Filing income tax return (ITR) is a mandatory financial responsibility which citizens of business and working class should adhere to every year. ITR can be filed online and for that one can register at the Income Tax Department's e-filing website. The IT department has recently launched new portal e-filing 2.0, to enable online filing of returns and tax payment easier. The new portal named ‘incometaxindiaefiling.gov.in', and it can be accessed by taxpayers in various regional languages.
Individuals filing for ITR is easy and simple and for that there are a few pre-requisities for registration, such as:-
- a) Valid PAN
- b) Valid Mobile Number
c) Valid Current Address
d) Valid Email Address, preferably your own.
Taxpayers are also advised to re-register their DSC (Digital Signature Certificate) at the website.
All About the ITR Online Portal
Take a look at the important highlights of the ITR portal that has been launched recently:-
The new ITR portal has separate tabs for different categories of taxpayers
- Individuals,
- Company,
- Non-company, and
- Tax professionals
ITR portal allows taxpayers to view, edit and update their personal details under 'my profile' menu.
Taxpayers can update their profile and can also avail accurate pre-filled ITRs and enhanced user experience.
Once a registered user logs in, a dashboard would appear showing details of e-proceedings, response to outstanding demands under the 'pending actions' tab.
The e-filing portal is used by taxpayers to file their income tax returns (ITRs) and also to raise complaints seeking refunds.
ITR - New Rules
As per the new ITR rules, if you have not filed the income tax return (ITR) then you will be required to pay a higher amount of TDS/TCS from July 1, 2021.
The recent announcement made in Budget 2021, states that a person who has not filed ITR for the previous two financial years and the aggregate TDS and TCS deducted from payments made to him/her in each of these financial years exceeds Rs 50,000, then such person will be subjected to higher TDS rate.
Let’s take for an example that a person named ‘Mohan’ has not filed income tax returns for FY 2018-19 and 2019-20. Mohan has saving in the form of of fixed deposits, dividend income, interest from recurring deposits etc. Whose aggregating TDS exceeded Rs 50,000 in each financial year.
In this situation, Mohan will have to pay higher TDS rate on the incomes from July 1, 2021 in comparison to those who have been filing ITR annually.
*Disclaimer - The information provided above is only for information purposes to spread financial knowledge and enhance literacy among our readers. It shouldn’t be taken as financial advice by anyone.
Also Read
National Pension Scheme - What is NPS and How to Open NPS Account? - All You Need to Know
What are Crypto Currencies and How to Invest in them? - All you Need to Know
What is an IPO? - Meaning, Types, Process, and Eligibility
Worried About Safety of Your Bank Account? - Check out Safe Banking Tips Everyone Should Know
Comments
All Comments (0)
Join the conversation