Filing Itr News Today

It is important for individuals to ensure that they have proofs and required documents for all the deductions and tax exemptions claimed while filing income tax return. This is to ensure that if in the future years the income tax department asks the individual to provide proofs to substantiate the deductions claimed. If the proofs are unsatisfactory then it can lead to heavy penalties.

The last date for filing ITR for FY 2021-22 (AY 2022-23) is July 31, 2022. If an individual misses this deadline to file ITR, there is a monetary and non-monetary cost. An individual filing belated ITR is required to pay a late filing fee for a maximum up to Rs 5000. Apart from this, there are certain disadvantages to filing belated ITR.

For getting interest without deduction of tax at source, non-senior citizens can file form 15G and senior citizens have to file form no. 15H. Since your wife is not a senior citizen, she has to file form no. 15 G. But she has to file her ITR only if her income during the year exceeds the amount of basic exemption of Rs. 2.50 lakh

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​The income tax department has created a list of persons (called specified persons) for whom this higher rate of TDS, TCS will be applicable. However, there is a way of stopping higher TDS, TCS on incomes.

The Income Tax Department has said it will refund the excess interest and late fee paid by taxpayers due to asoftware error