Avoiding income tax notices by fudging addresses or shifting residence will now become difficult. Income tax rules have been amended that will allow the tax department to deliver notices to assessees at addresses given by them to banks, insurance companies, post offices etc in case the notice is undeliverable at the address supplied to the tax department. The government issued a notification dated December 20, 2017 amending the Income Tax Rules to ensure that all notices, summons, requisitions or any other communication issued in your name is delivered to you either via post or e-mail.As per the notification, in case the communication or notice to be served to the assessee cannot be delivered/transmitted to the available address, as per Rule 127 of the Income Tax Rules, the government may use the address mentioned in the following databases to deliver the communication:a) Address given by you to the bank;b) Address given by you to the insurance company; c) Address given by you to the post office while investing in the Post Office schemes; d) Address as available in government records;e) Address available in the records of local authorities; f) Address of the assessee as furnished in Form 61 to the income tax department under Rule 114D;g) Address as furnished in Form 61A to the tax department under rule 114E.As per the earlier norms, the communication to the assessee was sent through post or email at the any of the following addresses:a) Address available in the PAN database;b) Address available in the income tax return (ITR) to which the communication pertains to;c) Address as available in the previous year's ITR;d) E-mail address available in the ITR for which communication pertains to;e) E-mail address as available in the last ITR;f) Any e-mail address available with the income tax authority.The notification can be accessed here.
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NEW DELHI: The Finance Ministry today came out with new three-page income tax return (ITR) forms, dropping the controversial provision for mandatory disclosure of foreign trips and dormant bank accounts, while it also extended the last date of filing to August 31. The new forms - ITR 2 and ITR 2A - will have only three pages and other details will have to be filled in schedules, said a Finance Ministry statement.
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NEW DELHI: The Finance Ministry today came out with new three-page income tax return (ITR) forms, dropping the controversial provision for mandatory disclosure of foreign trips and dormant bank accounts, while it also extended the last date of filing to August 31. The new forms - ITR 2 and ITR 2A - will have only three pages and other details will have to be filled in schedules, said a Finance Ministry statement.
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NEW DELHI: Failure to answer questions from the tax department can entail a penalty of up to Rs two lakh from the next financial year under the new black money law, which has got the assent of the President. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 provides for a minimum penalty of Rs 50,000. Besides, tax authorities would be able to send summons or notices via electronic mails (emails) and fax to seek information from those under probe for suspected black money stashed abroad.
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Having dropped the controversial provision for mandatory disclosure of foreign trips and dormant bank accounts, the Finance Ministry has finally come out with new and simplified income tax return (ITR) forms. The simplified ITR forms have been brought after the earlier version was opposed by the industry, MPs and assessees for its cumbersome disclosure norms. The ITR forms, which were notified last month by the CBDT for the current assessment year, had specific columns for banks accounts, IFSC Code, names of joint account holders and foreign visits, including the ones paid by companies.
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The process of filing the Income Tax Return (ITR) could be simple and straightforward. However, at times, certain peculiar and specific situations arise which requires proper solutions to avoid any tax liability in future. Here are few of them and the approach in tackling them. I am salaried and get HRA as a part of my salary. Currently, I am staying on rent but my landlord is not providing the PAN. How should I claim HRA as the employer is insisting on it?
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People with salary income who are eligible to use ITR 1 or ITR 4 form can file their tax return completely online via the income tax e-filing website without having to download any form/software. Using this method, a person can fill the form online by entering the relevant information and finally submit it online as well. This step by step guide will help you do the same. 1. Visit the e-filing website: https://incometaxindiaefiling.gov.in/ 2.
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Double Taxation Avoidance Agreement or DTAA is an agreement between two countries which aims to avoid taxation of the same income in both countries. India has signed the DTAA with several countries. During assessment of an assessee to whom DTAA applies, the provisions of the Income Tax Act apply only to the extent they are more beneficial to the assessee. Provisions of the DTAA prevail over the statutory provisions. Non resident Indians residing in any of the DTAA countries can avail of tax benefits provided under DTAA by timely submission of the following documents.
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By Shalini Jain, Partner, EY The Central Board of Direct Taxes (CBDT) notified tax return forms for the Financial Year (FY) 2016-17 on March 31, 2017. The government also mandated quoting of Aadhaar number/ Aadhaar enrolment number while filing the tax return if the same is filed on or after July 1, 2017.
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NEW DELHI: In a stern warning to assessees trying to misuse the provision of revising I-T returns, CBDT today said those "drastically" altering the forms to revise income will face scrutiny and penal action. It said that post demonetisation announced on November 8, some taxpayers may misuse this provision to revise the return filed by them for the earlier assessment year for manipulating income with an intention to show the current year's undisclosed earnings in the earlier filing. "The provision to file a revised return...
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NEW DELHI: Government today announced that new Income Tax Return (ITR) forms that require disclosure of details regarding bank accounts and foreign trips undertaken by an individual will be reconsidered, a move that comes after criticism from tax experts and others. It will come out with simplified ITR forms, it was officially announced. "The Finance Minister has called me from Washington and said the whole matter related to new ITR form will be reconsidered. The government will simplify the ITR form," Revenue Secretary Shaktikanta Das told PTI.
