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How you can file your Income Tax Return without help of Professional/Chartered Accountants.
- Individuals generally regard filing income taxes as a hardship; yet, due to the lack of accurate data, the advice of a Chartered Accountants or other professional is required.
- Allow us to inform you that the due date for filing the Return of Income for the Assessment Year 2021-22, which was 31st October 2021 under sub-section (1) of section 139 of the Act, has been extended to 30th November 2021 and 15th February 2022 by Circular No.9/2021 dated 20.05.2021 and Circular No.17/2021 dated 09.09.2021, respectively.
- You have a really small chance of filing income tax. Allow us to show you how to file your taxes in minutes without having to go to a Professional/Chartered Accountants or an expert.
How to submit Online Income tax Return
Here is details of how to file income tax return online step by step gudiance ,
- Any person can file Income tax Return Via online mode. To file Income tax Return, you have to go to the e-filing income tax portal.
- On this e-filing income tax portal, you have to click on Login Option and then continue by entering your User Name (i.e Pan no) & Password.
- Then you have to select after click on the e-file option.
- Now, you will see the option of File Income Tax Return. You needed to click on this option.
- Then you have to select the option of AY 2021-22 and click on Continue option.
- Now two options will come in front of you, Offline or Online. You have to click on Online Option. After this you have to choose the option of the next Individual.
- Then you have to chose option of ITR – 1 or ITR – 4 & click on the option of Proceed.
- Thereafter next step, you will be asked the reason for filing your return due to the 7th provision under section 139(1).
- You have to choose the right option while filing Income tax Return online in this.
- Then you have to fill your bank details here and then a new page to file Income tax Return will open in front of you.
- Thereafter next step, you have to send OTP to your Aadhaar card link phone number to verify Income tax Return here.
- Now, you will be able to file Income tax Return easily.
Income tax department change ITR Filling rule
- Changes in ITR filing rules: If you are over 75 years old, you must read the new ITR filing rules at least once. According to the new ITR filing rules, elderly persons over 75 years old will not be required to file an ITR file.
- The Income Tax Act of 1961 contains another part 194P. Senior citizens who are over 75 years old and have only cash in their ledger for benefits and premiums will currently be exempt from filing ITRs.
- Implying that Seniour citizens whose primary source of income is annuities or premiums from cash held in the bank are not required to file an ITR. Senior citizens over the age of 75 will be granted an exception in the ITR under the new section 194P.
- The new area 194P inserted in the Income Tax Act 1961 gives that main annuity kept in the ledger of Senior Citizens over the age of 75 years, according to the Income Tax Department's Twitter handle. They will be completely excluded from documenting ITR under the current circumstances if they also have revenue cash.
- According to our Investment Advisor, due to the consideration of additional part 194P of the Income Tax Act 1961, those over the age of 75, whose only source of income is cash, will now be required to pay ITR.
- There is no compelling motive to participate. As a result, this new stream will provide relief to such people. Please be aware that this new stream will not provide any financial help to Senior Citizens.
ITR filing mistakes often made by taxpayers
Have you submitted your ITR yet? If not, do it as soon as possible because the deadline is near. The majority of taxpayers will already have all of the documents required to file their ITR. Anyone with an annual income of up to 5 lakh rupees is eligible for a tax rebate under Section 87A, which reduces the tax to zero.
There are a few big mistakes to avoid in order to have a stress-free ITR filing experience. The most common mistake made by a taxpayer is failing to disclose interest income. “ Taxpayers must record interest income from savings accounts and fixed deposits when submitting an ITR. Once the interest income is reported, the taxpayer is allowed to claim deductions. They can deduct up to $10,000 in interest income from savings accounts under section 80TTA. In the event of a senior citizen, a deduction of up to $50,000 can be claimed for interest under section 80TTB.
Other common errors include failing to reconcile the Form 26AS statement, providing false bank information, and making incorrect disclosures. "Since filing a tax return is such a complicated process, people must exercise extraordinary caution to prevent making mistakes
Deadline for filing ITRs
The income-tax department has extended ITR filing until December 31, 2021, due to technological issues that taxpayers and experts have reported since the debut of the new e-filing platform.
Revised due date for filing the ITR Return of Income for the AY 2021-22, which was 31st July 2021 under Section 139(1) which was extended to 30th September 2021 is now extended to 31st December 2021," (via Circular No.9/2021 dated 20.05.2021 )
