With the tax-return filing deadline just around the corner and changes in the process, understanding the key changes has become even more crucial.
The Central Board of Direct Taxes (CBDT), the income tax regulator has made an attempt to simplify the tax filing process and notified the new income tax return forms for the assessment year 2017-2018. These changes are effective from 1st July, 2017.
Note: The deadline to file ITR has been extended to 5th August, 2017
Here are the few changes & the thoughts behind them-
Why?
This is in an attempt to ensure wider coverage under the vision of having an all-pervasive unique identification for all citizens.
Why?
Linking Aadhar with PAN is expected to help check tax evasion through use of multiple PAN cards
Why?
This is to keep track of all deposits during the demonetisation and aid surveillance to ensure maximum tax coverage and fair disclosures.
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