Filing taxes may not be everyones favourite task to complete, but it is one that is necessary. With numerous forms having to be submitted along with necessary attachments, filing taxes is quite the tedious task. However there are a number of new provisions that are out which will make tax filing easier. The Government of India has rolled out a number of procedures to simplify this process.
As of now, or in the recent past, after filing income tax returns, customers were required to send in their signed and printed copy of ITR-V to the IT department within a period of 4 months. However this procedure is now paperless. Customers can now verify their tax their Income tax return through their Aadhaar number.
Steps to link Aadhar number:
- Customers need to log into the Income tax Departments e-filing website using their PAN number.
- Once customers log in, a pop up window will provide the option of linking their Aadhaar number so as to verify their returns.
- Once the necessary information is provided, it will be validated and the Aadhaar number will be linked.
Once this is done customers will be able to verify their returns through their Aadhar number.
Steps for verification of filed return:
- Customers will have to log in to the Income Tax Departments e-filing website and upload their returns.
- Customers will then be asked the manner through which they would wish to verify their return.
- Customers will have to choose the option to generate an Aadhar OTP or one-time password which will be sent to their verified mobile number.
- The OTP sent to their mobile phone will have to be provided to verify the income tax return. Once this is done, customers need not send their ITR-V to the IT department.
- Customers can also verify those returns that have been uploaded on a previous date by choosing the Aadhaar OTP verification option.
Thanks to new government regulations filing income tax returns are not as tedious now. The government has introduced simplified forms for the same which are the ITR-2 and ITR-2A Forms.
The ITR-2 is for those who have capital gains and will have to provide details regarding their foreign assets and income from sources overseas.
ITR-2A is for Hindu Undivided Families or individuals who do not receive income from businesses, those who do not possess assets overseas nor do they have capital gains.
Details regarding total number of current and savings bank accounts will need to be provided excluding accounts that are not in use. Individuals will also have to provide the IFSC code of the bank along with the account number of the bank account to which they wish to receive their refunds.These new procedures ensures that filing income tax returns are a lot more transparent now and easier for citizens.