Aviation ministry may want inclusion of ATF under GST

The civil aviation ministry is likely to approach the Goods and Services Tax(GST) Council soon for bringing aviation turbine fuel(ATF) under the tax regime.
Thursday´s meeting in the Capital was attended by AirIndia Chairman and Managing Director(CMD) Pradeep Singh Kharola, Pawan Hans CMD BP Sharma, the chief executive officer of a private airline, and the chief financial officers of other carriers.”We have given our suggestion to the ministry and Minister of State for Civil Aviation Jayant Sinha is likely to meet the GST Council soon to present our case,” a senior airline official said.
Currently, jet fuel is not under the GST ambit and the levy on it varies from state to state.
New system for monitoring of foreign investment limit in listed Companies to be operational on June 01, 2018
SEBI had introduced a new system for Monitoring of Foreign Investment limits in listed Indian companies and prescribed guidelines w.r.t the necessary infrastructure, data to be provided by listed Indian companies and other related matters. In this regard, it has been decided to extend the deadlines for Companies to provide necessary data to the depositories to May 25, 2018 and the new system for monitoring foreign investment limit in listed companies shall be made operational on June 01, 2018.
IBC Ordinance may Restrict Relief Proposed for MSMEs
The government has further revised the ordinance it proposes to move to make changes to the Insolvency and Bankruptcy Code (IBC). The updated note that will be sent to cabinet for approval is likely to restrict the wide exemption proposed earlier for micro, small and medium enterprises (MSMEs) from the provisions of Section 29A that disqualifies certain persons from bidding for an insolvent company. The revised cabinet note will also include a provision to allow participation by promoters released from imprisonment six years before the date of submission of a resolution plan, a senior official told ET. Many of the changes to the IBC will be made through the rules and regulations.
Merchant Exporters May Receive Govt Incentives
Slow growth in India’s exports has prompted the government to promote merchant exporters, who contribute almost a third of India’s exports in value terms but can’t avail of some incentives meant for manufacturer exporters.
Merchant exporters do not own manufacturing facilities but buy goods from manufacturers here and sell to overseas customers. They have the flexibility to procure goods from many sellers and sell them after negotiating the best prices to foreign buyers.
They are usually able to negotiate prices with buyers, sellers and shipping lines which are better than regular exporters.
The department of commerce is mulling ways to reduce the cost of credit for them.
“It is crucial to promote merchant exporters and make use of their marketing and negotiating skills with global partners,” said an official in the know of the development.
Legal Shield in the Works for Foreign Investments
India is working on a framework that will provide legal backing for a stable and predictable foreign investment regime in the country as it looks to attract more capital to help create jobs and accelerate economic growth.
The law that is in the works in the finance ministry is aimed at promoting and protecting foreign investments. It will spell out the rights and obligations of foreign investors and remove the grey areas that exist in the current system.
While Foreign Exchange Management Act (FEMA) deals with cross-border capital controls, a legal framework to guide foreign investment is still not in place. Bilateral Investment Promotion Agreements (BIPAs) have provisions but do not enjoy the force of law.
Hotel, restaurant services provided to SEZ units taxable
Hotel or restaurant services provided to special economic zone (SEZ) developers or units will not be treated as ´zerorated´ supplies and will be taxable under the goods and services tax, said the Authority for Advance Ruling (AAR). In an application before the Karnataka Bench of the AAR, the applicant had sought to clarify whether hotel accommodation and restaurant services provided to employees and guests of SEZ units be treated as supply of goods and services.

If you have any Query Visit : www.neerajbhagat.com

Income Declaration Scheme 2016

Income Declaration Scheme shall be in force for four months starting June’2016. This scheme was announced during Budget 2016. It was incorporated as Chapter IX of the Finance Act 2016. It is an opportunity to all persons who have not declared their income correctly in earlier years. They can come forward and declare such undisclosed incomes. It will not applicable to the individuals who have foreign assets or income to which Black Money Act 2015 applies.

According to the press release, 'Under the Scheme, such income as declared by the eligible persons, would be taxed at the rate of 30% plus a 'Krishi Kalyan Cess' of 25% on the taxes payable and a penalty at the rate of 25% of the taxes payable, thereby totaling to 45% of the income declared under the scheme.' 

Declarations can be filed online or with the jurisdictional Pr. Commissioners of Income-tax.

There will be no scrutiny and enquiry under the Income-tax Act or the wealth tax Act shall be undertaken with respect of such declarations.

Neeraj Bhagat & Company is a renowned chartered accountant firm in New Delhi, India.

For more information: http://www.neerajbhagat.com 

How to claim tax benefits on serious ailments related expenses

Every family incurs heavy medical expenses at some point. As a support for this financially draining experience, the government offers tax benefits on health insurance as well as on treatment-related expenditures. To make deductions more easy and streamlined, the government has recently issued a notification simplifying the tax benefit on serious ailment expenses. Here is all you may need to know about claiming tax benefits on expenses due to serious ailments and the new process to do so. The tax deductions on treatments and insurance premiums Sections 80D, 80DD, 80U, and 80DDB of the Income Tax Act offer rebates on health insurance premiums and expenses incurred during treatments for serious ailments and disabilities. Under Section 80D: All citizens below the age of 60 years can obtain a maximum tax rebate of Rs. 25,000 on the premiums paid for health insurance. If you are above 60 years, you are eligible for deductions up to Rs. 30,000. If you are paying health insurance for your parents, you can obtain a further deduction of Rs. 30,000 if your parents are above 60 years and Rs. 25,000 if your parents are below 60 years.

Under Section 80DD and 80U: Any differently abled person with 40% or more disability incurring medical expenses for treating themselves can claim tax rebates of up to Rs. 50,000 under Section 80U depending upon the severity. This amount goes up to Rs. 1,00,000 in case of persons with more than 80% disability. These limits have been further raised to Rs. 75,000 and Rs. 1.25 lakh respectively from FY 2015-16 onwards. Anyone financing the treatment of differently abled dependents can also avail the same deductions under Section 80DD if the dependents have not claimed the deductions themselves. Under Section 80DDB: You can avail deductions on medical treatment of specified ailments under Section 80DDB. The limit here is up to Rs. 40,000 for assessees below 60 years of age, and Rs. 60,000 for assessees above 60 years. For seniors above 80 years, the maximum limit is up to Rs. 80,000. This can be availed for treating dependents as well. The diseases specified under this section include neurological diseases with 40% or more disability, Parkinson’s disease, malignant cancers, AIDS, chronic renal failure, Hemophilia, and Thalassemia. New notification that eases claims Until recently, one needed a certificate from a doctor working in a government hospital to avail the deductions under these. Many people ended up not availing these deductions due to the difficulties in obtaining a certificate from a doctor in a government hospital. The Central Board of Direct Taxes recently issued a notification amending the Rule 11DD of the Income Tax Act, which deals with tax deductions in connection with ailments under Section 80DDB. As per the new notification, you no longer need the certificate issued by a doctor working in a government hospital to claim deductions. A certificate from any specialist doctor will suffice when you are seeking claim for expenses incurred while treating a serious disease. What the new notification means to the taxpayer With the new provision in place, the quantum of tax deduction remains untouched, but there is no longer any need to get a certificate from a doctor working in a government hospital. Under usual circumstances, it is not easy to obtain a certificate from a specialized doctor on duty in a government hospital. Moreover, many government hospitals do not have certain specialists, making it even more difficult to get a certificate. With the new notification, you can attach a certificate from any specialist working either in a government or in a private hospital, and claim your tax deduction. Moreover, it is no longer mandatory to file the certification from a doctor using Form 10L.

A prescription from a specialist would now suffice to claim tax deduction against serious ailments. Specifying the name and age of the patient in the certificate are still mandatory, but just a prescription is sufficient to file a claim. Things to know before claiming deduction under section and 80D and 80DDB If you receive reimbursement for the treatment from your insurance company or employer, you are not eligible to stake a claim for deductions under Section 80DDB. However, if you receive only partial reimbursement from your employer or insurance company, you can stake claim to avail deduction for the remaining amount. With the new amendment, the Central government has taken another step in clearing roadblocks in tax deductions, especially in health care.

For more information on tax implications You can consult tax consultancy in Mumbai. Theyprovide support from Company registration to filing e-returns. For company Laws and company incorporation visit link Company Incorporation in India steps

Source: http://www.moneycontrol.com/news/tax/how-to-claim-tax-benefitsserious-ailments-related-expenses_5758741.html?utm_source=ref_article

Options for setting up business in India and the due process

While starting the business, an entrepreneur has many options on the choice of business entity that he should start with and larger the number of options larger the chances of confusion. In India, you can register a  Pvt. Ltd. Company, Limited Liability Partnership, One Person Company, or Partnership firm for purpose of carrying your business. This decision of selecting the right entity is very crucial and depends upon certain factors like liability, nature of business, number of owners, scale of business, taxation, estimated tenure of the business, future plans, closing etc.

A brief of entities as mentioned aforesaid is given below:

Company

1. Company is the oldest & renowned business Structure in India.

2. There are 2 types of company

Private Limited Company in India:

It is a closely held company with minimum requirement of at least 2 shareholders and maximum 200 shareholders, 2 Directors, and minimum paid up share capital of Rs 1,00,000.

Public Limited Company: A which is not a Private Limited Company in known as Public company. There should be at least 3 Directors and 7 shareholders with a minimum paid-up capital of Rs 5,00,000 . There is no limitation on the maximum number of shares and therefore such company can offer its shares to the  .. 

3. The entire capital of the company is divided into small units known as shares. Each member hold shares in the company are called as shareholders and the ownership is defined by number of shares in the total capital held by any shareholder

4. A company is run by Board of Directors, consisting of directors, which are appointed by the shareholders. Shareholders can themselves become director or they can also appoint any other individual as shareholder. Directors take all the decision related to company

5. Company is treated as an artificial person so that all assets and liabilities are owned by it and not its shareholders.
6. The liability of the shareholders is only limited to the capital to be paid on their shares

7. Registration 

a. Registering authority is Registrar of Companies
b. Minimum registration cost for private company is Rs 5200 and for public , it is Rs 24600
c. Time to Register : 15-20 working day

One Person Company

1. The concept of One Person Company (OPC) has been introduced in India in 2014. A company which has only one shareholder is called as One Person Company.

2. This is a new concept which has come up by the enactment of Companies Act, 2013.

3. This form of business entity is a Private Limited (OPC) in nature.

4. The shareholder must be the Citizen  of India

5. OPC shall have one shareholder, director and minimum paid capital of Rs 1,00,000

6. The shareholder of the OPC has to nominate a nominee who will the shareholder in case of death of the main shareholder or he is unable to enter into any contract.

7. As compared to normal company , OPC have lesser compliances

8. The remaining features of a OPC are similar to the company

9. Registration 

a. Registering authority is Registrar of Companies
b. Minimum registration cost is Rs 4800
c. Time to Register : 15-20 working day

LimitedLiability Partnership (LLP)


1. After company, the world's most recognized form of business i.e. Limited Liability Partnership.

2. A Limited Liability Partnership, popularly known as LLP is a hybrid form of company and partnership. It takes in the advantages of both but leaves disadvantages out.

3. A LLP should have minimum 2 partners and there is no minimum requirement of capital. So you can start with Rs 100 also.

4. In a LLP one partner is not responsible or liable for another partner's misconduct or negligence, this is an important difference from that of an unlimited partnership.

5. Registration 
5. Registration 

a. Registering authority is Registrar of LLP
​b. Minimum registration cost is Rs 1750
c. Time to Register : 10-15 working days

For tax and other financial info visit link Tax consultancy in Mumbai

How to save more taxes, restructure your income to cut tax -Tax consultancy in Mumbai

Patrick Francis earns a good salary, but more than 8% of his gross income goes in tax. If he rejigs his salary structure and avails of the deductions he is eligible for, his effective tax can come down to about 5.5%. Here's how he can save Rs 36,000 a year in tax.

Francis should ask his employer to reduce the fully taxable special allowance by Rs 61,000. Instead, 10% of his basic pay should be put in the New Pension Scheme (NPS) under Sec 80CCD(2). Another Rs 8,000 should be given as meal coupons. Also, the tax-free transport allowance should be enhanced to the maximum Rs. 1,600 a month.

These three steps will cut his tax by Rs 12,600. Francis' senior citizen mother suffers from a neurological disease. Assuming that it is among the diseases specified under Sec 80DDB, he is eligible for a deduction of Rs 60,000.




This will reduce his tax by Rs 12,360. Given that he can invest more, Francis should open an NPS account. If he puts Rs 50,000 in the NPS under Sec 80CCD1b, he can save Rs 10,300. He should also shift from FDs to debt funds to save around Rs 1,000 in tax. 

For more information on tax filling and know how to save tax on your earning please visit by clicking on Chartered accountant in Mumbai  and Tax consultant in Mumbai

source: http://economictimes.indiatimes.com/

Today is last date for payment of advance tax---Tax consultancy in Mumbai

Don’t miss your date with taxes: 15 March 2015!

What is Advance Tax?

Advance Tax is part payment of one’s tax liability before the end of the fiscal year i.e. 31 March. The provisions of theIncome Tax Act make it obligatory for every individual, salaried/ self-employed professional, businessman and corporate to pay Advance Tax, on any income on which TDS is not paid.

Do I need to pay Advance Tax?

An individual is liable to pay advance tax if he has income from interest, commission, rent, business or profession, etc, on which no tax has been deducted at source (or tax has been deducted at a lower rate). Advance tax liability arises where the balance tax liability is Rs 10,000/- or more.

If you are salaried person with only salary as the sole source of income, Advance Tax would not be applicable as tax deducted at source would be taken care of by your employer. If you have other sources of income, such as, income from capital gains, shares and mutual funds, income from house property, etc.; Advance Tax is mandatory.

How to calculate Advance Tax

While calculating Advance Tax payable, a taxpayer needs to make only a projection or estimate of his income, as the actual income could be calculated only by the fiscal year end.

- Using the projected income for the fiscal year, the tax payable is to be calculated as per the tax slabs applicable for the current financial year.

- From the tax so computed, subtract the tax deducted at source, if any.

- Include educational cess while calculating advance tax.

- The amount arrived at is the advance tax payable, in instalments.

When do I have to pay Advance Tax?

For Non-Corporate Assessee- Individuals

•    On or before 15 September - not less than 30% of tax payable

•    On or before 15 December - not less than 60% of tax payable

•    On or before 15 March - not less than 100% of tax payable

Which means that if your income tax liability for a year is Rs 1,00,000/- then you should pay advance tax of Rs 30,000 by 15 September, another Rs 30,000 by 15 December and rest Rs 40,000 by the end of 15 March.

What is the penalty if I don’t pay Advance Tax?

If during the year, you have not paid advance tax instalments or have paid lesser than the percentage specified, you will be required to pay interest of 1% per month under section 234C of the IT Act. If you have not paid any advance tax during the year or advance tax paid was less than 90%, then you will be liable to an additional interest of 1% per month under section 234B of the IT Act.

Penalty under Section 234C

In case if you don’t pay your due advance tax installment in time then you will be charged a simple interest of 1% for the next 3 months on the amount of shortfall,this penalty is purely due to the delay in paying the due advance tax amount.

Penalty under Section 234B

If the total advance tax paid on the last due date i.e. 15 March is less than 90% of your total advance tax liability then you will be charged an interest rate of 1% on the balance amount for every month till the time you complete the payment. It means let’s say if your total income tax liability is Rs 1,00,000/- and if you have not paid anything on or before 15 March then you would be charged 1% on the entire outstanding balance of Rs 1 lakh in this case each month, unless you pay it, so if you pay in June, then you will be charged for 3 months penalty and it would be Rs 3,000 in total other than penalty under sec 234C.

How to Pay Advance Tax

You can pay Advance Tax as per the following process:-

- Challan no ITNS 280 should be filled out with all the correct details of the taxpayer

- The filled challan along with amount should be submitted to any bank accepting tax payments.

-  Keeping in view your convenience, you can also pay tax online through any bank facilitating e-payment of taxes. You can visit this site, select the Advance Tax option and after filling the other required fields and details, proceed to make online payment.

In case you have missed out on the earlier two due dates and have not paid your due advance tax, then please do it right away as it is just a click away!

For more information on tax filling and know how to save tax on your earning please visit by clicking on Tax advisor firms in India and Tax consultant in India

Can I file my returns of income after the due date? - Tax consultant in India

In case you’ve not been able to file your income tax return before the prescribed due date, you can still file a belated return of income tax after the due date as well. Under Section 139(1), the normal due date of filing of income tax return is

Particulars	Due Date
Where the taxpayer is 1.    Company 2.    Any person mandatorily required to get his tax audit done 3.    A working partner of a firm whose accounts are required to be audited	30th Sept of the Assessment Year
In case of any other category of taxpayer i.e. Salaried/ Self employed who are not required to get their tax audit done	31st July of the Assessment Year

However, in case you have missed the above deadline for filing of income tax return, you can still submit a belated return of income tax after the due date under Section 139(4)

Belated Return of Income Tax after Due Date

If a taxpayer fails to submit his income tax return

1.    On or before the due date mentioned under Section 139(1), or

2.    If the income tax return is not filed before the due date and the income tax officer has issued a notice under section 142(1) directing the taxpayer to file his income tax return within the time specified in the notice and he has not even filed his return as required in the notice

he can still file his income tax return even after the due date. Such an income tax return filed after the due date is called Belated Return.

Belated Return can be filed at any time before the expiry of 1 year from the end of the relevant assessment year or before the completion of assessment whichever is earlier. This can be explained with the help of an example.

EXAMPLE OF BELATED INCOME TAX RETURN AFTER DUE DATE

The income tax return due date for the financial year 2012-13 is 31^st July 2013/ 30^th September 2013 (for the Financial year 2012-13, the Assessment year would be 2013-14).

If due to any reason, the taxpayer is not able to file his income tax return, he can still submit a belated return before the end of the assessment year i.e. before 31^st March 2015. However, in case you have not filed your income tax return and the income tax officer has himself started conducting the assessment, the taxpayer can file his income tax return any time before the completion of assessment or before 31^st March (whichever is earlier)

.

For more information on tax filling and know how to save tax on your earning please visit by clicking on Chartered accountant in Delhi  and Tax consultant in India

Source: http://www.charteredclub.com/

Benefits of filing Income Tax Returns in India

Anil Kumar started working for an information technology major a year back. During the induction process, Kumar and his peers were told to save up and invest to save on tax outgo. With no liability behind him, Kumar was easily able to save Rs 87,000 over the last one year with some guidance from his father. His annual salary is Rs 3.50 lakh. 



As the basic exemption limit for financial year 2014-15 was Rs 2.50 lakh, Kumar's taxable income stood at Rs. 1 lakh. 

Kumar's father advised him to invest Rs 3,000 a month (Rs 36,000 a year) in Public Provident Fund and Rs 1,500 a month (Rs 18,000 a year) in equity mutual fund. Kumar was also made to buy a term plan of Rs 18 lakh for an annual premium of Rs 3,000. Towards the end of the last financial year, Kumar was made to open a fixed deposit account of Rs 30,000. Between April 2014 and March 2015, his Employee Provident Fund account had collected Rs 15,000. Thus, Kumar saved a total of Rs 102,000 in tax-saving instruments. 

After saving on his taxable pay, Kumar thought there was no need for him to file income tax returns (ITR) this July. But that is not true. Anyone earning a taxable salary, exceeding the basic exemption limit has to compulsorily file ITR even if the tax liability was reduced to zero post deductions. Only those who earn up to or less than the basic exemption limit of Rs 2.50 lakh need not file tax return. 

And there are advantages of doing so. An ITR receipt is an important document as it is more elaborate than Form 16. While Form 16 shows salary and the tax deductions by only one employer, ITR shows income from other sources also. 

Here are some advantages of filing ITR: 

Loans 

Having filed the ITR will help individuals, like the one in the example above, when they have to apply for a vehicle loan (two-wheeler or four-wheeler). All major banks can ask for a copy of tax returns. 

State Bank of India asks vehicle loan applicants for the latest salary-slip showing all deductions, TDS certificate / Form 16, copy of ITR for last two financial years. 

Additionally, showing a copy of ITR receipts also comes handy if your loan application is rejected or if you are not getting as much loan as you want. 

"Even while applying for a housing loan, many banks ask for Form 16 or even ITR receipts," says chartered accountant Arvind Rao. 

To claim refund 

If you have a refund due from the Income Tax Department, you will have to file returns, without which you will have to forgo the refund. 

Some taxpayers may be primarily investing through fixed deposit. On such investments tax is deducted at source (TDS) at 10 per cent. If the individual's total taxable income is less than the threshold of Rs 2.50 lakh, they can file returns and claim a full refund, says Vaibhav Sankla, director at tax consultancy firm, H&R Block. 

To carry forward losses 

If you do not file returns, you will not be able to carry forward capital losses (short-term or long-term), if any, in a financial year to be adjusted against capital gains made in the subsequent years. 

A long-term capital loss in one year can be carried forward for eight consecutive years immediately succeeding the year in which the loss is incurred. Long-term capital loss can be adjusted only against a long-term capital gain in the year. But short-term capital loss (STCL) can be adjusted against long- as well as short-term capital gains. 

Visa processing 

If  you are traveling overseas, foreign consulates ask you to furnish ITR receipt of the last couple of years at the time of the visa interview, says Rao. Some embassies may ask for ITR receipts of previous three years, while some others may ask for the most recent certificate. 
This is especially true if you plan to travel to the US, UK, Canada or Europe, not so stringent for South East Asia or Middle East. 

"Producing ITR receipts show that one has some source of income in India thus, strengthening your case as someone who will not leave the country for good but will return," explains Rao. 

When traveling to foreign countries, whether on a business or leisure trip, experts suggest you always carry income-related proofs along --- salary slip, Form 16 and ITR receipts. Consulates specify these requirements in most cases. 

Buying a high life cover 

Buying life cover of Rs 50 lakh or Rs 1 crore has become commonplace. However, these covers are available against your ITR documents to verify annual income. "Life insurance companies, especially LIC, ask for ITR receipts these days if you opt to buy a term policy with sum insured of Rs 50 lakh or more," says Sankla. 

The sum insured one can get with a term cover depends on many factors one of which is the income of the insured. If an insured does not have a very high salary, he doesn't need a higher insurance cover. 

Government tender 

Experts say that if one plans to start their business and need to fill a government tender or two for the same, they will need to show their tax return receipts of the previous five years. This again, is to show your financial status and whether you can support the payment obligation or not. 

However, this is no strict rule. It may vary depending on the internal rules of the government department. Even the number of ITRs required can vary. 

Self-employed 

Businessmen, consultants and partners of firms do not get Form 16. Hence, ITR receipts become an even more important document for them, provided their annual income exceeds the basic exemption limit of Rs 2.50 lakh. 

For all sorts of financial transactions, ITR receipts will be the only proof of income and tax payment for the self-employed.

For more information on tax filling and know how to save tax on your earning please visit by clicking on Chartered accountant in Delhi  and Tax consultant in India

source: http://economictimes.indiatimes.com/

How to save tax in India - Tax Consultant in India

File your tax returns before August 31

It’s time to pay more attention as the income tax department seeks more disclosures to catch tax evaders.

THIS is the time of the year when people run around for filing their income tax return. This year the deadline has been extended to 31st August. The controversial and cumbersome provisions for mandatory disclosure of expenditure on foreign trips and bank balances have been dropped.

New provisions have also been introduced, but in a much simpler form.

Although the new forms have done away with detailed disclosures, they still ask for information on your foreign trips and bank account but in an indirect way.

For example instead of foreign trips you took last year the new form simply asks for your passport number. Experts say the onus will now be on the income tax department to find out how much one spent on foreign trips using the passport number, which will not be a very difficult process for them. The intent is to catch tax evaders and curb the flow of black money in the country. Experts, however, dislike the idea of frequent changes being made in the tax laws.

"Every year there are some or other changes, which makes the common taxpayer confused. There are number of tax notices now being sent due to wrong selection of ITR form/ invalid returns." There are many more changes that have been brought out in ITR forms. Here is a guide to help you understand what these changes are: NEW FORM ( ITR 2A) Considering that a majority of taxpayers have more than one house property but do not have capital gains the finance ministry has proposed a new Form ITR 2A to simplify the process.

We are one of the best Chartered Accountant Firm in delhi NCR

The form is for an individual or HUF who have two house properties but does not have capital gains, income from business/ profession or foreign asset/ foreign income.

The good news is Form ITR 2 and the new form ITR 2A will not be more than 3 pages, and information will be captured in the schedules if applicable.

The positive aspect is you no more require giving details of foreign trips or expenditure thereon to the income tax department. But you still need to give your passport number, if available, in Forms ITR- 2 and ITR- 2A. For common tax payer there is nothing to be worried about but people who take more than 5 or 6 trips from unaccounted money need to be worried. It was earlier a loophole which was exploited by many people." Earlier you used to give details of only one bank account for refund purposes. From now onwards you will be required to give bank details of all your bank accounts which are held at any time during the previous year. You will need to fill the IFS code and account number of all the current/ savings. Experts say the move was needed as people used to hide income received in their other bank accounts.

If you have any confusion over filing your income tax return you can take the help of experts to avoid tax notices later.

POSTING OF ITR- V Earlier after filing the return online you needed to post acknowledgment separately to the income tax office. Now under the new provisions you do not need to post ITR V if the Aadhar number is provided in ITR form.

For more information on tax filling and know how to save tax on your earning please visit by clicking on Tax consultancy in Mumbai