Latest news with #IncomeTaxe-Filing
India Today
24-07-2025
- Business
- India Today
Filed the wrong ITR form? Here's how to fix it to avoid penalty
Filing your Income Tax Return (ITR) often feels like ticking off a major task on your to-do list, until you realise you've picked the wrong form. Don't worry, you're not alone. With multiple income streams and varied deductions, it's surprisingly easy to select the incorrect ITR. The good news? You usually have time, and ways to fix taxpayers only spot mistakes after hitting 'Submit'. Filing the wrong form can snowball into bigger headaches later, from refund delays to unexpected penalties. But tax experts say you do have ways to set things right, provided you act spoke to CA (Dr) Suresh Surana and Pankaj Aneja, Partner Taxation, ASA & Associates LLP, to understand what to do if you've filed the wrong YOU CAN REVISE YOUR ITRThe first step is to check if you can file a revised return. Surana explains, 'A taxpayer can revise their ITR if an error or omission is found after submission. This is allowed under Section 139(5) of the Income-tax Act. A revised return can be filed at any time 3 months prior to the end of the relevant assessment year or the completion of the assessment by the income tax authorities, whichever is earlier.' Simply put, if you filed your original return on time, just log in to the Income Tax e-Filing portal, select the 'Revised Return' option, enter the acknowledgement number of your original ITR, choose the correct form for your income situation, make the necessary changes, and don't forget to e-verify Aneja adds, 'The revised return fully replaces the original return and must be filed by December 31 of the relevant assessment year (or any extended timeline). Multiple revisions are permitted within the allowable timeframe.'WHAT IF YOU MISS THE REVISION DEADLINE?Panic usually sets in if you spot the error after the window for revising your return closes. But all is not lost. There are still options, but with a few points out, "If the mistake is found after the revision window closes, you can file a rectification under Section 154. This provision enables the correction of mistakes that are factual and do not require extensive verification or fresh investigation. Another option is the Updated Return under Section 139(8A). This lets you correct mistakes within 48 months from the end of the relevant assessment year, but you'll need to pay additional tax."Aneja explains, 'Once the revision deadline is over (i.e., post December 31 of the assessment year or after the assessment is complete), the usual revision isn't possible. However, you can file an "Updated Return" under Section 139(8A) with payment of additional tax.''A updated return can be filed one time with no further revision permitted thereafter,' he also shared the timeline and additional tax rates for filing an Updated Return: Credit: Pankaj Aneja, Partner Taxation, ASA & Associates LLP However, you cannot use this option in every case. For instance, you can't file an Updated Return to declare a loss, reduce your tax bill, or claim a bigger refund. Also, if the tax department has already started or completed a search, survey, or assessment under different sections of the Income Tax Act, you cannot use this option, Aneja CORRECTING YOUR ITR INVITE TROUBLE?One common worry is whether fixing your ITR will attract scrutiny. The short answer, not says, 'There's no rule that simply revising your ITR automatically flags you for scrutiny. But if you make frequent or major changes, it can catch the attention of the tax department's AI systems.''Substantial revisions or multiple corrections could signal carelessness or an attempt to hide income, which might raise a red flag. If your revised return still doesn't match the information in Form 26AS, AIS, or TIS, expect a notice or scrutiny,' he ITR FORM CAN DELAY YOUR REFUNDFiling the wrong form can cost you time and money. Surana explains, 'If the form used does not correspond to the taxpayer's actual sources of income or claimable deductions, the return may be classified as defective under Section 139(9) of the IT Act. In such cases, the return may either be rejected or require rectification within a stipulated time.'Using the right ITR form is important because each one is designed for certain types of income. For example, you can't use ITR-1 if you have foreign income. If you have capital gains, you may need ITR-2 or ITR-3. Getting it right the first time saves time, money, and unnecessary stress. For instance, if you have foreign income, you can't use ITR-1. If you have capital gains, you may need ITR-2 or WAIT, FIX IT EARLYIf you've filed the wrong form, don't wait for the tax department to flag it. The sooner you fix it, the better your chances of avoiding late fees, interest, or missed the right form and careful filing, your tax return can be hassle-free, and you won't have to lose sleep over a simple double-check your form before you file. And if you do slip up, remember, you still have time to set it right.- Ends
News18
13-07-2025
- Business
- News18
ITR Filing 2025: 31 Banks Now Support Direct Tax Payment On IT Portal; Check List
Last Updated: The Income Tax department extended the ITR filing deadline to September 15, 2025. Taxpayers can now pay direct taxes through 31 banks on the e-Filing portal. ITR Filing 2025: The income tax return (ITR) filing season is going on, with over one crore returns already filed. All major utilities from ITR form 1 to ITR form 4 have been enabled for e-filing. The Income Tax department has extended the deadline to September 15, 2025 from July 31, 2025, giving taxpayers more time to complete their tax duties without any rush and avoid any errors and mistakes. The Income Tax Department has expanded its list of partner banks for e-Pay Tax services on the e-Filing portal, now enabling taxpayers to pay direct taxes through 31 banks across India. As per the official list, the e-Pay Tax service now includes both public and private sector banks. Of the 31 banks, several have migrated to the new system, while others have been added as new entrants. Taxpayers can now log in to the Income Tax e-Filing portal and make direct tax payments through Net Banking or Debit Cards using any of the listed banks. Banks available at e-Filing Portal – 31 Banks Direct tax payment refers to paying taxes directly to the government without involving any intermediary. These taxes are paid by the person or entity on whom it is levied, and they cannot be shifted to someone else. About the Author Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates—only on News18. Also Download the News18 App to stay updated! First Published: July 13, 2025, 10:58 IST
Time of India
11-07-2025
- Business
- Time of India
Income Tax: Changing these details on e-Filing website? Here's are the ways you can e-verify it
Here are the steps to change contact details by e verification Academy Empower your mind, elevate your skills Things to note when updating contact details The Income-Tax Department relies on the registered mobile number and email ID for all important communications related to e-Filing . Taxpayers should ensure that their contact details on the income tax portal are valid, updated, and personally accessible. To maintain direct and secure communication, taxpayers must verify and update their contact information on the e-Filing portal at the updating contact details on the Income Tax e-Filing portal, taxpayers must now complete an additional step of e-verification . This added layer of security ensures that only the rightful owner updates the contact information. Taxpayers can choose from multiple e-verification methods, including Aadhaar OTP , Digital Signature Certificate (DSC), net banking, linked bank account, or demat account. One of these methods must be used to authenticate and successfully update the contact read: Is LTCG exemption on equity, equity mutual funds Rs 1 lakh or Rs 1.25 lakh while filing ITR for FY 2024-25 (AY 2025-26)? Step 1: Log in to the income tax e-filing portal by entering your 2: Click on your profile picture in the top right corner and select 'My Profile' from the dropdown. Alternatively, you can select the 'Update Profile' 3: On the personal details page, click on the 'Edit' button under the 'Contact' 4: You can update the contact details here, such as mobile number, email ID and address as per your PAN or Aadhaar card and click on 'Save'. On the 'Verify your Contact Details' page, enter the OTP received on your mobile number and email ID and click 'Submit'.Step 5: Next page will ask 'How do you want to e-verify?'Select from the below listI would like to verify using OTP on mobile number registered with AadhaarI would like to verify using Digital Signature CertificateGenerate Electronic Verification CodeThrough Net bankingThrough Bank accountThrough demat accountA success message page is displayed along with a Transaction ID. Please keep a note of the Transaction ID for future reference. You will also receive a confirmation message on your email ID and mobile number registered on the e-Filing you update your mobile number and email ID as per bank details, you will receive the OTP on the primary mobile number and primary email ID respectively entered on the e-Filing you update your mobile number and email ID as per Aadhaar and no other edits have been made, you will not be required to verify the mobile number, however, you will be required to verify the email case you only update address details (as per PAN / Aadhaar), no OTP authentication will be required. On successful updation of the address an email will be sent to you on the primary email ID registered on the e-Filing portal.
Mint
10-07-2025
- Business
- Mint
Income tax filing: How to deal with inaccuracies in annual information statement
MUMBAI : The annual information statement (AIS), introduced by the Income Tax Department to enhance transparency, is instead creating hassles for taxpayers by reporting incorrect incomes, according to chartered accountants. Introduced in 2021, the AIS gives a snapshot of financial transactions—ranging from securities and mutual funds to property deals and fixed deposits—during a fiscal year, sourced from multiple reporting entities such as banks, registrars, depositories, and sub-registrars. Available on the Income Tax e-Filing portal, the AIS complements the form 26AS by providing an expanded view of various income streams and transactions that might attract tax implications. However, it is often riddled with inaccuracies that leave taxpayers vulnerable to notices and assessments. The problems One of the most frequent errors in the AIS concerns capital market transactions, especially equity trading. Brokers and depositories report trade details, but inconsistencies between actual trade values and reported prices often don't match. 'We've come across several critical mismatches in tax reporting that can create significant challenges for taxpayers. In equity transactions, for instance, depositories often report closing prices that differ slightly from the actual transaction prices," said Ashish Karundia, chartered accountant and founder, Ashish Karundia & Co. These discrepancies often arise from systems failing to capture real-time prices or settlement-specific data. 'I received cases of senior citizens who do not even have a demat account. Surprisingly, capital gains were reported in their AIS. These individuals have never transacted in any securities in their entire lives, yet the system showed transactions," said lawyer and chartered accountant Kinjal Bhuta, who is also a treasurer at the Bombay Chartered Accountants' Society. Property deals are another area where AIS creates major confusion, especially in cases of joint ownership. The system often attributes the entire property value to each co-owner, causing inflated income disclosures. 'One of the reasons is that immovable property, time deposits, securities, or mutual fund units were purchased in joint names merely for the sake of convenience or as a gesture of affection. However, the second (joint) holder did not make any financial contribution toward the purchase," said Pankaj Bhuta, chartered accountant and founder of P. R. Bhuta & Co. The reporting systems often double-count the property value, creating a mismatch that doesn't reflect the actual financial arrangement. Even gift transactions get misinterpreted. 'A peculiar case involving property gifting. When someone does a gift deed and registers it under stamp duty, the system incorrectly treats it as a registered purchase and sale. This means both the gifting and receiving parties start getting notices about stamp duty value and fair market value, even though it was just a gift," said Kinjal Bhuta. The issue lies with how sub-registrars report transactions, noted Ganesh Rajgopalan, partner at accounting services provider A.P. Rajagopalan & Co. 'When joint property transactions are registered, sub-registrars report the same transaction for each joint holder, creating a complex reporting scenario. This means a single property transaction gets recorded multiple times across different PAN (permanent account number) holders, without clarity on individual ownership shares," he said. The AIS often miscalculates even interest income from fixed deposits. This issue arises when a taxpayer opts to receive interest only upon maturity while still being liable to pay tax on the interest accrued each year under the accrual method. In such cases, the AIS often either misses out on the yearly accrual or overstates the income in the year of maturity. For instance, if a taxpayer invests ₹5 lakh in a five-year fixed deposit at an annual interest rate of 7%, interest of around ₹35,000 accrues each year, totalling ₹1.75 lakh over five years. Ideally, this interest should be reported annually and taxed accordingly. However, if the bank reports the full maturity value of ₹6.75 lakh (principal + interest) only in the final year, the AIS reflects the entire ₹1.75 lakh interest as income in one year, inflating that year's income. What can taxpayers do? If you've noticed inaccuracies in your AIS, the first step is reconciliation—comparing the AIS, Form 26AS, and Taxpayer Information Summary (TIS) with your own records. 'Always reconcile your income with Form 26AS, AIS, and TIS. If any discrepancies are found, you can submit your disagreement through the AIS portal on the Income Tax Department website. Ensure you retain all supporting documents to substantiate your response," said Pankaj Bhuta. He shares a step-by-step guide: Log in to Go to Pending Actions → Compliance Portal Click 'Proceed" and select the AIS tile Choose the financial year → View AIS → Select the transaction Click 'Optional' under 'Provide Feedback' and submit your response. Keep the acknowledgement (Reference ID) for future reference. Karundia suggested that taxpayers should identify the type of mismatch, prepare a reconciliation, and then raise it through the AIS platform. 'If the issue remains unresolved through the AIS feedback mechanism, taxpayers may also consider directly writing to the reporting entities for correction." What should the tax department do? Annual information statements lack legal backing. 'Taxpayers can challenge these AIS entries because there's no law validating these reports. The department has created these things without a proper legislative basis," said Kinjal Bhuta. She also recommended that the government issue public circulars whenever there are errors or delays. 'There should be an option for taxpayers to specify the reason for including a second/joint name and also upload supporting documentary evidence," added Pankaj Bhuta. Karundia recommended expanding feedback options on the AIS platform. 'Introducing a mechanism for taxpayers to directly communicate feedback to reporting entities would enhance accountability and potentially lead to faster resolution times." 'The current process of sending queries to sub-registrars is fundamentally flawed and creates unnecessary complications for taxpayers. The Income Tax Department should develop sophisticated software logic to automatically match transaction values," highlighted Rajgopalan. The income tax department didn't respond to Mint's emailed queries.
India Today
03-07-2025
- Business
- India Today
Lost your ITR login? Here's how to file income tax using net banking
It's tax filing season again, and many people are busy getting their papers and numbers in order. If you are ready to file your Income Tax Return (ITR) for the financial year 2024-25 but have forgotten your login password for the Income Tax portal, don't panic. You can still file your ITR without any hassle. All you need is your net ITR WITHOUT PASSWORDIf you can't remember your Income Tax portal password, you don't need to reset it straight away. Most major banks in India allow you to access the e-Filing portal through their net banking services. It's a safe and easy way to file your return on check if your bank offers it, you can look for the Net Banking option on the Income Tax e-Filing website or ask your bank directly. The process is straightforward; for instance, ICICI Bank provides a step-by-step guide for this purpose. To file your ITR through ICICI Bank's net banking, you need to log in with your ID and password, navigate to 'Payments and Transfers', and then 'Manage Your Taxes'.From there, you select 'Income Tax e-Filing', which redirects you to the income tax website allowing you to file your returns without logging in directly to the IT portal. This method not only simplifies the filing process but also provides access to various services such as quick e-File ITR, Upload Return, View Form 26AS, Tax Calculator, Download ITR, and E-Pay MORE PASSWORD WORRIESadvertisementSo, if you have lost your Income Tax login password, don't let it delay your filing. Use your bank's net banking and finish your ITR filing smoothly and on make sure you check with your bank if they offer this facility. It's quick, safe and saves you from the trouble of resetting passwords during the busy filing season.- EndsTrending Reel
