INCOME TAX CBDT implements functionality for banks to verify the ITR filing status.

CBDT implements functionality for banks to verify the ITR filing status.

CBDT implements functionality for banks to verify the ITR filing status.

CBDT implements functionality for banks to verify the ITR filing status.

Wednesday, the IT Dept said it introduced a service for financial institutions to verify the status of tax filings submitted by entities based on their PAN. On Wednesday, the IT Dept said it introduced a service for banks to verify the status of income tax returns submitted by individuals on the basis of their Permanent Account Number (PAN). Their details of information/data on cash withdrawal had shown that persons who have never filed ITR are withdrawing huge cash.

To ensure that these individuals file returns and keep track of non-filers cash withdrawals, and to curb black money, the Finance Act, 2020, with effect from 1 July 2020, further amended the I-T Act, 1961, to lower the limit for cash withdrawal to Rs 20 lakh for non-filers TDS applicability.

It also required non-filers to order TDS at a 5 per cent greater rate on card transactions above Rs 1 crore. The  IT Dept has already equipped Commercial banks and Listed post offices with the software 'Verification of applicability u / s 194N' since 1 July 2020.

The CBDT) has listed 'commercial banks' in the list of entities with which tax authorities will exchange data via a notification on 31 August 2020. Via this feature, the bank/post office may obtain the appropriate TDS rate under section 194N of the Income-Tax Act, 1961 by entering the individual withdrawing cash into the PAN, the CBDT said in a comment.

"The department has now launched a new "ITR Filing Enforcement Search" feature that will be applicable to Scheduled Commercial Banks (SCBs) to search PANs' IT Return filing status in bulk mode. The CBDT (Systems) has notified Scheduled banking institutions of the protocol and template for supplying notified details, "the CBDT said.

The Income-tax spokesperson said Scheduled commercial banks (SCBs) would be able to simplify and align the procedure with the core banking system for the bank. "SCB” are expected to register and enforce acceptable policies and procedures on information security with specifically specified functions and obligations to ensure data security," he said.

ITR Return Forms For FY 2020-21

Sr. No.

ITR Forms

Instruction for Filing ITR Forms

Description

1.

ITR- 1

Instructions for ITR- 1

To be filed by resident individuals having total income up to ? 50 lakhs from following sources :

  • Salary
  • One house property
  • Other sources excluding winning from lotteries and income from horse races
  • Agricultural income up to ? 5,000

2.

ITR- 2

Instructions for ITR-  2

For Individuals and HUFs not having income from profits and gains of business or profession

3.

ITR- 3

Instructions for ITR-  3

To be filed by Individuals and HUFs having income from profits and gains from business or profession

4.

ITR- 4

Instructions for ITR-  4

For Individuals, HUFs and Firms (other than LLP) being a resident having total income up to Rs. 50 lakhs and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE

5.

ITR- 5

Instructions for ITR-  5

For firms, LLP, AOPs, BOIs, Artificial juridical Person, Estate of deceased, estate of insolvent, business trust and investment fund.

6.

ITR- 6

Instructions for ITR-  6

For Companies other than companies claiming exemption under section 11.

7.

ITR- 7

Instructions for ITR-  7

For persons including companies required to furnish returns under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) or section 139(4E) or section 139(4F)

 

Income tax Chart 2020 with covering latest Covid Relaxations & Alternative Tax Regime 

Disclaimer: The content of this post isn't considered to be professional or legal advice, We aren't responsible for any damages arising from your access to the location content & must not be relied on or used as a substitute for legal advice from a lawyer professional in your jurisdiction. CARajput is among India's big digital compliance services platform which committed to helping people have started & developed their businesses. We had started with the goal of creating it easier for start-ups to start out their business. Our main aim is to assist the businessman with applicable laws & regulations compliance and providing support at each & every level to make sure the business stays compliant and growing continuously. For any query, help or feedback you may in touch on singh@carajput.com or Call or what’s-up on 9-555-555-480

Share This Post

Related Articles

Related Videos


E.FILING OF INCOME TAX RETURN | What is e-filing of income tax | Steps to file

E.filing of Income Tax Return | What is e-filing of income tax | Steps to file

Published On: Jan 03, 2022 | By: RJA

Need help?

Request a call
from a RJA
Business Advisor.

LET'S TALK

Private Limited Company

Popular Categories

Browse Blogs

Recent Posts

Payment of TDS via using Form 26QB on sale of property

Payment of TDS via using Form 26QB on sale of property

RBI intends to tokenisation assets, bonds as part of the wholesale CBDC pilot.

RBI intends to tokenisation assets, bonds as part of the wholesale CBDC pilot.

NITI Aayog suggest for mandatory savings plans for elderly & tax reforms

NITI Aayog suggest for mandatory savings plans for elderly & tax reforms

Outstanding Small Income Tax Demands Not required pay off: Budget 2024

Outstanding Small Income Tax Demands Not required pay off: Budget 2024

Changes in ISD Concept & Definition: Union budget 2024

Changes in ISD Concept & Definition: Union budget 2024

Connect with a RJA Advisor

Fields marked with an * are required

Enquire Us

Please send us your query and we feel very happy helping you

Testimonials

  • Thank you very much for all your help in setting up my new company and clearing up all outstanding business in my sole trader accounts. For the first time in years I have peace of mind regards my business accounts. Your workforce are a credit to you, the girls at reception are so helpful and Chris has been brilliant. It is very much appreciated.

    A US consultancy group

  • Rajput Jain & Associates. are a tremendous value added to me as an executive and a busy parent. It just makes sense to delegate my tax file to them -- they are proactive, extremely service oriented, and most importantly, I am completely confident they are finding every dollar of tax savings available to me.

    A Leading Service Provider

  • We use Rajput Jain & Associates for all our accounting, Corporation tax, VAT and other compliance needs. The service is professional, courteous and prompt. I would recommend Rajput Jain & Associates to any company requiring a comprehensive accounting and tax service.

    A Leading Consultancy Firm in Dubai

Money Back Guarantee

Not happy with the service? You can request a refund at anytime within 30 days!

24/7 Support

Get support through phone, email, mobile app or live chat - 24/7, 365 days.

EMI Payment

Easily pay online with EMI payments, credit or debit card, net banking, PayPal and more.

Get In Touch--

Rajput Jain & Associates

Add: P-60, Connaught Circus, Connaught Place, New Delhi-110001

Email: singh@carajput.com

Phone: 9555555480

Legal Disclaimer--

The information contained on this website merely provides details of our firm to persons who have shown interest in knowing more about us and is not intended to solicit work or advertise our capabilities in any manner. The information provided on this website is general in nature and should not be used as a basis of decision-making without further professional advice. The third party site links are only provided for ready reference of the users and CA Rajput Jain & Associates neither controls their content nor undertakes any responsibility regarding them.

© 2016 Rajput Jain & Associates. All Rights Reserved | Sitemap

Call Email