Latest Update The last date for linking Aadhaar with PAN has been extended to 31st March 2023. An Aadhaar card contains a unique 12-digit number issued to every citizen in India by the Unique Identification Authority of India (UIDAI). It is an identification number that helps access the cardholder’s details from the government database, such as biometrics and contact information. Any individual, irrespective of age and gender, being a resident of India, can enrol to obtain an Aadhaar number voluntarily. The enrolment process is free of cost.

Procedure to add previous years’ losses in your IT return for the current assessment year. Step 1: Log in to your account on www.cleartax.in. Step 2: Under ‘My Account’, click on the ‘Advance options’. Step 3: A window will pop up. Click on the ‘Loss Summary’ from the options. Step 4: Click on ‘Add Previous Year Loss’ to enter the details of brought forward losses. You can also add details of unabsorbed depreciation by clicking on ‘Add Previous Year Depreciation Loss’. Step 5: Once you click on ‘Add Previous year loss’, select the assessment year and loss category from the dropdown menu. Enter the loss amount in negative value by prefixing a ‘-’. Step 6: All your losses will be saved and listed in your profile. Then, you will have to enter the filing dates, i.e the date on which you filed your return and declared these losses.

New sections were introduced in the Finance Bill, 2021 to deduct TDS (tax deducted at source)/collect TCS (tax collected at source) at higher rates when the amount is paid to specified persons who have not filed their income tax returns. Section 206AB is inserted after section 206AA of the income tax act. The latter provides for the deduction of TDS at higher rates for those who do not provide/furnish their Permanent Account Number (PAN). Similarly, section 206CCA for TCS is inserted after section 206CC of the Income Tax Act. Read on for a detailed explanation covering the recent CBDT circular no.

You can file your returns online with the help of your Aadhar Card. Taxpayers no longer have to send a 1-page verification document i.e. the ITR-V to the Income Tax Department in Bangalore. Instead, they can verify their returns online with the help of an Electronic Verification Code (EVC). Latest Updates The CBDT has reduced the time limit of ITR verification to 30 days (from 120 days) from the date of return submission. The new rule is applicable for the returns filed online on or after 1st August 2022.

It is natural to make a mistake or two when you do something you don’t do often or are not used to doing – like filing income tax returns. Sometimes we may miss entering certain information. Sometimes there could be an error. In such cases, your return is considered as a ‘defective return’ and the income tax department will issue a notice of defective return as per Section 139(9) to rectify the errors. If not rectified on time, these mistakes can lead to unpleasant repercussions.

Step 1: Check the Reason for the defective Notice. An income tax return (ITR) may be marked defective for various reasons. Say you have received a defective notice because there is a mismatch between Form 26AS and your ITR. Download Form 26AS from the IT portal and check if you have earned any income on which tax has been deducted, for e.g.: interest income from term deposits;dividend income or any other income  Ideally, you should have reported both your income and the tax deducted in your ITR. However, if you claim only TDS but miss out on reporting the income, you may receive a defective notice. Step 2: Once you identify the reason, log in to ClearTax and prepare the ITR u/s 139(9) Steps on how to respond to defective notice u/s 139(9) on Cleartax: 1.

Thanks to the fintech sector, which has made Wall Street accessible to Dalal Street investors. With a large number of investors punting on the US stock markets, it becomes more important than ever to discuss the compliance requirements in India. This article attempts to enlist all the tax implications and how to use ClearTax to fill the required details in your ITR if you have invested in US stocks. Tax Implications if you have invested in US Stocks  Any resident individual who has invested in US stocks, i.e. holding equity shares or debt instruments of a US entity, must disclose the details of their holdings in the income tax return in India. The disclosure must be made irrespective of whether they made gains from such investments.

Computing capital gain taxes cannot seem tedious or time-consuming when you file your return on ClearTax. Because all you need to do is upload your capital gains statement from your broker’s platform. All your equity and mutual fund transactions will be captured and segregated automatically as long-term capital gains, short-term capital gains, business income, or speculative income within minutes. Here’s how you can fill the capital gain details in your ITR if you have an account with Motilal Oswal. Login Step 1: Log in to the ClearTax account. Step 2: Choose a plan and click on the ‘Start Filing’ button. Linking PAN Step 3: Enter your ‘PAN’ and ‘Date of Birth’ to link your PAN. Then, choose the number on which you want to receive the OTP – ‘Aadhaar registered mobile number’ or ‘IT Department registered mobile number’. Step 4: Enter the OTP and click ‘Verify OTP’. Pre-fill personal and salary information Step 5: Complete another OTP verification to have your personal and salary information pre-filled.  Note: You may skip the pre-fill option and manually enter the details. Step 6: A preview of your all personal details will appear on the screen.

It is important to report all your income details in your income tax return. However, filling capital gains can be very cumbersome and time-consuming. You have to manually enter details of the Buy Price, Sell Price, STT, date of these transactions, etc. ClearTax has integrated with top brokerages in the country like 5Paisa, Paytm Money, Groww, CAMS, Karvy, Sharekhan, ICICI direct, Zerodha, Upstox, etc. to simplify this process for you. All you need to do is download the capital gains report from your Sharekhan account and upload it on ClearTax to capture thousands of capital gains transactions automatically. Here is the step-by-step procedure to download the “Capital Gain Report” from the Sharekhan platform and upload it on ClearTax. Steps to Download Capital Gain Report from the Sharekhan website Step 1:  Log in with your credentials on the Sharekhan portal.Note: You can also download the report from the Sharekhan mobile app.

ClearTax helps you compute the capital gains in minutes. Hundreds of capital gain transactions can be processed with a single click. Upload your capital gains statement from your broker’s platform, and all your equity and mutual fund transactions will be analysed. The data will automatically be segregated into long-term capital gains, short-term capital gains, business income or speculative income within minutes and captured on the ClearTax platform. Here’s a guide on capturing capital gains transactions through your SBI Securities account. Login Step 1: Log in to your account on the ClearTax platform. Step 2: Choose from the various plans available and click on the ‘start filing’ button. Linking PAN Step 3: Now, link your PAN by entering your ‘PAN’ and ‘Date of Birth’.