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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

<ul><li>In some cases, the amount of tax deducted and the <keyword id="17506" type="General" weightage="20" keywordseo="tds" source="Orion">TDS</keyword> credit displayed in Form 26AS may not match.</li><li>If you find that TDS has not been deducted by your employer, or if there are other discrepancies, get it corrected.</li><li>If you face difficulty in resolving the issue, you can file an online complaint with the <keyword id="65338" type="General" weightage="20" keywordseo="income-tax-department" source="Orion">Income Tax Department</keyword>. </li></ul>If you are a salaried employee, the employer will deduct tax deducted at source (TDS) on your behalf, and provide the <keyword id="6354751" type="General" weightage="20" keywordseo="income-tax" source="Orion">income tax</keyword> department with specific information on the tax deducted. Form 26AS is a consolidated tax statement that provides details of various tax-related transactions, including TDS. <cmsannotation type="cmsannotation" annotationid="subhead" text="Discrepancy in tax deducted and TDS credit">Discrepancy in tax deducted and TDS credit</cmsannotation> In some cases, the amount of tax deducted, and the TDS credit displayed in Form 26AS may not match the actual amount. “This discrepancy can occur due to various reasons, such as the deductor failing to provide TDS details to the Income-tax Department, or deducting taxes using an incorrect Permanent Account Number. “Taxpayers are advised to verify the tax credit displayed in Form 26AS, and reconcile any differences, if present,” says Aashish Sharma, co- founder, and litigation head, Lex N Tax, a tax consultancy firm. Sometimes, the TDS may not have been deducted by the employer. “Generally, the employers provide the tax computation to the employees for their approval. The employees may raise any concerns regarding non-deduction of TDS to their employers in case no such TDS is deducted,” says Suresh Surana, Founder, RSM India, an audit, tax and consulting services provider. <cmsannotation type="cmsannotation" annotationid="subhead" text="Steps to view form 26AS">Steps to view form 26AS</cmsannotation> To check if your employer has deducted TDS, follow these steps. First, register on the Income Tax Department's portal by visiting their website, and completing the registration process. Once registered, log in to the e-Filing portal using your credentials. Look for the "View Form 26AS (Tax Credit)" option, which can be found under the e-file section. Confirm the disclaimer, and proceed by selecting the relevant tick box. Next, choose the assessment year for which you want to view Form 26AS. Remember that the assessment year usually corresponds to the financial year. Finally, you'll have two viewing options: downloading the Form 26AS statement as a PDF, or viewing it directly on the portal in HTML format. <cmsannotation type="cmsannotation" annotationid="subhead" text="What to do in case of a discrepancy">What to do in case of a discrepancy</cmsannotation> “If you find that TDS has not been deducted by your employer, or if there are discrepancies in the TDS details, you should take the following steps,” says Sharma. <cmsannotation type="cmsannotation" annotationid="subhead" text="Contact your employer:">Contact your employer: </cmsannotation>Reach out to your employer, and discuss the issue. Provide them with the necessary details, and supporting documents to rectify the situation. They should rectify the TDS deductions in their records, and provide you with updated Form 16. <cmsannotation type="cmsannotation" annotationid="subhead" text="File an online complaint:">File an online complaint:</cmsannotation> If your employer does not take appropriate action, or if you face difficulty in resolving the issue, you can file an online complaint with the Income Tax Department through their e-Filing portal. Look for the "File Grievance" or "File Complaint" option, and provide the required information. <cmsannotation type="cmsannotation" annotationid="subhead" text="Follow up with the IT Department:">Follow up with the IT Department: </cmsannotation>After filing the complaint, regularly check the status of your complaint on the e-Filing portal. The Income Tax Department will investigate the matter and take necessary action to rectify the TDS discrepancy. If you are unsure about the appropriate steps to take, or require further assistance, it is advisable to consult a tax professional, or seek guidance from a chartered accountant, or tax expert who can provide personalized advice based on your specific situation.

ITR filing: Your guide to Form 26AS and why you should check for TDS discrepancies

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?

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

The <keyword id="65338" type="COMPANY" weightage="20" keywordseo="Income-Tax-Department">Income Tax Department</keyword> will launch a new income tax filing <keyword id="6401917" type="UNKNOWN" weightage="20" keywordseo="Portal">portal</keyword> on June 7. Therefore, the existing portal will remain suspended for 6 days from June 1 to June 6," said a circular by the Income tax <keyword id="6360339" type="COMPANY" weightage="20" keywordseo="department">Department</keyword>. As per the circular, officers including AOs, CIT(A) etc access the information for <keyword id="59866" type="COMPANY" weightage="20" keywordseo="taxpayers">taxpayers</keyword> from the portal. Likewise, taxpayers also use extensive use of the portal for filing their <keyword id="6374875" type="COMPANY" weightage="20" keywordseo="itr">ITR</keyword>, checking refund and raising grievance among others. Due to unavailability of the system for six days, officers have also been advised to not fix anything for compliance during these 6 days. The Department has directed that any hearing or compliance is to be fixed only from June 10 such that taxpayers are given ample time to respond via the new system. As per the official circular, the officers in the field including AOS, CIT (A), PCIT interact with taxpayers through E-proceedings over the E-filing portal directly or through the NeAC/NFAC for issuance of notices, sCNs and getting a response to various e-proceedings, conducting of video conference or adjournments, issuing questionnaires, summons, letters. In preparation for the transition to the new system, the existing E-filing portal will not be available to both taxpayers as well as Departmental Officers for a period of 6 days from 1" June to 6th June 2021. "Hence, it is requested that all officers may be immediately informed about this so that they may not fix any compliance dates during this period. All Officers may be directed to fix any hearing or compliances only from June 10 onwards to give taxpayers time to respond on the new system. If they have already scheduled any hearing or compliance which requires submissions online during this period, they may prepone or adjourn the hearing and reschedule the work items after this period, etc", the circular said. "They may also view/download any submissions in E-proceedings prior to June 1" and the PDF of any ITRS and non-ITR forms that may be needed by them in advance so that they can continue to work in the ITBA system including completion of assessment proceedings where no further interaction with the taxpayer is necessary. It is clarified that the ITBA system and the <keyword id="71602" type="COMPANY" weightage="20" keywordseo="CPC">CPC</keyword> systems will continue to function for assessment-related functions. All Orders, notices issued during this period, however, will be made visible to the taxpayer only after the new portal goes live on June 7th, 2021," the circular said. It would also encourage all Officers to complete all their urgent tasks involving interactions with taxpayers prior to June 1 to avoid the blackout period or typical initial teething issues in the transition. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrency-crash-brings-down-binance-wazirx-and-other-exchanges-users-fume-as-orders-fail/articleshow/82793305.cms">Cryptocurrency crash brings down Binance, WazirX and other exchanges – users fume as orders fail</a> <a href="https://www.businessinsider.in/retail/news/a-cup-of-regular-tea-has-never-been-this-expensive-in-india-thanks-to-kooky-weather/articleshow/82792489.cms">A cup of regular tea has never been this expensive in India, thanks to kooky weather</a> <a href="https://www.businessinsider.in/science/space/news/the-first-seat-on-jeff-bezos-rocket-to-space-is-selling-for-a-record-high-of-2-8-million/articleshow/82791575.cms">The first seat on Jeff Bezos’ rocket to space is selling for a record high of $2.8 million</a>

New income tax filing portal will be launched on June 7 — the existing one will be suspended from June 1

Filing returns would now be simpler and more efficient for taxpayers with new <keyword id="2226237" type="UNKNOWN" weightage="100" keywordseo="ITR-forms">ITR forms</keyword>, including a three-page simplified one, <keyword id="6354751" type="COMPANY" weightage="100" keywordseo="Income-Tax">Income Tax</keyword> department notified today. The With government dropped the earlier forms after it attracted criticism for seeking numerous additional details like that of filers' foreign travel and about dormant bank accounts. With the <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">Finance</keyword> Ministry publishing the gazette order yesterday, taxpayers and other entities can now file their Income Tax Returns (ITR) till August 31. 

	The most simplified form, ITR-2A, to be filled by those individuals and HUFs who do not have income from either business, profession or by way of capital gains and do not hold foreign assets, only asks for the passport number of the tax-filer, with the words "if available".
 

	Filers now will have to declare only about the "total number of savings and current bank accounts" held by them "at any time during the previous year (excluding dormant accounts)."
 

	The form also has space to fill up the IFSC code of the bank and in an additional feature, tax filers have been given an option to indicate their bank accounts in which they would want their refund credited.
 

	The I-T department, in the new ITRs, has also sought the Aadhaar number of filers and has also given options for providing two email ids to it.
 

	"The inclusion of Aadhaar and emails are to ensure a regime of online ITR filing in the country," a senior official said to PTI.
 

	The department has also provided for an additional four-page schedule to this simplified form for those who wish to file any other details, applicable in a case-to-case basis.
 

	In the ITR-2, for individuals and HUFs having income from business or profession, the form remains simple but they will have to declare if they hold any foreign assets abroad or have income from "any source outside India."
 The new ITRs have replaced the 14-page form that were notified earlier this year, triggering a major controversy with individuals, industrialists and MPs saying tax filing would become cumbersome as those forms had sought details including foreign trips and bank accounts details. <keyword id="6355261" type="POSITION" weightage="100" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> had ordered putting these forms on hold following the controversy. 

	Also, in the new ITRs, an expat who is not an Indian citizen and is in India on business, employment or student visa, would not mandatorily be required to report the foreign assets acquired by him during the previous years when he was non-resident and if no income was derived from such assets during the relevant previous year.

New and simplified ITR forms for taxpayers

The <a href="http://www.businessinsider.in/searchresult.cms?query=CBDT">Central Board Of Direct Taxation (CBDT) </a>is now planning to provide pre-filled forms for the purpose of <a href="http://www.businessinsider.in/searchresult.cms?query=Income+Tax+Returns">Income Tax Returns (ITRs)</a>. With this ‘pre-filled’ feature, the user’s data on income and other vitals will automatically reflect on the website. 
 
 
The apex policy-making body of the Income Tax department is aggressively working on the project and is planning to launch it in the next financial year. 
 The customer-friendly measure has come in the backdrops of the new e-filing system – introduced in August – which allows online <keyword id="6374875" type="ORGANIZATION" weightage="20" keywordseo="ITR">ITR</keyword> verification; all that you need is a valid Aadhaar number, internet banking, ATM among others. 
 
Taxpayers who have an income of less than Rs 5 lakh and without claims of refund can now generate an electronic verification code on the e-filing website of the tax department, which is later sent to their registered email to e-verify the return. 
 Anita Kapur, <keyword id="128665" type="ORGANIZATION" weightage="20" keywordseo="CBDT">CBDT</keyword> Chairperson said, "We are looking at a possibility of making more entries for a pre-filled form so that it becomes more easier for the taxpayer to file an e-return. We want to ensure that when technology moves, we can always bring in better facilities to make the life (of taxpayers) even easier." 
 
Kapur also said that these technology upgrades are proposed to be initially started for small taxpayers who file the one-page ITR (ITR 1) and the thinking in the department is that when the data of income as per previous records is automatically uploaded, then the taxpayer can file their ITRs quickly and wherever there are any amendments or changes, those can be corrected by the taxpayer himself. 
 
She also ensured that taxpayers will be able to change and correct their figures in the new system. 
Image: thinkstock

Soon your Income Tax form will come pre-filled

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

<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 <a href="http://www.businessinsider.in/Filing-new-ITR-forms-is-not-a-cakewalk-heres-why/articleshow/51695605.cms">new instructions</a> from <keyword id="128665" type="ORGANIZATION" weightage="100" keywordseo="CBDT">CBDT</keyword>, people having annual income of more than Rs 50 lakh will have to disclose the cost price of all their assets like land, building and jewellery in the ITR forms for AY 2016-17. These assets would also include utensils, apparels, furniture studded with precious stones, and ornaments made of gold, silver, platinum or any other precious metal or alloy. 
 "The amount in respect of assets to be reported will be the cost price of such assets to the assessee," the <keyword id="121964" type="ORGANIZATION" weightage="100" keywordseo="Central-Board-of-Direct-Taxes">Central Board of Direct Taxes</keyword> (<a href="http://www.businessinsider.in/Companies-to-say-goodbye-to-a-horde-of-identifications-one-unique-ID-numbers-is-enough-says-CBDT/articleshow/52039336.cms">CBDT</a>) has said while issuing instructions on the new ITR forms. 
 
Even if the precious items were gifts, the tax payers would still have to declare the cost at which the previous owner had acquired it, as well as the value additions. 
 
Also read: <a href="http://www.businessinsider.in/Now-you-can-rectify-mistakes-while-filing-income-tax-return-online/articleshow/50121731.cms">Now you can rectify mistakes while filing income tax return online</a> 
 
"In case where the cost at which the asset was acquired by the previous owner is not ascertainable and no wealth-tax return was filed in respect of such asset, the value may be estimated at the circle rate or bullion rate, as the case may be, on the date of acquisition by the <a href="http://www.businessinsider.in/More-than-27-lakh-assessees-added-to-Income-Tax-base/articleshow/50255901.cms">assessee</a> as increased by cost of improvement, if any, or March 31, 2016," the instructions said. 
 
Not only this, they will also have to declare whether such items and their value were already disclosed at the time of filing <a href="http://www.businessinsider.in/Direct-taxes-Thats-a-long-wishlist-for-the-Modi-Govt-to-fulfill-in-Budget-2016/articleshow/51120039.cms">wealth tax</a> returns. 
 
<a href="http://focusweek.my/Documents/Article/15367/TopStories_620x400_pg4-50605201521282425881501331204.jpg">Image source</a>

CBDT asks super-rich tax payers to declare cost price of expensive assets

H&amp;R Block is one of the largest companies offering tax services worldwide. The company opened up its operations in India in 2012 with an objective of providing easy to use tax paying services to millions of individuals in the country. Some of the different services provided by H&amp;R Block include Individual <keyword id="2450498" type="PERSON" weightage="20" keywordseo="income-tax-filing">Income Tax Filing</keyword>, U.S. Expat Tax Filing, Business Tax preparation and GST managed services. <keyword id="7873850" type="UNKNOWN" weightage="20" keywordseo="tax-filing-support">Tax filing support</keyword> to individuals H&amp;R Block provides tax filing services via two modes namely Income Tax e-Filing by Experts, and Self e-Filing of Income Tax Returns. In the former method, the individual registering for the services is allotted a dedicated tax expert who will guide the person with the entire process of tax filing. They can assist in helping the individual understand the modalities of the taxation, prepare the tax returns and file the ITR online. Alternatively, the individuals can also choose to pay the taxes themselves by using a highly intuitive online tax paying tool offered by their exclusive website. This is a wonderful tool that can extract the data from the individual’s Form 16 automatically enabling an easy filing of taxes online in just 3 easy steps. Tax filing support to businesses H&amp;R Block also provides tax filing services to businesses in two ways – firstly through personal interaction and secondly through the online filing services via ITR 3 and ITR 4. The GST managed services offered by the company is a comprehensive solution available to ensure compliance with GST. The portal takes care of all the needs related to GST including registration, reconciliation and return filing. In addition, businesses and individuals can benefit from the tools provided by the site including Income Tax Calculator, Advance Tax Calculator and a Ready Reckoner for Income tax that you can download from the site. Free tax fling with H&amp;R Block The dedicated website administered by H&amp;R Block offers free e-filing option in the online mode. In this connection, the individuals can also benefit from the expert tax preparation help provided by the experts working with the company. <keyword id="7873853" type="UNKNOWN" weightage="20" keywordseo="Electronic-tax-filing">Electronic tax filing</keyword> Electronic tax filing is the process that enables individuals submit their tax returns to the IRS online. This is a highly desired process since this method significantly reduces the processing time for tax returns and also enables the individuals get a return quickly. Most times, it is not possible to find a free e-filing option. H&amp;R Block provides a range of tax filing options among which free e-filing is possible. How to use the free e-filing option? Individuals desiring to file their ITR free of cost online can benefit from the tax software offered by the site and the online tax filing mode offered by the company. The tax payers can get a free e-file credit provided by the organization. Majority of tax filing companies charge a lump sum fee for tax filing services. H&amp;R Block helps individuals avoid paying additional fee for completing the taxes online. If you can work properly with the several options provided by the site, you can explore ways to save a significant amount of fee on your tax filing.

Can I file my taxes free with H&R Block?

If you thought tax troubles ended with the financial year, you are wrong. As per the Indian Income Tax Laws, you have to file your taxes before 31st July. Although traditionally most people avail the services of professionals like Chartered Accountant, it is relatively easy to do it online. Below is a quick guide on how to electronically submit your income tax returns. 
 
Step 1: Create a profile Just like any other online service, you have to simply follow the registration process and create your user log in. Visit the <keyword id="3520748" type="UNKNOWN" weightage="100" keywordseo="income-tax-website">Income Tax website</keyword> <a href="http://incometaxindiaefiling.gov.in/">https://incometaxindiaefiling.gov.in</a> and click on ‘Register Yourself’, which will prompt you to fill your personal details. 
 
Step 2: Download Form 26AS 
You will be surprised how much of your salary or income details are already in the system thanks to your PAN number. Look for form 26AS that summarizes the TDS, Advance Tax, Self Assessment Tax paid in your name or against your PAN number. 
 
Step 3: Income Tax return form 
Next, download the Income Tax Return form. Individuals earning salary income / pension; or individuals having one house property income; or individuals having income from other sources (excluding lottery income and income from race horses) should download ITR1. However, if you have income from more than one house property, capital gains or are an ordinary resident having assets abroad or claiming tax treaty benefit, download ITR-2. Carefully fill the form with basic details; including your name, PAN, complete address, date of birth, email ID, mobile number, and residential status. You will also have to mention details of income earned and deductions claimed under various sections. You may refer to your Form 16 (summary of your income and deduction details as reported by your employer) and Form 26AS for income and deduction details. You should also add any other income or investment that you’ve not reported to your employer. Lastly enter the details of tax deducted by the employer and other deductors and self-assessment / advance tax paid, if any, and furnish your bank details for receiving any refund amount. 
 
Step 4: Confirm your details and calculate 
It is very important to click on the ‘Validate’ button on all the sheets to ensure that all the details have been recorded. The sheet will automatically prompt you to fill in the missing details. If you have filled all the fields, click on ‘Calculate Tax’ to see your total income tax for the financial year. If there is no additional payable tax, save the form as an .xml file. 
 
Step 5: Submit the income tax return 
Now log in to your income tax account and upload your tax return statement along with your name and assessment rear. You will receive an ITR-Verification form confirming your details and submission via email. Earlier you were expected to sign the ITR-V receipt and post it to the IT office in Bangalore for acknowledgement, if you did not have a digital signature. However, since last year the e-filing process has gone fully paperless. Simply link your Aadhar Card at the time of registration to avoid mailing your form this process. 
 
Step 6: Check the ITR-V receipt status 
On receipt of the signed ITR-V, the Income Tax Department will send an email acknowledging the receipt of ITR-V to the e-mail ID mentioned in the tax return. You will also receive an SMS on your mobile number acknowledging the receipt of tax return. 
 
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.taxchopper2001.com/wp-content/uploads/2015/09/Tax-Return.jpg">Image source</a>

File your taxes online in six easy steps

Cybercriminals are trying to lure Indian users into revealing important personal information with a new report on Monday warning that suspicious messages asking users to submit an application for the disbursement of income tax refund have been doing the rounds, with a link that directs users to a webpage looking like the income tax e-filing web page. The targeted banks in the campaign include the <keyword id="6354731" type="UNKNOWN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword>, ICICI, HDFC, <keyword id="6355975" type="COMPANY" weightage="20" keywordseo="axis-bank">Axis Bank</keyword> and <keyword id="62034" type="CITY" weightage="20" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword>, revealed an investigation by New Delhi-based think tank CyberPeace Foundation along with cybersecurity services firmAutobot Infosec. The suspicious links originate from the US and France, said the report, adding that the campaign is collecting personal as well as banking information from the user and getting into this type of trap could cause a massive financial loss for the users. The shared link with the SMS has no domain name and is not linked with the Indian government. All IP addresses associated with the campaign belong to some third party dedicated cloud hosting providers, said the report. The whole campaign uses plain http protocol instead of the secure https. This means anyone on the network or internet can intercept the traffic and get the confidential information in plain text to misuse against the victim. It asks users to download an application from a third party source instead of Google Playstore. The application asks to provide administrator rights and unnecessary access permissions of the device. On opening the link http://204.44.124[.]160/ITR, users are redirected to a landing page that is mostly similar to the government income tax e-filing website. On clicking the green 'Proceed to the verification steps' button, users are asked to submit personal information such as full name, PAN, Aadhar number, address, pincode, date of birth, mobile number, email address, gender, marital status and banking information like account number, IFSC code, card number, expiry date, CVV/CVC and card PIN. Additionally, the bank name is automatically detected from the IFSC code entered in the form. After submission of data, users are redirected to a page where they are asked to confirm the entered data. Clicking on the green 'confirm' button directs users to a fake banking login page almost similar to the official one. It asks for the username and password for online banking. After these details are entered, for the next step, users are asked to enter a Hint question, Answer, Profile password and CIF number. Once submitted, a mobile verification section with instructions provided to download an android application (.apk file) appears, to complete the ITR verification. Here, users are deliberately instructed to grant all device permissions to the particular application, the investigation revealed. The application, called Certificate.apk, starts downloading upon clicking the green 'Download' link. The overall layout and functionalities of the web page used in the campaign are similar to the official e-filing site to lure laymen, said the report. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/bank-employees-in-india-on-strike-today-and-tomorrow-but-mobile-and-net-banking-services-are-working/articleshow/81505273.cms">Bank employees on strike today and tomorrow — ATMs, net and mobile banking likely to be the only relief</a> <a href="https://www.businessinsider.in/tech/news/indias-personal-data-protection-law-versus-europes-gdpr/articleshow/81504058.cms">Being GDPR compliant doesn't necessarily make companies ready for India's upcoming data protection laws</a> <a href="https://www.businessinsider.in/business/startups/news/stripe-the-most-valued-startup-in-the-us-to-offer-payment-services-to-indias-merchants-after-its-latest-fundraise/articleshow/81504106.cms">Stripe, the most valued startup in the US, to offer payment services to India’s merchants after its latest fundraise</a>

SBI, ICICI, HDFC, Axis Bank, PNB and the Indian IT department targeted in phishing scam

<a href="http://www.businessinsider.in/searchresult.cms?query=arun+jaitley">Finance Minister Arun Jaitley</a>, in his <a href="http://www.businessinsider.in/searchresult.cms?query=budget+2016">Budget 2016</a> speech, gave a huge relief to freelancers and consultants. They will now fall under the ambit of <a href="http://www.businessinsider.in/searchresult.cms?query=presumptive+tax">presumptive tax</a>, where they will declare profit and pay taxes at a rate of 50% of gross receipts. 
 
The tax will be filed by filling ITR 4S over the lengthy and tedious ITR 4 form. But, TDS of 10% will still be applicable on freelancers under Section 194J of I-T Act. 
 
Till now, professionals, <a href="http://www.businessinsider.in/searchresult.cms?query=consultants">consultants</a> had to maintain books of work-related expenses for eight years even after filing the returns. 
 The <keyword id="3286477" type="UNKNOWN" weightage="20" keywordseo="presumptive-tax">presumptive tax</keyword> scheme is a great thing for people who do not have much business expenses, for example private tutor, etc. 
 
The popular online tax filing platforms have basic plans for freelancers starting at as low as Rs 3,500 and going up to Rs 10,000 to Rs 12,000 where you need not do anything.

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