I-T dept necessitates declaring deposits made during note-ban in ITR

According to the I-T officials, “The department has introduced a new column for obtaining details of all deposits made by an individual or entity during the demonetisation period between November 8 and December 30 in year 2016. Sources indicated that the new column will also be introduced

Arnima Dwivedi

By Arnima Dwivedi

Published on 31 March 2017 6:06 AM GMT

I-T dept necessitates declaring deposits made during note-ban in ITR
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I-T dept necessitates declaring deposits made during note-ban in ITR
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New Delhi: The Income Tax Department has decided to seek details of deposits made by an assessee during the demonetisation period, as part of the new Income Tax Returns (ITRs) that would be notified for assessment year 2017-18.

According to the I-T officials, “The department has introduced a new column for obtaining details of all deposits made by an individual or entity during the demonetisation period between November 8 and December 30 in year 2016. Sources indicated that the new column will also be introduced in the simplest form for individuals having salary income, called the ITR-1 or 'Sahaj'.”

They I-T department further stated that it has given a number of opportunities to taxpayers to explain any unaccounted deposit made during the notes ban period, like under the 'Operation Clean Money' and the ‘Pradhan Mantri Garib Kalyan Yojna’ (PMGKY). “The move to introduce the new column is to ascertain all deposits made by a person or entity irrespective of the threshold.”

"This is just an effort to ascertain what deposits were made during the demonetisation period. The department has not issued any notices in cases where the deposit amounts were small," a senior officer said.

What else the officials said:

  • New ITR forms will continue having a column asking taxpayers to mention their Aadhaar number.
  • This time it would be mandatory and not optional like it was last time.
  • The e-verification of ITRs using the Aadhaar will continue.
  • The new ITR-1 or 'Sahaj' has also been made simpler by bringing together the columns for all deductions and details about assets and liabilities.
  • The ITRs are expected to be launched by April 1.
  • The Central Board of Direct Taxes (CBDT) as stated that timely filing of ITRs is important to enhance the non-intrusive information-driven approach for improving tax compliance and effective utilisation of information in tax administration.
  • It is expected that all the nine different ITRs will be launched in one go by the department with the start of the new financial year 2017-18 from April 1.
  • Taxpayers can file their ITRs till the stipulated deadline of July 31.

Arnima Dwivedi

Arnima Dwivedi

A journalist, presently working as a sub-editor with newstrack.com. I love exploring new genres of humans and humanity.

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