ITR filing now is a cakewalk for Aadhar card holders
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Now, the Aadhar Card holders need not to file income-tax returns physically. New ITR forms will link to Aadhar card and do away with the physical ITR-5 for those who are Aadhar-verified by the Electronic Verification Certification (EVC) system.
The Central Board of Direct Taxes (CBDT) has introduced Aadhar card for electronic verification of return of income-tax filed as an option to send ITR-5 directly to the department.
Previously, after electronic filing, the taxpayer had to speed post signed copy of ITR-5 to the department. Within 120 days, taxpayers used to receive a confirmation message of filling returns from the department.
CBDT has uploaded the new tax form on Thursday for the assessment year 2015-16 -- that is, I-T returns for financial year 2014-15.
"With this new form in place, the verification of the I-T return filing will take place electronically," a senior I-T official told dna.
"Through this unique ID, we would be able to reach more and more taxpayers. The will benefit taxpayers as the process will become hassle-free," he said.
"This is undoubtedly the best use of technology. I believe the whole idea is to do a 360-degree analysis of assesses. This also help in keep a tab on non-filers and tax evaders," said Mithil Chokshi, partner, a Mumbai-based chartered accountant firm Choksi & Choksi.
To check the tax evasion, this time the new form seek much more details from the taxpayers.
For instance, ITR-1 and ITR-4S can not be filled by individuals who have earned any income from sources outside India. Super senior citizen are now allowed to file return of income in paper form even though their income exceed Rs 5 lakh subject to other conditions.
Especially in ITR-1, taxpayers are mandated to give details of all bank accounts with bank name, IFSC code, name of joint holder, (if any), account number and account balance as on March 31. This includes even those accounts that are closed during the year.
While in ITR-2, taxpayers are required to give details of foreign travel made. This includes passport number issued at, name of country, number of times travelled and expenditure. It has to be provided by both resident and non-resident Indians.
"In ITR-2, NRIs will have to provide details of foreign trips. This will send wrong message to NRIs, and they might even withdraw their Indian passport," said Mithil.
According to him, the new change might as well discourage foreign institutional investors (FIIs). This is because, he says, the taxpayer has to also mention the details of utilisation of amount deposited in capital gain account scheme for years preceding to last two assessment years.
The non-resident, if there is any income from other sources, (if any income chargeable to tax at special rate provided in Double Taxation Avoidance Agreement or DTAA), is now required to provide details of name of the country, relevant article of DTAA, corresponding rate of tax under I-T Act. (PTI - DNA)
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18-Apr-2015 , 01:09:59 pm"ITR-5" written above should be read as "ITR-V", as ITR-5 is for income tax returns of Firms and ITR-V is the acknowledgment which an assessee sends to the IT Department by speed post/ordinary post to Bengaluru.