Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

The taxpayers and tax professionals made their compliances in time, leading to a surge in the filing of Income-tax Returns (<keyword id="20458564" type="General" weightage="20" keywordseo="ITRs" source="keywords">ITRs</keyword>), which resulted in a new record of ITRs filed till <keyword id="22468495" type="General" weightage="20" keywordseo="July-31" source="keywords">July 31</keyword>, 2024. July 31 was the last due date for filing the <keyword id="19948101" type="General" weightage="100" keywordseo="income-tax-returns" source="keywords">income tax returns</keyword>, without having to pay any penalties. The total number of ITRs for assessment year 2024-25 filed till July 31, 2024 is more than 7.28 crore, which is 7.5% more than the total ITRs for assessment 2023-24 (6.77 crore) filed, a <keyword id="19908390" type="General" weightage="20" keywordseo="Ministry-of-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Ministry of Finance" meta.hostid="261" meta.entityid="Ministry of Finance">Ministry of Finance</keyword> release stated on Friday. An increasing number of taxpayers have opted for the <keyword id="19935168" type="General" weightage="20" keywordseo="New-Tax-Regime" source="keywords">new tax regime</keyword> this year, the <keyword id="19900485" type="General" weightage="20" keywordseo="finance-ministry" source="keywords">finance ministry</keyword> said. Out of the total ITRs of 7.28 crore that have been filed, 5.27 crore have been filed in the new tax regime, as compared to 2.01 crore filed in the old tax regime. Thus, about 72% of taxpayers have opted for the new tax regime, while the rest 28% continue to be in the old tax regime. The filing of ITRs peaked on July 31, 2024 (due date for salaried taxpayers and other non-tax audit cases) with over 69.92 lakh ITRs being filed on a single day. The <keyword id="20404575" type="General" weightage="20" keywordseo="e-filing-portal" source="keywords">e-filing portal</keyword> also observed its highest per hour rate of 5.07 lakh of ITR filing between 7:00 pm to 8:00 pm on July 31. A total of 58.57 lakh ITRs from first time filers were reported, a fair indication of widening of tax base. "A lot of emphasis was provided to educate taxpayers about old and new tax regimes. FAQs and educational videos on the same were designed and uploaded on the e-filing portal," the ministry said. Focused outreach campaigns were carried out on social media to encourage the taxpayers to file their ITRs early. Along with this, unique creative campaigns were also carried out on different platforms. Informational videos in 12 vernacular languages, apart from English and Hindi, were displayed on digital platforms. The ministry said it is encouraging to note that over 6.21 crore ITRs have been e-verified, out of which more than 5.81 crore are through Aadhaar-based OTP (93.56% ). Of the e-verified ITRs, more than 2.69 crore ITRs for the 2024-2025 have been processed (43.34%) till July 31, 2024. Note that e-verification is the final step in filing your ITR. If you do not e-verify your ITR within 30 days of filing it, your ITR will stand invalid. The e-filing Helpdesk team has handled approximately 10.64 lakh queries from taxpayers during the year up to July 31, supporting the taxpayers proactively during the peak filing period. Taxpayers are also requested to verify their unverified ITRs if any, within 30 days of filing the ITR. Taxpayers are urged, who for any reason, missed filing their ITR within the due date, to complete their filing expeditiously.

51 lakh, or 7.5% more Indians filed income tax returns this year; 72% of taxpayers opted new regime, notes FinMin data

<ul><li>The supreme court’s verdict on the <keyword id="3301209" type="PERSON" weightage="20" keywordseo="Aadhaar-Act">Aadhaar Act</keyword> removed Section 33 (2), Section 47, and Section 57 as being unconstitutional.</li><li>The court has also directed all private companies to delete their storage of customers’ Aadhaar details. </li><li>But, the Aadhaar card is still mandatory for all taxpayers since it’s required to file income tax returns (ITR).</li></ul>The Supreme Court of <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> (SC) <a href="https://www.businessinsider.in/the-aadhaar-id-programme-is-here-to-stay-but-with-some-modifications/articleshow/65961826.cms">deemed the Aadhaar act</a> to be constitutional yesterday, but did <a href="https://www.livelaw.in/breaking-sections-33247-national-security-exception-gone-private-entities-cannot-demand-aadhaar-data/">remove sections</a> that it thought violated the right of Indian citizens. And, while participating in the world’s largest biometric database is now voluntary to a certain extent, millions of citizens have already enrolled and submitted their authentication details to third parties. That being said, the supreme court has directed <keyword id="6379816" type="UNKNOWN" weightage="20" keywordseo="telecom-operators">telecom operators</keyword> and banks to delete the biometric data that they had collected from their customers so far. It even cited the Department of Telecom’s (DoT) circular on the re-verification of phone numbers with Aadhaar details as unconstitutional. 
 
 
 <div type="Youtube" id="4XJsv7aa9X0" title="The Aadhaar ID programme is here to stay but with some modifications" thumbUrl="https://i.ytimg.com/vi/4XJsv7aa9X0/mqdefault.jpg"></div>







 Sections struck down The SC removed three sections from the Aadhar Act. Section 33 (2) allowed data to be disclosed in the interest of national security. The government or allied institutions could obtain an individual’s biometric data if they were a suspected as threats. The removal of this section means that are no exceptions to individuals not being forced to disclose their authentication data, which includes their Aadhaar biometrics. Section 47 was a cause of concern because any Aadhaar data breach would only be recognised as a criminal offence if reported by an officer at the Unique Identification Authority of India (UIDAI). With this section off the Aadhaar Act, even individuals have the power to register criminal offences under the legislation. The removal of Section 57 will probably have the impact on day to day life with it no longer being ‘mandatory’ for citizens to share their data with any third-party. Aadhaar is still a valid form of identification, but it’s no longer a prerequisite to obtaining third-party services. Basically, any body, corporate or person is no longer allowed to establish the identity of an individual. Daily hustle However, taxpayers are still going to be need their Aadhaar details to register for a Permanent Account Number (PAN) and file their income tax returns (ITR). But, there’s no longer a need for people to link their Aadhaar cards to their bank accounts. Banks can longer cite Aadhaar as a prerequisite for know-your-customer (KYC) authentication. Telecom operators, no only have to delete all that they’ve been hoarding in the past, but even they can’t push for Aadhaar authentication when issuing SIM cards. In a breath of relief for parents, schools can’t ask for Aadhaar card authentication either. NET, CBSE, and UGC applications no longer need it to appear for their respective examinations. This comes in after NET has been implementing mandatory Aadhaar details, without which the application process wouldn’t be validated. Children will also be exempted from needing a Aadhaar card on all fronts. Public sector schemes will remain accessible to them even without a card. The experts and public seem divided on their opinion about these changes. While some think that it’s a step in the right direction, others believe that the dilution of the Aadhaar Act won’t address its underlying problems of privacy.

What does the supreme court verdict on Aadhaar mean for Indian citizens?

If you are filing the <keyword id="6374875" type="UNKNOWN" weightage="20" keywordseo="itr">ITR</keyword> for the first time, you will wonder if filing ITR is a difficult process. The IT department has made ITR filing a highly user friendly process. Here is how to file the ITR yourself easily. Visit <a href="https://incometaxindiaefiling.gov.in/">https://incometaxindiaefiling.gov.in/</a> this is the e-filing website of the IT department. If you file ITR for the first time, click on ‘New Registration’. Provide the information asked and create your profile. For creating your user ID, you must have an active email ID and mobile number. Your registered email ID and mobile numbers are important avenues to receive all the communications from the IT department. When you click the activation link sent to you, the registration will be completed. If you need any assistance, you can click on ‘customer care tab’ to get the helpline number and call the customer care section. Login to the website and give the required details including user ID which is your PAN, password and the captcha. Click on Log-in. You will see ‘Your Account’ dash board. Click on e-file and select the option ‘Income Tax Return’. Choose the Assessment Year and the ITR form that is relevant to you. The two options to choose from are ITR-1 and ITR-4. Choose submission mode ‘prepare and submit online’ and click on Submit. You will have to select the option for verifying your returns. The three options are a) Via Aadhaar OTP (this will be valid for 30 minutes), b) the option of EVC generation through My Account or Bank ATM (this is valid for 72 hours) or c) the option of sending signed copy of ITR-V to Centralized Processing Centre, Income Tax Department, Bengaluru -560500. Select the option convenient to you and click on ‘Submit’. You will be redirected to the page that will ask you to fill in the form that you have selected. Before filling in, read the ‘General Instructions’ for getting to know the dos and don’ts. Fill in the details in different tabs in the ITR form including General Information, Income Details, Tax Details, Taxes paid and verification and 80G. Ensure that the tax payable displayed in the form matches with the calculations you have made. Before submitting finally, save the data you have entered and check it once again in order to avoid any mistakes. You can also see a preview of your filled in form before final submission. After you submit, your ITR form will be uploaded and you will have to verify your return through any of the options provided. It is possible to verify the return through Aadhaar OTP or the Electronic verification method. For verifying through offline method, send a singed printout of the ITR V to CPC, Bengaluru within 120 days from the date of filing the ITR. Once your ITR is uploaded successfully, you will get an acknowledgement on your registered mobile and email. This acknowledgement will also be displayed in your account on the e-filing website. You can also download it if you want. Once the department processes your ITR, you will get the information via email and SMS on your registered email ID and mobile numbers.

How to file income tax returns for the first time

<ul><li>The government extends the deadline to file income tax returns from 31 July 2019 to 31 August 2019. </li><li>The decision came after some “taxpayers were facing certain difficulties,” said the government. </li><li>People who breach the deadline to file income tax return are still eligible for belated returns. </li></ul>The Indian government has extended the due date to file an income tax return by a month. The new deadline is 31 August 2019. "In this regard, the Central Board of Direct Taxes, in exercise of its powers conferred under Section 119 of the Income Tax Act, 1961, hereby extends the due date as prescribed under Section 139 (1) of the Act for filing of income tax returns from 31st July, 2019, to 31st August, 2019, in case of all taxpayers who are liable to file their income tax returns by the said due date," a Finance Ministry <a href="https://www.incometaxindia.gov.in/news/order-for-extension-of-due-date-for%20filing-of-itrs-23-07-2019.pdf">order said.</a> The decision came after some “taxpayers were facing certain difficulties,” said the government. The government introduced the rule to file income tax by 31 July last year. Before that, people were allowed to file their income tax return documents anytime before 31 March. People who breach the deadline to file the income tax return are still eligible for belated returns. However, The Income Tax department <a href="https://www.businessinsider.in/missing-income-tax-return-dates-can-put-you-behind-the-jail/articleshow/70228882.cms">is going to levy a penalty of ₹5000</a> if you file your return before 31 December of the assessment year. How can salaried employees file income tax online? Here are simple steps to file income tax returns online <ul><li>Keep all the documents like PAN, Aadhaar, Bank Account details, Form 16, and details of investments ready before you start filing the income tax. </li><li>Register and Login with IRS website by submit the details of your email ID and mobile number. </li><li>Upload Form 16. </li><li>Enter the details like your name as on your PAN card, PAN, date of birth, and father’s name. </li><li>Then, fill in the name and the category of your employer. </li><li>Enter your salary details and the TDS information. (Try entering the break-up for the clear calculation of taxable income.) </li><li>Enter the details of the investments you made to claim the deductions. It can include contributions towards PPF, and insurance premiums and also tuition fees of children. </li><li>Fill in the form 26AS with necessary details about any income other than your salary. </li><li>In the next step, you will have to enter your bank account details and e-file your income tax return. </li><li>Once done, you will get an acknowledgment number. </li><li>You can also e-verify your income tax return.</li></ul>See also: <a href="https://www.businessinsider.in/who-can-file-itr-1/articleshow/70194620.cms">ITR 1 Filing: Who can file ITR 1</a> <a href="https://www.businessinsider.in/explained-what-is-itr1-and-who-can-file-itr-1/articleshow/70113618.cms">Explained: What is ITR1 and who can file ITR 1?</a> <a href="https://www.businessinsider.in/missing-income-tax-return-dates-can-put-you-behind-the-jail/articleshow/70228882.cms">ITR Filing: Missing income tax return dates can put you behind the bars</a>

ITR Filing 2019: Deadline to file income tax returns extended till 31 August

Unlike you might imagine, filing <keyword id="6374875" type="UNKNOWN" weightage="20" keywordseo="itr">ITR</keyword> is a straightforward and user friendly process. When you set out to file your ITR, here are the documents you need to keep ready by your side. Choose the right ITR form Go through the options and choose the right kind of ITR form applicable in your case. Link your Aadhaar with PAN It is compulsory for all taxpayers to link their Aadhaar with their PAN before filing the ITR. Salaried Employees Salaried employees must keep these documents ready while e-filing the income tax returns. PAN Form-16 issued by your employer Salary slips (month wise) Starting from the AY 2019-20, it is necessary to have all the information ready on the taxable allowances you have received and the amounts you have claimed except the ones towards house rent, leave travel and others. You need to disclose the same while filing. Documents pertaining to income through interests Bank statement/passbook for the interests earned on <keyword id="114757" type="PERSON" weightage="20" keywordseo="Savings-Account">savings account</keyword>. Interest <keyword id="7135061" type="UNKNOWN" weightage="20" keywordseo="Income-statement">income statement</keyword> regarding the fixed deposits. TDS certificate issued by the banks and other financial institutions. Form 26AS We can say Form 26AS is a kind of summary of the taxes deducted behalf of you and the taxes you have already paid. The Income Tax Department provides the necessary data on this. The details you will get from the IT department will show the taxes deducted behalf of you by the deductors, the details about the tax the taxpayers have deposited the tax refunds you received in a given financial year. All this information can be gathered from the IT official website. Section 80 Investments Documents related to Section 80C investments. This will include investments done under PPF, NSC, ULIPS, ELSS, and LIC which are all eligible for deductions under Section 80C. Documents needed for claiming some expenses as deductions Get ready with the following documents with you for claiming the following expenses as deductions. Contribution to Provident Fund School tuition fees of your children Life insurance premium payment Stamp-duty and registration charges Repayment of the principal on your home loan Savings schemes related to equity and mutual funds investment The maximum amount you can claim under Section 80C is Rs 1.5 lakhs. Other Investment Documents you will need The interest amount paid towards housing loan: Note that the interest amount paid towards housing loan is eligible for a tax saving up to a maximum limit of Rs 2,00,000. This is pertaining to a self-occupied home. In case of let out or deemed property, there is no upper limit on the interest amount on the housing loans that are eligible for saving tax till the FY 2016-17. Starting from FY 2017-18, the total loss from the property that is found available for setting against other kinds of income has an upper limit of Rs 2 lakhs. So, the interest on housing loan can be considered eligible for saving on taxes for an upper limit of Rs 2,00,000 even in case of property that is let out. Interest payments on education loans Statement on stock trading: the statements regarding the stock trades you accomplished in the year which will be considered under the capital gains.

Which documents are required to file income tax returns

<ul><li>The deadline for filing <keyword id="6355828" type="UNKNOWN" weightage="20" keywordseo="income-tax-returns">income tax returns</keyword> (<keyword id="6374875" type="UNKNOWN" weightage="20" keywordseo="itr">ITR</keyword>) in <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> has been extended from July 31 to August 31.</li><li>This is the first time that there are penalties in play for filing a late ITR. </li><li>The extension of ITR deadlines is a repeated trend in India. </li></ul>It has, more or less, become a trend of the <keyword id="6354751" type="UNKNOWN" weightage="20" keywordseo="income-tax">Income Tax</keyword> department to extend the deadline on filing income tax returns (ITR). This year the original deadline July 31 had been extended to August 31. <div type="twitter" handle="FinMinIndia" handlename="Ministry of Finance" image="http://pbs.twimg.com/profile_images/829993628365791232/uQ29BFxq_normal.jpg" favoritecount="2007" retweetcount="1094" status="Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the ‘Due Date’ for filing of Inc… https://t.co/CJcrf2anyp" createdat="1532607726000" id="1022457026163630080"></div>

 In the past, when such incidents took place, the government at least offered an explanation as to why. Just last year it was due to the fact that the PAN and Aadhaar cards hadn’t been linked yet. The year before that it was a strike followed by a holiday. In fact, in 2015, the deadline was extended twice.The first time it was due to the fact that forms had changed and the second time was due to the slowdown of e-services. There was some confusion over what the <keyword id="47209" type="ORGANIZATION" weightage="20" keywordseo="Finance-Ministry">Finance Ministry</keyword> means by ‘said categories’ without specifying any categories whatsoever. But consensus dictates that the same categories of taxpayers that had to file their returns by July 31, will now be able to do so till August 31. Enforcing deadlines Until last year, there wasn’t any penalty issued for filing an ITR late but for 2018-19, there’s a new addition to the Income Tax Act. Section 234F states that in due dates are violated than an individual would have to pay a fine of up to Rs 10,000. That being said, if an individual’s income is less than Rs 500,000, if a late fine is incurred it won’t be anymore than Rs 1,000. <div type="image" title="ITR" msid="65165660" hostid="261"></div>

ITR filing deadline extended yet again

Tax compliance is viewed as the mark of an individual’s financial wisdom and ethical outlook. It is highly advised that every individual earning a taxable income files ITR in time. In fact, filing ITR is never a difficult thing to do. E-filing, also expanded as electronic filing refers to the process of submitting your income tax returns online. Income tax returns can be filed in two ways. The traditional route to doing this requires you to visit the Income Tax Department’s office and filing your ITR physically. The other route is to do e-filing online. During the past few years, filing ITR online has become the most sought after route taken by the taxpayers since it is very easy and does not need any printing of documents. Moreover, it can be done free of cost. Here are the simple steps to file income tax returns online. Here we learn the different easy steps to file ITR online for salaried employees. Getting ready Before moving forward, you must first get ready with the documents including PAN, Aadhaar, Bank Account details, Form 16, and details of investments made. Login If you have registered with the IRS site, you need to login to file your ITR. If you are a new user, you need to first register by signing up. This is a simple process easy to follow on the Income Tax Department’s website. Submit the details of your email ID and mobile number to receive the OTP for registration. Once you register, filing ITR can be simpler than you think. Upload Form 16 The next step is to upload Form 16 in PDF format. Personal information In the next step, you will enter the details like your name as found on your PAN card, PAN, date of birth, and father’s name. Salary details You will then fill in the name of your employer and the category to which the employer belongs. Then you have to input he salary details and the TDS information. Entering the break-up of the salary is necessary for the clear calculation of taxable income. Details to claim deductions You need to enter the details of investments you made for the purpose of claiming the deductions. This will include contributions towards PPF, and insurance premiums. You can also claim deductions under other heads like the tuition fees of children. Details of taxes paid If you happen to have an income other than the salaries you get like income on freelance jobs and income through interest, you need to enter such information in addition to the details about the tax payments that you have made already. These details can be added up by uploading Form 26AS. When you upload this form, only the details about TDS will get auto-populated. Hence, you must enter the details of income in their respective places. E-filing In the next step, you will have to enter your bank account details and move towards e-filing. When you make e-filing, you will get an acknowledgement number. Once you have filed your ITR, you can also e-verify your <keyword id="104359" type="PERSON" weightage="20" keywordseo="income-tax-return">income tax return</keyword>. Now you have completed your ITR filing successful online.

How to file Income Tax Return online for salaried employee

Filing returns would now be simpler and more efficient for taxpayers with new <keyword id="2226237" type="UNKNOWN" weightage="100" keywordseo="ITR-forms">ITR forms</keyword>, including a three-page simplified one, <keyword id="6354751" type="COMPANY" weightage="100" keywordseo="Income-Tax">Income Tax</keyword> department notified today. The With government dropped the earlier forms after it attracted criticism for seeking numerous additional details like that of filers' foreign travel and about dormant bank accounts. With the <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">Finance</keyword> Ministry publishing the gazette order yesterday, taxpayers and other entities can now file their Income Tax Returns (ITR) till August 31. 

	The most simplified form, ITR-2A, to be filled by those individuals and HUFs who do not have income from either business, profession or by way of capital gains and do not hold foreign assets, only asks for the passport number of the tax-filer, with the words "if available".
 

	Filers now will have to declare only about the "total number of savings and current bank accounts" held by them "at any time during the previous year (excluding dormant accounts)."
 

	The form also has space to fill up the IFSC code of the bank and in an additional feature, tax filers have been given an option to indicate their bank accounts in which they would want their refund credited.
 

	The I-T department, in the new ITRs, has also sought the Aadhaar number of filers and has also given options for providing two email ids to it.
 

	"The inclusion of Aadhaar and emails are to ensure a regime of online ITR filing in the country," a senior official said to PTI.
 

	The department has also provided for an additional four-page schedule to this simplified form for those who wish to file any other details, applicable in a case-to-case basis.
 

	In the ITR-2, for individuals and HUFs having income from business or profession, the form remains simple but they will have to declare if they hold any foreign assets abroad or have income from "any source outside India."
 The new ITRs have replaced the 14-page form that were notified earlier this year, triggering a major controversy with individuals, industrialists and MPs saying tax filing would become cumbersome as those forms had sought details including foreign trips and bank accounts details. <keyword id="6355261" type="POSITION" weightage="100" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> had ordered putting these forms on hold following the controversy. 

	Also, in the new ITRs, an expat who is not an Indian citizen and is in India on business, employment or student visa, would not mandatorily be required to report the foreign assets acquired by him during the previous years when he was non-resident and if no income was derived from such assets during the relevant previous year.

New and simplified ITR forms for taxpayers

Mandating the linking of PAN with Aadhaar, the government has so far extended the deadline seven times. The latest deadline was September 30, which has been further extended now to December 31, 2019. Hence, all PAN card holders must now link their PAN with Aadhaar. PAN is issued by the Income Tax Department of India to persons, firms or entities and it is a 10 digit alphanumeric number. Aadhaar is issued by the Unique Identification Authority of India to all residents of the country. During September 2018, the Supreme Court declared that the Aadhaar scheme is valid constitutionally and upheld the ruling that this biometric ID will continue to be considered mandatory for filing income tax returns as well as allotment of new PAN. Benefits of Linking PAN card to Aadhar card Apart from fulfilling the government mandate, there are several benefits to linking PAN with Aadhaar. Preventing any PAN card frauds Linking PAN with Aaadhaar can help the government filter and weed out those PAN cards that are fake and used by individuals to conceal their taxable income or evade the paying of income taxes. Finding out tax evaders PAN card is an essential document to pay taxes. PAN is also a must KYC document for bank accounts. Linking Aadhaar with PAN will automatically link the person’s Aadhaar with their bank accounts. Hence the government will be in an advantageous position to track the transactions of all persons and ascertain if the taxes they pay is right or not. Curbing the circulation of black money Fake identities help conceal the illegal activities like drug trafficking. When the PAN is linked with Aadhaar, it will rule out the possibility of such illegal activities. Easy to file tax returns for taxpayers The present laws by the government mandate the linking of PAN with Aadhaar. Once it is linked, the taxpayers can file their income tax returns online in a hassle-free way rather quickly. Taxpayers are also saved from the additional job of sending acknowledgement to the IT department. ITR-V can also be verified through an OTP you receive on your mobile number registered with Aadhaar. How to link Aadhaar to PAN online? Linking Pan with Aadhaar is a very easy process. Before doing this, ensure that the details your personal details you find on PAN and Aadhaar are the same. In case the name, spelling and other details found on these cards do not match, you need to rectify them. Use the link <a href="https://www.onlineservices.nsdl.com/paam/endUserRegisterContact.html">https://www.onlineservices.nsdl.com/paam/endUserRegisterContact.html</a> for correcting the details on your PAN card. If the date of birth in both the documents match with each other perfectly, you can also choose to link PAN and Aadhaar without correcting your name either document. To do this, generate an OTP and upload a scanned copy of your PAN card on the official website of the Income Tax Department. Steps to link PAN card with Aadhaar Card 1. Visit the site <a href="http://www.incometaxindiaefiling.gov.in/home">http://www.incometaxindiaefiling.gov.in/home</a> 2. Click on the link ‘Link Aadhaar’. 3. Fill out the application you will see on the page. 4. Once you enter the details asked, enter the captcha code. 5. Finally click on the ‘Link Aadhaar’ link.

Last date to link PAN card with Aadhaar extended for the 7th time, now to 31 December — Know the complete process

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

The <a href="http://www.businessinsider.in/searchresult.cms?query=CBDT">Central Board Of Direct Taxation (CBDT) </a>is now planning to provide pre-filled forms for the purpose of <a href="http://www.businessinsider.in/searchresult.cms?query=Income+Tax+Returns">Income Tax Returns (ITRs)</a>. With this ‘pre-filled’ feature, the user’s data on income and other vitals will automatically reflect on the website. 
 
 
The apex policy-making body of the Income Tax department is aggressively working on the project and is planning to launch it in the next financial year. 
 The customer-friendly measure has come in the backdrops of the new e-filing system – introduced in August – which allows online <keyword id="6374875" type="ORGANIZATION" weightage="20" keywordseo="ITR">ITR</keyword> verification; all that you need is a valid Aadhaar number, internet banking, ATM among others. 
 
Taxpayers who have an income of less than Rs 5 lakh and without claims of refund can now generate an electronic verification code on the e-filing website of the tax department, which is later sent to their registered email to e-verify the return. 
 Anita Kapur, <keyword id="128665" type="ORGANIZATION" weightage="20" keywordseo="CBDT">CBDT</keyword> Chairperson said, "We are looking at a possibility of making more entries for a pre-filled form so that it becomes more easier for the taxpayer to file an e-return. We want to ensure that when technology moves, we can always bring in better facilities to make the life (of taxpayers) even easier." 
 
Kapur also said that these technology upgrades are proposed to be initially started for small taxpayers who file the one-page ITR (ITR 1) and the thinking in the department is that when the data of income as per previous records is automatically uploaded, then the taxpayer can file their ITRs quickly and wherever there are any amendments or changes, those can be corrected by the taxpayer himself. 
 
She also ensured that taxpayers will be able to change and correct their figures in the new system. 
Image: thinkstock

Soon your Income Tax form will come pre-filled

Finance Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>, while replying to a question in Lok Sabha, said Aadhaar number will be compulsory for filing <keyword id="6355828" type="UNKNOWN" weightage="20" keywordseo="income-tax-returns">Income Tax Returns</keyword> (ITR), rejecting opposition’s move to block the proposal. 
 
Jaitley said making Aadhaar number mandatory will curb tax evasion and frauds. 
 
"Aadhaar has biometric details, so its chances of misuse become minimal. When the country has so much technology, and when it is being put to use, then why create such a hue and cry about it? It is an anti-evasion measure which will benefit the country. So the government considers it right to implement it," he said. 
 He was replying to a debate on the <keyword id="123776" type="ORGANIZATION" weightage="20" keywordseo="Finance-Bill">Finance Bill</keyword> 2017, which was later passed by the House along with 40 official amendments, including the one on reducing the cap on cash transactions from Rs 3 lakh to Rs 2 lakh from April 1. 
 
The amendments also included the merger of tribunals of different ministries and a proposal for launching electoral bonds. 
 
Jaitley said the cap on cash transactions is being reduced to curb generation of black money and the move to introduce electoral bonds is for cleansing the political funding. 
 
"To encourage digital economy and to discourage cash economy, I had proposed in Budget that there will be a ban on cash transactions of over Rs 3 lakh. I am making it Rs 2 lakh by an amendment," he said.

You Searched For "aadhaar for ITR" and got 12 results

51 lakh, or 7.5% more Indians filed income tax returns this year; 72% of taxpayers opted new regime, notes FinMin data

ANI

What does the supreme court verdict on Aadhaar mean for Indian citizens?

Prabhjote Gill

How to file income tax returns for the first time

BI India Bureau

ITR Filing 2019: Deadline to file income tax returns extended till 31 August

Preeti Soni

Which documents are required to file income tax returns

BI India Bureau

ITR filing deadline extended yet again

Prabhjote Gill

How to file Income Tax Return online for salaried employee

BI India Bureau

New and simplified ITR forms for taxpayers

BI India Bureau

Last date to link PAN card with Aadhaar extended for the 7th time, now to 31 December — Know the complete process

BI India Bureau

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

BI India Bureau

Soon your Income Tax form will come pre-filled

BI India Bureau

Keep your Aadhaar number ready while filing income tax return

BI India Bureau

Popular Keywords

Buying Guides