The Income Tax Returns for the Assessment Year 2023-24 must be submitted by July 31st. The filing process began on April 1st, 2023. The income tax department has made available Excel tools for submitting returns.
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The Income tax returns are records submitted to the tax authorities that list the earnings, deductions, and tax obligations of an individual or corporate entity. With the use of these returns, tax authorities are able to evaluate the taxpayer’s tax liability and determine whether any further taxes or refunds are necessary.
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However, regardless of the type of return, the professionals are having problems with the platform while filing income tax returns. From the income tax department server down to difficulties in validating ITRs, major issues are faced by the professionals.
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It was reported that while filing the Income Tax Returns (ITR-5), there was an automatic deduction of Section 80P(2)(e) of the Income Tax Act, 1961. The Section 80P(2)(e) deducts income derived by the cooperative society from the letting of godowns or warehouses for storage, processing or facilitating the marketing of commodities.
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‘Access Denied’ while filing ITR-5 was another problem that numerous professionals noticed. Additionally, while confirming and validating the filing of the ITR-1, ITR-, and ITR-4, the professionals are encountering various issues.
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A professional also stated that because of the pre-filled data, it is impossible to display the reasons for completing the income tax returns. Additionally, for some taxpayers, there was no utility option for the ITR-2 or ITR-3.
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The ITR-2 application in Excel and Java did not permit the 1 lakh Long-Term Capital Gains that are excluded under Section 112A. Another problem with completing ITR-2 online was that the income tax department’s software issue prevented one professional from submitting or verifying the general information. The tax deducted in the year on the TDS tab of the ITR-2 excel utility does not include 2022 as an option.
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The professionals are taking extra precautions to file the returns by the deadline as it draws closer. Through a number of easily accessible sources, they reported the problems they were having with the income tax website to the income tax department. It is anticipated that these issues will be resolved before the filing deadline for income tax returns, which is July 31st, 2023.
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