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 […]
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 […]
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 […]
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 […]
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 […]
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 […]