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ITR will be rejected without verification, how to e-verify? It is necessary to have a solution for every tax confusion.

This is a very important job. But even in this, if you have filed ITR but did not verify it, then it can also be rejected.

Any taxpayer has to file Income Tax Return (ITR) every financial year. This is a very important job. But even in this, if you have filed ITR (Income Tax Return) but have not verified it, then it can also be rejected. Apart from this, it is important to show your income correctly in the return. If you are also facing such a situation, then you can understand from Tax Expert Sunil Garg and Kapil Mittal here.

ITR E-Verification

  • E-verification required after filing return
  • If ITR is not verified, then the agreement will be invalid.
  • Government has tightened the rules of e-verification (ITR e-verification)
  • After August 1, there will be a penalty for filing returns
  • 30 days to e-verify returns
  • Earlier the limit for e-verification was 120 days
  • Rules on those who file returns on or after August 1

Late return penalty

Late fee is levied on non-filing of Income Tax Return

Late fee will be levied under section 234F

May have to pay late fee up to ₹5000

Return (ITR) can be filed with a maximum penalty of ₹5000

Whose fine?

Income                                        Penalty

Above Rs 5 Lakh                          Rs 5000

Up to Rs 5 Lakh                           Rs 1000

Up to Rs 2.5 Lakh                             –

How to do ITR e-Verify

  1. Through Aadhar OTP
  2. e-filing account in net banking
  3. EVC through bank account number
  4. EVC through Demat Account Number
  5. EVC through Bank ATM
  6. By sending the signed copy of ITR-V of CPC, Bengaluru

New Tax Regime – Preparing for Change?

2021-22 assessment year-5.89 crore returns filed

Less than 5% taxpayers filed returns in the new tax regime

New tax slab came in the general budget of the year 2020

Not many big tax exemptions in the new tax regime

No standard deduction benefit with savings on principal, interest

Less inclination of taxpayers towards the new tax regime

New tax system – what not?

Standard Deduction – ₹50,000

HRA- ₹2 lakh

80C Deduction- ₹1.5 Lakh

80D(Medical Insurance)- ₹50,000

80EE(Housing Loan Interest) – ₹50,000

Income from agriculture

Agricultural income tax free as per section 10(1)

Income from agriculture is exempted by adding it to the rest of the income

Tax increases by adding agricultural income to the second income

E.g. Agriculture Income – ₹ 5 Lakh, Other Income ₹ 10 Lakh

Total income of ₹ 2.08 lakh will be taxed on total income

Whereas only Rs 1.17 lakh tax on other income of 10 lakh

Additional ₹ 90 thousand tax on addition of agricultural income

Which income is not agricultural income?

Home produce, not farm income

Growing vegetables at home will not be considered as agricultural income

If income from agriculture is more than 5 thousand, then Form 2 will have to be filled

It is necessary to give all the information of agricultural land in Form 2

If income from agriculture then keep proof of selling the crop

Crop sold in the market or outside, it is necessary to give information

How did I get money for selling the crop and also pay the cost of growing the crop?

Tax on sale of agricultural land

No capital gains tax on sale of land in rural area

If agricultural land is not in rural area then tax will be levied

It is necessary to keep in mind the distance for selling agricultural land

Agricultural land is 8 km away from Municipal Corporation then tax free

6 km distance from municipal corporation is valid in small town

Agricultural land-tax and compensation

Tax exemption on purchase of agricultural land in lieu of agricultural land

Exemption from capital gains tax under section 54(B)

No capital gains tax on government acquisition of agricultural land

No tax on compensation if the government acquires agricultural land

Question Answer

An investor from Bulandshahr

Buy and sell crops from farmers

Income on crops purchased from farmers will be considered as agricultural income?

Reply to investor

Income from crops purchased from farmers, not agricultural income

Income from crops purchased from farmers is income from business

Income from business to be taxed

An investor from noida

Near Noida airport, land is sold

10 acres of land sold to a builder

Builder is building hotel project on the land

Is the amount received on sale of land tax free?

Reply to investor

Land to private builder for hotel, so no tax exemption

Can buy agricultural land instead of agricultural land

By buying flat or house, 54(F) can be availed

An investor from kanpur

My father and elder sister passed away

Sister’s children can ask for share in my father’s property?

Reply to investor

After sister’s death, children can claim share in maternal grandfather’s property

Sister’s children can ask for their mother’s share

Mention of rules in Hindu Succession Act

After September 1, 2005, daughters are equally entitled to the property of the father.

An investor from Kolkata

Run social organization for poor children

Do the accounts of the organization have to be given to the IT department?

CBDT issued circular on 10 August 2022

It is necessary for every social organization to keep books of accounts for 10 years

An investor from New Delhi

Income in Form 16 is 22 lakhs instead of 14 lakhs

22 lakh income is showing in AIS also

14 lakh showing income in Form 26AS

There is a mismatch in Form 16 and AIS, how to file the return?

Reply to investor

Report the mismatch in Form 16 and AIS to your office

Fill ITR as per salary slip

Ask your office to give you the correct income in AIS

Now a penalty will have to be paid for late return filing.

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