Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: empanelment :: Central Excise rule to resale the machines to a new company :: cpt :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: due date for vat payment :: form 3cd :: articles on VAT and GST in India :: VAT RATES :: ACCOUNTING STANDARDS :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4%
 
 
General »
 Exemption From Capital Gains On Sale Of Agricultural Land
 FinMin wants RBI to lower rates, boost domestic demand
 Employees may have to bear the GST burden on benefits
 Advance tax payout by top cos grows just 2% in Sept quarter
 Why abolishing personal income tax may not be a good idea
 Questions about the GST cess
 How to prepare for the looming tax-extension deadline
 Income tax: Gratuity for employees raised to Rs 20 lakh; here is how you will benefit
 Haryana to set up scrutiny panel on GST benefits
 Waive certain taxes for companies in insolvency proceeding
 I-T department to appoint 7600 more tax return preparer scheme to cover entire country

If you don't link Aadhaar, PAN by Aug 31, your ITR won't be processed
August, 30th 2017

The Income Tax department has clarified that the deadline to link PAN with Aadhaar for taxpayers is unlikely to be extended beyond August 31, 2017. Therefore, even if you have filed your return by the ITR filing deadline of August 5 but have not linked your PAN and Aadhaar latest by August 31, your Income Tax Returns (ITR) won't be taken up by the department for processing.

This raises two questions:
1. What are the consequences of your ITR not being taken up for processing?
2. What will happen to the ITR you have filed if you link your PAN with Aadhaar after August 31?

Here are some of the consequences of your ITR not being taken up for processing, according to Abhishek Soni, CEO, Tax2win.in:
1. If your ITR is not taken up for processing, it will be treated as if you have not filed your returns for the financial year 2016-17. The return filed would become null and void. You may have to face the consequences applicable for not filing ITR.

2. The income tax department may send you a notice to file your ITR under section 142(1). The assessing officer may levy a penalty of Rs 5,000 for not filing ITR on time.

3. You will not be able to claim or carry forward your losses such as capital loss, business losses etc.

4. It would definitely affect the processing of refunds. The refunds shall not be granted in case ITR is not processed.

5. Interest under section 234 A, B, C will be applicable as the case may be, i.e., if the tax is payable.

You can check if your PAN is linked to Aadhaar by logging into your account on the income tax department's e-filing website under the 'Profile Settings' Tab.

Experts feel that there is ambiguity regarding what will happen to the ITR you have filed if you link your PAN with Aadhaar after August 31.

"Section 139 AA (2) of the Income Tax Act says that every person having PAN as on July 1, 2017 and is eligible to obtain Aadhaar, must intimate his Aadhaar number to the tax authorities. Due to additional compliance requirements, this year, government has given relaxation to link PAN and Aadhaar till August 31, 2017. However, it has not clarified what laws shall apply in case an Individual fails to link PAN and Aadhaar," says Chetan Chandak, Head of Tax Research, H&R Block India.

Soni says, "As per the press release issued by the CBDT, you need to link the Aadhaar with PAN before 31st August, 2017. However, as of now, there is no clarity from the government's side regarding what will happen to the filed ITR for the FY 2016-17, if linking is not done on or before 31st August 2017 i.e. whether this will be taken up for processing or not if linking is done after 31st August 2017."

"As such if your return is treated as invalid then the benefits of various exemption or deduction cannot be claimed as the return is deemed to have not been filed. Once the defect is removed, it will be considered as original return and the return filing date will be same as date of original return. Once the return is valid and in conformity with the intended purpose of the Act, such cured return of income cannot be ignored by the department," adds Chetan.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multimedia Presentations Multimedia Solutions 3D Solutions Corporate Presentations Business Presentations Multimedia Presentation India M

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions