With an aim to simplify tax administration and bring greater transparency, FM has proposed inter-changeability of PAN and Aadhaar. “Those who don’t have PAN, can file ITR by simply quoting Aadhaar number,” Sitharaman noted. Now, you can simply quote your Aadhaar card number to pay taxes without the need for a PAN card. Earlier in […]
NEW DELHI: Regulator PFRDA today said funds transferred from provident fund account to National Pension System (NPS) account will not attract any tax. “The amount so transferred from recognised Provident Fund/Superannuation Fund to NPS is not treated as income of the current year and hence not taxable,” it said while specifying procedure for effecting transfers. […]
By Shalini Jain The due date for filing your income tax return (ITR) is fast approaching. One of the most important documents that you need to verify prior to filing your ITR is your Form 26AS. What is Form 26AS This form is an annual consolidated tax statement that can be accessed from the income-tax […]
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 […]