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
- Through Aadhar OTP
- e-filing account in net banking
- EVC through bank account number
- EVC through Demat Account Number
- EVC through Bank ATM
- 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.
