Itr filing 2023

• • • ITR Filing 2023: Here’s How You Can File Income Tax Return Without Form 16 ITR Filing 2023: Here’s How You Can File Income Tax Return Without Form 16 ITR Filing 2023: If you don't have Form 16 with you, you can still file ITR by using salary slips as these slips contain the details of all deductions. Income Tax Return: Taxpayers have both online and offline facilities to file their ITR. ITR Filing 2023: It is mandatory for all salaried individuals to get Form 16 from their employers to file Income Tax Return every year as this form keeps a record of Tax Deduction at Source (TDS) and carries the details of total tax paid in a financial year by a salaried taxpayer. Form 16 is a TDS certificate that is issued by an employer at the end of the financial year. Moreover, if you change jobs without proper exit formalities, getting Form 16 could also take time. However, you can still file your Income Tax Return even without obtaining Form 16. If you don’t have Form 16 with you, the taxpayers can still file ITR by using salary slips as these slips contain the details of all deductions. Can ITR be filed without Form 16? Taxpayers must note that they have both online and offline facilities to file their ITR. They can visit the e-filing portal to file returns online. However, the first thing they need to check the tax slab he/she comes under, depending on his/her income. How to file ITR without Form 16? The salaried individuals need to have a salary slip along with Form 26AS if y...

If you purchased a property in FY 2022-23 and paid for stamp duty, registration fee etc, you can claim some deduction under Section 80 C while filing the Income Tax Return for AY 2023-24. Read on to know what the rules say and how much tax deduction you can claim. How much tax deduction can be claimed? A maximum deduction of Rs 1.5 lakh on payments towards stamp duty, registration fee etc. is allowed under Section 80C of the Income Tax. “Section 80C (xviii)(d) of the Income Tax Act, 1961 permits a taxpayer being an individual or member of a HUF to claim a deduction for the stamp duty, registration fee and other expenses incurred in connection of purchase or transfer any house property. The maximum quantum of such deduction (along with other deductions u/s 80C) would be restricted to Rs. 1,50,000,” says Dr Suresh Surana Founder of RSM India. Deductions under Chapter VI A of Income Tax Act: Know how much tax may be saved If you are planning to claim a deduction this year then the property for which stamp duty has been paid must be a residential property. This facility is not available for commercial properties. “It is pertinent to note that the property for which the stamp duty has been paid is a residential property and not in the nature of commercial property,” says Dr Surana. Also Read: Lock-in period There is also a compulsory lock-in period of 5 years when claiming a deduction for stamp duty, registration fee etc. This means, if you claim the deduction, you must not sel...

Salaried employees can soon get their Form 16 from their employer to file their Income Tax Returns (ITR) for assessment year (AY) 2023-24. To make the tax filing process more manageable, the I-T department pre-fills ITR forms with details of income and taxes paid by the assessee during the year. However, taxpayers should remain cautious while using pre-filled ITR forms and consider filing only after verifying all information present in the forms before submitting it or assessment. Thus, even though the tax filing season has officially started, one should wait for Form 16 from their employer. Mostly salaried individuals are eligible to fill in ITR-1 (Sahaj). This form applies to taxpayers with income no more than Rs 50 lakh for the financial year. Vijay Bharech, Deloitte Haskin & Sells LLP, says, “Employers are required to issue Form 16 to employees by June 15, 2023, for the financial year 2022-23. As a run-up to tax filing, taxpayers should also collate details of other income such as capital gains statements, details of interest income of fixed deposits, rental income and any investment made for claiming deductions. They should also compute the final tax liability and pay the remaining tax if required to avoid additional interest liability. Before filing the tax returns, taxpayers need to verify the details reported in their Form 26AS, AIS (Annual Information Statement) and TIS (Taxpayer Information Summary).” Taxpayers must also ensure that income details match these...

After you have received Form 16, it is important for you to scrutinise the details mentioned in it thoroughly so as to ensure that all the exempt allowances are properly shown. Such allowances mainly include House Rent Allowance (HRA) and Leave Travel Assistance (LTA), said tax and investment expert Balwant Jain. ITR filing: Everything you should check in Form 16 1)The first thing to check is that your 2)Cross-check the accuracy of your name, address, and employer's TAN (Tax Deduction and Collection Account Number) 3)It is vital to cross-check the actual tax deducted from your salary income, comparing it with the taxes reflected in Form 16, Form 26AS, and AIS (Annual Information Statement). If you identify any discrepancies, promptly bring them to your employer's notice and request them to rectify the information in Form 16. 4)If you opted for the old tax regime and claimed tax-saving deductions, ensure that they are correctly reflected in Form 16. 5)If you switched jobs during the financial year 2022-23, it is important to collect Form 16 from both employers. Before filing your It is very important to cross-check all the incomes given in AIS with the TDS certificates, interest income certificates, and Form 26AS.

Income tax return: Commencement of the month of June heralds the initiation of the income tax return filing season in our nation. Filing an income tax return is a technical endeavor that demands utmost caution, as even a minor slip-up can lead to grave consequences. The Income Tax Department possesses the authority to dispatch an income tax return notice. If you are a working individual planning to file your income tax return for the financial year 2022-23 and assessment year 2023-24, we bring to your attention a number of vital aspects that warrant your attention. By adhering to these guidelines, you can effortlessly file your income tax return and avoid any complications that may arise subsequently. Prior to filing your income tax return, make sure to arrange the following essentials: What should you do if you happen to forget your password? In the event that you have created a user ID and password but have subsequently forgotten the password, there is no need to panic. Simply select the "Forgot Password" option. Following this, you will receive an OTP on the mobile number linked to your account, which you will need to enter. It is crucial to ensure that the mobile number is connected to your Aadhaar card. Additionally, it is mandatory for your PAN and Aadhaar to be linked together. Subsequently, you can proceed to create a new password. Assessing the Annual Information Statement (AIS) is imperative: It is of utmost importance for taxpayers to meticulously review their A...

Income tax return: Commencement of the month of June heralds the initiation of the income tax return filing season in our nation. Filing an income tax return is a technical endeavor that demands utmost caution, as even a minor slip-up can lead to grave consequences. The Income Tax Department possesses the authority to dispatch an income tax return notice. If you are a working individual planning to file your income tax return for the financial year 2022-23 and assessment year 2023-24, we bring to your attention a number of vital aspects that warrant your attention. By adhering to these guidelines, you can effortlessly file your income tax return and avoid any complications that may arise subsequently. Prior to filing your income tax return, make sure to arrange the following essentials: What should you do if you happen to forget your password? In the event that you have created a user ID and password but have subsequently forgotten the password, there is no need to panic. Simply select the "Forgot Password" option. Following this, you will receive an OTP on the mobile number linked to your account, which you will need to enter. It is crucial to ensure that the mobile number is connected to your Aadhaar card. Additionally, it is mandatory for your PAN and Aadhaar to be linked together. Subsequently, you can proceed to create a new password. Assessing the Annual Information Statement (AIS) is imperative: It is of utmost importance for taxpayers to meticulously review their A...

After you have received Form 16, it is important for you to scrutinise the details mentioned in it thoroughly so as to ensure that all the exempt allowances are properly shown. Such allowances mainly include House Rent Allowance (HRA) and Leave Travel Assistance (LTA), said tax and investment expert Balwant Jain. ITR filing: Everything you should check in Form 16 1)The first thing to check is that your 2)Cross-check the accuracy of your name, address, and employer's TAN (Tax Deduction and Collection Account Number) 3)It is vital to cross-check the actual tax deducted from your salary income, comparing it with the taxes reflected in Form 16, Form 26AS, and AIS (Annual Information Statement). If you identify any discrepancies, promptly bring them to your employer's notice and request them to rectify the information in Form 16. 4)If you opted for the old tax regime and claimed tax-saving deductions, ensure that they are correctly reflected in Form 16. 5)If you switched jobs during the financial year 2022-23, it is important to collect Form 16 from both employers. Before filing your It is very important to cross-check all the incomes given in AIS with the TDS certificates, interest income certificates, and Form 26AS.

Salaried employees can soon get their Form 16 from their employer to file their Income Tax Returns (ITR) for assessment year (AY) 2023-24. To make the tax filing process more manageable, the I-T department pre-fills ITR forms with details of income and taxes paid by the assessee during the year. However, taxpayers should remain cautious while using pre-filled ITR forms and consider filing only after verifying all information present in the forms before submitting it or assessment. Thus, even though the tax filing season has officially started, one should wait for Form 16 from their employer. Mostly salaried individuals are eligible to fill in ITR-1 (Sahaj). This form applies to taxpayers with income no more than Rs 50 lakh for the financial year. Vijay Bharech, Deloitte Haskin & Sells LLP, says, “Employers are required to issue Form 16 to employees by June 15, 2023, for the financial year 2022-23. As a run-up to tax filing, taxpayers should also collate details of other income such as capital gains statements, details of interest income of fixed deposits, rental income and any investment made for claiming deductions. They should also compute the final tax liability and pay the remaining tax if required to avoid additional interest liability. Before filing the tax returns, taxpayers need to verify the details reported in their Form 26AS, AIS (Annual Information Statement) and TIS (Taxpayer Information Summary).” Taxpayers must also ensure that income details match these...

• • • ITR Filing 2023: Here’s How You Can File Income Tax Return Without Form 16 ITR Filing 2023: Here’s How You Can File Income Tax Return Without Form 16 ITR Filing 2023: If you don't have Form 16 with you, you can still file ITR by using salary slips as these slips contain the details of all deductions. Income Tax Return: Taxpayers have both online and offline facilities to file their ITR. ITR Filing 2023: It is mandatory for all salaried individuals to get Form 16 from their employers to file Income Tax Return every year as this form keeps a record of Tax Deduction at Source (TDS) and carries the details of total tax paid in a financial year by a salaried taxpayer. Form 16 is a TDS certificate that is issued by an employer at the end of the financial year. Moreover, if you change jobs without proper exit formalities, getting Form 16 could also take time. However, you can still file your Income Tax Return even without obtaining Form 16. If you don’t have Form 16 with you, the taxpayers can still file ITR by using salary slips as these slips contain the details of all deductions. Can ITR be filed without Form 16? Taxpayers must note that they have both online and offline facilities to file their ITR. They can visit the e-filing portal to file returns online. However, the first thing they need to check the tax slab he/she comes under, depending on his/her income. How to file ITR without Form 16? The salaried individuals need to have a salary slip along with Form 26AS if y...

If you purchased a property in FY 2022-23 and paid for stamp duty, registration fee etc, you can claim some deduction under Section 80 C while filing the Income Tax Return for AY 2023-24. Read on to know what the rules say and how much tax deduction you can claim. How much tax deduction can be claimed? A maximum deduction of Rs 1.5 lakh on payments towards stamp duty, registration fee etc. is allowed under Section 80C of the Income Tax. “Section 80C (xviii)(d) of the Income Tax Act, 1961 permits a taxpayer being an individual or member of a HUF to claim a deduction for the stamp duty, registration fee and other expenses incurred in connection of purchase or transfer any house property. The maximum quantum of such deduction (along with other deductions u/s 80C) would be restricted to Rs. 1,50,000,” says Dr Suresh Surana Founder of RSM India. Deductions under Chapter VI A of Income Tax Act: Know how much tax may be saved If you are planning to claim a deduction this year then the property for which stamp duty has been paid must be a residential property. This facility is not available for commercial properties. “It is pertinent to note that the property for which the stamp duty has been paid is a residential property and not in the nature of commercial property,” says Dr Surana. Also Read: Lock-in period There is also a compulsory lock-in period of 5 years when claiming a deduction for stamp duty, registration fee etc. This means, if you claim the deduction, you must not sel...