Income tax return filing

Hey @Nadia, the ITD is moving to the new IT portal, all ITR forms should be out shortly. However, there is no communication on the date so far.
However, you can read about the changes in ITR form for this year here:

Is it fine to pay directly online by selecting Challan No.300, and then provide the challan no. and acknowledgement on Quicko? Quicko has the separate option of “Pay Online”, after clicking it redirects to IT portal!

Please let me know!

Hey @Gaurav, have addressed it here

1 Like

i want to file rectification condonation for the a.y. 2021~22 , as i forgot to show the loss .
BUT , ITR portal is not allowing me to proceed ahead .
waht is the problem ?

Unable to file condonation request u/s 119 (2) (b) online as the request tab under this section is not available on my profile under services tab

@Sakshi_Shah1 can you help ?

@HIREiN

You should be able to file a condonation of request for the following reasons:

  • Delay in submission of ITR-V
  • Allow ITR filing after time-barred

Based on your records, the available option shall be displayed on the Condonation Request screen in your income tax account.

If you’re unable to view the option, you can raise a grievance with the tax department.

pls see the attachment enclosed herewith .
why don’t i find : the option : 139(1) Return filed on or before due date :

@Sakshi_Shah1
@Amulya_Garg
@Nireka

Hi @HIREiN

Yes, the option for 139(1) is not showing as yet Income Tax Portal has not enabled filing income tax returns for AY 2023-24.

when will it start ?

Hi @HIREiN

As per the recent budget 2023, FM announced that ITD wants to enable filing as well as the processing of ITR to be quick and seamless.

So, it is expected that filing for FY 2022-23/AY 2023-24 shall begin soon.

Hi

1. Not able to file
I opened the IT website to file my tax for FY2022-2023. But not able to see AY2023-2024 option in the dropdown. Is it for me only or is there any upcoming date declared to file/ or make AY2023-2024 accessible?

2. Switch to new regime
I did some intraday trades in FY2022-2023 and i am an employee in private company. So should I file ITR-3?. So far in my previous years, I had filed only ITR-1. So this time, will I be able to file ITR- 3 when AY 2023-2024 opens?

3. New regime expenses
Since I am doing intraday trades as well. Will I be able to claim any expenses under new regime?If yes, please provide guidance.

Hi @Justin

Here are the answers to your questions.

  1. As per the recent budget 2023, FM announced that ITD wants to enable filing as well as the processing of ITR to be quick and seamless.
    So, it is expected that filing for FY 2022-23/AY 2023-24 shall begin soon.

  2. Yes, you will be required to file ITR 3 as you will be reporting intraday which is a speculative business income.

  3. Yes, you can claim all the expenses incurred for intraday trading as a business expense even under the new regime. Read more about the List of Expenses a Trader can claim.

Quicko automatically fetches your ITR Form Number upon entering the income situation, while filing your return on Quicko.

Hope this helps.

while filing the ITR3 ; how can i opt for between the new tax regime and the old tax regime ?
will the option come before filling up the details or after filling up the details ?

@Muskan_Balar
@Nireka
@Amulya_Garg

Hi @HIREiN

You are required to file form 10IE to switch regimes. This form needs to be filed before the due date of filing of return. While filing an Income Tax return, you will get this option to choose a regime under personal details.

On Quicko, you can switch regimes before or after entering all the incomes, deductions & tax credits details.

query 1:

my income was around 2 lakhs . with the Nil tax payable

BUT , accidently , by mistake , ITR was filed and acknowledged with income of 2 crores ; with the huge tax payable due .

how can i re-file the returns ? how can i rectify , modify , update the return with the correct figure of 2 lakhs ?

i have heard that once the ITR is filed : it can’t be re-filed , rectified , modified , updated : if the tax liability is getting reduced .

what is the solution to this case ?

@Muskan_Balar
@Sakshi_Shah1
@Nireka

Query 2 :

if i accidently chose the wrong tax regime ; can i also change the tax regime (between old and new) in re-filing the return ?

how do i check / verify : what was my regime in the previous year ?

i also want to check/verify : whether any switches between the regimes have been made in any of the past returns ?

Hi @HIREiN

The income tax department maintains the history of your all filed returns.

You can login to your e-Filing portal account and navigate to e-File > Income Tax Return > View Filed Returns and you will be able to access all your past ITR details.

And to see your past Filed Forms including 10IE, navigate to e-File > Income Tax Forms > View Filed Forms.

Hope this helps.

Hi @HIREiN

Firstly, how is it possible to file a return without paying your dues?

In case you have incorrectly filed your return, you can file a revised return by updating the correct figure till 31st December of the particular FY.

If the due date has been passed to file a revised return, then you have the option to file the ITR U - updated return, where the taxpayer cannot file an updated ITR if the updated return reduces the total tax liability declared earlier.

Your queries seem to be a more personalized tax situation, you may book a MEET to get your queries solved with expert assistance.

in the revised returns :
(1) can i reduce the tax liability ?
(2) can i change the tax regime (between new-old and vice-versa) ?

Hi @HIREiN

  1. Yes, you will be able to file the revised return, if your total tax liability gets reduced than declared in the original return.

  2. You can switch between the regimes, only, If you file the revised return within the due date of the original return, by 31st July of a particular financial year.

Read more about Section 139(5) : Revised Return under Income Tax - Learn by Quicko.