INCOME TAX NEWS

Income Tax: Not just TDS, Form 26AS to show property, shares, MF transaction details 
Budget 2020: Pre-filled ITR forms to take the pain out of filing income tax returns
Finance ministry asks tax officials to identify, book tax evaders through data analytics
You Can be Fined Rs 10,000 for Giving Incorrect Aadhaar Details while Filing I-T Return
More …

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Income Tax: Not just TDS, Form 26AS to show property, shares, MF transaction details

Financialexpress.com 
February 4, 2020 
As part of the initiative to give pre-filled income tax return form to assessees, I-T department will revamp Form 26As to include a detailed information statement beyond TDS 
As the union Budget has proposed rationalisation of provisions relating to Form 26AS, taxpayers will now get a detailed information statement beyond the tax deducted at source (TDS) such as sale/purchase of immovable property, share transactions, etc. This will help make filing of income tax returns (ITR) easier. …

Budget 2020: Pre-filled ITR forms to take the pain out of filing income tax returns

Union Budget 2020: Steps have been taken in this regard, with ITR forms released in April 2019 already having some information pre-filled such as bank account number, bank interest and salary details with standard deduction, etc. 
Businesstoday.in 
February 1, 2020 
Budget 2020: If income tax return filing is a headache for you, the government has some good news. Soon, you won’t have to file income tax return (ITR) at all. All your income information will come pre-filled in your ITR forms and you will only have to approve the same on the portal of the Income-Tax department. …

Finance ministry asks tax officials to identify, book tax evaders through data analytics

Timesofindia.indiatimes.com
Dec 20, 2019
NEW DELHI: In a bid to meet ambitious tax target amid economic slowdown, the finance ministry on Friday held a review meeting with tax officials and directed them to make special efforts to identify and book tax evaders through data analytics and information sharing. …

You Can be Fined Rs 10,000 for Giving Incorrect Aadhaar Details while Filing I-T Return

News18.com
November 12, 2019
The interchangeability between Permanent Account Number (PAN) and Aadhaar, which was allowed with effect from 1 September 2019, has proven to be beneficial for Indian taxpayers in more than one way.
The biggest convenience has been in terms of filing income-tax returns as the taxpayer is now allowed to use his/her 12-digit Aadhaar card number instead of PAN to file returns. But not many know that furnishing incorrect Aadhaar details attract a hefty fine of Rs 10,000. …

What to do if you receive a notice from the Income Tax Dept

Indianexpress.com
August 24, 2019
A notice from the Income Tax Department can make most taxpayers jittery. There could be several reasons for the I-T Department to send you a notice, and you must act carefully in such a situation. If you ever receive an I-T notice, it’s very important that you clearly understand the reason behind it before you act. And to help you make informed decisions, we discuss some common reasons that can result in you getting an I-T notice, and also what you should do. …

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CBDT directs I-T dept to share assets, accounts info of loan defaulters with banks

Timesofindia.indiatimes.com
Jun 26, 2019
NEW DELHI: The CBDT has directed the Income Tax (I-T) department to share in “public interest” details of assets and accounts of all such loan defaulters against whom a public sector bank has made a plea to it.
The move is aimed to tighten the noose on such entities and extract recovery of public money. …

I-T dept revises format of TDS certificate issued by employers

Form 16 is a certificate issued by employers, giving details of employees’ TDS (tax deducted at source) usually by mid June and is used in filing I-T returns.
Moneycontrol.com
Apr 16, 2019
The Income Tax department has revised Form 16 by adding various details, including income from house property and remuneration received from other employers, thereby making it more comprehensive to help check tax avoidance. It will also include segregated information regarding deductions under various tax saving schemes, investments in tax savings instruments, different allowances received by the employee as well as income from other sources. …

How to file income tax return online for salaried employee: A brief, step by step income tax return (ITR) filing guide

With the tax season heating up and the filing of income tax returns (ITR) time for employees looming, the question on most people’s minds is – How to file income tax return online for salaried employees.
Zeebiz.com
Apr 04, 2019
With the tax season heating up and the filing of income tax returns (ITR) time for employees looming, the question on most people’s minds is – How to file income tax return online for salaried employees. Even as the government has given relief by extending the deadline for linking PAN with biometric ID Aadhaar by six months till September 30, income tax has to be filed as per the scheduled date by salaried employees. …

Taxpayer Alert! 5 new income tax rules that are effective from April 1, 2019

Financialexpress.com
April 1, 2019
Let’s take a quick look at the key changes in the Interim Budget 2019 from a personal tax perspective, which are now effective from 1st April 2019.
The Finance Minister presented the Interim Budget in February 2019. The Interim Budget 2019 offered benefits to small farmers and the workers in the unorganised sector through interest subventions and pension coverage. It also introduced changes in income tax rules to offer relief to small taxpayers and to the owners of residential properties. …

Your senior citizen parents’ medical bills can help you save tax: Here’s how

Economictimes.indiatimes.com
March 01, 2019
Can’t buy health insurance for parents and don’t have money to invest under section 80C for tax saving? You can still save tax under section 80D by claiming deduction for medical expenditure for your parents. Here’s how. …

Don’t file incorrect returns, warns I-T department

Timesofindia.indiatimes.com 
Apr 19, 2018
NEW DELHI: The income tax (I-T) department has cautioned salaried taxpayers against claiming incorrect deductions or under-reporting income after it stumbled upon evidence of such malpractices in Bengaluru, Mumbai and Ludhiana. …

Supreme Court upholds law making Aadhaar mandatory for PAN, ITR but exempts those without it for now

Timesofindia.indiatimes.com 
Jun 9, 2017 
NEW DELHI: The Supreme Court on Friday upheld the validity of the law making Aadhaar mandatory for allotment of PAN and filing of Income Tax(IT) returns but exempted those without it for now until the larger privacy issue is decided.
In effect, those who possess an Aadhaar card must link it to their Permanent Account Number(PAN) card and those who have enrolled and not yet got their Aadhaar card are also exempted from mandatory linkage and the penalising invalidation of their PANs if they don’t link it.  …

Paying house rent to parent, kin? HRA exemptions won’t be that easier

Deccanchronicle.com
Apr 11, 2017
Mumbai: From now on, claiming tax benefits on rent paid under House Rent Allowance rules of Income Tax Act will no longer be that easier.  This especially when you are staying at your parent’s or relative’s place. 
Given the substantial rise in number of fake rent receipts that are being submitted with employers, the income tax department has decided to change some rule, and make them tough too. …

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