The document discusses the process of e-filing income tax returns in India. It provides definitions of key terms related to income tax returns such as assessment year, previous year, and total income. It outlines the various forms used to file returns based on an individual's or HUF's income sources. It also summarizes recent amendments made to the income tax return forms, including additional schedules on foreign assets/income and a new schedule to report personal assets and liabilities.
This document discusses income tax returns (ITRs) in India. It defines tax and explains that an ITR is a form submitted to the Indian tax department by individuals and organizations. It outlines who is eligible to file an ITR based on their income source and lists the main ITR forms (ITR1 through ITR7). It provides more details on ITR2 and ITR4, including who can file each form and cannot. Finally, it outlines the basic steps to file an ITR online through the e-filing portal.
Filing tax returns - pitfalls and precautionsAmeet Patel
This document provides information on filing individual income tax returns in India, including:
- When filing a return is mandatory based on income thresholds
- Due dates for filing depending on taxpayer category
- Penalties for late or non-filing
- The filing process and appropriate forms to use
- Key deductions and exemptions to claim correctly
- Obtaining tax credits and ensuring TDS is reflected in Form 26AS
- Precautions like maintaining documents and making payments by cheque
- New requirements introduced in recent income tax return forms
This presentation introduces electronic filing or e-filing of tax returns. E-filing involves submitting tax returns over the internet using approved tax preparation software. There are three ways to e-file - with a digital signature so no paper return is needed, without a digital signature and filing an ITR-5 verification form, or through an e-return intermediary. E-filing has benefits over paper filing like being able to file from anywhere, fewer errors, faster processing, and less malpractice. Common e-filing involves obtaining an e-format file, filling it out, validating it, and uploading it. The website for e-filing is https://www.incometaxindiaefiling.gov.in.
TDS refers to tax deducted at source, which is a mechanism in India to collect income tax. It applies to various types of income such as salaries, business income, interest income, and capital gains. For salaries, the employer is responsible for deducting tax from an employee's salary and depositing it with the government. Interest income also faces TDS, where the payer of interest needs to deduct tax depending on the type of interest and exemption limits. Documents like TDS certificates and quarterly returns need to be issued to deductees and submitted to the tax department respectively.
This document discusses the different Income Tax Return (ITR) forms that can be used in India. It provides information on ITR-1 (SAHAJ), ITR-2, ITR-3, ITR-4, ITR-4S, ITR-5, ITR-6, and ITR-7 forms, including who is eligible to use each form and what types of income can and cannot be reported using each form. It also summarizes the key points about e-filing requirements and processes for individuals, HUFs, firms, companies and other entities.
This document discusses income tax returns (ITRs) in India. It defines tax and explains that an ITR is a form submitted to the Indian tax department by individuals and organizations. It outlines who is eligible to file an ITR based on their income source and lists the main ITR forms (ITR1 through ITR7). It provides more details on ITR2 and ITR4, including who can file each form and cannot. Finally, it outlines the basic steps to file an ITR online through the e-filing portal.
Filing tax returns - pitfalls and precautionsAmeet Patel
This document provides information on filing individual income tax returns in India, including:
- When filing a return is mandatory based on income thresholds
- Due dates for filing depending on taxpayer category
- Penalties for late or non-filing
- The filing process and appropriate forms to use
- Key deductions and exemptions to claim correctly
- Obtaining tax credits and ensuring TDS is reflected in Form 26AS
- Precautions like maintaining documents and making payments by cheque
- New requirements introduced in recent income tax return forms
This presentation introduces electronic filing or e-filing of tax returns. E-filing involves submitting tax returns over the internet using approved tax preparation software. There are three ways to e-file - with a digital signature so no paper return is needed, without a digital signature and filing an ITR-5 verification form, or through an e-return intermediary. E-filing has benefits over paper filing like being able to file from anywhere, fewer errors, faster processing, and less malpractice. Common e-filing involves obtaining an e-format file, filling it out, validating it, and uploading it. The website for e-filing is https://www.incometaxindiaefiling.gov.in.
TDS refers to tax deducted at source, which is a mechanism in India to collect income tax. It applies to various types of income such as salaries, business income, interest income, and capital gains. For salaries, the employer is responsible for deducting tax from an employee's salary and depositing it with the government. Interest income also faces TDS, where the payer of interest needs to deduct tax depending on the type of interest and exemption limits. Documents like TDS certificates and quarterly returns need to be issued to deductees and submitted to the tax department respectively.
This document discusses the different Income Tax Return (ITR) forms that can be used in India. It provides information on ITR-1 (SAHAJ), ITR-2, ITR-3, ITR-4, ITR-4S, ITR-5, ITR-6, and ITR-7 forms, including who is eligible to use each form and what types of income can and cannot be reported using each form. It also summarizes the key points about e-filing requirements and processes for individuals, HUFs, firms, companies and other entities.
This document provides an overview of the e-filing process for income tax returns in India. It discusses that e-filing is mandatory for companies and firms requiring an audit and can be done with or without a digital signature. It outlines the relevant notifications, forms, and circulars. It describes the different options for e-filing - with a digital signature, without but submitting an ITR-V form, or through an e-return intermediary. It provides details on the e-filing process steps and requirements for signed versus unsigned returns.
This presentation will guide you about various Income Tax Forms to be used with its due dates under Indian Income Tax. Also explains the various terms assigned to those returns & their time limits.
This document provides information about e-filing of income tax returns in India. It defines e-filing as the electronic filing of income tax returns through the internet. The key benefits of e-filing are listed as convenience, security, accuracy, direct deposit refunds, and proof of filing. The document outlines the different types of e-filing (with or without digital signature) and the various income tax return forms for individuals, firms, companies and trusts. It then describes the step-by-step process for e-filing, including registering on the e-filing website, downloading the appropriate return form, generating an XML file, uploading the return, and receiving an acknowledgment.
This document discusses various aspects of income tax in India. It defines income tax as an annual tax on income. Direct taxes are taxes where the burden and incidence are on the same person, while indirect taxes are taxes where the burden is passed on to another person. It discusses the history and introduction of income tax in India. It explains the key concepts of gross total income, total income, casual income, and agricultural income. It also discusses the tax treatment of different types of assessees based on their residential status in India.
This document discusses income tax in India. It defines income tax as a direct tax levied on the incomes of individuals, Hindu Undivided Families (HUFs), unregistered firms, and other associations of people. It was passed as an act in 1961 and came into effect in 1962. The document then provides the income tax slab rates for the 2013-2014 assessment year, including different rates for individuals of different ages and genders. It also defines various income tax related terms and provides an example computation of total income and tax liability for an individual named M. Niranjan for the 2013-2014 assessment year.
ITR-1 can be used by individuals with income from salary, one house property (without carried forward losses), and other sources excluding lottery/horse race winnings. ITR-2 can be used by individuals and HUFs with income from salary, house property, capital gains, and other sources including lottery/horse races, but excluding business income. ITR-3 must be used by individuals/HUFs who are firm partners with only interest, salary, bonus, commission, or remuneration from the firm. ITR-4 is for individuals/HUFs with proprietary business/profession income. ITR-4S is for small businesses using presumptive taxation. ITR-5 is for firms
The document discusses the rules for set off and carry forward of business losses under the Income Tax Act. It can be summarized as follows:
1) Section 70 allows for set off of losses from one source of income against profits from another source within the same head. Section 71 allows set off of losses under one head against income under another.
2) Business losses can be carried forward for 8 years and set off against future profits of any business. Speculation losses can be carried forward for 4 years against future speculation profits only.
3) Capital losses can be carried forward for 8 years against capital gains. House property losses can be carried forward for 8 years against future house property income. Losses from specified businesses
1. There are three key electronic ledgers under GST law - the electronic cash ledger, credit ledger, and liability register.
2. The cash ledger reflects all tax deposits made while the credit ledger contains input tax credits.
3. The liability register shows a taxpayer's total tax liability for a period which is paid by adjusting credits in the ledger or making deposits shown in the cash ledger.
This presentation helps one to learn the process of e filing of Income Tax return in India. This learning can be utilise as profession as tax consultant to students of commerce field.
In the day to day operations of the business, it is essential to have grip on Tax Deducted at Source (TDS) which acts as a means to collect tax at the inception of the income itself and Tax Collected at Source (TCS) where a seller collects a certain amount of tax from the buyer at the time of sale. In this webinar we will be learning the applicability, non-applicability, prevailing rate of tax and other related provisions of the Income-tax Act with respect to TDS and TCS
E Filing Presentations : Income Tax IndiaRanjeet Kumar
The document provides an overview of the e-filing process for income tax returns in India. There are three options for e-filing: with a digital signature where no paper return is needed, without a digital signature requiring filing form ITR-V, or through an e-return intermediary who assists with filing. New income tax return forms ITR1 through ITR8 were notified for assessment year 2007-2008. The e-filing process involves selecting a return form, preparing the return offline, uploading the XML file, receiving an acknowledgment, and if not digitally signed, printing and submitting the ITR-V form.
The document provides information about e-way bills in India. It discusses the objective and need for e-way bills, provisions under law, the e-way bill generation process which involves filling Part A and Part B, validity periods, extensions, cancellations, exceptions and verification process. E-way bills are required for inter-state movement of goods of over Rs. 50,000 in value and aim to facilitate seamless movement of goods and prevent tax evasion. Registered persons need to generate e-way bills on the common portal prior to movement of goods, listing key details of the consignment, supplier and recipient.
With the help of this presentation one can learn e filing of Income Tax Return and can start his/her own practice as agent for filing of income tax returns
- Periodic returns like GSTR-3 (monthly), GSTR-4 (quarterly for composition scheme taxpayers), GSTR-5 (non-resident taxpayers), GSTR-6 (input service distributors), and GSTR-7/8 (tax deducted at source) must be filed by specified due dates each period.
- An annual return (GSTR-9/9A/9B/9C) must be filed by 31 December each year, along with audited financial statements if annual turnover exceeds Rs. 2 crores.
- GSTR-1 provides outward supply details, while GSTR-2 details inward supplies based on GSTR-1 and GSTR-2A (
- Individuals and companies with total income exceeding the maximum taxable limit must file an income tax return by the due date, which is July 31 for most assessees and September 30/November 30 for some.
- Those holding overseas assets or accounts must also file a return even if income is below the taxable limit. Late or revised returns can be filed within 1 year with penalties for failure to file on time.
- The return must be verified digitally in most cases. It must be signed by the individual, partner, director or other authorized person depending on the entity. Strict documentation and procedures must be followed for e-filing.
This document provides an overview of input tax credit under the GST Act. It defines input tax and input tax credit, outlines the eligibility and conditions for claiming ITC, and discusses the time limit. It also covers apportionment of credit and blocked credits, availability of credit in special circumstances like new registration or exempt supplies becoming taxable. The document discusses ITC on capital goods, distribution of credit by an Input Service Distributor, and recovery of excess credit distributed. Overall it serves as a comprehensive guide to the key aspects of input tax credit under Indian GST law.
Introduction
This PPT explains the complete procedure regarding the GST registration in India. It also explains the complete registration rules as per GST act. This presentation also covers practical aspects to the GST registration in India. If you want to get the GST registration online, then you are at the right place.
Brief Registration rules
1. Every person shall be liable to be registered under GST if the total turnover (including exempt supplies) crosses the of Rs.20 lakh in a financial year. However, for north eastern states, the turnover limit is Rs.10 lakh.
2. To be eligible for GST registration, the person must have a valid PAN number (passport in case of non resident).
3. The GST registration is taken from the place where supply is executed. E.g. Mr. A is selling goods from his godown in Laxmi Nagar Delhi, and then he is liable to take registration from Laxmi Nagar, Delhi.
4. Turnover for registration is to be calculated on all India bases and not on state wise.
E.g. if you have business one at Delhi and another is in Uttar Pradesh, then for GST registration the total combine turnover of Delhi and UP is to be taken.
5. Person must apply for GST registration within 30 days of becoming liable for GST registration.
6. If a person wants to add a branch outside the state, then he shall need to apply for another GST registration in the respective state.
7. A person registered under GST voluntarily shall need to comply with GST like any other registered person.
Mandatory Registration
Further, there are another categories of taxpayers who are required to take GST registration in India irrespective of the turnover, i.e. even if the person has Re.1 turnover, he needs to get GST registration if he falls under the categories of mandatory registration.
Kindly read the presentation to know the complete information and procedure about the GST registration.
About the Author
This presentation has been prepared by CA Paras Mehra, who is professionally associated with www.hubco.in, an online legal website which deals in online GST registration, GST return filing, Company registration, Nidhi Company registration, Compliances etc.
This document defines key terms related to income tax in India. It explains that the assessment year is the year following the financial year in which income is assessed. The previous year is the financial year in which income is earned. It defines who qualifies as a person, assessee, representative assessee, and deemed assessee for income tax purposes. It also explains how gross total income, total income, casual income, and agricultural income are defined and treated for income tax.
The document discusses the authorities under the Income Tax Act and their powers. It defines the various income tax authorities like Central Board of Direct Taxes, Principal Directors General of Income Tax, Income Tax officers and their powers. These include powers of discovery, inspection, summons, production of documents and issuing commissions. It also discusses the constitution and functions of the Central Board of Direct Taxes and the bifurcation of the tax boards in 1964. Finally, it mentions the provisions related to assessing officers, search and seizure operations and the functioning of Centralized Processing Centers.
This presentation takes one through the basic e-filing procedures under the Income Tax Rules prevailing in India. It explains the concepts in a very simplified manner.
E filing of income tax returns & tax audit reports for A.Y. 2013-14Ameet Patel
The Income-tax department of India has made several changes to the e-filing provisions for tax returns. These have added considerable responsibility on tax payers and their Chartered Accountants. The presentation talks about the changes to the e-filing requirements that are effective F.Y. 2012-13 (Assessment Year: 2013-14)
This document provides an overview of the e-filing process for income tax returns in India. It discusses that e-filing is mandatory for companies and firms requiring an audit and can be done with or without a digital signature. It outlines the relevant notifications, forms, and circulars. It describes the different options for e-filing - with a digital signature, without but submitting an ITR-V form, or through an e-return intermediary. It provides details on the e-filing process steps and requirements for signed versus unsigned returns.
This presentation will guide you about various Income Tax Forms to be used with its due dates under Indian Income Tax. Also explains the various terms assigned to those returns & their time limits.
This document provides information about e-filing of income tax returns in India. It defines e-filing as the electronic filing of income tax returns through the internet. The key benefits of e-filing are listed as convenience, security, accuracy, direct deposit refunds, and proof of filing. The document outlines the different types of e-filing (with or without digital signature) and the various income tax return forms for individuals, firms, companies and trusts. It then describes the step-by-step process for e-filing, including registering on the e-filing website, downloading the appropriate return form, generating an XML file, uploading the return, and receiving an acknowledgment.
This document discusses various aspects of income tax in India. It defines income tax as an annual tax on income. Direct taxes are taxes where the burden and incidence are on the same person, while indirect taxes are taxes where the burden is passed on to another person. It discusses the history and introduction of income tax in India. It explains the key concepts of gross total income, total income, casual income, and agricultural income. It also discusses the tax treatment of different types of assessees based on their residential status in India.
This document discusses income tax in India. It defines income tax as a direct tax levied on the incomes of individuals, Hindu Undivided Families (HUFs), unregistered firms, and other associations of people. It was passed as an act in 1961 and came into effect in 1962. The document then provides the income tax slab rates for the 2013-2014 assessment year, including different rates for individuals of different ages and genders. It also defines various income tax related terms and provides an example computation of total income and tax liability for an individual named M. Niranjan for the 2013-2014 assessment year.
ITR-1 can be used by individuals with income from salary, one house property (without carried forward losses), and other sources excluding lottery/horse race winnings. ITR-2 can be used by individuals and HUFs with income from salary, house property, capital gains, and other sources including lottery/horse races, but excluding business income. ITR-3 must be used by individuals/HUFs who are firm partners with only interest, salary, bonus, commission, or remuneration from the firm. ITR-4 is for individuals/HUFs with proprietary business/profession income. ITR-4S is for small businesses using presumptive taxation. ITR-5 is for firms
The document discusses the rules for set off and carry forward of business losses under the Income Tax Act. It can be summarized as follows:
1) Section 70 allows for set off of losses from one source of income against profits from another source within the same head. Section 71 allows set off of losses under one head against income under another.
2) Business losses can be carried forward for 8 years and set off against future profits of any business. Speculation losses can be carried forward for 4 years against future speculation profits only.
3) Capital losses can be carried forward for 8 years against capital gains. House property losses can be carried forward for 8 years against future house property income. Losses from specified businesses
1. There are three key electronic ledgers under GST law - the electronic cash ledger, credit ledger, and liability register.
2. The cash ledger reflects all tax deposits made while the credit ledger contains input tax credits.
3. The liability register shows a taxpayer's total tax liability for a period which is paid by adjusting credits in the ledger or making deposits shown in the cash ledger.
This presentation helps one to learn the process of e filing of Income Tax return in India. This learning can be utilise as profession as tax consultant to students of commerce field.
In the day to day operations of the business, it is essential to have grip on Tax Deducted at Source (TDS) which acts as a means to collect tax at the inception of the income itself and Tax Collected at Source (TCS) where a seller collects a certain amount of tax from the buyer at the time of sale. In this webinar we will be learning the applicability, non-applicability, prevailing rate of tax and other related provisions of the Income-tax Act with respect to TDS and TCS
E Filing Presentations : Income Tax IndiaRanjeet Kumar
The document provides an overview of the e-filing process for income tax returns in India. There are three options for e-filing: with a digital signature where no paper return is needed, without a digital signature requiring filing form ITR-V, or through an e-return intermediary who assists with filing. New income tax return forms ITR1 through ITR8 were notified for assessment year 2007-2008. The e-filing process involves selecting a return form, preparing the return offline, uploading the XML file, receiving an acknowledgment, and if not digitally signed, printing and submitting the ITR-V form.
The document provides information about e-way bills in India. It discusses the objective and need for e-way bills, provisions under law, the e-way bill generation process which involves filling Part A and Part B, validity periods, extensions, cancellations, exceptions and verification process. E-way bills are required for inter-state movement of goods of over Rs. 50,000 in value and aim to facilitate seamless movement of goods and prevent tax evasion. Registered persons need to generate e-way bills on the common portal prior to movement of goods, listing key details of the consignment, supplier and recipient.
With the help of this presentation one can learn e filing of Income Tax Return and can start his/her own practice as agent for filing of income tax returns
- Periodic returns like GSTR-3 (monthly), GSTR-4 (quarterly for composition scheme taxpayers), GSTR-5 (non-resident taxpayers), GSTR-6 (input service distributors), and GSTR-7/8 (tax deducted at source) must be filed by specified due dates each period.
- An annual return (GSTR-9/9A/9B/9C) must be filed by 31 December each year, along with audited financial statements if annual turnover exceeds Rs. 2 crores.
- GSTR-1 provides outward supply details, while GSTR-2 details inward supplies based on GSTR-1 and GSTR-2A (
- Individuals and companies with total income exceeding the maximum taxable limit must file an income tax return by the due date, which is July 31 for most assessees and September 30/November 30 for some.
- Those holding overseas assets or accounts must also file a return even if income is below the taxable limit. Late or revised returns can be filed within 1 year with penalties for failure to file on time.
- The return must be verified digitally in most cases. It must be signed by the individual, partner, director or other authorized person depending on the entity. Strict documentation and procedures must be followed for e-filing.
This document provides an overview of input tax credit under the GST Act. It defines input tax and input tax credit, outlines the eligibility and conditions for claiming ITC, and discusses the time limit. It also covers apportionment of credit and blocked credits, availability of credit in special circumstances like new registration or exempt supplies becoming taxable. The document discusses ITC on capital goods, distribution of credit by an Input Service Distributor, and recovery of excess credit distributed. Overall it serves as a comprehensive guide to the key aspects of input tax credit under Indian GST law.
Introduction
This PPT explains the complete procedure regarding the GST registration in India. It also explains the complete registration rules as per GST act. This presentation also covers practical aspects to the GST registration in India. If you want to get the GST registration online, then you are at the right place.
Brief Registration rules
1. Every person shall be liable to be registered under GST if the total turnover (including exempt supplies) crosses the of Rs.20 lakh in a financial year. However, for north eastern states, the turnover limit is Rs.10 lakh.
2. To be eligible for GST registration, the person must have a valid PAN number (passport in case of non resident).
3. The GST registration is taken from the place where supply is executed. E.g. Mr. A is selling goods from his godown in Laxmi Nagar Delhi, and then he is liable to take registration from Laxmi Nagar, Delhi.
4. Turnover for registration is to be calculated on all India bases and not on state wise.
E.g. if you have business one at Delhi and another is in Uttar Pradesh, then for GST registration the total combine turnover of Delhi and UP is to be taken.
5. Person must apply for GST registration within 30 days of becoming liable for GST registration.
6. If a person wants to add a branch outside the state, then he shall need to apply for another GST registration in the respective state.
7. A person registered under GST voluntarily shall need to comply with GST like any other registered person.
Mandatory Registration
Further, there are another categories of taxpayers who are required to take GST registration in India irrespective of the turnover, i.e. even if the person has Re.1 turnover, he needs to get GST registration if he falls under the categories of mandatory registration.
Kindly read the presentation to know the complete information and procedure about the GST registration.
About the Author
This presentation has been prepared by CA Paras Mehra, who is professionally associated with www.hubco.in, an online legal website which deals in online GST registration, GST return filing, Company registration, Nidhi Company registration, Compliances etc.
This document defines key terms related to income tax in India. It explains that the assessment year is the year following the financial year in which income is assessed. The previous year is the financial year in which income is earned. It defines who qualifies as a person, assessee, representative assessee, and deemed assessee for income tax purposes. It also explains how gross total income, total income, casual income, and agricultural income are defined and treated for income tax.
The document discusses the authorities under the Income Tax Act and their powers. It defines the various income tax authorities like Central Board of Direct Taxes, Principal Directors General of Income Tax, Income Tax officers and their powers. These include powers of discovery, inspection, summons, production of documents and issuing commissions. It also discusses the constitution and functions of the Central Board of Direct Taxes and the bifurcation of the tax boards in 1964. Finally, it mentions the provisions related to assessing officers, search and seizure operations and the functioning of Centralized Processing Centers.
This presentation takes one through the basic e-filing procedures under the Income Tax Rules prevailing in India. It explains the concepts in a very simplified manner.
E filing of income tax returns & tax audit reports for A.Y. 2013-14Ameet Patel
The Income-tax department of India has made several changes to the e-filing provisions for tax returns. These have added considerable responsibility on tax payers and their Chartered Accountants. The presentation talks about the changes to the e-filing requirements that are effective F.Y. 2012-13 (Assessment Year: 2013-14)
1. According to Section 139(1) of the Income Tax Act, every person whose total income exceeds the maximum amount not chargeable to tax or those specified such as companies must file a return of income by the due date in the prescribed form.
2. The due date for filing return of income electronically depends on the type of assessee - it is 30th September for companies and those required to get accounts audited, 30th November for those filing transfer pricing reports, and 31st July for other assessees.
3. It is now mandatory for companies, firms, and individuals subject to tax audit to file returns electronically, while individuals with over 5 lakhs income can
This document provides an overview and specifications for an Income Tax E-Filing System (IEFS) developed by Vivek Shah and Deven Sorthiya. The 3-sentence summary is:
The Income Tax E-Filing System (IEFS) allows users to manage their PAN information online, download tax return preparation software to fill out returns offline, and register and e-file their completed returns along with tracking the status of their account. Key features of IEFS include PAN lookup, registration for PAN allocation, downloading the ITR utility, validating and generating an XML return file, e-filing the return, and tracking the status of the filing. The system has modules for home page,
Online incometax return filing system - BEST SRS ReportSiddharth Modi
This document describes an online income tax return filing system project. The system allows individual taxpayers to electronically file their income tax returns. It collects personal and financial information to calculate tax refunds or amounts owed. The system is designed to be user-friendly, secure, and accessible online or through mobile applications. It aims to simplify the tax filing process compared to traditional paper-based methods.
The document discusses various aspects of income tax in India such as residential status, types of income, tax rates, deductions, and allowances. It provides definitions for key terms, outlines the process for determining residential status, and specifies tax treatment and exemptions for different types of income like salary, gratuity, pension, and perquisites. The document also details income tax slabs and surcharge rates for individuals, HUFs, firms, and companies.
ITR E FILING PROJECT REPORT TO SPA CAPITALAnkit Rautela
THIS REPORT I HAVE PREPARED WHEN I WAS RESEARCHING TECHNICAL ISSUES OCCUR WHEN ANY ONE FILES IT THROUGH INTERNET, MY FIELD AREA IS WIPRO LIT NEW DELHI.
E-governance involves using information technology to make governance more efficient, transparent and accessible. It was first introduced in the US in 1999 and has since been implemented worldwide with varying degrees of success. The top five countries for e-governance are Sweden, Denmark, Norway, the US and the Netherlands. India has also undertaken initiatives like Mission 2007 and e-Suvidha to connect villages and provide online services. E-governance can reduce costs, increase convenience and accessibility but also faces challenges from lack of infrastructure, skills and integration between government departments.
PowerPoint presentation I gave regarding the E-filing procedure in the Montgomery County, Ohio Common Pleas Court system. Very basic overview with screenshots
This document discusses the benefits of electronic filing (e-filing) over fax filing in courts. It notes that several countries have implemented comprehensive e-filing systems that integrate court records, case management, and electronic document submission and receipt. It then outlines the key benefits of e-filing, including lower costs, instant notifications, time savings, scalability to large volumes of filings, redundancy of electronic documents, and increased transparency and control over court information.
This document announces an e-filing workshop on regular income tax and sales tax compliance and the online filing system. The workshop will be held in Islamabad and Lahore on November 7th, 2013. It will cover tax concepts, compliance requirements, the e-filing process, and practical demonstrations. The trainers are experienced tax professionals from Islamabad and Lahore. The workshop aims to help participants properly file monthly statements and tax returns online to avoid legal issues. It is intended for financial and tax professionals, as well as others involved in tax matters. The cost is Rs. 9,500 per participant.
The document discusses an e-filing solution offered by Soa tech that allows employees to electronically file their income tax returns anytime, anywhere in less than 5 minutes. Key benefits include faster processing, time savings, low cost, and reduced paperwork. The process involves generating a digitally signed Form 16 with a link to transfer encrypted employee data to their partner's secure website for online e-filing.
The document outlines the course contents of an 'E-Accountant' course offered by Takshila Learning Pvt. Ltd. The course covers e-filing of income tax, TDS, VAT, service tax and MCA returns. It includes generating various tax forms, uploading required documents and schedules, making online payments, and practical demonstrations for filing returns independently. The goal is to provide comprehensive training on the end-to-end electronic filing process for major business compliance functions.
This document summarizes a financial aid workshop that covers various financial aid programs, how and when to apply, tips for filing the FAFSA, changes for the 2017-2018 year, and answers common questions. It provides an overview of federal work study, grants and scholarships, and loans. It reviews the FAFSA application process including required documents, timelines, and common mistakes. The workshop aims to help students and families understand and navigate the financial aid process.
ICA provide vocational training courses under skill development initative on prescribed by DGET, GOVT.OF INDIA. This training is fully equipped to provide the candidates with the opportunity to develop through understandings of the taxation for individuals, companies, partnerships and other structures in India.
The document summarizes key provisions related to rectification of mistakes under section 154 and 155 of the Income Tax Act.
[1] Section 154 allows the income tax authority to amend orders to rectify mistakes apparent from records. Rectification can be done on the authority's own motion or on application from the assessee.
[2] Section 155 allows amendment of orders related to partners/members if the firm/AOP/BOI assessment is amended, and amendment of orders to account for recomputed losses or depreciation allowances.
[3] Time limits for rectification are generally 4 years from the end of the assessment year, or 6 months if applied by the assessee.
The document provides details about India's Undisclosed Foreign Income and Assets Compliance Window. It summarizes the key aspects of the one-time compliance procedure and UFIA Act, including a 30% tax rate on undisclosed foreign assets and income, computation of tax, and assessment procedures. No deductions or exemptions are allowed and penalties of up to 300% of tax can be imposed. The compliance window allows declaring foreign assets by September 2015 with tax payment by December 2015 at a total rate of 60% to avoid prosecution.
Black money compliance window & Blank Money Act AnalysisAshwani Rastogi
The document provides details about India's Undisclosed Foreign Income and Assets Compliance Window. It summarizes the key aspects of the one-time compliance procedure and UFIA Act, including a 30% tax rate on undisclosed foreign assets and income, computation of tax, and assessment procedures. No deductions or exemptions are allowed and penalties of up to 300% of tax can be imposed. The compliance window allows declaring foreign assets by September 30, 2015 and paying tax by December 31, 2015 at a total rate of 60% to avoid prosecution.
This chapter consists of E-commerce Transaction and Liability in Special Cases; Tonnage Taxation, TDS; Advance Payment of Tax with reference to Corporate Assessee; TCS; Administrative Procedure; Assessment- Procedures and Types of Assessment; Return on Income; Statement of Financial Transaction (SFT). E-Filing: Appeal and Revision; Penalties.
Electronic contracts are governed by the basic principles elucidated in the Indian Contract Act, 1872, which mandates that a valid contract should have been entered with a free consent and for a lawful consideration between two adults.
Investments in the E-Commerce Space in India Foreign direct investment (“FDI”) in India is regulated under the Foreign Exchange Management Act 1999 (“FEMA”). The Department of Industrial Policy and Promotion (“DIPP”), Ministry of Commerce and Industry, Government of India makes policy pronouncements on FDI through Press Notes and Press Releases which are notified by the Reserve Bank of India (“RBI”) as amendments to Foreign Exchange Management Regulations, 2000
Tonnage Tax is a way for qualifying shipping companies to calculate their shipping related profits for Corporation Tax (CT) purposes. The shipping related profits are calculated based on the tonnage of the ships used in the company's shipping trade.
A tonnage tax is a taxation mechanism that can be applied to shipping companies instead of ordinary corporate taxation. The tax is determined by the net tonnage of the entire fleet of vessels under operation or use by a company. It is on the basis of this variable that taxation is applied.
Tonnage Tax is a way for qualifying shipping companies to calculate their shipping related profits for Corporation Tax (CT) purposes. The shipping related profits are calculated based on the tonnage of the ships used in the company’s shipping trade.
The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. The deductee from whose income tax has been deducted at source would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor.
1 Types of ITR forms to be filed for FY 22-23.pptxAASTHAJAISWAL35
This document provides information on the different types of Income Tax Return (ITR) forms for the financial year 2022-23 in India. It explains that ITR forms are specified by the Income Tax Act and different forms apply depending on the taxpayer's sources and amount of income. ITR-1 is for individuals with income from salary, one house property or other sources. ITR-2 is for individuals and HUFs with various income sources. ITR-3 is for individuals and HUFs with income from business or profession. ITR-4 is for individuals, HUFs and firms with income from presumptive taxation schemes. ITR-5 is for firms, LLPs, AOPs
FAQs on Income-tax Returns for Assessment Year 2020-21
• Applicable ITR Forms
• Reporting in Schedules
• Filing of Returns
• Aadhaar-PAN linking
• Presumptive Taxation
• Capital Gains
• Tax payment, TDS, TCS and refund
• Deductions & Rebate
• Set-off of losses
• Income taxable in the hands of other person
Start ups and MSMEs: Registration and Advantages features of Atmanirbhar packageNovojuris
Startups and MSMEs can register on relevant government portals to receive several benefits. Startups must register within 10 years of formation and have annual turnover less than Rs. 100 crore to qualify for benefits like income tax exemptions, self-certification under labour laws, stock options for founders. MSMEs must register based on investment and turnover limits set for micro, small and medium enterprises to prevent delayed payments and access collateral-free loans. The document outlines the registration processes and documents required for each as well as their key benefits.
The document provides a summary of key direct tax proposals in India's Union Budget 2017-18, including reductions in individual income tax rates for those earning up to Rs. 5 lacs, introduction of surcharges for higher income individuals and corporations, penalties for late filing of tax returns and furnishing incorrect information by professionals, changes to long term capital gains rules and housing provisions, and measures to promote digital payments and increase tax transparency in electoral funding.
Newsletter on daily professional updates- 19/02/2020CA PRADEEP GOYAL
This daily newsletter aims to keep readers updated on daily developments in laws, regulations, and the economy in India. It provides summaries of key updates related to taxes (direct and indirect), announcements by regulatory bodies, insolvency laws, and the economy. The newsletter is published 5 days a week and includes sections on GST, income tax, announcements by accounting bodies, and case updates from tribunals and courts. It also provides brief news highlights and analysis. The overall goal is to concisely summarize important new information from reliable sources in order to help readers stay informed of changes in various areas of professional and business matters.
This document provides summaries of recent updates to India's foreign exchange laws from the Reserve Bank of India (RBI), including:
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2) Revisions to Form FC-GPR for reporting foreign direct investment to capture more details.
3) Reduction of the sub-limit on investment in commercial papers by eligible foreign investors from $3.5B to $2B with the $1.5B balance available for corporate debt.
4) Revisions to Form ECB-2 for reporting external commercial borrowings to include details on foreign exchange hedges.
This document provides an overview of direct tax implications in India for companies looking to do business in the country. It discusses key aspects like the scope of taxable income for resident and non-resident companies, applicable corporate tax rates, considerations around dividend income, minimum alternate tax, and other tax obligations. The document also covers indirect tax implications and specifics of the taxation system relevant for non-resident entities operating in India.
In recent past, it has been noticed that the people making payment to NRIs who have investments in India are not aware of the compliance requirements relating to such payments. Through this slide-desk, the taxability of foreign payments made to NRI has been captured, especially the machinery provisions of section 195 and consequences of default.
This document provides answers to frequently asked questions (FAQs) about filing income tax returns in India for the assessment year 2014-15. Some key points covered include:
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- There are various forms (ITR-1 through ITR-7) that can be used depending on an individual's sources of income.
- The due date to file returns is generally July 31st or September 30th depending on the assessee.
- E-filing of returns is now mandatory for most assessees. Returns can be filed electronically using the income tax e-filing portal.
Habibullah & Co. is an accounting firm in India that provides audit, tax, and consulting services. This document discusses India's rules around withholding taxes for non-residents. It explains that companies and non-residents earning India-sourced income must withhold appropriate taxes on payments to non-residents. Several types of payments to non-residents are outlined that require withholding, including dividends, interest, royalties, fees, and capital gains. Non-resident payees must also file an Indian tax return regardless of tax treaty benefits or withholding to demonstrate eligibility for reduced rates. Obtaining a Permanent Account Number from Indian tax authorities helps non-residents reduce withholding rates.
This document provides information about setting up and using Tax Deduction at Source (TDS) functionality within Oracle Applications for India localization. It discusses:
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3. Handling TDS deductions and payments in Oracle Payables and Receivables, including generating TDS certificates.
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In the attached handbook, we have included major legal compliance applicable on NGOs in India under Income Tax Act, Foreign Contribution Regulation Act, Payment of Gratuity Act, Provident Fund & Misc Provisions Act. #ngos #Taxation #Compliances #SNR #krestonsnr
Taxation of Foreign Remittances and Certification under Section 15CA/CBCA. Pankaj Shah
This document discusses foreign remittance certification and procedures under Indian law. It provides details on:
1) Current account remittances like trading, rent, dividends and interest are freely remittable, while capital account transactions like foreign investment require specific permission. NRIs can remit up to $1 million annually from NRO accounts.
2) Remittance requires a declaration form specifying the nature and purpose, and income tax clearance which can be obtained via a CA certificate or lower deduction from the assessing officer.
3) Interest, royalty and fees for technical services are deemed to accrue or arise in India regardless of a permanent establishment, residence, or services being used in India. Double tax
This presentation includes basic of PCOS their pathology and treatment and also Ayurveda correlation of PCOS and Ayurvedic line of treatment mentioned in classics.
Introduction to AI for Nonprofits with Tapp NetworkTechSoup
Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
Physiology and chemistry of skin and pigmentation, hairs, scalp, lips and nail, Cleansing cream, Lotions, Face powders, Face packs, Lipsticks, Bath products, soaps and baby product,
Preparation and standardization of the following : Tonic, Bleaches, Dentifrices and Mouth washes & Tooth Pastes, Cosmetics for Nails.
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
The simplified electron and muon model, Oscillating Spacetime: The Foundation...RitikBhardwaj56
Discover the Simplified Electron and Muon Model: A New Wave-Based Approach to Understanding Particles delves into a groundbreaking theory that presents electrons and muons as rotating soliton waves within oscillating spacetime. Geared towards students, researchers, and science buffs, this book breaks down complex ideas into simple explanations. It covers topics such as electron waves, temporal dynamics, and the implications of this model on particle physics. With clear illustrations and easy-to-follow explanations, readers will gain a new outlook on the universe's fundamental nature.
हिंदी वर्णमाला पीपीटी, hindi alphabet PPT presentation, hindi varnamala PPT, Hindi Varnamala pdf, हिंदी स्वर, हिंदी व्यंजन, sikhiye hindi varnmala, dr. mulla adam ali, hindi language and literature, hindi alphabet with drawing, hindi alphabet pdf, hindi varnamala for childrens, hindi language, hindi varnamala practice for kids, https://www.drmullaadamali.com
This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
Thinking of getting a dog? Be aware that breeds like Pit Bulls, Rottweilers, and German Shepherds can be loyal and dangerous. Proper training and socialization are crucial to preventing aggressive behaviors. Ensure safety by understanding their needs and always supervising interactions. Stay safe, and enjoy your furry friends!
Strategies for Effective Upskilling is a presentation by Chinwendu Peace in a Your Skill Boost Masterclass organisation by the Excellence Foundation for South Sudan on 08th and 09th June 2024 from 1 PM to 3 PM on each day.
Your Skill Boost Masterclass: Strategies for Effective Upskilling
E-Filing of Income Tax
1. e-Filing of Income Tax Returns
by
Raushan Kumar Ray
tambakad & goil
Chartered Accountants
2. Policy on Taxation
• Chanakya's Artha Shastra: "collect taxes from citizens
the way a Bee collects Honey from the flowers - quietly
without inflicting pain".
http://www.rediff.com/money/2008/feb/27inter.htm
• Policy Includes 1. Adequacy, 2.Broad Basing,
3.Comparability, 4.Convenience,
5.Earmarking,6.Effeciency.7.Equity, 8.Neutrality,
9.Predictability, 10. Restricted Exemption, 11.
Simplicity.
http://www.businessdictionary.com/definition/taxation-
principles.html
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3. The Laws
• Ignorance is not bliss – know the law
• Income tax Act 1961 as modified by
Finance Act 2013
• Visit http://incometaxindia.gov.in
• Click on Tax laws and Rules - Income
tax Act 1961
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4. e-Filing of IT return by Raushan
Kumar Ray
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Click Here
5. e-Filing of IT return by Raushan
Kumar Ray
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Click Here
6. e-Filing of IT return by Raushan
Kumar Ray
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7. Definitions
• "assessment year" means the period of
twelve months commencing on the 1st day of
April every year [S.2(9)] (e.g. A.Y. 2013-14)
• Previous Year "previous year" means the
financial year immediately preceding the
assessment year [S.3] (e.g. P.Y. 2012-13)
• Income: defined in section 2(24) of IT Act.
• PAN – permanent account no. (S.139A)
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8. Computation of total income
• For any “Assessment Year” the taxable
income comprises the following types of
income
– Salaries
– Income from house property
– Capital gains
– Business or Profession
– Income from other sources
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10. Excluded income – examples (S.10)
• Agricultural income (Clause 1)
• Receipt by an individual as a member of a HUF out of
the income of the family or in case of impartible estate
out of the income of the estate belonging to the family.
(Claus 2)
• Share of profit of a partner in a partnership firm,
separately assessed to tax (Claus 2A)
• Any amount received or receivable from the Central
Government or a State Government or a Local Authority
by an individual or his legal heir by way of compensation
on account of any disaster. (Clause 10BC)
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11. Amendment Relating to Income Exempt for TAX
• Sec 10 (10D) :-Clause (d) has been inserted in section 10(10D) so
as to provide that the exemption for insurance policies issued on or
after 1.4.2012 would only be available for policies where the
premium payable for any of the years during the term of the policy
does not exceed 10% of the actual capital sum assured (as against
existing 20%)
In other words, if the premium payable during any previous year for
a policy issued on or after 1.4.2012 exceeds 10% of the actual
capital sum assured, the entire amount received under such policy
shall be taxable.
• Sec 10 (23BBH):-Any income of the Prasar Bharati (Broadcasting
Corporation of India) established under sub-section (1) of section 3
of the Prasar Bharati (Broadcasting Corporation of India) Act, 1990
shall be exempt.
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12. Continued Sec 10
• Sec 10 (48) :-A new clause (48) has been inserted in section 10 of
the Income-tax Act to provide for exemption in respect of any
income of a foreign company received in India in Indian currency on
account of sale of crude oil to any person in India subject to the
following conditions being satisfied:
(i) The receipt of money is under an agreement or an arrangement
which is either entered into by the Central
Government or approved by it.
(ii) The foreign company, and the arrangement or agreement has
been notified by the Central Government having regard to the
national interest in this behalf.
(iii) The receipt of the money is the only activity carried out by the
foreign company in India.
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13. Who should file an IT return
• S.139 – Every person (a)being a company or a firm or (b) being
a person other than a company[or a firm], if his total income or
the total income of any other person in respect of which he is
assessable under this Act during the previous year exceeded the
maximum amount which is not chargeable to income-tax,
• Filing of IT return is obligatory if income, before any deduction
under section chapter VI exceeds
– For any individual (resident or non-resident), every
HUF/AOP/BOI/artificial Juridical person during F.Y. 2012-13
– Rs 200,000
– For resident senior citizen (age between 60 and 80) at any
time during F.Y. 2012-13 - Rs.250,000
– For resident senior citizen (age above 80 years) at any time
during financial year 2012-13
-Rs.500,000
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14. Compulsory filing of ITR
• In relation to assets located outside India: It is mandatory
to file a return of income where a person, being a resident
other than not ordinarily resident in India and who during
the previous year has any asset (including any financial
interest in any entity) located outside India or signed
authority in any account located outside India.
• If the taxable income is over Rs. 5 Lakes in the F.Y. 2012-
13 (CBDT notified on 6 –May-2013)
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17. ITR Form Description
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ITR Form Name Individual HUF
ITR 1 Having income from Salary
and Interest
N/A
ITR 2 Not having income from
business or profession.
Not having income from
business or profession.
ITR 3 Being partners in firms and
not carrying out business or
profession.
Being partners in firms and
not carrying out business or
profession.
ITR 4 Having income from
proprietary business or
profession.
Having income from
proprietary business or
profession.
ITR 4S (Sugam) Having income from
presumptive business.
Having income from
presumptive business
18. Income tax return
• Part A: General
• Part B: TI
• Schedules
– Salaries
– HP, house property
– Capital Gains
– OS, other sources, etc.
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19. Amendment relating to form Sahaj(ITR-1)
[Notification No. 34 /2013/ F.No.142/5/2013-TPL]
1.The person having loss under the head other sources cannot file return of income in
Form SAHAJ (ITR 1). Further following persons cannot file return of income in form
SAHAJ (ITR 1) and Form SUGAM (ITR 4S):
i. Resident other than not ordinarily resident having asset located outside India or
having signing authority in any account located outside India.
ii. Person who has claimed tax treaty benefit under Section 90 or 90A of the Act or
has availed the relief from double taxation under Section 91 of the Act.
iii. Person who does not have income chargeable to tax exceeding INR 5,000.
2. In case of refund, it was mandatory till last year to mention the bank account number
and the MICR code. The following amendments have now been made to ITR 1:
• i. It is mandatory to submit bank details in all cases (irrespective of refund or not).
• ii. Instead of MICR code, the form now requires quoting of IFSC Code. IFSC Code is
an 11 character code for identifying bank branches participating in online fund
transfers. This code is unique for each bank branch.
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20. Amendment relating to form (ITR-2)
[Notification No. 34 /2013/ F.No.142/5/2013-TPL]
1. In the Schedule on Capital Gains, the following amendments have been made:
i. With respect to non-residents earning any short term capital gain on transfer of
shares/units, the capital gain has to be shown separately for Securities
Transaction Tax (STT) paid shares/units and otherwise.
ii. In the schedule on Short Term Capital Gains, the references of sections
relating to Long Term Gains have been removed (Sections 54, 54EC, 54D and
54F of the Act).
iii. Reference to investment in equity shares of an eligible company to obtain
relief from long term capital gains tax (Section 54GB of the Act) has been‟
included. The PAN of the Company in which the taxpayer invests to avail benefit
under Section 54GB of the Act is also required to be quoted.
2. New schedule inserted seeking „Details of Income accruing or arising outside
India . The said schedule requires details like country code, taxpayer‟
identification number; income earned and identified separately for all five
sources of income heads, bifurcation of total income value where the tax treaty
is applicable and where it is not applicable.
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21. Changes under ITR-2 Continued
3. Schedule for „Details of taxes paid outside India amended to include relevant‟
article of the tax treaty, tax relief bifurcated into Sections 90/90A of the Act and
Section 91 of the Act, total taxes bifurcated where tax treaty is applicable and
where it is not applicable
4. In the schedule „Details of Foreign Assets the following amendments have been‟
made seeking additional information:
i. „Country Name where the taxpayer is providing details regarding foreign bank‟
accounts, financial interest in an entity, immovable property, any other asset in
nature of investment.
ii. „Account Number where the taxpayer is providing details of accounts in‟
which he has signing authority
iii. In case the taxpayer is a trustee in a trust, created under the laws of a
country outside India, the taxpayer is required to provide details such as country
name and code, name and address of the trust, other trustees, settler and
beneficiaries.
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22. 1. A1. A Schedule ALSchedule AL covering the details of personal assets and liabilities in Indiacovering the details of personal assets and liabilities in India
has been included in ITRs 3 and 4 for financial year 2012-13.has been included in ITRs 3 and 4 for financial year 2012-13.
2. The taxpayers having total income in excess of INR 2.5 million would be2. The taxpayers having total income in excess of INR 2.5 million would be
covered by this reporting requirement. In respect of this an exhaustive list ofcovered by this reporting requirement. In respect of this an exhaustive list of
assets comprising land, building, bank (including all deposits), shares andassets comprising land, building, bank (including all deposits), shares and
securities, insurance policies, loans and advances given cash in hand,securities, insurance policies, loans and advances given cash in hand,
jewelry, bullion , archaeological collections, drawings, painting, sculpture orjewelry, bullion , archaeological collections, drawings, painting, sculpture or
any work of art, vehicles, yachts, boats and aircrafts is provided.any work of art, vehicles, yachts, boats and aircrafts is provided.
3. Further, the value has to be reported at cost. The taxpayers can report any3. Further, the value has to be reported at cost. The taxpayers can report any
liability against these assets in the schedule.liability against these assets in the schedule.
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Amendment relating to form (ITR-3 and ITR-4)
[Notification No. 34 /2013/ F.No.142/5/2013-TPL
23. Important points to be considered while filing income tax returns
for the AY 2013-14:
1. Form SAHAJ / SUGAM not to be used in the follow below circumstances
(a) Resident other than non-ordinarily resident in India having any asset
(including financial interest in any entity) located outside India.
(b) Resident other than non-ordinarily resident in India has signing authority in
any account located outside India.
(c) Individuals having loss under the head Income from Other sources.
(d) Individuals claiming double taxation relief under section 90/90A/91.
(e) Individuals having income not chargeable to tax exceeding Rs 5000. It means
if any individual have any exempt income like dividend or interest more than
Rs 5000, than he shall not file the above forms, rather he has to file form 2/4.
2. Audit Report as per section 115AB or 92E or 115JB or 44AB of the income tax
act 1961 is to be furnished electronically with the income tax return.
3. New “schedule AL” has been attached to the ITR 3 and ITR 4 which is now to be
filled up relating to the assets and liabilities of an individual or HUF if income
exceeds Rs.25 lakhs.
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24. Continued…
4. E- Filing of return is compulsory for income more than Rs.5 lakhs
-----All persons other than companies and persons filing Form No 7
like trusts are required to furnish income tax return electronically
under digital signature or transmitting the data in return electronically
and thereafter submitting ITR V, if their net taxable income after
deductions exceeds Rs.5 lakhs. It means if taxable income for all
persons other than companies and persons filing form no 7 is less
than 5 lakhs, than no income tax return is to be filed subject to some
fulfillment of certain conditions
5. All those tax payers who are claiming relief of tax in terms of section 90
or 90A or 91 of the Income-tax Act and are filing their Income-tax
Return for the AY 2013-14 and subsequent years will now be required
to furnish their Income-tax Return electronically under Digital
Signature or transmitting the data in the Return electronically and
thereafter submitting the verification of the Return in Form ITR V.
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25. Continued…
6. Last year individuals and Hindu Undivided Families having total
income in excess of Rs. 10 lakhs were required to furnish the
Income-tax Return electronically under Digital Signature or
transmitting the data in the Return electronically and thereafter
submitting the verification of the Return in Form ITR V. Now as a
result of the amendment not merely individuals or Hindu Undivided
Families but all persons other than companies and persons filing
Form No. 7 (like Educational Institutions, Trusts etc.) if their income
exceeds Rs.5 lakhs would be required to furnish the Return for the
Assessment Year 2013-14 electronically under Digital Signature or
transmitting the data in the Return electronically and thereafter
submitting ITR V.
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26. e-Filing of IT return by Raushan
Kumar Ray
Deductions from IT
Thursday, August 1, 2013 26
27. Income Tax Return Due Date A.Y. 2013-14
Sl.No. Particular Due Date
1. For such corporate assessee who is required to furnish a report u/s 92E
of the Income tax Act 1961.
30-Nov-2013
2. For all other corporate assessee 30-Sep-2013
3. For non corporate assessee (Like Partnership Firm , Prop Firm) Whose acc
ounts are required to be audited
(When turnover is more than 100 Laks in case of business and Rs. 25 Laks
in case of profession-Sec 44 AB and
And business where disclosed profit is less than 8% of turnover-Sec
44AD)
30-Sep-2013
4. For Working partners of Partnership Firm Covered under Sl. No. 3 above 30-Sep-2013
5 For any other assessee like Salaried income , Person having income from
House Property, Interest income , Business Income Where accounts are
not required to be audited.
31-Jul-2013
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28. Advance Tax
As per S. 209 and S.211 b of the IT Act
For the Assessee Other than Company
• 30% On or before 15th
September
• 60% On or before 15th
December
• 100% On or before 15th
March
In Case of Companies
• 15 % On or before 15th
June.
• 45% on or before 15th
September
• 75% On or before 15th
December
• 100% On or before 15th
March
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29. Self Assessment Tax
• Section 140A: the assessee shall be liable
to pay such tax together with interest
payable under any provision of this Act ,for
any delay in furnishing the return or any
default or delay in payment of advance
tax, before furnishing the return and the
return shall be accompanied by proof of
payment of such tax and interest.
• Related Judgments
• SUDHIR SAREEN v. COMMISSIONER OF INCOME-TAX & ANR.
• http://education.dewsoftoverseas.com/vakilno4/incometaxact/s140a.htm
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30. Interest payable
• For delay in filing IT return: 1% per month (S.234A)
Eg-1: An Individual files it’s return on 10th
Oct, Suppose tax
payable by the Individual is Ra. 50,000.
Calculation: Tax=Rs. 50,000
Delay = 3 Months (I.e. Aug, Sep, Oct)
Interest = Rs. 50,000 * 3 Month* 1%/ months.
=Rs. 1500
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31. Interest Payable
• Interest U/S 234 B: Defauslt in payment of Advance Tax
Eg-2: Mr A has tax liability or Rs. 1,10,000, TDS = Rs. 10,000
Advance Tax Payment Details
15th
Sep = Rs. 10,000
15th
Dec= Rs. 20,000
15Th
Mar= Rs. 30,000
Total AT = 60,000
Calculation:
Advance Tax = Rs. 1,00,000 (I.e.Rs.1,10,000- Rs. 10,000)
AT to be Paid= Rs. 90,000 ( 90% of Rs. 100,000)
Short fall =Rs. 30,000 ( Rs. 90,000-Rs. 60,000)
No of Month Int Charged= 4 Month ( Apr to Jul)
Interest U/S 234 B = Rs. 1200 ( Rs. 30,000* 1% p.m. * 4 month)
Thursday, August 1, 2013 e-Filing of IT return by Raushan
Kumar Ray
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32. Interest payable
• Interest u/s 234 C: Deferment of advance tax
Eg No. 2 above.
Thursday, August 1, 2013 e-Filing of IT return by Raushan
Kumar Ray
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Due
Date
Amount
Payable
Amount Paid Difference Interest Charged
15th
Sep Rs. 30,000
(i.e. 30% of Rs.
100,000)
Rs 10,000 Rs. 20,000 Rs.600
(Rs.20,000*1% p.m.*3
M)
15th
Dec Rs. 60,000
(I,e, 60% of Rs.
100,000)
Rs. 30,000
(i.e. Rs.
10,000+Rs.20,000)
Rs. 30,000 Rs.900
(Rs.30,000*1% p.m.*3
M )
15th
Mar Rs. 100,000
(I,e, 100%)
Rs. 60,000
(Rs.
10,000+Rs.20,000+
Rs.30,000)
Rs. 40,000 Rs.400
( Rs.40,000*1% p.m.*1
M.)
33. Procedure for e-filing
• Open the web site http://incometaxindia.gov.in
• https://incometaxindiaefiling.gov.in
• Click login and register as new user
• Download return preparation software based on Excel
• Fill the form
• Verify
• Generate XML file
• Upload XML file
• Return receipt received by email duly verified.
e-Filing of IT return by Raushan
Kumar Ray
Thursday, August 1, 2013 33
37. Login
e-Filing of IT return by Raushan
Kumar Ray
Thursday, August 1, 2013 37
Click Here
38. Login – Enter PAN and password
e-Filing of IT return by Raushan
Kumar Ray
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Click Here
39. Viewing TDS-form 26 AS
• View Tax Credit Statement (Form 26AS)
through e-filing web site
• After login go to menu option
• View Tax credit statement (Form 26AS)
e-Filing of IT return by Raushan
Kumar Ray
Thursday, August 1, 2013 39
46. e-Filing of IT return by Raushan
Kumar Ray
Click ere
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Submission:-Provide information and attach XML file
Click Here
47. After return is uploaded
• Acknowledgment will be generated by
computer / and will arrive by email.
• Please sign and dispatch it within 120
days to the Central Processing Centre
duly verified by post
e-Filing of IT return by Raushan
Kumar Ray
Thursday, August 1, 2013 47
48. Benefits of e-filing
• Downloading form may be done from
home
• Filing Excel form is simpler than manual
filing as computations are done by
computer. Accuracy is ensured.
• Returns may be submitted 24/7 and
queuing in IT office will be avoided
• Processing of return can be monitored
e-Filing of IT return by Raushan
Kumar Ray
Thursday, August 1, 2013 48
49. Thanks To
All Of You For Your Attention
Thursday, August 1, 2013 e-Filing of IT return by Raushan
Kumar Ray
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