Skip to main content

I-T filing: Aadhaar must for expats who stay for more than 6 months


Expatriates who have stayed for at least 182 days in India a year before July 1, 2017, need to apply for Aadhaar if they are filing tax returns in the country.Else, they would have to file returns by June 30 this year. 

The income tax (IT) department clarified that foreign nationals who stayed less than 182 days need not quote the Aadhaar number in their I-T returns. 

According to the Aadhaar Act, 2016, those who have stayed in India for at least 182 days (almost six months) inayear preceding the date of application for Aadhaar are considered residents.

The requirement of mandatorily quoting the Aadhaar number is effective from July 1.

This means that those who have stayed in India for more than almost six months between June 30, 2016, and July 1, 2017, need to quote their Aadhaar number.

Thus, those who were in India for at least 182 daysayear prior to July 2017 and are required to file income tax returns will need to get Aadhaar.If these expatriates have left India, they will have to come back to apply for Aadhaar as it requires biometric details, said Naveen Wadhwa of Taxmann.The other option before them is to file the returns before June 30, he said. 

These troubles arise for expatriates as Aadhaar and I-T returns classify non-residents differently.According to I-T returns, the financial year concerned is taken into account, while in Aadhaar,a year before applying for enrolment is taken into consideration.

If these expats have left India, they will have to come back to apply for Aadhaar as it requires biometric details

06TH APRIL,2017,BUSINESS STANDARD,NEW-DELHI

Comments

Popular posts from this blog

New income tax slab and rates for new tax regime FY 2023-24 (AY 2024-25) announced in Budget 2023

  Basic exemption limit has been hiked to Rs.3 lakh from Rs 2.5 currently under the new income tax regime in Budget 2023. Further, the income tax slabs in the new tax regime has been changed. According to the announcement, 5 income tax slabs will be there in FY 2023-24, from 6 income tax slabs currently. A rebate under Section 87A has been enhanced under the new tax regime; from the current income level of Rs.5 lakh to Rs.7 lakh. Thus, individuals opting for the new income tax regime and having an income up to Rs.7 lakh will not pay any taxes   The income tax slabs under the new income tax regime will now be as follows: Rs 0 to Rs 3 lakh - 0% tax rate Rs 3 lakh to 6 lakh - 5% Rs 6 lakh to 9 lakh - 10% Rs 9 lakh to Rs 12 lakh - 15% Rs 12 lakh to Rs 15 lakh - 20% Above Rs 15 lakh - 30%   The revised Income tax slabs under new tax regime for FY 2023-24 (AY 2024-25)   Income tax slabs under new tax regime Income tax rates under new tax regime O to Rs 3 lakh 0 Rs 3 lakh to Rs 6 lakh 5% Rs 6

Jaitley plans to cut MSME tax rate to 25%

Income tax for companies with annual turnover up to ?50 crore has been reduced to 25% from 30% in order to make Micro, Small and Medium Enterprises (MSME) companies more viable and also to encourage firms to migrate to a company format. This move will benefit 96% or 6.67 lakh of the 6.94 lakh companies filing returns of lower taxation and make MSME sector more competitive as compared with large companies. However, bigger firms have shown their disappointment since the proposal for reducing tax rates was to make Indian firms competitive globally and it is the large firms that are competing globally. The Finance Minister foregone revenue estimate of Rs 7,200 crore per annum for this for this measure. Besides, the Finance Minister refrained from removing or reducing Minimum Alternate Tax (MAT), a popular demand from India Inc., but provided a higher period of 15 years for carry forward of future credit claims, instead of the existing 10-year period. “It is not practical to rem

Don't forget to verify your income tax return in August: Here's the process

  An ITR return needs to be verified within 120 days of filing of tax return. Now that you have filed your income tax return, remember to verify it because your return filing process is not complete unless you do so. 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. E-verification is the most convenient and instant method for verifying your ITR. However, if you prefer not to e-verify, you have the option to verify it by sending a physical copy of the ITR-V. Taxpayers who filed returns by July 31, 2023 but forget to verify their tax returns, will get the following email from the tax department, as per ClearTax. If your ITR is not verified within 30 days of e-filing, it will be considered invalid, and may be liable to pay a Late Fee. Aadhaar OTP | EVC through bank account | EVC through Demat account | Sending duly signed ITR-V through s