Income Tax

Dear Taxpayer,

CBDT has extended date till 7th September for taxpayers required to e-file their Income Tax Return for Assessment Year 2015-16. In case you were unable to efile your return on or before 31st August, this is a gentle reminder. E-file early to avoid the last minute rush.
This year, nearly 30 Lakh taxpayers have already opted for the electronic verification facility using which you can avoid the signing and sending of the ITR-Verification form to CPC Bangalore. E-verification is possible through

i. Aadhaar One-time password (OTP) for which you would have to authenticate your Aadhaar and link it with your PAN, or
ii. Net-banking where you can login to your netbanking account and get redirected to the efiling account directly or
iii. E-filing OTP (available only if the Returned Income is below Rs 5 Lakh and no refund is claimed).

You are, therefore, kindly requested to login to e-Filing Home Page, Income Tax Department, Government of India and download the free return preparation software with a host of new features to help you in preparing the Income Tax return and submit your return. You can also prepare and submit ITR1 and ITR4S online. Please take some time to browse through all the value .added services offered on the E-filing website that will help you prepare your return accurately and guide you in case of any prior pending items.

Needless to mention that the quicker you submit your return with e-verification or send the signed ITR-V (ITR-Verification) form to CPC, Bangalore, the faster your refund, if any, would be processed and credited to your bank account. As on 2nd Sept 2015, over 18 lakh refunds have already been issued for AY 2015-16, many of them where return was e-verified! File early to get your return processed soon .

In case you have already e-Filed for Income Tax Return for AY 2015-16, kindly ignore this email.

Regards,
e-Filing Team,
Income Tax Department.

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In a significant move to check black money, Income Tax Department can now scrutinise income tax returns of previous 10 years if any search leads them to undisclosed deposits or property of over Rs 50 lakh.

The present ceiling for scrutiny of past returns of income is six years.

In the Budget for 2017-18, finance minister Arun Jaitley has proposed to increase the scrutiny period to 10 years.

"What we have said now is (that) if during a search we find there is any asset or income worth over Rs 50 lakh which is not disclosed and is older than four years, then we can go back to 10 years," CBDT chairman Sushil Chandra said at a post-Budget seminar here.

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