New Income tax rule changes you should know

I recently came to know about recent changes in Income tax filing and thought to share with my blog readers.Lets quickly check all of that in bullet points.

  • Online filing are now paperless – Now taxpayers can use their verified Aadhar card to file their income tax and they do not have to physically submit ITR V or other form to CPC office.Presently your tax return will not be complete unless your send your acknowledgement form physically to their office.Income tax office now will send EVC (Electronic verification code) to your mobile number and you can use this number to file.It is not possible for every user to print the form and then send it by post.This step will make return file completely paperless and faster.

There are some other changes also introduced like :

  • You have to provide detailed declaration about bank account you hold for that year.Like number of accounts,account #,IFSC code
  • Besides this you also have to declare foreign assets,Foreign travel expenses and detail of amount deposited in capital gain schemes
  • ITR-1 now cannot be filed if you have sources of income outside India

Please share if I miss any points.Hope you have a great day.

 

References:

http://www.dnaindia.com/money/report-for-aadhar-card-holders-i-t-return-filing-now-is-a-cakewalk-2078410

http://economictimes.indiatimes.com/wealth/tax-savers/tax-news/aadhar-holders-exempted-from-filing-physical-itr-v/articleshow/46956473.cms

http://Cleartax.in

 

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