Made a mistake while filing tax returns? Here’s how you can fix it

While filing these returns, there is always the possibility of an unintentional or arithmetic error or an omission of details creeping into the return.

Income Tax News : Every individual whose income exceeds the basic exemption limit of Rs 250,000 must file an income tax return. This limit is Rs 300,000 for those who are older than 60 years but less than 80 years, and Rs 500,000 for those who are more than 80 years old.

While filing these returns, there is always the possibility of an unintentional or arithmetic error or an omission of details creeping into the return. This could be because of lack of taxpayer’s knowledge in tax laws or can be attributed to insufficient information while filing the return.

In such a case, does the income tax law provide for correction of such mistakes? Yes, Income tax law does have a provision for correcting or rectifying such errors. This can be done by filing a revised return.

Revising the return of income

As per the law as it stands today, from the Assessment Year (AY) 2018-19, a return of income filed within the due date i.e. the original return of income (generally 31 July for individuals) or a return filed after the due date called the belated return, can be revised if a taxpayer discovers any omission or wrong statement in the return filed. Such revision has to be done before the end of the assessment year for which return was filed. For example, if a revision is required to be done for a return filed for Assessment Year 2018-19, such revision can be done anytime on or before 31 March 2019.

However, for returns filed prior to AY 2018-19, one has a time limit of 1 whole year form the end of an AY to file a revised return i.e for AY 2017-18 and prior years, a revised return could be filed anytime on or before 31 March 2019.

Another significant point to be noted is that the facility to revise a return filed late(belated return), is available only from AY 2017-18 onwards prior to which this was not possible.

→ Filing Tax Returns Mistake ←

Discrepancies in income? Assets of 7 MPs, 98 MLAs don't add up

These lawmakers include seven Lok Sabha members and 98 members of state assemblies

The Income Tax Department on Monday informed the Supreme Court that there are 105 lawmakers in whose case the verification of declaration of assets have revealed discrepancies in their assets and their known sources of income.

These lawmakers include 7 Lok Sabha members and 98 members of state assemblies and their names came as the outcome of the verification of the list compiled by the Association of Democratic Reforms.

The Income Tax Department made the disclosure to the apex court in its affidavit filed in response to a direction by the bench of Justice J. Chelameswar and Justice S. Abdul Nazeer issued last week in the course of the hearing of a PIL by NGO Lok Prahari seeking to know the sources of the income of the lawmakers contributing to the increase in their assets and also that of their spouse and dependent children. → Tax ←

Besides this, the NGO which has also been joined by the ADR has made several other prayers including declaration of contracts of the candidate, his wife and dependent children with the government and its agencies.

The matter will come up for hearing on..... Read Full Article

All eyes on black money: I-T even looking into FY11 cash deposits, realty purchases

I-T dept may order reassessment if no response is given or the response is found to be unsatisfactory

 

Cash deposits made even before the Modi government's demonetisation drive that began in November last year are under the income tax (I-T) department's scanner, reported the Economic Times on Thursday.

According to the financial daily, income tax efiling sleuths have gone as far back as financial year 2011 in their hunt for suspicious cash deposits and sought explanations from the depositors in question. Further, the I-T department has sent notices to home buyers where the declared value of the purchase was found to be lower than the prices that prevailed in past transactions in that area.

In fact, according to the financial daily, income tax filing authorities have classified cases from FY11 as high priority since they would become time-barred soon. In case the tax sleuths don't receive a response regarding the cash deposits under their scanner or the response is not found to be satisfactory, they can order a reassessment.

According to the report, the I-T department has asked individuals and entities involved in the transactions in question to provide their permanent account numbers and the returns they filed for the financial year in question. → Efiling of Income Tax ←

The move comes at a time when the I-T department is moving ahead with concluding investigations into high-risk category individuals suspected of evading taxes. In an interview with Livemint, Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said that his department would conclude its investigations into the financial dealings of close to 100,000 individuals who were suspected of tax evasion... Read Full Article

Rs 2.89 lakh cr deposited post note ban by 0.97 mn people under I-T radar

I-T says 14,000 properties of over Rs 1 crore each under scrutiny as owners have not filed returns

 

 

The Income Tax Department (ITD) today said that about 14,000 properties worth over Rs 1 crore each are under its scrutiny as their owners have not filed income returns.

Using data analytics, 13.33 lakh accounts of some 9.72 lakh persons with unusual cash deposits of around Rs 2.89 lakh crore was identified and response sought.

The resource was captured "within a short span of 3-4 weeks," the statement said, without saying how many of them were genuine deposits and how many were unaccounted money. → Income Tax Filing ←

It also did not give details of tax collected on unaccounted money.

The Operation Clean money has since moved into the next phase that "includes enforcement actions in high risk cases, taxpayer engagement through a dedicated website in medium risk cases and close monitoring in low risk cases.

"The exercise has also unearthed large number of persons and clusters having suspect transactions. These include about 14,000 properties of more than Rs 1 crore each where persons have not even filed Income Tax Return.

"The investigations are in progress," the statement said.

The high, medium and low risk cases have been identified through the use of advanced data analytics, including integration of data sources, relationship clustering and fund tracking.... Read Full Article

It pays to be honest, I-T dept will go after evaders

He asserted that the government over the last 2-3 years has made tax evasion difficult

 

 

Finance Minister Arun Jaitley on Wednesday said the government will adopt a carrot-and-stick policy on taxation, saying post GST tax authorities will go after evaders whose invoices do not match tax payment. → Income Tax Return ←

He asserted that the government over the last 2-3 years has made tax evasion difficult that has come as a "rude shock" to many, and GST will help expand the direct tax base in line with increase in indirect tax collection.

"Even in the case of GST now, we are just having the initial voluntary compliance today going on. When the matching of bills takes place, whether that voluntary compliance is fair and to what extent will become clear," he said while speaking at a book launch event organised by Wolters Kluwer. → Income Tax ←

"The experiment of first 1-2 months will demonstrate to assessees that today the mantra as far as taxation is concerned is 'it pays to be honest'. The queries will only be addressed to those whose vouchers don't match," he added.

Under the Goods and Services Tax (GST), which was rolled out from July 1, in order to claim the benefit of input credit, businesses have to disclose the volume of transaction in the form of an invoice. → Income Tax Department ←

"You need to be reasonable in your rates, you need to be reducing the compliance burden as far as procedures are concerned, you need to use more technology in order to ensure the physical contact between the assessee and the assessing authority is minimised. But at the same time you need to carry the stick if somebody still tries to evade the law," Jaitley warned.... Read Full Article

Over 1.9 million file GST returns

GSTN hopes number will double by deadline

 

As many as 19,42,354 taxpayers have till Wednesday filed IT return for July under the new goods and services tax (GST) regime. Officers of the GST Network (GSTN), responsible for the information technology (IT) backbone of the GST, said they hoped 2.8 million more would do so by the deadline in the next two days.

Those who have filed returns constitute over 22 per cent of total assessees (8.7 million) under the GST regime. However, of the 8.7 million assessees, 2.2 million are yet to complete the migration process to the new indirect income tax regime.

The GSTN, also managing the tax filing apparatus, has geared up the income tax return network to handle the rush, its Chairman Navin Kumar said. A last-minute rush caused the GSTN portal to crash last week, forcing the government to extend the deadline by five days to August 25.

Those who wish to claim transitional input tax credit can file returns by August 28.

Sudhir Singh, MD of Marg ERP, a solution provider for GST returns, said over 1.9 million filers was not really a big number, but the numbers would swell by the deadline. He added that his clients were finding it difficult to file returns....Read Full Article

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

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

Note ban attacked black money, raised tax base: PM in I-Day speech

Said GST led to a 30% cut in travel time by trucks but didn't mention contraction in July IIP

 

 

Prime Minister Narendra Modi, from the ramparts of the Red Fort, rolled out statistics to defend demonetisation, while skipping mention of a lower dividend by the Reserve Bank of India (RBI) as a pitfall of this move.

In his Independence Day speech, Modi implicitly took on critics for blaming his government for not generating jobs, saying the MUDRA scheme is making youth a provider of jobs.

He said the goods and services tax (GST) has led to a 30% cut in travel time by trucks, but did not refer to the transitory problems that have led to a contraction of the Index of Industrial Production (IIP) and Purchasing Managers’ Index (PMI).

He recalled that the first task of his dispensation was to constitute a special investigative team to underscore his government’s stance on corruption.

“I want to tell the countrymen proudly that we have confiscated black money worth Rs 1.25 lakh crore. The culprits would be brought to book and forced to surrender,” he said.

He said demonetisation, which followed the government’s earlier anti-black money stance, has achieved several milestones. → Income tax efiling ←

“The hidden black money has been brought into the formal economy. According to the research conducted by outside experts, about Rs 3 lakh crore that had never come into the banking system before, has been brought into the system after demonetisation,” he said.

More than Rs 1.75 lakh crore deposited in banks is under scanner. Black money worth Rs 2 lakh crore had to be deposited in banks and this system has forced them to be accountable, he added.

The number of new taxpayers efiling  of income tax (I-T) returns from April 1 to August 5 - the extendable deadline for filing tax returns - is 5.6 million, while in the same period last year, only 2.2 million filed returns.... 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

Over 93 million PAN cards linked with Aadhaar so far; last date is Aug 31

About 3 crore linkages were done in June and July

 

 

More than 9.3 crore Permanent Account Numbers (PAN) have been linked with Aadhaar, a senior Income Tax Department officer said.

Of the total PAN-Aadhaar seeding, which is nearly 30 per cent of the total about 30 crore PAN holders, about three crore linkages were done in June and July.

"By August 5, which was the last date for filing Income Tax Returns (ITRs), over 9.3 PAN-Aadhaar linkages have been registered by the I-T department," he said...→ Tax Filing ←

According to the officer, the tally is expected to grow as the Central Board of Direct Taxes (CBDT), the policy-making body of the department, has already extended the last date for linking the two unique numbers till August 31.

The government had madethe PAN-Aadhaar linking mandatory for filing ITR and obtaining a new Permanent Account Number (PAN) from July 1.

The CBDT has said that for the purpose of income tax filing of returns (by August 5), it would be sufficient to quote Aadhaar or acknowledgement number of having applied for Aadhaar, on the e-filing website of the department.

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

It had also cautioned taxpayers that ITRs would not be processed "until the linkage of Aadhaar with PAN is done".... 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

Missed the ITR deadline? Here's what you need to do next

Filing returns after the due date can have repercussions even if there are no pending liabilities

Income Tax Filing (I-T) returns on time is every taxpayer’s responsibility and there are several benefits extended to the individual for the same. On the other hand, filing returns after the due date can have repercussions for the taxpayer even if there are no pending tax liabilities. However, if you have missed the deadline, you can file a belated return.

 

What is a belated return?

A belated IT return can be filed after the due date but before the end of the assessment year. Belated returns have to be filed within one year from the end of the relevant financial year. Hence, if you need to file your return for financial year 2015-16, the assessment year will be 2016-17 and the belated return can be filed by March 31, 2017. Similarly, if you must file your return for financial year 2016-17, you must do so by March 31, 2018 — the end of assessment year 2017-18.

The procedure to file a belated return is the same as Income tax efiling the return within the due date. Log into your e-filing account on the I-T department’s website, select the applicable ITR form and assessment year, and proceed. For example, if you are filing the return for financial year 2015-16, select assessment year 2016-17.

Consequences of filing late returns

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 raids Karnataka minister D K Shivakumar's houses; seizes Rs 10 cr

Congress claimed that the raids were an attempt to terrorise its Gujarat MLAs ahead of state polls

 

 

Income Tax Department officials on Wednesday raided Karnataka Power Minister D.K. Shivakumar's residences and a private resort outside Bengaluru where 44 Gujarat Congress legislators are housed and said Rs 10 crore in cash have been seized.

The taxmen's searches stoked a major political row as the development echoed in Parliament and triggered cries of foul play by the Congress.

"Our state Investigative Wing is conducting searches at the residence of a Karnataka Minister (Shivakumar) and the room he is staying at a resort (Eagleton) near Bengaluru where some MLAs from another state (Gujarat) are put up," Income Tax efiling Joint Commissioner S. Ramesh said in a statement in Bengaluru.

The searches were conducted under Section 132 of the Income Tax Act as an evidence-gathering exercise in compliance with statutory requirements, he said.

The searches were believed to have been conducted at Shivakumar's houses in Bengaluru and Delhi. Officials said Shivakumar's aide and his driver have been detained for questioning.
"The Efiling of Income Tax officials seized over Rs 10 crore during the raids at over 39 places in Delhi and Bengaluru," an IT official told IANS.

"About Rs 7.5 crore was seized in Delhi and Rs 2.5 crore in Bengaluru," ....... Read Full Article

If you are an NRI filing tax returns in India, this checklist is a must

NRIs applying for tax refunds have to share foreign bank account details

 

 

India's overseas population is the largest in the world with 16 million people. Most non-resident Indians (NRIs) have bank accounts, investments in shares/bank deposits, house property and other assets in India and are required to file IT return in India by 31 July 2017.

Here are the certain check points from NRIs perspective, which they should consider while filing their tax returns in India.

Determination of their residential status in India
It is important for NRIs to ascertain their residential tax status in India depending upon their period of stay for a particular financial year (1 April to 31 March). This is a pertinent check point as the global income of an individual who is a resident of India is taxable and in the case of non-residents, only their income from sources in India is taxable. → Tax Filing ←

It may be pointed out that residency test under the Foreign Exchange Management Act (FEMA) is different from the test given under the Income Tax Act and the same is not relevant for tax purpose.

Under the Income Tax Return Act, an Indian citizen who leaves India for an employment purpose, or an NRI who visits India, can stay for up to 181 days without losing his non-residential status in India. The day of arrival, as well as the day of departure, is considered as stay in India.

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• Changes in the return of income for AY 2017-18
• Quoting of Aadhar card number not mandatory for NRIs in their return
• Details of assets and liabilities to be furnished in schedule AL of the ITR for AY 2017-18
• Recent CBDT clarification on optional reporting of details of one foreign bank account by the non-residents in refund cases
• Obligation to file return income in case of exempt long-term capital gain 
• Availing benefit under the Double Tax Avoidance Agreement (DTAA)
• Certain aspects that need to be taken care of while finalising the Indian tax returns

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