Channel Title: Tax Pundit Channel Description: Taxpundit.org is India's No. 1 provider of Free Income Tax Case Laws having collection of about 80000 case laws in its Library. Our Library has collection of case laws since 1932 and we keep updating the site on daily Real Time basis. Sometimes we publish the case laws on the same day it was pronounced in the court. Apart from case laws we also publish Circulars/Notification etc and provide state of the art search engine to search and find required content. In addition to this we provide several online services details of which are available on the website www.taxpundit.org. Disclaimer Any information available at this channel is intended for general guidance only and must never be considered a substitute for advice provided by a qualified Tax professional. Always seek the advice of your qualified professional with questions you may have. <video> How to File ITR 1 in 15 Minutes without any professional help | AY 2020-21| Taxpundit Description: Following persons can file ITR 1 for Asstt Year 2020-21 - 1. Individual 2. Income should be below Rs. 50 Lakhs 3. Income sources must be only from Salary or one house property or Income from other sources 4. Should not be director in any company 5. Should not have invested in equity shares of unlisted company 6. Agriculture income should not be more than Rs. 5000/- Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used only if the income being clubbed falls into the above income categories. In this video we have given step by step guide to prepare and submit online ITR 1. If you follow along you should be able to file it within 15 minutes. Before attempting to file it please keep following documents ready - 1. Salary certificate in Form 16 2. Form 26AS and Tds certificates in Form 16A 3. Amount of saving & fixed deposit interest 4. Amount to be claimed as deduction for LIC Premium, Mediclaim, PPF etc We have given every step and instructions which will make you file your ITR 1 without any error. If you have any question, let us know through comments. E-filing website : https://www.incometaxindiaefiling.gov.in/ Tax Payment link : https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp Our previous video in which we have explained all ITR Forms i.e. from ITR 1 to ITR 7 : https://www.youtube.com/watch?v=ynbXUS23Qgw Our website : www.taxpundit.org Gst case laws : gst.taxpundit.org Our Email : taxpundit@taxpundit.org Thanks for your time. Please like, share and subscribe. </video> <video> Rectification of Mistakes under section 154 of Income Tax Act 1961 Description: You can submit a rectification request for errors in the processing of your income tax return by CPC. Only mistakes apparent from record is considered for rectification, such as: 1. Total Tax Liability: For example, tax payments not matched as per the CPC order, cancellation of adjustment of earlier demand, variance in interest/tax computation, amending assessment order or intimation 2. Gross Total Income: For example, income chargeable under any head wrongly considered, salary income not matched, brought-forward losses not been allowed, incorrect set-off of current year losses, amending assessment orders, re-computing total income for succeeding year(s) in respect of loss or depreciation, withdrawing investment allowance, re-computing deemed capital gains. 3. Total Deductions: For example, details of deductions under Chapter VI-A wrongly considered, MAT/MATC or AMT/AMTC not allowed/partially allowed, amending assessment order to allow deduction for late remittance of foreign exchange. 4. Personal Information: For example, requesting to tax at slab rates for partners information of e-filed return, gender of taxpayer wrongly considered/gender updated in PAN database, reduction of tax rate as domestic instead of non-domestic company, date of filing of original return is taken as not within the due date, reduced claim of taxpayer income governed by Portuguese Civil Code, requesting change of residential status, or that the income shown in the return is not taxable as the assessee is a society registered under section 12A or is a non-resident. Now let us understand what are the different request types for income tax rectification? 1. Reprocess the Return 2. Tax Credit Mismatch Correction 3. Additional Information for 234C Interest 4. Status Correction (applicable to ITR-5 and ITR-7, applicable till Assessment Year 2018-19) 5. Exemption Section Correction (applicable to ITR-7 only, applicable till Assessment Year 2018-19) 6. Return Data Correction (Offline) 7. Return Data Correction (Online) Now let us understand step by step process to file rectification request :- Step 1: Log in to the e-Filing portal using your valid user ID and password. Step 2: Click Services - Rectification. Step 3: On the Rectification page, click New Request. Step 4: On the New Request page, your Permanent account number will be auto-filled. Select Income Tax. Step 5: Select the Assessment Year from the dropdown. Click Continue. Step 6: Choose Rectification requests classification for example reprocess the return, tax credit mismatch correction, return data correction online or offline etc as per your requirement. It is advisable to select 'Reprocess the Return' if you have furnished true and correct particulars in return of income and cpc has not considered the same during processing. It is advisable to select 'Tax Credit Mismatch' if you want to correct details in tds/tcs/it challans of the processed return. Please reenter all the details in the schedules. All the corrected entries as well as other entries mentioned in the ITR filed earlier are to be entered. Make the necessary corrections in the data. While doing corrections, make sure not to claim credits which is neither a part of the processed return nor the 26AS statement. It is advisable to select 'Additional Information for 234C interest' if you want correction in particulars of 234C interest calculation for correct processing by cpc. It is advisable to use 'Status Correction' if you have been charged maximum marginal tax rates during processing by department without giving effect to correct status and sub status. 'Exemption Section Correction request' may be made if you are an institution/entity claiming exemption under section 10 and required correction in particulars of exemption. In 'Return data correction (Offline)' selection of appropriate reasons while submission of rectification request in mandatory for correct processing of request by the department. Please re-enter all the entries in the schedules. All the corrcted entries as well as remaining entries mentioned in the ITR filed earlier are to be entered. Make the necessary corrections in the data. While doing corrections, make sure not to declare any new source of income or declare additional deductions. In 'Return data correction (Online)' also you have to select appropriate reasons for data correction in return for correct processing by CPC in support of claim for rectification. Step 7 : After selecting appropriate class for rectification and filling all details please submit the request. On submission you will be taken to the e-verification page. On successful validation, your request will be submitted. A success message will be displayed. You will also receive a confirmation message on your e-mail ID and mobile number registered with the e-Filing portal. </video> <video> How to claim expenses against Interest Income? | Hindi | 2020 | Taxpundit Description: Income from Other Sources is one of the heads of income chargeable to tax under the Income tax Act. 1961. Any income that is not covered in the other four heads of income is taxable under income from other sources, because of this, it is known as residuary head of income. All the incomes excluded from salary, capital gains, house property or business & profession are included in Income from other sources, except those which are exempt under the Income Tax Act. Incomes taxable only in Income from Other Sources are - 1. Dividend Income; 2. Income earned from winning lotteries, crossword puzzles, races (including horse race), gambling or betting of any kind; 3. Money or movable/immovable property received without consideration or inadequate consideration during previous year; 4. Interest on compensation or enhanced compensation received; 5. Advance money received or money received in negotiation for transfer of a capital asset Allowable Expenses - As per Section 57(iii), a deduction is allowed for any other expense (which is not a capital expense) which has been spent wholly and exclusively for making or earning such income. If any money or commission has been paid for realising a dividend, such expenses are allowed to be deducted from the dividend income which is taxed as income from other sources. If the income is from a non-recurring source (or causal income) such as income from lottery, horse race etc, then a tax of 30% is directly applicable to the total income amount. Thanks for watching. Please like, share and subscribe. Visit our website : www.taxpundit.org GST Case Laws : gst.taxpundit.org </video> <video> New TDS Rates for FY 2020-21 w.e.f 14th May, 2020 | AY 2021-22 | Taxpundit Description: The Central Board of Income Tax announced a 25 per cent reduction in TDS (tax deducted at sources) and TCS (tax collected at source) from May 14 to March 31 with an aim to enhance liquidity in the hands of taxpayers. This reduction in TDS will only be applicable for 23 levied payments. Similarly, for TCS, it will be applicable to four categorise rooms of the Income Tax Act. However, there shall be no reduction in rates, where tax is required to be deducted or collected at higher rate due to non-furnishing of PAN/Aadhaar. The rates at which TDS is applied may vary as per the nature of income which could be between 1% – 30%. The onus to collect TDS and deposit the same lies on the service provider or the seller. In this video we have explained new details rates in detail. Visit our website : www.taxpundit.org GST Case Laws : gst.taxpundit.org Please Like, Share this video and subscribe to our channel. Thanks for watching. </video> <video> How to Calculate Tax? Which Tax Regime is better for me? (2020) (Hindi) | Taxpundit Description: In this video we have covered 5 useful tools provided by Income Tax Department in their website www.incometaxindiaefiling.gov.in List of tools explained in this video - 1. Tax Calculator for new and old regime for FY 2020-21 2. How to link PAN with Aadhaar number/card 3. Verify PAN details and check its status whether active or not 4. Tax Calendar 5. Check authenticity and genuineness of Notice/Order issued by Income Tax Department Please like & share this video and subscribe to our channel. Our website : www.taxpundit.org GST Case Laws : gst.taxpundit.org Thanks for your continuous support. </video> <video> How to File ITR 4 for Presumptive Income u/s 44AD & 44ADA Small Businessman | AY 2020-21 | Taxpundit Description: ITR 4 is to be filed by the individuals/HUF/ partnership firm whose total income of AY 2020-21 includes : a. Business income under section 44AD or 44AE b. Income from profession calculated under section 44ADA c. Salary/pension having income up to Rs 50 lakh d. Income from One House Property having income up to Rs 50 lakh Who is not required to file ITR 4 for AY 2020-21? a. An individual having income from salary, house property or other sources above Rs 50 lakh cannot use this form. b. An individual who is either a director in a company and has invested in unlisted equity shares cannot use this form. c. An individual, HUF or partnership firm whose books of accounts should be audited under the Income Tax Act, 1961. ITR 4 shall not be filed if assessee has: a. to avail the benefit of carry forward and set of loss under house property; loss under other sources; b. any claim of relief under section 90 and/or section 91; c. any claim of credit of tax deducted at source in the hands of any other person. Investment / deposit / payments between 01.04.2020 to 30.06.2020 for the purpose of claiming any deduction under Part B of Chapter VIA to be filled under Schedule DI. E-Filing website : www.incometaxindiaefiling.gov.in GST Case Laws : gst.taxpundit.org Our other videos : 1. How to file ITR 1 for AY 2020-21 : https://www.youtube.com/watch?v=7bUqRC9InSk 2. Instant E-Pan Card : https://www.youtube.com/watch?v=y5fTtWOv5Tg&t=3s 3. New ITR Forms for AY 2020-21 : https://www.youtube.com/watch?v=ynbXUS23Qgw Thanks for watching. Please like, share this video and Subscribe to our channel. </video> <video> How to Register and Login on Efiling website of Income Tax India? | Taxpundit Description: Before starting registration Process, ensure the following details are handy - 1. Valid PAN 2. Valid Mobile Number 3. Valid Current Address 4. Valid Email Address, preferably your own Perform the following steps to register as an 'Individual User': 1. Visit the ‘e-Filing’ Portal www.incometaxindiaefiling.gov.in 2. Click ‘Register Yourself' button located at right side of the Home Page. 3. Select the user type as ‘Individual’. Click Continue 4. Provide Basic Details e.g. Date of Birth, Residential status etc 5. Fill in mandatory details e.g. password. contact details, email, mobile etc. 6. For Residents, a six digit OTP1 and OTP2 will be shared on your mobile number and email ID, specified at the time of registration. For Non-residents, OTP will be shared on your primary email ID, specified at the time of registration 7. Enter the correct OTP to complete the registration process 8. After successful registration visit incometaxindiaefiling.gov.in and click on Login Here 9. Provide user id, password and complete captcha 10. Click on Login to enter the efiling portal Visit our website : www.taxpundit.org GST Case Laws : gst.taxpundit.org Thanks for watching. Please like, share this video and subscribe to our channel. </video> <video> Budget 2020 | Truth Behind Basic Exemption of Rs 5 Lakh | Find Out Whether to Opt or Not? |Taxpundit Description: Tax Proposals in Budget 2020 :- 1. Simplified and New Income Tax Regime as an option to the old regime the old regime. 2. Dividend Distribution Tax removed and classical system of dividend taxation adopted. 3. Simplified GST return shall be implemented from 1st April 2020. Refund process to be fully automated. 4. Concessional corporate tax rate of 15 per cent to new domestic companies in manufacturing and power sector. 5. Tax concession for sovereign wealth fund of foreign governments and other foreign investments. 6. Tax benefits to Start-ups by way of deduction of 100 per cent of their profits are enhanced by increasing turnover limit and period of eligibility. 7. Concessional tax rate for cooperatives proposed. 8. Turnover threshold for audit of MSMEs increased. 9. Extension of time limits pertaining to the tax benefits for affordable housing. 10. Issuance of Unique Registration Number to all charity institutions for easy tax compliance. 11. Health cess to be imposed on imports of medical equipment given these are made significantly in India. Like, share this video and subscribe to our channel. Follow us on : Facebook : facebook.com/taxpundit.org Twitter : @Taxpundit1 </video> <video> What is Form 26AS and How to Download it? | AY 2020-21| Taxpundit Description: Form 26AS (Tax Credit Statement) is the annual statement in which the details of tax credit are maintained for each taxpayer as per the database of Income-tax Department. Form 26AS will reflect the tax credit against the PAN of the taxpayer. This form is an annual consolidated tax statement that can be accessed from the income-tax website by all taxpayers using their Permanent Account Number (PAN). If you have paid taxes on your income or tax has been deducted from your income, the Income tax department already has these details in their database. Perform the following steps to view or download the Form-26AS from e-Filing portal: 1. Logon to ‘e-Filing’ Portal www.incometaxindiaefiling.gov.in 2. Go to the 'My Account' menu, click 'View Form 26AS (Tax Credit)' link. 3. Read the disclaimer, click 'Confirm' and the user will be redirected to TDS-CPC Portal. 4. In the TDS-CPC Portal, Agree the acceptance of usage. Click 'Proceed'. 5. Click ‘View Tax Credit (Form 26AS)’ 6. Select the ‘Assessment Year’ and ‘View type’ (HTML, Text or PDF) 7. Click ‘View / Download’ 8. To export the Tax Credit Statement as PDF, view it as HTML click on 'Export as PDF'. Thanks for watching. Please like, share and Subscribe. Our website : www.taxpundit.org Gst Case Laws : gst.taxpundit.org </video> <video> PAN - Income Tax Rules in Hindi | Taxpundit (2020) Description: With effect from April 08, 2012, PAN applications are required to be furnished in the new forms prescribed by ITD. Indian citizens will have to submit their ‘Application for allotment of new PAN’ in revised Form 49A only. Foreign citizens will have to submit their ‘Application for allotment of new PAN’ in newly notified Form 49AA only. For New PAN applications, in case of Individual and HUF applicants if Address for Communication is selected as Office, then Proof of Office Address along with Proof of residential address is to be submitted to NSDL e-Gov w.e.f. applications made on and after 1st November 2009. As per RBI guidelines, the entities making e-commerce transactions are required to provide PIN (Personal Identification Number) while executing an online transaction. Accordingly, before making payment for online PAN/TAN applications using credit/debit card, please ensure that the PIN is obtained from your respective Banks. Change/Correction in PAN Data :- This application should be used when PAN has already been allotted to the applicant but applicant wants to make change/correction in PAN data. A new PAN card bearing the same PAN with updated details will be issued to applicant. Appropriate check boxes in front of the relevant core details (i.e. name, father’s name, date of birth) should be selected, in order to update the details. There are two types of PAN applications: Application for allotment of PAN: -This application form should be used when the applicant has never applied for a PAN or does not have PAN allotted to him. Applicant may visit ITD’s website www.incometaxindia.gov.in to find whether a PAN has been allotted to him or not. Following forms have been notified by ITD (w. e. f. November 1, 2011) for submitting applications for allotment of new PAN: FORM 49A: - To be filled by Indian citizens including those who are located outside India. FORM 49AA: - To be filled by foreign citizens. Application for new PAN Card or/and Changes or Corrections in PAN Data: - Those who have already obtained the PAN and wish to obtain the new PAN card or want to make some changes / corrections in their PAN data, are required to submit their applications in the following form prescribed by ITD: REQUEST FOR NEW PAN CARD OR/AND CHANGES OR CORRECTION IN PAN DATA’: - The same form can be used by Indian as well as foreign citizens. A new PAN card bearing the same PAN but updated information is issued to applicant in such case. How to Apply Applicant may either make an online application through this website or submit physical PAN Application to any TIN-FC or PAN centre of NSDL. Applicants should go through the instructions and guidelines provided in the application form before filling the form. Please Like, Share this video and subscribe to our channel. Our website : www.taxpundit.org GST Case Laws : gst.taxpundit.org </video> <video> How to E-Verify ITR using Digital Signature Certificate (DSC) Description: Hello and welcome to taxpundit. In this video we will how we can e-verify Income Tax Return using digital signature certificate. For e-verification of ITR with Digital Signature Certificate you must have :- 1. Valid and active DSC 2. Emsigner utility installed and running on your PC 3. DSC USB token procured from a Certifying Authority provider 4. Plugged-in DSC USB token in your PC AND 5. The DSC USB token is a Class 2 or Class 3 certificate. Please note that You will not be able to e-Verify your ITR using Digital Signature Certificate if you select the e-Verify Later option while submitting Income Tax Return. You can use DSC as an e-Verification option if you choose to e-Verify your ITR immediately after filing. Let us understand this e-verification mode step by step :- Step 1: On the e-Verify page, select I would like to e-Verify using Digital Signature Certificate (DSC). Step 2: On the Verify Your Identity page, select Click here to download emsigner utility. Step 3: After the download and installation of emsigner utility is complete, select I have downloaded and installed emsigner utility on the Verify Your Identity page and click Continue. Step 4: On the Data Sign page, select your Provider, Certificate and enter the Provider Password. Click Sign. A success message page is displayed along with a Transaction ID. Please keep a note of the Transaction ID for future reference. You will also receive a confirmation message on your email ID and mobile number registered on the e-Filing portal. Thanks for watching the video. </video> <video> Income Tax Refund | Reissue of Tax Refund | Refund Status Check | (2020) | Hindi | Taxpundit Description: In this video we have explained the complete procedure of Income Tax Refunds and Procedure of Re-Issuance of Income Tax Refund. How will the Refund be sent to me? Depending on the option exercised by the assesse while filing his annual ITR, refund will be made either through electronic mode i.e. direct credit to account or through Refund Cheque. Tax payers are therefore, required to enter correct Account number and IFSC code along with complete address details including PIN code at the time of filing of Return. Refunds sent through cheques are dispatched to the address as mentioned by the tax payers through Speed Post. The TIN status (Refund Status) shows that Refund had Expired. What shall I do? Refund not presented for payment within the validity period of 90 days is marked as expired and cancelled. Tax payer may raise Refund re-issue request. In case the return was filed electronically- Refund reissue request may be raised online by login into e-filing portal i.e.https://incometaxindiaefiling.gov.in with user ID and password. In other cases the Taxpayer should contact Assessing Officer under whose jurisdiction the Return was filed for re-initiation of Refund. The TIN status (Refund Status) shows that Refund had Returned. What shall I do? ECS – The taxpayer may give correct bank details and raise refund reissue at e-filing portal/Assessing Officer. Paper refund- Tax payer may give correct details about address and raise refund issue request at e-filing portal/Assessing Officer. Whom do I contact if the refund dispatched has not been received? All Refunds are dispatched through Speed Post for which Tracking number is provided in the refund status track view on TIN. The tax payer can view status of the same on India Post tracking site i.e.www.indiapost.gov.in or contact its local post office with tracking number as displayed on TIN. How do I rectify any mistakes in the name, account number printed on the refund cheque delivered to me? Send the original refund cheque to CMP Operations Centre, State Bank of India, Survey No.21 Opposite : Hyderabad Central University, Main Gate, Gachibowli, Hyderabad -500019 for cancellation of the Cheque (along with a letter informing the mistakes on the refund cheque) and updating cancellation status on TIN. Once the status is updated as returned, Taxpayer may contact Ward Assessing Officer for modification in Name/Account number and re-initiation of Refund. If, however, the return was filed online, modification in account number and raising of Refund reissue request may be done online by login into e-filing portal i.e. https://incometaxindiafiling.gov.in with user ID and password. I have received the ECS refund advice and TIN status of refund is “paid” but my account has not been credited? Please check the Account number given in the ECS advice sent by CMP Centre carefully. If the Account number, IFSC/MICR code given in the advice is correct-please contact your Branch and enquire about the status of NEFT UTR Number or NECS sequence number as displayed on TIN. In case the account number given is incorrect-please check with your Bank whether the amount had been credited in wrong account. Please send an email to itro@sbi.co.in for guidance. The status on TIN (Refund Status) shows that Refund had been adjusted against outstanding demand of previous year. What does that mean? This means that Refund for the current year had been adjusted against outstanding demand of previous Assessment year either in-part or in-full. Please verify details from the ECS advice sent by SBI CMP Centre through email or post. Details of the outstanding demand may be obtained from e-filing portal/CPC Bangalore. In case of e-filed returns - enquiry may be made by login into e-filing portal. Whom should I contact for refund related queries? For any refund related query the tax payer should contact Aayakar Sampark Kendra Toll Free No. 1800-180-1961 or email at refunds refunds@incometaxindia.gov.in For refund related query or any modification in refund record relating to return processed at CPC Bangalore, the same may be contact on Toll free Number 1800-425-2229 or 080-43456700. For any payment related query the taxpayer should contact SBI Contact Centre Toll Free No. 1800-425-9760. Thanks for watching. Please like, share this video and subscribe to our channel. Visit our website : www.taxpundit.org GST Case Laws : gst.taxpundit.org </video> <video> What is Form 15-G and 15-H? How to Download and submit them? | 2020 | Taxpundit Description: Income tax department have prescribed self-declaration forms to avoid unnecessary TDS. In these form applicant need to give an undertaking that her income is below the threshold limit of income tax and hence exempt from tax. There are two categories of forms for the purpose—Form 15G is for those who are younger than 60 years and form 15H is for those above 60 years of age. Before you use these forms, make sure your tax liability during the year is expected to be nil or else you may need to pay a penalty. The forms are required to be furnished at the beginning of the year, but if you realise later in the year that your income is expected to be more than what you estimated at the beginning, make sure you pay the tax on the estimated income in the form of advance tax. In an order dated 3 April, 2020, Central Board of Direct Taxes (CBDT) stated that, “to mitigate the hardships of small taxpayers, it has been decided that if a person had submitted valid Forms 15G and 15H to the banks or other institutions for F.Y. 2019-20, then these Forms would be valid up to 30.06.2020." The aim was to safeguard the small tax payers against TDS where there is no tax liability. In this video we have explained the provision and procedure to download and submit Form 15G and Form 15H. Form download Link : https://www.incometaxindia.gov.in/Pages/downloads/most-used-forms.aspx Our Video on Instant E-Pan Card : https://www.youtube.com/watch?v=y5fTtWOv5Tg&t=3s Our website : www.taxpundit.org GST Case Laws : gst.taxpundit.org Please Like, share this video & subscribe to our channel. Thanks for watching. </video> <video> Instant PAN through Aadhaar in 10 Minutes Free of Cost (Hindi) | 2020 | Taxpundit Description: This facility is for allotment of Instant PAN (on near-real time basis) for those applicants who possess a valid Aadhaar number. PAN is issued in PDF format to applicants, which is free of cost. The applicant is required to type in her/his valid Aadhaar number and submit the OTP generated on the registered mobile number. Once the process is complete, a 15-digit acknowledgment number is generated. Once request is submitted, the applicant can check the status of the request at any time by providing her/his valid Aadhaar number and on successful allotment can download the PAN. The applicant will also receive a copy of the PAN in the e-mail id registered with the Aadhaar database. The salient points of this facility are: a. The applicant should have a valid Aadhaar which is not linked to any other PAN. b. The applicant should have his mobile number registered with Aadhaar. c. This is a paper-less process and applicants are not required to submit or upload any documents. d. The applicant should not have another PAN. Possession of more than one PAN will result in penalty under section 272B(1) of Income-tax Act. How to apply for instant PAN a. To apply for PAN, please visit the e-Filing website of Income-tax department. (Url: www.incometaxindiaefiling.gov.in) b. Click the link- 'Instant PAN through Aadhaar'. c. Click the link- 'Get New PAN'. d. Fill in your Aadhaar in the space provided, enter captcha and confirm. e. The applicant will receive an OTP on the registered Aadhaar mobile number; submit this OTP in the text box on the webpage. f. After submission, an acknowledgement number will be generated. Please keep this acknowledgment number for future reference. g. On successful completion, a message will be sent to the applicant's registered mobile number and e-mail id (if registered in UIDAI & authenticated by OTP). This message specifies the acknowledgement number. How to download PAN a. To download PAN, please go to the e-Filing website of Income-tax department. (Url: www.incometaxindiaefiling.gov.in) b. Click the link- 'Instant PAN through Aadhaar'. c. Click the link- 'Check Status of PAN'. d. Submit the Aadhaar number in the space provided, then submit the OTP sent to the Aadhaar registered mobile number. e. Check the status of application- whether PAN is allotted or not. f. If PAN is allotted, click on the download link to get a copy of the e-PAN pdf. Thanks for watching. Please like, share & subscribe to our channel. Our website : www.taxpundit.org GST Case Laws : gst.taxpundit.org </video> <video> New ITR Forms for AY 2020-21 | Which Form is applicable? | Income Tax Returns | Hindi | Taxpundit Description: Income tax department has released ITR forms for financial year 2019-20 relevant to Assessment Year 2020-21. In a notification, the finance ministry issued ITR 1 (Sahaj), ITR 2, ITR 3, ITR 4 (Sugam), ITR 5, ITR 6, ITR 7 and ITR V forms. The income tax department had earlier withdrawn ITR form 1 and ITR form 4 to incorporate changes made in income tax rules in the wake of the Covid pandemic. "The new forms require a separate table to disclose tax saving investment made in Q1 2020 for availing them in FY 2019-20. Which ITR Form ? ITR 1 form: Also known as Sahaj, this one is mainly for salaried individuals earning upto ₹50 lakh annually. ITR 2 form: For individuals and HUFs not having income from profits and gains of business or profession. ITR 3 form: For individuals and HUFs having income from profits and gains of business or profession. ITR 4 form: Also known as Sugam, it is meant for individuals, HUFs and firms (other than LLP) having total income upto ₹50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE. Individuals who are either director in a company or have invested in unlisted equity shares are barred from using this form to file ITR. ITR 5 form: For persons other than individual, HUF, company and person filing ITR 7 form ITR 6 form: For companies other than companies claiming exemption under section 11. ITR 7 form: For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only. Finance Minister Nirmala Sitharaman had recently extended the last date for filing of all ITRs for 2019-20 to November 30, 2020 due to the lockdown. Earlier, individuals and other non-corporate taxpayers not subject to tax audit or transfer pricing are required to file ITR by July 31. Please like, share this video and subscribe to our channel. Our website : www.taxpundit.org GST Case Laws : gst.taxpundit.org </video>

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