With Aadhar Cards Income Tax filing is easy
No need to submit ITR-V after e-filing as IT department set to link Aadhar to ITR form.
In a major change, the new tax forms released on Thursday have exempted taxpayers with Aadhar cards from submitting their ITR-V by post after filing their returns online. This will make the online filing process truly paperless even for those who don't have digital signatures.
Till now, online filing was paperless only if you had a digital signature. Taxpayers who did not had to post a physical copy of the ITR-V to the Central Processing Centre in Bengaluru within 120 days of filing returns online.
A large number of e-filers skipped this very important process, assuming the job was done once their return was e-filed. Whereas the IT Department doesn't consider a return filed unless the ITR-V reaches them on time.
Moreover, ITR-V had to be signed and printed properly so that the bar code was clearly visible. ITR-Vs that did not conform to these specifications got rejected. There have been complaints of postal delays and loss as well. Now the refund process is expected to get faster.
The new forms also seek more detailed declaration from the taxpayers. ITR-1 now requires details of bank accounts held at any time during the year, including accounts which have been closed. Taxpayers will also have to provide all account numbers, name of the bank, IFSC code and name of any joint holder along with closing balance as on 31 March.
ITR-2 seeks particulars of foreign bank accounts and assets, full details of foreign travel undertaken and expenses thereon and details of utilisation of amount deposited in capital gain account scheme for the year.
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