The World Opinion

Tag: Income Tax Returns

  • ITR Refund: Who Will Receive Faster Refund Among ITR-1, ITR-2, and ITR-3? How To Check ITR Refund Status |

    New Delhi: Waiting for your Income Tax Return (ITR) refund? Good news- most of the taxpayers who have submitted their income tax returns (ITR) for the fiscal year 2023-24 (assessment year 2024-25) are likely to get the refunds as soon as possible.

    Many individuals have filed the ITR via three forms which include ITR-1, ITR-2 or ITR-3 for the fiscal year 2023-2024 but the question is who will get the refund faster?

    This article delves into the criteria determining quicker refunds, highlighting who stands to benefit from the expedited process. It is important to note that your tax refund can only be issued once the Income Tax Department processes your verified ITR.

    What is ITR-1, ITR-2, and ITR-3?

    ITR-1 Form: The ITR-1 form is for Ordinary Resident (ROR) individuals with a total income of up to Rs 50 lakh. This includes income from salary, income from single house property, and other sources like bank interest, dividends, and agricultural income up to Rs 5,000.

    ITR-2 Form: This form applies to individuals or Hindu Undivided Families (HUFs) who do not earn income from “Profits and Gains of Business or Profession” and are ineligible to file ITR-1.

    ITR-3 Form: The ITR-3 form is intended for individuals and HUFs engaged in business or professional activities, where maintaining detailed books of accounts is required. This includes professionals such as chartered accountants, doctors, lawyers, and engineers whose income is derived from actual profits.

    Notably, ITR-1 refund claims are processed more swiftly than those for ITR-2 and ITR-3, thanks to the straightforward income details in ITR-1 compared to the more complex information required in the other forms.

    How To Check Refund Status From Income Tax e-Filing Portal

    Step 1: Open the official income tax e-filing website.

    Step 2: Log in using your PAN details.

    Step 3: After logging in, navigate to the ‘My Account’ section.

    Step 4: Within this section, find and click on the “Refund/Demand Status” button.

    Step 5: View the status of your refund or demand as displayed on the screen.

  • ITR Penalty Alert: What Happens If You Miss July 31 ITR Deadline Date For FY 2023-24? ,

    ITR Penalty: For individual taxpayers whose accounts do not require auditing, the deadline for filing income tax returns (ITRs) for the financial year 2023-24 (the assessment year 2024-25) is July 31, 2024. However, the Income Tax Department has begun sending reminders to taxpayers through emails and SMSes to ensure they meet the ITR filing deadline and avoid penalties.

    The last date to file a belated return for the financial year 2023-24 (assessment year 2024-25) is December 31, 2024. Filing your ITR on time is crucial for several reasons. If you miss the July 31 deadline, you can still file a belated return but will face a penalty in addition to the tax due and interest.

    What Is a Belated Tax Return?

    If you miss filing your tax return by July 31, you can still file a belated return. This can be submitted up to three months before the end of the relevant assessment year.

    Disadvantages of Filing a Belated ITR

    Filing a belated income tax return (ITR) comes with certain drawbacks. Beyond incurring a penalty for late submission, you lose several benefits:

    -You cannot carry forward losses from capital gains, business income, and other sources (except for losses from house property).

    -You are not allowed to opt for the new tax regime when filing a late ITR for the Assessment Year 2024-25.

    Penalty for Missing the July 31 Deadline

    Under Section 234F of the Income Tax Act, the penalties for filing a belated return for the financial year 2023-24 (AY 2024-25) are as follows:

    -For individuals with a net taxable income exceeding Rs 5 lakhs, the penalty may be up to Rs 5,000.

    -For taxpayers with a net taxable income of Rs 5 lakhs or less, the maximum penalty is Rs 1,000.

    -In addition to the late filing fees, interest on any unpaid taxes will accrue from the original due date until the full amount is settled. It’s crucial to note that the penalty applies even if the belated ITR shows zero tax payable. (Also Read: ITR Filing 2024: How To Check Tax Refund Status Online With PAN Card | Refund Timeline Explained)

    Notably, a belated ITR can only be submitted and confirmed if the challan information for paying the late filing fee is included in the ITR form.

  • 83 cr Source of revenue Tax returns filed until Jul 31, document 72.42 cr on remaining day New Delhi

    Through PTI

    A document 72.42 lakh source of revenue tax returns have been filed at the remaining day of such submitting on July 31, taking the cumulative returns to five.83 crore, almost about the similar ranges of remaining 12 months.

    Whilst to begin with source of revenue tax go back (ITR) submitting used to be gradual, the tempo picked up because the cut-off date neared.

    “The surge of submitting ITRs peaked on July 31, 2022 (due date for salaried taxpayers and different non-tax audit instances) with over 72.42 lakh ITRs being filed on a unmarried day,” an authentic commentary mentioned.

    The entire ITRs filed until July 31, 2022 for overview 12 months 22-23 is ready 5.83 crore, it mentioned.

    Closing fiscal (2020-21), about 5.89 crore ITRs (Source of revenue Tax Returns) have been filed by way of the prolonged due date of December 31, 2021.

    In most cases, go back filers wait until the remaining day to report returns.

    During the last two monetary years, the federal government had prolonged the cut-off date for submitting ITRs to ease compliance for taxpayers combating Covid pandemic.

    However this 12 months the cut-off date used to be no longer prolonged by way of even by way of an afternoon.

    Thru ITR, an individual is meant to post to the Source of revenue Tax Division details about the source of revenue and the taxes due and paid on it all over the 12 months.

    The Source of revenue Tax Division has prescribed 7 kinds of ITR bureaucracy, whose applicability relies on the character and quantity of source of revenue and the kind of taxpayer.

    The tax division’s new source of revenue tax submitting portal is now very powerful to take the larger lots.

    “The e-filing portal additionally set different benchmarks on July 31, 2022 together with – perfect according to 2nd price of ITR submitting: 570 (at 4:29:30 pm), perfect according to minute price of ITR submitting: 9573 (at 7:44 pm), and the perfect according to hour price of ITR submitting: 5,17,030, between 5 PM to six PM,” the commentary mentioned.

    The preliminary tempo of e-filing used to be moderately a lot slower with the primary 1 crore ITRs for AY 22-23 being filed handiest by way of July 7.

    The tempo picked up marginally, with about 2.48 crore ITRs being filed by way of July 22.

    “With the Executive pronouncing that there could be no extension of the due date, there used to be a surge in submitting of ITRs and by way of July 25, 2022, 3 crore ITRs have been filed. Through the top of the day on thirty first July,2022, 72.42 lakh ITRs have been filed, shattering all earlier data (most being 49 lakh ITRs in 2019). Within the month of July, 2022 by myself, over 5.13 crore ITRs were filed,” it mentioned.

    Out of five.83 crore ITRs filed for AY 2022-23, 50 according to cent of those are ITR-1 (2.93 crore), 11.5 according to cent are ITR-2 (67 lakh), 10.9 according to cent are ITR-3 (63.35 lakh) and 26 according to cent are ITR-4 (1.54 crore).

    “The collection of ITRs filed all over running hours (9 AM-6 PM) since seventh July, 2022 to thirty first July, 2022 is round 3.31 crore, which is 58.77% of the overall ITRs filed,” it mentioned.

    “Over 47% of those ITRs were filed the usage of the net ITR shape at the portal and the stability were uploaded the usage of the ITR made out of the offline instrument utilities.” 

    Huge collection of taxpayers did their due diligence by way of evaluating knowledge in their source of revenue by way of viewing their Annual Data Commentary (AIS) and Taxpayer Data Abstract (TIS). A prime price of utilization of AIS/TIS knowledge used to be mirrored by way of the truth that greater than 5.03 crore taxpayers seen/downloaded their AIS.

    This 12 months a big portion of the knowledge for ITR-1 used to be already prefilled with wage, pastime and dividend source of revenue making compliance more straightforward for taxpayers.

    For different ITRs 2, 3, 4, except for this information, assets main points for apartment source of revenue, introduced ahead losses, MAT credit score used to be additionally pre-filled to additional ease compliance for taxpayers.

    A document 72.42 lakh source of revenue tax returns have been filed at the remaining day of such submitting on July 31, taking the cumulative returns to five.83 crore, almost about the similar ranges of remaining 12 months.

    Whilst to begin with source of revenue tax go back (ITR) submitting used to be gradual, the tempo picked up because the cut-off date neared.

    “The surge of submitting ITRs peaked on July 31, 2022 (due date for salaried taxpayers and different non-tax audit instances) with over 72.42 lakh ITRs being filed on a unmarried day,” an authentic commentary mentioned.

    The entire ITRs filed until July 31, 2022 for overview 12 months 22-23 is ready 5.83 crore, it mentioned.

    Closing fiscal (2020-21), about 5.89 crore ITRs (Source of revenue Tax Returns) have been filed by way of the prolonged due date of December 31, 2021.

    In most cases, go back filers wait until the remaining day to report returns.

    During the last two monetary years, the federal government had prolonged the cut-off date for submitting ITRs to ease compliance for taxpayers combating Covid pandemic.

    However this 12 months the cut-off date used to be no longer prolonged by way of even by way of an afternoon.

    Thru ITR, an individual is meant to post to the Source of revenue Tax Division details about the source of revenue and the taxes due and paid on it all over the 12 months.

    The Source of revenue Tax Division has prescribed 7 kinds of ITR bureaucracy, whose applicability relies on the character and quantity of source of revenue and the kind of taxpayer.

    The tax division’s new source of revenue tax submitting portal is now very powerful to take the larger lots.

    “The e-filing portal additionally set different benchmarks on July 31, 2022 together with – perfect according to 2nd price of ITR submitting: 570 (at 4:29:30 pm), perfect according to minute price of ITR submitting: 9573 (at 7:44 pm), and the perfect according to hour price of ITR submitting: 5,17,030, between 5 PM to six PM,” the commentary mentioned.

    The preliminary tempo of e-filing used to be moderately a lot slower with the primary 1 crore ITRs for AY 22-23 being filed handiest by way of July 7.

    The tempo picked up marginally, with about 2.48 crore ITRs being filed by way of July 22.

    “With the Executive pronouncing that there could be no extension of the due date, there used to be a surge in submitting of ITRs and by way of July 25, 2022, 3 crore ITRs have been filed. Through the top of the day on thirty first July,2022, 72.42 lakh ITRs have been filed, shattering all earlier data (most being 49 lakh ITRs in 2019). Within the month of July, 2022 by myself, over 5.13 crore ITRs were filed,” it mentioned.

    Out of five.83 crore ITRs filed for AY 2022-23, 50 according to cent of those are ITR-1 (2.93 crore), 11.5 according to cent are ITR-2 (67 lakh), 10.9 according to cent are ITR-3 (63.35 lakh) and 26 according to cent are ITR-4 (1.54 crore).

    “The collection of ITRs filed all over running hours (9 AM-6 PM) since seventh July, 2022 to thirty first July, 2022 is round 3.31 crore, which is 58.77% of the overall ITRs filed,” it mentioned.

    “Over 47% of those ITRs were filed the usage of the net ITR shape at the portal and the stability were uploaded the usage of the ITR made out of the offline instrument utilities.” 

    Huge collection of taxpayers did their due diligence by way of evaluating knowledge in their source of revenue by way of viewing their Annual Data Commentary (AIS) and Taxpayer Data Abstract (TIS). A prime price of utilization of AIS/TIS knowledge used to be mirrored by way of the truth that greater than 5.03 crore taxpayers seen/downloaded their AIS.

    This 12 months a big portion of the knowledge for ITR-1 used to be already prefilled with wage, pastime and dividend source of revenue making compliance more straightforward for taxpayers.

    For different ITRs 2, 3, 4, except for this information, assets main points for apartment source of revenue, introduced ahead losses, MAT credit score used to be additionally pre-filled to additional ease compliance for taxpayers.