I have a typical requirement of filing a revised return for AY 21-22. Due to some addition information my pension in FY20-21 is becoming non-taxable. I submitted return before due date of Dec 21 due to covid; same has been processed and I have also got refund claimed. How can I now file a revised return for same? Kindly elaborately suggest the steps and method to file revised return for AY 21-22.

Ans: As per income tax circular 9/2015 for CONDONATION OF DELAY IN FILING REFUND, The Principal Commissioners of Income-tax/Commissioners of Income-tax (Pr.CsIT/CsIT) shall be vested with the powers of acceptance/rejection of such applications/claims if the amount of such claims is not more than Rs.10 lakhs for any one assessment year.

Power of acceptance/rejection of the application will be subject to satisfaction that it is the case of genuine hardship on merits and necessary inquiry in made to ascertain the correctness of claim.

Ans: Congratulations on your retirement from the public sector bank! It's a significant milestone worth celebrating. Now, let's address your query regarding income tax filing for the Assessment Year 2024-25.

Given your income from intraday trading and delivery of shares during FY 2023-24, you should file your Income Tax Return using Form ITR-3. This form is specifically designed for individuals and Hindu Undivided Families (HUFs) with income from business or profession.

As a Certified Financial Planner, I understand the importance of minimizing income tax legally. Here are some methods you can consider:

Claiming Deductions: Explore available deductions under Section 80C to 80U, such as investments in Public Provident Fund (PPF), Equity Linked Savings Schemes (ELSS), and health insurance premiums, to reduce your taxable income.

Set Off and Carry Forward Losses: If you incurred losses from intraday trading or delivery of shares, you can set them off against your other income. Additionally, any unadjusted losses can be carried forward to future years.

Avail Tax Exemptions: Certain incomes, like dividends from domestic companies up to 10 lakh Rs, are tax-exempt. Utilize such exemptions effectively to reduce your tax liability.

Maintain Proper Records: Keep detailed records of your intraday trading and share transactions, including purchase and sale invoices, contract notes, and bank statements, to accurately calculate your taxable income and claim deductions.

Consult a Tax Professional: Given the complexities of income tax laws, consulting a tax professional, especially one with expertise in securities trading, can help you navigate the process efficiently and identify additional tax-saving opportunities.

By implementing these strategies and staying compliant with income tax regulations, you can effectively minimize your tax liability while fulfilling your filing obligations.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

Ans: 01. First of all, kindly confirm what was your Income during A/Y 2022-23.
02. If this income was less than Rs.2,50,000.00, you may not file your ITR.
03. If your income during this period was more than Rs.2,50,000.00, it is mandatory for you to file your ITR.
04. You may file Updated ITR, if para no.3 above is applicable in your case.
05. Otherwise write to IT Department that your income was below minimum taxable limit, as such you are not required to file ITR. In this case, you are not required to take any action on the mail of department.
Most welcome for any further clarifications. Thanks.