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Income tax e-filing website down: Scheduled Maintenance from Feb 3 to Feb 5

<h2>The department said that the taxpayers are encouraged to stay informed and make necessary adjustments to their schedules to accommodate this brief interruption in online services.</h2>

In a recent announcement, the Income Tax department has informed taxpayers that its e-filing portal will undergo scheduled maintenance, rendering services inaccessible from 2 pm on Saturday, 3rd February, to 6 am on Monday, 5th February. 
<blockquote class="twitter-tweet">
Kind Attention Taxpayers, Please note that taxpayer services on the e-filing portal will be restricted from 2 pm on Saturday (03.02.24) to 6 am on Monday (05.02.24) due to scheduled maintenance activity. Please plan your activities accordingly. <a href="https://t.co/Pk6VfSGjp4">pic.twitter.com/Pk6VfSGjp4</a>
&mdash; Income Tax India (@IncomeTaxIndia) <a href="https://twitter.com/IncomeTaxIndia/status/1752605285401624911?ref_src=twsrc%5Etfw">January 31, 2024</a></blockquote>
The temporary disruption is attributed to technical upgrades aimed at enhancing the system's efficiency.The temporary disruption in e-filing services, though inconvenient, is expected to pave the way for a more efficient and user-friendly tax administration system.
 Also read/watch - <a title="Meta, Amazon stocks soar after reporting better-than-expected earnings" href="https://www.editorji.com/business-news/markets/meta-amazon-stocks-soar-after-reporting-better-than-expected-earnings-1706859812832">Meta, Amazon stocks soar after reporting better-than-expected earnings</a> The department said that the taxpayers are encouraged to stay informed and make necessary adjustments to their schedules to accommodate this brief interruption in online services.

ITRs filed by individual taxpayers earning between Rs 5 lakh and Rs 10 lakh, climbed by 295% in the assessment years (AY) A 2013–14 and AY 2021–22, showing a positive trend of migration to a higher range of gross total income

Individual income inequality significantly declined during FY14-FY22: SBI report 

<h2>ITRs filed by individual taxpayers earning between Rs 5 lakh and Rs 10 lakh, climbed by 295% in the assessment years (AY) A 2013&ndash;14 and AY 2021&ndash;22, showing a positive trend of migration to a higher range of gross total income</h2>

The Economic Research Department of SBI presented a report suggesting a decline in income inequality in India, asserting that over a third of taxpayers have ascended to higher income tax brackets. This counters the notion of a K-shaped post-pandemic recovery, a concept referencing a divide in economic growth.
The report dismissed the K-shaped recovery theory as "flawed" and suggested that India's progress is a testament to the emerging global south's renaissance, contradicting opinions of a divided recovery.
Income inequality, measured by the Gini coefficient, revealed a substantial drop from 0.472 to 0.402 between FY14 and FY22. Around 36.3% of taxpayers shifted to higher income groups, contributing to a 21.3% increase in income. However, the top 2.5% taxpayers' share declined from 2.81% to 2.28% during FY14-FY21.
The study indicated positive shifts in various sectors: 19.5% small firms grew larger, and post-pandemic, consumption by the bottom 90% rose by Rs 8.2 trillion. The rise in rural income led to an inclination towards four-wheelers, while two-wheelers were replaced. Additionally, 15% of Indian taxpayers are women, and 2 crore family members in semi-urban areas use Zomato for meals.
By analyzing publicly available income tax data, the report assessed income inequality trends, showing a significant shift towards higher income brackets. The number of individual taxpayers earning between Rs 5 lakh and Rs 10 lakh increased by 295% between AY 2013-14 and AY 2021-22.
The Gini coefficient projection suggests further decline to 0.402 in AY23. Shifting trends in income groups reveal a positive migration towards higher income brackets, indicating reduced income disparity among individuals.
The report also highlighted a decline in income disparity for earners below Rs 3.5 lakhs, showcasing a 31.8% to 15.8% decrease during FY14-21. Furthermore, the share of top taxpayers' combined income declined despite an increase in their numbers.
Post-pandemic, households are redirecting savings towards physical assets like real estate, as per the report's observations.

The number of persons filing ITRs increased from 6.28 crore in fiscal 2018-19, to 6.47 crore in 2019-20, to 6.72 crore in 2020-21

Over 7.40 crore filed ITRs in FY23, with 5.16 crore indicating zero tax liability: FinMin

<h2>The number of persons filing ITRs increased from 6.28 crore in fiscal 2018-19, to 6.47 crore in 2019-20, to 6.72 crore in 2020-21</h2>

The Finance Ministry revealed that in the fiscal year 2022-23, more than 7.40 crore individuals filed their income tax returns, with 5.16 crore indicating zero tax liability. Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha about the escalating trend in the number of returns filed over the past five years.
Starting from 6.28 crore filings in 2018-19, the figures climbed to 6.47 crore in 2019-20 and reached 6.72 crore in 2020-21. Subsequently, filings surged to over 6.94 crore in 2021-22 and further escalated to over 7.40 crore in 2022-23.
Also read/watch - <a title="Go First crisis: SpiceJet, 2 others in race to acquire the grounded airline" href="https://www.editorji.com/business-news/economy/go-first-crisis-spicejet-2-others-in-race-to-acquire-the-grounded-airline-1702903092583">Go First crisis: SpiceJet, 2 others in race to acquire the grounded airline</a>
During this period, the count of individuals with zero tax liability in their I-T returns surged from 2.90 crore in 2019-20 to 5.16 crore in 2022-23. Chaudhary highlighted that the correlation between the increase in returns and direct tax collection might not align proportionately. Factors influencing direct tax collection encompass tax rates, admissible deductions, economic sector growth, among others.
Chaudhary stated that direct tax collection witnessed a rise from approximately Rs 11.38 lakh crore in 2018-17 to over Rs 16.63 lakh crore in 2022-23.

The income tax department has attributed the relatively early ITR filing for AY 2023-24 to social media campaigns along with targeted e-mail and SMS campaigns to encourage taxpayers to be early filers

ITRs filling 2023: ITRs filed between Apr-June 2023 nearly doubles

The income tax department has attributed the relatively early ITR filing for AY 2023-24 to social media campaigns along with targeted e-mail and SMS campaigns to encourage taxpayers to be early filers

The number of income tax returns filed between April-June 2023 nearly doubled to over 1.36 crore in compare to the previous year, indicating early filing by taxpayers to avoid last-minute rush.
The last date for filing tax returns for income earned in the previous fiscal by individuals and those who do not need to get their accounts audited is July 31. So for income earned in 2022-23 (April-March) fiscal, the deadline to file ITR for this category of taxpayers was July 31, 2023.
In July, which is the last month of I-T return filing, over 5.41 crore returns were filed, taking the total number of filing to over 6.77 crore by the month-end.
As per the comparative statistics of ITR filing available on the I-T e-filing portal, over 70.34 lakh tax returns were filed in April-June 2022-23. This number surged 93.76 per cent to over 1.36 crore in April-June 2023-24.
The 1 crore ITR filing milestone was also reached 13 days ahead on June 26 in the current fiscal, compared to July 8 last financial year.
The income tax department has attributed the relatively early ITR filing for AY 2023-24 to social media campaigns along with targeted e-mail and SMS campaigns to encourage taxpayers to be early filers.

Last year, about 5.83 crore income tax returns were filed till July 31 

ITR filing 2023: Record 6.50 cr ITRs filed, over 1.78 crore new logins

Last year, about 5.83 crore income tax returns were filed till July 31&nbsp;

More than 6.5 crore income tax returns for the 2022-23 fiscal have been filed so far, with 36.91 lakh ITRs being submitted on Monday until 1800 hrs, which is the last day for filing of returns by individuals and entities that are not required to get their accounts audited.
The e-filing portal has witnessed more than 1.78 crore successful logins till 6 pm, the I-T department said.
"More than 6.50 crore ITRs have been filed so far (31st July), out of which about 36.91 lakh ITRs have been filed today till 6 pm!" the tweet said.
The last date for ITR filing by salaried persons and entities which are not required to get their accounts audited ends Monday at midnight.
Last year, about 5.83 crore income tax returns were filed till July 31.
To assist taxpayers with ITR filing, tax payment and other related services, our helpdesk is functioning on a 24x7 basis, and we are providing support through calls, live chats, WebEx sessions &amp; social media, the department said.
Tax experts said that the rise in ITR filing is a reflection of a broadening taxpayer base, improved compliance and the efforts taken by the revenue department to check tax evasion.
The income tax department has been extensively using information technology and data analytics tools to identify high-risk cases and initiate enforcement actions in appropriate cases.
It also collects information on Specified Financial Transactions (SFT), above-notified thresholds, relating to cash deposits, credit card payments, purchase and sale of properties, purchase of shares and mutual funds etc.
Such information is collected, collated and analysed for computer-aided scrutiny and risk profiling of taxpayers, identification of non-filers and stop filers etc, which in turn helps check evasion.
The government is unlikely to extend the due date for filing tax returns in non-audit cases. Revenue Secretary Sanjay Malhotra had earlier this month said that the government is not planning to extend the July 31 deadline.
Corporates and individuals who are required to get their accounts audited have time till October 31 to file tax returns for income earned in the 2022-23 fiscal.
The gross direct tax collection for the 2022-23 fiscal grew 20.33 per cent at Rs 19.68 lakh crore.&nbsp;

The last date for filing ITRs by salaried employees and those who do not have to get their accounts audited for assessment year 2023-24 is July 31

ITR filing 2023: over 5 cr ITRs filed for 2022-23 fiscal so far

The last date for filing ITRs by salaried employees and those who do not have to get their accounts audited for assessment year 2023-24 is July 31

Over 5 crore tax returns have been filed for income earned in the 2022-23 fiscal, which ended March 31.
&ldquo;Out of the 5.03 crore ITRs filed till 27th July 2023, about 4.46 crore ITRs have been e-verified i.e. more than 88 per cent ITRs filed have been e-verified!&rdquo; the income tax department tweeted.
Out of the e-verified ITRs, more than 2.69 crore ITRs have already been processed! The last date for filing ITRs by salaried employees and those who do not have to get their accounts audited for assessment year 2023-24 is July 31.
To assist taxpayers with ITR filing, tax payment and other related services, our helpdesk is functioning on a 24x7 basis and we are providing support through calls, live chats, Webex sessions and social media.
&ldquo;We will continue to provide support till 31.07.2023, including on Saturday and Sunday,&rdquo; the department said, urging taxpayers who haven't filed ITR for AY 2023-24, to file at the earliest to avoid last minute rush.

As per the return filing data shared by Sitharaman, the number of persons who filed income tax returns during the last four years has shown an increase

Over 7.4 cr ITRs filed so far, 6.18% increase than the last year: Sitharaman

As per the return filing data shared by Sitharaman, the number of persons who filed income tax returns during the last four years has shown an increase

Number of entities, including individuals, who filed income tax returns increased by 6.18 per cent in 2022-23 to over 7.40 crore, of which about 5.16 crore declared zero tax liability, Finance Minister Nirmala Sitharaman said on Monday.
"There has been a 6.18 per cent increase in the number of persons filing Income Tax Returns in F.Y. 2022-23 as compared to persons in F.Y. 2021-22," she said in the Lok Sabha.
India's gross direct tax collection grew 20.33 per cent to over Rs 19.68 lakh crore in 2022-23 fiscal.
As per the return filing data shared by Sitharaman, the number of persons who filed income tax returns during the last four years has shown an increase.
Over 7.40 crore ITRs were filed in 2022-23, of which over 5.16 crore had zero tax liability.
Similarly, for 2021-22 fiscal, over 6.94 crore ITRs were filed, of which over 5.05 crore had zero tax liability.
Over 6.72 crore and 6.47 crore ITRs were filed in 2020-21 and 2019-20 fiscal years.
Of this, over 4.84 crore and 2.90 crore assessees had zero tax liability.
The Government has taken several steps, like expansion of the scope of TDS/TCS, simplification of personal I-T, prefiling of ITRs, updated returns, new form 26AS and non-filers monitoring system, which has helped in adding taxpayers.
"E-mails and SMS reminders are issued to taxpayers to file their ITRs and pay their due taxes," Sitharaman said, adding the tax department is also undertaking publicity campaigns to raise awareness about filing tax returns.

The 3 crore-milestone in income tax return (ITR) filing has been reached 7 days earlier this year

ITR filing 2023: Over 3 crore income tax returns filed so far says Tax department

The 3 crore-milestone in income tax return (ITR) filing has been reached 7 days earlier this year

Over 3 crore ITRs for income earned in 2022-23 fiscal have been filed so far, out of which 91 per cent have been verified electronically, the income tax department said on Wednesday.
"Out of the 3.06 crore ITRs filed till 18th July, 2023, 2.81 crore ITRs have been e-verified i.e. more than 91 per cent ITRs filed have been e-verified! Out of the e-verified ITRs, more than 1.50 crore ITRs have already been processed," the I-T department tweeted.
The 3 crore-milestone in income tax return (ITR) filing has been reached 7 days earlier this year.
Please read/watch: <a href="https://www.editorji.com/business-news/dunzo-defers-paying-out-june-salary-once-again-cites-cash-crunch-1689765483169">Dunzo defers paying out June salary once again, cites cash crunch</a> The department of revenue had received nearly 5.83 crores income tax returns last year. According to reports, the surge of filing ITRs peaked on July 31, 2022 (the due date for salaried taxpayers and other non-tax audit cases), with over 72.4 lakhs returns being filed on July 31, 2022.
Late fee on ITR returns if you miss the deadline
Though taxpayers who miss the July 31 deadline can still file their returns, however, this comes with a late fee payment. For taxpayers with a yearly income up to Rs 5 lakh, a fine of Rs 1000 is charged, while a late fee of Rs 5,000 is imposed for annual income exceeding Rs 5 lakh.

While 5.83 crore income tax returns were filed last year, this year, until the 12th of July, 2.2 crore income tax returns have been filed. 

ITR filing: over 2.2 crores tax returns filed so far, Will govt extend July 31 as the last date?

While 5.83 crore income tax returns were filed last year, this year, until the 12th of July, 2.2 crore income tax returns have been filed.&nbsp;

With the deadline to file income tax returns approaching on the 31st of July, so far, over 2.2 crore returns have been filed.&nbsp; The department of revenue had received nearly 5.83 crores income tax returns last year. According to reports, the surge of filing ITRs peaked on July 31, 2022 (the due date for salaried taxpayers and other non-tax audit cases), with over 72.4 lakhs returns being filed on July 31, 2022.&nbsp;
And those who are hoping for the last date to be extended, there's a bad news for them. ''There is no question of an extension of the last date for submitting income tax returns, as we are keen to restore normalcy in the system. There are no glitches in the portal. Our teams are monitoring it closely," a finance ministry official said. Late fee on ITR returns if you miss the deadline
Though taxpayers who miss the July 31 deadline can still file their returns, however, this comes with a late fee payment. For taxpayers with a yearly income up to Rs 5 lakh, a fine of Rs 1000 is charged, while a late fee of Rs 5,000 is imposed for annual income exceeding Rs 5 lakh.&nbsp;

The last date for filing Income Tax returns for fiscal 2022-23 for people who do not need to get their accounts audited is July 31

ITR online filing: taxpayers can now file their returns for ITR forms ITR-1 & ITR-4 

The last date for filing Income Tax returns for fiscal 2022-23 for people who do not need to get their accounts audited is July 31

The Income Tax department has enabled online filing of income tax returns (ITRs) 1 and 4, filed by individuals, professionals and small businesses, for 2022-23 fiscal.
In a tweet, the income tax department said, the software/utilities for preparing other ITRs/ Forms will be enabled shortly.
"ITR 1 and 4 for A.Y. 2023-24 are enabled for filing in online mode at e-filing portal," the department said in reply to a tweet by an individual.
The last date for filing Income Tax returns for fiscal 2022-23 for people who do not need to get their accounts audited is July 31.
ITR-1 is filed by individuals, including salaried class and senior citizens.
ITR-2 is filed by businesses and professionals who have opted for presumptive taxation and those individuals whose annual income doesn't exceed Rs 50 lakh.

Taxpayers have until March 31st to file a revised income tax return for the fiscal year 2019-2020, also known as Assessment Year 2020-21

From ITR to PAN-Aadhar link: Here's the 'To-Do' list before March 31st

Taxpayers have until March 31st to file a revised income tax return for the fiscal year 2019-2020, also known as Assessment Year 2020-21

As the Financial year 2022-23 comes to an end, Editorji brings you a list of things which you need to finish before the March 31st: 1. PAN-Aadhaar Link: After repeatedly extended the window for linking PAN cards with Aadhaar, the final deadline is March 31, 2023. If the Aadhaar is not linked to the PAN by the deadline, then you will have to shell out Rs 1,000 as a a penalty and your PAN will become inoperative.&nbsp;
2. Updated ITR The last date for submitting the updated ITR for FY20 or assessment year 2020-21 (AY21) is March 31. The taxpayers must file the updated ITR if they omitted certain income details or made any error while filing the ITR in FY20. It can also be filed if the ITR was not filed in FY20 at all. 3. Advance tax payment&nbsp; According to the IT department, taxpayers must submit the final installment of the advance tax payment for the fiscal year 2022&ndash;2023 by March 15, 2023. If a taxpayer fails to make advance tax payments, they will be subject to penalties. The Income-Tax Act mandates that individuals with an anticipated tax liability of ₹10,000 or more after Tax Deducted at Source (TDS) deductions must make advance tax payments.
4. Tax-saving investments&nbsp; For the fiscal year 2022-23, taxpayers who have chosen the old tax regime must complete their tax-saving investments before March 31, 2023. The old tax regime allowed taxpayers to deduct various expenses related to their investments.&nbsp;
5. Nominee to your demat account: The deadline for adding a nominee to demat / trading accounts is 31st March 2023. Capital markets regulator SEBI warns that if investors miss out on appointing the nominee, their accounts will be frozen for debits. A nominee is someone who manages the account if something happens to the holder and must be added through NSDL's website using an OTP and VID/Aadhaar number. 
6. Lastly, the Pradhan Mantri Vaya Vandana Yojana (PMVVY) is an insurance policy-cum-pension scheme that provides senior citizens with regular income. Investments up to ₹15 lakh can be made by an individual in the scheme. The deadline for making investments in this plan is March 31, 2023.

In the common ITR form, tax filers will be required to answer questions in 'yes' or 'no' format and additional information will be asked accordingly

Income Tax Return: common ITR form for all taxpayers; here's how will it work

Common ITR form for all taxpayers

In the common ITR form, tax filers will be required to answer questions in 'yes' or 'no' format and additional information will be asked accordingly

The finance ministry has proposed a user-friendly common income tax return form for all taxpayers.
All taxpayers, except trusts and non-profit organisations, can file returns with the proposed new common ITR form, on which the Central Board of Direct Taxes (CBDT) has invited stakeholder comments by December 15.
Currently, there are 7 types of income tax return (ITR) forms which are filed by different categories of taxpayers.
ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers. Sahaj can be filed by an individual having income up to Rs 50 lakh and who receives income from salary, one house property/other sources (interest etc).
ITR-4 can be filed by individuals, Hindu Undivided Families (HUFs) and firms with total income up to Rs 50 lakh and having income from business and profession.
ITR-2 is filed by people having income from residential property, ITR-3 by people having income as profits from business/ profession, ITR-5 and 6 by LLPs and businesses respectively, while ITR-7 is filed by trusts.
According to reports, ITR-1 and 4 would continue, but individuals would also have the option to file returns of income in the common ITR form.
The proposed ITR would be customised for the taxpayers with applicable schedules based on certain questions answered by them.

ITR Filing Mistakes : The due date for Income Tax Return (ITR) filing for salaried taxpayers is around the corner and EJ Biz puts together the Dos and also the Do Nots for your tax filings

ITR Filing: Mistakes that you should avoid while filing income tax returns

Time for ITR Filing: Make sure you have this list of Dos and Donts 

ITR Filing Mistakes : The ITR filing for the assessment year 2022-23 (AY23) is now available on the income tax e-filing

ITR Filing Mistakes: The due date for Income Tax Return (ITR) filing for salaried taxpayers is around the corner and EJ Biz puts together the Dos and also the Do Nots for your tax filings:
<h3>1. Income Tax Return filing last date</h3>
The due date for filing of return for a class of taxpayers who are not mandated to audit under the income tax law is July 31, while it is October 31, for those cases that are mandated to audit under the Income Tax Law or any other law.
Also read/watch| <a title="Which country holds the most powerful passport?" href="https://www.editorji.com/business-news/which-country-holds-the-most-powerful-passport-1658308542645">Which country holds the most powerful passport?</a>
<h3>2. ITR filing late fees:</h3>
People can file <a href="https://www.editorji.com/business-news/personal-finance/itr-filing-5-mistakes-that-you-should-avoid-while-filing-income-tax-returns-1638166783878" target="_blank">ITR </a>after the deadline passes but they have to pay a late fee. As per the latest details, if the yearly income of an individual is above Rs 5 lakh per annum, a late fee of Rs 5,000 will be imposed. If the income is below Rs 5 lakh per annum, then a late fee of Rs 1,000 will be imposed on the person who will file the ITR after the deadline.
<h3>3. Keep your form in mind&nbsp;</h3>
Individuals should be careful while filling out the<a href="https://www.editorji.com/business-news/personal-finance/itr-filing-5-mistakes-that-you-should-avoid-while-filing-income-tax-returns-1638166783878" target="_blank"> income tax return (ITR)</a> forms. They should make sure that they are filling out the correct ITR form that is applicable to their situation.
<h3>4. Providing incorrect information</h3>
While filing the ITR is necessary, providing correct personal information in the forms is even more critical. The details that need special attention are PAN details, e-mail ID, date of birth and IFSC code.

As the deadline for filing your ITR 2022 is around the corner, it is important for the taxpayers to know the correct type of Income Tax Return (ITR) form applicable to them.

Income Tax Return: Which ITR Form to choose?

Deadline for Income Tax Returns is drawing close, do you know which ITR form to pick?

The most basic - ITR-1 or Sahaj - is to be filled by the salaried class of taxpayers

As the deadline for filing your ITR 2022 is around the corner, it is important for the taxpayers to know the correct type of <a href="https://www.editorji.com/business-news/personal-finance/itr-filing-mistakes-that-you-should-avoid-while-filing-income-tax-returns-1658312400305" target="_blank" rel="noopener">Income Tax Return (ITR)</a> form applicable to them.
EJ Biz explains which form to choose while filing income tax return:&nbsp;
<h3>ITR 1 Form or Sahaj</h3>
ITR1 Form Sahaj is for salaried individuals having a total income of up to Rs 50 lakh. You can also file a return in ITR 1 if you earn income from other sources such as interest from bank deposits, house property and agriculture income up to Rs 5,000.&nbsp;
<h3>ITR-2</h3>
There is no earning limit prescribed for ITR-2 and the Form is suitable for the taxpayers having following incomes:
<ul>
<li>Salary / Pension</li>
<li>One or more House Properties</li>
<li>Income from Other Sources such as Interest, Family Pension, Dividend etc.</li>
<li>Capital Gains &ndash; both short-term and long-term gains including gains from intraday trade and Future &amp; Options (F&amp;O)</li>
<li>Agricultural Income of over Rs 5,000</li>
</ul>
<h3>ITR 3 Form</h3>
ITR 3 form is for individuals or Hindu Undivided Families (HUFs) who earn from a business or any other profession (not salaried). Those who are partners at a company, must opt for ITR 3 while filing income tax return for AY 2022-23.
Those who are filing business or professional income on presumptive basis and if the taxable income exceeds Rs 50 lakh and have income under the head &lsquo;capital gains&rsquo;, must go for ITR 3.
<h3>ITR 4 Form</h3>
ITR-4 can be used by both resident individuals, firms, and HUFs (Hindu Undivided Family) who had income either from profession or business and whose total income includes:
However, Limited Liability Partnerships (LLPs) cannot opt for this form.
Individuals who have also chosen the presumptive income scheme according to Section 44AD, Section 44ADA, and Section 44AE of the Income Tax Act 1961, should also opt for this form.

From crypto tax liability to your provident fund becoming taxable, April 1 brings in sweeping changes into your tax planning. Here is the latest update you need to take a note of:Provident Fund becomes taxable&nbsp;The government has decided to tax the interest income from the Provident Fund account from April 1. If the contribution is below&nbsp;₹2.5 lakh, no tax will be levied. However if the contribution exceeds&nbsp;₹2.5 lakh - then the interest income will be taxed.Crypto&nbsp;tax kicks off&nbsp;Income from transactions in virtual digital assets will attract a tax of 30 percent From April 1. As clarified by the Finance Ministry no loss can be offset against the gain so each profitable transaction will attract the 30 per cent tax liability.&nbsp;Apart from this, there will be a 1 per cent TDS and gift tax under certain conditions to be paid by the receiver of such digital asset as a gift.
Filing of updated ITRTaxpayers will be able to file an updated return from April 1 to eliminate errors or mistakes done in income tax returns. The updated return can be filed within two years from the end of the relevant assessment year.
Tax relief for persons with disabilityWhen the parent or guardian of a differently-abled person can take an insurance scheme for the latter, they would be eligible to deduction from gross income before tax subject to certain conditions.

 Big tax changes from April 1: Crypto, EPF, ITR all the latest updates

From crypto tax liability to your provident fund becoming taxable, April 1 brings in sweeping changes into your tax planning. Here is the latest update you need to take a note of:

Big tax changes from April 1

Income tax on crypto assets, filing of updated returns, new tax rules on EPF interest all kick in from April 1&nbsp;

From crypto tax liability to your provident fund becoming taxable, April 1 brings in sweeping changes into your tax planning. Here is the latest update you need to take a note of: Provident Fund becomes taxable&nbsp; The government has decided to tax the interest income from the Provident Fund account from April 1. If the contribution is below&nbsp;₹2.5 lakh, no tax will be levied. However if the contribution exceeds&nbsp;₹2.5 lakh - then the interest income will be taxed. Crypto&nbsp;tax kicks off&nbsp; Income from transactions in virtual digital assets will attract a tax of 30 percent From April 1. As clarified by the Finance Ministry no loss can be offset against the gain so each profitable transaction will attract the 30 per cent tax liability.&nbsp; Apart from this, there will be a 1 per cent TDS and gift tax under certain conditions to be paid by the receiver of such digital asset as a gift.
Filing of updated ITR Taxpayers will be able to file an updated return from April 1 to eliminate errors or mistakes done in income tax returns. The updated return can be filed within two years from the end of the relevant assessment year.
Tax relief for persons with disability When the parent or guardian of a differently-abled person can take an insurance scheme for the latter, they would be eligible to deduction from gross income before tax subject to certain conditions.

As the financial year is about to get over on March 31st, EJ lists out several deadlines that one needs to meet when it comes to money.
1. Aadhaar-PAN link: If you haven't yet connected your PAN to your Aadhaar number, you have until March 31, 2022, to do so. If you do not link your PAN to your Aadhaar number by this date, your PAN will become inactive and you will have to pay a fee of Rs 1,000.
If the PAN card is not linked to Aadhaar, an individual will also not be able to invest in mutual funds, stocks or open a bank account among other things as furnishing a PAN card in all those cases is a must.
2. ITR Filing: If you didn't file or missed your ITR for the fiscal year 2020-21 on December 31, 2021, here is your opportunity. You have until March 31, 2022, to file the late return. A delayed ITR is an income tax return filed between January 1, 2022, and March 31, 2022. A late filing fee of Rs 5,000 will be charged if the ITR is not filed on time (Rs 1000 for total income up to Rs 5 lakh).
3. 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. Customers must update their PAN card, address (such as Aadhaar), passport, and other documents as part of KYC. In addition, recent pictures and other details are required.
 

Aadhar-PAN link to ITR filling: tasks you should complete by March 31

As the financial year is about to get over, EJ lists out several deadlines that one needs to meet when it comes to money matters 

Do this before March 31 else your PAN Card will become inactive

fee of Rs 5,000 will be charged if the ITR is not filed on time

If you do not link your PAN to your Aadhaar number by this date, your PAN will become inactive and you will have to pay a fee of Rs 1,000.&nbsp;

As the financial year is about to get over on March 31st, EJ lists out several deadlines that one needs to meet when it comes to money. Also read/watch |&nbsp;<a title="PVR Inox Merger: Here is what shareholders need to know" href="https://www.editorji.com/business-news/markets/pvr-inox-merger-here-is-what-shareholders-need-to-know-1648455166192" target="_blank">PVR Inox Merger: Here is what shareholders need to know</a> &nbsp;
1.&nbsp;Aadhaar-PAN link: If you haven't yet connected your PAN to your Aadhaar number, you have until March 31, 2022, to do so. If you do not link your PAN to your Aadhaar number by this date, your PAN will become inactive and you will have to pay a fee of Rs 1,000.
If the PAN card is not linked to Aadhaar, an individual will also not be able to invest in mutual funds, stocks or open a bank account among other things as furnishing a PAN card in all those cases is a must.
2. ITR Filing: If you didn't file or missed your ITR for the fiscal year 2020-21 on December 31, 2021, here is your opportunity. You have until March 31, 2022, to file the late return. A delayed ITR is an income tax return filed between January 1, 2022, and March 31, 2022. A late filing fee of Rs 5,000 will be charged if the ITR is not filed on time (Rs 1000 for total income up to Rs 5 lakh).
3. Update KYC in your bank accounts
The Reserve Bank of India (RBI) had extended the deadline for&nbsp;updating Know Your Customer (KYC) in the bank accounts&nbsp;to March 31, 2022, from the previous deadline of December 31, 2021. Customers must update their PAN card, address (such as Aadhaar), passport, and other documents as part of KYC. In addition, recent pictures and other details are required.

From KYC in your bank accounts to filing belated income-tax returns, EJ BIZ makes a list of things, which has some crucial deadlines for your money matters
1. Last Date for Filing Belated ReturnsThe 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.
2. PAN-Aadhar Linking
The last date to link your Permanent Account Number (PAN) with their Aadhaar card by March 31, 2022. If not done by the given deadline, the PAN card can become invalid and a fee of Rs 1,000 may be required for linking the PAN card with Aadhaar thereafter. 
If the PAN card is not linked to Aadhaar, an individual will also not be able to invest in mutual funds, stocks or open a bank account among other things as furnishing a PAN card in all those cases is a must.
3. 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.
4. Advance Tax Installment
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, which is Tuesday.
5. Complete tax-savingIf you have not yet completed your tax-saving exercise for the fiscal year 2021-22, you should do so as soon as possible before the deadline. Remember that if you do not make the tax-saving investments and expenditures by this month, your tax burden for the fiscal year 2021-22 would be higher.
 

Do these 5 tasks before March 31 or you may face financial penalty

From last days to filing belated income-tax returns to linking your PAN-Aadhaar, March has some crucial deadlines for your money matters

Here's a full list 

Deadline for filing income-tax returns (ITR) in audit cases, for assessment year 2021-22, has been extended till March 15, 2022

From KYC in your bank accounts to filing belated income-tax returns, EJ BIZ makes a list of things,&nbsp;which has some crucial deadlines for your money matters
Also read and watch|&nbsp;<a title="Price hike pains begin, and petrol has not even started: Here is what is more expensive from March 1" href="https://www.editorji.com/business-news/economy/price-hike-pains-begin-and-petrol-has-not-even-started-here-is-what-is-more-expensive-from-today-1646112735854">Price hike pains begin, and petrol has not even started: Here is what is more expensive from March 1</a>
1. Last Date for Filing Belated 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&nbsp;belated income-tax return&nbsp;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.
2. PAN-Aadhar Linking
The last date to link your Permanent Account Number (PAN) with their Aadhaar card by March 31, 2022. If not done by the given deadline, the PAN card can become invalid and a fee of Rs 1,000 may be required for linking the PAN card with Aadhaar thereafter.
If the PAN card is not linked to Aadhaar, an individual will also not be able to invest in mutual funds, stocks or open a bank account among other things as furnishing a PAN card in all those cases is a must.
3. Update KYC in your bank accounts
The Reserve Bank of India (RBI) had extended the deadline for&nbsp;updating Know Your Customer (KYC) in the bank accounts&nbsp;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.
4. Advance Tax Installment
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&nbsp;pay advance income tax&nbsp;in four instalments throughout the year. Your last instalment deadline for income earned in 2021-22 is March 15, which is Tuesday.
5. Complete tax-saving If you have not yet completed your tax-saving exercise for the fiscal year 2021-22, you should do so as soon as possible before the deadline. Remember that if you do not make the tax-saving investments and expenditures by this month, your tax burden for the fiscal year 2021-22 would be higher.
&nbsp;

As the budget 2022 is around the corner, tax experts suggest Finance Ministry should consider tax relief measures for salaried employees who work from home owing to increased employment related-costs.Why standard deduction may be increasedThe demand for a higher standard deduction limit comes at a time when household expenses have gone up as a result of inflation.
From electricity to medical expenses and more, taxpayers have seen a sharp jump in expenses.
Many experts agree that the government should look at increasing 30-35% standard deduction limit due to rising inflation and increased expenses due to Covid-19.
However, the standard deduction limit will only be applicable to eligible taxpayers who opt for the old income tax structure. The limit is not applicable in the case of the new tax regime.What is standard deduction?
As the name suggests, standard deduction allows deducting a certain amount from the gross salary such that the total taxable income comes down.
At present, Rs 50,000 standard deduction is allowed to these categories of taxpayers.
A standard deduction of Rs 40,000 was introduced in 2018 and was later enhanced to Rs 50,000 by Piyush Goyal in the interim budget in 2019.
 

Budget 2022: Standard Deduction may be doubled, here is what is expected

With less than a month to go for Budget 2022-23, salaried employees expect a hike in the standard deduction limit

Check how much they want: 

With less than a month to go for Budget 2022-23,&nbsp;salaried employees expect a hike in the standard deduction limit.
In view of the growing demand for changes in income tax, many industry bodies have already appealed to the government to provide some relief to taxpayers.
As taxpayers remain hopeful about some announcements in the upcoming budget, it has come to light that the government is holding discussions to increase the limit of standard deduction from the existing Rs 50,000.
According to reports, standard deduction limit available to salaried taxpayers and pensioners may be increased by 30-35 per cent in the upcoming budget
At present, Rs 50,000 standard deduction is allowed to these categories of taxpayers.
A standard deduction of Rs 40,000 was introduced in 2018 and was later enhanced to Rs 50,000 by Piyush Goyal in the interim budget in 2019.

Many experts agree that the government should look at increasing the standard deduction limit due to rising inflation and increased expenses due to Covid-19.

As the budget 2022 is&nbsp;around the corner, tax experts suggest Finance Ministry should consider tax relief measures for salaried employees who work from home owing to increased employment related-costs.
Deloitte&nbsp;India, in its Pre-Budget Expectations 2022,&nbsp;recommended an additional &lsquo;work from home&rsquo; standard deduction of Rs 50,0000 for salaried employees.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/budget-2022-tax-slabs-and-rate-will-there-be-a-relief-1641969627694" target="_blank">Budget 2022: Tax slabs and rate, will there be a relief?</a> Why standard deduction may be increased The demand for a higher standard deduction limit comes at a time when household expenses have gone up as a result of inflation.
Taxpayers have seen a sharp jump in expenses related to electricity, work from home furniture, internet, additional&nbsp;medical expenses, and more.
Many experts agree that the government should look at increasing at least 30-35% standard deduction limit due to rising inflation and increased expenses due to Covid-19.
However, the standard deduction limit will only be applicable to eligible taxpayers who opt for the old income tax structure. The limit is not applicable in the case of the new tax regime. What is&nbsp;standard deduction?
As the name suggests, standard deduction allows deducting a certain amount from the gross salary such that the total taxable income comes down.
At present, Rs 50,000 standard deduction is allowed to these categories of taxpayers.
A standard deduction of Rs 40,000 was introduced in 2018 and was later enhanced to Rs 50,000 by Piyush Goyal in the interim budget in 2019.
&nbsp;

Income tax return filing deadline has been extended once again by the Finance Ministry. As per a release by the Central Board of Direct Taxes (CBDT) tax payers now have upto March 15 to file their income tax returns. 
The extension has come after various taxpayers have asked the tax department and finance ministry to extend dates due to rising coronavirus cases and issues in new income tax portal as the release. Chartered accountants' apex body ICAI has sought time till March 31 for filing tax audit reports without penalties, citing the coronavirus pandemic situation and "consistent technical glitches" being faced in using the new I-T portal.The new e-filing portal www.incometax.gov.in, was launched on June 7 and is managed by Infosys. It had a bumpy start since the day of its launch, with taxpayers and professionals reporting glitches and difficulties in its functioning. The FM had met with Infosys management on December 17 who had assured that all issues had been resolved.

Govt extends deadline to file income tax returns to March 15

Income tax return filing deadline has been extended once again by the Finance Ministry. As per a release by the Central Board of Direct Taxes (CBDT) tax payers now have upto March 15 to file their income tax returns. 

ITR filing deadline extended

Income tax return filing deadline has been extended once again by the Finance Ministry. As per a release by the Central Board of Direct Taxes (CBDT) tax payers now have upto&nbsp;March 15 to file their income tax returns.&nbsp;
The extension has come after various taxpayers have asked the tax department and finance ministry to extend dates due to rising coronavirus cases and issues in new income tax portal as the release.&nbsp;
Chartered accountants' apex body&nbsp;ICAI&nbsp;has sought time till March 31 for filing tax audit reports without penalties, citing the coronavirus pandemic situation and "consistent technical glitches" being faced in using the new I-T portal.
The new e-filing portal&nbsp;www.incometax.gov.in, was launched on June 7 and is managed by Infosys.&nbsp;It had a bumpy start since the day of its launch, with taxpayers and professionals reporting glitches and difficulties in its functioning. The FM had met with Infosys&nbsp;management on December 17 who had assured that all issues had been resolved.

ITR filing, tax audit report deadlines extended by CBDT

Income tax return filing deadline has been extended once again by the Finance Ministry. As per a release by the Central Board of Direct Taxes (CBDT) tax payers now have upto&nbsp;March 15 to file their income tax returns.&nbsp;
The extension has come after various taxpayers have asked the tax department and finance ministry to extend dates due to rising coronavirus cases and issues in new income tax portal as the release.&nbsp; Chartered accountants' apex body&nbsp;ICAI&nbsp;has sought time till March 31 for filing tax audit reports without penalties, citing the coronavirus pandemic situation and "consistent technical glitches" being faced in using the new I-T portal. The new e-filing portal&nbsp;www.incometax.gov.in, was launched on June 7 and is managed by Infosys.&nbsp;It had a bumpy start since the day of its launch, with taxpayers and professionals reporting glitches and difficulties in its functioning. The FM had met with Infosys&nbsp;management on December 17 who had assured that all issues had been resolved.
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The finance ministry said over three crore income tax returns have been filed for the financial year 2020-21 so far and advised taxpayers who are yet to file their return to do so at the earliest.
The number of ITRs filed per day is over four lakh and increasing everyday as the extended due date of December 31 is approaching, an official statement said.
The department has been issuing reminders to taxpayers through e-mails, SMS and media campaigns encouraging taxpayers to file their income tax returns without further delay.
All taxpayers who are yet to file their income tax returns for the assessment year 2021-22 are requested to file their returns at the earliest to avoid the last-minute rush, it said.
"The income tax department strongly urges all taxpayers to view their Form 26AS and Annual Information Statement (AIS) through the e-filing portal to verify the accuracy of the TDS and tax payments and avail of pre-filling of ITRs," it said.
It is important for taxpayers to cross check the data in the AIS statement with their bank passbook, interest certificate, Form 16 and capital gains statement from brokerages in case of purchase and sale of equity/ mutual funds, etc, it said.
"Over 52 per cent of these ITRs are filed using the online ITR form on the portal and the balance are uploaded using the ITR created from the offline software utilities," it said.
The process of e-verification through Aadhaar OTP and other methods is important for the income tax department to commence processing of the ITR and to issue refunds if any.
It is encouraging to note that 2.69 crore returns have been e-verified, out of which more than 2.28 crore are through Aadhaar-based OTP, it said.
"In November, 48 per cent of the verified ITRs 1, 2 and 4 have been processed on the same day. Of the verified ITRs more than 2.11 crore ITRs have been processed and over 82.80 lakh refunds for AY 2021-22 have been issued," it said.
Taxpayers are urged to ensure that the bank account selected for credit of refund must have their PAN number linked at the bank to avoid refund failures, it added.
The deadline to fiile ITR for financial year that ran from April'20 to March'21 is December 31. 

4 lakh income tax returns per day! Tax payers rush as deadline looms

Over 3 crore tax returns filed as deadline comes in closer. 

Three crore income tax returns have been filed for the financial year gone by as the deadline for December 1 looms. The finance ministry which has been reminding tax payers to adhere to final and delayed deadline said over 4 lakh&nbsp;ITRs&nbsp;are being filed daily.&nbsp;
The department has been issuing reminders to taxpayers through e-mails, SMS and media campaigns encouraging taxpayers to file their income tax returns without further delay. The finance ministry also stated that it was&nbsp; encouraging to note that 2.69 crore returns have been e-verified, out of which more than 2.28 crore are through Aadhaar-based OTP.
The deadline to fiile&nbsp;ITR&nbsp;for financial year that ran from April'20 to March'21 is December 31.&nbsp;

Over three crore income tax returns have been filed for the financial year 2020-21 so far 
<div>&nbsp;</div>

The finance ministry said over three crore income tax returns have been filed for the financial year 2020-21 so far and advised taxpayers who are yet to file their return to do so at the earliest.
The number of ITRs filed per day is over four lakh and increasing everyday as the extended due date of December 31 is approaching, an official statement said.
Also watch |&nbsp;ITR Filing: <a title="5 mistakes that you should avoid while filing income tax returns" href="https://www.editorji.com/business-news/personal-finance/itr-filing-5-mistakes-that-you-should-avoid-while-filing-income-tax-returns-1638166783878">5 mistakes that you should avoid while filing income tax returns</a>&nbsp;
The department has been issuing reminders to taxpayers through e-mails, SMS and media campaigns encouraging taxpayers to file their income tax returns without further delay.
All taxpayers who are yet to file their income tax returns for the assessment year 2021-22 are requested to file their returns at the earliest to avoid the last-minute rush, it said.
"The income tax department strongly urges all taxpayers to view their Form 26AS and Annual Information Statement (AIS) through the e-filing portal to verify the accuracy of the TDS and tax payments and avail of pre-filling of ITRs," it said.
It is important for taxpayers to cross check the data in the AIS statement with their bank passbook, interest certificate, Form 16 and capital gains statement from brokerages in case of purchase and sale of equity/ mutual funds, etc, it said.
"Over 52 per cent of these ITRs are filed using the online ITR form on the portal and the balance are uploaded using the ITR created from the offline software utilities," it said.
The process of e-verification through Aadhaar OTP and other methods is important for the income tax department to commence processing of the ITR and to issue refunds if any.
It is encouraging to note that 2.69 crore returns have been e-verified, out of which more than 2.28 crore are through Aadhaar-based OTP, it said.
"In November, 48 per cent of the verified ITRs 1, 2 and 4 have been processed on the same day. Of the verified ITRs more than 2.11 crore ITRs have been processed and over 82.80 lakh refunds for AY 2021-22 have been issued," it said.
Taxpayers are urged to ensure that the bank account selected for credit of refund must have their PAN number linked at the bank to avoid refund failures, it added.
The deadline to fiile&nbsp;ITR&nbsp;for financial year that ran from April'20 to March'21 is December 31.&nbsp;

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