Income on which no tax payable in india किस आय पर कोई कर नहीं लगता है?

The mere mention of "income tax" can induce stress in many individuals who constantly seek ways to save money. Income tax is a tax imposed on our earnings from various sources such as salary, business, capital gains, rent, awards, prizes, gifts, interest, and more, if we have earned money in a given year. However, not all sources of income are taxable. There are some income sources that are exempt from income tax, and the government cannot charge tax on them. So, if you want to save taxes,

it is essential to know about the top 11 tax-free income sources in India before filing your ITR online. Let's delve into these sources right away.

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टिप्पणी करना, अपने प्रश्न और प्रतिक्रिया लिखना कभी न भूलें

How to file ITR when you don't have Form-16, What an employee can do if Form 16 not received

 For an employee Form-16 is a important document containing the details of salary ,deductions considered by employer, TDS already deducted etc. Form 16 is helpful, but it is not required in order to file an ITR. 

If it isn't there, you can still file your ITR by gathering substitute paperwork and relevant information about your income and taxes. Compiling payslips, bank statements, and other relevant financial documents facilitates income and tax computation. 

How to get more Income Tax refund while filing ITR I आईटीआर दाखिल करते समय अधिक आयकर रिफंड कैसे प्राप्त करें

For many people, filing an income tax return (ITR) can be a difficult taks, but it gets easier if you know the procedures and the possible tax benefits of filing ITR.

Taxpayers can significantly lower their tax liability by claiming a variety of deductions under various sections of the Income Tax Act of 1961 and if they have already paid advance tax or TDS deducted on thier income ,they can get refund of this TDS by saving tax. 

Here are a few easy steps to maximize your income tax refund when filing your ITR by utilizing different exemptions and deductions.

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Who can file ITR in Form-1 (Sahaj Form)

 “Sahaj Form and Sugam Form are major steps towards simplification of income tax return filing,” these form were introduced to make the process of filing income tax returns simpler and user-friendly.

While Sahaj is for the salaried, the Sugam form is for small businessmen and professionals.

There may many questions in taxpayers' mind while preparing the ITR in Form-1 i.e. Sahaj form, we are giving here FAQ regarding Sahaj which have been made available by the department:-

Filing ITR is easy but reporting correct information in ITR? What are the common mistakes to avoid when filing taxes

Salaried person need to file their Income Tax Returns (ITR) as the deadline of July 31 coming near.

ITR filing is usually simple, but even small mistakes might result in Notice from the tax authorities and possibly even fines and penalty.

generally people forget to mention Complete bank information,or failure to furnish "income from other sources" or "exempted income" which may result notice from department or thier ITR may be treated as defective ITR.

we will discuss here some common mistakes which is done by the tax payers while filing ITR:

Who Should file Income Tax Return and why?

Fling income tax return i.e. ITR is compulsory for some person while it is optional for others. Why should you file ITR because ireporting your proper and true income is your duty and pay taxes thereon 

Now question arise who should file ITR?

It will depend upon that facts that what is your income level during the year. 

If you are not more than 60 years during the year and your income is more than Rs.2.50 lakhs 

Or you are more than 60 years but not more than 80 years & having income more than Rs.3.00 lakhs 

or you are more than 80 years & having income Rs.5.00 lakhs during the year 

then you must file your ITR otherwise you will face problems. 

You should file your ITR even you dont have income (as explained above) If :-

Is it mandatory to give the details of all bank accounts while furnishing Incomw Tax Return

 Is it mandatory to give the details of all bank accounts while furnishing Incomw Tax Return

Yes, You must disclose your all bank accounts details in your Income Tax Return.

Usually, the bank account that is frequently used for transactions is the primary bank account. The bank account used for the transaction with the Income Tax Department is the primary bank account.

In case, you closed your bank account during the financial year, you are required to disclose it in your ITR.

NPS has introduced new login rule to access your NPS Account

With a new financial year (FY2024-'25) starting from Monday, April 1, several key decisions implemented by the government related to personal finance, investment schemes and tax regimes will come into force. Among the many fiscal matters to come into force are also key changes within the National Pension Scheme (NPS).

What you can do if ITR filed but not E-varified

 Question 1:

I filed my Original ITR u/s 139(1) on 30th July 2023 but not yet verified. Can I Discard it?

Response:
Yes, user can avail the option of “Discard” for the ITRs being filed u/s 139(1) /139(4) / 139(5) if they do
not want to verify it. User is provided a facility to file an ITR afresh after discarding the previous 
unverified ITR. However, if the “ITR filed u/s 139(1)” is Discarded and the subsequent return is filed after the due date u/s 139(1), it would attract implications of belated return like 234F etc., Thus, it is advised to  check whether the due date for filing the return u/s 139(1) is available or not before discarding any previously filed return.

Is the ITR filing date extended | Income Tax Return Due Date AY 2023-24:Last Date Extension

According to Section 234F of the Income Tax Act of 1961, anyone who file their ITRs late must pay a fine of up to Rs 5,000. Small taxpayers must pay a fine of Rs 1,000 if their annual taxable income is less than Rs 5 lakh.

The deadline to file Income Tax Return without penalty is July 31, 2023, i.e, today. Taxpayers can contact the tax department’s helpdesk which is open all day today to assist taxpayers with ITR filing, tax payment, and other associated services. The assistance is done over the phone, live chat, Webex meetings, and social media.

Will ITR deadline get extended?

I have purchased land , What Income Tax compliance I have to do for such land purchased?

• Tax is deductible (TDS) when buyer paid consideration exceeding the Rs 50 lakhs at the time of credit of such amount to the seller or at the time of making payment. 
• For the purpose of computation of threshold limit GST will be included.
• Tax deduction rate is .01 percent In case PAN is not available rate will be 5 percent.

• I have sold land and building to a non-resident. Whether I need to report the PAN of buyer in the table A1/B1 in Schedule CG?
  ​​​As mentioned in ITR form, quoting of PAN of buyer is mandatory only if tax is deducted under section 194-IA​ or is mentioned in the documents.
• I am resident and have sold land and building situated outside India. Whether I need to report the details of property and identity of buyer in Schedule CG?
  ​​The details of property and name of buyer should invariably be mentioned. However, quoting of PAN of buyer is mandatory only if tax is deducted under section 194-IA​ or is mentioned in the documents.
• 
  

Do I need to pay tax on income earned on gift amount?

I have received Rs.15 lakhs from my father who is filing his income tax Return (ITR) regularly and paying tax on his income. Money so received was invested somewhere and earned an interest income around Rs.2,25,000/-.

Do I have to show such amount (i.e. Rs.15 lakhs) in my ITR?

Do I need to discloses & file my ITR for interest if don't have any other income except interest, I understand that  income up to Rs.2,50,000/- is not taxable. 

New Requirement in Tax Audit Report and in ITR 6

New Tax regime i.e. "propagated as concessional tax rate" has been introduced in Finance Act which provide options to taxpayer to adopt any one of the two options and pay tax accordingly. A lot of deductions/allowance which were availed earlier by the tax payer shall be forgone. 

Section 115BAA and section 115BAB are introduced for company assessee and section 115BAC and Section 115BAD have been brought for assessee, being an Individual, HUF and Co-operative society. so that tax payer can opt for concessional tax rate regime subject to fulfillment of various conditions given in these sections.

Do you need to maintain books of accounts for Income Tax purpose ?

 Are you maintaining Books of accounts to disclose proper Income for Income Tax purpose?

you are filing your income tax return and declaring a certain amount as income , just think that you have received a notice from income tax department to prove your income, how will you prove that you have declared your true income? are you maintaining books of accounts and keeping record of the income and expenditure, if yes , very good but what if you are not maintaining,can Income tax department force you to maintain books of accounts or can department may penalize you for not keeping record? 

Just join me here to know what is required and what is not required , I am going to discuss the provisions relating to maintenance of books of Accounts.

 Do you need to file ITR even your total income did not exceed the basic exemption limits? 

Yes, From Assessment Year 2020-21 it mandatory to file ITR for an assessee  who is not a company or a firm but who otherwise is not liable to file Income Tax Return of Income, if he or she satisfy any of the condition during the previous year:-

Part-6- change applicable in Capital gain-Know Important changes in Income Tax Act -Before Filing ITR for Assessment Year 2020-21

Now Time has come to be ready to file income Tax return for the Assessment Year 2020-21, however there are lot of changes have been made by the Government.

Some changes are more important to know because Income tax Return cannot be filed correctly if are ignorant of these.

I am just making an effort to cover such amendments/changes in a series like what would be Tax Rate for the Assessment year , changes in particular source of income i.e.salary, house property, Business or profession, capital etc.

So far I have covered the changes which are made in exempt income, salary income, house property income and income from business or profession, now going to explain the changes which are applicable in "Capital Gain".i.e. profit or loss which arise when someone sale any capital asset.

Part-5- Before Filing ITR for Assessment Year 2020-21, Know Important changes in Income Tax Act-PGBP

Now Time has come to be ready to file income Tax return for the Assessment Year 2020-21, however there are lot of changes have been made by the Government.

Some changes are more important to know because Income tax Return cannot be filed correctly if are ignorant of these.

I am just making an effort to cover such amendments/changes in a series like what would be Tax Rate for the Assessment year , changes in particular source of income i.e.salary, house property, Business or profession, capital etc.

In earlier parts, we have included 

            (1 ) Rate of Income Tax for the Assessment year 2020-21                        (Read Part -1 here)

            (2)"Exempt income" i.e. Income which do not part of Total Income  (Read Part -2 here) 

            (3) Changes in the head "Income from Salary"                                     (Read Part -3 here)

            (4) Changes in "Income from House Property"                                (Read Part-4 here ) 

Now we will cover the changes made or brought in the head "Profit or gains from Business or profession "  which are specifically applicable for the Assessment year 2020-21 :- 

Profit or gains from Business or profession

Part-2- Before Filing ITR for Assessment Year 2020-21, Know Important changes in Income Tax Act

 Now Time has come to be ready to file income Tax return for the Assessment Year 2020-21, however there are lot of changes have been made by the Government.

Some changes are more important to know because Income tax Return cannot be filed correctly if are ignorant of these.

I am just making an effort to cover such amendments/changes in a series like what would be Tax Rate for the Assessment year , changes in particular source of income i.e.salary, house property, Business or profession, capital etc.

In first part, we have included the rate of income Tax applicable for the Assessment year 2020-21 (Read Part -1 here) , now we will cover the changes made or brought in  "Exempt income" i.e. INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME  which are applicable for the Assessment year 2020-21 :-

Extension of due date for filing Income Tax Return-ITR

Extension or relaxation in due date  under Income Tax Act, 1961

In exercise of the powers conferred by sub-section (1) of section 3 of the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (2 of 2020), the Central Government further extended the due date of furnishing Income Tax Return or Audit report under the Act, as well as relaxation has been given by extending period for making invest under section 54 or section 54B or under chapter-VI-A of the Act.

Brief of the Extension or relaxation are as under:-

 

(1)  Extension of due date to file Income Tax return u/s 139