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Mandatory Quoting of Aadhaar For PAN Applications & Filing Return of Income Section 139AA of the Income-tax Act, 1961 as introduced by the Finance Act, 2017 provides for mandatory quoting of Aadhaar / Enrolment ID of Aadhaar application form, for filing of return of income and for making an application for allotment of Permanent Account Number with effect from 1st July, 2017. As per press release of Income Tax Department on 5th April 2017, it is clarified that such mandatory quoting of Aadhaar or Enrolment ID shall apply only to a person who is eligible to obtain Aadhaar number. As per the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016, only a resident individual is entitled to obtain Aadhaar. Resident as per the said Act means an individual who has resided in India for a period or periods amounting in all to one hundred and eighty-two days or more in the twelve months immediately preceding the date of application for enrolment...

CBDT notified the ITR or Income Tax Return Forms AY 2017-18 (FY 2016-17). There are few major changes in these forms. Let us see in detail these changes and understand which form you can use. There is no change in the manner of filing of ITR Forms as compared to last year. All these ITR Forms are to be filed electronically. However, where return is furnished in ITR- 1 (Sahaj) or ITR-4 (Sugam), the following persons have an option to file return in paper form- # An individual of the age of 80 years or more at any time during the previous year; or # An individual or HUF whose income does not exceed five lakh rupees and who has not claimed any refund in the return of income. Income Tax Slabs for FY 2016-17 (AY 2017-18) Before understanding the Income Tax Return Forms AY 2017-18 (FY 2016-17), let us first understand the taxation for FY 2016-17 or AY 2017-18. Below is the chart about Capital Gain Tax for FY 2016-17 (AY 2017-18) Now you might have got the clarity ab...

The income tax department on Wednesday clarified that quoting of Aadhaar in filing of returns for assessment year 2017-18 has been made mandatory for only those who are eligible to obtain the unique ID number. The government, as per the Finance Act 2017, has made it mandatory for taxpayers to quote Aadhaar or enrolment ID of Aadhaar application form for filing of income tax returns (ITR). Also, Aadhaar has been made mandatory for applying for permanent account number with effect from July 1, 2017.  "It is clarified that such mandatory quoting of Aadhaar or enrolment ID shall apply only to a person who is eligible to obtain Aadhaar number... Accordingly, the requirement to quote Aadhaar as per section 139AA of the Income-Tax Act shall not apply to an individual who is not a resident as per the Aadhaar Act, 2016," an official statement said. Resident as per the said Act means an individual who has resided in India for a period or periods amounting in all...

It's an attempt to simplify the tax filing process and reduce the compliance burden on the tax payer. The Central Board of Direct Taxes (CBDT), the income tax regulator, has notified the new simplified income tax return forms for the assessment year 2017/18. Here are the changes that you should know about. 1) The New ITR- 1 (Sahaj) Form is a one page form and it can only be filed by an individual with income of up to Rs 50 lakh a year. This will include salaried income, interest income and income from one house property. "Those who have income of more than Rs 50 lakh or own more than one house property will have to file ITR - 2 Form," said Archit Gupta, founder and CEO, Cleartax.com. 2) In order to account for those who have deposited Rs 2 lakh or more in a bank account during the demonetisation period, the tax department has introduced a new column where the person filing the tax will have to give details of the money deposited and bank account. If a person...

A crisp income tax form for salaried individuals will be introduced from April 1, doing away with some columns to simplify the filing of returns. Individuals with salary and interest income will have to fill fewer columns as some of these for claiming income deductions have been clubbed in ITR1 form called 'Sahaj'. In the form for Assessment Year 2017-18, deductions claimed under different sections of Chapter VIA have been removed and only mostly used ones have been included. "Columns that will remain include those for claiming deductions under Section 80C, mediclaim (80D). Those individuals who want to show deductions under other heads can do so by selecting an option," an official told PTI. Currently, the ITR 1/Sahaj has 18 different columns for claiming deductions under Section 80 of the Income Tax Act. Under section 80C, a deduction of Rs 1.5 lakh can be claimed from total income for investments in LIC, PPF and repayment of housing loan. Section 80D provides...