ITR submitting: The Earnings Tax return submitting deadline is July 31, 2024. With the deadline simply two weeks away, the frenzy to file ITRs has elevated multifold. Many taxpayers have reported fixed delays on account of snags with the e-filing portal. Resulting from this, the Earnings Tax Division has began receiving requests from particular person taxpayers and tax professionals for extending the ITR due date for AY 2024-25 past July 31.
After the Institute of Chartered Accountants of India (ICAI) and the Karnataka State Chartered Accountants Affiliation, the All Gujarat Federation of Tax Consultants and Earnings Tax Bar Affiliation have written to FM Nirmala Sitharaman about fixed points with the functioning of the Earnings Tax Portal and updates in AIS/TIS.
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Each have requested an extension of the deadline for submitting Earnings Tax Returns for AY 2024-25 from July 31, 2024, to August 31, 2024.
Rebate u/s 87A
In its letter to the finance ministry, Earnings Tax Bar Affiliation famous: “It’s to carry to your form discover that after replace within the ITR on-line utility submit fifth July, the utility just isn’t giving good thing about rebate u/s 87A for the tax on short-term capital acquire on shares u/s 111A and different particular fee incomes. Earlier than fifth July, the identical utility and calculator had been permitting rebate u/s 87A in opposition to the tax on quick time period capital acquire on shares u/s 111A and different particular fee incomes aside from long-term capital acquire u/s 112A the place such rebate is particularly barred by the sub-section (6) of the part 112A itself.”
It added: “In our humble opinion and as per the intention of the regulation in offering the rebate u/s 87A, the conduct of the system is inaccurate and the identical needs to be rectified on the earliest contemplating that it impacts an enormous variety of taxpayers and particularly when the exchequer must broaden the taxpayers base in India. Over the past days of submitting Earnings Tax Returns for which due date is thirty first July, such confusion provides gas to the fireplace.”
New Tax and Previous Tax Regime
On New/Previous regime on Earnings tax portal there’s a particular question – Is there any distinction in tax rebate u/s 87A in outdated and new regime. The portal to this question clearly says that the restrict is elevated from Rs. 12500 to Rs. 25000. No extra distinction has been talked about in working of Rebate u/s 87A w.r.t. outdated and new regime which signifies that if in calculating the rebate of Rs. 12500 beneath outdated regime profit is offered for tax on STCG u/s 111A and different particular fee incomes, the identical profit would even be obtainable whereas calculating rebate beneath new regime.
Reporting Necessities & Complexity of Transactions
> Within the period when CPC is processing ITRs in a short time and the variations between reporting in AIS / TIS & 26AS v/s Earnings Tax Return are being communicated as errors or are topic to notices for rectification, it takes time in preparation and submitting of returns.
> After the introduction of elevated restrict u/s 44AD as much as turnover of Rs. 2 / 3 Crore & proviso to part 44AB having non requirement of audit as much as turnover of Rs. 10 Crore on this digital funds’ period, the circumstances the place the due date of thirty first July is relevant have elevated drastically.
> Furthermore, the checking necessities and software of different provisions equivalent to TDS, 269SS/T, 43B, GST and many others. are nonetheless relevant to such circumstances, which require appreciable time and efforts earlier than submitting ITRs. From the present yr reporting beneath 43B(h) associated to funds to MSME has additionally added the necessity of appreciable time to seek out figures and contemplate them for preparation of the Earnings Tax Returns even in non-audit enterprise circumstances.
Logging points
Many taxpayers have reported points with logging into the Earnings Tax web site on social media platform X.
Additionally it is to carry to your consideration that when once more the Earnings Tax Portal just isn’t functioning correctly for nearly a month by now. There are lots of glitches like –
> Gradual pace of portal in loading every web page,
> Add associated points the place add fails with sudden errors
> Pages turns into non-responsive
> No response from UIDAI for Aadhar-based OTP verification and many others. are being confronted continuously by the taxpayers.
The division addresses the problems via grievances redressal mechanism and in addition by offering many solutions to the queries raised on the official deal with on X (previously referred to as Twitter) via its deal with @IncomeTaxIndia.
There are such a lot of points the place this deal with has given customary replies stating there appear to be some intermittent points. Now we have flagged them to the workforce involved. The technical workforce is working to resolve the problems. Nonetheless, please share your particulars (with PAN & cell no.) at orm@cpc.incometax.gov.in for our workforce to help.
