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The deadline remains July 31, as in previous years

ITR filing deadline approaches: Benefits of filing 'NIL' returns

The deadline remains July 31, as in previous years

The deadline for filing Income Tax Returns is fast approaching, with taxpayers gathering necessary documents like Form 16 and 26AS. The deadline remains July 31, as in previous years. Individuals with income below the tax exemption limits&mdash;currently 3 lakh rupees under the new tax regime and 2.5 lakh rupees under the old tax regime&mdash;are exempt from filing tax returns and effectively pay no tax. Also read/watch - <a title="Budget 2024: Real estate sector awaits for key policy changes in upcoming full-budget" href="https://www.editorji.com/business-news/budget/budget-2024-real-estate-sector-awaits-for-key-policy-changes-in-upcoming-full-budget-1719398959856">Budget 2024: Real estate sector awaits for key policy changes in upcoming full-budget</a> However, these individuals can still choose to file 'NIL' returns. While not mandatory, filing NIL returns offers several advantages. Proof of filing an income tax return can facilitate easy loan processing, serve as address proof, expedite visa processing, and assist in purchasing term insurance. Filing NIL returns can also help in maintaining a financial record, which might be beneficial for future financial planning and compliance.

India has the world’s largest overseas diaspora, with approximately 32 million NRIs and OCIs

ITR filing: Survey reveals tax compliance challenges for NRIs and OCIs

<h2>India has the world&rsquo;s largest overseas diaspora, with approximately 32 million NRIs and OCIs</h2>

A recent survey has highlighted the complexities of tax compliance for NRIs and OCIs.
The survey conducted by SBNRI, a comprehensive investment platform for NRIs and OCIs, stated that 14.11% NRIs from Australia, followed by 13.10% and 8.06% from the UK and the US, respectively, feel that double taxation is the biggest challenge when it comes to filing tax returns as an NRI and OCI.
At the same time, 12.10%, 9.05%, and 6.02% of NRIs from the US, the UK, and Australia found accessing taxation documents from abroad to be the most challenging concern for filing taxes as NRIs.
According to the survey findings, 10% of NRIs based in the US, followed by 7% from Australia, Canada, and Singapore, respectively, report only their income earned in India to the Indian Tax authorities. Conversely, 6% from Canada, 4% from the US and Singapore, respectively, and 3% from Australia revealed that they report both income earned in India and abroad to the Indian Tax authorities.
Despite the Indian government's efforts to simplify taxation for NRIs, challenges persist within the tax framework. NRIs are required to file income tax returns in India if they have earned income within the Indian territory during the relevant financial year.

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.

belated ITR filing deadline: For those who missed the deadline for ITR filing, December 31, 2023, is the last chance to file ITR.

What is the last date for filing belated ITR? - Know the late filing penalty, deadline

ITR filing deadline: December 31 is last day for belated ITR

<h2>Late filers face penalties under Section 234F of the Income Tax Act, with a fee of ₹5,000 (reduced to ₹1,000 for incomes below ₹5 lakh)</h2>

Belated ITR Filing Date AY 2023-24: With the year drawing to a close, it's crucial for taxpayers to place filing their Income Tax Returns (ITRs) at the top of their to-do list before the approaching December 31 deadline. This annual obligation under income tax laws not only ensures compliance but also allows individuals to claim refunds on excess taxes paid or deducted throughout the year.&nbsp;
<h3>ITR late filing penalty for AY 2023-24</h3>
The original deadline for filing ITRs for the financial year 2022-2023, which corresponds to the assessment year 2023-2024, lapsed on July 31, 2023. For those who missed this deadline, December 31 is the last chance to do so.
Late filers face penalties under Section 234F of the Income Tax Act, with a fee of ₹5,000 (reduced to ₹1,000 for incomes below ₹5 lakh). Additionally, interest accrues at 1% per month on the unpaid tax amount.
Also read/watch - <a title="65% Indians willing to buy homes in 2024: NoBroker Annual Report 2023" href="https://www.editorji.com/business-news/65-indians-willing-to-buy-homes-in-2024-nobroker-annual-report-2023-1702292195477">65% Indians willing to buy homes in 2024: NoBroker Annual Report 2023</a>
<h3>Financial Implications Beyond the Deadline</h3>
Post the December 31 cutoff, financial implications intensify. Delinquents may encounter penalties and interest charges. However, a ray of hope exists as updated returns can still be filed within 24 months of the assessment year's end, albeit with additional income tax.
<h3>Updated Return Provisions</h3>
The Finance Act, 2022, introduced updated returns, allowing an extended duration for filing after specified deadlines. While no penalty is imposed for furnishing an updated return, additional tax is levied under Section 140B of the Income Tax Act.
Also read/watch - <a title="INOX India IPO: Price band, GMP and other details" href="https://www.editorji.com/business-news/markets/inox-india-ipo-price-band-gmp-and-other-details-1702283071705">INOX India IPO: Price band, GMP and other details</a>
<h3>Conditions and Limitations</h3>
Updated returns can be filed using ITR forms specified for the relevant assessment year. However, they cannot be used to claim tax refunds. Failure to file ITR altogether might lead to loss carry-forwards and penalties ranging from 50% to 200% of assessed tax, with prosecution possible in severe cases involving significant discrepancies.
Ultimately, adhering to the December 31 deadline not only fulfills one's tax obligations but also helps avoid penalties and legal ramifications.

The Income Tax department had also reduced the time limit to verify the ITR to 30 days from 120 days

ITR Filing: Not verifying your ITR filing will lead to fine of Rs 5000 despite filing the return on time

The Income Tax department had also reduced the time limit to verify the ITR to 30 days from 120 days

You would have heaved a sigh of relief after filing your Income Tax Returns (ITR) before the deadline. But that is not enough. Now, you will have to verify your ITR filing before the last day. Not completing this process would lead to a penalty of up to Rs 5,000.&nbsp;
The Income Tax department had also reduced the time limit to verify the ITR to 30 days from 120 days. In a notification issued on July 29, 2022, the Central Board of Direct Taxes (CBDT) stated that this new rule regarding ITR verification will be effective from August 1, 2022. So, an individual will have to verify, 30 days from the day of return submission.
Also Read: <a href="https://www.editorji.com/business-news/itr-filing-ends-today-consequences-of-missing-the-july-31-deadline-1690786429830">ITR Filing ends today: Consequences of missing the July 31 deadline</a>
In case the verification is not done before the deadline, the date of e-verification/ITR-V submission shall be treated as date of furnishing the return of income. Further, all the consequences of late filing of return under the Income-Tax Act, 1961 will apply including the penal consequences as well.
More than 6.5 crore income tax returns for 2022-23 fiscal have been filed so far. Last year, about 5.83 crore income tax returns were filed till July 31.
&nbsp;
&nbsp;

The final day of ITR filing sees Twitter flooded with amusing memes as taxpayers grapple with the chaos caused by UPI transactions and technical glitches

Last day ITR filing chaos: hilarious Twitter memes amidst deadline turmoil!

The final day of ITR filing sees Twitter flooded with amusing memes as taxpayers grapple with the chaos caused by UPI transactions and technical glitches

On the last day of ITR filing, chaos ensues as people rush to meet the deadline of 31st of July. Some hope for an extension while others scramble to their chartered accountants for last-minute corrections.&nbsp;
Amid this last minute chaoes, memes have flooded social media. From UPI transaction scrutiny to tech glitches on Income Tax websites, every aspect of the process has become a meme-worthy moment. Twitter is abuzz as netizens share their experiences, making the final day of ITR filing a comical and relatable event for everyone.
A twitter user shared a video with the caption &ldquo;Taxpayers on last day of ITR Filing at CA's offices"
<blockquote class="twitter-tweet">
Tax payers on last day of ITR Filing at CA's offices...!🤦<a href="https://twitter.com/hashtag/ITR?src=hash&amp;ref_src=twsrc%5Etfw">#ITR</a> <a href="https://twitter.com/hashtag/ITRFiling?src=hash&amp;ref_src=twsrc%5Etfw">#ITRFiling</a> <a href="https://twitter.com/hashtag/IncomeTaxReturn?src=hash&amp;ref_src=twsrc%5Etfw">#IncomeTaxReturn</a> <a href="https://twitter.com/hashtag/incometax_portal?src=hash&amp;ref_src=twsrc%5Etfw">#incometax_portal</a> <a href="https://twitter.com/hashtag/HalfCA?src=hash&amp;ref_src=twsrc%5Etfw">#HalfCA</a> <a href="https://twitter.com/hashtag/ICAI?src=hash&amp;ref_src=twsrc%5Etfw">#ICAI</a> <a href="https://t.co/tw5MxH3EX7">pic.twitter.com/tw5MxH3EX7</a>
&mdash; Pawan Kewat (@pwnkewat) <a href="https://twitter.com/pwnkewat/status/1684581704395272192?ref_src=twsrc%5Etfw">July 27, 2023</a></blockquote>
Filing ITRs has become a technical nightmare for many, with slow website responses, disappearing draft forms, and various other glitches causing frustration for taxpayers and their CAs. Capturing the essence of this situation, a Twitter account shared a fitting meme with the caption &nbsp;&ldquo;When CA filing ITR Recently Income tax portal is down. Service unavailable."
<blockquote class="twitter-tweet">
When CA filing ITR Recently Income tax portal is down. Service unavailable. <a href="https://twitter.com/hashtag/ITRFiling?src=hash&amp;ref_src=twsrc%5Etfw">#ITRFiling</a> <a href="https://twitter.com/hashtag/ITR?src=hash&amp;ref_src=twsrc%5Etfw">#ITR</a> <a href="https://twitter.com/hashtag/DueDateExtension?src=hash&amp;ref_src=twsrc%5Etfw">#DueDateExtension</a> <a href="https://t.co/dGQl7BjJ42">pic.twitter.com/dGQl7BjJ42</a>
&mdash; My GST Refund (@mygstrefund) <a href="https://twitter.com/mygstrefund/status/1684863325165785088?ref_src=twsrc%5Etfw">July 28, 2023</a></blockquote>
The surge in UPI payments, ranging from as low as ₹5 to as high as ₹40,000, has posed a challenge for CAs in scrutinizing their clients' bank transactions. A Twitter user creatively expressed this dilemma through a meme, accompanied by the caption &ldquo;POV: CA is going through all my UPI transactions while filing my ITR"
<blockquote class="twitter-tweet">
POV: CA is going through all my UPI transactions while filing my ITR <a href="https://t.co/RJ1ayy6kaE">pic.twitter.com/RJ1ayy6kaE</a>
&mdash; kunal jhurani (@myhumour_side) <a href="https://twitter.com/myhumour_side/status/1684097683928276994?ref_src=twsrc%5Etfw">July 26, 2023</a></blockquote>
An agonizing moment for a taxpayer losing his saved ITR draft on the Income Tax portal was depicted in a video clip shared by another user.
<blockquote class="twitter-tweet">
When you had saved Draft ITR on the income tax portal but site is showing No Draft Saved : <a href="https://t.co/np4SNLurj1">pic.twitter.com/np4SNLurj1</a>
&mdash; Vikas Sharma (@sh_viks) <a href="https://twitter.com/sh_viks/status/1684584912752627714?ref_src=twsrc%5Etfw">July 27, 2023</a></blockquote>
Despite the Income Tax Department's firm stance on not extending the ITR filing dates beyond July 31, some are still clinging to hope for a last-minute announcement of an extension. A Twitter user captured this sentiment perfectly with an image and caption &nbsp;"CAs posting - Finally done with all ITRs. Finance Minister - Ab time aagaya he ITR extension ka Dene ka"
<blockquote class="twitter-tweet">
CAs posting - Finally done with all ITRs😁 Finance Minister - Ab time aagaya he ITR extension ka Dene ka🤐<a href="https://twitter.com/hashtag/IncomeTaxReturn?src=hash&amp;ref_src=twsrc%5Etfw">#IncomeTaxReturn</a> <a href="https://twitter.com/hashtag/IncomeTax?src=hash&amp;ref_src=twsrc%5Etfw">#IncomeTax</a> <a href="https://twitter.com/hashtag/incometaxindia?src=hash&amp;ref_src=twsrc%5Etfw">#incometaxindia</a> # <a href="https://t.co/Un2VIlDKRW">pic.twitter.com/Un2VIlDKRW</a>
&mdash; CA Nikhil Jain (@CANikhilJain3) <a href="https://twitter.com/CANikhilJain3/status/1685632613942452224?ref_src=twsrc%5Etfw">July 30, 2023</a></blockquote>
A user shared a video of superstar Rajinikanth to show the determination of CAs, implying that not even a viral conjunctivitis infection can hinder them from filing ITR.
<blockquote class="twitter-tweet">
Me doing ITR Filing and MCA compliance with conjunctivitis in my eyes 😂🤣🤣😂🤣😂 <a href="https://twitter.com/hashtag/ITRFiling?src=hash&amp;ref_src=twsrc%5Etfw">#ITRFiling</a> <a href="https://twitter.com/hashtag/IncomeTaxReturn?src=hash&amp;ref_src=twsrc%5Etfw">#IncomeTaxReturn</a> <a href="https://t.co/8K3X9ir4TE">pic.twitter.com/8K3X9ir4TE</a>
&mdash; Vineeta Singh 🇮🇳 (@biharigurl) <a href="https://twitter.com/biharigurl/status/1684924429858639872?ref_src=twsrc%5Etfw">July 28, 2023</a></blockquote>

No extension will be given for the ITR filing deadline of July 30. Late filers may face penalties and imprisonment, with tax payable or exceeding ₹25,000

ITR Filing ends today: Consequences of missing the July 31 deadline

No extension will be given for the ITR filing deadline of July 30. Late filers may face penalties and imprisonment, with tax payable or exceeding ₹25,000

As the deadline to file income tax returns for the financial year 2022-23 approaches on July 31, Revenue Secretary Sanjay Malhotra has already stated that the government will not extend the ITR filing deadline.
Following are the implications of missing the deadline&nbsp;
Late Fee
If you fail to file your ITR by the July 31 deadline, don't worry; you can still file a belated return until December 31. However, be prepared to pay a late fee.
The late fee under section 234F of the Income Tax Act will be ₹5,000 if the return is furnished after the due date. For those whose total income does not exceed ₹5 lakh, the late filing fee is restricted to ₹1,000.
Also Read: <a href="https://www.editorji.com/business-news/itr-filing-2023-over-5-cr-itrs-filed-for-2022-23-fiscal-so-far-1690557767816">ITR filing 2023: over 5 cr ITRs filed for 2022-23 fiscal so far</a>
Penal Interest
Apart from the late fee, if you have taxes due, you will also be liable to pay penal interest. Simple interest under section 234A of the Income Tax Act will be charged at a rate of 1% for every month or part of a month from the date immediately following the due date (July 31) to the actual date of filing the return.
Loss of Interest on Refunds
Filing your income tax return is the only way to claim a refund for excess taxes deducted. Timely filing is crucial to receive interest on refunds. Interest at 0.5% month is paid from April 1 till the date of refund if the ITR is filed within the due date (i.e., 31st July 2023 for individual taxpayers). However, if the return is filed after the due date, interest will be calculated from the actual date of filing to the date of refund granted, but not from April 1.
No Carry Forward of Losses
Apart from penalties and interest losses, filing a belated return also results in limitations. Non-filing of the return until July 31 will lead to the loss of carry forward of losses to future years, except for house property loss, which can be carried forward in case of late filing.
Fine and Imprisonment Provisions
The consequences for late filing go beyond financial penalties. The tax laws include provisions for additional penalties and possible imprisonment if the return is not filed on time and the due tax amount exceeds ₹25,000. The penalty under Section 276CC for late filing where the tax payable or evaded exceeds ₹25,000 is imprisonment of 6 months to 7 years and a fine, as highlighted to Money Control by Vivek Jalan, Partner at Tax Connect Advisory&nbsp;
It is crucial for taxpayers to file their income tax returns on time to avoid the above-mentioned consequences.&nbsp;
&nbsp;

Employees who wish to receive a pension on higher wages should apply by July 11, as the deadline to apply for a higher EPS pension has been extended to July 11 2023 from June 26, 2023

From ITR to higher pension scheme; here are key financial changes you should know

Employees who wish to receive a pension on higher wages should apply by July 11, as the deadline to apply for a higher EPS pension has been extended to July 11 2023 from June 26, 2023

The month of July comes with some important dates and deadlines that could have an impact on your personal finance. Here are some of the key dates that you should keep in mind.&nbsp;&nbsp;
Income Tax Return (ITR) deadline: The big date to remember in July is 31st, which is the last date to file the Income Tax Returns for the financial year 2022-23. If you miss the deadline you can still file your returns by December 31st, but you will have to pay a penalty of ₹5000.&nbsp;
HDFC and HDFC bank merger: The mega merger between HDFC and HDFC back will come into effect from July 1st. The combined market cap of the&nbsp; merged entity will be over ₹14.3 lakh crore. Shares of HDFC will get delisted from the stock exchanges on July 13th. "On July 13, HDFC Ltd stock will go off the bourses and shareholders will get their shares converted to HDFC Bank," said HDFC Vice Chairman, Keki Mistry. HDFC shareholders will get 42 shares of HDFC Bank for every 25 shares of HDFC Ltd that they hold. EPFO extends deadline for Higher Pension Scheme The Employees Provident Fund Organisation (EPFO) has now extended the deadline to apply for the higher pension scheme for the third time. Eligible members can now apply for higher pension until July 11. With this, you can opt to direct 8.33 percent of your actual salary towards the pension pool. This would mean a higher pension post-retirement.&nbsp; &nbsp; PAN-Aadhaar Link The Government has made linking of Aadhaar Card with PAN card mandatory for all taxpayers in India. Beginning July 1st, if your PAN and Aadhaar are not linked, your PAN will become inoperative. An inoperative PAN will lead to several other ramifications. You will not be able to file your income tax returns, any refunds that you are owed from the tax department won't be issued either. There will also be issues in your investments, be it in stocks or mutual funds, as the capital markets regulator SEBI also required this linkage.&nbsp;

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.

The Income Tax department has reduced the time limit for e-verification or hard copy submission of the ITR-V, post filing of returns by taxpayers, from the current 120 days to 30 days, beginning August 1.
The department issued a notification on July 29 announcing the change in the timeline.
E-verification of an ITR completes the return filing process and if it is not done within the stipulated time, an ITR is treated as invalid.
"It has been decided that in respect of any electronic transmission of return data on or after the date of this notification comes into effect, the time-limit for e-verification or submission of ITR-V shall now be 30 days from the date of transmitting/uploading the data of return electronically," the notification said.
It said the order comes into effect from August 1.
Till now, the time period to e-verify the ITR or send the ITR-V through post, after filing of an Income Tax Return (ITR), was 120 days from the date of the uploading of the ITR.
The notification clarified that in case the e-verification of the ITR or hard copy ITR-V is sent through post beyond the time-limit of 30 days, the return shall be treated as late or beyond the due date.
Those who wish to send the ITR-V in a hard copy can send it through the usual address through "speed post only" to: Centralised Processing Centre, Income Tax Department, Bengaluru-560500, Karnataka.
"The date of dispatch of speed post of duly verified ITR-V shall be considered for the purpose of determination of the 30 days period, from the date of transmitting the date of Income-tax return electronically," it said

Income Tax Verification deadlines changed, make sure you complete your returns

Income Tax Verification deadline changed, do this or your ITR is not valid

Make sure you do ITR verification by this date

The Income Tax department has reduced the time limit for e-verification or hard copy submission of tax return filing from 120 days to 30 days

The Income Tax department has reduced the time limit for e-verification or hard copy submission of the ITR-V, post filing of returns by taxpayers, from the current 120 days to 30 days, beginning August 1.
The department issued a notification on July 29 announcing the change in the timeline.
E-verification of an ITR completes the return filing process and if it is not done within the stipulated time, an ITR is treated as invalid.
"It has been decided that in respect of any electronic transmission of return data on or after the date of this notification comes into effect, the time-limit for e-verification or submission of ITR-V shall now be 30 days from the date of transmitting/uploading the data of return electronically," the notification said.
It said the order comes into effect from August 1.
Till now, the time period to e-verify the ITR or send the ITR-V through post, after filing of an Income Tax Return (ITR), was 120 days from the date of the uploading of the ITR.
The notification clarified that in case the e-verification of the ITR or hard copy ITR-V is sent through post beyond the time-limit of 30 days, the return shall be treated as late or beyond the due date.
Those who wish to send the ITR-V in a hard copy can send it through the usual address through "speed post only" to: Centralised Processing Centre, Income Tax Department, Bengaluru-560500, Karnataka.
"The date of dispatch of speed post of duly verified ITR-V shall be considered for the purpose of determination of the 30 days period, from the date of transmitting the date of Income-tax return electronically," it said

July 31st is gone and so is the deadline for filling your ITR. Over 63.47 lakh income tax returns were filed till 10 pm on the last, for filing ITR for the 2021-22 fiscal by salaried individuals. 
July 31 was the last day for filing ITR for the 2021-22 fiscal by salaried individuals.
ITR filing went up till midnight, after which the tax-return filers will have to pay a late fee for delayed filing. Till July 30, more than 5.1 crore tax returns were filed.
Over the last one month, the I-T department has been nudging the taxpayers to file their ITRs for the 2021-22 fiscal to avoid the levy of the late fee.
Late fee charges
According to tax laws, a late fee of Rs 5,000 would be payable by those with an annual income of over Rs 5 lakh, if they file their ITR by December 31 of the assessment year.
Individuals with an annual income of below Rs 5 lakh will be liable to pay a late fee of Rs 1,000 for delayed return filing. Besides, those who have outstanding unpaid tax will have to shell out an additional 1 per cent interest per month for delayed filing.
The late fee will not apply to those taxpayers whose income is below the taxable limit.

Missed the ITR filing? here's you'll need to know 

Over 63.47 lakh income tax returns were filed till 10 pm on the last but still if you've missed yours?

here's you'll need to know 

ITR filing will go on till midnight, after which the tax-return filers will have to pay a late fee for delayed filing

July 31st is gone and so is the deadline for filing your ITR. Over 63.47 lakh income tax returns were filed till 10 pm on the last, for filing ITR for the 2021-22 fiscal by salaried individuals.&nbsp;
July 31 was the last day for filing ITR for the 2021-22 fiscal by salaried individuals.
ITR filing went up till midnight, after which the tax-return filers will have to pay a late fee for delayed filing. Till July 30, more than 5.1 crore tax returns were filed.
Over the last one month, the I-T department has been nudging the taxpayers to file their ITRs for the 2021-22 fiscal to avoid the levy of the late fee.
Late fee charges
According to tax laws, a late fee of Rs 5,000 would be payable by those with an annual income of over Rs 5 lakh, if they file their ITR by December 31 of the assessment year.
Individuals with an annual income of below Rs 5 lakh will be liable to pay a late fee of Rs 1,000 for delayed return filing. Besides, those who have outstanding unpaid tax will have to shell out an additional 1 per cent interest per month for delayed filing.
The late fee will not apply to those taxpayers whose income is below the taxable limit.

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.

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;

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.
ALSO WATCH:&nbsp;<a href="https://www.editorji.com/business-news/economy/gst-rates-rules-and-other-changes-that-take-effect-from-from-january-1-1640835426573">GST rates, rules and other changes that take effect from January 1</a>

As the deadline to file the income tax returns looms, the topic is trending on social media with last minute rushes to file and memes flooding microblogging sites. The income tax department reported that 5 crore returns for the assessment year 2021-22 have been filed till December 29, out of which 18.89 lakh were filed on Tuesday.The Govt has been putting reminders and alerts via social media platforms to ensure the filings are done as the date has been extended three times this year already. Meanwhile tax-payers continue to post grievances of a glitched IT portal which has been an ongoing struggle since Infosys launched it with Fin Min in June. Other tax payers posted memes and images showing mixed emotions of stress as the deadline looms. 

ITR Filing: The last minute rush for filing income tax returns before 31

More than 5 crore Income Tax Returns for AY 2021-22 filed till 5:45pm on December 29

Income Tax Return Filing Alert

More than 5 crore Income Tax Returns for AY 2021-22 filed till 5:45pm on December 29

As the deadline to file the income tax returns looms, the topic is trending on social media with last minute rushes to file and memes&nbsp;flooding microblogging&nbsp;sites.&nbsp;The income tax department reported that 5&nbsp;crore returns for the assessment year 2021-22 have been filed till December 29, out of which 18.89 lakh were filed on Tuesday. Also watch |&nbsp;<a title="GST rates, rules and other changes that take effect from from January 1" href="https://www.editorji.com/business-news/economy/gst-rates-rules-and-other-changes-that-take-effect-from-from-january-1-1640835426573">GST rates, rules and other changes that take effect from from January 1</a> The Govt has been putting reminders and alerts via social media platforms to ensure the filings are done as the date has been extended three times this year already.&nbsp; Meanwhile tax-payers continue to post grievances of a glitched&nbsp;IT portal which has been an ongoing struggle since Infosys&nbsp;launched it with Fin Min in June. Other tax payers posted memes&nbsp;and images showing mixed emotions of stress as the deadline looms.&nbsp;

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;

Filing Income Tax Returns: Your income tax returns for the financial year April 2020 - March 2021 needs to be filed by the end of this year. 

Filing Income Tax Returns: 5 mistakes that you should avoid while filing income tax returns

As the last date for filing ITR approaches, here are the major mistakes that can be easily avoided while filing income tax returns: 

Time for Tax! EJ Biz tells you how to mind your money better

Filing Income Tax Returns: The deadline to file an income tax return (ITR) for FY 2020-2021 is December 31

Filing Income Tax Returns: Your income tax returns for the financial year April 2020 - March 2021 needs to be filed by the end of this year. As the deadline approaches EJ Biz put together the Dos and also the Do Nots&nbsp;for your tax filings. Also watch |&nbsp;<a title="Paytm posed question on profitability again as losses widen, Brokerages sound caution" href="https://www.editorji.com/business-news/markets/paytm-posed-question-on-profitability-again-as-losses-widen-brokerages-sound-caution-1638158274977">Paytm posed question on profitability again as losses widen, Brokerages sound caution</a> 
1. Mark the day - December 31&nbsp; This year, because of the second wave of the Covid&nbsp;pandemic, the deadline for filing returns has been extended to Dec 31 2021. But, if you do not file your Income Tax Returns (ITR) by this due date, you have to incur penalties such as:
<ul>
<li>Late filing fee of up to Rs. 10,000</li>
<li>Penal interest rate of 1% per month will be charged on any unpaid taxes</li>
<li>Delay in receiving a refund on any excess tax paid</li>
</ul>
2. Choose the form wisely The choice of ITR form you need to use depends primarily on your sources of income. For example, if you are a salaried individual, you can file returns using ITR Form 1. But in case you are salaried and have income from capital gains from investments, you will need to use ITR Form 2. On the other hand, if you are self-employed and have income from the profits of a business, you will need to file your returns using ITR Form 3. 3. Details for refund bank account As the income tax department in most of the cases remits the income tax refund in the bank account directly, it is important for you to ensure that the bank details opted for credit of the income tax refund are correct. 4. Don't forget to report your side income Large monetary gifts to lottery luck all such winnings are liable to flat rate of tax at 30% without any basic exemption limit. In such a case the payer of prize money will generally deduct tax at source (i.e., TDS) from the winnings and will pay you only the balance amount. 5. Foreign bank accounts in case you are a resident In case you have an account in foreign banks, then you need to share the details of the same while filing ITR. Taxpayers need to share the details in the ITR 2 form to share the details.

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