Comments Off on Have you submitted your tax return? Here’s how to double-check it.
Have you submitted your tax return? Here’s how to double-check it.
The filing and submission of income tax returns is only the beginning of tax preparation (ITR). The final stage in the process is to verify the ITR within 120 days of submitting it; otherwise, the ITR would be considered invalid.
Net banking:
Go to the e-verify page on the e-filing portal. Select the bank with whom you have active net banking under the net banking option. You will be transported to the bank’s net banking page. To finish the process, select the e-verify option after logging in.
OTP based on Aadhaar:
This approach is available under two conditions. The first is that your PAN must be linked to your Aadhaar number, and the second is that your Aadhaar number must be linked to an active mobile number. If you meet the two requirements, go to the e-verify page and select the’verify using OTP on mobile’ option.
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Account number:
The bank account that has been pre-validated on the e-filing site can be used to produce an Electronic Verification Code (EVC). If you’re expecting an IT refund, you’ll need to pre-validate your bank account. When you choose to e-verify with a bank account, an EVC is delivered to the mobile number associated with the pre-validated bank account.
Demat account:
This option is only available to taxpayers who have a pre-validated and EVC-enabled demat account on the e-filing site. These are completed prior to the submission of ITR returns. EVC is sent to the mobile number and email address associated with your demat account when you choose this option.
Bank ATM:
Only seven banks—Kotak Mahindra Bank, Central Bank of India, Canara Bank, ICICI Bank, State Bank of India, IDBI Bank, and Axis Bank—allow e-verification via ATM card. If you have a bank account with any of these banks and your PAN is linked to it, go to an ATM and use the ATM card to generate EVC. To finish the verification process, go to the e-verify website and pick the ‘I already have an EVC’ option.
Posting a self-attested copy of the ITR acknowledgement receipt to the Centralised Processing Centre (CPC) office in Bengaluru is the sole physical way to validate returns.
To obtain an ITR-V receipt, go to the e-filing portal’s ‘view returns/forms’ option, choose the current assessment year’s acknowledgement number, and then download the ITR-V document. Enter your PAN and date of birth as a password to gain access.
Only mail or speed mail a hard copy of the ITR-V to CPC, Post Box No. 1, Electronic City Post Office, Bengaluru 560100, Karnataka. The option of using a courier is not accessible.
Comments Off on India expected to introduce a bill on cryptocurrency
India expected to introduce a bill on cryptocurrency.
According to reports, India is preparing to introduce the much-discussed cryptocurrency bill either before or during the upcoming parliament session. The bill is expected to be introduced during the upcoming union cabinet meeting, with the winter session beginning on November 29.
New regulations on crypto assets, their classification, and projected tax earnings from them are included in the aforementioned cryptocurrency bill. If the bill receives cabinet approval, it might be passed during the next parliament session. According to previous reports, the government may regulate cryptocurrencies as an asset class and prohibit their usage as a payment method.
According to a prominent government official, the new legislation will include taxes on crypto earnings based on current capital gains standards. Tarun Bajaj, the Revenue Secretary, clarified the taxation of crypto assets, saying,
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“We’ll pick up the phone.” People are already paying taxes on it, as far as I’m aware. We’ll see whether we can actually put in some revisions to the law now that it has grown so much. However, that would be a budget-related task. We’re getting close to the Budget, so we’ll have to look into it then.”
For nearly four years, the Indian crypto industry has thrived amid regulatory uncertainty. According to one report, India’s cryptocurrency ecosystem has grown to a $6 billion sector, with several new unicorns. The Indian crypto industry could reach new heights now that the government appears to be on track to clear crypto rules.
The Reserve Bank of India is still sceptical of cryptocurrency.
The Reserve Bank of India (RBI), India’s central bank, is still wary of the usage of digital assets, warning that it could disrupt the financial system. Shaktikanta Das, the governor of the Reserve Bank of India, has issued a warning about the potentially devastating impact of digital assets on macroeconomic and financial stability.
The RBI also implemented the infamous banking ban in 2017, which suffocated the crypto sector and produced numerous misconceptions among the general public. The restriction on banking was later repealed by India’s Supreme Court in 2019.
Comments Off on Information about Annual Information Statement
Information about Annual Information Statement
The Income Tax Department has announced the roll-out of a new statement – AIS (Annual Information Statement). This will give you all the details (well almost all!) about YOUR financial transactions during the year.
What is AIS (Annual Information Statement)
Earlier Income Tax used to give statement 26AS. AIS is a much detailed one – with many more details included – like your Savings Interest, all Mutual Fund transactions during the year etc.
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Will 26AS be stopped?
• Now you can get both 26AS and also AIS. • Both put together, Income Tax department knows all your financial transactions. • You will find it very easy to know and submit details for your Income Tax returns.