Monthly Archives: July 2019

Budget 2019 may implement NPS withdrawal tax-exemption plan

By Saraswathi Kasturirangan, Radhika Viswanathan and Nidhi Jain Pension for all and enhancing financial security of the aged has been on top of the government’s agenda. Despite being one of the flagship schemes in this direction, the National Pension System (NPS) is still not the first choice for individuals. Statistics show that total subscribers contributing […]

ITR filing: Income tax return forms 2 and 5 updated again

The income tax department has made further changes in the electronic forms for income tax returns 2 and 5. As per a notice on the e-filing website, ITR-2 & ITR-5 utilities have been modified to fix bugs that were identified while filling Schedule FA in ITR-2 (Java utility), Partners information is ITR-5 (Java utility) and […]

Deadline to file income tax return for FY2018-19 extended to August 31

The finance ministry has extended the deadline for filing income tax return (ITR) for FY2018-19 by individuals to August 31, 2019 from July 31, 2019. The extension is a much needed relief as there were multiple problems being faced by individuals in filing returns by July 31. July 31 was the deadline to file income […]

How to link Aadhaar card with income tax returns

As per the current income tax laws an individual is required to quote or mention their Aadhaar number while filing income tax return (ITR). Apart from this, individuals are also required by law to link their PAN with their Aadhaar number. If your PAN is not linked with Aadhaar, it is likely that you will […]

Budget 2019: Your PAN won’t become ‘invalid’ if not linked with Aadhaar, only ‘inoperative’

As per current income tax laws, PAN would become invalid if not linked with Aadhaar by September 30, 2019. However, Budget 2019 has proposed that instead of making PAN ‘invalid’ as per Section 139AA of the Income Tax Act, it would become ‘inoperative’. Shalini Jain, Tax Partner, EY India says, “Earlier, failure to link PAN […]

ITR filing: Pre-validate your bank account to claim income tax refund

To claim your income tax refund this year, then apart from filing income tax return (ITR), you might have to do one additional step. This is because the process of claiming income tax refund has been tweaked a bit by the tax department. From this year, you will have to make sure that you have […]