Page 9 - Income Tax Return

Top 5 common mistakes to avoid while filing your income tax returns

Here is a list of things to help you sail through

Do meet the extended deadline of August 5 for filing ITR

Only those who file it can revise returns, carry forward losses, avoid interest on unpaid taxes

Need to file I-T Returns? Know the steps, benefits of doing it online

Here is all you need to know to help you e-file your income tax return on your own

The many benefits of filing your income tax returns on time

You not only create a record of your income but need it when taking a loan, applying for a visa

Ban on BS-III vehicles, easier I-T returns & more: Rules that changed today

With effect from today i.e. 1 April, 2017, many new rules have come in to effect

New ITR form: Taxman seeks details of deposits made during demonetisation

The government today notified a simplified Income Tax Return form for individuals which will be available for filing ITR for Assessment Year 2017-18 from tomorrow. Currently, SAHAJ (ITR 1) is filed by salaried employees and ITR 2 by individuals and HUFs whose income does not include income from business. The government has done away with two forms ITR 2A (used by individuals & HUFs not having income from business or profession and capital gains and who do not hold foreign assets). Only 6 crore out of 29 crore persons holding permanent account number (PAN) file income tax returns at present. The e-filing facility for ITR-1 is enabled from April 1 and ITRs can be filed till the stipulated deadline of July 31. At the time of filing the form, the taxpayer has to fill in PAN, Aadhaar number, personal information and information on taxes paid. TDS will be auto-filled in the form. Post July 1, as per amendments to the Finance Bill 2017 as passed by the Lok

More banks to follow e-verification

After Punjab National Bank (PNB) and United Bank of India (UBI), more banks are likely to start a facility wherein an account holder can verify his income tax return on the e-filing site even without having a netbanking account.A Electronic Verification Code (EVC) can be generated by pre-validating the bank account on the e-filing portal of the income tax department.Other banks are expected to launch this facility," the Central Board of Direct Taxes (CBDT) said.It also said EVC can be generated by pre-validating a demat account on the portal.Customers of State Bank of India, Axis Bank and Canara Bank can generate an EVC through the bank's ATMs.Other banks are expected to offer this facility soon, the department said.The e-verification facility of IT returns was used by over 7.5 million taxpayers till August 5, as compared to 3.2 million last year till September 7.Of these, Aadhaar based e-verification was used by 1.7 million taxpayers during the current year as against 1.04 million tax