FAQs about FY 2023–2024 ITR filing: What to do if the taxpayer’s name in the ITR does not match the name in the PAN database
ITR filing FY 2023–24
To help taxpayers with their return filings for the Assessment Year 2024–25, the Income Tax Department has released a series of frequently asked questions (FAQs). The official website of the tax department now has these FAQs, which address a number of significant subjects.
Common Frequently Asked Questions (FAQs) that taxpayers have when filing their returns for Academic Year 2024–2025 have been made public by the Income Tax Department. These are a few of the most significant FAQs from the website of the tax department.
The taxpayer is receiving an error message stating that the name on their ITR does not match the name in the PAN database.
First Name, Middle Name, and Last Name on the ITR must match the name that appears in the My Profile portion of the site after logging in. To fix these problems, the taxpayer should update their profile, download the most recent prefill JSON, and file their return offline. Alternatively, they can begin a new online filing.
When filing a return, the taxpayer finds that the option to select ITR 1/ 4 from the drop-down menu for AY 2024–2025 is grayed out.
ITRs 1 and 4 are not applicable to taxpayers with special income rates if TDS is withheld from their income (for example, 115BB). The corresponding dropdowns are therefore grayed out. The taxpayer in this instance must file ITR Form 2 or 3, depending on what applies.
Is it not possible to use Schedule VIA to claim deductions when completing the ITR for AY 2024–2025?
With the exception of the deduction allowed under Section 115BAC of the Income Tax Act of 1961 for deductions under 80CCD(2), 80CCH, and 80JJAA, the new tax regime is now the default tax system as of AY 2024–2025. When choosing the “Yes” option in ITR 1 or ITR 2 (or the “Yes, within due date” option in ITR 3 or ITR 4 or ITR 5 in the field designated for “opting out option” under Schedule “Personal Information” or “Part-A General” in the corresponding ITR, taxpayers are indicating their preference for the previous tax regime.
The taxpayer is receiving a bank account validation error when they file their ITR. So, how can this be resolved?
Before filing an ITR, the taxpayer must verify that “a valid bank account detail” has been added under the “My Bank Account” tab in the “My profile” portion of the income tax system. It is necessary for the taxpayer to accurately update their profile before beginning a new return filing. If the taxpayer runs into any problems when verifying their bank account, they can use an offline tool to file their ITR. However, in order to issue a refund, a bank account must be pre-validated.
Is the taxpayer entitled to file Forms ITR 1 and ITR 4 if they have received unusual income, such as winnings from lotteries or horse races?
The filing of ITR-1 and 4 is prohibited in situations where TDS has been deducted from special income, such as winnings from lotteries or horse races, among other situations. Therefore, it is advised that taxpayers review Form 26AS and AIS before to submitting their ITR.
Is the taxpayer required to choose the previous tax regime if Form 10IEA is submitted for AY 2024–2025?
Answer: It is true that once Form 10IEA is submitted for AY 2024–2025 it cannot be reversed within that same AY; instead, the taxpayer must choose to use the previous tax regime for AY 2024–2025. Based on the income information and ITR application for that Assessment Year, the taxpayer may modify their choice in the subsequent assessment year.
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In what circumstances is it necessary to file Form 10IEA for AY 2024–2025 in order to choose the previous tax regime?
Answer: Form 10IEA filing is required if the taxpayer wishes to file an ITR under the previous tax regime for AY 2024–2025 with income from business and profession, that is, either in ITR-3 or ITR-4.
Because it is grayed off, the taxpayer is unable to claim interest on borrowed capital for self-occupied property.
Answer: Pursuant to Section 115BAC of the Act, 1961, the “New Tax Regime” has become the “Default tax regime” as of AY 2024–2025, and the claim of “Interest on borrowed capital for Self-occupied property” is prohibited. Should the taxpayer wish to make a claim, they must pick the “Old Tax Regime” by checking the box next to “Yes” in ITRs 1 through 2 or “Yes, within due date” in ITRs 3 through 5 in the field designated for “opting out option” on the ITR Form.
“Taxpayer unable to claim all other deductions other than 80CCD (2)” appears when submitting an ITR for the 2024–2025 tax year.
Answer: According to section 115BAC of the Income Tax Act, a new tax system that takes effect for AY 2024–2025 is the default tax regime. In this regime, chapter VIA deductions are not permitted, with the exception of section 80CCD (2). If the taxpayer wishes to take advantage of any additional VIA deductions, they must select “Old Tax Regime” by checking the box next to “Yes” in ITRs 1 through 4 or “Yes, within due date” in ITRs 3 through 4.
List of Authorized Banks for Tax Payments
- Axis Bank
- Bandhan Bank
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Canara Bank
- Central Bank of India
- City Union Bank
- DCB Bank
- Federal Bank
- HDFC Bank
- ICICI Bank
- IDBI Bank
- Indian Bank
- Indian Overseas Bank
- IndusInd Bank
- Jammu & Kashmir Bank
- Karur Vysya Bank
- Kotak Mahindra Bank
- Karnataka Bank
- Punjab National Bank
- Punjab & Sind Bank
- RBL Bank
- State Bank of India
- South Indian Bank
- UCO Bank
- Union Bank
- Dhanlaxmi Bank
