Latest news with #PreetiSharma
Mint
14 hours ago
- Business
- Mint
Probability of inquiry from tax dept could be higher in old tax regime, says Preeti Sharma of BDO India
Income Tax (I-T) department has released online utilities for ITR-1 and ITR-4 but not yet for ITR-2 and ITR-3. As soon as they are released, taxpayers are recommended to start the process of filing their tax returns, suggests Preeti Sharma, Partner, Global Employer Services, Tax & Regulatory Services of BDO India. In an email interview with MintGenie, she shares her views on income tax forms, new tax regime, importance to engage an expert for filing of income tax return and recommendations for the tax department. The due date of filing Income-tax return for the Financial Year 2024-25 has been extended from 31 July 2025 to 15 September 2025. This is owing to the introduction of significant changes in the ITR forms. The online utility for Form ITR 1 and ITR 4 is already notified. However, Form ITR 2 and ITR 3 are not yet available for filing. It is expected that new online forms will be pre-filled with maximum possible information based on the Significant Financial Transactions being reported by multiple departments and divisions across India. Once the ITR form applicable to you is available for filing, it is recommended to start the process of filing your tax return rather than waiting for the due date. This will have the following benefits: Online form will be pre-filled with your income, TDS and other tax payment details. If you start the process early, you will have time to validate the information, and raise dispute with the tax department if the information is not captured accurately. At the same time, if TDS and TCS are not reflecting, liaise with the deductor to take corrective action. The new date is an extension for filing of your tax return. However, the advance tax payment obligation remains the same. If you have not paid advance taxes and prefer to pay tax at the time of filing of your tax return, you will incur additional interest obligation for the delay in payment of taxes if you defer the tax payment exercise to September. Early filing of ITR can help in avoiding technical glitches and server downtime due to last-minute rush. As has been seen in past years, as initially fewer individuals opt to file the tax returns, their returns also get processed faster. No major changes are anticipated in the tax return form and return filing process owing to the introduction of the new Income-Tax Act. The new Act aims to reduce legal complexity; however, the major income heads and concept of taxation are kept as they are. We can expect changes in the forms, including renumbering of section, revised tax slabs and rebates amount, however, largely no major changes are expected in the tax filing process. There is no standard answer as identification of a beneficial tax regime mainly depends on an individual's structure, available deductions. The old tax regime offers various deductions & exemptions such as House Rent Allowance, Leave Travel Allowance, and popular deductions under Section 80C (investment Provident Fund, Life Insurance policies, etc.) and Section 80D (health insurance premium), etc. On the other hand, the new tax regime was introduced to simplify the tax structure; hence, the above-mentioned deductions/ exemptions are not available in the new regime, but it offers lower income-tax rates as compared to the old regime. The new regime is beneficial for those who do not have major exemptions or deductions to claim and prefer hassle-free filing. Although a case-specific calculation is recommended, but at the high level, if you expect all your exemptions / deductions are likely to be more than ₹ 4,00,000, old regime may have lower tax liability. But at the same time, be mindful that you have to maintain full documentary evidences to support the deduction/ exemption claimed. The probability of enquiry from tax department is higher if old regime is opted. New regime is the default regime, and if the old regime is not specifically opted in tax return form, the online form will consider new regime while calculating your taxes. Yes, the new ITR-1 forms notified by the CBDT bring several positive and practical changes, particularly benefiting small investors and salaried taxpayers. One such welcome move is the inclusion of long-term capital gains (LTCG) reporting of up to ₹ 1.25 lakhs in the ITR-1 (Sahaj), reducing the need to switch to more complex forms like ITR-2. Other changes that have been introduced: TDS Disclosure: A new column in the TDS schedule requires taxpayers to specify the section under which it is deducted, such as section 192 for salary, section 194A for interest, etc. This might help to reconcile TDS claimed in the ITR by the taxpayer with Form 26AS, potentially minimising mismatches. A specific bank account for refunds by ticking a checkbox next to a pre-validated account may be selected, while all active accounts still need to be reported, regardless of their validation status. Aadhaar: Only the 12-digit Aadhaar number is now accepted. The option to provide an enrolment ID has been removed, which may impact taxpayers awaiting Aadhaar issuance close to the filing deadline. ITR1 and ITR4 are updated with the above, however, we will need to wait for the actual rollout of utilities of other forms to gauge the changes. With the introduction of pre-filled ITR Forms on the e-filing portal based on Form 16, Form 26AS, AIS, TIS, Bank reports, Broker reports, etc., the return filing process has now become easier especially for salaried individuals with only one-two income sources such as bank interest, and some minor capital gains. The portal also provides a step-by-step guidance to help taxpayers file the ITR correctly. For many small taxpayers with limited source of income such as salary and interest, filing their ITR on their own can absolutely be a practical and cost-effective approach. Additionally, the IT department has introduced simplified forms like ITR-1 (Sahaj) & ITR-4 (Sugam), which is designed specifically for such cases. However, if a taxpayer has more complex income — say, capital gains from multiple share transactions, rental income, foreign income, or wants to claim several deductions under the old tax regime, then, it is advisable to consult a tax expert to avoid mistakes that could lead to notices or penalties from the IT Department. Although the IT Department has made commendable progress in digitising and simplifying the tax filing process in recent years, I would like to propose the following changes to improve the return filing process. I. Enhanced accuracy of pre-filled data by strengthening the integration between banks, mutual funds, and SEBI. There are many instances where wrong data is reported in AIS statement of the individual taxpayers. II. More interactive guidance. For example, chatbot explaining sections in simple language and providing suggestions on eligible deductions based on taxpayer's available information III. Speeding up of refund processing and grievance redressal mechanism For all personal finance updates, visit here
Time of India
2 days ago
- Business
- Time of India
ITR e-filing FY 2024-25: What is the benefit of pre-filled ITR forms on the income tax portal? Top points
ITR filing FY 2024-25: Pre-filling of ITR forms has several advantages. (AI image) Income Tax Return Filing FY 2024-25: The Income Tax Department has been aiming to make the e-filing of income tax returns easier for taxpayers, and one such step in that direction is pre-filled ITR forms. If you have been filing tax returns, you would know that the ITR forms have been pre-filed on the tax portal for some years now. With pre-filled ITR forms, the Income Tax Department aims to enhance accuracy, encourage timely filing of income tax returns and reduce compliance burden on taxpayers. The process of filing electronic Income-tax Return forms by taxpayers has evolved over a period of time and we have seen that every year Central Board of Direct Taxes (CBDT) introduces new features in the process to enhance user experience, reduce revenue leakage and ensure full compliance. 'The Government has strived to achieve a mature ITR filing process wherein all the information is accurately pre-filled in the form and taxpayers' role is limited to verification of the information. In order to achieve this level of automation, the CBDT has invested in the technology upgradation, mandated various agencies to share data with CBDT which is filtered and used to prepare a pre-filled ITR,' says Preeti Sharma, Partner, Tax & Regulatory Services, BDO India LLP. Also Read | ITR filing FY 2024-25: Do you need to file your income tax return if TDS has been deducted? Explained Preeti Sharma explains that till last year, your pre-filled ITR form was automatically capturing the following information: Personal Information, such as name, PAN, date of birth, address, etc. Income details, which have been reported by registered persons in India under a Statement of Financial Transactions such as Salary, from Form-16 submitted by employers Interest income, from Banks & Financial Institutions Reports Dividend income, from Companies & Mutual Funds Reports Tax payment details (TDS, TCS and advance tax) The IT Department can also track sale and purchase of land or immovable properties, with the tax deduction or collection requirements that have been introduced in India recently. The CBDT has already launched online utility for ITR-1 (Sahaj - Available for Individuals & HUF) and ITR-4 (Available for Individuals & HUF with Presumptive Business or Professional Income) with limited enhancements. However, the new online form ITR-2, ITR-3 for Individual tax-payers is still to be launched. According to Preeti Sharman, it is likely to be more advanced with pre-filled data such as: Pre-filled Capital Gains schedule – mapping the information received from brokers & Depository Reports and scrip wise bifurcation of capital gain rather than a cumulative amount. Pre-filled Deductions tab, which have been reported by the employer. Update of all the bank account numbers already linked with your PAN and Aadhaar in the Bank's systems. This pre-filling of ITR forms has the following advantages: Minimizing human efforts and errors Full disclosure of income Easy access to past records – for comparison purpose / reporting of previous year's income / carry forward of previous year's losses Reduced litigation as any mismatch of details reported in tax return with information available with the tax department is addressed at this stage only. Pre-filled ITRs makes it easier for a taxpayers' to file ITR correctly without in-depth knowledge of taxation, thereby reducing the dependence on experts (for simple cases). Also Read | Income Tax Return e-filing: Can you keep switching between new and old tax regime every year? What taxpayers should know Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
28-04-2025
- Business
- Time of India
Man loses Rs 12 lakh in online investment scam
Mangaluru: A man allegedly lost Rs 12.1 lakh in an online investment scam. According to his complaint, on March 30, around 10.30am, he received a call from a woman who introduced herself as Preeti Sharma. She informed him about an opportunity to earn Rs 2,000 to Rs 3,000 daily, claiming the work was linked to an Indian e-commerce company, a subsidiary of Uno Coin Technology (P) Ltd. After obtaining his phone number, the caller added him to a Telegram group named OASIS Finance official 1. There, a person named Rahul informed him that he could earn Rs 50 for each screenshot he sent, with all communication restricted to Telegram. After following the instructions, the complainant received Rs 1,500 credited to his SBI Bank account. Later, he was persuaded to invest in trading activities with promises of a 30% profit. Trusting them, he shared his bank details and began transferring money in phases from his SBI Bank account, eventually sending about Rs 10.1 lakh. He claimed to have transferred another Rs 2 lakh in phases from his Kotak Mahindra Bank account. When he later attempted to withdraw the funds, he was told his credit score was below 100 and was asked to pay an additional Rs 3.7 lakh. Suspecting fraud, the man reported the incident to the Cyber Helpline on April 22. After consulting his family, he recently filed a formal complaint at Mangaluru East police station.
Yahoo
29-01-2025
- Health
- Yahoo
Flu outbreak closes several North Texas schools for the week
The Brief Schools in Comanche and Godley ISD are closed because of an outbreak of the flu and other respiratory illnesses. Doctors at Cook Children's and Children's Health confirmed they are also seeing a high number of cases this week. Experts urge people to stay home if they feel sick. DALLAS - Several schools across North Texas have closed for the rest of the week as the flu and other illnesses spread through campuses, causing attendance rates to drop significantly. What we know At least three school districts and one charter school have shut down for the remainder of the week. In statements, district officials said attendance among both students and staff was already low, and even more students went home sick after being exposed to illnesses on campus. The following schools and districts have announced closures: Comanche ISD – Closed until Jan. 30 Godley ISD – Closed until Feb. 3 Treetops School International – Closed until Feb. 3 Other districts, including Caddo Mills ISD, have reported extremely low attendance but remain open. By the numbers On Tuesday, Godley ISD reported that nearly 650 students were absent, not including those who went home sick during the day. That's out of 3,200 enrolled students. An additional 60 staff members were out sick on Tuesday. Districts that remain open have reported attendance rates between 70% and 80%, far below normal levels. What they're saying "The overwhelming information that we received was that it was in the best interest of the health and safety of our students and staff to close down for a few days," said Jeff Meador, the chief communications officer at Godley ISD. What's next Staff at closed campuses will work to deep clean and sanitize facilities, according to officials from Treetops School International, Godley ISD, and Comanche ISD. Meanwhile, districts that remain open are urging students to wash their hands frequently and stay home if they are sick to prevent further spread. "It feels like everyone is saying that they have the flu or they know somebody who has the flu. That's what we're seeing," said Dr. Preeti Sharma, a pediatric pulmonologist with Children's Health. According to the Dallas hospital system, doctors saw 783 Influenza A cases during the week of Jan. 19. That's an 83% increase from the week prior. They're also seeing an increase in rhinovirus. "Sometimes you just get overwhelmed with the number of people who are sick at the same time. And so it may, that may necessitate kind of closing a school or trying to isolate people to control the spread," Dr. Sharma said. Cook Children's said flu cases are surging there too. Last week, the Fort Worth-based hospital system's ERs and urgent care offices in Fort Worth and Prosper saw more than 900 positive flu cases. Cook Children's said this year's flu season is shaping up to surpass the past several years. Experts say it's important to do your part to stay healthy. "Wash your hands. Use hand sanitizer. The other thing, if you feel bad and you don't feel just right, and especially if you're running a fever, you need to stay home," said Stephen Love, the president and CEO of the DFW Hospital Council. Symptoms of common contagious respiratory illnesses include: fever* or feeling feverish/chills cough sore throat runny or stuffy nose muscle or body aches headaches fatigue (tiredness) some people may have vomiting and diarrhea, though this is more common in children than adults. *It's important to note that not everyone with flu will have a fever. Fever or chills Cough Shortness of breath or difficulty breathing Sore throat Congestion or runny nose New loss of taste or smell Fatigue Muscle or body aches Headache Nausea or vomiting Diarrhea Runny nose Congestion Decrease in appetite Coughing Sneezing Fever Wheezing The Source Information in this article comes from statements made by Treetops School International, Godley ISD, Comanche ISD, and Caddo Mills ISD. FOX 4 also conducted interviews with Dr. Preeti Sharma, a pediatric pulmonologist with Children's Health, and Stephen Love with the DFW Hospital Council.
