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Tag: ITR

  • Understanding the Importance of Filing Income Tax Returns on Time by the ITR Due Date

    Understanding the Importance of Filing Income Tax Returns on Time by the ITR Due Date

    The Significance of ITR Filing: A Civic Responsibility

    Every qualified taxpayer has a duty to file income tax returns (ITRs), which is a vital civic obligation. The procedure include disclosing one’s earnings, reimbursements, and taxes paid to the government throughout the course of a fiscal year. In addition to ensuring compliance with tax regulations, ITR filing supports national government and economic growth. In this essay, we examine the relevance of submitting an ITR and the value of paying attention to the deadline.

    The ITR Calendar: Key Dates to Remember

    distinct kinds of taxpayers have distinct ITR due dates that are set by the Indian Income Tax Department. These dates, which are based on the fiscal year, which runs from April 1 to March 31, are normally made public well in advance. The ITR calendar is summarized in this part, with special attention paid to the different deadlines and any extensions that may have been given by the authorities.

    Consequences of Missing the ITR Last Date

    The repercussions for failing to submit income tax returns by the deadline may be severe. Late submission may result in fines, interest, and in serious situations, even prosecution. Missing the deadline can also result in the loss of carry-forward losses and some tax benefits, which could result in financial losses for the taxpayer. The consequences of failing to submit an ITR on time are discussed in this section of the article.

    E-Filing: Simplifying the ITR Filing Process

    For the benefit of taxpayers, the Income Tax Department has adopted technology to simplify the ITR filing procedure. E-filing, also known as electronic filing, enables people to file their ITRs online, which is quick, easy, and simple. The advantages of electronic filing are covered in this part, as well as the user-friendly platforms the government offers for taxpayers to file their returns.

    Seeking Professional Assistance: The Role of Chartered Accountants

    Even while ITR submission has become easier thanks to e-filing, certain taxpayers may still find it difficult due to the complexity of tax legislation and computations. Accurate and prompt ITR filing may be achieved by enlisting the help of skilled experts, such as Chartered Accountants. This section investigates the function of chartered accountants in assisting taxpayers with tax returns and minimizing their tax obligations.

  • IT Return Fraud: JK Police Directs Officials To Update Their ITR Or Face Action

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    SRINAGAR: Jammu and Kashmir police on Tuesday asked all drawing and disbursing officers to direct all officials of the department to update their Income Tax Returns after complaints of bogus and fraudulent claims by some officers surfaced.

    According to a circular, the police authorities have warned of action if the officials fail to update their ITR-U by March 31.

    The circular reads during analyses by Income Tax Department to the refunds issued in (ITR) FY 2021-22 and 2022-23 in respect of the Income Tax Returns filed by the taxpayers of Jammu & Kashmir, it has been revealed that huge number of individual taxpayers, particularly those who derive income from salaries and which includes many police officers/officials have claimed excessive deductions and refunds under various sections of the Income Tax Act viz. 80C, 80D, 80D0, 80DDB, 80E8, 80E, 80EE, 80G, 80GGC etc. without actually being eligible for the same.

    “The data of every individual tax payer has been analyzed by the Director General of Income Tax (Systems) and cases of fraudulent claims/bogus refunds have been selected for scrutiny from which fraudulent claims of deductions/refunds under the IT Act have come to light,” it reads.

    It added Income Tax Department has a list of all persons who have claimed excessive or bogus deductions and refunds on TDS made by their DD0s. It is a matter of grave concern that large number of employees belonging to JKP also figure in the list.

    “Such cases of bogus refunds may lead to selection of their cases for scrutiny and recoveries will be made by IT Department besides levy of penalty under section 270A of the Income Tax, which would be 200% of the tax levied. The cases of such employees may also be taken up for prosecution under section 276C of the IT Act.”

    It reads however, the Income Tax Act provides a limited window in the shape of ITR-U under section 139(8A) which provides that the taxpayers can update their returns of income by paying their actual due tax along with penalty which is 50% of additional tax + interest tor FY.2019-20 (A.Y.2020-21) and 25% for FY.2020-21 (A.Y.2021-22), if the ITR-U are filed before 30.03.2023.

     

    “Keeping in view the sensitivity and urgency of the matter, all the DDOs of J&K Police are enjoined to direct all the officers and officials under their charge to update their Income Tax Returns (ITR-U) on or before March 31, 2023, if they have claimed any bogus deductions and refunds failing which action under rules as mentioned above shall be taken against them by IT Department,” it reads. (KNO)

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    ( With inputs from : kashmirlife.net )

  • Bogus ITR Filling: J&K police directs officials to update their ITR by March 31 or face action – Kashmir News

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    Bogus ITR Filling: J&K police directs officials to update their ITR by March 31 or face action

    Srinagar, Mar 28 : Jammu and Kashmir police on Tuesday asked all Drawing and Disbursing Officers to direct all officials of the department to update their Income Tax Returns after complaints of bogus and fraudulent claims by some officers surfaced.

    According to a circular, a copy of which lies with the (KNO), the police authorities have warned of action if the officials fail to update their ITR-U by March 31.

    The circular reads during analyses by Income Tax Department to the refunds issued in (ITR) FY 2021-22 and 2022-23 in respect of the Income Tax Returns filed by the taxpayers of Jammu & Kashmir, it has been revealed that huge number of individual taxpayers, particularly those who derive income from salaries and which includes many police officers/officials have claimed excessive deductions and refunds under various sections of the Income Tax Act viz. 80C, 80D, 80D0, 80DDB, 80E8, 80E, 80EE, 80G, 80GGC etc. without actually being eligible for the same.

    “The data of every individual tax payer has been analyzed by
    the Director General of Income Tax (Systems) and cases of fraudulent claims/bogus refunds have been selected for scrutiny from which fraudulent claims of deductions/refunds under the IT Act have come to light,” it reads.

    It added Income Tax Department has a list of alt persons who have claimed excessive/bogus deductions and refunds on TDS made by their DD0s. It is a matter of grave concern that large number of employees belonging to JKP also figure in the list.

    “Such cases of bogus refunds may lead to selection of their cases for scrutiny and recoveries with be made by IT Department besides levy of penalty under section 270A of the Income Tax, which would be 200% of the tax levied. The cases of such employees may also be taken up for prosecution under section 276C of the IT Act.”

    It reads however, the Income Tax Act provides a limited window in the shape of ITR-U under section 139(8A) which provides that the taxpayers can update their returns of income by paying their actual due tax along with penalty which is @50% of additional tax + interest tor F.Y.2019-20 (A.Y.2020-21) and @25% for F.Y.?020-21 (A.Y.2021-22), if the ITR-U are filed before 3r.03.2023.

    “Keeping in view the sensitivity and urgency of the matter, all the DDOs of J&K Police are enjoined to direct all the officers/officials under their charge to update their Income Tax Returns (ITR-U) on or before March 31, 2023, if they have claimed any bogus deductions and refunds failing which action under rules as mentioned above shall be taken against them by IT Department,” it reads—(KNO)

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    #Bogus #ITR #Filling #police #directs #officials #update #ITR #March #face #action #Kashmir #News

    ( With inputs from : kashmirnews.in )

  • Rectify Your ITR Or Face Consequences: School Education Dept Warns Employees

    Rectify Your ITR Or Face Consequences: School Education Dept Warns Employees

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    SRINAGAR: Jammu and Kashmir school Education department has asked all the employees to file rectified ITR of face action in view of claiming refunds on the basis of fabricated documents.

    The government in an order said that all the HOD’s as well as DDO’s of subordinate offices in particular and all employees in general working under the Administrative Department of School Education Department UT J&K, are hereby informed that a meeting was convened by Principal Commissioner, Income Tax on 24/03/2023 in his office chamber at Rajbagh Sgr. wherein the DDO’s of various institutions attended the meeting.

    It said that the chair intimated that the number of income tax refund claims of employees has increased manifold from last two years as the employees are utilizing the services of some tax professionals wherein TDS deducted from their salaries by DDO is refunded by using various sections of Income Tax on the basis of fabricated documents.

    It also said these bogus refund claims have been viewed seriously by the Income tax Department and details of such employees who have claimed refunds have been prepared and intimated to Chief Secretary to Govt. J&K.

    “However, it has been felt that before their names are forwarded to their respective departments one time relaxation has been given to such claimants till 31-03-2023

    that a rectified ITR as (ITR-U) may be filed otherwise it shall have some serious repercussions followed by Departmental enquiries and imposition of penalties U/S 270(A) and U/S 276 (C) of Income Tax Act 1961,” the order said.(KNS)

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    #Rectify #ITR #Face #Consequences #School #Education #Dept #Warns #Employees

    ( With inputs from : kashmirlife.net )