The Modi government has been stepping up efforts to widen the tax net and maximise revenue collections. In the Union Budget this year and subsequently, several new changes have been announced in income tax related provisions, which include penalties for not filing your return on time.
Among the new provisions, this year has been the mandatory linking of Aadhaar with the PAN number of the taxpayer to eliminate the use of multiple PAN cards to evade tax.
Also, taxpayers have been asked to provide details of cash deposits made in bank accounts for Rs 2 lakh or more, post demonetisation. A new simple â€˜Sahajâ€™ tax return form (ITR-1) has been introduced for individuals with income of up to Rs 50 lakhs.