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- PAN Card Status Checking Process explained; How to check | Business news
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Income tax return for FY 2024-25 i.e. ITR is to file by 31 July. In such a situation, if you have not yet filed ITR, then do it as soon as possible.
Tax Expert Chartered Accountant (CA) Anand Jain (Indore) It is said that to file ITR, it is necessary to link your PAN to Aadhaar. Because such pans that are not link to Aadhaar are put in the inactive category.
To re -activate it, you have to link it or get it done with Aadhaar number. For this, the government is charging a fee of 1 thousand rupees. You can link Aadhaar Center, Common Service Center or Aadhaar-Pain on its own.
If there is no link, you can do the link yourself Those who do not have a PAN-Aadhaar link, they can link by paying a fee of Rs 1000. You can also do this work easily. PAN-Aadhaar can be linked through income tax official site.
It is necessary to file income tax returns of these people
- If your annual income is more than 2.5 lakh rupees.
- If you have a property abroad.
- Have spent more than 2 lakh rupees on the journey during the financial year.
- During the financial year, electricity bill of more than 1 lakh rupees has come.
- Total sales or commercial receipts are more than 60 lakh rupees.
- The total receipts from the business during the financial year should be more than Rs 10 lakh.
- Tax deduction should be ~ 25,000 or more (~ 50,000 for senior citizens).
- The total deposit in the savings account should be more than Rs 50 lakh.
- The total deposit in the current account should be more than Rs 1 crore.
According to CA Anand Jain, filing ITR in time not only protects against penalty, but also has 4 more benefits.
1. You will avoid fine If you do not file ITR within the stipulated date, you may have to pay a penalty. If the annual income of an individual taxpayer is more than Rs 5 lakh, then it will have to pay a late fee of Rs 5,000. If the annual earning of the taxpayer is less than Rs 5 lakh, then it will have to pay Rs 1,000 as late fees. This fine can be avoided by filing ITR on time.
2. There will be no fear of notice Right now your income information from many sources gets the Income Tax Department, the Income Tax Department can send you notice on the basis of those information if ITR is not filled on time. It is beneficial to deposit ITR on time to avoid the problems of notice.
3. Savings of interest According to the Income Tax Rules, if a taxpayer has not paid the tax or has repaid less than 90% of the total tax made on it, then it will have to pay 1% interest penalty every month under Section 234B. In this way, you can save interest on income tax by filing returns from time to time.
4. Carrie will be able to forward the loss According to the Income Tax rules, you can forward your loss for further finance years by filing ITR till the scheduled date. That is, in the next financial years you can reduce tax liability on your earnings.
For example, if there is a loss on the sale of shares, then it can be forwarded for 8 years. However, if the return file is not gone on time, then the loss cannot be carried and this benefit will not be available.
