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Today is the last day to file your <keyword id="19948101" type="General" weightage="20" keywordseo="income-tax-returns" source="keywords">income tax returns</keyword> for <keyword id="21169488" type="General" weightage="20" keywordseo="AY-2024-25" source="keywords">AY 2024-25</keyword>, without having to pay a <keyword id="19899183" type="General" weightage="20" keywordseo="penalty" source="keywords">penalty</keyword>. Starting tomorrow, you will be able to file your <keyword id="19897621" type="General" weightage="20" keywordseo="itr" source="keywords">ITR</keyword>, but you'd have to forego several benefits, like not being able to choose the old tax regime, or paying a penalty of Rs 1,000 (if your annual taxable income is less than Rs 5,00,000). As per official data, about 6 crore ITRs have already been filed so far, and around 70% of them have opted for the new tax regime. But if you have left your ITR filing to the <keyword id="22611090" type="General" weightage="20" keywordseo="last-minute" source="keywords">last minute</keyword>, and will rush to meet the deadline today, here's a handy list of mistakes you should avoid while filing your ITR: 1. Do not miss out on reporting on your income from other sources. Generally, we only account for our salary, income from business/profession and capital gains (if any) while calculating our tax liability. However, there is one crucial segment we tend to forget-income from other sources. This includes interest income from your savings account, fixed deposits, recurring deposits and bonds. 2. Income from other sources also includes any dividend income you've received throughout the year through stocks, mutual funds, and any monetary gifts with value of over Rs 50,000 you've received from friends, acquaintances, or anyone but your relatives. Don't forget to account for those as well. <div type="Article" hostid="261" msid="111406215" title="Wondering which ITR form is right for you? Know all about it here" mstype="2" mssubtype="0"></div> 3. In case your total annual income exceeds Rs 50,00,000, you have to disclose all details of your properties, both movable and immovable under <keyword id="22611091" type="General" weightage="20" keywordseo="schedule-al" source="keywords">Schedule AL</keyword>. This should also include any liabilities you have incurred on these assets. 4. If you are an NRI, or an Indian holding foreign assets, you will have to share details of all your foreign income, assets, accounts and stocks under <keyword id="22334040" type="General" weightage="20" keywordseo="schedule-fa" source="keywords">Schedule FA</keyword>, along with your ITR. This needs to be done, irrespective of whether your income is taxable in India or not. 5. If you are filing your ITR as per your AIS (<keyword id="20776896" type="General" weightage="20" keywordseo="annual-information-statement" source="keywords">Annual Information Statement</keyword>) and see erroneous entries, don't ignore them. File your ITR as per Form 26AS, which is a condensed version of AIS, and Form 16A and B, which is provided by your employer (both previous and current). But remember to go back and flag errors in AIS, otherwise the IT department could penalise you for willful misreporting of your income. <div type="Article" hostid="261" msid="111402608" title="ITR filing: Documents you need to file your income tax return" mstype="2" mssubtype="0"></div> 6. Do not forget to e-verify your ITR within 30 days of filing it. If you do not do this, your ITR filing will be considered invalid. If 30 days have passed since you filed your ITR post today, it will be seen as filing ITR post deadline, and you'll have to pay a fine. So, get going on your ITR filing, right away!

Filing your ITR at the last minute? Don't make these mistakes

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

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

The income tax (I-T) department has selected 68,000 high-value transaction cases on a pilot basis pertaining to the financial year 2019-2020 for e-verification. Within six months, it has disposed of 35,000 cases, said <keyword id="121964" type="General" weightage="50" keywordseo="central-board-of-direct-taxes" source="Orion">Central Board of Direct Taxes</keyword> Chairman <keyword id="225455" type="General" weightage="80" keywordseo="nitin-gupta" source="Orion">Nitin Gupta</keyword>. Gupta said that the I-T department had taken several progressive steps to encourage voluntary tax compliance and facilitate a transparent and non-intrusive tax administration. One such major initiative is the e-Verification Scheme, 2021, which was notified on December 13, 2021. The chairman said that the scheme provided an opportunity for taxpayers to accept the mismatch of information vis-a-vis the original income tax return (<keyword id="6374875" type="General" weightage="80" keywordseo="itr" source="Orion">ITR</keyword>) filed and it was found that many taxpayers have filed updated ITRs. The e-Verification scheme aims to share and verify such financial transaction with the taxpayer that appears to be either unreported or under-reported in the ITR filed by the taxpayer. The department has been collecting information on financial transactions from multiple sources. Earlier, a part of it was shared with taxpayers in the 26AS statement. However, with a view to effectively utilise the data collected from various sources, the entire information is now displayed to the taxpayer through the <keyword id="12452909" type="General" weightage="50" keywordseo="annual-information-statement" source="Orion">Annual Information Statement</keyword> (<keyword id="153265" type="General" weightage="80" keywordseo="ais" source="Orion">AIS</keyword>). The AIS provides a facility for the taxpayer to object to any information if the source has reported any such information. The department confirms the said information with the source and if the source states that there is no error, the said information is subjected to risk assessment for e-verification. The entire process of e-verification is digital, with notices issued electronically and responses by the taxpayers also submitted electronically. On the completion of the enquiry, a verification report is prepared electronically without any physical interface with the taxpayer. According to the department, the scheme was getting very encouraging responses as 15 lakh updated returns have been filed so far and the department has got revenue of Rs 1,250 crore from updated returns. This also includes cases of e-verification where the assessee has filed an updated return after e-Verification. The scheme is extremely beneficial to taxpayers as it enables them to explain the financial transaction with evidence. It also helps in data correction and thereby prevents the initiation of proceedings on misreported information. It provides an opportunity to correct updated income that may not have been appropriately reported in ITR filed by taxpayers. It nudges taxpayers towards voluntary compliance by providing an opportunity to the taxpayer to update the return of income tax under Section 139 (8A) of the Income Tax Act, 1961. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/amazon-mega-electronics-days-sale-best-deals-on-wearables-audio-products-and-more/articleshow/98602219.cms">Amazon Mega Electronics Days sale – best deals on wearables, audio products and more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/existing-startup-founders-will-struggle-even-to-get-existing-capital-sopnendu-mohanty-of-singapore-monetary-authority/articleshow/98603636.cms">Existing startup founders will struggle even to get existing capital: Sopnendu Mohanty of Singapore Monetary Authority</a>

Income Tax dept selects 68,000 high-value transaction cases for e-verification

As the deadline to file <keyword id="6354751" type="General" weightage="20" keywordseo="Income-tax" source="Orion">Income tax</keyword> returns inches closer, 41 per cent of Indians who qualify to file the return are yet to file their papers for FY 2021-22, 22 per cent say it is difficult to file it by the July 31 deadline, and about 10 per cent were facing technical glitches, a new report showed on Thursday. However, 59 per cent respondents said they already filed their tax returns, which is a considerable improvement on the findings from a week ago on July 20, according to data provided by community social media platform <keyword id="6379818" type="General" weightage="80" keywordseo="localcircles" source="Orion">LocalCircles</keyword>. In an earlier survey, LocalCircles found that 54 per cent of the respondents were yet to comply with the requirement to file tax returns by this month's end, of which 37 per cent remained uncertain if they will be able to meet the deadline. The new survey revealed that 13 per cent respondents require "significant effort" to meet the deadline and 9 per cent admitted that it would be impossible to meet the deadline, which the government has indicated would not be changed. Of those still striving to file their <keyword id="6374875" type="General" weightage="80" keywordseo="itr" source="Orion">ITR</keyword>, 10 per cent of respondents complained of "difficulty in filing" but expressed keenness to do so. The Income Tax department, through a tweet, informed the public that "more than 3.4 crore ITRs for AY 2022-23 have been filed on e-Filing portal till 26th July, 2022. The due date to file ITR for AY 2022-23 is 31st July, 2022. We urge you to file your ITR at the earliest, if not filed as yet. #FileNow!". During the pandemic, the government had extended the deadline for filing ITRs for two consecutive fiscal years to ease taxpayers' hardship. In the last fiscal year (2020-21), the filing date was extended till December 31, 2021. The government this year warned that those who will miss the July 31 deadline for filing their returns will have to pay fine-cum-late fee of Rs 5,000 if their taxable income is more than Rs 5 lakh and Rs 1,000 if the taxable income is less than Rs 5 lakh. The survey included 11,000 responses received from citizens across 306 districts in the country. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/lic-loses-1-21-lakh-crore-value-since-listing/articleshow/93185778.cms">LIC loses ₹1.21 lakh crore value since listing</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/this-tech-startup-is-fighting-human-trafficking-one-game-at-a-time/articleshow/93184116.cms">This tech startup is fighting human trafficking, one game at a time</a>

41% income taxpayers yet to file IT return, 10% facing tech glitches

<keyword id="104359" type="General" weightage="20" keywordseo="Income-tax-return" source="Orion">Income tax return</keyword> forms from next year will have a separate column for making disclosures on gains made from cryptocurrencies and paying taxes, Revenue Secretary Tarun Bajaj said on Wednesday. The government will from April 1 charge a 30 per cent tax plus cess and surcharges, on such transactions in the same manner as it treats winnings from horse races or other speculative transactions. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> In an interview with PTI, Bajaj said gains from cryptocurrencies were always taxable and what the Budget proposed is not a new tax but providing certainty over the issue. "The provision in the Finance Bill is related to taxation of virtual digital assets. It is to bring certainty in taxation of cryptocurrencies. It does not convey anything on its legality which would come out once the Bill (on regulating such assets) is introduced in Parliament," he said. The government is working on legislation to regulate cryptocurrencies, but no draft has yet been released publicly. In the meanwhile, a central bank-backed digital currency will start circulating in the next fiscal to usher in cheaper, more efficient currency management. The 30 per cent plus applicable cesses and surcharge of 15 per cent on income above Rs 50 lakh will have to be paid on income from cryptocurrencies, he said adding the income tax return form from next year will have a separate column to declare gains from crypto. "Next year <keyword id="6374875" type="General" weightage="20" keywordseo="itr" source="Orion">ITR</keyword> form will show a separate column for crypto. Yes, you will have to disclose," he said. The launch of 'Digital Rupee' by <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword> as well as a 30 per cent tax from April 1 on profits from digital asset transactions, including cryptocurrencies and non-fungible tokens (NFTs) was announced by Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> in her budget speech on Tuesday, as the country keeps pace with the global move toward virtual financial instruments. "The Government was very clear that it has to push for a tax on income from crypto assets. So we have brought in maximum rate and levied 30 per cent, with an applicable surcharge. We have also brought in TDS, so we will now track the transactions," Bajaj said. The Budget 2022-23 also proposed a 1 per cent TDS on payments towards virtual currencies beyond Rs 10,000 in a year and taxation of such gifts in the hands of the recipient. The threshold limit for TDS would be Rs 50,000 a year for specified persons, which include individuals/HUFs who are required to get their accounts audited under the I-T Act. The provisions related to 1 per cent TDS will come into effect from July 1, 2022, while the gains will be taxed effective April 1. Also, no deduction in respect of any expenditure or allowance shall be allowed while computing income from transactions in such assets. It has also specified that losses from the transfer of virtual digital assets will not be allowed to be set off against any other income. No deduction has been allowed since cryptocurrencies and virtual digital assets do not have any economic value, except the underlying technology, Bajaj said. The crypto market in India grew 641 per cent in the year through June 2021, according to an October report by industry research firm Chainalysis. "It was always taxable, I am not saying it's not a new tax, I'm bringing certainty in tax. Now if you show crypto in the ITR form, you will have separate head crypto and it will charge you 30 per cent tax," he said, adding that the message behind the Budget announcement is that crypto is taxable. Gains from crypto are chargeable to income tax even at present, Bajaj said, adding the Assessing Officer will assess the ITR based on crypto income that the assessee has shown. "If somebody says it's a long-term capital gains tax (LTCG), he may say no it's not LTCG tax, it is a business income and hence liable to 30 per cent tax," he said. With regard to taxability of cryptocurrency prior to April 1, 2022, Bajaj said, "For transactions before April 1 you will show in some head in your ITR and the Assessing Officer will do an assessment for you". Giving example, he said currently trading in the derivative is not considered as investment or capital gain but is treated as business income. "The Assessing Officer will take a call on what head crypto gains should be charged," the Secretary said. Bajaj said the new currency that RBI will bring will also have the underlying blockchain technology. "So, what we are also saying is that since it doesn't have economic value, we will not allow set-off of losses or carry off loses." Bajaj said currently some people are showing crypto gains as income and paying taxes, but some people are not doing it. With TDS provision introduced, transaction information will reach tax department automatically. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/ether-cardano-and-solana-surge-in-trade-most-altcoins-in-the-green/slidelist/89289934.cms">Ether, Cardano and Solana surge in trade, most altcoins in the green</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tata-motors-maruti-suzuki-tech-mahindra-hdfc-and-other-hot-stocks-on-february-2/slidelist/89287937.cms">Tata Motors, Maruti Suzuki, Tech Mahindra, HDFC and other hot stocks on February 2</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/china-may-not-like-cryptocurrencies-but-is-pushing-blockchain-across-164-cities-companies-and-other-entities/articleshow/89246924.cms">China may not like cryptocurrencies but is pushing blockchain across 164 cities, companies and other entities</a>

Income tax return form will have a whole new column just for crypto next year

The <keyword id="65338" type="General" weightage="20" keywordseo="income-tax-Department" source="Orion">income tax Department</keyword> has enabled the <keyword id="3321721" type="General" weightage="100" keywordseo="tax-audit" source="Orion">tax audit</keyword> utility form on its portal for financial year 2019-20 and 2020-21. Under the I-T Act, taxpayers are required to get their accounts audited if the sales, turnover or gross receipts of business exceed ₹10 crore, while in case of professionals, the limit was over ₹50 lakh in 2020-21 (AY 2021-22). The last date for filing the <keyword id="2519161" type="General" weightage="20" keywordseo="tax-audit-report" source="Orion">tax audit report</keyword> for the 2020-21 fiscal is January 15, 2022. For fiscal 2019-20 i.e. AY 2020-21, limit was ₹5 crore for businesses and ₹50 lakh for professionals and due date for original tax audit report was January 15, 2021. However, companies can still file the revised tax audit report for that year to rectify errors. Nangia &amp; Co LLP Director, <keyword id="12398807" type="General" weightage="20" keywordseo="audit-assurance" source="Orion">Audit &amp; Assurance</keyword>, <keyword id="4734094" type="General" weightage="20" keywordseo="Shalu-Kedia" source="Orion">Shalu Kedia</keyword> said the corporate assessees did not want to wait until due date which is falling in January for tax audit filing for AY 2021-22 can now proceed with their tax audit filings followed by corporate tax returns for Assessment Year (AY) 2021-22 (pertaining to fiscal 2020-21). "Many of the corporate assessees were also waiting for the utility to go live as they had to revise their tax audit reports for AY 2020-21 (FY 2019-20) to rectify errors in original tax audits reports and file a suitable response against demands arising on account of mismatches in tax audit reports and tax returns for AY 2020-21," Kedia said. AMRG &amp; Associates Director – Direct &amp; International Tax Om Rajpurohit said after prolonged postponement, the CBDT has finally enabled the Tax Audit utility on October 26. "However, this delay has resulted in an unnecessary interest burden for the taxpayers who usually finalize their tax due and file their tax return on time once the tax audit report is filed. Though, for such a class of taxpayers who are yet to start their ITR filing process owing to extended due dates, this is a welcome step," Rajpurohit added. AKM Global, Director-Tax and Regulatory, Sandeep Sehgal said "since the due date for filing of tax audit stands extended to January 15, 2022, this will allow sufficient time to auditors and taxpayers to ensure orderly filing, and also identify and report any glitches encountered during the process." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/snapchat-reaches-100-million-monthly-users-in-india/articleshow/87299727.cms">Snapchat reaches 100 million monthly users in India, partners with Flipkart, Zomato and MyGlamm for AR integrations</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/has-the-legal-battle-between-phonepe-and-bharatpe-over-pe-been-going-on-for-too-long/articleshow/87299198.cms">Has the legal battle between PhonePe and BharatPe over ‘Pe’ been going on for too long?</a>

Date for filing income tax returns extended to March 15, 2022

<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?

It’s the season of taxes and most individuals are running from pillar to post to figure out how to do things right! Well, if you are planning to file your tax returns for the very first time, and are looking for information on the same your search ends here as we have a comprehensive guide that will tell you all you need to know about filing <keyword id="6355828" type="UNKNOWN" weightage="100" keywordseo="income-tax-returns">income tax returns</keyword>. 
 
Who needs to file income tax returns? 
 
Normally there is a lot of confusion about who needs to file returns, here’s a list of people who need to file returns: 
 
a) If you are an individual whose gross income is ₹ 2.5 lakhs per annum and above you need to file returns. If your income exceeds ₹ 5 lakhs e-filing is mandatory. 
 
b) If you are senior citizen aged between 60-80, you need to file returns if your gross income is ₹ 3 lakhs and above. 
 
c) If you are a super senior citizen above the age of 80 you need to file returns only if your gross income exceeds ₹ 5 lakhs. 
 
What’s the last date to submit returns? 
 
The last date to file returns for the financial year 2015-16 is July 31st 2016.To avoid a last minute rush job, it is highly recommended that you finish the process earlier. If you have taxable income in 2015-16, this year is referred to as the financial year and the year in which you file income tax returns for the same is referred to as the assessment year. 
 
Documents you will need 
 
a) Form 16 – If you are a salaried individual, you will need this form. It is issued by your employer to certify that you have drawn a salary for the financial year and tax has been deducted at source (TDS) for the same. 
 
b) Form 16 A – Form 16 A bears witness to any other income you have may have earned during the financial year. So you need to collect this form from your bank because it deducts TDS from your interest income. Also if you are a homeowner, do not forget to collect this form from your tenant, if he is deducting TDS on rent. 
 
c) Other income – All income that cannot be classified under the heads of salary, capital gains, property or business and profession must be categorised as ‘Other Income’ from other sources. These are: 
 
1) Apart from interest income, dividend income, loans and deposits, winning from lotteries, income incurred from furniture or machinery put in rent, gambling and even any sum of ₹ 50,000 or above that has not been received as an inheritance or on the occasion of one’s marriage is also classified as other income. You therefore need to keep the document proofs of one of more of the incomes incurred from the above mentioned sources. 
 
2) If you have incurred income on any immoveable property or capital assets based offshore, you need to report and show income proof from the same. 
 
3) If your income is above ₹ 50 lakhs you are also required to provide details of your other assets such as jewellery, cash and land or property, so ensure that you have details of the same handy. 
 
4) Finally, if you have a home loan or a student loan, keep your loan documents and bank statements handy as deductions will apply to your case. 
 
d) Form 26AS – This is the statement of your tax credit that shows that all your tax has been received on time by the Income Tax Department.Details of your tax deductions as well as high value transactions are recorded in this form. You must check this form for errors before you begin filing income tax returns for the year. In case of any error, corrective action must be taken immediately. 
While you may feel that a large part of your income is taxable, you must know that there are several deductions you can avail according to the tax bracket that is applicable to you. 
 
Filing one’s income tax returns is not as difficult as it is made out to be. If you carefully collate all the documents and keep them in order, you will be able to e-file your returns in a few minutes! 
 
This article was brought to you by <a href="http://www.bigdecisions.com/tax-planning?utm_source=businessinsider&amp;utm_medium=referral&amp;utm_campaign=howtofiletaxesonline">Big Decisions</a> 
 
<a href="http://www.ocd.com/wp-content/uploads/2015/01/taxclock.jpg">Image source</a>

Guide to filing Income Tax Returns

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.

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