Most tax notices are for routine mismatches or errors in filing that can be rectified very easily.
According to the CBDT, in a record number of Income Tax Returns (ITR) e-filings in a single day, a total of 49,29,121 ITRs were filed on the last day for filing returns.
The I-T department has issued a notification clarifying that the circular going viral on social media -- stating that the deadline has been extended to September 30 -- is not genuine.
In a letter to Union Finance Minister Nirmala Sitharaman, the Chamber of Traders Federation(CTF) said its demand be considered as a special case in view of the prevailing situation in the region.
Sitharaman on Saturday asked the I-T Department to bridge the communication gap between tax officials and the assessees and sought a change in mindset amid allegations of 'tax terrorism'.
Unless you verify your returns within 120 days of filing them, they will get cancelled automatically. You might even get a notice from the income tax department for not filing the returns.
Even though filing tax returns is not mandatory for all, it is best you do it so you can enjoy the following benefits.
The new facility, which became accessible to all registered users from August 1, is aimed to be particularly useful for taxpayers who access the website only to file ITR returns.
The I-T department has made it mandatory for every taxpayer to link PAN card to Aadhaar before September 30, 2019.
If proved that the MLAs have deliberately made false declaration in their poll affidavits, the ECI will act against them sternly and may even disqualify them.
To get the refund, you need to link your PAN card to Aadhaar. The I-T department has made it mandatory for every taxpayer to link both before September 30, 2019.
If, in a year, you pay more than Rs 1 lakh as rent, then you should submit your landlord's PAN number also along with the rent receipt at the time of filing returns.
Do check if you have any advance tax to be paid after the deduction of your TDS by your employer or entities.
A city-based expert gives a lowdown on different IT forms, essential documents and mistakes people make while filing Income Tax returns
Firstly, you need to collect documents such as TDS certificate (Form 16/16A), capital gains statement, salary slips.