ITR – TheNewsay

Income Tax: Relief for Small Tax Demands Cleared – Check Your Status

TheNewsay Staff — Thu, 29 Feb 2024 02:30:00 +0000

Income Tax: Relief for Small Tax Demands Cleared – Check Your Status: The income tax department has cleared and extinguished small outstanding direct tax demands, offering relief to taxpayers facing demands of less than ₹1 lakh. This action follows an announcement by Union Finance Minister Nirmala Sitharaman during the interim Budget.

Relief for Small Tax Demands Cleared: Income Tax 2024

How to Check Your Status?

To verify if your tax demand has been waived, follow these steps:

A. Visit: pending action > response to outstanding demand.

B. Look for the status of ‘extinguished demands’ in your case.

C. For queries, call 1800-309-0130.

D. Email your concerns to taxdemand@cpc.incometax.gov.in.

Also Read: Relief for Small Tax Demands Cleared

Withdrawal of Tax Demands

The government proposed to withdraw outstanding direct tax demands dating back years, causing anxiety to honest taxpayers.

“There are disputed tax demands some of them dating back to 1962 causing anxiety to the honest tax payers, so I propose to withdraw such outstanding direct tax demand up to ₹25,000 pertaining to the period up to FY 2009-10 and up to ₹10,000 up to 2010-11 to 2014-15,” said Sitharaman in the Budget speech. This is expected to benefit one crore tax payers, she added

In another development, Life Insurance Corporation of India announced receiving refund orders totaling ₹21,740.77 crore from the Income Tax Department for Assessment Years 2012-13 to 2019-20.

Also Read: Relief for Small Tax Demands Cleared

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Understanding the Notable Modifications in India’s Income Tax Return Forms for FY 2023-24: ITR Filling

TheNewsay Staff — Wed, 07 Feb 2024 08:21:59 +0000

ITR Filing Income Tax Return Forms for FY 2023-24: Filing your Income Tax Return (ITR) for the financial year 2023-24 (assessment year 2024-25) is set to become more intricate. The latest changes in the ITR forms, released on February 2, present new challenges for taxpayers despite the Income Tax (I-T) department’s efforts to simplify the process using artificial intelligence. Here’s a rundown of the key changes you need to know:

ITR Filing Income Tax Return Forms for FY 2023-24

I. Increased Scrutiny on Deductions

The Income Tax Department has tightened regulations on tax deductions. Taxpayers now need to provide more details on various aspects, including political party donations, disabled dependents, and high-value life insurance policies. This aims to prevent false claims and ensure accurate deductions under Section 80GGC.

Also Read: ITR Filing Income Tax Return Forms for FY 2023-24

II. Political Party Donations under the Scanner

Donations to political parties under Section 80GGC require a detailed breakdown. Taxpayers must now specify the contribution amount, mode of payment, and transaction number for bank transfers. This scrutiny aims to prevent inflated claims for tax deductions.

Photo: Twitter

III. In-depth Reporting on Life Insurance Policies

Taxpayers receiving annual bonuses from life insurance policies now face a new reporting requirement. The ITR forms include a dedicated column for declaring bonus payments received during the financial year. Additionally, individuals must disclose whether money received from high-premium life insurance policies is taxable, bringing clarity to the taxation of life insurance proceeds.

Also Read: ITR Filing Income Tax Return Forms for FY 2023-24

IV. Comprehensive ESOP Reporting

Employees with stock options from select startups now face a more comprehensive reporting process. Alongside tax amounts and linked years, taxpayers must provide the PAN of the eligible startup and the Department for Promotion of Industry and Internal Trade (DPIIT) registration number to claim ESOP-related tax benefits.

V. Crypto Investments and Online Winnings Disclosure

The growing significance of virtual assets and online earnings prompts detailed disclosures. Taxpayers must now provide quarter-wise breakdowns of their crypto investments under ITR-1, 2, and 4. Additionally, online game winnings are explicitly addressed in Schedule OS, ensuring a thorough examination of income from online games.

Photo: Twitter

VI. Cash Turnover Disclosure in ITR-4

For businesses filing under ITR-4, a new column requires the disclosure of cash turnover or gross receipts. This ensures transparency in financial transactions, with the turnover threshold for presumptive taxation under Section 44AD raised to INR 3 crores.

Also Read: ITR Filing Income Tax Return Forms for FY 2023-24

VII. Companies Face Enhanced Reporting Requirements

ITR-6, designed for companies, introduces additional reporting requirements, including the Legal Entity Identifier (LEI), MSME registration number, reasons for tax audits under Section 44AB, disclosure of winnings from online games taxable under Section 115BBJ, and details on virtual digital assets.

VIII. Emphasis on Timely Payments to MSMEs

ITR-6 now includes clauses requiring companies to report sums payable to micro or small enterprises, emphasizing the importance of timely payments.

As the ITR filing season approaches, taxpayers need to pay meticulous attention to the changes introduced by the CBDT.

Also Read: ITR Filing Income Tax Return Forms for FY 2023-24

ITR Filing: Significant Changes in India Income Tax Return Forms for FY 2023-24

TheNewsay Staff — Sat, 03 Feb 2024 12:00:00 +0000

ITR Filing: Significant Changes in India Income Tax Return Forms for FY 2023-24 – What You Should Know. Filing your Income Tax Return (ITR) for the financial year 2023-24 (assessment year 2024-25) is expected to be more intricate. The latest adjustments in the ITR forms, revealed on February 2, bring new requirements for taxpayers despite prior efforts by the Income Tax (I-T) department to simplify the process. Here’s a summary of the key changes you need to be aware of:

Significant Changes in India Income Tax Return Forms for FY 2023-24

1. Increased Scrutiny on Deductions

The Income Tax Department, utilizing artificial intelligence, has tightened regulations on tax deductions. Taxpayers are now required to provide additional details on various fronts, including political party donations, disabled dependents, and high-value life insurance policies. The aim is to prevent false claims and ensure the accuracy of deductions under Section 80GGC.

Also Read: Significant Changes in India Income Tax Return Forms for FY 2023-24

2. Political Party Donations under the Scanner

Donations to political parties under Section 80GGC now require a meticulous breakdown. Taxpayers must provide not only the contribution amount but also details such as the mode of payment and the transaction number linked to bank transfers. This granular scrutiny aims to thwart any attempts at inflating claims for tax deductions.

3. In-depth Reporting on Life Insurance Policies

Taxpayers receiving annual bonuses from life insurance policies face a new reporting requirement. The ITR forms now feature a dedicated column for declaring bonus payments received during the financial year. Additionally, individuals must disclose whether money received from high-premium life insurance policies is taxable, ushering in greater clarity on the taxation of life insurance proceeds.

4. Comprehensive ESOP Reporting

Also Read:
ITR Filing Income Tax Return Forms for FY 2023-24
7 Key Advantages of e-Filing Income Tax Returns in India
Significant Changes in India Income Tax Return Forms for FY 2023-24

Photo: LiveMint

5. Crypto Investments and Online Winnings Disclosure

The rising prominence of virtual assets and online earnings has prompted the tax department to seek detailed disclosures. Taxpayers must now provide quarter-wise breakdowns of their crypto investments under ITR-1, 2, and 4. Moreover, online game winnings are now explicitly addressed in Schedule OS, ensuring a thorough examination of income from online games.

6. Cash Turnover Disclosure in ITR-4

For businesses filing under ITR-4, a new column requires the disclosure of cash turnover or gross receipts. This aims to ensure transparency in financial transactions, with the turnover threshold for presumptive taxation under Section 44AD raised to INR 3 crores.

7. Companies Face Enhanced Reporting Requirements

ITR-6, tailored for companies, introduces several additional reporting requirements. These include the Legal Entity Identifier (LEI), MSME registration number, reasons for tax audits under Section 44AB, disclosure of winnings from online games taxable under Section 115BBJ, and details on virtual digital assets.

Also Read: Significant Changes in India Income Tax Return Forms for FY 2023-24

8. Emphasis on Timely Payments to MSMEs

Acknowledging the importance of timely payments to micro or small enterprises, ITR-6 now incorporates clauses requiring companies to report sums payable to such entities.

In order to the significant changes in India Income Tax Return Forms for FY 2023-24, As taxpayers gear up for the ITR filing season, the changes introduced by the CBDT demand meticulous attention.

Also Read:
ITR Filing Income Tax Return Forms for FY 2023-24
7 Key Advantages of e-Filing Income Tax Returns in India
Significant Changes in India Income Tax Return Forms for FY 2023-24

7 Key Advantages of e-Filing Income Tax Returns in India

TheNewsay Staff — Thu, 01 Feb 2024 10:54:00 +0000

7 Key Advantages of e-Filing Income Tax Returns in India: E-filing of Income Tax Returns was introduced in India in September 2004, aiming to provide government services through digital means. Initially voluntary, it has transformed the way individuals and businesses file their Income Tax Returns.

7 Key Advantages of e-Filing Income Tax Returns in India

1. Complete Transparency and Confidentiality on the e-Filing Portal

The e-filing portal ensures transparency and confidentiality. You can file your tax returns honestly, with only those with whom you share your e-filing user ID and password able to access your data.

Also Read: 7 Key Advantages of e-Filing Income Tax Returns in India

2. Safe and Secure e-Filing Process

The e-filing portal is built with the latest internet security technology, ensuring a safe user experience. There’s no fear of discrimination; all Indian citizens receive the same services.

3. Convenient DIY Filing from Home

You can file your Income Tax Returns from the comfort of your home using the straightforward and regularly updated e-filing portal. No need for a qualified accountant or standing in queues; the portal is accessible 24*7.

Photo: Twitter

4. Easy Correction of Errors on the e-Filing Portal

Correcting errors is a simple online process. You can edit your form multiple times before saving and submitting it. Digital forms eliminate the need to refill information in case of mistakes.

5. Organized Paper-Free Records and Access to the 26AS Form

E-filing eliminates physical paperwork, organizing your information by year. Access and maintain well-organized paper-free records, including the view of your 26AS Form.

Also Read: 7 Key Advantages of e-Filing Income Tax Returns in India

6. Faster Income Tax Refunds with Online Verification

The online verification process makes it easier for the Income Tax Department to verify your information, leading to faster processing of refunds. Receive SMS alerts and use the e-filing portal to track the status of your refund.

7. Immediate Confirmation and Online Query Status

Receive an immediate e-verification message upon filing your returns. No need for paper cheques; use e-payment modes. Receive an email confirmation upon completing the e-verification process. Submit and track the status of your queries using the e-Nivaran service on the Income Tax website.