The 2020 budget has brought in some good news for the senior citizens. This was done to address the falling interest rates, rising cost of living and increasing medical expenses. The government to offer some relief, has introduced provisions such as –
Managing and reviewing your financial records as the financial year ends is crucial for planning your finances well for the coming year. Here are a few factors you should keep in mind while doing the year-end financial planning.
1. Documents, Check
Keeping all paperwork organized, filed and up to date ensures a smooth sail while filing for returns. All accounts need records to back them up; hence, it is critical to have all these documents in place:
2. Tax Calendar - Financial Deadlines
As a taxpayer, it is important that you be aware of the financial deadlines to avoid any penal consequences as well as save on taxes. The Income Tax Department has been informing people about tax dates for the year 2020 through social media. Here are a few to note down:
How to link PAN with Aadhar
It is mandatory to link your PAN with Aadhar before the 31st of March, 2020. You can do so by SMS or online on the Income Tax E-Filing website.
SMS: To link, send a message in the following format to the PAN service providers on 567678 or 56161.
UIDPAN<12-digit Aadhaar Number><10-digit PAN>
For example, if your Aadhar number is 000123456789 and your PAN is AABDA9939Q, then the SMS to be sent will be:
UIDPAN 000123456789 AABDA9939Q
-If you are a registered user at the income tax e-filing website:
1. Log in to the website by entering PAN (User ID), password and your date of birth.
2. Click on the 'Profile Settings' tab and select the last option 'Link Aadhaar'.
3. The screen will reflect a message 'Your PAN is already linked to Aadhaar number (if your PAN is linked with Aadhar).
4. In case your PAN is not linked to Aadhaar, a form will appear where you will be required to enter details - name, date of birth and gender as per PAN records. Next, your Aadhaar number
5. Click on submit after entering the captcha code appearing on the screen
6. Once submitted, a success message will be displayed on your screen.
-If you are a non-registered user and do not wish to register, a hyperlink (Link Aadhar) is provided on the left of the homepage of the e-filing website and also on the income tax website.
- Enter the following details:
2. Aadhaar number; and
3. Name as precisely specified on the Aadhaar card (avoid spelling mistakes)
-After entering the details, enter the captcha and click on submit.
-Post verification from UIDAI the linking will be confirmed.
The process for filing Income Tax Returns requires filling two forms:
ITR 1: Total Income includes
ITR 2: Total Income Includes:
Share this now :
Be a part of our evergreen community by joining us on our social media channels. Your presence will only help us grow bigger and serve you better. Stay in touch and interact with us on the channels below