Indore: Highlighting the features added in the New Income Tax Return (ITR), CA Deepak Maheshwari has stated that if a consumer has utilised electricity above Rs 1 lakh a year, he has to report the same in the ITR. In the absence of PAN, ITR can be filled using Aadhaar number.
CA Maheswari was addressing a webinar on Saturday. It was organised by Tax Practitioners Association Indore. Over 400 CAs and tax consultants reported their presence in the webinar. CA Maheshwari said the new forms have been notified for the financial year 2019-20 and many important information has been sought in it.
a) If a taxpayer visits abroad and has spent Rs 2 lakh or more for the purpose, this has to be mentioned in ITR
b) If a taxpayer pays electricity of Rs 1 lakh or more in a year
c) if a taxpayer has deposited Rs 1 crore or more in his current account, details have to be mentioned in the ITR
d) Taxpayers with passports have to furnish details of the same in ITR.
Filing of e-returns has been made mandatory for taxpayers, except for those whose age is above 80 years. In the absence of PAN, IT returns can be filed with Aadhaar.
The program was conducted by CA Kirti Joshi and the welcome address was given by TPA President CA Manoj Gupta. He said this year, while filing the Easy Form in the Income Tax Return, the details of the amount of cash and bank balance should be given to the taxpayer on March 31 March 2020. Also, if someone earns from house rent they have to mention either PAN or Aadhhar.
