The income tax department's e-filing website has undergone many changes over the past one year. It is important that you are aware of these changes to avoid making any kind of mistakes at the time of filing your income tax return. This is time it becomes all the more important because late filing of ITR will cost you. Here are six changes you will see on the e-filing website of the income tax department: 1. No need to mention date of birth while logging-in to your e-filing account Earlier you had to mention your date of birth when logging into your account on the e-filing website but this is not required anymore. 2. ITR related documents are now password free Abhishek Soni, CEO, tax2win.in, a tax-filing company says, "Various documents related to ITR filing such as Form 26AS and ITR-V have also undergone some changes. It has come to our observation that these documents, which were password protected earlier, can now be opened directly." 3. Change in method to … [Read more...] about Filing ITR online? 6 things you must know
Why file itr
According to the Income Tax Act, 1961 – the percentage of income that is payable as tax to the Government depends upon the amount of income that is earned during a year. As the income increases, the tax rate also increases. Moreover, the income tax slab is changed by the Government in the annual budget announcements. Below is the current income tax slabs under new tax regime : Income (in Rupees) Income tax rate (new tax regime) Income tax rate (old tax regime) 0 to 2,50,000 Nil Nil 2,50,001 to 5,00,000 5% 5% 5,00,001 to 7,50,000 10% 20% 7,50,001 to 10,00,000 15% 20% 10,00,001 to 12,50,000 20% 30% 12,50,001 to 15,00,000 25% 30% Above 15,00,000 30% 30% Tax rates for senior taxpayers between the age of 60 to 80 years : Income Tax Slab (in Rupees) Tax rate for senior citizens (between 60 years – 80 years) Up to 3,00,000 Nil 3,00,001 to 5,00,000 5% of … [Read more...] about Income Tax Slab: Can I check income tax slab online?
The constitutional validity of Aadhaar is upheld by the Supreme Court of India. Having said that, it is compulsory to link your PAN with Aadhaar at the time of filing an income tax return (ITR). You might niot be able to link your important documents with Aadhaar if there are any mistakes or spelling errors in the details mentioned. Moreover, there could be other reasons because of which you would want to update your Aadhaar details. And, an inactive Aadhaar could be one of those reasons. According to the UIDAI (Unique Identification Authority of India) and officials at an Aadhaar enrolment center , your Aadhaar can become inactive if it is not used for any transaction for three consecutive years, like linking it to your bank account or PAN. And, for this reason, you will have to update your Aadhaar. Below are the steps that you can follow and easily update or correct your details in Aadhaar. However, only those individuals will be able to update their details … [Read more...] about How do I update my name, address & more in Aadhaar card online?