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As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.
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As a new ITR e-filing process is introduced, it is time to learn its basics and unlearn a few things from the previous method. Officially named ‘e-filing 2.0’, the new e-filing process is aimed to be made smoother, simpler, and smarter. This article intends to guide readers on learning to use the ITR form while filing their income tax returns.
So, let’s take a step-by-step look at the filing process.
Individuals filing their tax returns using ITR-1 and ITR-4 can follow the process below:
If you choose the offline mode for filing ITR, you must download the utility ZIP file from the e-filing portal and fill the ITR form.
If you have capital gains during the year, caution is required while filing the Capital Gains schedule. Tax rates vary depending on the type of asset and the holding period. Besides, exemptions on capital gains may also be applicable, which you may miss out on. It is recommended to seek the advice of a chartered accountant if the capital gain calculations involve any complexity.
Here are some things you need to be careful about during the ITR e-filing process:
The e-filing process is a simple and systematic way of declaring your income and tax liability for the previous financial year. We hope that you follow these steps and guidelines and successfully file your return before the due date.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.