At a seminar ‘Income Tax Return Filing - New Provisions and Procedures’ organised by Income Tax Bar Association and Kardata Jagruti Abhiyaan, principal chief commissioner of Income Tax PC Mody highlighted the need for filing the returns on time.
If your gross annual income is over Rs2.5 lakh then it is mandatory for you to file Income Tax Return (ITR) before July 31, or else you could face penalty, advise experts. They clarified that even if your income is not taxable but the income fall is any of the tax slabs; you are supposed to file the ITR.
At a seminar ‘Income Tax Return Filing - New Provisions and Procedures’ organised by Income Tax Bar Association and Kardata Jagruti Abhiyaan, principal chief commissioner of Income Tax PC Mody highlighted the need for filing the returns on time.
He assured the audience that scrutiny, now onwards, will not be at anyone’s discretion but only as per the identified parameter.
Mody informed that the government has full faith on the tax payers and so very few returns are identified for scrutiny. Even in such cases, mere clarification on the part of the assessee is enough.
Income Tax expert and a member of Eashwar Committee, Mukesh Patel clarified that now onwards, even if your net income is not taxable after considering deduction under various tax exemption provisions, but falls in any of the tax slabs, it is mandatory to file returns.
Highlighting a recent provision he said that if your income including the income from long term capital gains falls in any of the tax slabs, it is mandatory to file returns, notwithstanding the fact that you do not have to pay the tax.
The delay in filing of returns will result in penalty. He justified the linking of Aadhar Number with PAN card as there are a number of cases where a person is able to get multiple PAN Numbers in his account.
Here the mismatch provisions are relaxed in case of minor differences in the spelling of name. One can verify from I-T department, which will give a one-time password (OTP).
If the gender, first name and the date of birth matches, the rest of the data will be presumed as being the same, said Patel.
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