New Delhi: The deadline for filing Income Tax return 2024 is July 31, 2024. During this process taxpayers may face several hurdles or issues. For this purpose, the Income Tax department has issued FAQs to assist taxpayers in filing their ITR. From errors to difficulties in claiming deductions under the Income Tax Act, the I-T department has answered common key questions asked by taxpayers.
Here are some common queries on the ITR website:
Unable to select form 1 or 4 from drop down since option is greyed off
While filing ITR for the assessment year 2024-25, taxpayers may face difficulty in the selection of forms 1 and 4 if there is a special rate of income and TDS applicable to the taxpayer, such as section 115BB — tax on winnings from lotteries crossword puzzles, races and card games, among other categories. In such cases, the taxpayer will have to file an ITR using forms 2 or 3 as applicable.
Facing bank validation error during ITR filing
ITR filing bank validation error is faced when a valid bank account detail is not added to their profile on the income tax filing website. Check the ‘my bank account’ section under my profile tab.
However, if the issue persists, taxpayers may consider offline ITR filing. Still, they are required to have a pre-validated bank account to receive the tax refund.
Unable to change to new tax regime
If the taxpayer has filed Form 10IEA for AY2024-25, then the taxpayer will have to complete ITR filing under the old tax regime. Taxpayers are allowed to opt for the new tax regime in the next assessment year.
Is it mandatory to file Form 10IEA for AY2024-25?
If you have opted for the old tax regime as a business and professional income taxpayer in form ITR-3 of ITR-4, it is compulsory to file form 10IEA.
Unable to claim interest on loan for self-occupied property
Since the new tax regime is the default tax regime for AY2024-25, taxpayers will not be able to claim deductions for interest on loans secured for self-occupied property. To make this claim, taxpayers must choose the old ta regime by selecting ‘yes’ in ITR1/2 or ‘Yes, within due date’ in ITR 3/4/5 in the option for ‘opting out’.
Unable to claim deductions under Section 80CCD(2)
Since the new tax regime is the default tax regime, such deductions are not allowed. Taxpayers must choose the old tax regime by choosing ‘yes’ in ITR form 1/2 or ‘yes, within due date’ in ITR3/45 forms in the options for ‘opting out’.
Taxpayer’s name not matching with name in PAN database
Taxpayers must update their first, middle and last name in the My Profile section on the ITR filing portal to ensure these are the same as the PAN card database. Update the profile and download the latest prefilled JSON to file ITR.
Unable to revoke Form 10IEA filed by mistake
If you have filed form 10IEA for the current assessment year, you will not be able to change your tax regime in the current assessment year. The taxpayer must file ITR under old tax regime if they have filed FOrm 10IEA. However, they may withdraw the form in the next assessment year. Business owners and professionals can only change this option once.
Unable to claim HRA for AY2024-025
Since the new tax regime is the default tax regime, the taxpayer must opt for the old tax regime to claim HRA deductions. Select ‘Yes’ in form ITR 1 and 2, and ýes, within due date’ under ITR3 and 3 in the ‘opting out’ field.
Form needed for deductions under Sections 80DD and 80U
Tax deductions under sections 80DD and 80U require a certificate from the concerned medical authority for such disabilities. Form 10IA must be filed and its details must be furnished under schedule 80DD/80U of the ITR form.
Form 10-IEA error shown on filling in correct details
If you have filed Form 10IEA, then you must check and validate the form under “view filed forms” after submitting the form. Now, try to file your ITR again using the correct form details. Avoid multiple Form 10-IEA submissions.
Unable to select proceed even after rectifying validation errors
ITR payers must try to resubmit the ITR in a fresh session to avoid these issues after rectifying errors.
Is it mandatory to verify ITR return?
Taxpayers must verify returns mandatorily within 30 days of filing ITR. It is recommended to verify via online mode to avoid postal delays.
ITR Filing 2024 FAQs answered: From errors to difficulty in claiming deductions, here are common taxpayer queries answered by the I-T department. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
