The CBDT has directed the Income-Tax Department to share in "public interest" details of assets and accounts of all such loan defaulters against whom a public sector bank has made a plea to it.
The Indian tax authorities recently issued the notification that various income tax return forms for Assessment Year 2019-20 (AY 2019-20) i.e. Financial Year 2018-19 (FY 2018-19) are now available on the income tax e-filing website.
In case the name provided on your Aadhaar is different than that on your PAN card, you will not be able to complete the linking process.
The apex court on September 26 last year had declared the Centre's flagship Aadhaar scheme as constitutionally valid but struck down some of its provisions including its linking with bank accounts, mobile phones and school admissions.
According to recent changes in penalty slab by CBDT, non-filing of ITR before the due date from this assessment year would lead to a penalty of Rs 1,000, 5,000 and Rs 10,000.
“Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the ‘Due Date’ for filing of Income Tax Returns from 31st July, 2018 to 31st August, 2018 in respect of the said categories of taxpayers,” tweeted Ministry of Finance.
"Such offences are punishable under various penal and prosecution provisions of the Income Tax Act," a notification said.
CBDT, in a recent order, clarified that ITR for FY 2015-16 and FY 2016-17 cannot be filed after deadline March 31, 2018. But if you missed it, there is one last option:
Running late for filing ITRs? Don't worry! Income Tax department has decided to remain open on public holidays and weekend to help people in the last minute ITR filings.
The 34-year-old accused had not been transparent about his source of income on his IT-return papers.
The CBDT has been running a pilot project in a few major cities and has been testing the feasibility of implementing this new regime of tax assessment for the last few years.
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