Income Tax Return Filing AY 2022-23: December 31 Is Last Date For Filing Revised, Belated ITR

Deadline For Revised and Belated ITRs: Now that 2022 is finishing and the new year 2023 is going to start in approximately every week, the window for filing the revised or belated ITR (profits tax return) is also going to be closed on December 31. So, if you could not file your income tax return by means of July 1, 2022, or had filed the ITR however made a few mistakes in that, you can correct the course with the aid of submitting a belated or revised ITR with the aid of December 31, 2022.

Income Tax Return Filing AY 2022-23: December 31 Is Last Date For Filing Revised, Belated ITR

The authentic closing date for submitting the earnings tax returns for the evaluation yr 2022-23 become July 31, and the closing date became not extended this year. A report 72.42 lakh earnings tax returns have been filed at the remaining day of such submitting on July 31, taking the cumulative returns to 5.83 crore, near to the same tiers of closing yr. While, to begin with, profits tax go back (ITR) submitting changed into slow, the tempo picked up because the deadline neared.

Belated ITR

Under Section 139(four) of the Income Tax Act, 1961, there’s a provision for submitting a belated ITR if you have missed the unique cut-off date. However, as in line with Section 234F, a penalty of Rs 5,000 needs to be paid if one documents a belated ITR after July 31 by means of taxpayers with a total income of Rs 5 lakh and above. For taxpayers with much less than Rs 5 lakh total income, the best quantity is Rs 1,000 whilst those who are exempt from paying income tax do no longer ought to pay any penalty.

For submitting the belated ITR, filers ought to select Section 139(4) inside the tax return shape. The closing date for submitting the belated ITR is December 31. If someone misses this cut-off date, he or she will now not be capable of file the ITR except the earnings tax department sends a word.

If you filed the ITR within the authentic deadline of July 31 however made a mistake, you may accurate that and document a revised ITR by means of December 31. The provision for this is given beneath Section 139(5) of the Income Tax Act. The procedure to file a revised ITR is similar to authentic ITR. However, you want to select Section 139(five) inside the income tax go back shape and ought to have the original ITR as the figures positioned within the authentic ITR will also be wished inside the system.Sumit Mangal, associate at Luthra and Luthra Law Offices India, said, “The revised go back can be filed multiple times inside the statutory deadlines. However, if a go back is revised multiple times, the said return may be selected for an in depth evaluation to evaluate the motives for multiple revisions inside the tax return. There is not anything particular that need to be considered at the same time as submitting the revised go back.”

He introduced that because the revised go back substitutes the original go back and multiple revised returns may want to bring about specified scrutiny of the problem, it need to be ensured that the revised return reflects the appropriate information and statistics. “Further, the revised return must be in keeping with the disclosures made in the tax audit report.”

Maneet Pal Singh, companion at I.P. Pasricha & Co, stated, “Even people who file belated ITR (the go back this is filed after the due date) are allowed to report a revised go back. Previously, handiest those taxpayers who had filed ITR earlier than the expiry of the cut-off date were allowed to revise their returns.”

Singh delivered that if your income tax return has been processed and you’ve availed money back, a revised go back may be filed if it is filed inside the designated due date. If the ITR form has to be modified, a revised go back can be filed.

“The method of filing a revised ITR is the same as submitting an authentic one. However, whilst filing revised ITR, you are required to document it beneath segment 139(5) of the Income-tax Act. You are required to pick out the choice ‘ Revised u.S.139(5)’ within the ‘go back filed below’ column. The ITR form will additionally ask you for information of the authentic ITR, i.E., receipt variety and date of submitting of original ITR,” he said.

In October, the government extended the deadline for filing earnings tax returns by organizations until November 7 for the evaluation yr 2022-23, from the unique remaining date of October 31. Before this, the CBDT had also extended the closing date for filing audit reviews.

ATM coins withdrawal: Money deducted from bank but ATM failed to dispense cash? Here is what you need to do

With online price services being available for all your transaction needs, utilization of ATM to withdraw coins might have been reduced lately. No matter how a whole lot little cash we want to hold, you can aliso’s absolutely deny the use of coins foreign money for your everyday life.

ATM coins withdrawal: Money deducted from bank but ATM failed to dispense cash? Here is what you need to do

It is also proper that using an ATM can from time to time be hard. There had been numerous instances whilst people have complained that their transaction turned into rejected for technical reasons whilst the machine ran out of cash. Even worse is whilst the ATM rejects your transaction however you still get an SMS letting you already know that the money has been taken from your account.
Normally, there may be a direct comply with-up SMS via the bank that lets you understand that the amount you had sought to withdraw has been re-deposited to your account. But sometimes it is able to turn out to be worrisome if the amount could be very big.

Generally cash getting deducted from bank and ATM not meting out cash happens due technical (faulty) or logistical (dry ATM when the ATMs run out of cash) problems.

If you too face a similar situation where money changed into deducted from bank, ATM failed to dispense coins, here is what you want to do:

Usually, money is reversed within the account straight away after a faulty transaction, however, in case you nevertheless haven’t got your cash returned you may name up both the bank purchaser care or go to the department. It is maximum probably that you may quickly discover the answer. However, must your problem improve similarly and there’s no redressal in your criticism, you could tell the ombudsman i.E the RBI, or you can take a prison recourse too in severe matters.

Best ELSS mutual finances (December 2022): Top tax-saving schemes with over 17% returns on the grounds that launch

Best ELSS mutual price range (December 2022): Tax-saving mutual funds, or ELSS price range, provide an opportunity for traders to grow their wealth at the side of saving tax underneath Section 80C of the Income Tax Act. If you’re investing for tax saving functions only, you have to discover ELSS funds as they may offer higher returns in comparison to schemes like 5-12 months Fixed Deposit, PPF, SCSS, and NSC. Several ELSS price range have given annualised returns of over 17% on account that their respective release dates. Following is a listing of such top-appearing ELSS tax-saving price range which have given the highest returns due to the fact that inception (as in step with the information at the AMFI website as on December 22, 2022)

Best ELSS mutual finances (December 2022): Top tax-saving schemes with over 17% returns on the grounds that launch (Image by TFE)

Parag Parikh Tax Saver Fund
The direct plan of Parag Parikh Tax Saver Fund has given an annualised return of 23.86% because inception while the everyday plan has given a return of 22.30%. The scheme tracks NIFTY 500 Total Return Index.

HDFC Taxsaver Fund
The regular plan of HDFC Taxsaver Fund has given an annualised go back of 23.25% on the grounds that inception even as the direct plan has given a return of thirteen.45%. The scheme tracks NIFTY 500 Total Return Index.
Aditya Birla Sun Life Tax Relief ninety six Fund
The ordinary plan of Aditya Birla Sun Life Tax Relief 96 Fund has given an annualised go back of 21.Eighty four% considering inception even as the regular plan has given a return of 14.12%. The scheme tracks NIFTY 500 Total Return Index.

Quant Tax Plan
The direct plan of Quant Tax Plan has given an annualised go back of 21.25% due to the fact inception while the normal plan has given a go back of 15.12%. The scheme tracks NIFTY 500 Total Return Index.

Franklin India Taxshield Fund
The regular plan of Franklin India Taxshield Fund has given an annualised return of 20.96% given that inception even as the direct plan has given a go back of 15.20%. The scheme tracks NIFTY 500 Total Return Index.

Mirae Asset Tax Saver Fund
The direct plan of Mirae Asset Tax Saver Fund has given an annualized return of 19.39% on account that inception while the regular plan has given a return of 17. Seventy three%. The scheme tracks NIFTY 500 Total Return Index.

ICICI Prudential Long Term Equity Fund (Tax Saving)
The everyday plan of ICICI Prudential Long Term Equity Fund (Tax Saving) scheme has given an annualised return of 19.23% on account that inception even as the direct plan has given a return of 15.36%. The scheme tracks NIFTY 500 Total Return Index.
Bank of India Tax Advantage Fund
The normal plan of Bank of India Tax Advantage Fund has given an annualised return of 18.22% considering the fact that inception whilst the direct plan has given a return of 17.21%. The scheme tracks S&P BSE 500 Total Return Index.

IDFC Tax Advantage (ELSS) Fund
The regular plan of IDFC Tax Advantage (ELSS) Fund has given an annualized return of 17. Ninety two% on account that inception while the direct plan has given a return of 17.53%. The scheme tracks S&P BSE 500 Total Return Index.

Digital rupee to complement, not replace, hard currency: RBI ED

Digital rupee to complement, not replace, hard currency: RBI ED

The Central Bank Digital Currency (CBDC) will complement instead of update physical forex and act as a further price device for customers, Reserve Bank of India (RBI) executive director Ajay Kumar Choudhary said on Thursday. It will raise innovation in the cross-border fee space and may possibly be used for direct gain transfers beneath various schemes.

Speaking at an event of industry chamber PHDCCI, Choudhary referred to as the launch of the virtual rupee a “historical milestone” and stressed that it might increase operational efficiency inside the system, apart from fostering financial inclusion.
About a hundred and five countries, accounting for ninety-five% of the arena’s GDP, had been exploring the concept of their own CBDC, Choudhary stated, citing the CBDC tracker. About 50 of them are at a complicated degree of launching the digital forex, at the same time as 10 nations have rolled it out. As many as 19 G20 contributors (India assumed presidency of the institution in December) are exploring a CBDC, with sixteen of them in improvement/ pilot degree, he brought. These encompass India, Japan, South Korea, South Africa and Russia.

The RBI has released pilot runs of CBDC in each wholesale and retail segments. The Digital Rupee-Wholesale turned into released on November 1, with use cases being confined to the settlement of secondary market transactions in authorities securities. The Digital Rupee-Retail was released on December 1 within a closed consumer organization of clients and traders.
The digital rupee will make sure client safety and avoid negative social and economic consequences, Choudhary said. The RBI will provoke steps to make certain that the issuance of CBDC follows good enough safeguards in building a system which is inclusive, aggressive and aware of innovation and technological modifications.

He also defined the difference among virtual currency and the unified payments interface (UPI). Like bodily foreign money, the CBDC is the vital financial institution’s liability, while UPI is a means of payment and any transaction thru the UPI is the responsibility of the respective financial institution.

RBI: Green bonds will help Pvt agencies boost ESG price range

RBI’s Digital Lending Guidelines
RBI: Green bonds will help Pvt agencies boost ESG price range

RBI deputy governor Rajeshwar Rao said that the authorities’s proposed sovereign green bonds for elevating budget closer to eco-friendly infrastructure will help personal businesses to raise money for their ESG (environment, social and governance) -associated debt.

Rao stated that the government will improve budget via sovereign green bonds earlier than March 31, 2023. The proceeds of those bonds can be deployed in public zone projects, with a purpose to assist in reducing the carbon intensity of the economic system. “Over time, SGBs could offer a pricing reference for the non-public quarter entities in India for his or her rupee-denominated borrowing for ESG-connected debt. Thus, the issuance of SGBs could assist in developing an atmosphere which fosters a greater go with the flow of capital into inexperienced projects and entities challenge such initiatives,” stated Rao. He was speakme at a BFSI summit organised by way of the Business Standard.

Rao stated that the RBI has installation a sustainable finance group (SFG) inside its branch of law in May 2021 to lead the regulatory tasks in region of climate danger and sustainable finance inside the Indian context. He stated that the government would soon pop out with policies on this phase and has acquired feedback from all stakeholders in reaction to a discussion paper.

Simultaneously, the important bank has additionally undertaken a survey of large banks across public, non-public and foreign lenders to get an concept of their level of preparedness for coping with climate-related monetary hazard.

The deputy governor said that the transformation of the worldwide economic system to achieve internet-zero emissions by way of 2050 require $9.2 trillion in annual average spending on bodily property, which is $3.Five trillion greater than what’s being spent today. “In the case of India, the Council on Energy, Environment and Water (thinktank) has already anticipated that a complete funding of $10.1 trillion could be had to meet our net-zero commitments via 2070,” Rao said.

Gpay or PhonePe no longer running? Here is how to send cash the usage of WhatsApp

Unified Payments Interface (UPI) is becoming the number one mode of money transfer for all small or huge transactions. From buying vegetables from roadside carriers to paying strength bills or even reserving journey tickets. UPI has actually taken over cash and playing cards. UPI apps like Google Pay, PhonePe, and Paytm not simplest offer hassle-free money switch however are also stable and provide slew of other functions like monitoring monthly payments. But what if those conventional apps ditch you at the ultimate minute due to low server? Or you’re not able to pay as your app wishes updating but you’re not able to achieve this on cellular facts? Well, there’s every other app through which you could provoke UPI bills, and that too without downloading the app. Because the app we are talking about is already established in your cellular cellphone. We are regarding WhatsApp UPI transfer function called WhatsApp Payments.

Gpay or PhonePe no longer running? Here is how to send cash the usage of WhatsApp

The WhatsApp UPI fee function changed into launched a few months in the past and lets in customers to transfer cash on the identical comfort as sending a message. So, without even downloading an app you could without problems send money to a mobile range or with the aid of scanning QR code. Here is the step-with the aid of-step guide to putting in bills on WhatsApp inside the chat interface window.

How to step-up WhatsApp Payments
Step 1: Open WhatsApp app to your Android or iOS telephone.

Step 2: Now open the chat of the man or woman you need to transfer money to. You can also faucet immediately to Payments by way of tapping on the 3 dots on the pinnacle proper nook.

Step three: Now tap on “Add your charge technique” after which click on “Add bank account”.

Step 4: Select the Bank you have got a financial savings account with.

Step five: Next, you have to verify your cellphone range. Notably, you should have your registered cell number to your smartphone. If you’ve got the registered mobile variety, the same as the WhatsApp quantity, then WhatsApp will mechanically verify it.

Step 6: Now upload your bank account info.

Step 7: Allow WhatsApp to ship and get hold of money thru a registered mobile range.

Step 7: Click on Continue. Now, your bank is connected to processing UPI payments thru WhatsApp.

How to ship cash using WhatsApp UPI Payments
Step 1: Open the chat of the contact you need to ship cash to or open Payments immediately from the three-dot button.

Step 2: Choose charge the usage of a number of or QR code.

Step 3: Now input the amount you need to send.

Step four: Enter your UPI pin set for the registered bank and click on on Send price.

You can also check your price reputation in the chat itself and you could additionally keep tune of the transactions in the chat. WhatsApp also offers a huge variety of stickers and backgrounds to customise and make payments fun. To add those stickers and backdrops, just faucet on the “Sticker” icon.

Paytm With HDFC ERGO Launches Payment Protect for Safe Online Transactions

Paytm has launched Paytm Payment Protect in association with HDFC ERGO General Insurance. This institution insurance plan covers Unified Payments Interface (UPI) transactions throughout all apps and wallets. The first-of-its-kind coverage product may be bought for as low as Rs 30 in line with 12 months. Customers can now shield themselves from fraudulent cellular transactions up to Rs 10,000. Soon, the offering can have better protection alternatives for protecting up to Rs 1 lakh yearly.

Paytm With HDFC ERGO Launches Payment Protect for Safe Online Transactions

“To defend customers and combat cybercrime, we are offering coverage insurance with honest claims. Our collaboration with HDFC ERGO aligns with our purpose of raising monetary literacy,” stated Bhavesh Gupta, CEO of Lending and Head of Payments at Paytm.

HDFC ERGO will now use Paytm to promote its price-powerful and all-inclusive coverage answers. Since the pandemic, the usage of UPI and mobile wallets has skyrocketed. “While it makes existence less complicated and extra handy, it also leaves one open to online scams. We are thrilled to work with Paytm since it affirms our commitment to offering modern answers to lessen cyber dangers inside the modern virtual technology,” stated Parthanil Ghosh, president of HDFC ERGO General Insurance’s retail commercial enterprise.

According to Ghosh, the large coverage selection and Paytm’s virtual access would sell digital boom, guarantee economic inclusion, and offer nationwide safety towards cyber theft. Recently, Paytm brought UPI compatibility, permitting users to ship UPI bills to any cellular range the usage of any UPI charge app, even if the recipient is not a Paytm customer. Paytm’s purpose is to apply era-driven monetary services to integrate 500 million Indians into the financial system.

How to apply Paytm Payment Protect:-

Step 1: Open the Paytm app after downloading the maximum latest model to your cellphone.

Step 2: In the Paytm app, search for Payment Protect.

Step 3. Type your name and call number.

Step four: Tap the Proceed to Pay button to complete the transaction with the aid of paying together with your Paytm pockets.

New financial institution locker guidelines from Jan 1: Check details on new regulations, lease, compensation for locker holders

The Reserve Bank of India (RBI) has stated that everyone main banks have to problem the locker agreement to its holders earlier than January 1, 2023, as the new locker policies might be carried out from that date.

New financial institution locker guidelines from Jan 1: Check details on new regulations, lease, compensation for locker holders

As consistent with RBI’s revised guidelines, “Banks shall make sure that any unfair terms or situations are not integrated in their locker agreements. Further, the terms of the contract shall now not be more exhausting than required in the ordinary path of business to safeguard the pursuits of the bank. Banks shall renew their locker agreements with present locker clients via January 1, 2023”.

The RBI said all banks need to flow into a new locker settlement to their secure deposit locker holders under the brand new guidelines. Banks can use the IBA-drafted model locker settlement, which have to observe the up to date commands and Supreme Court’s directives.

As consistent with RBI’s new tips, which have been declared on August eight, 2021, and came into effect on January 1, 2022, it’s miles the banks’ obligation to ensure the safety and security of the premises where the safe deposit vaults are positioned.

Banks could be eligible to pay in case of any loss of locker content due to the financial institution’s negligence, as in step with the brand new RBI hints.

Customers can stand up to a hundred times the bank costs if the property stored in the vaults are robbed or destroyed due to fireplace or constructing disintegrate.

“It is the duty of banks to take all steps for the protection and safety of the premises in which the secure deposit vaults are housed. It has the responsibility to make certain that incidents like fireplace, robbery/ housebreaking/ robbery, dacoity, and constructing collapse do no longer arise in the financial institution’s premises because of its personal shortcomings, negligence, and by way of any act of omission/commission. As banks cannot claim that they bear no liability towards their customers for the lack of contents of the locker, in instances in which the lack of contents of the locker is because of incidents stated above or because of fraud devoted by way of its worker(s), the banks’ liability will be for an amount equal to 100 times the winning annual rent of the safe deposit locker.”

The RBI has said that it’s miles mandatory for banks to install CCTV to screen the locker rooms. Besides, it has additionally requested the banks to preserve the data of CCTV for one hundred eighty days. This will assist in checking if any discrepancy happens.

The RBI has also mentioned that banks make the provision of lockers public via displaying the facts on a show board within the financial institution. The customers must be apprised of the list of empty lockers, the waiting list for the locker, and the variety on the waiting list.

SMS signals

In order to guard clients from fraud, the RBI directed that the respective banks should send SMS and e-mails every time a patron accesses his locker. This alert will guard customers from fraud.

Rent of locker

The banks can now demand a time period deposit at the time of allocation of a locker that would be taken as the rent for three years.

For current locker holders, banks cannot insist on such Term Deposits or from those who’ve fine operative money owed.

National Savings Certificates Interest Rate 2023: What will be NSC account interest rate in New Year?

National Savings Certificates (NSC) Interest Rate 2023: The modern hobby charge on NSC funding is 6.8%. If there’s no change in this charge by way of December 31, then the identical might be relevant to NSC investments made inside the first quarter of New Year 2023.

National Savings Certificates Interest Rate 2023: What will be NSC account interest rate in New Year?

As RBI’s repo fee and inflation have gone up in 2022, small savings traders count on an increase within the National Savings Certificates hobby fee. Several banks at the moment are presenting higher hobby on Fixed Deposit schemes than NSC. In the past, however, NSC has enjoyed a better interest than bank FDs.

NSC Interest Rate 2023
The Central Government revises National Savings Certificate (NSC) interest rate on a quarterly foundation. The subsequent revision of the NSC interest rate will take area by the give up of December 2022. Therefore, the NSC interest rate to be relevant in the first sector of 2023 (January-March) can be acknowledged by means of December 31, 2022.

NSC Benefits 2023
National Savings Certificates (NSC) offer several benefits to investors. Following are a number of the pinnacle advantages of the scheme:
Returns are assured: Returns from investment in NSC is guaranteed because the scheme enjoys a sovereign guarantee like Public Provident Fund. You can purchase NSCs on the post workplace. But even if the submit office fails, your deposits might be stable and returns guaranteed.

Tax gain: Like PPF and SCSS, the quantity deposited in NSCs can be claimed as a deduction below Section 80C of the Income Tax Act. The most deposit allowed under Section 80C is Rs 1.Five lakh/12 months.
Benefit of compounding: Like PPF, deposits made in NSCs earn compound hobby, providing depositors with an possibility to grow their wealth drastically over the 5-12 months period for which the certificates are issued.

High returns: The NSC interest fee has usually remained higher than financial institution deposits. The contemporary interest rate of 6.Eight% can let you grow an funding of Rs one thousand to Rs 1389.49 after five years.

No most deposit limit, minimum is simply Rs 1000: You can deposit any quantity in NSC while the minimal deposit restrict is Rs a thousand. Interestingly, kids above 10 years can buy NSC in his/her very own call. You can also open any range of NSC debts. This is one of the few savings schemes in which even PM Modi has invested.

Tata Communications to collect US-primarily based Switch Enterprises for Rs 486 crore, shares fall marginally

Tata Communications is prepared to accumulate US-primarily based Switch Enterprises. The employer on Thursday informed that it has entered right into a definitive settlement through its thoroughly owned international subsidiary Tata Communications (Netherlands) to accumulate the New York-headquartered company for Rs 486 crore. Under the terms of the agreement, Tata Communications has agreed to collect a 100 percentage equity stake in The Switch Enterprises, LLC and sure of its worldwide assets for a value of approximately $fifty eight.8 million (Rs 486.Three crore) in coins, according to the regulatory filing. The acquisition is anticipated to be finished inside four-6 months or as soon as viable thereafter. The remaining of the transaction relies upon regulatory approvals.

Tata Communications to collect US-primarily based Switch Enterprises for Rs 486 crore, shares fall marginally

The Switch is a quit-to-end stay video production and transmission services issuer. The acquisition of Switch is anticipated to help in expanding Tata Communications’ video join enterprise as well as extend the organization’s presence in the media ecosystems of Europe and North America. “With this transaction, Tata Communications will advantage a sturdy foothold into America’s media and entertainment marketplace, make bigger its portfolio into live video manufacturing and turn out to be uniquely placed as a quit-to-give up media atmosphere player in the complete content material improvement price chain globally,” Tata Communications informed exchanges.

Apart from acquiring a a hundred% stake in the corporation, Tata Communications may also acquire property of the subsidiaries of Switch Enterprises based out of Canada, the US, and the UK. The Tata organization company stated that it’s going to expand its portfolio into live video production and targets to be positioned as an stop-to-cease media environment participant. After the deal, Tata Communications will support Switch clients with worldwide reach to over a hundred ninety nations and territories. “The Switch will bring modern live production competencies supporting corporations to produce excessive nice, extra immersive content quicker and greater correctly,” the company said.

Switch was based in 1990. It produces and can provide live content material to any outlet which includes linear, on-demand and streaming structures across any medium. For the whole yr ending December 2021, Switch had a consolidated sales of $eighty one.6 million or Rs 674.Eight crore. The agency’s sales declined to $sixty eight.6 million in 2020 earlier than a rebound in 2021. Revenue in 2019 stood at $seventy six.5 million.

Tata Communications shares fell nearly 1% on Thursday and were trading round Rs 1,260 on NSE. So, a way this yr., the inventory has declined round 12%. Earlier this month, Tata Communications transferred its non-community Internet of Things (IoT) enterprise to its fully owned subsidiary Tata Communications Collaboration Services Pvt. Ltd. (TCCSPL) for a coin’s consideration of Rs 42.34 crore.