New ITR forms to seek details on cash deposits during demonetisation
8 years ago

New ITR forms to seek details on cash deposits during demonetisation

Live Mint  

New Delhi: The tax department is including a new column in Income Tax Return forms for assessment year 2017-18 for obtaining details on cash deposits made by an individual during the demonetisation period between 8 November and 30 December 2016, people aware of the matter said. The new column will also be introduced in salaried individuals’ income tax returns form, called ITR-1 or ‘Sahaj’, said the people. While the I-T department has given a number of opportunities to taxpayers to explain unaccounted-for cash deposits made during the demonetisation period, the move to introduce the new column is to ascertain all deposits made by a person or entity irrespective of the threshold. According to the people mentioned above, the new ITR forms will continue having a column asking taxpayers to mention their Aadhaar number but this time it would be mandatory and not optional like earlier.

Itr Tax Department Cash Deposits  details  saidthe  forms  tax  department  period  itr  deposits  taxpayers  sahaj  column  demonetisation  income  cash  seek

History of this topic

Making Deposit At One Go After Declaration Of Demonetization Is No Reason For Doubting Cash Sales: Indore ITAT
11 months, 4 weeks ago

Making Deposit At One Go After Declaration Of Demonetization Is No Reason For Doubting Cash Sales: Indore ITAT

Live Law  

While deleting the addition made by the AO u/s 68 of the Income Tax Act, the Indore ITAT held that once the cash sales and availability of the cash with the assessee is duly supported by the books of account of the assessee, then making deposit at one go in the circumstances after declaration of demonetization cannot be a reason …

Cash Deposits By Members Of Society During Demonetization Not Verified In Absence Of PAN & KYC: Bangalore ITAT Asks To Reconsider Relief U/s 80P(2)(A)
1 year ago

Cash Deposits By Members Of Society During Demonetization Not Verified In Absence Of PAN & KYC: Bangalore ITAT Asks To Reconsider Relief U/s 80P(2)(A)

Live Law  

The Bangalore ITAT set aside the order passed by CIT for providing relief u/s 80P and 115BBE of Income Tax Act, 1961 and redirect the case back to the file of AO for reconsideration of the genuineness of the deposit during demonetization by the assessee. The Bench of the ITAT comprising Madhumita Roy and Chandra Poojari observed that, “the PAN …

ITAT Upholds Addition On Account Of Unexplained Cash Deposit Made During Demonetisation
1 year, 8 months ago

ITAT Upholds Addition On Account Of Unexplained Cash Deposit Made During Demonetisation

Live Law  

The Chennai Bench of the Income Tax Appellate Tribunal, while rejecting the plea of the assessee for cash received in marriage, upheld the addition on account of an unexplained cash deposit made during demonetisation.The bench of Mahavir Singh and Manoj Kumar Aggarwal has observed that there is no direct evidence available from the assessee. The Chennai Bench of the Income …

ITAT Deletes Addition On Account Of Cash Deposited In The Bank Accounts During Demonetisation Period
2 years, 3 months ago

ITAT Deletes Addition On Account Of Cash Deposited In The Bank Accounts During Demonetisation Period

Live Law  

The Raipur Bench of the Income Tax Appellate Tribunal has deleted the addition on account of cash deposited in bank accounts during the demonetization period.The bench of Ravish Sood has observed that the AO, by not rejecting the books of account, has clearly accepted that the cash deposited in the bank accounts by the assessee firm during the year under. …

All 7 ITR forms for assessment year 2018-19 activated for e-filing: Income Tax Department
6 years, 10 months ago

All 7 ITR forms for assessment year 2018-19 activated for e-filing: Income Tax Department

Live Mint  

New Delhi: The Income Tax Department on Saturday launched and activated all the seven Income Tax Return forms for e-filing by taxpayers, after more than a month of them being notified. The Central Board of Direct Taxes had notified the new ITR forms for the assessment year 2018-19 on 5 April. The tax department has launched the ITR forms gradually …

ITR-1 form for FY18-19 activated for e-filing: Income Tax Department
6 years, 11 months ago

ITR-1 form for FY18-19 activated for e-filing: Income Tax Department

Live Mint  

New Delhi: The latest ITR-1 form, largely used by the salaried class of taxpayers, has been activated on the official e-filing portal of the Income Tax Department, a senior official said on Tuesday. The single Income Tax Return form, notified by the Central Board of Direct Taxes on 5 April, has been put on its website, www.incometaxindiaefiling.gov.in, yesterday. The new …

New ITR forms seek salary structure details, income from property
6 years, 11 months ago

New ITR forms seek salary structure details, income from property

Live Mint  

New Delhi: New income tax return forms notified on Thursday seek more details from individual taxpayers about their salary structure and income from property while making it mandatory for small businesses to report their goods and services tax identification number and turnover reported under GST. The new ITR forms notified for assessment year 2018-19 require salaried taxpayers to disclose their …

E-filing of income tax returns up by 17% post note ban
7 years, 4 months ago

E-filing of income tax returns up by 17% post note ban

India TV News  

The e-filing of income tax returns went up by 17 per cent post demonetisation, while the rise in the 'individual filers' category was over 23 per cent, according to official data. A senior Income Tax Department officer, supervising these activities, attributed the rise to the withdrawal of two high-value currency notes of Rs 500 and Rs 1,000 from circulation by …

Demonetisation: Declare loan, credit card payments above Rs 2 lakh in cash in tax returns
7 years, 11 months ago

Demonetisation: Declare loan, credit card payments above Rs 2 lakh in cash in tax returns

Firstpost  

The changes made in ITR are an attempt to catch tax evaders, an official said. New Delhi: All cash payments of over Rs 2 lakh for paying loans and credit card bills during the 50-day period post demonetisation will have to be disclosed in the new one-page Income Tax return form. Besides providing for declaring income, exemption claimed and tax …

Tax return, now in a crisp form
7 years, 11 months ago

Tax return, now in a crisp form

The Hindu  

A new fiscal year has dawned, and the annual tax return filing exercise will soon be upon us. On March 31, the tax department notified the income tax return forms for financial year 2016-17. So, if you, as an individual, have income exceeding ₹50 lakh or have income from more than one house or from capital gains, then you cannot …

Govt notifies new simplified income tax return forms; e-filing to start from today
8 years ago

Govt notifies new simplified income tax return forms; e-filing to start from today

Firstpost  

The e-filing facility for ITR-1 is enabled from 1 April and ITRs can be filed till the stipulated deadline of 31 July. New Delhi: The government on Friday notified a simplified Income Tax Return form for individuals with key additions like mandatory linking of tax returns with the assessee’s Aadhaar number. Only 6 crore out of 29 crore persons holding …

One Page ITR 1: CBDT Simplifies Income Tax Return Filing For Individuals
8 years ago

One Page ITR 1: CBDT Simplifies Income Tax Return Filing For Individuals

Live Law  

In a step to reduce the compliance burden of around 2 crore tax payers the Central Board of Direct Taxes notified simplified income tax returns form for individuals. These ITR forms will be for the assessment year 2017-18 and filed electronically from April 1, 2017.At present, ITR 1 is filed by an individual having income from salary, one house property …

ITR form made simpler, e-filing of income tax to start from 1 April
8 years ago

ITR form made simpler, e-filing of income tax to start from 1 April

Live Mint  

New Delhi: A crisp income tax returns form for salaried individuals will be introduced from 1 April, doing away with some columns to simplify the filing of returns. Individuals with salary and interest income will have to fill fewer columns as some of these for claiming income deductions have been clubbed in ITR-1 form called ‘Sahaj’. Currently, the ITR-1/Sahaj has …

New agency to probe anomalies in Income Tax returns filed post demonetisation
8 years, 1 month ago

New agency to probe anomalies in Income Tax returns filed post demonetisation

The Hindu  

There is a move to set up an agency to investigate anomalies in income tax returns filed by 18 lakh people after demonetisation, Union Minister Radha Mohan Singh said on Wednesday. Post demonetisation, ₹15 lakh crore was deposited in banks, he said. “As many as 18 lakh people have filed income tax returns showing their income as ₹12 lakh but …

Government extends reply date for IT queries on deposits till February 15
8 years, 1 month ago

Government extends reply date for IT queries on deposits till February 15

India TV News  

The government of India today extended the time limit for assessees receiving SMS or e-mail queries from the income tax department on cash deposits post demonetisation by 5 days to February 15. Now you can file your details by February 15, 2017, #Operation Clean Money," the I-T department said in a tweet. On January 31, the tax department had launched …

Tax department asks banks to report pre-demonetisation cash deposits
8 years, 2 months ago

Tax department asks banks to report pre-demonetisation cash deposits

Live Mint  

New Delhi: Seeking to analyse the banking transactions in months before the demonetisation, the income tax department has asked banks to report cash deposits in savings accounts between 1 April to 9 November, 2016. Besides, banks have also been directed to ask the account holders, who did not furnished PAN or Form-60 at the time of opening bank account, to …

New income tax rules to curb unaccounted cash
8 years, 4 months ago

New income tax rules to curb unaccounted cash

Live Mint  

In order to track the unaccounted money making its way into bank and post office accounts post demonetisation, the Central Board of Direct Taxes has amended certain income tax rules. Now, cash deposits in bank and post office accounts above a certain limit—between 9 November and 30 December 2016—will get reported to the income tax department. “114E has been amended …

Modi govt steps up scrutiny of cash deposits in black money fight
8 years, 4 months ago

Modi govt steps up scrutiny of cash deposits in black money fight

Live Mint  

New Delhi: Even as the Narendra Modi government battles the opposition both inside and outside Parliament over demonetisation of high-value bank notes, it is stepping up scrutiny to prevent people from converting black money into legal tender. The income-tax department has made it mandatory to link the permanent account number to cash deposits of a certain value and lowered the …

ITR e-filing for three more categories of assessees
8 years, 11 months ago

ITR e-filing for three more categories of assessees

The Hindu  

The Income Tax department today launched the e-filing of income tax returns for a few more categories of filers for the assessment year 2016-17 after it operationalised some of them early this week. The latest enabled Income Tax Returns include ITR-2 for individuals and Hindu Undivided Families not having income from business or profession, 2A for individuals and HUFs not …

E-filing of ITR: Over 7.5 lakh returns verified
9 years, 7 months ago

E-filing of ITR: Over 7.5 lakh returns verified

The Hindu  

The Income Tax department’s ambitious OTP-based ITR filing system for taxpayers has started on a high note with its portal electronically verifying over 7.5 lakh returns and linking over 11 lakh Aadhaar numbers with the PAN database. The new e-filing system, enabled last month, allows online verification of a person’s Income Tax Returns by using either Aadhaar number, internet banking, …

Use online tax calculator to file ITR for AY 2015-16 I India TV News
9 years, 9 months ago

Use online tax calculator to file ITR for AY 2015-16 I India TV News

India TV News  

New Delhi: With the new Income Tax Return forms being recently notified for assessment year 2015-16, filers can do an easy check of their annual tax liability on a new computer-based ‘calculator' launched by the CBDT. The ‘tax calculator' is an online computer-based programme hosted on the official website of the I-T department and is meant to help the taxpayer …

Simplified income tax returns forms notified: Deadline for filing 31 Aug, Aadhaar number mandatory
9 years, 9 months ago

Simplified income tax returns forms notified: Deadline for filing 31 Aug, Aadhaar number mandatory

Firstpost  

The new ITRs have replaced the 14-page form that were notified earlier this year, triggering a major controversy with individuals, industrialists and MPs saying tax filing would become cumbersome as those forms had sought details including foreign trips and bank accounts details. New Delhi: The Income Tax department has notified the new set of ITR forms, including a three-page simplified …

Government notifies new and simplified income tax return forms
9 years, 9 months ago

Government notifies new and simplified income tax return forms

India TV News  

New Delhi: The Income Tax department has notified the new set of ITR forms, including a three-page simplified one, for taxpayers to file their returns for assessment year 2015-16. With the finance ministry publishing the gazette order yesterday, taxpayers and other entities can now file their Income Tax Returns till August 31, the new deadline set in this regard by …

Income Tax forms simplified, file returns by Aug 31 |IndiaTV News
9 years, 10 months ago

Income Tax forms simplified, file returns by Aug 31 |IndiaTV News

India TV News  

New Delhi: The Finance Ministry today came out with new three-page income tax return 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. A new form ITR 2A has been brought out by the ministry which can be filed by an individual …

New income-tax return forms to be far more simplified, assures Finance Minister Arun Jaitley | IndiaTV News
9 years, 10 months ago

New income-tax return forms to be far more simplified, assures Finance Minister Arun Jaitley | IndiaTV News

India TV News  

New Delhi: The controversial new income tax return forms, which had been put on hold, will be "far more simplified", Finance Minister Arun Jaitley said today, but kept the suspense on if the requirement of disclosing all bank accounts and foreign travels will be retained. Asked whether the queries on foreign travel and bank accounts, considered by many as intrusive, …

Under fire, govt. hints at U-turn on new I-T forms
9 years, 11 months ago

Under fire, govt. hints at U-turn on new I-T forms

The Hindu  

Faced with criticism, the Modi government may roll back the new income tax returns forms, notified on Friday, that mandate disclosures of foreign trips and all bank accounts held in and outside India and details of passports and Aadhaar numbers. Finance Minister Arun Jaitley, who is leading the Indian delegation in Washington for the annual spring meetings of the World …

Discover Related