Waiver from interest and penalty if paid by March 31; estimated value of contested money over Rs 5 trillion
The notification of the returns followed Budget announcements making income-tax return filing mandatory for certain persons even if their income was below the taxable limit
ITR 1-Sahaj is for individuals having an annual income of up to Rs 5 million from salaries, a house, interest income, family pension income, etc. The form will require passport details
The government, which usually notifies forms for filing income tax returns by individuals in April every year, on January 3 notified tax return forms for assessment year 2020-21
The CBDT order also said the returns filed by taxpayers, post the earlier set deadline of November 30, will also be considered valid
This year onwards, tax department is only issuing e-refunds directly into the bank
Good news is that the income-tax department has extended the last date for filing ITR from July 31 to August 31, 2019
The minister asked three investigating wings of the revenue department to share information among themselves to nab evaders
This time, the ITR-1 form seeks an assessee's details in separate fields such as allowances not exempt, profit in lieu of salary and value of prerequisites among others