Income Tax

An Income Tax Return (ITR) is a form that enables a taxpayer to declare his income, expenses, tax deductions, investments, taxes, etc. The Income-tax Act, 1961 makes it mandatory for a taxpayer to file an income tax return under various scenarios. However, there may be various other reasons to file an income tax return even in the absence of requisite income, like carrying forward losses, claiming an income tax refund, for availing the VISA, loan from banking institutions, term Insurance, etc. E-filing refers to the process of filing an Income Tax Return (ITR) online, using the Internet. By accessing the new income tax portal using PAN-based login credentials, individuals can take advantage of a range of features that simplify the tax filing process.  Details Required for Registration on Income Tax Portal The following are the key information required for registration on the Income Tax website: PAN and Aadhaar Bank Statements Form 16 Donation receipts Stock trading statements from the broker platform Insurance policy paid receipts related to life and health Bank account information linked to PAN Aadhaar registered mobile number for e-verifying the return Interest certificates from banks Current Address Eligibility ndividuals, below the age of 60, earning a gross annual income more than INR 2.5 Lakhs. Individuals, above the age of 60, earning a gross annual income more than INR 5 Lakhs. Individuals who earn an income other than salary such as house property, etc. Individuals who want to claim an income tax refund. Individuals who wish to apply for a visa or any loan applications. A company or a firm, irrespective of their profits or losses. Individuals who earn from or have invested in any foreign assets. Registration Process on the Income Tax Department Website Step 1: Login Visit the official Income Tax e-filing website and click on ‘Login’.  Enter your PAN in the User ID section.  Click on ‘Continue’.  Check the security message in the tickbox. Enter your password ‘Continue’ Step 2: Go To ‘File Income Tax Return’ Click on the ‘e-File‘ tab > ‘Income Tax Returns‘ > ‘File Income Tax Return’ Step 3: Select The Right ‘Assessment Year’ Select ‘Assessment Year’ as ‘AY 2024-25’ if you file for FY 2023-24. Similarly, select ‘AY 2023-24’ if you are filing for FY 2022-23 and use the mode of filing as ‘Online’. Select the filing type correctly as original return or revised return. Step 4: Select The Status Select your applicable filing status: Individual, HUF, or Others. For filing of persons like you and me, select ‘Individual’ and ‘Continue’. Step 5: Select ITR Type Now, select ITR type. The taxpayer must first ascertain which ITR form they must fill out before filing returns. There are a total of 7 ITR forms available, of which ITR 1 to 4 is applicable for Individuals and HUFs. For example, individuals and HUFs without income from business or profession but with capital gains can use ITR 2 Step 6: Choose The Reason For Filing ITR In the following step, you will be prompted to specify the reason for filing your returns. Select the appropriate option that is applicable to your situation: Taxable income is more than the basic exemption limit Meets specific criteria and is mandatorily required to file ITR Others Step 7: Validate Pre-filled Information Most of the details, such as your PAN, Aadhaar, Name, Date of birth, contact information, and bank details will be pre-filled. Validate these details carefully before you proceed further. Also, provide your bank account information. If you have already provided these details, ensure they are pre-validated.As you proceed step by step, ensure to disclose all relevant income, exemptions, and deduction details. Most of your information will be pre-filled based on the data provided by your employer, bank, etc. Review the information carefully to ensure it is correct. Confirm the summary of your returns, validate the details and make the payment of balance taxes, if any. Step 8: E-Verify ITR The last and crucial step is to verify your return within the time limit (30 days). Failing to verify your return is equivalent to not filing it at all. You have the option to e-verify your return using different methods such as Aadhaar OTP, electronic verification code (EVC), Net Banking, or by sending a physical copy of ITR-V to CPC, Bengaluru FAQs What is income tax? Income tax is a direct tax on your income. It means a portion of your income is paid to the government. The government employs this amount for expenditures related to health, education, providing subsidies to agriculture, infrastructure etc. It is paid by an individual/HUF/any taxpayer depending on income levels or gains in a financial year. A company has to pay income tax irrespective of the level of income. The government passes laws prescribing the rate of taxation on your income from time to time. How are taxes paid to the government? You have to pay your taxes before filing your tax return. If you are a salaried individual, then most of your tax liability is deducted from your salary by your employer in the form of TDS and paid to the government on your behalf. If you are liable to pay advance tax, then you have to pay 90% of it before the 31st of March every financial year. You can file your ITR once the financial year ends.The window to file ITR is generally open till the 31st of July of the relevant assessment year. However, the due date to file ITR may get extended, and the IT department will notify the same through notifications. It is always advisable to file your ITR within the due date. It’s worthwhile noting that you attract a late filing fee of Rs.5,000 on failing to file ITR within the due date of the assessment year. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration

In India, income tax is calculated using income tax slabs and rates for the applicable financial year (FY) and assessment year (AY). For this year, the financial year will be 2024-25, and the assessment year will be 2025-26. Note – As per the Budget, the New Tax Regime will be considered as the default tax regime if the taxpayer has not opted for any. But taxpayers can choose either the new tax regime or the old tax regime. What is the Income Tax Slab? Income Tax in India follows a tax slab system. Here, taxpayers’ income is categorised as ranges or slabs and certain tax rates are assigned to them. This is a progressive system of taxation where people earning more income are taxed at higher income tax slabs in proportion to their higher income. By introducing income tax slabs in India, the Government of India aims to achieve a fair taxation system for all citizens. With this aim, the government revises the tax slabs periodically and announces amendments to the Union Budget accordingly. Now that you know what income tax slabs are, let’s take you through the different slabs under the old and new tax regimes for a better understanding. For several years, many people purchased life insurance simply as a tax-saving method. The truth is, life insurance plays a crucial role in every sound financial plan. Before we create financial plans for the upcoming financial year, let’s better understand the new rules and regulations. In February 2023, the finance minister outlined the budget for the upcoming year, which included a few changes to the new tax regime. The finance minister reduced the number of tax slabs and extended the standard deduction to the salaried class and pensioners as well. Income Tax Slabs Under New Tax Regime for FY 2023-24, FY 2024-25   Tax Slab Rates Up to Rs. 3,00,000 NIL Rs. 300,001 to Rs. 6,00,000 5% (Tax Rebate u/s 87A) Rs. 6,00,001 to Rs. 900,000 10% (Tax Rebate u/s 87A up to Rs 7 lakh) Rs. 9,00,001 to Rs. 12,00,000 15% Rs. 12,00,001 to Rs. 1500,000 20% Above Rs. 15,00,000 30% Changes Announced in the New Tax Regime in Budget 2023 Listed below are the changes announced in the new tax regime income tax slabs in Budget 2023 for the financial year 2023-24: The new income tax regime will be the default tax regime. This means that unless and until an individual explicitly chooses the old tax regime, the person’s income will be taxed as per the new tax regime’s slabs. The basic exemption limit was hiked to Rs 3 lakh from Rs 2.5 lakh in the new tax regime slabs. A standard deduction of Rs 50,000 was introduced under the new regime for salaried and individuals who get pensions. Under the new regime, family pensioners can also claim a standard deduction of Rs 15,000 The highest surcharge rate of 37% reduced to 25% in the new regime Rebate under Section 87A increased to taxable income of Rs 7 lakh (tax rebate of 25,000) from 5 lakh (tax rebate of Rs 12,500) Income Tax Slabs Under Old Tax Regime Here are the income tax slabs under the old tax regime of the Income Tax Act, 1961- Old Tax Regime Slabs Individuals (Age < 60 years) Resident Senior Citizens (More than 60 but less than 80 years) Resident Super Senior Citizens (80 years and above) Upto Rs 2,50,000 Nil Nil Nil Rs 2,50,001 to Rs 3,00,000 5% Nil Nil Rs 3,00,001 to Rs Rs 5,00,000 5% 5% Nil Rs 5,00,001 to Rs 10,00,000 20% 20% 20% Above Rs 10,00,000 30% 30% 30% Tax Slabs for Domestic Companies The income tax slabs for domestic companies are as follows- Particulars Existing or Old Regime Tax Rates New Regime Tax Rates Company opts for section 115BAB (not covered in section 115BA and 115BAA) & is registered on/after October 1, 2019 and has started manufacturing on/before 31st March 2023 – 15% Company opts for Section 115BAA , where the total income of a company has been calculated without claiming specified deductions, exemptions, incentives, and additional depreciation – 22% Company opts for section 115BA registered on/after March 1, 2016, and is in the manufacture of any article or thing and does not claim a deduction as specified in the section – 25% Turnover/gross receipt of the company is less than Rs. 400 crores in the previous year 25% 25% Other Domestic Company 30% 30% Surcharge applicable for companies- 7% of Income tax where total income is more than Rs 1 crore 12% of Income tax where total income is more than Rs.10 crores 10% of income tax where domestic company opted Section 115BAA and 115BAB Additional Health & Education Cess Rate – 4% Income Tax Rate for Partnership Firm or LLP as Per Old/New Regime A partnership firm or an LLP is taxable at 30% Note – A Surcharge of 12% is levied on incomes above Rs 1 crore. Health and Education Cess Rate – 4 % Comparison of Income Tax Slabs under New Regime – Before and After the Budget The HUF and Individual tax slab applicable are- Slab New Tax Regime (Before Budget 2023 – until 31 March 2023) New Tax Regime (After Budget 2023 – From 01 April 2023) Rs. 0 to Rs. 2,50,000 NIL NIL Rs. 2,50,000 to Rs. 3,00,000 5% NIL Rs. 3,00,000 to Rs. 5,00,000 5% 5% Rs. 5,00,000 to Rs. 6,00,000 10% 5% Rs. 6,00,000 to Rs. 7,50,000 10% 10% Rs. 7,50,000 to Rs. 9,00,000 15% 10% Rs. 9,00,000 to Rs. 10,00,000 15% 15% Rs. 10,00,000 to Rs. 12,00,000 20% 15% Rs. 12,00,000 to Rs. 12,50,000 20% 20% Rs. 12,50,000 to Rs. 15,00,000 25% 20% More than Rs. 15,00,000 30% 30% Tax Slab Rate for FY 2024-25 (AY 2025-26), New Tax Regime – Why an Option to Choose is Given? Under the new regime of taxation, the taxpayers can avail of an option to opt for one of the following- To pay tax at lower rates according to the New regime of taxation on the condition that

House Rent Allowance or HRA forms a salary component of most of the salaried individuals. For those living in rented accommodation it can help them save tax. Are you wondering how you can save tax through HRA deduction?  House rent allowance (HRA) is one of the important components of your salary. All employers have to provide HRA as compensation for house rental expenses. However, most of us are not aware of the fact that we can also save tax on it. The HRA amount is decided based on factors like the employee’s salary structure, actual salary and the city in which he/she is residing.  What is HRA The full form of HRA is House Rent Allowance, which often forms a key taxable component of a salary slip. It refers to the amount paid by an employer to his/her employee to meet the cost of living in a rented accommodation.  HRA not only helps you manage the expenses incurred on a rented house, but also helps you save on your total tax outgo. Let us understand the eligibility criteria to claim HRA deduction and its calculation in the following sections.  Who Can Claim Tax Deduction on HRA – Eligibility Criteria A part of HRA can be claimed as a tax deduction according to Section 10(13A) of the Income Tax Act, if the following eligibility criteria are met:  You should be a salaried individual. You should receive HRA as a salary component.  You should live in a rented house. You should be actually paying house rent, i.e., the rent receipts should be issued in your name. How is House Rent Allowance (HRA) Calculated The amount of tax deduction that can be claimed over HRA is the least of the following: Actual rent paid minus 10% of the basic salary, or Actual HRA offered by the employer, or 50% of salary when residential house is situated in Mumbai, Delhi, Chennai or Kolkata; 40% of salary when residential house is situated elsewhere NOTE: Salary refers to the sum of basic salary, dearness allowance (DA) and any other commissions, if applicable for the purpose of HRA calculation.  For Example: Mr. A, who lives in a rented house, works as a salaried employee in Delhi. He pays a monthly rent of Rs. 12,000 and receives a monthly HRA of Rs. 15,000. Now, let us understand how much tax deduction he can claim on the basis of this allowance.  The following table shows the salary structure for Mr. A. Salary Component Amount (Rs.) Basic 23,000 HRA 15,000 Conveyance 3,000 Medical Allowance 1,250 Special Allowance 2,300 Total 44,550  The amount of tax deduction that can be claimed will be the least of the following: (Actual rent paid) – (10% of the basic salary) = Rs. 12,000 – (10% of Rs. 23,000) = Rs. 9,700; or Actual HRA offered by the employer = Rs. 15,000; or 50% of the basic salary = 50% of Rs. 23,000 = Rs. 11,500. The least of the above three is the actual amount paid as rent minus 10% of the basic salary. Hence, Mr. A will get an HRA exemption of Rs 9,700 on his total taxable income. Section 80GG – How to Save Tax If You Don’t Receive HRA The maximum amount of deduction that can be claimed under Section 80GG of the Income Tax Act corresponds to the least of the following: Rs. 5,000 per month (Rs. 60,000 per year); or 25% of your gross total income; or (Actual rent paid) – 10% of total income Criteria for Calculation of HRA the House Rent Allowance is decided based on the salary. However, some other factors also affect HRA, such as the city in which the employee resides. In case the individual lives in a metro city, then he is entitled to a House rent allowance equal to 50% of the salary. For cities other than a metro, the entitlement is 40% of the salary. The salary is specified as the sum of the basic salary, dearness allowances and any other commissions to calculate the House Rent Allowance, In case an employee does not receive a commission or a dearness allowance, then the house rent allowance will be around 40% – 50% of his/her basic salary. Note: The tax benefit is available to the person only for the period in which the rented house is occupied. HRA for Central Government Employees For the Central Government employees, the minimum and maximum house rent allowance in different cities were recently modified in 2017 as per the recommendations of the Seventh Pay Commission. For the HRA calculation purpose, cities have been divided into three parts such as X, Y and Z. City  Category Population    HRA Calculation (as a percentage of salary) Minimum HRA (in Rs) X Above 50 lakh 30% Rs.5400 Y 5 lakh to 50 lakh 20% Rs.3600 Z Below 5 lakh 10% Rs.1800 The case, as mentioned above, is when the Dearness Allowance crosses 100% of the salary. In case it crosses 50%, the HRA percentage will be 27%, 18% and 9% for X, Y and Z cities, respectively.    HRA Claim Rules The allotted HRA cannot exceed more than 50% of the basic salary. As a salaried employee, the person cannot claim for the full rental amount he/she is paying. The exemption will be based on the least of the below-mentioned options: 50% of salary, when the residential house is situated at Mumbai, Kolkata, Delhi or Chennai and 40% of salary where residential house is situated at any other place. HRA received by the employee in respect of the period during which the employee and rent occupy rental accommodation is incurred by the employee during the previous year. Rent paid in excess of 10% of salary. The employee can also avail tax benefits of HRA along with a home loan. In case a person stays with his parents, he is eligible to pay rent to his parents and collect a receipt for the HRA claim. However, similar rules don’t allow him to pay rent t his spouse and claim

Receiving an intimation or a notice from the income tax department usually makes anyone worried. But, every time you get an intimation from the income tax department, it does not mean that you need to worry about it. Intimation serves to signify the result of processing your return or the conclusion of the assessment, and in many cases, it may not necessitate immediate action on your part (though exceptions do exist). On the other hand, receiving a notice demands your attention and requires action. It serves as a directive or communication necessitating a response or action from you. The Income Tax Department issues an income tax notice for a number of reasons under a number of provisions. This year, the income tax department has sent more than 22000 notices for multiple reasons such as filing errors, mismatched income, underreporting, etc. The income tax notice is issued by the tax department under sections 143(1), 142(1), 139(1), 143(2), u/s 156, Section 245, and Section 148. Types of Income Tax Notice Section 143(1) Intimation of the return When an ITR is filed, the Income Tax Department processes it electronically and notifies the assesses in three instances: Tax liability to be paid; Refund to be determined; There is no demand or return, but the amount of loss may increase or decrease. What to do if you receive a notice u/s 143(1) If there is no difference in the returns, no action is necessary. If a refund is required, it will be transferred to the specified bank account when the return is processed. Request a new refund if necessary. Tax debt must be settled within 30 days if it exists. Section 139(9) Defective Income Tax Return The department will issue a notice under Section 139(9) to ratify the error if it discovers any defects, inaccuracies, or missing information in the return filed. What to do if you receive a notice u/s 139(9) If your return is determined to be defective, under 15 days of receiving the notice, you must update your return to fix the issues the Income Tax Department has identified. If you cannot make the necessary changes to your ITR within 15 days, you can ask for an extension by writing to your local AO. Section 142(1) Inquiry Notice before Assessment When a return is filed and during the assessment period, the assessing officer is of the opinion that additional details and documents should be requested. The assessing officer may then do so, and the assesse is required to provide it. What to do if you receive a notice u/s 142(1) The assessee must provide the necessary documents under inquiry as soon as they receive the notice from the IT department. The taxpayer is given a justifiable chance to respond to any material that has been requested. Section 143(2) Scrutiny Notice In the event that the AO believes that there is a need to conduct scrutiny after receiving the document in accordance with the notification sent under section 142 (1), the AO may issue the notice under section 143. (2). The AO seeks to ensure that the assessors have not committed any of the following offences: Understated their income; Claimed excessive loss; Paid lesser taxes. What to do if you receive a notice u/s 143(2) Provide supporting documentation for your claims, such as records of your income and expenses, together with your online response to the notice issued under Section 143(2). The AO will issue an assessment order after reviewing all the evidence, stating the total amount of tax due or refund due to the assessee based on the supplied proof. Section 156 Notice of Demand The AO must give the assesses a notice of demand that includes the amount payable when any interest, tax, penalty, fine, or other sum is due in relation to a decision that has been made. What to do if you receive a notice u/s 156 This notification outlines the payment amount that will be due in the event that the assessing officer issues a demand for tax, interest, a penalty, a fine, or any other amount in according to the 1961 Income Tax Act. Within 30 days after receiving the notification, the assessee must pay the amount stipulated in the notice. Section 245 Notice of Intimation The term “inter-adjusted” refers to transactions in which the assesses must claim a refund after paying an amount to the government. It’s an intimation to the assesses. What to do if you receive a notice u/s 245 Check all the information in the Intimation u/s 245 as soon as you receive it, along with the deadline (usually 30 days), because if you don’t act, the outstanding demand as of that date will be taken into account for adjustment against your return. What are the Reasons for Receiving a Notice? If you fail to file your Income Tax Return by the due date If there are any discrepancies in the income reported by you and your employers, banks, etc. In case of errors, omissions, or inconsistencies in your income tax return, such as missing income sources, deductions, or credits. If the Income Tax Department suspects any underreporting of income to evade taxes. If you fail to pay the full amount of taxes owed based on your income and deductions. If there are any discrepancies in the TDS or TCS details reported by you and the details available with the tax department. If you have done any high-value financial transactions, like large cash deposits, property purchases, or foreign remittances, which are subject to scrutiny. If the tax department decides to assess or reassess your income under Section 143(2) or Section 148. What to do After Receiving a Notice? Read it carefully to determine the reason why it was sent. Check if it has the correct name, PAN number, and address to ensure that the notice has been sent to you. Determine if there is any mismatch in the income tax return, which has resulted in a notice. Respond to the notice within the specified time. Don’t forget to provide adequate information

The Income Tax Act of 1961 plays a crucial role in governing taxation in India. To ensure tax compliance and deter tax evasion, the Act includes a comprehensive set of penalties and prosecutions for various defaults and offenses. As taxpayers, it is essential to understand these penalties and their implications to maintain transparency and contribute to the nation’s growth.  the penalties applicable during the assessment year 2024-25, exploring different sections of the Act and the consequences of non-compliance.A timely and consistent paying of taxes and filing of returns ensures the government has money for public welfare at any point of time. To make sure that taxpayers do not default in paying taxes or disclosing the information, there are several penalties prescribed under the Act. A penalty or a punishment is imposed on the taxpayers for being non-compliant. Listed below is a summary of some of the important and most common penalties. INCOME TAX PENALTIES [AY 2024-25] Offence Under Income Tax Section 158BFA with Penalty Offence: For the blocked time the computation of the income that is not disclosed, while below section 132 any search is executed or in context to any books of account/any other credentials or the kind of asset can be seized beneath section 132A, towards the case of any individual.  Penalty: For the case of 100% of the tax shall be the min penalty that is to be levied with respect to the unspecified income that is to be increased to the highest of 300% of the tax that is subjected to imposed towards to the unspecified income.  Offence with Penalty Under Income Tax Section 221(1) Offence: If the taxpayer builds with any default in executing tax payment. Penalty: The assessing officer shall point the amount of penalty. However, the amount of the penalty does not exceed the arrears of the payment.  Offence Under Income Tax Section 234E with Penalty Offence: An assessee failed to file the return regards to TDS/TCS within the time specified under Section 200(3) and 206C (3). Penalty: The penalty beneath this section shall be Rs 200 towards every day of default. Offence with Penalty Under Income Tax Section 234F Offence: The taxpayer has made default in furnishing the return that comes beneath section 139(1) in the said limit. Penalty: If the taxpayer furnished the return prior to the date 31st Dec towards the related assessment year then Rs 5000 shall be the penalty imposed on him while in other cases it shall be Rs 10,000. But if the income of the taxpayer is below Rs 5 lakh then he needs to file the penalty of an amount less than Rs 1000. Offence and Penalty Under Section 207A Offence: Under the act, there can be 2 cases i.e if the taxpayer has built an under-report of his income and the other is the taxpayer has addressed an under-report for misreporting of income. Penalty: Towards the 1st case if the penalty will be 50% of the amount of the subjected tax that is based on the under-reported income. In the other case, 200% shall be the penalty of the amount of the subjected tax that is on the grounds of under-reported income.  Offence Under Section 271(1)(b) with Applicable Penalty Offence: When the return does not get furnished by the taxpayer to provide an answer on the notice then he will get punished beneath the same section. But this section is subjected to the AY 2016-17. Penalty: The penalty that comes beneath this section is Rs 10000 for every mistime. Read Also: Easy Guide to TDS Provisions Under Income Tax Act 1961 Offence Under Income Tax Section 271(1)(c) with Penalty Offence: Hide the income or advantages or he files the improper particulars of his income or advantages. But this section is subjected up to the assessment year 2016-2017.  Penalty: The minimum penalty beneath this section is 100% of these taxes and is avoided and the highest of it can be 300% upon these tax i.e avoided. Offence Under Income Tax Section 271(1)(4) with Applicable Penalty Offence: Income is given through the firm that is enrolled but it is not as per the title of the partnership and due to that the partner returns their income that is less than the real amount. But the same section is liable up to the assessment year 2016-2017. Penalty: Beneath the section, the penalty is highest of 150% of the tax that is evaded.  Income Tax Section 271A Offence: Failure to retain or control the documents or books of accounts required beneath section 44AA. Penalty: This shall influence the penalty of Rs 25,000. Income Tax Section 271AA (2) Offence: Folds to provide the details or any documents to the authorisation that is required beneath section 92D (4). Penalty: It points towards the penalty of Rs 5,00, 000. INCOME TAX OFFENCES AND PROSECUTIONS [AY 2024-25] Sections Offences Penalties 158BFA Calculation of concealed income for the block period when a search is commenced under section 132 or for any books of account or any other document or any asset can be seized under section 132A in the case of any individual. The minimum penalty in the preceding scenario will be 100 percent of the tax leviable on the unreported income, which can be enhanced to a maximum of 300 percent of the tax leviable on the undisclosed income. 221(1) If the assessee has undertaken some mistake on his or her tax payments. The assessing officer will determine the amount of the punishment. However, the penalty cannot be greater than the arrears of payment. 234E An assessee failed to file the TDS/TCS return within the time frames stipulated in Sections 200(3) and 206C. (3). The penalty under this provision shall be Rs 200 each day of noncompliance. 234F An assessee failed to file the return required by section 139(1) within the time period specified. If the assessee files the return before December 31st of the relevant assessment year, the penalty is Rs 5,000. In all other cases, the fee will be Rs 10,000. However, if the assessee’s income is less than Rs 5 lakhs, the penalty should not exceed Rs 1,000. 270A In this

Form 26AS is an annual statement that includes all the details about the tax deducted at source (TDS), information regarding the tax collected by your collectors. The advance tax you have paid, self-assessment tax payments, information regarding the refund you have received over a financial year, regular assessment tax that you have deposited, and information regarding high-value transactions regarding mutual funds, shares, etc., are concerned. Tax Credit Statement or Form 26AS is an important document for tax filing. Gone are the days when one has to download Form 26AS to file IT returns manually. The scope of the statement has now been expanded to include details of foreign remittances, mutual funds purchases, dividends, refund details, etc.  Form 26AS gives a consolidated record of every tax-related information associated with your PAN (Permanent Account Number). It can be viewed and downloaded easily from the TRACES website. It is useful to verify the contents of the TDS certificate and ensure that the TDS deducted from your income is actually deposited with the income tax department. Information Available on Form 26AS Tax deducted on your income by all the tax deductors Details of tax collected source by all the tax collectors *Advance tax paid by the taxpayer *Self-assessment tax payments *Regular assessment tax deposited by the taxpayers (PAN holders) *Details of income tax refund received by you during the financial year *Details of the high-value transactions regarding shares, mutual funds, etc. Details of tax deducted on sale of immovable property Details of TDS defaults (after processing TDS return) made during the year Turnover details reported in GSTR-3B What are the New Form 26AS Additions? Foreign remittance information reported in Form 15CC Information from Annexure-II of the last quarter’s Form 24Q related to TDS on salary Information from other taxpayers’ ITRs. Interest on a refund of income tax. Information on Form 61/61A that could be used to populate the PAN. Depository/Registrar and Transfer Agent report off-market transactions. The Registrar and Transfer Agent report information on mutual fund dividends. The Registrar and Transfer Agent report mutual fund purchases (RTA) information. Structure and Parts of Form 26AS PART-I Details of Tax Deducted at Source TDS on salary, business, profession, interest income etc., shall be reported here PART-II Details of Tax Deducted at Source for 15G/15H TDS on which no TDS is made because of Form 15G/15H due to income being less than the basic exemption limit. Mainly applicable for senior citizen taxpayers PART-III Details of Transactions under Proviso to section 194B/First Proviso to sub-section (1) of section 194R/ Proviso to sub-section(1) of section 194S TDS made on payment made in kind (car in a lottery, foreign trips for meeting sales targets etc.) PART-IV Details of Tax Deducted at Source u/s 194IA/ 194IB / 194M/ 194S (For Seller/Landlord of Property/Contractors or Professionals/ Seller of Virtual Digital Asset) TDS made on sale of house property/rent payment in excess of Rs. 50,000 per month, payment to a contractor/professional services in excess of Rs.50 lakhs/sale of virtual digital asset (cryptocurrency) PART-V Details of Transactions under Proviso to sub-section(1) of section 194S as per Form-26QE (For Seller of Virtual Digital Asset) PART-VI Details of Tax Collected at Source TCS made under various sections of 206C PART-VII Details of Paid Refund (For which source is CPC TDS. For other details refer AIS at E-filing portal) PART-VIII Details of Tax Deducted at Source u/s 194IA/ 194IB /194M/194S (For Buyer/Tenant of Property /Person making payment to contractors or Professionals / Buyer of Virtual Digital Asset) These details consist of the TDS made by you in relation to the purchase of house property/rent payment in excess of Rs. 50,000 per month, payment to a contractor/professional services in excess of Rs.50 lakhs/purchase of virtual digital asset (cryptocurrency). This is just for information purposes.  How to Use Form 26AS for Tax Planning and Compliance Regular Review: Check your Form 26AS regularly to ensure it aligns with your income sources and deductions. Resolve Discrepancies: If you find any mismatches, promptly contact the deductor or Income Tax Department for rectification. This helps prevent potential tax notices or penalties. Accurate Reporting: Accurately declare all income reflected in your Form 26AS while filing your income tax returns to claim correct tax credits and avoid additional tax liabilities. Reconcile Deductions: Verify that eligible deductions (e.g., donations, investments under Section 80C to 80U) are correctly reflected in your Form 26AS. If not, contact the relevant entities for updates. Track Refunds/Demands: Use your Form 26AS to monitor the status of tax refunds or demands, including assessment year, amount, and payment mode How Can I View and Download Form 26AS? Before filing your income tax return it is advisable always to view 26 AS to check the amount of tax deposited in your account with the income tax department.Form 26AS can be viewed and downloaded in three ways:- 1). By login into your income tax filing account on the Income Tax department’s e-filing website https://www.incometax.gov.in/iec/foportal/ 2). Through your net banking account if your PAN is linked to your bank account. 3) View tax credit from the traces site How to Download Form 26AS from TRACES Online Step 1: a) Go to the e-filing website “https://www.incometax.gov.in/iec/foportal/” b) On the top-right side, you will find the “Login option. Click on it. Step 2: a) Enter the required details like your PAN Number, Password, b) Click on Continue Step 3: a) Once you log in to your account. Take the cursor to the e-file tab. b) Click on “Income Tax Returns”, and you will get a drop-down list. c) From the menu, select “View Form 26AS d) Click on “Confirm.” This will take you to the Traces website. Step 4: Now you are at Traces’ Website. Select the checkbox & click on the “Proceed” button. Step 5: Click on “View Tax Credit (Form 26AS)” to view your Form 26AS. Step 6: Select “Assessment Year” and “View As” from the drop-down list. If you want to see your 26AS Form online, you can view it by clicking on the “View/Download” button. If you want to download a PDF file, click “View/ Download” and then “Export as PDF”. Step 7: Your Form

 Being a taxpayer, you can file Income Tax Return (ITR), access previous year ITRs, e-verify ITR, know the current status of tax refund claim etc. online on the Income tax website? However, to perform these tasks, you first need to be registered on the IT department’s e-filing website. Details Required for Registration on Income Tax Portal The following are the key information required for registration on the Income Tax website: PAN Card Mobile Number Email Address Current Address Bank Details How to register on the Income Tax Department online portal? First visit the Income Tax Department’s e-filing portal. Click on the ‘Register Yourself’ option displayed in the right-hand side of the home page. Now Select User Type as applicable from the given options. Enter the key details such as PAN, Name, Residential Status and Date of Birth. Now you need to provide login details such as password for signing into the efiling website, contact and address details. Click on ‘Submit’ option after providing the required details. A 6 digit One Time Password (OTP) will be sent to your registered mobile number and to your email id. Please verify your mobile number and email id by entering the OTPs in respective columns. In case of a non-resident individual, OTP will only be sent to the email id. Once you have provided the correct OTP, the online registration for ITR filing is completed.    Income Tax E-filing Login Portal Once registered on Income tax online portal, you can directly login to your account by visiting the e-filing portal. Click on ‘Login Here’ option shown in a right-hand the website’s homepage. You will be directed to the login page. Please enter the login credentials. The PAN number provided at the time of registering online for ITR filing will act as your User ID. FAQs What is the user ID of the income tax login? The PAN number of a person is the user ID for income tax login. How to change registered mobile numbers in income tax without login? Log on to the income tax filing portal www.incometax.gov.in, please go to ‘My profile’ by clicking on your profile image > contact. Click on the edit button on the right-hand corner and change the mobile number. How to login income tax without a password? You cannot log in to the income tax e-filing portal without a password. However, you may consider clicking on “forgot password” and reset your password. You can choose to reset your password using any of the below three options: By receiving OTP on your mobile number registered with the income tax e-filing account or By receiving OTP on the mobile number registered with Aadhaar or By uploading your DSC. 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Generally, addition of jewellery found during the course of search has been a litigated issue in India from a very long time. The jewellery found during search generally presumed to belongs to searched assessee and his family. The Assessee is required to explain the source of Acquisition of Jewellery. The Jewellery which has been disclosed in the Wealth tax return and for which the source is explained cannot be seized. The customs of receiving and gifting jewellery has been very old in India on special occasions and Jewellery in India also got transfer from one generation to another as a symbol of love, affection and inheritance. Also, it is difficult for the Assessing Officer to assess whether Jewellery is Self-purchased, gifted or inherited. Hence, in order to avoid the Litigation the Central Board of Direct Taxes had issued instruction to not to seized the jewellery up to a prescribed quantity belonging to each family member. Power of Search Officer to Seize jewellery The power of the authorised officer to seize jewellery during the course of search is derived from section 132(1)(B)(iii), which provides that the Authorized Officer should seize any such books of account, other documents, money, bullion, jewellery, or other valuable article or thing found as a result of such search. However, as per the proviso to the said clause, any bullion, jewellery or other valuable article or thing, being stock-in-trade of the business, found as a result of such search shall not be seized but the authorised officer shall make a note or inventory of such stock-in-trade of the business. Guidelines for seizure of jewellery and ornaments in course of search The CBDT has vide instruction No. 1916 dated 11th May, 1994, issued guidelines for seizure of jewellery and ornaments in course of search. The said guidelines, which is reported in (1994) 120 Taxation (St.) 98, is reproduced below. ‘Instances of seizure of jewellery of small quantity in course of operations under section 132 have come to the notice of the Board. The question of a common approach to situations where search parties come across items of jewellery, has been examined by the Board and following guidelines are issued for strict compliance:— i. In the case of a wealth-tax assessee, gold jewellery and ornaments found in excess of the gross weight declared in the wealth-tax return only need be seized. ii. In the case of a person not assessed to wealth-tax, gold jewellery and ornaments to the extent of 500 gms. per married lady, 250 gms. per unmarried lady and 100 gms. per male member of the family, need not be seized. iii. The authorised officer may, having regard to the status of the family and the custom and practices of the community to which the family belongs and other circumstances of the case, decide to exclude a larger quantity of jewellery and ornaments from seizure. This should be reported to the Director of Income-tax/Commissioner authorising the search at the time of furnishing the search report. iv. In all cases, a detailed inventory of the jewellery and ornaments found must be prepared to be used for assessment purposes. What are the limits for holding gold jewellery and ornaments? The first point to emphasise is that there is no restriction on possessing gold jewellery or ornaments provided they were obtained from the source of income specified. The CBDT issued a circular on May 11, 1994, which was further clarified in a press release, stating that no proof of investment is necessary for gold possessed within the authorised limits. The above circular states that gold jewellery and accessories are exempt from seizure if: The assesses under investigation have declared such gold jewellery and ornaments in his wealth tax return. If an assessee is not subject to wealth tax, gold jewellery and ornaments up to the prescribed limitations will not be confiscated. Just the excess of the gross weight of gold jewellery and decorations not stated in the wealth tax return would be confiscated if the assessee is assessed to wealth tax. When such gold jewellery and ornaments are seized, the assessee must explain the source of income for making such investments. If the assessee fails to offer an explanation or the reason provided is insufficient, the amount is taxable under section 69B at the rate prescribed in section 115BBE of the Act. The stipulated rate is 60% + a 25% fee. Add a 4% HEC and a 10% penalty on such tax. The prescribed limit on the quantity of jewellery and ornaments that different persons can hold is as under: Particulars Limit per person Married woman 500 gms Unmarried woman 250 gms Men 100 gms Income tax on the sale of gold Sale of gold jewellery/bullion/Gold ETFs/ Gold MFs is taxable under the head ‘Capital gains’ as under; If you sell the gold within three years of purchasing it, the profit is considered a short-term capital gain (STCG). The STCG is applied to your income and taxed according to the Act’s particular slab rates. If you sell the gold three years after purchasing it, the profit is termed long-term capital gain (LTCG). The LTCG is taxed at 20.8% (20% plus a 4% cess). The purchase cost indexation advantage is offered (to cover inflation cost from the year of purchase to the year of sale) GST on the purchase of gold GST is levied at 3% on gold purchases and 5% on charges.If you trade gold (say, bars or coins) for new jewellery, no GST has imposed again up to the weight of the gold swapped. Just the value of excess weight is subject to GST. However, no GST would be levied on the sale of gold. Income tax on gold jewellery/bullion/Gold ETFs/ Gold MFs received as a gift If you receive gold jewellery/bullion/Gold ETFs/Gold MFs as a gift, the entire market value of gold received is taxable if it exceeds INR 50,000. It is taxed at slab rates under the heading ‘Income from other sources’ based on your income

The Finance Act, 2021 has completely replaced the provisions of assessment and reassessment under Section 147 of the ITA. The Directorate of Income Tax (Systems) has issued e-Verification Instruction No. 2 (i) of 2024, guiding Assessing Officers (AOs) on initiating proceedings under section 147 of the Income Tax Act, 1961, specifically in e-Verification cases. This instruction aims to address queries and provide clear directives regarding the process and considerations for reopening assessments. Every earning individual is required to file the return to the income tax department if the earning is chargeable to tax. The tax authorities examine your income tax return (ITR). This process of examining the return of income is referred to as assessment. 1. Identification of High-Risk Cases: The instruction highlights the identification of high-risk cases under the e-Verification Scheme-2021 for the reopening of assessments under section 147 of the Act. AOs are instructed to invoke the provisions of section 147 and issue notices under section 148 accordingly. 2. Challenges Faced by AOs: A query regarding the quantum of Value at Risk (VaR) in the Final Verification Report (FVR) has been addressed. AOs faced difficulties in viewing the FVR to ascertain the quantum of Income Escapement amount/Value at Risk. The instruction provides clarity on accessing this information through the Insight Portal. 3. Information Available to AOs: The instruction clarifies that the information provided to AOs in e-Verification cases constitutes “Information” within the meaning of clause (iv) of Explanation 1 to Section 148 of the Act. It categorizes cases into non-updated and updated ITR cases, detailing the computation of Value at Risk in each scenario. 4. Guidance for AOs: A step-by-step guide is provided for AOs to initiate proceedings under section 147 of the Act. A quick reference guide for ‘High-Risk e-Verification Scheme Cases’ is also available for assistance on the Insight Portal. Ads by 5. Support Channels: AOs are informed about the availability of support channels for assistance, including email and helpline services provided by the Directorate of Income Tax (Systems). Conclusion: The e-Verification Instruction No. 2 (i) of 2024 serves as a comprehensive guide for AOs in initiating proceedings under section 147 of the IT Act in e-Verification cases. It addresses queries, provides clarity on accessing necessary information, and offers step-by-step instructions for compliance. By following these directives, AOs can effectively navigate the process of reopening assessments and ensure compliance with relevant regulations. e-Verification Instruction. No. 2 (i) of 2024 DIRECTORATE OF INCOME TAX (SYSTEMS) ARA Centre, E-2 Ground Floor Extension, Jhandewalan New Delhi-110055 F. No.: CIT(e-Verification)/2023-24/FVR/Instr./ Date: – 19.03.2024 To, All Pr. Chief Commissioner(s)/Pr. Director General(s) of Income Tax All Chief Commissioner(s)/Director General(s) of Income Tax All Commissioner(s)/Pr. Director(s) of Income Tax All Commissioner(s)/Director(s) of Income Tax Sir/ Madam Sub: Instructions to the AO’s for initiating proceedings u/s 147 of I.T. Act, 1961 in e-Verification cases-reg. Kindly refer to the e-Verification Instruction No. 2 of 2024 circulated vide F. No.: CIT(e-Verification)/2023-24/FVR/Instr/ dated 01.03.2024 on the above subject. 1. Vide afore mentioned Instruction, it was apprised that certain High-Risk Cases have been identified under e-Verification Scheme-2021 for reopening of assessment u/s 147 of the Act and the respective AOs were advised to invoke the provisions of section 147 of the Act and issue Notice u/s 148 of the Act in such e-Verification cases accordingly. 2. In this connection certain query has been received from field formations with regards to the quantum of Value at Risk (VaR) arrived at in the Final Verification Report (FVR) by the CIT, e-Verification as mentioned in the aforesaid It has been conveyed that the AOs are facing problem in viewing the FVR relating to the cases to ascertain the quantum of Income Escapement amount/ Value at Risk. 3. View of all proceedings carried out by the Prescribed Authorities and documents submitted by the taxpayer during the e-Verification has been provided under e-Verification module in Insight portal. The user may navigate the path Insight Portal >> Verification Module >> e-Verification (Taxpayer) >> e- Verification Scheme 2021>>Verified>>Count. 5. The information provided to the AOs in these cases is the “Information” made available to the AO within the meaning of clause (iv) of Explanation 1 to Section 148 of the Act. For Assessment Year 2020-21, following two categories of cases have been made available: – (i) Non- updated ITR cases: – No updated ITR u/s 139( 8A) of the Act has been filled by the taxpayer. (ii) Updated ITR cases: – Updated ITR u/s 139(8A) of the Act has been filled by the taxpayer during the proceedings of e-Verification, without fully reconciling the mismatch. For Non-updated ITR cases, Value at Risk in FVR is the same as Income Escapement amount as estimated by the Prescribed Authorities in the Preliminary Verification Report (PVR). However, in Updated ITR cases, the Value at Risk in FVR is the amount of Income Escapement amount as determined by the Prescribed Authorities in the PVR as reduced by any additional income shown by the assessee in Updated ITR u/s 139(8A) of the Act i.e. {Value at Risk = (Income Escapement mount determined by the PA in the PVR – Additional income shown by the assesse e in Updated ITR)}. Further, the additional income shown by the assessee in Updated ITR u/s 139(8A) of the Act is the amount of Gross Total Income shown in Updated ITR as reduced by Gross Total Income shown in Original ITR i.e. (Additional income = GTI as per Updated ITR – GTI as per original ITR) 6. In view of the above, the respective Assessing Officers are advised to invoke provisions of section 147 of the Act and issue Notice u/s148 of the Act accordingly in such e-Verification cases. To initiate proceedings u/s 147 of the Act, the path is as under: – Insight Portal >> Verification Module >> e-Verification (Taxpayer) >> High Risk – e-Verification Scheme>> Under Verification>>count. 7. Quick Reference Guide for ‘High Risk e-Verification Scheme Cases is available on Insight Portal for the assistance of the Users. For any assistance, you may

Non-residents without a Permanent Account Number (PAN) can now electronically file Form 10F that is required along with a tax residency certificate to avail of benefits of the tax treaty. The Central Board of Direct Taxes has enabled non-residents who do not have a PAN to e-file Form 10F on the income tax portal by creating an account without the requirement of first obtaining a PAN. Form 10F, is a declaration from the non resident, wherein they provide certain data , which helps the Indian payor to ascertain, whether they are liable to the benefit of the Indian Tax Treaty with their country of residence. The Central Board of Direct Taxes (CBDT) made a significant change in July 2022 by making it mandatory to electronically file Form 10F. Initially, non-residents without Permanent Account Number cards were given a relaxation, but this grace period has now ended. Starting from October 1, 2023, anyone seeking treaty benefits must electronically file Form 10F, regardless of whether they have a PAN card or not. What is Form 10F? Form 10F is a self-declaration tax form used by non-resident (NR) taxpayers for claimingthe benefits under DTAA (Double Taxation Avoidance Agreement) if their Tax Residency Certificate (TRC) lacks certain crucial details.   Terms used above: NR taxpayers: These are individuals or entities whose primary source of income is not from India. Double Taxation Avoidance Agreement (DTAA): These are agreements between India and other countries that prevent double taxation on income earned in both countries. Tax Residency Certificate (TRC): This document is issued by the NR taxpayer’s home country confirming their tax residency status. NR taxpayer is mandatorily required to furnish a valid TRC for claiming the DTAA benefit. Purpose and Key benefits The purpose of the article is to outline, the requirement for online Form 10F, the alternative ways in which a non-resident can submit Form 10F, and how we, at Sorting Tax can help the non resident to achieve this objective. Form 10F, which is required to be filed online, helps a non resident to : – Claim non taxability of an income ; Claim lower tax rate on an income ; Avoid Double Taxation of same income Form 10F also assist the Indian tax office in obtaining a streamlined data on International Transactions, and the amount of holding tax turn on such payments. Eligibility Criteria for Form 10F Any person who wants to avail the benefits of DTAA must file a self-declaration in Form 10F along with a TRC of their country of residence . The Form 10F applicability is mandatory for NRIs who do not have all the required details of TRC.  Furthermore, filing Form 10F allows NRIs to avoid TDS (tax deducted at source) on income accrued in India. This is quite useful for NRIs earning in India, as all of their income is subject to TDS. Moreover, TDS is deducted at a higher rate if an individual does not furnish his/her PAN.  Previously, NRIs who did not have a PAN card had to file the Form 10F online. This required all taxpayers to obtain PAN registration as there were no options to log in to the income tax filing portal without a PAN. However, for FY2023, the CBDT (Central Board of Direct Taxes) allowed a one-time relief to taxpayers without PAN. They could file the form manually by 31st March 2023.  Key Components and Information Required In Form 10F, and non-resident is required to declaration, in which it provides the following information : – Name of the non -resident ; Whether there are tax president of the country with whom the Treaty benefit is cleaned Tax identification number in their home country Whether they have obtain the tax Residency certificate from their home country of residence . Recently the Indian government changed the filing of Form 10F online, instead of providing a physical declaration. Such a Form can be filed by NR, who fall under either of the following categories : – Non -resident, who have a PAN number or who are required to obtain the PAN number Non resident, who do not have a PAN number and who are not required to obtain the PAN number. The process in case the non resident is required to obtain a PAN number, takes 15-20 working days, as it requires certain document to be apostilled in the home country of the non resident. Documents Required for Filing Form 10F PAN card Proof of residential address in your resident country Duration of residential status as stated in the TRC Taxpayer status (individual, company, firm, trust, etc.) Proof of nationality (for individuals) or territory of incorporation or registration (for companies and firms) TIN or any other unique tax identification number in country of residence Digital signature certificate to authenticate the information furnished in Form 10F How Form 10F Impacts Non-resident A delay in filing online Form 10F, can result in the delayed payment by the Indian Company. Therefore it is very important for, a non resident to file online Form 10F. Challenges faced in Filing Form 10F The most common challenges faced by a non-resident is to ascertain whether they are required to obtain a PAN number or not, which itself is the governed by alternative Income Tax regulations. Therefore it is important that, professional advise is timely sought, so as to avoid Inaccurate or Incomplete Information. Is it mandatory to file Form 10F online and is a PAN card required? Previously: Yes, filing Form 10F electronically was mandatory to claim treaty benefits. This posed a challenge for foreign companies without a PAN, as they needed one to register on the Income Tax Portal and file the form. Current situation: Non-residents can register on the Income Tax Portal without a PAN. Therefore, a PAN card is no longer required to file Form 10F online. Non-residents without a PAN can now register on the Income Tax Portal and file Form 10F electronically by providing the following information: Basic details: Name, date of incorporation, tax identification number, and country of residence. Key person details: Name, date of birth, tax identification number,