ITR filing FY 2023-24 FAQs: Name of taxpayer in ITR does not match with name in PAN database; here’s what you can do

The Income Tax Department has released common Frequently Asked Questions (FAQs) faced by taxpayers during filing their returns for AY 2024-25. Here some of the important FAQs as per the tax department’s website.

Taxpayer is getting error as “Name of taxpayer in ITR does not match with the Name as per the PAN data base?

First Name, Middle Name and Last Name in ITR should be same as per the name registered under My profile section after login on the portal. Taxpayer should update the profile and then download the latest prefill Json for filing return in offline mode or start new filing in Online mode to resolve these issues.

Can you carry forward losses while filing ITR under the new tax regime? Read the fine print

Taxpayer is unable to choose ITR 1/ 4 from drop down for AY 2024-25 as the option is greyed off” while filing return?

In case taxpayer has special rate of Income and TDS is deducted for such income (For Ex: 115BB), then ITR 1 and ITR 4 are not applicable for such taxpayer. So, the respective dropdowns are greyed off. In this case, taxpayer is required to file ITR Form 2 or 3 as applicable.

Also read: Complete guide to filing ITR

Schedule VIA for claiming deductions is not enabled while filing the ITR for AY 2024-25?

From AY 2024-25, new tax regime has become the default tax regime and VIA deductions cannot be claimed, except deduction u/s 80CCD(2)/80CCH/80JJAA as per the provision of Section 115BAC of the Income Tax Act, 1961. In case taxpayer wants to claim any deductions (as applicable), then taxpayer need to choose for old tax regime by selecting “Yes” option in ITR 1 / ITR 2 (or) “Yes, within due date” option in ITR 3 / ITR 4 / ITR 5 in the field provided for “opting out option” under Schedule ‘Personal Information’ or ‘Part-A General’ in the respective ITR.

While filing the ITR, taxpayer is getting bank account validation error. So, how to resolve the issue?

Taxpayer has to check that ‘whether a valid bank account detail’is added under ‘My Bank Account’ tab in ‘My profile’ section in the income tax portal before filing the ITR. Taxpayer should update the profile correctly before starting the new filing of return. Taxpayer can file ITR using offline utility in case of facing any issues while validation Bank account. However, pre-validated bank account is required for issue of refund.

In case taxpayer has earned special income like winning from lottery or horse races, then whether taxpayer is eligible to file ITR 1 and ITR 4?

In the cases where TDS has been deducted on special income like winning from lottery or horse races etc, then filing of ITR-1 and 4 is not allowed. So, it is recommended to taxpayer to check Form 26AS and AIS before filing the ITR.

If Form 10IEA is filed for AY 2024-25 then is it compulsory for taxpayer to opt for old tax regime?

Ans: Yes, once Form 10IEA is filed for AY 2024-25 then it cannot be reverted in same AY and Taxpayer need to mandatorily opt for the old tax regime for AY 2024-25. Taxpayer can change the option in the next assessment year based on the income details and ITR applicability for such Assessment Year.

In which case filing of Form 10IEA for AY 2024-25 is compulsory to opt for old tax regime?

Ans: In the cases where taxpayer wants to file ITR under old tax regime for AY 2024-25 with Business and profession income i.e., either in ITR-3 or ITR-4, then filing of FORM 10IEA is mandatory.

Taxpayer is unable to claim Interest on borrowed capital of Self occupied property as it is greyed off?

Ans: From AY 2024-25, ‘New Tax Regime’has become the ‘Default tax regime’and claiming of “Interest on borrowed capital for Self-occupied property” is not allowed as per the provision of Section 115BAC of the Act, 1961. In case Taxpayer wants to claim, then taxpayer must choose ‘Old Tax Regime’ by selecting “Yes” in ITR 1 / ITR 2 or “Yes, within due date” option in ITR 3 / ITR 4 / ITR 5 in the field provided for “opting out option” in the ITR Form.

While filing ITR for AY 2024-25, “Taxpayer unable to claim all other deductions other than 80CCD (2)?”

Ans: From AY 2024-25, new tax regime has become the default tax regime where claiming of chapter VIA deductions are not allowed except section 80CCD (2) as per the provision of section 115BAC of the Income Tax Act. In case Taxpayer wants to claim any other VIA deductions, then taxpayer must choose ‘Old Tax Regime’ by selecting “Yes” in ITR 1 / ITR 2 or “Yes, within due date” option in ITR 3 / ITR 4 in the field provided for “opting out option” in the ITR Form.