Electronic alternative to posting signed ITR-V acknowledgement after e-filing is now possible. After your e-return has been uploaded by taxspanner to Income Tax Department e-filing portal, you can then e-verify the uploaded return (as an alternative to posting paper ITR-V). The time period for electronic verification of return is 120 days from the date of e-filing, same as the … [Read more...] about Alternative to posting ITR-V after E-filing
income tax department
Disclosing All Bank Accounts While Filing Returns is Mandatory
The current process of filing returns has been simplified by the Income Tax Department of India to a large extent through digitization. One of the significant step in this direction is making it non-mandatory for the taxpayers to attach supporting documents (unless specified in the ITR form or summoned later) at the time of filing returns. The IT department has access to … [Read more...] about Disclosing All Bank Accounts While Filing Returns is Mandatory
How Income Tax Department Is Tracking Your Transactions
(As Published in NDTV Profit on July 20, 2016) To check tax evasion, the Income Tax Department has stepped up its vigilance against undeclared income. Now, you have to report PAN on all your high-value transactions. Property registrars and financial institutions with which you deal with like your bank, insurer, mutual fund company and credit card company feed the tax department … [Read more...] about How Income Tax Department Is Tracking Your Transactions
