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<ul><li>The <keyword id="143984" type="General" weightage="20" keywordseo="policyholder" source="Orion">policyholder</keyword> will have their eBima accounts on the <keyword id="6401917" type="General" weightage="20" keywordseo="portal" source="Orion">portal</keyword> with all the details of their purchased <keyword id="35450" type="General" weightage="20" keywordseo="insurance" source="Orion">insurance</keyword> policies in one place </li><li><keyword id="14868119" type="General" weightage="20" keywordseo="bima-sugam" source="Orion">Bima Sugam</keyword> further will help policyholders to make premium payments, change contact details, nominee details, and more </li><li>With an online platform reducing distributor margins and eliminating intermediaries, policyholders can also benefit from <keyword id="21089316" type="General" weightage="20" keywordseo="cheaper-premiums" source="Orion">cheaper premiums</keyword> </li></ul>The Insurance Regulatory and Development Authority (IRDAI) approved the setting up of the Bima Sugam platform last week. Bima Sugam is an online insurance marketplace which will be used for buying and selling insurance policies, as well as servicing them and settling <keyword id="6387025" type="General" weightage="20" keywordseo="claims" source="Orion">claims</keyword>. In other words, it will be a one-stop shop for all your insurance needs. The initiative aims to establish a Digital Public Infrastructure towards universalisation and democratisation of insurance as well as empowering and safeguarding policyholders' interests and achieve the vision of "Insurance for all by 2047”, said IRDAI in a recent press note. This marketplace can serve as a one-stop solution for all insurance stakeholders, promoting transparency, efficiency, and collaboration across the entire insurance value chain. What it will mean for customers The Bima Sugam platform, once operative, will offer several benefits to customers. “IRDAI’s approval will serve as a regulatory endorsement for consumers, confirming that Bima Sugam operates as a licensed marketplace for insurance products in the country. It will boost their trust in the platform and allow them to benefit from its services without harbouring doubts,” says Shilpa Arora, Co-Founder &amp; COO of Insurance Samadhan, an online platform that helps deal with insurance grievances. All insurance policies in digital form in one place: The policyholder will have their eBima accounts on the portal with all the details of their purchased insurance policies under one portal. “This will give the insurance holders ease of access and the hassle of keeping the hardcopy of documents will be eradicated,” says Naval Goel, Founder and CEO, PolicyX, an insurance portal. Bima Sugam further will help policyholders to make premium payments, change contact details, nominee details, and more. “The conversion of policies from physical paper format to e-format will benefit policyholders and reduce the risk of theft and loss of the respective policy,” says Goel. Lower costs: With an online platform reducing distributor margins and eliminating intermediaries, policyholders will benefit from cheaper premiums. Additionally, IRDAI may also provide discounts for the policies purchased via the platform. Easier settlement of claims: The platform is designed to help individuals settle their claims in a paperless process based on just their policy numbers. “Since all insurance plans will be linked and stored under one platform, the insurance company can access the required details immediately. It will simplify the documentation process, making the claim settlement process quick and hassle-free. Needless to say, such a move could streamline the settlement process for policy nominees, especially in the face of an emergency,” says Arora. Bima Sugam is scheduled to be launched in June 2024. It will most likely enhance the user experience with insurance and may boost the wider adoption of insurance policies.

Bima Sugam: How IRDAI’s online insurance marketplace can benefit customers

<ul><li><keyword id="11111226" type="General" weightage="20" keywordseo="PB-Fintech" source="Orion">PB Fintech</keyword>, operator of the insurance aggregator platform <keyword id="696009" type="General" weightage="100" keywordseo="policybazaar" source="Orion">Policybazaar</keyword> reported a sequential decline in its Q2 net loss to ₹187 crore. </li><li>Its insurance premium per enquiry – which is the amount of money customers pay as premium – declined to ₹1,505 in Q2 from ₹1,595 in Q1. </li><li>“Bima Sugam could be a <keyword id="6358921" type="General" weightage="80" keywordseo="upi" source="Orion">UPI</keyword> moment for the insurance industry,” the company said. </li></ul>PB <keyword id="2461546" type="General" weightage="80" keywordseo="fintech" source="Orion">Fintech</keyword>, operator of the insurance aggregator platform Policybazaar said that its losses narrowed to ₹187 crore for the second quarter, on November 7. For the first quarter, these losses stood at ₹204 crore. The company’s revenue from operations rose 13.5% QoQ to ₹573 crore. Its earnings before interest, taxes, depreciation and amortisation (EBITDA) loss however widened to ₹226 crore from ₹212 crore in the previous quarter. PB Fintech reported a sequential increase in its insurance premiums and credit disbursals. While insurance premiums increased 4.7% sequentially to ₹2,545 crore, credit disbursals rose 26% to ₹2,922 crore during the period. During the September quarter, Policybazaar sold 1.9 million new policies, with total policies sold increasing to 29.8 million till date. Its insurance premium per enquiry – which is the amount of money customers pay as premium – declined to ₹1,505 in Q2 from ₹1,595 in Q1. “We are at an annual run rate of insurance premium of over ₹10,000 crore growing at 79% year-on-year. We stay confident of being adjusted EBITDA positive by Q4 this year,” the company said in its exchange filing, while adding that its customer satisfaction rate stood at 86% during the quarter. Region-wise, North and South India together accounted for 77% of the company’s business, while tier 2 and tier 3 cities together held a 71% share in this aspect. Here’s PB Fintech’s Q2 in numbers: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 FY23 </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q1 FY23 </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 FY22 </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue from operations </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹573 crore </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹505 crore </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹280 crore </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹187 crore </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹204 crore </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹204 crore </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">EBITDA </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹226 crore </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹212 crore </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹234 crore </td></tr></tbody></table> Source: Company reports <cmsannotation type="cmsannotation" annotationid="Insurance premium run rate crosses ₹10,000 crore annually" comment="subhead" text="Insurance premium run rate crosses ₹10,000 crore annually">Insurance premium run rate crosses ₹10,000 crore annually</cmsannotation> The insurance aggregator said that it has 12.8 million transacting customers, increasing from 12.3 million from the previous quarter. “Once we deliver ₹100 crore of profits, we will disclose what we will do with this cash. Our cash and receivables will not go down from here,” the company said during its earnings call, talking about its plans to use its cash and bank balance pile of over ₹2,800 crore. <cmsannotation type="cmsannotation" annotationid="‘Bima Sugam could be a UPI moment for the insurance industry’" comment="subhead" text="‘Bima Sugam could be a UPI moment for the insurance industry’">‘<keyword id="14868119" type="General" weightage="80" keywordseo="bima-sugam" source="Orion">Bima Sugam</keyword> could be a UPI moment for the insurance industry’</cmsannotation> Talking about Bima Sugam – a new portal being worked on by the insurance regulator IRDAI (Insurance Regulatory and Development Authority of India) – the company said that it could do to the insurance sector what UPI has done for payments. “Bima Sugam could be a UPI moment for the insurance industry,” the company said, adding that this new portal could address data safety concerns of customers as well as providing insurance aggregators like Policybazaar access to more data layers. Bima Sugam portal will connect customers and companies, providing them with a one-stop solution for buying and selling policies, claims settlement, and accessing policies purchased. <cmsannotation type="cmsannotation" annotationid="Paisabazaar’s loan disbursal run rate crosses ₹12,000 crore annually" comment="subhead" text="Paisabazaar’s loan disbursal run rate crosses ₹12,000 crore annually"><keyword id="2906016" type="General" weightage="20" keywordseo="Paisabazaar" source="Orion">Paisabazaar</keyword>’s loan disbursal run rate crosses ₹12,000 crore annually</cmsannotation> Paisabazaar, which is PB Fintech’s credit card aggregation and credit platform, has crossed ₹12,000 crore in loan disbursal run rate annually. The aggregator also has reported that it now has 31 million credit score customers, and 0.5 million credit cards issued on an annualized run rate basis. Overall, the Paisabazaar portal gets 1.9 million monthly credit card enquiries, according to the company, with customers from over 1,000 cities across India. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/best-festive-auto-sales-in-the-last-4-years-but-sales-may-decline-says-fada-report/articleshow/95354054.cms">Best festive auto sales in the last 4 years, but sales may decline says FADA report</a> <a href="https://www.businessinsider.in/business/news/sales-of-residential-properties-rose-24-in-july-september-this-year-report/articleshow/95359201.cms">Sales of residential properties rose 24% in July-September this year: Report</a> <a href="https://www.businessinsider.in/finance/news/customer-protection-guiding-light-of-revamped-microfinance-regulations-says-rbi-deputy-governor/articleshow/95352941.cms">Customer protection 'guiding light' of revamped microfinance regulations, says RBI deputy governor</a>

Policybazaar operator PB Fintech’s Q2 loss narrows to ₹187 crore

If you have deposited Rs 2 lakh and more after demonetization and got your old notes exchanged, get ready to make a declaration in income tax returns for the last fiscal year. 
 
The tax return form notified by the income tax department -- now simplified to one page for most payers-includes a provision for such a declaration. 
 In part E of the form that seeks other information from the assessee including bank details, another column has been added seeking details of cash deposited between November 9 and December 30 last year if the aggregate amount over this period was Rs 2 lakh or exceeded that, according news report by The <keyword id="6474066" type="COMPANY" weightage="20" keywordseo="economic-times">Economic Times</keyword>. The last date for filing declarations under the <keyword id="3895682" type="UNKNOWN" weightage="20" keywordseo="pradhan-mantri-garib-kalyan-yojana">Pradhan Mantri Garib Kalyan Yojana</keyword> ended on March 31. 
 The tax department said parts relating to tax computation and deductions have been rationalised and simplified for easy compliance. The one-page <keyword id="6374875" type="ORGANIZATION" weightage="20" keywordseo="ITR">ITR</keyword> Form-1(<keyword id="661693" type="PERSON" weightage="20" keywordseo="Sahaj">Sahaj</keyword>) is for individuals with an income up to Rs 50 lakh, one residential property and other income such as interest. This will cover most taxpayers. 
 
"This will reduce the compliance burden to a significant extent on the individual taxpayer," the department said in a statement. "This initiative will benefit more than two crore taxpayers who will be eligible to file return of income in this simplified form." 
 Number of tax forms have been reduced from nine to seven by unifying ITR-2, ITR-2A and ITR-3 into one ITR-2 form. ITR-4 and ITR-4S (<keyword id="669021" type="PERSON" weightage="20" keywordseo="Sugam">Sugam</keyword>) have been renumbered as ITR-3 and ITR-4 (Sugam), respectively, it said. 
 
All returns have to be filed electronically except for ITR-1 (Sahaj) or ITR-4 (Sugam) by those who are 80 years or more as well as individuals or Hindu Undivided Families (HUFs) with an income of up to '5 lakh and no refund claims. In such cases a paper form can be filed.

File a tax return now if you
have exchanged more than Rs 2 lakh old notes after demonetization

July is here, and while we are still 5 months away from the end of 2024, the deadline to file your <keyword id="19897621" type="General" weightage="20" keywordseo="ITR" source="keywords">ITR</keyword> is July 31st, which is looming large. While it is best to not "file away" filing your income tax returns for later, are you aware of the right ITR form that applies to you? Out of the 7 ITR forms available, how do you know which one is the right fit for you, and where to start? For starters, the first 4 ITR forms (ITR-1,2,3,4) are necessary for an individual to know about, while filing taxes. Lets decode all these forms in detail with Tanya, a 22 year old IT professional who earns Rs 10,000 per month. Her mother has a monthly rental income of Rs 12,000 per month. Will the two of them be required to file ITR? Well, the answer is no. You see, Tanya's <keyword id="21120362" type="General" weightage="20" keywordseo="annual-income" source="keywords">annual income</keyword> comes to about Rs 1,20,000, while her mother's total rental income comes to about Rs 2,40,000. If you opt for the old tax regime, you don't need to file an ITR if you annual income is below Rs 2.5 lakh. In the new regime, this limit stands at Rs 3 lakh. Similarly, if your grandparents are aged between 61-79, they need not file an ITR if their annual income (via rent, pensions) falls below Rs 3 lakh. And if they are aged above 80, this threshold if of Rs 5 lakh for the year. <h2>ITR-1: Sahaj </h2>Lets continue with Tanya's life. She works super hard, and over the years, earns a few well deserved raises. Now, her monthly income is Rs 50,000. In this case, she will have to file ITR-1, which is also known as Sahaj. This form applies to you if your total annual income for the year does not exceed Rs 50,00,000. The best part? This form is generally pre-filled, and all you've got to do is verify the information through your <keyword id="22247325" type="General" weightage="20" keywordseo="Form-16" source="keywords">Form-16</keyword> and Annual Information Statement (AIS). <h2>ITR-2 </h2>Over time, Tanya decides to start investing in mutual funds. While she holds most of her investments for the long-term, she is compelled to sell some units of her investment in equity mutual funds, due to a medical emergency at home. She had purchased some equity mutual fund units worth Rs 2,00,000 on April 1, 2023. Due to the emergency, she had to sell about Rs 80,000 worth of units in December of the same year. On redemption, she received Rs 1,10,000. Since she had held these securities for less than 12 months, Tanya would have to pay a short-term <keyword id="20301441" type="General" weightage="20" keywordseo="capital-gains-tax" source="keywords">capital gains tax</keyword> of 15%, Had Tanya held on to these securities for more than 12 months and then sold them at a gain, she'd have to pay long-term capital gains tax, which is applicable at 10% for equity mutual funds. And to account for such capital gains, be it from sale of shares, mutual funds, property or the like, Tanya needs to file ITR-2. <h2>ITR-3</h2>Tanya's brother, Vishal, is a freelancer who got hooked to trading in futures and options during the pandemic. Initially, he made solid profits, but during FY24, he ran into losses worth Rs 5 lakh. In this case, he will have to file ITR-3 to report his losses. This form is to be used by those who earn income under the head of profits (or even losses) of business or profession, other than regular salary. In case Tanya's mother starts receiving rental income from more than one house properties, she will also have to file ITR-3. Or, in case you are a CA, or a doctor and have your own practice (are self employed), this form is for you. <h2>ITR-4: Sugam </h2>This form is exclusively for those who opt to be taxed under the presumptive taxation scheme. You can opt for this scheme if you are a small business/firm and your annual turnover is less than Rs 3 crore, or you are self employed with an annual revenue of less than Rs 75 lakh. Under this, you don't pay taxes on your actual income, rather, you pay taxes on a presumed income. As per law, under this scheme, your net income will be considered as 6% of your total revenue, and you'll have to pay taxes on that. Here, you're really not calculating your income for taxation, and hence, it is not even mandatory to maintain records. In case you file the wrong ITR, you can always file a revised return by December 31, 2024. In case you miss filing your ITR on time, you’ll have to pay Rs 5,000 as a penalty. Moreover, you’ll be charged interest on your outstanding tax liability, if there is any. So, get down to work, right away!

Wondering which ITR form is right for you? Know all about it here

<keyword id="189207" type="General" weightage="20" keywordseo="tax-filing" source="Orion">Tax filing</keyword> season is here. On the income tax website there are various income tax forms available to file your returns. Here, we take a look at the different forms available, and the one you should choose to file your returns. “The applicability of <keyword id="6374875" type="General" weightage="20" keywordseo="itr" source="Orion">ITR</keyword> forms varies depending on the sources of income of the taxpayer, the amount of the income earned, and the category of the taxpayer like individuals, Hindu Undivided Family (HUF), company, etc,” says Archit Gupta, founder, and CEO, Clear, a fintech company. <cmsannotation type="cmsannotation" annotationid="subhead" text="ITR-1 (Sahaj)">ITR-1 (Sahaj)</cmsannotation> You can use this form if you have a total income of up to ₹50 lakh through salary, one house property, and other sources like interest. You can also have agricultural income of up to ₹5000. “However, it will not apply to those who are directors in a company, or own unlisted equity shares. <keyword id="3429498" type="General" weightage="20" keywordseo="itr-1" source="Orion">ITR 1</keyword> does not apply to you for other conditions as well. “If you have income from business or profession, have income under capital gain, or have any foreign income, ITR 1 does not apply to you,” says Gupta. <cmsannotation type="cmsannotation" annotationid="subhead" text="ITR-2">ITR-2</cmsannotation> You can use this form if you have income from salary/pension, and from more than one house property. You can also have agricultural income of more than ₹5,000, and have foreign income or income from capital gains. The total income can be more than ₹50 lakh. “This form can be used by individuals, and HUF who are not eligible to file ITR-1, and whose income is not chargeable under head business or profession,” says Suneel Dasari, founder and CEO, EZtax.in, a tax portal. Agrees Gupta, “This return form should not be used by an individual whose total income for the AY 2023-24 includes Income from business or profession. For declaring these types of income you may have to use ITR-3 or ITR-4.” <cmsannotation type="cmsannotation" annotationid="subhead" text="ITR-3">ITR-3</cmsannotation> ITR-3 is meant for individuals, and HUFs having income from a proprietary business, or profession, or income from partnership firm. The form also applies to you if you are an individual director of a company, or have unlisted equity shares at any time during the financial year. The return may also include income from house property, salary/pension, and income from other sources. “In short, individuals or HUFs who are not eligible to file ITR-1, ITR-2, and ITR-4, should file ITR-3,” says Gupta. <cmsannotation type="cmsannotation" annotationid="subhead" text="ITR-4 (Sugam)">ITR-4 (Sugam)</cmsannotation> ITR-4 Sugam is an income tax return form specifically designed for individuals, and HUFs who have a presumptive business income. It offers a simplified approach to filing taxes by allowing taxpayers to report their income from business or profession based on a presumptive taxation scheme. This form is applicable to taxpayers who have a total income of up to ₹ 50 lakh in a financial year, and have earned income from business or profession, which includes freelancers, small traders, and professionals such as doctors, engineers, and lawyers. It provides a convenient way to declare their income by offering predefined percentages of their turnover, or gross receipts as taxable income, without the need for maintaining detailed books of accounts. “A person adopting the presumptive taxation scheme can declare income at a prescribed rate and, in turn, is relieved from the tedious job of maintenance of books of account,” says Dasari. ITR-5, ITR-6, and ITR-7 do not apply to individuals.

Decoding ITR forms: Which one should you use to file your taxes?

New Delhi, The <keyword id="121964" type="General" weightage="20" keywordseo="Central-Board-of-Direct-Taxes" source="Orion">Central Board of Direct Taxes</keyword> (<keyword id="128665" type="General" weightage="20" keywordseo="cbdt" source="Orion">CBDT</keyword>) has notified income-tax return forms (<keyword id="6374875" type="General" weightage="20" keywordseo="itr" source="Orion">ITR</keyword> forms) for the assessment year 2023-24, which will come into effect from April 1, 2023. The department said in a statement that the new forms have been notified well in advance in order to enable filing of returns from the beginning of the ensuing assessment year. In order to improve ease of filing, no significant changes have been made in the ITR forms, as was the case in last year's ITR forms. Only bare minimum changes necessitated due to amendments in the Income Tax Act, 1961 have been made, official sources said. <keyword id="1156749" type="General" weightage="20" keywordseo="itr-form" source="Orion">ITR Form</keyword> 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers. Sahaj can be filed by a resident individual having income of up to Rs 50 lakh and who receives income from salary, one house property, other sources (interest, etc.) and agricultural income of up to Rs 5,000. Sugam can be filed by individuals, Hindu Undivided Families (HUFs) and firms (other than Limited Liability Partnerships (LLPs)) being a resident having total income up to Rs 50 lakh and income from business and profession computed under sections 44AD, 44ADA or 44AE. Individuals and HUFs not having income from business or profession (and not eligible for filing Sahaj) can file ITR Form 2 while those having income from business or profession can file ITR Form 3. Persons other than individuals, HUFs and companies, i.e., partnership firms, LLPs, etc. can file ITR Form 5. Companies other than companies claiming exemption under section 11 can file ITR Form 6. Trusts, political parties, charitable institutions, etc., claiming exempt income under the Act can file ITR Form 7. SEE ALSO: <a href="https://www.businessinsider.in/india/news/air-india-to-buy-250-aircrafts-from-airbus-check-out-planes-seating-capacity/slidelist/97943140.cms">Air India to buy 250 aircrafts from Airbus – check out plane’s seating capacity</a> <a href="https://www.businessinsider.in/careers/news/bengaluru-mumbai-sunshine-locations-for-hiring-in-q4-teamlease-report/articleshow/97919259.cms">Bengaluru, Mumbai sunshine locations for hiring in Q4: Teamlease report</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-11-india-price-launch-offers-specs-and-everything-you-need-to-know/articleshow/97904720.cms">OnePlus 11 India price, launch offers, specs and everything you need to know</a>

CBDT notifies ITR forms for assessment year 2023-24

<ul><li>The income tax <keyword id="4568773" type="General" weightage="20" keywordseo="return-filing" source="Orion">return filing</keyword>, or ITR filing, season will be here soon. </li><li>Before the scramble for ITR filing begins, make sure you start collecting your documents for hassle- and error-free filing. </li><li>Keep your documents ready by checking out our comprehensive list of documents needed for different ITR forms for FY 2022-23 (AY 2023-24). </li></ul>The income tax return filing, or ITR filing, season will be here soon and with that has begun the scramble for gathering all the relevant documents to ensure the returns are filed on time. There is actually no need to make a dash for the documents, all you need is to identify which ITR is applicable for you. Once that is done, all you have to do is go through our document checklist for the relevant ITR and tick the boxes one by one. Here’s your comprehensive ITR document checklist for FY 2022-23 (AY 2023-24): <cmsannotation type="cmsannotation" annotationid="ITR-1 (Sahaj)" comment="subhead" text="ITR-1 (Sahaj)"><keyword id="3038064" type="General" weightage="20" keywordseo="itr-1" source="Orion">ITR-1</keyword> (Sahaj)</cmsannotation> ITR-1 is applicable for resident individuals whose total income is less than or equal to ₹50 lakh. The applicable sources of income include salary or pension, a single house property (without any brought forward losses) and other sources. If agricultural income is up to ₹5,000, the assessee can use ITR-1. Documents required: <ol><li>Form 16. </li><li>TDS (tax deducted at source) certificate. </li><li>Bank statements. </li></ol><cmsannotation type="cmsannotation" annotationid="ITR-2" comment="subhead" text="ITR-2"><keyword id="2847966" type="General" weightage="20" keywordseo="itr-2" source="Orion">ITR-2</keyword></cmsannotation> ITR-2 is applicable for resident individuals or a Hindu Undivided Family (HUF) whose total income exceeds ₹50 lakh. It is also applicable for resident individuals who have capital gains, or income from multiple house properties; have foreign assets or income; or hold a directorship in a company or have unlisted equity shares in their name. Additionally, individuals for whom tax has been deducted on cash withdrawals (under section 194N) in excess of ₹1 crore also have to file their returns using ITR-2. Documents required: <ol><li>Form 16, Form 16A. </li><li>Details of capital gains, if any. </li><li>Bank statements. </li></ol><cmsannotation type="cmsannotation" annotationid="ITR-3" comment="subhead" text="ITR-3"><keyword id="6537784" type="General" weightage="20" keywordseo="itr-3" source="Orion">ITR-3</keyword></cmsannotation> ITR-3 is for resident individuals or a HUF who have income from business or profession. Apart from this, if a resident individual is a director in a company, or has made any investments in unlisted equity shares, or is a partner in a firm, then ITR-3 needs to be used. Income from house property, salary or pension and other sources shall also be included. Documents required: <ol><li>Books of accounts. </li><li>Profit and loss account. </li><li>Form 16, Form 16A. </li><li>Details of capital gains, if any. </li><li>Bank statements. </li></ol><cmsannotation type="cmsannotation" annotationid="ITR-4 (Sugam)" comment="subhead" text="ITR-4 (Sugam)"><keyword id="4367406" type="General" weightage="20" keywordseo="itr-4" source="Orion">ITR-4</keyword> (Sugam)</cmsannotation> ITR-4 or Sugam is applicable for resident individuals, HUFs and partnership firms other than limited liability partnerships (LLP), who have: <ul><li>Business income according to the presumptive income scheme under section 44AD or 44AE (up to ₹2 crore), or, </li><li>Professional income according to the presumptive income scheme under section 44ADA (up to ₹50 lakh), or, </li><li>Income from salary or pension up to ₹50 lakh, or </li><li>Income from a single house property up to ₹50 lakh, or </li><li>Income from other sources (except lottery and race horses) up to ₹50 lakh. </li></ul>Essentially, if it is business income, then the gross receipts or turnover should be up to ₹2 crore. For other eligible incomes, the maximum limit is ₹50 lakh. Documents required: <ol><li>Form 16, Form 16A. </li><li>Bank statements. </li></ol><cmsannotation type="cmsannotation" annotationid="ITR-5" comment="subhead" text="ITR-5">ITR-5</cmsannotation> ITR-5 is applicable for firms, association of persons (AOP), body of individuals (BOI), limited liability partnerships (LLP), artificial juridical person (AJP), and firms other than a LLP not claiming exemption under section 11 of the Income Tax Act. Documents required: <ol><li>Books of accounts. </li><li>Profit and loss account. </li><li>TDS certificate. </li><li>Bank statements. </li></ol><cmsannotation type="cmsannotation" annotationid="ITR-6" comment="subhead" text="ITR-6">ITR-6</cmsannotation> ITR-6 is available for companies other than those claiming exemption under section 11 of the Income Tax Act. Documents required: <ol><li>Books of accounts. </li><li>Profit and loss account. </li><li>TDS certificate. </li><li>Bank statements. </li></ol><cmsannotation type="cmsannotation" annotationid="ITR-7" comment="subhead" text="ITR-7">ITR-7</cmsannotation> ITR-7 is available for assessees required to file a return under section 139(4A), 139(4B), 139(4C), or 139(4D) of the Income Tax Act. Documents required: <ol><li>Audit report, if applicable. </li><li>TDS certificate. </li><li>Bank statements. </li></ol>SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/indusind-bank-likely-candidate-for-rerating-after-q4-profit-surge-of-46/articleshow/99756150.cms">IndusInd Bank likely candidate for rerating after Q4 profit surge of 46%</a> <a href="https://www.businessinsider.in/careers/news/wipro-wants-freshers-to-clear-this-new-programme-or-face-termination/articleshow/99753861.cms">Wipro wants some freshers to clear this new programme or face termination</a> <a href="https://www.businessinsider.in/finance/banks/news/icici-bank-vs-hdfc-bank-how-indias-top-two-private-lenders-have-performed-in-q4/articleshow/99733618.cms">ICICI Bank vs HDFC Bank: How India’s top two private lenders have performed in Q4</a>

Your comprehensive document checklist for income tax return filing

New Delhi, Jan 9 () Rolling back its week old order, the Income Tax Department on Thursday allowed joint owners of single house property to file income tax return using simple Form-1 (Sahaj) or Form-4 (Sugam).
On January 3, it had debarred individual taxpayers owning house property in joint ownership and those who paid Rs 1 lakh in electricity bills in a year or incurred Rs 2 lakh expense on foreign travel from filing their annual income return using the simple return forms.
"After the notification, concerns have been raised that the changes are likely to cause hardship in the case of individual taxpayers," the Central Board of Direct Taxes (CBDT) said in a statement.
The department said the issue was examined and "it has been decided to allow a person, who jointly owns a single house property, to file his/her return of income in ITR-1 or ITR-4 Form, as may be applicable, if he/she meets the other conditions".
"It has also been decided to allow a person, who is required to file return due to fulfilment of one or more conditions specified in the seventh proviso to section 139 (1) of the Act, to file his/her return in ITR-1 Form," it added. ANZ BAL
BAL

Tax Dept rolls back order; allows joint property owners to file returns using simple forms

When it comes to filing ITR, tax payers need to choose the right kind of form. The <keyword id="6354751" type="UNKNOWN" weightage="20" keywordseo="income-tax">Income Tax</keyword> Department in India has provided different kinds of forms for different categories of tax payers. Here we discuss what you must know about ITR 4. What is ITR 4? The other popular name of ITR 4 Form is Sugam form. This form has to be used by those tax payers who have opted for the presumptive income scheme under the Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act. However, the individuals who earn more than Rs 2 crores through their business need to file <keyword id="104359" type="PERSON" weightage="20" keywordseo="income-tax-return">Income Tax Return</keyword> Form 3 (ITR 3). ITR 4 can be filed both online and offline. Here are the details on who can file ITR 4 and the process of filing the ITR 4. Who can file ITR 4? ITR 4 can be filed by those individuals, Hindu Undivided Families and Partnerships whose total income during the assessment year is from the following sources. Income through business under section 44AD or 44AE Income generated through profession that is listed under the section 44ADA Salary or pension whose total value exceeds Rs. 50 lakhs per year Income from the single house property that exceeds Rs. 50 lakhs Income from winning lotteries or horse races if the income exceeds Rs. 50 lakhs per annum Freelancers whose income does not exceed Rs. 50 lakhs per annum Who need not file ITR 4? Those individuals who make more than Rs. 50 Lakhs as income from their salaries, house, property or the other sources discussed above cannot use this form. The person who is the director of a company and has made investments in unlisted equity shares cannot file the ITR through this form. <keyword id="2847764" type="PERSON" weightage="20" keywordseo="how-to-file-ITR">How to file ITR</keyword> 4 online You can file the ITR online electronically with your digital signature. The data will be transmitted electronically and then the tax payer must submit the verification of the ITR in ITR-V Return Form. When the ITR 4 form is submitted electronically through the online mode with digital signature, the Income Tax Department will send an acknowledgement to the registered email address of the tax payer. This acknowledgment can also be downloaded from the official website of the Department of Income Tax. Once you download the acknowledgment or get it in your email, you must send it to the CPC office of the Income Tax Department within 120 days of filing the form online. How to file ITR 4 offline Tax payers can file the ITR offline if they happen to meet any one of the following criteria. If the tax payer is aged 80 years or more If the income of the tax payer is less than Rs. 5 Lakhs and if the individual need not claim any refund in the ITR. For filing the ITR 4 offline, the individual can take the following routes. Furnish the ITR in a physical paper form. Furnish the returns in a bar coded way. Once you submit your ITR 4 through offline mode following the above mentioned ways, the Income Tax Department will send you an acknowledgement.

Who and How we can file ITR 4 Online?

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Aaron P. Bernstein/Getty ImagesMitch McConnell.</div></div></div>Senate Majority Leader Mitch McConnell on Wednesday <a href="https://www.nytimes.com/2017/09/13/us/politics/mcconnell-federal-judges-trump.html?smid=tw-share&amp;_r=0" target="_blank" rel="noopener noreferrer">told The New York Times</a> that he thinks the "blue slip" practice should be scrapped for circuit court nominations, a move that would eliminate Democrats' only leverage against President Donald Trump's picks to the nation's second-highest courts."My personal view is that the blue slip, with regard to circuit court appointments, ought to simply be a notification of how you're going to vote, not the opportunity to blackball," McConnell told The Times, adding that he still favors keeping the practice in place in its current form for district court judges.Responding to McConnell, Senate Majority Leader Chuck Schumer told The Times that "getting rid fo the blue slip would be a mistake.""Preserving some of the minority's power in the Senate has broad support because every one of us knows we're probably going to be in some of each," he said.McConnell's comments came after Democrats used the <a href="http://www.businessinsider.com/al-franken-minnesota-blue-slip-trump-judge-2017-9" target="_blank" rel="noopener noreferrer">blue slip to block</a> two of Trump's <a href="http://www.politico.com/story/2017/09/07/democrats-prepare-to-block-trump-judicial-nominee-0" target="_blank" rel="noopener noreferrer">nominees to circuit courts</a> last week.Last Tuesday, Democratic Sen. Al Franken of Minnesota refused to sign off on Trump's nomination of Minnesota Supreme Court Judge David Stras for a vacancy on the 8th US Circuit Court of Appeals. Franken said he could not support Stras, nominated by Trump in March, and would not be returning a blue slip to the Senate Judiciary Committee.On Thursday, Sens. Jeff Merkley and Ron Wyden of Oregon announced they would block Ryan Bounds, an assistant US attorney in Oregon, from a seat on the 9th US Circuit Court of Appeals. The duo said in a letter to the White House that they would not be providing blue slips for Bounds because he had not been approved by a bipartisan judicial selection committee in their state.The "blue slip" process is Senate tradition in which senators are able to give or withhold their blessing for a judicial nomination from their state. It's not an entirely uncommon practice to block the nominees, as several of President Barack Obama's judicial nominees met the same fate.But the blue slip denials <a href="http://www.slate.com/articles/news_and_politics/jurisprudence/2017/09/will_republicans_trash_another_senate_tradition_to_help_trump.html" target="_blank" rel="noopener noreferrer">represent what is the biggest roadblock for Trump as he tries to remake the courts</a> - landing Democratic support for judicial nominees in the 30 states with at least one senator who caucuses with Democrats. Though his nominees have received blue slips from Democratic senators in Colorado, Michigan, and Indiana, <a href="http://www.businessinsider.com/trump-judges-attorneys-nominations-2017-7" target="_blank" rel="noopener noreferrer">Trump has mostly avoided naming judicial nominees</a> for district and circuit courts from states represented by at least one Democrat.While the denial of a blue slip does not legally restrict a judge from being approved, Glenn Sugameli, <a href="https://www.acslaw.org/acsblog/all/glenn-sugameli">an attorney who is an expert on judicial nominations</a>, told Business Insider in an email last week that "no circuit court nominees have been confirmed over objection of one (or two) home state senators - including under Obama."Roughly 80% of Trump's nearly 50 nominations to such courts have come from states that are represented by two Republican senators. Just five nominees hail from states with two Democratic senators. The roughly 80% of nominees coming from states with two senators of his party is a much higher percentage than Obama's nominations from such states the same point in his presidency back in 2009.<a href="http://www.businessinsider.com/trump-judges-nominations-hearings-democrats-2017-9" target="_blank" rel="noopener noreferrer">The intent of the blue-slip process</a> is to have a more bipartisan consensus on judges who will serve in or represent a senator's home state when the president is of the opposition party, encouraging communication between the White House and home-state senators before a nomination. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/putin-he-is-not-my-bride-new-sanctions-trump-austria-australia-2017-9">Putin says Trump is not his bride and claims Americans don't know the difference between Austria and Australia</a></h3> <div> </div> </div>

McConnell calls for ending Senate tradition that gives Democrats with leverage on Trump's judicial nominees

All cash payments of over Rs 2 lakh for paying loans and credit card bills during the 50-day period post demonetisation will have to be disclosed in the new one-page Income Tax return form, according to a PTI news report. 
 
The tax department a few days back notified new Income Tax Return (ITR) forms for filing of returns for the Assessment Year 2017-18 (financial year 2016-17). 
 
Besides providing for declaring income, exemption claimed and tax paid, the forms have a new column providing for declaration for any deposit of over Rs 2 lakh in bank accounts made during November 9 and December 30, 2016 after the old 500 and 1,000 rupee notes were demonetised. 
 
This column is also to be used for declaring cash payments in excess of Rs 2 lakh for repayment of any loan or settlement of credit card bills during this 50-day period, a senior official told PTI here. 
 
"The column is an attempt to match the cash deposits made post demonetisation with the annual income," he said. 
 
While all credit cards are linked to permanent account number (PAN) of the holder, almost all loans by scheduled banks are also provided on furnishing of PAN. 
 
The tax department will collate the data it has of cash payments made in excess of Rs 2 lakh with the returns filed. "We want to see if the income profile matches with the cash payments made," he said. 
 
The move comes amid concerns of unaccounted cash or black money being used to settle bills after credit cards were used to make heavy purchases. It could also be that black money could have been used to repay loans. 
 
Post-demonetisation, the government had provided a 50-day window beginning November 9, 2016 to deposit the junked notes in bank accounts. For those with unaccounted cash, it gave them one last opportunity to come clean by depositing 50 per cent of it as tax and parking another 25 per cent in a zero- interest bearing deposit for four years. 
 
The changes made in ITR are an attempt to catch tax evaders, the official said. 
 
Revenue Secretary Hasmukh Adhia had last week told PTI that the new column of cash deposits made during November 9, 2016 and December 30, 2016 was a one-time feature in the ITR and would not be there in the ITR from next year onwards. 
 
The ITR, he had said, would evolve or change every year depending on the need. 
 
While coming out with new ITRs, the CBDT had also rationalised them and cut down the number of forms to seven from earlier nine. 
 
While all taxpayers will have to now mandatorily link Aadhaar with their PAN cards, ITR1 (Sahaj) form has been shortened from 7 page to 1 page to enable filing of returns by people with income up to Rs 50 lakh by July 31. 
 
ITR2 is to be filed by individuals and HUFs who do not have income from business or profession and ITR3 is filed by individuals and HUFs having income from a proprietary business or profession. 
 
Also ITR 2 and ITR 3 also have a Schedule AL which require assessees to declare their assets and liabilities at the end of the fiscal. 
 
ITR4 (Sugam) is filed by those individuals who have opted for income calculation under presumptive income from business and profession.

Loans,
card payments above Rs 2 Lakh in cash to be shown in ITR

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Joe Raedle/Getty ImagesAl Franken.</div></div></div><ul><li>Democratic Sen. Al Franken refused to sign off on President Donald Trump's nominee for a circuit court vacancy.</li><li>The move represents a roadblock for Trump as he tries to rapidly reshape the federal courts.</li><li>Franken said he was concerned about the nominee's conservative record.</li></ul>Democratic Sen. Al Franken on Tuesday refused to sign off on President Donald Trump's nomination of a Minnesota judge for a vacancy on the Eighth Circuit Court of Appeals, highlighting perhaps the biggest challenge Trump faces as he tries to remake the federal judiciary in his image.Franken, a Minnesota senator, said he could not support the nomination of Minnesota state Supreme Court Judge David Stras, nominated by Trump in March, and that he would not be returning a "blue slip" to the Senate Judiciary Committee."As I have familiarized myself with Justice Stras's record - not just his past decisions, but his professional experience and past statements - I have grown concerned that, if confirmed to the federal bench, Justice Stras would be a deeply conservative jurist in the mold of Supreme Court Justices Clarence Thomas and Antonin Scalia, justices who the nominee himself has identified as role models," Franken said.The engrained but obscure move from Franken emphasizes the roadblocks Trump could face in landing Democratic support for his judicial nominees in the roughly 30 states with at least one Democratic senator.It is Senate practice that both home-state senators must sign off on a judicial nominee that hails from their state in what's known as the "blue slip" process. While not entirely uncommon for home-state senators to deny providing the blue slip for a judicial nominee - several of President Barack Obama's judicial nominees met the same fate - the move comes as Trump tries to rapidly fill the more than 130 federal vacancies.<a href="http://www.businessinsider.com/trump-judges-attorneys-nominations-2017-7" target="_blank" rel="noopener noreferrer">In his early judicial blitz</a>, during which he has nominated far more district court and circuit court judges than Obama, Trump has largely avoided making nominations in states that are represented by at least one Democrat.More than 80% of his 36 nominations to either district or circuit courts are from states that are represented by two Republican senators. Just two of the 36 nominations hail from states with two Democratic senators.At the same point in his presidency back in 2009, Obama had nominated nine individuals for vacant district court seats and seven candidates for circuit court openings. Of those, 56% were from states represented by two Democratic senators - meaning 44% faced the scrutiny of at least one member of the opposition party before they could be advanced in the Senate.The intent of the blue slip process is to have a more bipartisan consensus on judges who will serve in or represent a senator's home state when the president is of the opposition party, encouraging communication between the White House and home-state senators prior to a nomination.As a White House official told Business Insider in July, the Trump administration is "working with and extensively consulting all senators nationwide in order to complete the nomination process. The official added that the White House was "committed to filling all the ... vacancies as quickly as possible."<div class="KonaFilter image-container display-table"><div><div class="image on-image">Shawn Thew-Pool/Getty ImagesDonald Trump.</div></div></div>Reacting to Franken's move, Glenn Sugameli, <a href="https://www.acslaw.org/acsblog/all/glenn-sugameli" target="_blank" rel="noopener noreferrer">an attorney and expert on judicial nominations</a>, told Business Insider in an email that "no circuit court nominees have been confirmed over objection of one (or two) home state senators - including under Obama."He said that the past two chairmen of the Senate Judiciary Committee - Democratic Sen. Patrick Leahy of Vermont and Republican Sen. Chuck Grassley or Iowa - blocked every Obama nominee who was unable to obtain both blue slips.Sen. Amy Klobuchar, a fellow Minnesota Democrat who did not make a formal announcement about whether she would provide the blue slip for Stras, said in a statement following Franken's move that she is concerned Trump could decide to nominate someone from a neighboring Eighth Circuit state with two Republican senators - such as Arkansas, Nebraska, Iowa, or South Dakota - instead of finding a consensus judge from her home state. She also warned against changing the practice."Changing this policy would have serious ramifications for judicial nominations in every state in the country," she said. "Given this important policy, and given Sen. Franken's view that Justice Stras should not be allowed a hearing in the Senate, the White House will need to provide additional names for the Eighth Circuit position."Sen. Dianne Feinstein of California, the ranking Democrat on the Judiciary Committee, also expressed hope that the practice would be continued and supported Franken's move."It's the prerogative of home-state senators to evaluate potential federal judicial nominees and determine whether or not they are mainstream and well-suited to hold these important positions of public trust, which have real-world consequences for their constituents," she said in a statement. "The purpose of the blue slip is to ensure consultation between the White House and home-state senators on judicial nominees from their states. I expect the committee to honor Sen. Franken's decision not to return a blue slip, as was always done when Republican senators didn't return blue slips on President Obama's nominees."The sheer speed with which the Trump administration is nominating judges to fill the many vacancies has "created some problems," Carl Tobias, a <a href="http://law.richmond.edu/faculty/ctobias/" target="_blank" rel="noopener noreferrer">University of Richmond law professor</a> and expert on judicial selection, told Business Insider in July.Namely, he said he does not believe enough consultation with home state senators has taken place."The home-state senators really have an important role to play," he said. "And it's one of the last pieces of patronage they have. So they're really defensive about that." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/trump-touts-1986-tax-law-called-same-law-disaster-1991-video-footage-joan-rivers-2017-8">Trump touts the 1986 US tax reform law as 'something special' - here's footage of him calling it a 'disaster' in 1991</a></h3> <div> </div> </div>

A Democratic senator's obscure move highlights the biggest roadblock Trump faces in his quest to remake the courts

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Shawn Thew-Pool/Getty ImagesDonald Trump.</div></div></div>A whole heck of a lot happened this week in President Donald Trump's quest to reshape the federal judiciary.The ongoing effort turned particularly hot this week as Democratic senators <a href="http://www.businessinsider.com/al-franken-minnesota-blue-slip-trump-judge-2017-9" target="_blank" rel="noopener noreferrer">moved to block</a> two of <a href="http://www.politico.com/story/2017/09/07/democrats-prepare-to-block-trump-judicial-nominee-0" target="_blank" rel="noopener noreferrer">his circuit court nominations</a> while two of his other nominees to top courts <a href="http://www.politico.com/story/2017/09/06/eric-dreiband-doj-civil-rights-nominee-questioning-242385" target="_blank" rel="noopener noreferrer">were grilled during a Capitol Hill hearing</a>.That hearing was followed up by Trump announcing his seventh wave of judicial nominees, an additional 15 names that are about to be submitted to the Senate, bringing the <a href="http://www.businessinsider.com/trump-judges-attorneys-nominations-2017-7" target="_blank" rel="noopener noreferrer">total number of district and circuit court judges he's nominated to roughly 50</a> - <a href="https://www.washingtonpost.com/opinions/the-one-area-where-trump-has-been-wildly-successful/2017/07/19/56c5c7ee-6be7-11e7-b9e2-2056e768a7e5_story.html?utm_term=.3a41ba04d0ab" target="_blank" rel="noopener noreferrer">blowing far past the number of judicial nominations made</a> at this stage of a presidency by any recent predecessors. <a href="http://www.businessinsider.com/trump-judges-attorneys-nominations-2017-7" target="_blank" rel="noopener noreferrer">That's in part due to the massive number</a> of vacancies in the federal judiciary, which has swelled past 140.With all of those vacancies, "if we don't have an increased pace of confirmation, it's just totally unsustainable," Carrie Severino, the chief counsel of the Judicial Crisis Network, a group that has gone to bat to defend Trump's nominees with large ad buys.But the week began with one of those possible confirmations getting shut down before the candidate could even get the process, essentially, off the ground.Democratic Sen. Al Franken of Minnesota on Tuesday refused to sign off on Trump's nomination of Minnesota Supreme Court Judge David Stras for a vacancy on the 8th US Circuit Court of Appeals. Franken said he could not support Stras, nominated by Trump in March, and would not be returning a blue slip to the Senate Judiciary Committee.That "blue slip" process is Senate tradition in which senators are able to give or withhold their blessing for a judicial nomination from their state. While not entirely uncommon for senators to deny a blue slip - several of President Barack Obama's judicial nominees met the same fate - Franken's move was just the first of three refusals from Democratic senators this week.On Thursday, Sens. Jeff Merkley and Ron Wyden of Oregon announced that they will block a judicial nominee for the 9th US Circuit Court of Appeals who had been announced as Trump's pick just earlier that day. The duo said in a letter to the White House that they would not be providing blue slips for Ryan Bounds, an assistant US attorney in Oregon, because he had not been approved by a bipartisan judicial selection committee in their state."Unfortunately, it is now apparent that you never intended to allow our longstanding process to play out," the Democratic senators wrote to White House counsel Donald McGahn in the letter, <a href="http://www.politico.com/story/2017/09/07/democrats-prepare-to-block-trump-judicial-nominee-0" target="_blank" rel="noopener noreferrer">obtained by Politico</a>. The pair later added, "The judicial selection process is not a rubber stamp, and the insinuation that our offices were purposely delaying the process is an indication of the partisanship with which you are pursuing this nomination."Franken, Merkley, and Wyden's moves to refuse blue slips emphasized what is the biggest roadblock for Trump as he tries to remake the courts - landing Democratic support for his judicial nominees in the roughly 30 states with at least one Democratic senator. While his nominees have received blue slips from Democratic senators in Colorado, Michigan, and Indiana, <a href="http://www.businessinsider.com/trump-judges-attorneys-nominations-2017-7" target="_blank" rel="noopener noreferrer">Trump has mostly avoided naming judicial nominees</a> for district and circuit courts from states represented by at least one Democrat.While the denial of a blue slip does not legally restrict a judge from being approved, Glenn Sugameli, <a href="https://www.acslaw.org/acsblog/all/glenn-sugameli">an attorney who is an expert on judicial nominations</a>, told Business Insider in an email earlier this week that "no circuit court nominees have been confirmed over objection of one (or two) home state senators - including under Obama."Roughly 80% of his nearly 50 nominations to such courts are from states that are represented by two Republican senators. Just five nominees hail from states with two Democratic senators.At the same point in his presidency back in 2009, Obama had nominated nine people for vacant district court seats and seven candidates for circuit court openings. Of those, 56% were from states represented by two Democratic senators - meaning 44% faced the scrutiny of at least one member of the opposition party before they could be advanced in the Senate.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Joe Raedle/Getty ImagesAl Franken.</div></div></div>The intent of the blue-slip process is to have a more bipartisan consensus on judges who will serve in or represent a senator's home state when the president is of the opposition party, encouraging communication between the White House and home-state senators before a nomination.Some conservatives were angered by the trio of Democratic senators moving to block the nominees. Severino said the practice "is not something" Democrats "can be allowed to abuse," adding that it is not longstanding tradition for the refusal of a blue slip to mean a nominee cannot move forward.Democrats "are trying to create a filibuster of one," she added.The blue slip refusal by a home-state senator is virtually all the leverage Democrats have in the process, with Republicans controlling the majority in the Senate. Republicans need just a simple 51-vote total to confirm a judicial nominee after the filibuster on lower-level court judicial nominees was killed by Democrats when they last controlled the Senate in an effort to help move along some of Obama's nominees more quickly.Carl Tobias, a University of Richmond professor and expert on judicial nominations, said that when it comes to a discussion of the blue-slip process, there's a "double standard" that is "inappropriate.""If you look back at the last eight years of what Republican senators did, there is plenty of bad behavior which is much worse than what Franken did the other day," Tobias said hours before the Oregon senators announced their intention to block Trump's nominee to the 9th Circuit. "I don't think the Republicans have a lot to complain about."But he added that "there is going to be a lot of pressure on" Senate Judiciary Committee chairman Chuck Grassley "to change the blue-slip policy."The blocking of two Trump nominees superseded what was an uncommonly stacked hearing before Grassley's committee this week. The hearing featured two of Trump's circuit court nominees, two district court nominees, and a nominee to be assistant attorney general.It also featured a few fireworks. 7th US Circuit Court of Appeals nominee Amy Coney Barrett, a Notre Dame <keyword id="6355470" type="UNKNOWN" weightage="60" keywordseo="law">law</keyword> professor, was questioned intensely about her Catholic faith as a result of past writings <a href="https://www.theatlantic.com/politics/archive/2017/09/catholics-senate-amy-barrett/539124/" target="_blank" rel="noopener noreferrer">expressing her beliefs on whether Catholic judges</a> should recuse themselves from death-penalty cases if they believed they would be unable to impartially uphold the law, writing that - in limited situations - judges should step back in cases that conflict with their personal conscience.Barrett did make clear in the paper that "judges cannot - nor should they try to - align our legal system with the Church's moral teaching whenever the two diverge."The relationship between views on the death penalty and abortion - both issues in which Catholic teachings and US law are not in alignment - were zeroed in on by the panel.Sen. Dianne Feinstein of California, the Judiciary Committee's top-ranking Democrat, <a href="http://www.washingtonexaminer.com/senate-democrats-grill-two-trump-judicial-nominees/article/2633526" target="_blank" rel="noopener noreferrer">said Barrett's nomination</a> was "controversial.""When you read your speeches, the conclusion one draws is that the dogma lives loudly within you, and that's of concern when you come to big issues that large numbers of people have fought for, for years in this country," Feinstein said.Barrett, for her part, said she would "never impose my own personal convictions on the law."Severino, the chief counsel of the conservative Judicial Crisis Network, called Feinstein's line of questioning "anti-Catholic" and "wrongheaded on so many levels," adding that there are "no religious tests" for such positions in the US.Tobias said he did not believe the hearing went particularly well, noting that he thought some questions were "close to the line, especially about religion."He also took issue with the size of the hearing, adding that Michigan Supreme Court Judge Joan Larsen, nominated for the 6th US Circuit Court of Appeals, "got off fairly easy" with Barrett taking most of the heat.Tobias was critical of Grassley's scheduling of the hearing, saying that having so many nominees come before it at once is "overloading" the committee, which in turn causes the hearings to "become meaningless."Grassley addressed the controversy ahead of the hearing <a href="https://www.judiciary.senate.gov/imo/media/doc/09-06-17%20Grassley%20Statement.pdf" target="_blank" rel="noopener noreferrer">in a statement</a>, saying that the large contingency was a result of having lost a hearing in August."Of course, I aim to be fair in the process and made sure the other side had ample time to review these nominees' qualifications," Grassley said. "We've had Professor Barrett's materials for 120 days and Justice Larsen's materials for 96 days. I believe this is more than enough time to thoroughly review these nominees' materials."He said it's "nothing new" to hold a hearing with multiple circuit court nominees, something Tobias disputed and said the Republicans were underselling. The professor said it happened only a handful of times during Obama's time in office, and only then with the Republican minority on board.The wild week is almost certain to see similar iterations in the coming weeks and months with Trump's impressive number of early nominations to the federal bench.As Severino said, part of the reason Trump has sought to move so quickly is because of the sheer number of vacancies. But another is a result of the focus on the judiciary in the past election, with the outsized campaign around replacing Supreme Court Justice Antonin Scalia particularly sticking out."This election was more about the courts than any in my memory," she said. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/trump-touts-1986-tax-law-called-same-law-disaster-1991-video-footage-joan-rivers-2017-8">Trump touts the 1986 US tax reform law as 'something special' - here's footage of him calling it a 'disaster' in 1991</a></h3> <div> </div> </div>

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