Tax Payment Made Easier, ITR Introduces News Forms

sd3. All bank account numbers have to be disclosed

Here the bank account details of the Income Tax payee are required to be filled in the ITR Forms. With the flow of more and more black money in the accounts, it has become necessary to include the details of all bank accounts held by the payee during the financial year. The government has introduced this law to check all the flow of black money in the country as well as to foreign nations.

sd4. Aadhaar card holders need not send ITR-V to Bangalore

Now the government has come up with an idea of dispensing the formality of posting the duly signed ITR-V form to CPC Bangalore, after e-filing of the income tax returns only if the Aadhaar number of the payee is mentioned in returns. For now, Aadhaar number is optional but later the government might plan to make it compulsory.

Income Tax Return (ITR-V) is a verification acknowledgement that you get after the return of your form has been submitted successfully with the Income Tax Department. You are required to print it and sign it after which it will be sent to Income Tax Department CPC Bangalore to complete your return.

Read More: 6 Investing Lessons by The Legend 'Warren Buffet'

E-finance Firms In The Process To Make Loan Approvals Easier