Key Highlights: 

  • Aadhaar number needed for filing IT returns after June 30, 2017
  • Taxpayers can file IT returns online
  • Due date for filing IT returns is on July 31, 2017

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Only nine days are left for you to file your income tax returns (ITR) for last year and it is mandatory to quote your Aadhaar number if you have one. 

Supreme Court has upheld Section 139AA(1) which mandatorily requires quoting of Aadhaar for new PAN applications as well as for filing of returns. 

The Central Board of Direct Taxes on June 10 said that from July 1, 2017 every person eligible to obtain Aadhaar must quote their Aadhaar number or their Aadhaar Enrolment ID number for filing of income tax returns as well as for applications for PAN. 

“Aadhaar can also be seeded into PAN database by quoting Aadhaar in PAN applications form of new PAN allotment or by quoting Aadhaar in change request form used for reprint of PAN card,” said the department.

Also Read: Name mismatch not allowing you to link PAN with Aadhaar? Income Tax Department eases rules

Who is eligible for e-filing IT returns?

Assessee having total income of Rs 5 lakh and above.

Individual or Hindu Undivided family (HUF) resident with assets situated outside India.

Also Read: Follow any of these steps to link your Aadhaar with PAN

A resident who has signing authority in any account located outside India.

A person who claims relief under sections 90 or 90A or deductions under section 91.

Lastly all Indian companies are also suppose to file IT.

Choose the right form for e-filing.

Here is a list of different categories of ITR forms and for whom they are meant for to carry the procedure.

(Image Source: BankBazaar)

Modes of e-filing 

A person can file IT forms using Digital Signature Certificate (DSC). 

In case you e-file without DSC, ITR V form is generated - it is an acknowledgement  slip. It needs to be printed, signed and sent to  the Income tax department-CPC by post to complete the return filing process. 

You can file e-file IT returns through an E-return Intermediary (ERI) with or without DSC.

Always check your tax credit – Form 26AS vs Form 16

Before filing your returns always check form 26AS – it gives you the information about the amount of tax deducted from your salary and deposited by your employer with IT department.

Ensure that tax deducted from your income as per Form 16 matches with figures in Form 26AS.

80G, savings certificates

You can claim extra deductions if you forgot to claim them. Similarly, you can also claim deductions under section 80G on donations made to charitable institutions.

Interest statement 

Deduction for up to Rs.10,000 is allowed on interest earned on savings accounts. However, interest earned on bank deposits, if any, forms a part of your taxable income and is taxable at applicable slab rates.

Tax Slabs: 

Income tax slab rates for the current financial year 2017-18 and assessment year 2018-19 is given below. 

For Individuals and HUF - age less than 60 years and above but less than 80 years. 

(Image Source: BankBazaar)

Above 80 years, the tax slabs are 

(Image Source: BankBazaar)

General documents that are needed for e-filing are bank account details, PAN number and now Aadhaar card or Aadhaar enrollment ID number. 

The days are nearing and if you do not have Aadhaar yet then do so otherwise no ITR for you.