or income of a person. When the taxpayers file their <keyword id="104359" type="PERSON" weightage="20" keywordseo="income-tax-return">Income Tax Return</keyword>, they must check which form thy must use to file their ITR. Here we learn who can file ITR 1 which is also known as Sahaj form. What is ITR 1? ITR1 is also popularly known as Sahaj form. This is a simple and easy to fill form for one-page. Individuals who earn an income of less than Rs. 50 lakhs need to use this form to file ITR. The persons earning through the following sources can use ITR 1. <ul><li>Earnings through salary or pension</li><li>Earnings from their own property or house</li><li>Earnings from other kind of sources (this does not include winning from horse race or lottery)</li></ul>How to fill ITR 1 form Part A – General Information In the general information section, the taxpayer must fill in their personal details including name, sex, age, residential status, address, contact number, etc. Part B – Gross Total Income In this section, the details pertaining to the income made from salary or pension as found in Form 16 or the <keyword id="17506" type="ORGANIZATION" weightage="20" keywordseo="TDS">TDS</keyword> certificate issued by the employer need to be furnished. If the tax payer worked for more than one employer in the given year, the details with regard to the total salaries received from different employers need to be entered. If the person has any income through rents or loss due to payment of housing loan interest from a single house or property, such details need to be given in this section. If the individual sustained any losses, the form ITR 2 need to be used. Part C – Deductions and taxable total income In this section, the tax payer has to furnish all the relevant details of the investments that will be counted for tax savings or the expenses that are eligible to claim tax deductions. The total income after all these calculations must be mentioned in this section. Part D – Computation of Tax Payable In this section, the person paying tax needs to club the items including Advance tax, Self-assessment Tax, TDS, TCS under ‘Total Tax Paid’. The details with regard to all kinds of exempt income, like dividend income, agricultural income, and others must be mentioned here. Part E – Other Information This section is meant to provide the details with regard to the savings and current accounts held by the person during the previous year (excluding the dormant accounts that are not operational for over 3 years). The individual must also furnish the details regarding the cash deposited in the accounts other than the current and <keyword id="114757" type="PERSON" weightage="20" keywordseo="Savings-Account">savings account</keyword> like loan accounts and others. If the cash deposited over the year is more than Rs. 2 lakhs, the aggregate amount of cash deposited must be furnished here. Schedule IT – Details of Advance tax and Self-assessment Tax payments If the tax payer has made any advance payment of tax or some self-assessment taxes, such details must be entered with the BSR code of the bank through which the payment was processed, the payment date, challan’s serial number, and the total amount paid through the challan. Schedule TDS – Details of TDS/TCS In this section, the details from Form 16 issued by the employer with regard to <keyword id="2414551" type="PERSON" weightage="20" keywordseo="Salary-income">salary income</keyword> must be given. Also, the details about the TDS or TCS as per Form 27D issued by the tax collector must be furnished. <keyword id="6401487" type="UNKNOWN" weightage="20" keywordseo="verification">Verification</keyword> In this section, the tax payer must enter the date and signature. The form will not be accepted if there is no valid signature.

ITR 1 Filing: Who can file ITR 1

<keyword id="104359" type="General" weightage="20" keywordseo="Income-tax-return" source="Orion">Income tax return</keyword> forms from next year will have a separate column for making disclosures on gains made from cryptocurrencies and paying taxes, Revenue Secretary Tarun Bajaj said on Wednesday. The government will from April 1 charge a 30 per cent tax plus cess and surcharges, on such transactions in the same manner as it treats winnings from horse races or other speculative transactions. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> In an interview with PTI, Bajaj said gains from cryptocurrencies were always taxable and what the Budget proposed is not a new tax but providing certainty over the issue. "The provision in the Finance Bill is related to taxation of virtual digital assets. It is to bring certainty in taxation of cryptocurrencies. It does not convey anything on its legality which would come out once the Bill (on regulating such assets) is introduced in Parliament," he said. The government is working on legislation to regulate cryptocurrencies, but no draft has yet been released publicly. In the meanwhile, a central bank-backed digital currency will start circulating in the next fiscal to usher in cheaper, more efficient currency management. The 30 per cent plus applicable cesses and surcharge of 15 per cent on income above Rs 50 lakh will have to be paid on income from cryptocurrencies, he said adding the income tax return form from next year will have a separate column to declare gains from crypto. "Next year <keyword id="6374875" type="General" weightage="20" keywordseo="itr" source="Orion">ITR</keyword> form will show a separate column for crypto. Yes, you will have to disclose," he said. The launch of 'Digital Rupee' by <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword> as well as a 30 per cent tax from April 1 on profits from digital asset transactions, including cryptocurrencies and non-fungible tokens (NFTs) was announced by Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> in her budget speech on Tuesday, as the country keeps pace with the global move toward virtual financial instruments. "The Government was very clear that it has to push for a tax on income from crypto assets. So we have brought in maximum rate and levied 30 per cent, with an applicable surcharge. We have also brought in TDS, so we will now track the transactions," Bajaj said. The Budget 2022-23 also proposed a 1 per cent TDS on payments towards virtual currencies beyond Rs 10,000 in a year and taxation of such gifts in the hands of the recipient. The threshold limit for TDS would be Rs 50,000 a year for specified persons, which include individuals/HUFs who are required to get their accounts audited under the I-T Act. The provisions related to 1 per cent TDS will come into effect from July 1, 2022, while the gains will be taxed effective April 1. Also, no deduction in respect of any expenditure or allowance shall be allowed while computing income from transactions in such assets. It has also specified that losses from the transfer of virtual digital assets will not be allowed to be set off against any other income. No deduction has been allowed since cryptocurrencies and virtual digital assets do not have any economic value, except the underlying technology, Bajaj said. The crypto market in India grew 641 per cent in the year through June 2021, according to an October report by industry research firm Chainalysis. "It was always taxable, I am not saying it's not a new tax, I'm bringing certainty in tax. Now if you show crypto in the ITR form, you will have separate head crypto and it will charge you 30 per cent tax," he said, adding that the message behind the Budget announcement is that crypto is taxable. Gains from crypto are chargeable to income tax even at present, Bajaj said, adding the Assessing Officer will assess the ITR based on crypto income that the assessee has shown. "If somebody says it's a long-term capital gains tax (LTCG), he may say no it's not LTCG tax, it is a business income and hence liable to 30 per cent tax," he said. With regard to taxability of cryptocurrency prior to April 1, 2022, Bajaj said, "For transactions before April 1 you will show in some head in your ITR and the Assessing Officer will do an assessment for you". Giving example, he said currently trading in the derivative is not considered as investment or capital gain but is treated as business income. "The Assessing Officer will take a call on what head crypto gains should be charged," the Secretary said. Bajaj said the new currency that RBI will bring will also have the underlying blockchain technology. "So, what we are also saying is that since it doesn't have economic value, we will not allow set-off of losses or carry off loses." Bajaj said currently some people are showing crypto gains as income and paying taxes, but some people are not doing it. With TDS provision introduced, transaction information will reach tax department automatically. 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Income tax return form will have a whole new column just for crypto next year

Unlike you might imagine, filing <keyword id="6374875" type="UNKNOWN" weightage="20" keywordseo="itr">ITR</keyword> is a straightforward and user friendly process. When you set out to file your ITR, here are the documents you need to keep ready by your side. Choose the right ITR form Go through the options and choose the right kind of ITR form applicable in your case. Link your Aadhaar with PAN It is compulsory for all taxpayers to link their Aadhaar with their PAN before filing the ITR. Salaried Employees Salaried employees must keep these documents ready while e-filing the income tax returns. PAN Form-16 issued by your employer Salary slips (month wise) Starting from the AY 2019-20, it is necessary to have all the information ready on the taxable allowances you have received and the amounts you have claimed except the ones towards house rent, leave travel and others. You need to disclose the same while filing. Documents pertaining to income through interests Bank statement/passbook for the interests earned on <keyword id="114757" type="PERSON" weightage="20" keywordseo="Savings-Account">savings account</keyword>. Interest <keyword id="7135061" type="UNKNOWN" weightage="20" keywordseo="Income-statement">income statement</keyword> regarding the fixed deposits. TDS certificate issued by the banks and other financial institutions. Form 26AS We can say Form 26AS is a kind of summary of the taxes deducted behalf of you and the taxes you have already paid. The Income Tax Department provides the necessary data on this. The details you will get from the IT department will show the taxes deducted behalf of you by the deductors, the details about the tax the taxpayers have deposited the tax refunds you received in a given financial year. All this information can be gathered from the IT official website. Section 80 Investments Documents related to Section 80C investments. This will include investments done under PPF, NSC, ULIPS, ELSS, and LIC which are all eligible for deductions under Section 80C. Documents needed for claiming some expenses as deductions Get ready with the following documents with you for claiming the following expenses as deductions. Contribution to Provident Fund School tuition fees of your children Life insurance premium payment Stamp-duty and registration charges Repayment of the principal on your home loan Savings schemes related to equity and mutual funds investment The maximum amount you can claim under Section 80C is Rs 1.5 lakhs. Other Investment Documents you will need The interest amount paid towards housing loan: Note that the interest amount paid towards housing loan is eligible for a tax saving up to a maximum limit of Rs 2,00,000. This is pertaining to a self-occupied home. In case of let out or deemed property, there is no upper limit on the interest amount on the housing loans that are eligible for saving tax till the FY 2016-17. Starting from FY 2017-18, the total loss from the property that is found available for setting against other kinds of income has an upper limit of Rs 2 lakhs. So, the interest on housing loan can be considered eligible for saving on taxes for an upper limit of Rs 2,00,000 even in case of property that is let out. Interest payments on education loans Statement on stock trading: the statements regarding the stock trades you accomplished in the year which will be considered under the capital gains.

Which documents are required to file income tax returns

The Centre has extended the last date for filing <keyword id="6354751" type="COMPANY" weightage="80" keywordseo="Income-Tax">Income Tax</keyword> return by a week to September 7. 
 "Due date for filing Income Tax return extended till 7th Sep, 2015," the <keyword id="47209" type="ORGANIZATION" weightage="80" keywordseo="Finance-Ministry">Finance Ministry</keyword> said in a tweet. 
 
The earlier date was August 31. 
 
Earlier, the Income Tax department had extended the last date for filing I-T returns by residents of Gujarat to September 7 following disruption of normal life due to agitation over reservation to Patel community in the state. 
 The tax department has notified a new set of <keyword id="6374875" type="ORGANIZATION" weightage="80" keywordseo="ITR">ITR</keyword> forms, including a three-page simplified one, for taxpayers to file their returns for assessment year 2015-16. 
 
The tax payers base in the country is just over 4 crore. 
 
The government aims to collect Rs 7.98 lakh crore in direct taxes in the current financial year. 
 
Image credit: Indiatimes

Centre extends last date for filing I-Tax returns to September 7

<ul><li>India’s Central Board of Direct Taxes (CBDT) wants 12.5 million fresh tax filers under its umbrella by the end of FY19. </li><li>More than bringing new ‘tax payers’ into the system, it’s about bringing new ‘tax filers’ under the purview of the <keyword id="6354751" type="UNKNOWN" weightage="20" keywordseo="income-tax">Income Tax</keyword> Department (ITD) so that individual incomes are disclosed. </li><li>The biggest ask is from the states of Punjab, Haryana, Himachal Pradesh and Jammu &amp; Kashmir who have been asked to get 1.2 million new tax filers into the system before closing.</li></ul>Over <a href="https://timesofindia.indiatimes.com/business/india-business/add-1-25-crore-fresh-tax-filers-this-year-cbdt-to-income-tax-department/articleshow/65117583.cms">7.5 million</a> new tax filers have emerged in India for the current financial year so far, but country’s Income Tax Department (ITD) wants to break the previous year’s record of 10.6 million. In order to so, the Central Board of Direct Taxes (CBDT) has issued directives to widen the tax base further with the target of bringing <a href="https://timesofindia.indiatimes.com/business/india-business/add-1-25-crore-fresh-tax-filers-this-year-cbdt-to-income-tax-department/articleshow/65117583.cms">12.5 million</a> fresh tax filers under its purview. ITD officials <a href="https://www.businesstoday.in/current/economy-politics/around-75-lakh-new-tax-filers-added-to-it-list-this-year-cbdt/story/288294.html">believe</a> that the reason for such great numbers is the policies and enforcement measures undertaken to keep a check on the tax evasion. In its Central Action Plan (CAP), the ITD reiterates that awareness seminars and outreach programmes should be conducted to promote voluntary compliance, especially when it comes to Tier 2 and Tier 3 cities. Are you a new taxpayer or a new tax filer? Just because you file an income tax return, doesn’t necessarily mean that you’re a new taxpayer. A person can file legitimate returns, but still not come into the taxable bracket if your income is below the minimum threshold. So, in order to be a new taxpayer, not only do you have to file your returns but your income also has be taxable. But, in this case, the ITD is only looking for new tax filers, regardless of their salaries. Because once an individual becomes a part of the ITD’s database, it’s <a href="https://timesofindia.indiatimes.com/business/india-business/add-1-25-crore-fresh-tax-filers-this-year-cbdt-to-income-tax-department/articleshow/65117583.cms">unlikely</a> that their income will remain anonymous. The CAP is published by the CBDT annually acting as a vision document describing the future state and prospects for the ITD. Rather than an arbitrary number left to linger on its own, the CBDT has specified targets for states across the country. Punjab, Haryana, Himachal Pradesh and Jammu &amp; Kashmir have the highest target of getting 1.2 million new tax filers. The ITD says this target has been set taking the increase in economic activities into consideration. Pune and Tamil Nadu region are supposed to get 1.1 million and 1 million new tax filers, respectively. The Andhra Pradesh and Telangana regions have to get 1 million new filers while Gujarat, Karnataka and Goa regions follow the tally apart from 12 other I-T regions in the country.

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Income tax return form will have a whole new column just for crypto next year

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