File your income tax returns and keep these Do’s and Don’ts in mind

File on time and keep your documents safe even after filing in case your ITR is scrutinised later on

 

Income Tax News : The deadline for filing your income tax returns for the FY 2016-17 is the 31st July, 2018. It is, therefore, necessary that all taxpayers be aware of the essential dos and don’ts of tax filing so that they can avoid last-minute errors.

Take a look at our list below:

DO’s

1. Organize

It is important to keep your documents ready at the go. For filing, you will need all your old tax receipts, receipts of income and investments, Form 26AS, Form 16 etc. Keep these documents handy when filing for a quicker process; and also remember to keep them safe after you are done filling out the form online. You might need them in case your return is called out for scrutiny later.

2. Check your calculation

Go over your tax documents and do your calculations. Then, go over your math once again to ensure that all your calculations are correct. If you want help, you can always turn to an expert who will help you check your calculations and ensure accuracy. Besides, e-filing is highly recommended since that itself eliminates the chance of error. Those with income in excess of Rs 500,000 or those seeking a refund, must mandatorily e-file.

3. Report all your income

It is important to disclose all income that you earn from all sources, irrespective of whether the income is taxable or exempt. Not disclosing information can lead to legal consequences later on, and it would be wiser to be honest while filing.

4. Verify ITR after e-filing

After you have successfully e-filed your income tax return, you should e-verify your ITR-V via Netbanking, Aadhaar Card or through the EVC process on your mobile number and email. This is important because the IT department will start processing your returns post receiving the verification. Alternatively, you can sign and send the ITR-V to the CPC (via ordinary or speed post only). This has to be done within 120 days from the date of e-filing of tax return.

Read the Don’t List → Income Tax Return

No escape for firms as tax information pours in from other countries

India has tax information exchange agreements with 130 countries 

Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra on Wednesday said that the tax exchange agreements with other countries was resulting in information pouring in at a fast pace, thus there was no escaping for the multi-national companies (MNCs) from fair tax filing.

"We have got wide (tax) information from countries. We have agreements with 130 countries. It's like a global hub. Information on tax transparency is coming at a fast pace. It is a thing of past that any information can be hidden," Chandra said here at the 14th International Tax Conference organised by Associated Chambers of Commerce and Industry of India (Assocham).

"Each company/MNC thus should believe in fair taxation," he added.

Referring to the Panama Papers disclosures, he said that the information has been received on it from various countries. → Income tax Filing ←

Finance Minister Arun Jaitley earlier had said that in some cases of Panama Papers details have been received and criminal proceedings will be carried out.

"In cases of which we are receiving details, we send notices, assess their income tax filing details and raise tax demand. According to the law, criminal proceedings are also carried out. In HSBC and now in Panama Papers, the proceedings will be carried out. In some cases details are received. It is now a disincentive and a risky business," Jaitley had said in the Lok Sabha on ..... Read Full Article

I-T dept may lower withholding tax for foreign firms having income in India

They are required to withhold taxes on payment to another party and deposit that tax with the govt

 

The income tax department is open to lowering the withholding tax rate for foreign companies which have income in India, a senior official said on Wednesday.

Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra also urged firms and MNCs operating in India to pay their due share of taxes and said adequate safeguards have been put in place to ensure that anti-abuse provisions like GAAR are not misused.

He also asked industry experts to come forward with suggestions on withholding tax. →Efiling Of Income Tax ←

"I would like to be informed in which areas the TDS (tax deducted at source) is high so that we can think of reducing that also. We are absolutely open to any suggestions which can make the life of a genuine taxpayer easy," he said speaking at an International Tax Conference organised by Assocham here.

Foreign entities having income in India, as well as domestic companies, are required to withhold taxes on any payment to another party and deposit that tax with the government. Companies usually have to withhold taxes interest, royalties or fees paid for technical services.

Assocham Chairman National Council on Direct Taxes Rahul Garg said the tax department issues refunds to the tune of Rs 40,000-60,000 crore every year and hence the industry chamber has suggested a relook of the withholding tax scenario .....Read Full Article

IT says no inconsistency in estimates of taxpayers after demonetisation

Clarification comes after there was a mismatch in figures shared by PM Modi and Eco Survey-II

 

 

The income tax filing department on Friday put to rest the controversy over the so-called inconsistency in the estimates of the number of taxpayers added after demonetisation.

The inconsistency was reported because Prime Minister Narendra Modi mentioned in his Independence Day speech that an additional 5.6 million people filed personal income tax returns from April 1 to August 5 in 2017, as compared to 2.2 million people in the same period last year.

Earlier, Volume 2 of the Economic Survey mentioned that around 5,40,000 new taxpayers were added post-demonetisation. Also, the country's finance minister, Arun Jaitley, had stated in May that around 9.1 million taxpayers have been added to the tax net as a result of action taken by the Income Tax Department. → Efiling of Income Tax ←

Moreover, in a reply to an unstarred question in the Rajya Sabha earlier this month, it was stated that around 33,00,000 new taxpayers have been added to the tax net following the Centre's demonetisation drive.

In a statement, the department clarified that there is no inconsistency in the data provided by the government in these statements as these are in different contexts and for different time periods.

It said the Prime Minister's speech referred to the increase in the number of e-filed personal income tax returns (ITRs) that were filed between April 1 and August 5, this year over the ITRs filed in the corresponding period of earlier years...Read Full Article

10,000 property deals under I-T scanner

The tax dept is expected to launch Project Insight next month to make evasion even tougher

 

 

The income tax department has identified over 10,000 individuals who have bought properties but have not paid tax.

Part of the second round of Operation Clean Money, the tax department is examining property transactions worth over Rs 1 crore. The department has roped in four global data mining companies to profile taxpayers and map their transactions.

“We have identified cases where people have bought property but have not paid taxes. These cases are across the country. More than 10,000 people have come under scrutiny,” said a tax official. → Income tax efiling ←

The department is also investigating if these properties are benami holdings. The government has identified cases based on the income declared by individuals.

“We are following a non-intrusive approach, relying solely on the data mined. Notices have been sent out. Many firms and companies have also been identified, taking the number of cases higher than 10,000,” the official added.

The probe will be widened to examine property transactions of less than Rs 1 crore.

By next month, the tax filing department is expected to launch Project Insight in collaboration with L&T infotech, which will make evasion even tougher. It will collate information from various sources and profile people using their PAN details....Read Full Article

More shell firms found: PAN deactivation jolt for tax evaders in stock market

High-value transactions of more than Rs 50,000 and above require PAN details

 

 

Of the 1.1 million permanent account numbers (PAN) that the government deactivated last month, income-tax (IT return) sources say a majority were duplicates and were being used to open share-trading and demat accounts, transact on the stock markets, and operate in shell firms.

The I-T department has discovered one individual could have five to seven PAN cards, each with a slightly different spelling of the holder’s name.

According to I-T officials, such people, who have been identified as small- and medium-sized stock brokers, sub-brokers and their clients, have evaded taxes.

They could have evaded so by using one card for filing income tax return, and others for investing in financial instruments or making high-value transactions, said a senior tax official.

High-value transactions of more than Rs 50,000 and above require PAN details. During demonetisation, PAN was required to be quoted in the case of cash deposits of more than Rs 2 lakh in savings accounts.

Sources said that the income tax department had used data analytics to track down evaders by collecting information such as common addresses, mobile numbers, and emails to establish the relationship among multiple PANs.

The exercise is continuing since demonetisation, at the time of which the department matched the databases of third parties such as banks and financial institutions with its own database and other details like know your customer (KYC), tax deducted at source (TDS), and payments made overseas. This is how it got a comprehensive profile of taxpayers.

A senior tax official said the department identified the link between PAN holders through their business associations, assets and associated transactions, and compliance history in the various databases....Read Full Article

Soon, I-T dept to file criminal prosecution against Lalu's family members

Prosecution to be in connection with I-T dept's probe into land deals worth Rs 1,000 crore

The Income Tax (I-T) Department will soon file a prosecution complaint against some family members of Rashtriya Janata Dal (RJD) chief Lalu Prasad, including his daughter Misa Bharti, in connection with its probe into land deals worth Rs 1,000 crore, officials privy to the investigation said.

 

They said the agency will file the complaint in a competent court against at least six family members of Lalu, against whom it recently slapped charges under the new and stringent anti-benami assets act.
Some of them, including Bharti and her husband Shailesh, may also be summoned again for further questioning in the case, they said.

The Tax filing department had served notices of attachment of assets in June to Lalu, his wife and former Bihar chief minister Rabri Devi, son and former Bihar Deputy CM Tejashwi Yadav, daughters Chanda and Ragini Yadav, MP daughter Bharti and son-in-law Kumar.

The Income tax filing department had attached about a dozen plots and buildings in Delhi and Bihar including a farm house and land in the Palam Vihar area, a residential building in the upmarket New Friends Colony area of south Delhi, nine plots on a 256.75 decimal land area in Phulwari Sharif area in Patna, where a shopping mall was being constructed, among few others in the same area in Bihar's capital.

The department has said these alleged benami assets bear a "deed" value of about Rs 9.32 crore but the taxman has estimated their current market value at Rs 170-180 crore...Read Full Article

Rs 13,715 cr undisclosed income detected, 126 bn taxpayers added in FY17

After demonetisation, the taxman launched Operation Clean Money to clamp down on unaccounted money

 

 

The income tax department detected undisclosed income of Rs 13,715 crore through surveys in 2016 -17, Minister of State for Finance Santosh Gangwar said on Tuesday.

Also, as many as 126 billion new taxpayers were added in the last financial year, he said in a written reply in the Rajya Sabha.

Last financial year, the income tax department conducted searches at 5,102 premises of 1,152 groups during which undisclosed income of Rs 15,496 crore was admitted.

"During the same period, 12,526 surveys led to the detection of undisclosed income of Rs 13,715 crore," Gangwar said.

He said a total of 196 billion income tax returns were filed between November 9, 2016, to March 31, 2017, compared with 163 billion returns filed during the same period of 2015- 16.

In a separate reply, Gangwar said that during phase one of 'Operation Clean Money' launched on January 31, about 18,00,000 persons were identified whose cash transactions did not match their tax profiles.

More than 9.27 lakh responses were received giving information on 13,33,000 accounts, involving cash deposits of around Rs 2.89 lakh crore, he said.

To fight the menace of black money, the government had on November 8, 2016, demonetised old 500 and 1,000 rupee notes and asked holders of such notes to deposit the same in bank accounts.....Read Full Article

Get ready to file first returns before Aug 20: GST chief tells companies

Navin Kumar said, 'We are working on the assumption that 50% of the people will come on last day'

 

 

Millions of companies in India are still not ready to file their first IT return under the new Goods and Services Tax (GST) ahead of 20 August deadline, a top official told Reuters, urging them not to leave things to the eleventh hour.

Navin Kumar, chairman of the GST Network, also said barely half of the 34 service providers accredited to help firms bulk-file invoices online had received approval to go live.

Yet he gave an assurance that the huge IT back end that is designed to crunch up to 3 billion invoices a month and calculate companies' taxes would be stable, even if there is a last-minute rush to file. → Efiling Of Income Tax  ←

"It will not crash," he told Reuters in an interview. "We are working on the assumption that 50 per cent of the people will come on the last day."

Billed as India's biggest-ever tax reform, the GST has replaced a slew of federal and state levies. It has also cleared barriers between India's 29 states, uniting its 1.3 billion people into a common market for the first time.   → Income Tax Efiling ←

Yet the complexity of the tax - which has main rates of 5, 12, 18 and 28 per cent and multiple exceptions - has raised concerns that companies will struggle to comply and file their monthly returns on time.

Even before the GST filings kick in, business surveys showed both the services and manufacturing sectors contracting at their fastest rate in years, heralding a likely dip in indirect tax revenues.......Read Full Article

Aadhaar now mandatory to identify deceased while registering death

The new rule is said to be applicable starting October 1, 2017.

 

 

According to the latest guidelines, the families of a deceased will now have to produce his/her Aadhaar number for establishing his/her identity in order to register the death and proceed with the norms to obtain a death certificate.

The new rule is said to be applicable starting October 1, 2017.

On June 10, the Supreme Court had ruled that from July 1 onward, every person eligible to obtain Aadhaar card must quote their Aadhaar number or their Aadhaar Enrolment ID number for filing of Income Tax Returns as well as for applications for Permanent Account Number (PAN).

Following this, the apex court pronounced its order on mandatory requirements of Aadhaar card for Income Tax Return (I-TR).

The Income Tax Department has stepped up its efforts to encourage people to link their PAN with Aadhaar.

On July 12, the top court decided to constitute a five-judge bench to hear whether there is a right to privacy or not.  → Tax Filing ←

The matter was mentioned before a bench comprising of Chief Justice J.S. Khehar and Justice D.Y. Chandrachud, which said its five-judge Constitution Bench will hear Aadhaar-related matters.....Read Full Article

Over 1 million PANs deactivated: How to check if your card is still working

More than one million permanent account numbers (PANs) were deleted or de-activated by the government, in a move to check fake identities. Reportedly, as on July 27, 11,44,211 duplicate PANS have been identified, said Indian Express. PAN is the key identifier of taxable entity and aggregator of all financial transactions undertaken by one person.

As per government rules, a person cannot be registered with more than one PAN number. The Indian Express reported that the Income Tax Department also detected fake PAN cards which were allotted to non-existing individuals or to people who have submitted false information about themselves.

How to check if your PAN is still active

1. Visit the Income Tax e-filing portal - www.incometaxindiaefiling.gov.in
2. On the homepage, under the ‘Services’ tab, click ‘Know your PAN’
3. The website will take you to a new page where you will be asked to enter - name, gender, date of birth, registered mobile number and click ‘Submit’.
4. Enter the OTP or one-time password received on the registered mobile number and click on Validate.
5. If your PAN is valid, it will show as ‘Active’ under the remarks column....Read Full Article   → Efiling Of Income Tax ←

IT recovers Rs 5 cr from Karnataka minister managing Gujarat Congress MLAs

They said only the minister's room in the resort was searched and not of the MLAs from Gujarat

 

 

The Income Tax Department Tuesday conducted searches at multiple properties related to Karnataka Energy minister D K Shivakumar, who was overseeing the stay of 44 Congress MLAs from Gujarat at a resort near Bengaluru, in connection with a tax evasion case.

IT officials said Rs 5 crore cash was recovered from the Delhi residence of the minister, who has been taken to his house in Bengaluru from the resort by the IT team.

Officials privy to the early morning raids said I-T sleuths reached the Eagleton resort near here to question the minister, who was staying at the resort for the night.

The minister, was in charge of the 44 MLAs lodged there, to keep the flock together for preventing the BJP from allegedly "poaching" on them, was at the resort when the search took place, IT officials said.  → Income tax Efiling ←

As the raids on the resort triggered angry reactions from the Congress, the IT department said the resort is not being raided.

They said only the minister's room in the resort was "searched" and not of the MLAs from Gujarat. → Efiling Of Income Tax ←

"The search team has no concern with the MLAs and there has been no contact with MLAs and the search team," the deparment said in a statement.

The department is also investigating charges of alleged role of money power and huge transfer of illegal funds for these polls...... Read article Source

NDTV case: Don't take coercive step, HC to I-T dept on Rs-428 cr demand

No coercive step against NDTV on Rs-428 cr I-T demand: HC



The Delhi High Court on Tuesday directed the Income Tax department not to take any coercive step against media house New Delhi Television (NDTV) in connection with a Rs 428- crore demand raised by the authority.

A bench of justices S Muralidhar and Pratibha M Singh said it was "satisfied" that there was a prima facie case in favour of NDTV.

The court also issued notice to the IT return department and sought its reply on the television channel's plea challenging the demand order of July 26 and a show cause notice of the same day. The notice was issued for failure to pay the amount in time.

Senior advocate Harish Salve, appearing for NDTV, contended that the July 26 order was "without jurisdiction" and based on "piecemeal assessment".

Pulling up the tax authority for issuing the demand order and the notice, the bench noted that the time given for deposit of the amount was 'immediately now' which appeared to be an "over enthusiastic step" and "on the face of it illegal".

"How can you pass penalty order when no time has been given for payment of the amount which was determined on July 26," the court asked the I-T department.....Read  Article Source

Step by Step guide for filing tax returns

Have you filed your ITR? 5th August 2017 is the last day to file your tax returns

Have you filed your tax returns? Hurry now! Before the day ends, all individuals have to file tax returns for 2016-17 fiscal or assessment year 2016-17. An official of the income tax department on Sunday said that the last date for filing ITRs will not be extended.

Here is how you can file your ITR online, Follow these steps:

1. Create your e-filing account on the Income Tax Filing website and register yourself. gistration will be completed by clicking activation link sent via email and providing one-time password (OTP) received on the mobile. Click on the 'Registered user' if you have already registered yourself on the website. Download the Form 26AS and Form 16. Form 26AS is a consolidated tax statement which summarises the amount paid against each PAN number.

 

2. Next, select the relevant form and assessment year for which the return has to be filed. Here taxpayer can pick his address either from the PAN database, from previously filed return or fill in new address. The department here asks you whether you want to digitally sign your return. If selected 'Yes', you are required to upload your signature which needs to be pre-registered at the income tax website.

 

3. Click on the 'Submit' button and the website will redirect you to the page for filling the form selected by you.

 

4. ITR V will be generated. Sign the ITR V in blue ink and send it to the Income Tax Department - CPC, Post Bag No - 1, Electronic City Post Office, Bengaluru by ordinary post or speed post within 120 days.

 

5. Check your emails for an acknowledgement of the receipt. You will also receive an SMS on your mobile number acknowledging the receipt.

 

In case you are still confused, you can visit ClearTax website and seek assistance from CAs or file it online. Here are the steps

Aadhaar-PAN linking deadline extended to August 31

ITR to be processed after Aadhaar-PAN linking, says CBDT

 

 

In a last minute decision, the government today extended the deadline for filing Income Tax Returns (ITRs) and linking Aadhaar with the Permanent Account Number (PAN) of taxpayers.
While ITRs can now be filed by August 5, the Aadhaar-PAN linking can be done till August 31.

The government had made mandatory the linking of the two databases for income tax efiling ITRs from July, 1 this year.
The Central Board of Direct Taxes (CBDT) issued a statement saying the dates have been extended on receipt of complaints from "some taxpayers" that they were unable to log on to the e-filing website of the Income Tax department.

There were also complaints that the assessees were unable to link Aadhaar with PAN because their names were mentioned differently in the database relating to the two documents, the CBDT, the policy making body of the IT Return department, said.

A senior tax filing department official said the decision was taken after a meeting of senior officers of the revenue department and CBDT was held in the finance ministry today to "ease out the panic situation".

"For the purpose of e-filing return, it would be sufficient as of now to quote Aadhaar or acknowledgement number for having applied for Aadhaar in the e-filing website.

"The actual linking of PAN with Aadhaar can be done subsequently, but any time before August 31, 2017," the CBDT said..... Read Full Article

 

Today is the last day for filing tax returns: Step by step guide to do it in a jiffy

Have you filed your ITR? It's the last day to file your tax returns

 

 

Have you filed your tax returns? Hurry now! Before the day ends, all individuals have to file tax returns for 2016-17 fiscal or assessment year 2016-17. An official of the income tax department on Sunday said that the last date for filing ITRs will not be extended.

Here is how you can file your ITR online:
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 efiling website without having to download any form/software. Follow these steps:↓
1. Create your e-filing account on the Income Tax website https://incometaxindiaefiling.gov.in and register yourself. Registration will be completed by clicking activation link sent via email and providing one-time password (OTP) received on the mobile. Click on the 'Registered user' if you have already registered yourself on the website. Download the Form 26AS and Form 16. Form 26AS is a consolidated tax statement which summarises the amount paid against each PAN number.

2. Next, select the relevant form and assessment year for which the return has to be filed. Here taxpayer can pick his address either from the PAN database, from previously filed return or fill in new address. The department here asks you whether you want to digitally sign your return. If selected 'Yes', you are required to upload your signature which needs to be pre-registered at the income tax filing website.

3. Click on the 'Submit' button and the website will redirect you to the page for filling the form selected by you.

4. ITR V will be generated. Sign the ITR V in blue ink and send it to the Income Tax Department - CPC, Post Bag No - 1, Electronic City Post Office, Bengaluru by ordinary post or speed post within 120 days.

5. Check your emails for an acknowledgement of the receipt. You will also receive an SMS on your mobile number acknowledging the receipt.

In case you are still confused, you can visit ClearTax website and seek assistance from CAs or file it online. Here are the steps

No extension in July 31 deadline for filing I-T returns, clarifies tax dept

Earlier this month, FM Jaitley launched the taxpayers service module and mobile app 'Aaykar Setu'

 

 

Amid reports of an extension of the last date to file for Income Tax return, the Central Board of Direct Taxes (CBDT) on Saturday while denying the same said no such proposal was made.

The last date for Efiling of income tax, the chamber clarified, would remain July 31, while urging taxpayers to ensure complete adherence to norms and timely completion of the procedure.
Earlier this month, to render better services to taxpayers and reduce grievances, Finance Minister Arun Jaitley launched the taxpayers service module and mobile app 'Aaykar Setu'.

"This is an important step forward by the CBDT for several reasons, out of which the principal reason being technology. This app is designed to help discharge any queries of the citizens without any external help," said Jaitley while addressing the reporters at the launch in New Delhi.

Adding to this, he said that the app reduces the interface between the department, which is the assessing officer and the assessee in terms of the physical interface.

Available in android version and desktop version, the new app is a new step by the Income Tax Department (ITD) to directly communicate with the taxpayers, on a range of multiple informative and useful tax services aimed at providing tax information at their fingertips.

"It will help to improve the image of the department," added Jaitley while saying that the app will have many positive consequences....Read Full Article

Govt issues notices to 6,000 NGOs for not filing annual returns

Around 18,000 non-profit organisations were asked to upload the details within a month's time

 

More than 18,000 NGOs did not file their annual income tax filing and expenditure statements for the five-year period between 2010-11 and 2014-15, the Rajya Sabha was informed on Wednesday.

"More than 18,000 NGOs, who did not file due annual tax returns from the financial year 2010-11 to 2014-15, were given one month time to upload the missing annual returns pertaining to the above period," Minister of State for Home Kiren Rijiju said in a written reply.

Rijiju said more than 8,000 NGOs complied with the income tax efiling directions of the government. Around 6,000 defaulting ones have been served show cause notices, he said.

The minister also said a number of NGOs, registered under the Foreign Contribution Regulation Act (FCRA), 2010, with invalid bank accounts were asked to validate the same.

"Close to 25,000 NGOs are registered under FCRA, 2010, and as per record, over 20,000 NGOs have valid bank account numbers," he said.... Read Full Article

Over 683,000 firms with PAN didn't file I-T returns in FY17

Delhi tops, with over 144,000 such firms, Mumbai comes next with 94,155

 

Over 6.83 lakh companies have a permanent account number (PAN) but did not file income tax return for assessment year 2016-17, Parliament was informed on Tuesday.

The number of companies which have PAN but do not file income tax returns have increased over the past five years from 4.09 lakh in assessment year 2012-13, to 4.60 lakh (AY 2013-14), Minister of State for Finance Santosh Kumar Gangwar said in a written reply to a question in the Rajya Sabha.

The number was 5.19 lakh in AY 2014-15, 5.73 lakh (AY 2015-16) and 6.83 lakh (AY 2016-17).

As per the database of the Income Tax department, Delhi had the most number of such companies at over 1.44 lakh, followed by Mumbai (94,155) which had PAN but were non-filers for assessment year 2016-17.

Tamil Nadu was third in the region-wise list at 63,567 companies, followed by West Bengal and Sikkim (taken as one region) at 60,983.

"Non efiling of income tax by a company does not necessarily indicate its indulgence in money laundering activities," Gangwar said.

However, in cases where instances of money laundering come to the notice of the tax department, suitable action is taken as per law, he said.... Read Full Article

Got an I-T notice on cash deposits? Don't panic and follow this guide

If you receive such a notice, do not panic or ignore it

 

 

If you receive such a notice, do not panic or ignore it. First, verify that the PAN (Permanent Account Number) stated on the notice is yours. Since the IT return issues notices to a specific PAN and not based on your name, there are chances that an erroneous notice may have been sent to you instead of someone else with the same name or birth date as yours. If you have received such a notice, irrespective of whether you have made the transactions or not, you must log into your account to submit a response. Here's how:

• Visit the income tax department website, https://incometaxindiaefiling.gov.in, and log into your e-filing account.
• Click on 'Cash Transactions, 2016' under the 'Compliance' tab. The page will then list all cash deposits made by you between November 9 and December 30, 2016.
• Before you begin the verification process, make sure you have all pertaining documents such as receipts for cash income, past tax returns, etc.

You can then begin the process to file your online response in three simple steps, which are as follows: → Income Tax Efiling ←
Step 1: First, ensure that the transactions listed have been made by you. Even if you have not received any notice from the I-T department, but have deposited cash during demonetisation, it is advisable to log into your e-filing account to check the 'Compliance' section. Based on your assessment of the transactions, select either 'The account relates to this PAN' or 'The account does not relate to this PAN'. After selecting the applicable option, you will be directed to the next step for further verification.

Step 2: Confirm if the amount stated on the page is accurate. In case of a discrepancy in the amount mentioned and the actual amount deposited by you, enter the correct amount, and proceed.

Step 3: After confirming the amount deposited, you need to provide the complete details regarding the source of cash and the category it belongs to, such as cash in hand, payment received, etc....... Read Full Article