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.

---

---

• 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

---

---

Read Full Article Source

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

IT raids Karnataka minister's home, Bengaluru resort housing Gujarat MLAs

The raids started at 7 am this morning, Congress lawmaker N Ravi's house raided too

 

 

Income Tax Filing (IT) sleuths on Wednesday began conducting raids at the official residence of Karnataka Power Minister D K Shivakumar and at Eagleton Golf resort near Bengaluru where 44 Congress lawmakers from Gujarat are staying.

"Yes, raids are underway at the Minister's house and the resort. Our teams have gone to search the places," a senior tax officer told IANS on condition of anonymity.
Raid was also being conducted at the house of Congress lawmaker N Ravi in the city's southern suburb.  → Tax Filing ←

The raids took place at minister's residence in Kanakapura, Sadashivanagar and at rooms of Congress Party MLAs in the resort.

The raids started at 7 am this morning and are still underway.

Shivkumar was in-charge of hospitality for all CongressGujarat MLAs staying in Bengaluru.
"As the searches are on, we cannot give details now. We are not authorised to brief media about such things. Our officers will brief," added the official.

A representative of Eagleton Golf Resort declined to confirm if income tax return department raids were conducted in the 35 deluxe rooms where the Gujarat Congress MLAs have been staying since Saturday.

The Congress legislators were flown to Bengaluru from Ahmedabad and lodged in the posh resort at Bidadi, about 30 km from here, ostensibly to prevent the BJP from poaching them ahead of the August 8 Rajya Sabha by-poll in ....Read Full Article

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

 

Relax! You can file ITR by Aug 5 and link Aadhaar to PAN by Aug 31

Last minute inundation and heavy logging on site of e-filing portal led to the decision

 

 

The Income Tax Department on Monday extended the deadline for efiling of income tax returns by five days till August 5 after complaints were received that assessees were not able to submit returns.

Besides, the department also eased the time frame for linking of PAN with Aadhaar to August 31. In the meantime, the assessees can simply quote Aadhaar number or acknowledgement number of application for Aadhaar.

"In view of the difficulties faced by taxpayers, date for efiling of Income Tax returns for FY 2016-17 has been extended to 5th August, 2017," the department tweeted.

The last minute inundation and heavy logging on the official website of the e-filing portal of the department led to the extension.

Assessees, particularly those have some discrepancies in the name or year of birth or any other data between their Aadhar and PAN cards, were not able to submit returns. Besides, the site was also reported to be crashed in between.

"Some people for whom PAN and Aadhaar data was not matching had problems and could not file income tax return," Neeru Ahuja of Deloitte and Haskins said.

The department said there are some complaints that the taxpayers are not being able to log on to the e-filing website or not being able to link Aadhaar with PAN because of different names reflected in PAN and Aadhaar database....Read Full Article