#itr filing till 31 december

[shreecom]

New Rules in the Banking Sector

Banking services must include accepting deposits, lending money, facilitating transactions, and offering various transaction products such as saving accounts, loans, and credit cards. Mainly bank is a type of financial institution that is permitted to accept customers' deposits and provide a loan. There are such types of banking sectors as Retail banks, Commercial banks, corporate banks, cooperative banks, Regional rural banks, central banks, and investment banks.

Why Banking sector is good?

Checking and saving accounts, loans, mortgage services, wealth management, providing credit and debit cards, and overdraft services, are the most important banking services in the banking sector.

How does the banking sector work?

The customers deposit their money in banks, and then banks lend the money in different loans like car loans, credit loans, business loans, home loans, etc. the loan recipients spend the money they borrow, then the banks earn the interest loans, and the process keeps money moving through the systems.

The rules of banking sectors:

Demat account holders' nomination declarations:

Demat account holders will have to provide nomination declarations or opt out of nominations by January 1, 2024. Account holders failing to do so will not be able to transact in stocks. Earlier, the deadline to furnish nomination details was September 30.

Aadhaar Card:

Aadhaar card holders wanting to change their details will be able to do so till December 31, 2024. However post this date, an amount of Rs 50 will be imposed on those wanting to change their personal details in the Aadhaar card.

KYC for SIM card:

All KYC-related work will be done in digital mode only. People applying for new SIM cards will not have to fill out paper forms for the Know-Your-Customer process.

 Bank locker agreement:

People holding lockers in banks will have to sign the revised agreement by December 31, 2023. If customers will fail to do so, their lockers will be frozen.

New rule to save users from online fraud:

As smartphone usage has unscaled in India, online fraud and scams have unscaled and have seen a parallel increase. The government has been taking a decisive stance to curb these issues.

Legal consequences for fake SIMs:

As per the new Telecommunication Bill, individuals who will be found purchasing fake SIM cards will be facing severe consequences and the offenders will further be subjected to a jail term of up to 3 years and a fine worth Rs. 50 lakh.

Mandatory biometric details for verification:

Telecom companies will now collect biometric data which will be mandated for every customer who is purchasing a SIM card. The inclusion of biometric details is a measure to safeguard fraudulent SIM card transactions and ensures strict action against the offenders.

Income Tax Return:

People will not be able to file Income Tax Returns (ITR) for financial year 2022-23 from January 1, 2024. Those who have not filed ITR for 2022-23 can file them with penalty fee till December 31.

Inactive UPI IDs:

The National Payments Corporation of India (NPCI) in a circular dated 7 November, has asked payment apps and banks to deactivate the UPI IDs and numbers that have not been active for more than one year. Every bank and third-party app has to follow these till 31st December.

UPI transaction limit hiked for hospitals, schools.

Deactivation of inactive UPI IDs.

UPI Lite wallets transaction limit increased.

No authentication for UPI auto payments.

Interchange fee on UPI merchant payments.

Google Pay:

The Gpay limit per day for money transfers for users in India is ₹1, 00,000. Moreover, the maximum times you can send money in a day cannot exceed 10 in Gpay or any other UPI app.ShreeCom Infotech Pvt. Ltd. Pune offering different types of banking sectors software’s like Co-Operative credit society software, core banking software, Retail banking software, SMS banking software, Pat pedhi software, Employees co-op credit society software, salary earners society software or you can google search for banking software near me

[bhattandjoshiassociates-blog]

Form 10B/10BB Filing Issues 2023 & appeal for deferment or extension

 The Summery 0f representation made by the Income Tax Bar Association, Jalandhar, to the Hon’ble Finance Minister of India regarding the challenges and difficulties faced by professionals and non-profit organizations in filing of new form.     Background  - The Income Tax Act, India, provides tax exemptions to certain funds, institutions, trusts, universities, educational institutions, hospitals, and medical institutions that are engaged in charitable, religious, or educational activities, subject to certain conditions and compliance requirements for the form 10B/10BB. - One of the compliance requirements is to get their accounts audited by a chartered accountant and file an audit report in Form 10B/10BB along with their income tax return in Form ITR-7. - On February 21, 2023, the Central Board of Direct Taxes (CBDT) notified new Forms 10B/10BB with revised guidelines and formats for filing the audit report. The new forms are applicable from the assessment year 2023-24 onwards. - The new forms require detailed information and disclosures regarding the activities, income, expenditure, assets, liabilities, foreign contributions, application of income outside India, etc., of the non-profit organizations. The new forms also mandate the use of digital signatures by both the auditor and the auditee. Issues and difficulties with new Form 10B/10BB The Income Tax Bar Association, Jalandhar, a prominent association of tax professionals, has made a representation to the Hon’ble Finance Minister of India on September 17, 2023, highlighting the issues and difficulties faced by them and their clients in filing the new forms. Some of the issues and difficulties are: - The new forms are lengthy, complex, and cumbersome to fill and upload. They require a lot of data and documents that are not readily available or accessible to many non-profit organizations. - The new forms are not user-friendly and compatible with the existing software and systems used by the auditors and the auditees. They also pose technical glitches and errors while uploading on the e-filing portal of the income tax department. - The new forms have been notified very late in the financial year, leaving very little time for the auditors and the auditees to understand, prepare, and file them before the due date of September 30, 2023. This is especially challenging in view of the ongoing Covid-19 pandemic situation that has affected the normal functioning of many non-profit organizations. - The new forms have increased the compliance burden and cost for both the auditors and the auditees. They also expose them to higher risk of scrutiny, penalty, and litigation in case of any omission or mistake. Appeal for deferment or extension for the 10B/10BB form - The Income Tax Bar Association, Jalandhar, has appealed to the Hon’ble Finance Minister of India to defer or extend the applicability of the new forms for one year till the assessment year 2024-25. They have requested that for the assessment year 2023-24, the old forms should be continued to be used. - They have also requested that in case their appeal for deferment or extension is not accepted, at least an extension of the due dates for filing Form 10B, Form 10BB, Form 9A (for claiming exemption under section 80G), Form 10 (for accumulation or setting apart income under section 11(2)), and ITR-7 should be granted till December 31, 2023. - They have made this appeal with utmost respect and sincerity. They have stated that their appeal is based on genuine grounds and practical difficulties faced by them and their clients. They have also stated that their appeal is in line with the government’s vision of ease of doing business and ease of compliance. They have expressed their hope that their appeal will be considered favorably by the Hon’ble Finance Minister of India. You can read more about this representation here 1. Learn more: - taxguru.in - incometax.gov.in - blog.onfiling.com - ctconline.org - blog.saginfotech.com   Read the full article

[financelatestnews]

Missed Filing ITR? File Income Tax Return for AY 2022-23 Now

https://www.smfgindiacredit.com/knowledge-center/missed-filing-itr-revised-date-for-ay-2022-23.aspxWe Indians belong to a country that is still developing. To be entirely developed is still a long way ahead. Our government needs money for conducting the welfare of the country. Taxes are considered to be the primary source for most governments. The money collected from taxes is used for the betterment of the country. Activities like building and maintaining the country’s infrastructure, public services, emergency conditions, and more are done with the help of this money. 

Direct tax and Indirect tax are the 2 types of tax under The Income Tax Act, of 1961. Direct taxes are those that need to be paid by the person the same is levied, it cannot be shifted. Some examples that indicate direct tax are income tax and wealth tax. On the other hand, indirect taxes are levied on products and services. Indirect taxes can be shifted from one person to another until finally paid by the ultimate customer. GST, VAT, and service tax are some examples of indirect tax.

We shall focus on direct taxes and that too income tax, paid by individuals like you and me.

Income Tax Returns

Income tax is paid after the income has reached the earning individual’s pocket. Tax collection is a very difficult task and thus the government has set deadlines for the same. You pay income tax returns after 1 financial year if you are an earning individual. The last date for filing income returns for the financial year 21-22 is 31st July 2022 in the assessment year 2022-23. If you do not wish to pay any late fee or penalty, you are advised to file your income tax returns before the due date.

The general last filing date depends on the taxpayer’s category also. As an earning individual has to file ITR on or before 31st July 2022, corporates need to conduct audits and thus can file ITR on or before 31st October 2022. The ITR is filed in the assessment year that is after the financial year has ended.

Revised Date for Filing ITR for AY 2022-23

Taxpayers who have not filed ITR till now or have missed it can file their return till 31 July 2022. Although, there are some costs associated with it due to late filing.

The last date to file ITR for AY 2022-23 was 31 July 2022. But some people have missed it. Now they all can file belated ITRs till 31 December 2022.

For the assessment year 2022-23, below are 3 important dates that taxpayers need to keep in mind.

31st July: ITR filing for individuals and entities that do not require conducting of tax audit and are not involved in any international or specified domestic transactions.

31st October: Businesses that need to conduct an audit need to file their ITR for the year along with the audit report.

30th November: Businesses that require transfer pricing reports need to file their ITR before the said due date.

While filing ITR, here are some of the major pointers:

Taxpayers shall have all their documents handy while filing their returns. The income tax department pre-fills forms, and those too shall be cross-checked.

If you are a person that has multiple bank accounts, ensure you have provided all such information. In case you miss reporting the same, it may lead to penal provisions.

Ensure that the Tax deducted at source (TDS) by your employer is submitted to the income tax department.

The 2 forms involved in the filing of ITR are forms 16 and 26AS. Ensure that both the forms have the same amount of tax payable to avoid inconsistencies.

If you have taken up a personal loan, ensure the same is disclosed. It has become a personal loan for salaried people who can be claimed as a deduction in income tax. Personal loans are costly and thus one shall use a personal loan EMI calculator before taking up the same.

These are some of the points that you shall keep in mind while filing your income tax returns.

Must Read: How Salaried Employees Can Get a Personal Loan in India?

How to File Income Tax Returns Online for Salaried People?

For businesses, such duties are outsourced to different people with the respective industry knowledge. On the other hand, salaried people conduct this activity on their own. Before filing ITR you must know how to file income tax returns online for salaried employees. Thus, below are the steps that can be followed by salaried people to file their income tax returns online:

Open the e-filing portal of the Income Tax Department.

Login or register into the portal. All you need is your PAN card number which serves as a user ID.

Click the e-file section dropdown button and choose “Income tax return.” An ITR form needs to be then downloaded. ITR-1, ITR-2, or ITR-3 are the 3 options salaried employees can opt for.

The filing type shall be “Original” if you are not filing a revised return.

Click on “Prepare and submit online” and then click “continue.”

Fill in all required ITR details such as income, deductions, expenditures, and all. It is advisable to click on “save the draft” to not lose any data filled.

The tax payable shall be computed. (if any tax liability exists)

Confirm the details and click “submit.”

Your screen will prompt about successfully e-filing. You can then verify your returns through modes such as – Aadhar OTP, Bank account number, Net banking, and more modes.

This is how you file ITR for salaried professionals online.

Source URL: https://www.smfgindiacredit.com/knowledge-center/missed-filing-itr-revised-date-for-ay-2022-23.aspx

[igsdc]

Last date for filing belated and amended income tax returns (age 2022-2023)

As the new year is coming we all are planning for the celebration. Before that, one thing that needs to be done is to do your tax work. The last date to file your revised income tax return is 31 December 2022.

As per the income tax laws, if a person has forgotten to file the original income tax return on or before 31st July 2022, then the financial year 2021-22 (AY 2022-23) has been given a chance to file the dues on or before 31st December. If anyone has made any mistake while filling original ITR then you have a chance to make corrections by filing revised income tax return till 31st December 2022.

Late ITR filing process

The procedure for late ITR filing is the same as for filing ITR before the due date. This process of late income tax filing comes under section 139(4) of the Income Tax Act, 1961. Being a late taxpayer a person should take care of these two things. First one has to select section 139(4) in the tax return form and second pay the applicable penalty amount, penalty interest and tax due. A penalty of INR 5000 is applicable on a person not filing due ITR and is under section 234F of the Income Tax Act. However, those paying small taxes with an income of less than Rs 5 lakh have to pay Rs 1000 as penalty. This applicable late fee needs to be paid before starting the process of late ITR filing

Procedure to File Revised ITR

The process is the same as that of filing original ITR, the only difference is that revised ITR is under section 139(5) of the Income Tax Act. Things to remember while filing Revised ITR Section 139(5) of the Income Tax Act, to ensure that the applicable Income Tax Return Form and the original ITR number are to be preserved as applicable while filing Revised ITR form It will be needed. 

File belated ITR for FY 2021-22 (AY 2022-23) by 31st December 2022!

If a taxpayer misses the last date for late ITR filing, then a person has the option of filing an updated ITR. This new option has been announced by the government in the budget 2022. A person can file an updated ITR (ITR-U) even if he has filed the original, belated or revised ITR or has missed the ITR form for a particular income. 

But there are some restrictions while filing updated ITR under certain circumstances. A person can file ITR-U in these cases - if they have missed the deadline or revise their ITR if they have neglected to disclose income earlier. ITR-U cannot be used to declare any loss, get income tax refund or do any other such work.

If a person has filed ITR-U for FY 2021-22 (age 2022-23) within the first assessment year i.e. 1st April 2023 to 31st March 2024 then the person will have to pay an additional tax of 25% on the outstanding tax . But if ITR-U is filed between 1 April 2024 to 31 March 2025, then 50% of the outstanding tax will have to be paid as additional tax.

After filing the income tax return, it has to be verified within 30 days. If it is not up for verification then the Income Tax Department will not process further.  

Be a responsible citizen of India by paying your taxes on time.  IGS Digital Center Limited  Contact us and keep yourself stress free from the hassle of filing your ITR on time. Our services will help your clients to file ITR on time.  

[viralbake]

For the financial year 2021-2022, the last date to file the ITR was July 31. But due to the majority of taxpayers that failed to file Income Tax Return for any reason, there is still hope to file till December 31, 2022, as belated ITR with late fees. But if you miss this chance then … The post ITR Update: Last Day To File ITR Is Close, Check Penalty Details appeared first on Viral Bake.

[vilaspatelvlogs]

इनकम टैक्स रिटर्न फाइलिंग: साल 2019-20 के लिए 31 दिसंबर तक 4.84 करोड़ ITR फाइल हुए, 10 जनवरी है अंतिम तारीख

इनकम टैक्स रिटर्न फाइलिंग: साल 2019-20 के लिए 31 दिसंबर तक 4.84 करोड़ ITR फाइल हुए, 10 जनवरी है अंतिम तारीख

Hindi News Business ITR Filing Latest News Update; Over 4.84 Crore ITRs For 2019 20 Filed Till December 31 Ads से है परेशान? बिना Ads खबरों के लिए इनस्टॉल करें दैनिक भास्कर ऐप नई दिल्ली17 मिनट पहले कॉपी लिंक रिकॉर्ड जीएसटी कलेक्शन के बाद एक और डेटा सरकार के लिए राहत देने वाली है। एक जनवरी को जारी सरकारी डेटा के मुताबिक 31 दिसंबर तक कुल 4.84 करोड़ इनकम टैक्स रिटर्न (ITR) फाइल किए गए। बता दें…

[ashutentaran]

The government has extended the deadline for filing ITR for FY 19-20 for individuals till January 10, 2021. It has also extended the deadline for some other returns.

[newsdaliy]

ITR Alert: Do not take tension even if you miss the tax return, these 10 incomes do not attract income tax

ITR Alert: Do not take tension even if you miss the tax return, these 10 incomes do not attract income tax

Photo:FILE ITR Filing Highlights The government keeps certain types of income out of the purview of income tax. Common people do not have to pay tax on tax free income You do not need to file any return on tax free income ITR Alert: 31 was the last date for those filing tax returns, which has now passed. Now you have the last time to file your return till December 31 with a fine of Rs 1000 to…

[ashok-kumars-world]

Six Important MONEY matters that need your attention this March. From last days to filing belated income-tax returns to linking your Pan-Aadhar, the month of March has some crucial deadlines for your money matters. In March, there are several deadlines to be met by taxpayers and investors for this fiscal. After this month, many money rules will change and you will end up paying a penalties for unmet last dates. Here are some key regulatory and operational changes that are likely to affect your financial life.

Last month to invest and save taxes

The existing financial year 2021-22 is about to end on March 31. This is the last chance to maximise tax benefits under various sections. Despite being aware of this deadline, most of the investors postpone their income tax planning to the last minute. If you have not planned your tax-saving investments till now, then do it at the earliest and avoid common investment mistakes. To save your tax, do not buy unnecessary life insurance policies and borrow to invest for saving on taxes. Tax-planning is a part of financial planning. Align your tax-saver investments with your goals and overall strategy.

File belated income-tax returns

The deadline for filing the income tax return (ITR) for income earned in Financial Year (FY) 2020-21 or Assessment Year (AY) 2021-21 ended on December 31, 2021. But you can still file a belated income-tax return till March 31, 2022.

A belated return is a return which is filed after the stipulated due date mentioned in the income tax rules. Make sure you file a return before 31 March and do not miss this deadline. Because, “if the March deadline is missed, then the taxpayer will not be able to voluntarily file the income tax return (ITR). In such a case, the ITR can only be filed in response to a notice from the Tax department,” says Vivek Jalan of Tax Connect Advisory Services LLP, a consulting firm. He adds, a belated income tax return attracts a late filing fee under Section 234F of the Income Tax (I-T) Act of Rs 1,000 in case the Gross Total taxable income during the financial year does not exceed Rs 5 lakh; or Rs 5,000 otherwise.

Complete PAN-Aadhaar linkage

The last date to link PAN card with Aadhaar is now March 31, 2022. It got extended from September 30, 2021. After the deadline ends, all the PAN cards which are not linked to Aadhaar would be declared inoperative. You cannot make any financial transaction if your PAN is not linked to your Aadhaar.

PAN card is mandatory for opening a bank account, buying mutual funds or shares, and even making cash transactions of over Rs 50,000. Financial institutions ask for PAN from their existing customers periodically for KYC purpose. If PAN is inactive, then the account could be impacted.

A penalty of Rs 10,000 may apply as per Section 272B of the Income Tax Act if you fail to link the two documents by the deadline and your PAN becomes inoperative. It will be assumed that your PAN has not been furnished as required by the law.

You can link them through the e-filing website, by sending an SMS to 567678 or 56161 and typing UIDPAN or do it offline through PAN services centres of National Securities Depository Limited (NSDL) and UTIITSL.

Update KYC in your bank accounts

The Reserve Bank of India (RBI) had extended the deadline for updating Know Your Customer (KYC) in the bank accounts to March 31, 2022, from the previous deadline of December 31, 2021. The RBI had notified it because of the rise in Omicron variant cases in the country.

Banks insist on updating KYC for account holders periodically. Customers need to visit to their bank branch along with a set of self-attested documents, which include proof of identity and proof of address. The RBI has now allowed the use of digital channels for periodic updation of KYC details of customers. This includes video-KYC and submission of electronic documents through digi-locker to the financial institutions for verification purpose.

Some of the leading banks, such as the State Bank of India (SBI) also allow customers to submit their documents to update their KYC details, via email or post. If the customer misses the last date for updating the KYC, then the bank would freeze the account.

Pay your last advance tax instalment

Income tax rules state that if your annual estimated income tax in the current financial year is at least Rs 10,000, then you have to pay advance income tax in four instalments throughout the year. Your last instalment deadline for income earned in 2021-22 is March 15, Tuesday.

This applies to all taxpayers, salaried, freelancers, and businesses. However, a resident senior citizen (an individual of age 60 years or above), not having income from business or profession is not liable to pay advance tax. A salaried person, who doesn't have any income other than salary, need not pay advance tax instalments, as employers are required to deduct the applicable tax from monthly salary and pay to the department. Failure to pay correct advance tax on time or short payment of tax attracts penal interest.

PMAY subsidy ends

The Pradhan Mantri Awas Yojana (PMAY) is an initiative of the Government of India which aims at providing affordable housing to the Economically Weaker Section (EWS) / Low Income Group (LIG) segment. On June 1, 2015, the government launched the scheme. The interest rate for the PMAY scheme starts at 6.50 per cent p.a. and can be availed for a tenure of up to 20 years. The last date for availing the benefit of PMAY credit linked subsidy scheme (CLSS) for the LIG and EWS categories is March 31, 2022.

[netbreakingnews9]

New portal used to file Rs 5.9 crore I-T returns till December 31: Finance ministry - Times of India

New portal used to file Rs 5.9 crore I-T returns till December 31: Finance ministry – Times of India

NEW DELHI: Nearly 5.89 crore source of revenue tax returns (ITRs) had been filed at the new e-submitting portal of the tax division as on December 31, 2021, the prolonged due date, the finance ministry stated on Saturday. More than 46.11 lakh ITRs had been filed on December 31. In order to lend a hand taxpayers with a clean enjoy at the portal, 16,850 taxpayer calls and 1,467 chats had been…

[aksarnews]

New portal used to file Rs 5.9 crore I-T returns till December 31: Finance ministry - Times of India

New portal used to file Rs 5.9 crore I-T returns till December 31: Finance ministry – Times of India

NEW DELHI: Nearly 5.89 crore income tax returns (ITRs) have been filed on the new e-filing portal of the tax department as on December 31, 2021, the extended due date, the finance ministry said on Saturday. More than 46.11 lakh ITRs were filed on December 31. In order to assist taxpayers with a smooth experience on the portal, 16,850 taxpayer calls and 1,467 chats were responded to by the…

[athibanenglish]

New portal used to file Rs 5.9 crore I-T returns till December 31: Finance ministry

New portal used to file Rs 5.9 crore I-T returns till December 31: Finance ministry

NEW DELHI: Nearly 5.89 crore income tax returns (ITRs) have been filed on the new e-filing portal of the tax department as on December 31, 2021, the extended due date, the finance ministry said on Saturday. More than 46.11 lakh ITRs were filed on December 31. In order to assist taxpayers with a smooth experience on the portal, 16,850 taxpayer calls and 1,467 chats were responded to by the…

[indiarightnow]

Income tax returns' filing for FY21 crosses 50 mn-mark: I-T Dept

Income tax returns’ filing for FY21 crosses 50 mn-mark: I-T Dept

Over five crore income tax returns (ITR) for the financial year ended March 2021 have been filed so far, the I-T department said on Wednesday. “More than five crore income tax returns for AY 2021-22 filed till 5:45 pm today!” the income tax department tweeted. The department has already extended the deadline for individual taxpayers to file income tax returns, by five months till December 31,…

[social-mania]

Income-tax return and types of ITR forms

Income-tax return and types of ITR forms

The deadline for filing IT return is drawing close. Many wait till the last moment to finish the exercise, but that is not advisable. Find out the different categories of ITR forms that taxpayers fill For individuals who are not subject to audit, the income-tax return filing deadline for the financial year 2020-21 was extended by three months from September 30 to December 31. It was first…

[salam2050]

More Than 3 Crore Income Tax Returns Filed As Last Date Of December 31 Nears

More Than 3 Crore Income Tax Returns Filed As Last Date Of December 31 Nears

More than three crore taxpayers have filed their income tax returns till December 3, 2021 More than three crore taxpayers have filed their income tax returns (ITR) for the assessment year 2021-22 on the new e-filing portal of the income tax department as on December 3, 2021. In fact, the number of ITRs filed per day is over 4 lakh and increasing everyday as the last date for filing returns, i.e.…

[newsdaliy]

Revenue Secretary said the deadline for filing Income Tax Return will not extend beyond July 31

Revenue Secretary said the deadline for filing Income Tax Return will not extend beyond July 31

Photo:India TV ITR Return Deadline Highlights No plan to extend deadline for filing income tax returns: Revenue Secretary More than 2.3 crore income tax returns have been filed till July 20 Last year, the government extended the deadline for filing returns till December 31. ITR Alert: If you have not yet filed your Income Tax Return, then do not delay now. The Revenue Secretary has made it…