ITR Refund New Update: Good news! Income tax refund money started coming in the account, have you filled ITR till now or not?

Through a tweet on the Twitter handle of the Income Tax Department, information has been shared that till July 18, more than 3 crore ITR files have been filed in the country. Compared to last year, the Income Tax Department has achieved this milestone 7 days earlier.

People who have filed Income Tax Return (ITR) in the country, now the return money has started coming in their account. The process of sending tax returns has been expedited by the department and if you have not filed your ITR, then only 11 days are left to do this important work. The last date for filing income tax return is 31 July 2023, for which there is little possibility of being extended further.

The process of getting the return money into the account has started.
The process of depositing income tax returns in the taxpayers’ account has been started by the Income Tax Department and those who have filed their ITR have started getting money. Income Tax Department is continuously advising taxpayers by sending messages and through social media that ITR should be filed as soon as possible without waiting for the last date. There has been a sharp increase in the number of people filing income tax returns so far this year as compared to last year.

Till now more than 3 crore ITR files

Through a tweet on the Twitter handle of the Income Tax Department, information has been shared that till now more than 3 crore ITR files have been filed in the country. Compared to last year, the Income Tax Department has achieved this milestone 7 days earlier. It has been told in the tweet that this year, for the assessment year 2023-24, till July 18, 2023, more than 3 crore ITRs have been filed, while last year the same number of ITRs were filed till July 25.

Income Tax Department appeals to taxpayers

According to the data of the Income Tax Department, till July 18, 2023, 3.06 crore taxpayers in the country had filed their ITRs. Out of these, 2.81 crore ITRs have been e-verified, which means the process of e-verification of 91 per cent ITRs has been completed. Taxpayers have been urged by the department that we expect this enthusiasm to continue and all those people who have not yet filed ITR should do this important work as soon as possible to avoid overcrowding in the last dates. Take it.

So much fine after 31st July

If the taxpayer is unable to file his ITR by July 31, the deadline set by the Income Tax Department, then later he will have to do this work with a fine. Under this, a fine of Rs 1,000 is imposed for taxpayers with annual income up to Rs 5 lakh, while a provision has been made to levy a late fee of Rs 5,000 for annual income of more than Rs 5 lakh. In a tweet by the Income Tax Department, taxpayers have been advised that those who have not filed ITR for the assessment year 2023-24, should do so as soon as possible to avoid last minute rush. .

These documents are needed while filing ITR

• PAN Card: PAN card is a necessary document not only for filling ITR but also for opening a bank account. Keep it with you while filling ITR.
• Aadhaar Card: There are details like name, address and date of birth on Aadhaar. Its 12 digit unique ID number has to be entered.
• Form 16A: Form 16A is necessary for sources of income other than your salary, it contains complete details of your income.
• Form 26AS: Gives information about TDS deducted from your income and payments made. Can download from Income Tax website.
• Salary Slip: Salary slip is also an important document. It contains details like income, travel allowance, which have to be filled.
• Home Loan: If you have a home loan going on, then it is necessary to give complete information about it while filing income tax return.

This is how you can file ITR sitting at home

• Go to the e-filing portal (https://eportal.incometax.gov.in/) of the Income Tax Department.
• After this, log-in with the help of your User ID and Password on the homepage.
• On the dashboard, click on e-File > Income Tax Return > ‘File Income Tax Return’.
• Then select the assessment year, such as 2023-24, and click on ‘Continue’.
• Now choose the mode of ITR filing and select the online option.
• Now choose your ITR form according to your tax income and TDS calculation.
• After selecting the applicable ITR for you, keeping all the necessary documents close, click on the start option.
• Now some questions will appear on the screen, whatever is applicable to you, mark its check box and click on continue.
• As per the documents, enter the details of your income and deductions in different sections.
• If there is a case of tax liability, a brief description of the tax-calculation based on the details provided by you will appear.
• Taxability is created according to the calculation, then you can choose the option of ‘pay now’ and ‘pay later’.
• If no tax liability is created, then after paying the tax, one has to click on ‘Preview Return’.
• Then click on ‘Preview and submit return’ declaration checkbox and select ‘Proceed for validation’ option.
• View the preview and on the ‘Submit Return’ page, proceed to verify. It is mandatory to verify and e-verify the return.
• On the e-verify page, select the option using which you wish to e-verify and click on ‘Continue’.
• Once you have e-verified the return, an intimation about the successful submission of the form appears on the screen.
• Transaction ID and Acknowledgment Number are displayed on the screen, so that you can check the status of your ITR form in future.
• Your mobile number and email ID which is registered on the e-filing portal, you will get the message of successfully filling the form.

Self-select new or old tax regime

While filing ITR, keep in mind that this time the new tax regime has been kept in default. If you want to file ITR under the old tax regime, then you will have to convert it yourself. There are very limited options to avail tax exemption in the new tax regime. However, income up to Rs 7 lakh has been effectively made tax free. At the same time, the tax exemption limit has not been increased in the old tax regime. But there you can claim tax exemption by investing in various government schemes and in other ways.