Skip to main content

Without UID, expatriates unable to file tax returns

By

Many expatriates living in India and non-resident Indians living in any other country may just end up in tax trouble with no fault of theirs. They all are set to miss the July 31 deadline for filing income-tax returns due to snags in the e-filing system. 
Several expats are unable to file tax returns because the e-filing system would not accept it without an Aadhaar card link. 
This despite the government, through a recent notification, clarified that foreign citizens are not required to obtain Aadhaar card for tax filing purpose. “In several cases, the income tax e-filing system is not allowing expatriates to upload their returns without Aadhaar as they have been tagged as Indian citizens in the income tax database,” said Amit Maheshwari, partner at Ashok Maheshwary & Associates LLP that is helping several expats deal with the problem. “This anomaly seems to have its origin at the time of allotment of PAN,” he said. That is not the only problem. 
“In several cases, expats who are not tagged in the jurisdiction of the international tax ward are also not able to upload their tax returns,” Maheshwari said. Another person in the know said, "There seems to be some bug in the IT application as it asks expatriates to submit their foreign bank account when that's not required as per the law.” 
NRIs, too, “are unable to upload their tax returns when they mention their country of residence”, the person told ET. Several representations on the issue have been made to the government in the last couple of weeks. The government is yet to take any action in this regard. An email sent to Central Board of Direct Taxes (CBDT) on Thursday morning did not elicit any response as of press time. Many expats and NRIs want the government to extend the deadline for filing the returns. 
An expert, however, said extending the deadline for just one section of the taxpayer is impossible. “If the government decides to extend the deadline, that has to be done for all taxpayers,” the person said. 
The issue of Aadhaar card has come to revisit expats who had thought it was resolved. In April, many tax experts took a view that the Finance Act, 2017 had made it mandatory to enrol for Aadhaar to file tax returns in India or apply for a PAN or keep the existing PAN active effective July 1 if the person is eligible for Aadhaar. 
Under the Aadhaar Act, anyone who is in India for more than 182 days in aggregate in the past 12 months becomes eligible to obtain Aadhaar. This meant that many expatriates were required to obtain an Aadhaar number, experts said. The possibility of having to give out personal details including biometric ones caused panic among the expat community. 
The Economic Times, New Delhi, 28th July 2017

Comments

Post a Comment

Popular posts from this blog

Credit card spending growth declines on RBI gaze, stress build-up

By
  Credit card spends have further slowed down to 16.6 per cent in the current financial year (FY25), following the Reserve Bank of India’s tightening of unsecured lending norms and rising delinquencies, and increased stress in the portfolio.Typically, during the festival season (September–December), credit card spends peak as several credit card-issuing banks offer discounts and cashbacks on e-commerce and other platforms. This is a reversal of trend in the past three financial years stretching to FY21 due to RBI’s restrictions.In the previous financial year (FY24), credit card spends rose by 27.8 per cent, but were low compared to FY23 which surged by 47.5 per cent. In FY22, the spending increased 54.1 per cent, according to data compiled by Macquarie Research.ICICI Bank recorded 4.4 per cent gross credit losses in its FY24 credit card portfolio as against 3.2 per cent year-on-year. SBI Cards’ credit losses in the segment stood at 7.4 per cent in FY24 and 6.2 per cent in FY23, the...
Post a Comment
Read more

SFBs should be vigilant, proactive to mitigate risks: RBI deputy guv

By
  The Reserve Bank of India’s Deputy Governor Swaminathan J on Friday instructed the directors of small finance banks (SFBs) to be vigilant and proactive in identifying emerging risks in the sector.Speaking at a conference for directors on the boards of SFBs, Swaminathan highlighted the role of governance in guiding SFBs towards sustainable growth with stability. He also emphasised the importance of sustainable business models.Additionally, he highlighted the need for strengthening cybersecurity to protect the entities against digital threats and urged for a stronger focus on financial inclusion, customer service, and grievance redressal to ensure a broader reach of banking services.Executive Directors S C Murmu, Rohit Jain, and R L K Rao, along with other senior officials representing the Supervision, Regulation, and Enforcement Departments of the RBI, also participated in the conference.   -  Business Standard  30 th  September, 2024
Post a Comment
Read more

Brigade Hotel Ventures files draft papers with Sebi for Rs 900 crore IPO

By
  Brigade Hotel Ventures Ltd, owner and developer of hotels in South India, has filed draft papers with capital markets regulator Sebi to raise Rs 900 crore through an initial public offering (IPO).The proposed IPO is entirely a fresh issue of equity shares with no Offer-for-Sale (OFS) component, according to the draft red herring prospectus (DRHP).Proceeds from the issue to the tune of Rs 481 crore will go towards payment of debt, Rs 412 crore will be allocated to the company and Rs 69 crore to its material subsidiary, SRP Prosperita Hotel Ventures Ltd.Additionally, Rs 107.52 crore will be used to purchase an undivided share of land from the Promoter, BEL, and the remaining funds will support acquisitions, other strategic initiatives, and general corporate purposes.The company may raise up to Rs 180 crore through a Pre-IPO Placement.   If the placement is undertaken, the issue size will be reduced.Brigade Hotel Ventures Ltd is a wholly-owned subsidiary of Brigade Enterprises ...
Post a Comment
Read more