Income Tax: Do not delay anymore in filing ITR for FY19, know what experts say

Income Tax: Do not delay anymore in filing ITR for FY19, know what experts say
On 29 July, the government had extended the deadline for filing income tax returns for the financial year 2018-19 once more, giving relief to the taxpayers. It is estimated that the deadline will not be extended any further. A nationwide lockdown was implemented in the country from 22 March 2020 in the wake of the Corona virus epidemic. This disrupted all activities. With the last date of the financial year 31 March also coming in lockdown period, the government had to go ahead with several deadlines, one of which is the deadline for filing income tax returns.

ITR Filing: Not Reporting High-Value Transactions May Get You An IT Notice

Taxpayers are required to report certain high-value transactions in their Income Tax Return (ITR), otherwise, they may be taxed.

Income tax department information

It is to be noted here that the IT department receives information on high-value transactions from various government agencies.

If you, as an individual, do not report the transaction to ITR, the IT department may send you a notice seeking clarification.

Here's How To Check ITR-V Receipts Status Online

While filing Income Tax Return (ITR) offline or online, it is essential to verify or verify your Income Tax Return.

A taxpayer can verify his income tax return using Digital Signature Certificate (DSC), Aadhaar OTP, EVC, and traditional bank.

Account statement and EVC using traditional Demat account details. Taxpayers who do not wish to e-verify their Income Tax Returns should submit:

ITR-V is signed 'Centralized Processing Centre, Income Tax Department'.

Note that the ITR must be confirmed within 120 days of filing. Hence, it is important that you use the physical method to verify your ITR.

To ensure timely arrival at Income Tax Office. Assuming it doesn't arrive at the office on schedule, for example. within 120 days of filing ITR, your

The return will not be verified and the return filing process will not be completed.

Under the Income Tax Act, an uncertified ITR will not be considered valid and will be processed by the department. In addition, if the income is

Your outstanding tax refund will be given only when you file a certified ITR and this is confirmed by the tax department.

Your ITR process. If you fail to verify your ITR within 120 days, it will be assumed that you have never filed your ITR. That's why Dr.

It is essential to guarantee that your ITR-V arrives at the Income Tax Department on schedule for ITR handling. Really take a look at ITR-V Receipt Status Online: Go to the authority site Presently you will be redirected to the presentation page.

Scroll down to the 'Our Services' section. Select 'Income Tax Return (ITR) Status' under this section.

A new page will appear on your screen.

You have to enter the ITR file identification number and the mobile number mentioned in the ITR filing.

Click on 'Continue' and you will get a Time Password on your registered mobile number.

Enter OTP and click on 'Submit' for verification

Now you can track your status and if Income Tax Department reviews and confirms it, it will show 'ITR Verified' in the status.

If the ITR-V has not been checked by the assessment office, the status will be shown as 'Forthcoming Verification.

You will also receive a confirmation email or SMS after the ITR-V is verified by the Income Tax Department.

One time ITR. As soon as the approval is received, the department will take action and issue a notification under section 143(1).

Once the ITR is effectively certified

Want to save money? Here are 7 investment schemes for tax saving

In every new year, as human beings, we want to set goals for ourselves

And make plans to do more by crossing our sides every year. However, many are planning to read, Most books set routines, while others prioritize financial planning for a better future.

By the end of 2021, we have only three months left to file our income tax return. However, you need to be prepared, keep your investments in line for that and for tax savings.

Tax deductions can be avoided by investing in a number of government-funded projects. NSC in Government Small Savings Scheme Sukanya Samriddhi Yojana (SSY), PPF, NPS.

Here are a few hints to assist you with saving expenses: Public Provident Fund (PPF)- PPF plot is viewed as the best government plan to save annual assessment. You can invest up to Rs 1.5 lakh PPF The government guarantees investment in PPF every year, that is, the money will not sink. The current government is 7.10. payment

Percentage of interest per annum in PPF. It provides income tax relief on investment under section 80C. Public Pension System (NPS) - NPS is an administration retirement investment funds plot. In addition to section 80C of the Income Tax Act, Lakhs of people will get a tax benefit of Rs 50,000. You can get a total income tax deduction of Rs 2 lakh by investing in NPS. You can do this Start investing 1,000. Any Indian citizen between the age of 18 to 65 years can open an account under this scheme.

Sukanya Samriddhi Yojana (SSY) - You can save charge by opening a record in Sukanya Samriddhi Yojana (SSY) for the sake of your girl less than 10 years. This is a small savings project launched by the Modi government. income tax can be waived

Take advantage of this scheme by depositing a maximum of Rs 1.5 lakh per year. At present, the government is giving 7.8 percent interest on this per annum.

Plan

- Senior Citizens Savings Scheme (SCSS) - SCSS is a good savings scheme for senior citizens. This investment account can be opened in a bank or mailing station

Deposits in this office account may be subject to income tax deduction u/s 80C. The maximum investment that can be made in this is Rs 1.5 lakh.

At present, the interest rate is 7.4 percent per annum.

Life Insurance - 

Tax saving is available only for investing in Unit Linked Insurance Plans (ULIPs). You will not get a tax deduction.

The premium for ULIPs is more than Rs 2.5 lakh. Under the current income tax laws, life insurance policies are exempt from maturity

From tax under section 10(10D). The blend of protection and interest in ULIPs accompanies a lock-in time of 5 years.

- Tax Saving FD - 

You can save income tax by investing in tax-saving fixed deposits. Investment in tax saving FD is closed for 5 years. Equity Linked Savings Scheme (ELSS) - Equity Linked Savings Scheme (ELSS) is a type of equity fund and is the only tax-paying mutual fund.

Exception up to Rs 1.5 lakh under segment 80C of the Income Tax Act. In ELSS Rs. Refund/Profit up to Rs.1 lakh is not taxable. ELSS

Received Notice From Income Tax Department?

If a person does a high-value cash transaction, he is likely to get a notice from the Income Tax Department. 

Banks, mutual fund houses, brokers, and property registrars are involved in various cash transactions. Always inform the Income Tax Department if the value of high-value transactions exceeds a certain limit.

The Income Tax Department has tied up with several government agencies to obtain financial records of individuals who conduct high-value transactions but do not file tax returns. 

Amit Gupta, MD, SAG Infotech, shares some examples of transactions that may or may not get a notice from the Income Tax Department.

Deposit in Bank FD

“Cash deposits in bank FDs should not exceed Rs 10 lakh. Bank depositors are advised to deposit cash in bank FD accounts as it should not exceed Rs 10 lakh. 

Central Board of Direct Taxes (CBD) t declared Individual deposits do not exceed the prescribed limit for one or more permanent deposits,” said Amit Gupta.

Deposit in a savings bank account

Also, Amit Gupta said, "The limit for depositing cash in a bank account is INR 10 lakh. If a savings account holder deposits more than Rs 10 lakh in a financial year, the income tax department should issue an income tax notice. 

Cash Deposits and withdrawals should be reported to the tax authorities. In a current account, the limit is Rs 50 lakh.

Pay credit card bill

According to the CBDT, cash payment of Rs 1 lakh or more should be reported in the credit card bill. 

In addition, it is necessary to pay credit card bills of Rs 10 lakh or more in a financial year. The tax department will be informed. However, the most important concern is income tax on credit card transactions. 

You need to check that your credit card spending doesn't exceed the limit, as tax authorities monitor credit card transactions. The credit card details are linked to your PAN card so that the government can easily monitor it online. 

You must disclose any major transactions while filing ITR. If you are using a credit card in any high-value transaction, you should fill up a form to avoid receiving income tax notices while filing your ITR. Be sure to disclose in 26AS," he advised.

Buy or sell real estate

The Registrar of Property is required to report to the tax authorities any investment or sale of immovable property of Rs 30 lakh or more. Rupee. Selling an asset worth more than Rs.

Cash transactions relating to shares, mutual funds, debentures, and bonds

"Some people who invest in mutual funds, stocks, bonds or debentures should ensure that their cash transactions in these investments exceed one million," Gupta said. 

The IT department has released the annual data return on financial transactions. (AIR) statement. 

Find high-value taxpayer deals. The tax authorities will collect the details of transactions of unusually high value on this basis in a particular financial year. 

An expense or transaction is considered high value if it is listed as a transaction. Price, see the radio section of your Form 26AS. Part E of Form 26AS adds details of high-value financial transactions.