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Showing posts with the label INCOME TAX RETURN

ITR 2019-20: A simple step-by-step guide to filing your income-tax return

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Filing Income Tax Returns (ITR) can be a tedious task. Before filing ITR, you will need to create an e-filing account on the Income Tax website, incometaxindiaefiling.gov.in and register yourself. Registration will be completed after you click the activation link sent via e-mail and enter the provided one-time password (OTP) received on your mobile. Click on 'Registered User' if you have already registered yourself on the website. Important note: The income-tax department has extended last date of filing ITR, which is now August 31. Here's a step-by-step guide to filing Income Tax Returns (ITR): A. Keep essential documents with you Collect documents such as Form 16, salary slips, and interest certificates and Form 26AS. Keeping them handy will help you compute your gross taxable income and will provide you with the details of tax deducted at source (TDS) from your income in 2018-19. B. Get Form 26AS: You can download Form 26AS from the TRACES website. To dow

Aadhaar-PAN linking mandatory for filing income tax return, says SC

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The Supreme Court has said that linkage of PAN with Aadhaar is mandatory for filing of Income Tax returns . A bench comprising Justices A K Sikri and S Abdul Nazeer said the top court has already decided the matter and upheld the section 139AA of the Income Tax Act. The court's direction came on an appeal filed by the Centre against a Delhi High Court order allowing two persons, Shreya Sen and Jayshree Satpute, to file Income Tax returns for 2018-19 without linking their Aadhaar and PAN numbers. "The aforesaid order was passed by the High Court having regard to the fact that the matter was pending consideration in this Court. Thereafter, this Court has decided the matter and upheld the vires of section 139AA of the Income Tax Act. In view thereof, linkage of PAN with Aadhaar is mandatory," the bench said. The top court noted that with regard to Assessment Year 2018-19, it has been informed that the two petitioners had filed the Income Tax returns in terms of