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:
- It is mandatory to file a return for companies, firms, and individuals whose gross income exceeds the maximum exemption limit.
- 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.
The document provides answers to frequently asked questions regarding filing of income tax returns in India. It discusses the different modes of filing a return, the mandatory filing requirements, the various ITR forms that can be used based on the nature of income, the due dates for filing, electronic filing procedures and other related matters. Key details include that e-filing is mandatory for certain taxpayers, digital signatures are required for some returns, and the process for checking status of returns filed or rectifying errors.
Key Changes in New Income Tax Return Forms applicable for A.Y. 2015-16;
Comparison chart of Eligibility of ITR Forms, Important changes like Bank Accounts, Aadhar Number, Foreign Income and Asset Details etc.
Filing of income tax return including e filing - sanjeev patelSanjeev Patel
The document discusses various aspects of filing income tax returns in India, including:
1) Individuals, HUFs, AOPs, BOIs, and artificial juridical persons must file a return if their income exceeds the maximum amount not subject to tax.
2) Companies and firms must file returns regarding their income or loss for each previous year.
3) Returns can be filed in paper, electronically with digital signature, or electronically and later verified. E-filing provides advantages like convenience and faster processing.
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
This document provides guidelines for filing Form ITR-4, the Indian Income Tax Return for individuals and HUFs having income from a proprietary business or profession.
It discusses filling out parts and schedules in the correct sequence, modes of filing the return, and guidelines for providing personal information. It also summarizes the different categories for audit requirements based on gross receipts and turnover. Key sections covered include 44AA, 44AB, and relevant schedules for balance sheet, profit and loss, and tax provisions.
There are up to 8 types of income tax return forms, currently.https://www.legalraasta.com/income-tax-return/. Like and Follow our Facebook Page https://www.facebook.com/LRaasta/
Income tax return assessment year 2014 15thesanyamjain
The document provides information on the different income tax return forms that can be used in India for the 2014-15 assessment year. It lists the seven forms (ITR-1 through ITR-7), describes who can use each form and who cannot based on the type of income. It also discusses how the returns can be filed - either on paper, electronically with digital signature, or by transmitting the data electronically and submitting a verification form. Returns with total income over 500,000 rupees or claiming foreign tax credit must be filed electronically.
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.
The document provides answers to frequently asked questions regarding filing of income tax returns in India. It discusses the different modes of filing a return, the mandatory filing requirements, the various ITR forms that can be used based on the nature of income, the due dates for filing, electronic filing procedures and other related matters. Key details include that e-filing is mandatory for certain taxpayers, digital signatures are required for some returns, and the process for checking status of returns filed or rectifying errors.
Key Changes in New Income Tax Return Forms applicable for A.Y. 2015-16;
Comparison chart of Eligibility of ITR Forms, Important changes like Bank Accounts, Aadhar Number, Foreign Income and Asset Details etc.
Filing of income tax return including e filing - sanjeev patelSanjeev Patel
The document discusses various aspects of filing income tax returns in India, including:
1) Individuals, HUFs, AOPs, BOIs, and artificial juridical persons must file a return if their income exceeds the maximum amount not subject to tax.
2) Companies and firms must file returns regarding their income or loss for each previous year.
3) Returns can be filed in paper, electronically with digital signature, or electronically and later verified. E-filing provides advantages like convenience and faster processing.
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
This document provides guidelines for filing Form ITR-4, the Indian Income Tax Return for individuals and HUFs having income from a proprietary business or profession.
It discusses filling out parts and schedules in the correct sequence, modes of filing the return, and guidelines for providing personal information. It also summarizes the different categories for audit requirements based on gross receipts and turnover. Key sections covered include 44AA, 44AB, and relevant schedules for balance sheet, profit and loss, and tax provisions.
There are up to 8 types of income tax return forms, currently.https://www.legalraasta.com/income-tax-return/. Like and Follow our Facebook Page https://www.facebook.com/LRaasta/
Income tax return assessment year 2014 15thesanyamjain
The document provides information on the different income tax return forms that can be used in India for the 2014-15 assessment year. It lists the seven forms (ITR-1 through ITR-7), describes who can use each form and who cannot based on the type of income. It also discusses how the returns can be filed - either on paper, electronically with digital signature, or by transmitting the data electronically and submitting a verification form. Returns with total income over 500,000 rupees or claiming foreign tax credit must be filed electronically.
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.
This document discusses the different income tax return (ITR) forms in India and who can use each form. ITR-1 can be used by individuals with income from salary, one house property, and other sources. ITR-2 can be used by individuals with income from salary, house property, capital gains, and other sources. ITR-4 can be used by individuals with business/profession income. ITR-4S can be used by small businesses and individuals with certain income. ITR-5 is for firms, AOPs, and BOIs. ITR-6 is for companies. ITR-7 is for charitable trusts, political parties, certain institutions, and scientific research universities.
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.
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
Cross Border Payment- India and New 15CA/15CB RequirementsStuti Shah
The document discusses requirements for deducting tax at source on cross border payments to non-residents. It covers topics like chargeability to tax under section 195, scope of income as per sections 5(2) and 9(1), rate of withholding tax determined by section 90(2) and tax residency certificates under section 90(4). It also explains the new requirements introduced by notification 93/2015 for furnishing information in Form 15CA and obtaining an accountant certificate in Form 15CB for certain payments to non-residents.
The document discusses key aspects of section 195 of the Indian Income Tax Act, which deals with tax withholding for payments made to non-residents. It covers the scope of section 195, comparing it to other tax deduction sections. It also discusses rules around obtaining a certificate for lower or nil withholding from the tax authorities. The document provides an overview of the processes involved in determining taxability and withholding for non-resident payments.
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 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.
The document discusses the requirements and procedures for filing Form 15CA and Form 15CB for making payments to non-residents in India.
Form 15CA is a declaration that must be filed by the remitter along with a certificate from a chartered accountant in Form 15CB when making remittances exceeding Rs. 50,000 or an aggregate of over Rs. 2,50,000 in a year. Form 15CA captures details of the remitter, recipient and remittance amount, while Form 15CB contains the chartered accountant's determination of taxability.
Specific information to be provided in each form is outlined, including the remitter and recipient's identification details, bank transfer information
Lecture meeting on Filing of Income-tax Returns for A.Y. 2010-11 by B. K. Vat...bcasglobal
The document provides an overview of the e-filing process for income tax returns in India. It discusses what e-filing is, how it is mandatory for certain assessees like companies and firms liable for audit. It also outlines the procedures to follow before and during e-filing such as downloading the correct ITR form, gathering necessary details, and enabling macros to fill out the electronic form. Key steps include having audit reports and financial statements available, using a checklist of required information, and properly categorizing income and expenses under the appropriate heads.
This document discusses various aspects of section 195 of the Indian Income Tax Act, which deals with tax deducted at source (TDS) for payments made to non-residents. Some key points discussed include:
- Section 195 mandates any person making payments such as interest, royalty or fees for technical services to non-residents to deduct TDS at the time of payment.
- The rate of TDS depends on factors such as whether a lower treaty rate can be applied based on a tax residency certificate.
- Non-compliance can attract penalties for the payer such as interest, fines and in some cases prosecution.
- Exceptions apply when a lower or nil withholding certificate is obtained
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.
Income Tax Returns have undergone several changes with several additional disclosures. Here's a guide to filing your return for the Financial Year 2016-17 (AY 2017-18)
This document provides information on TDS requirements for foreign remittances under Indian law. It notes that TDS must be deducted on payments to non-residents according to section 195 of the Income Tax Act. Form 15CA must be filed for remittances over Rs. 50,000 or Rs. 2.5 lakhs annually along with Form 15CB from a chartered accountant. The proper procedure for deducting and depositing TDS is outlined. Implications of sections 195, 206AA, and tax treaties are discussed. The importance of obtaining a tax residency certificate for claiming treaty benefits is also explained.
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.
- The document discusses the new income tax return forms notified for assessment year 2013-14, including Form ITR-1 (SAHAJ), ITR-2, ITR-3, ITR-4S (SUGAM), and ITR-4.
- It provides an overview of who can use each form based on the type of income and situations. For example, ITR-1 is for individuals with salary/pension and one house property, while ITR-4 is for individuals with a proprietary business.
- Mandatory e-filing requirements are also summarized, such as individuals with over Rs. 5 lakhs income or claiming foreign tax relief must e-file.
How to eFile Income Tax Returns in IndiaeLagaan India
The document provides instructions for eFiling an income tax return (ITR) in India. It outlines the steps which include visiting the income tax eFiling website, selecting the applicable assessment year, selecting the applicable ITR form, uploading the tax return file in .xml format, and receiving an ITR-V receipt either via email or downloading it from the website. It notes that a physical signature may be required to be sent by post if no digital signature was used during the online filing.
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.
Taxation of Co-operative Societies, IndiaManoj Pandit
General Provisions of taxation with respect to co-operative societies. Please check the law for any changes. The document provides general guidelines and is not a comprehensive discussion on law.
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.
This document discusses the different income tax return (ITR) forms in India and who can use each form. ITR-1 can be used by individuals with income from salary, one house property, and other sources. ITR-2 can be used by individuals with income from salary, house property, capital gains, and other sources. ITR-4 can be used by individuals with business/profession income. ITR-4S can be used by small businesses and individuals with certain income. ITR-5 is for firms, AOPs, and BOIs. ITR-6 is for companies. ITR-7 is for charitable trusts, political parties, certain institutions, and scientific research universities.
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.
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
Cross Border Payment- India and New 15CA/15CB RequirementsStuti Shah
The document discusses requirements for deducting tax at source on cross border payments to non-residents. It covers topics like chargeability to tax under section 195, scope of income as per sections 5(2) and 9(1), rate of withholding tax determined by section 90(2) and tax residency certificates under section 90(4). It also explains the new requirements introduced by notification 93/2015 for furnishing information in Form 15CA and obtaining an accountant certificate in Form 15CB for certain payments to non-residents.
The document discusses key aspects of section 195 of the Indian Income Tax Act, which deals with tax withholding for payments made to non-residents. It covers the scope of section 195, comparing it to other tax deduction sections. It also discusses rules around obtaining a certificate for lower or nil withholding from the tax authorities. The document provides an overview of the processes involved in determining taxability and withholding for non-resident payments.
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 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.
The document discusses the requirements and procedures for filing Form 15CA and Form 15CB for making payments to non-residents in India.
Form 15CA is a declaration that must be filed by the remitter along with a certificate from a chartered accountant in Form 15CB when making remittances exceeding Rs. 50,000 or an aggregate of over Rs. 2,50,000 in a year. Form 15CA captures details of the remitter, recipient and remittance amount, while Form 15CB contains the chartered accountant's determination of taxability.
Specific information to be provided in each form is outlined, including the remitter and recipient's identification details, bank transfer information
Lecture meeting on Filing of Income-tax Returns for A.Y. 2010-11 by B. K. Vat...bcasglobal
The document provides an overview of the e-filing process for income tax returns in India. It discusses what e-filing is, how it is mandatory for certain assessees like companies and firms liable for audit. It also outlines the procedures to follow before and during e-filing such as downloading the correct ITR form, gathering necessary details, and enabling macros to fill out the electronic form. Key steps include having audit reports and financial statements available, using a checklist of required information, and properly categorizing income and expenses under the appropriate heads.
This document discusses various aspects of section 195 of the Indian Income Tax Act, which deals with tax deducted at source (TDS) for payments made to non-residents. Some key points discussed include:
- Section 195 mandates any person making payments such as interest, royalty or fees for technical services to non-residents to deduct TDS at the time of payment.
- The rate of TDS depends on factors such as whether a lower treaty rate can be applied based on a tax residency certificate.
- Non-compliance can attract penalties for the payer such as interest, fines and in some cases prosecution.
- Exceptions apply when a lower or nil withholding certificate is obtained
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.
Income Tax Returns have undergone several changes with several additional disclosures. Here's a guide to filing your return for the Financial Year 2016-17 (AY 2017-18)
This document provides information on TDS requirements for foreign remittances under Indian law. It notes that TDS must be deducted on payments to non-residents according to section 195 of the Income Tax Act. Form 15CA must be filed for remittances over Rs. 50,000 or Rs. 2.5 lakhs annually along with Form 15CB from a chartered accountant. The proper procedure for deducting and depositing TDS is outlined. Implications of sections 195, 206AA, and tax treaties are discussed. The importance of obtaining a tax residency certificate for claiming treaty benefits is also explained.
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.
- The document discusses the new income tax return forms notified for assessment year 2013-14, including Form ITR-1 (SAHAJ), ITR-2, ITR-3, ITR-4S (SUGAM), and ITR-4.
- It provides an overview of who can use each form based on the type of income and situations. For example, ITR-1 is for individuals with salary/pension and one house property, while ITR-4 is for individuals with a proprietary business.
- Mandatory e-filing requirements are also summarized, such as individuals with over Rs. 5 lakhs income or claiming foreign tax relief must e-file.
How to eFile Income Tax Returns in IndiaeLagaan India
The document provides instructions for eFiling an income tax return (ITR) in India. It outlines the steps which include visiting the income tax eFiling website, selecting the applicable assessment year, selecting the applicable ITR form, uploading the tax return file in .xml format, and receiving an ITR-V receipt either via email or downloading it from the website. It notes that a physical signature may be required to be sent by post if no digital signature was used during the online filing.
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.
Taxation of Co-operative Societies, IndiaManoj Pandit
General Provisions of taxation with respect to co-operative societies. Please check the law for any changes. The document provides general guidelines and is not a comprehensive discussion on law.
Section 119(2)(b) of the Income Tax Act, 1961 - CBDT needs to act judicially,...D Murali ☆
Section 119(2)(b) of the Income Tax Act, 1961 - CBDT needs to act judicially, not arbitrarily - T. N. Pandey - Article published in Business Advisor, dated September 10, 2014 http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
This document outlines income tax offences and provisions for penalties and prosecution in India. It lists various offences related to defaulting on tax payments, failing to comply with notices, concealment of income, failure to maintain proper books and records, and failure to deduct taxes. It provides the corresponding section of the Indian Income Tax Act for each offence. The document also discusses provisions related to prosecution for contravention of orders, failure to provide access to books and records during inspections, failure to pay taxes deducted, willful tax evasion, failure to provide accounts and documents, making false statements, falsifying records to evade tax, abetting false returns, and repeat offenses.
NEFT and RTGS are electronic funds transfer systems in India. NEFT operates on a deferred net settlement basis, settling transactions in batches throughout the day for small value transfers. RTGS provides real-time settlement of high value transactions of ₹2 lakhs or more. Both schemes allow individuals and businesses to transfer funds between bank accounts electronically instead of using paper instruments. Key details include operating hours, minimum amounts, settlement timeframes, and procedures for returning funds if a transfer fails. NEFT can also be used to send remittances to Nepal.
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
Robert Frost was an American poet born in 1874 in San Francisco who won 4 Pulitzer Prizes for his works including "A Boy's Will" and "North of Boston." He is considered one of the most influential poets in American literature for his realistic depictions of rural life and his command of American colloquial speech. Some of his most famous poems, including "Mending Wall," examine human nature and relationships between people.
This document provides information about NEFT and RTGS money transfer systems between banks in India. RTGS allows for real-time gross settlement of funds, meaning money is transferred in real-time on a one-to-one basis. NEFT operates on a deferred net settlement basis, clustering transactions to transfer net amounts between banks up to twelve times daily on weekdays and six times on Saturdays. Both systems provide faster transfer of funds than traditional checks while RTGS offers real-time transfers.
The poem "Mending Wall" by Robert Frost examines the relationship between two neighbors who meet each year in the spring to repair the stone wall that divides their properties. The narrator sees nature as something that destroys walls and brings people together, while his neighbor believes that "good fences make good neighbors" and sees walls as necessary boundaries. During their annual wall repair, the narrator questions his neighbor on why the wall is needed since their properties are different and do not interfere with each other. His neighbor stubbornly insists on maintaining the wall based on what he was taught, without thinking for himself.
This document is Sunita Patel's project report on Real Time Gross Settlement (RTGS) systems submitted to LN College of Management & Technology in 2007. It includes a declaration by Sunita that the project was completed independently, a certificate from her project guide Prof. Ranjith Krishnan, and acknowledgements. The report then covers various aspects of RTGS systems including membership types, transaction types, communication between participant interfaces and central systems, sending and acknowledging messages, settlement of transactions, and intraday liquidity facilities.
The document summarizes the challenges of Indian independence and partition in 1947 as seen through Nehru's speech from the Red Fort on August 15th. It outlines 3 challenges: 1) uniting a diverse society, 2) establishing democracy, and 3) ensuring development and well-being for all. It then discusses the two-nation theory that divided India into Hindu-majority India and Muslim-majority Pakistan, which led to the painful partition along religious lines. However, implementation was difficult as Muslim populations were not confined to single areas. Partition resulted in massive displacement, violence, and deaths as millions migrated across the new borders.
NEFT and RTGS are electronic funds transfer systems operated by the Reserve Bank of India. NEFT operates in hourly batches for fund transfers of any amount with no minimum limit. RTGS provides real-time fund transfers for high-value transactions of Rs. 2 lacs and above, with settlement occurring individually on a continuous basis. Both systems allow fast domestic transfers between banks across India using IFSC codes, with NEFT being suitable for smaller transfers and RTGS for larger, time-critical transfers.
Electronic fund transfer (EFT) allows for the electronic transfer of money between bank accounts without physical cash or checks. There are several types of EFTs, including real-time gross settlement transfers between banks and transactions using ATMs. EFT transactions are controlled by the Reserve Bank of India and funds are credited to the beneficiary's account on the same day, making it a fast, reliable, and cost-effective way to transfer money. Common tools for EFT include ATMs, which allow customers to withdraw and deposit funds using a card and PIN, and electronic and truncated checks, which substitute digital images for physical checks.
A tax is a mandatory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures. Direct taxes are levied directly on income and indirect taxes are levied on goods and services. The purpose of taxation is to finance government expenditure. The previous year refers to the financial year for which the income is being assessed, while the assessment year refers to the year in which the income from the previous year is assessed for income tax purposes. An assessee refers to a person by whose income tax is payable under the Income Tax Act.
Real Time Gross Settlement (RTGS) is a financial settlement system where transfer of money takes place from one bank to another on a "real time" and on "gross" basis. It consists of continuous settlement of funds transfers individually throughout the day, without netting. Payments made through RTGS are final and irrevocable. The minimum amount for an RTGS transaction is Rs. 2 lakhs and there is no maximum ceiling. The presentation provides an introduction to RTGS, how it works, securities settlement process, making payments through RTGS, and information needed for effective remittance such as amount, account numbers, IFSC code, and timings which do not include bank holidays.
ApnaComplex is a mobile and web-based platform for apartment management and accounting. It provides a private and secure portal and mobile app for housing societies to manage maintenance, accounting, payments, and community collaboration in one integrated system. Key features include society billing and accounting tools, facility management tools, a helpdesk for resident requests, payment gateways, and bio-metric attendance tracking for staff. It aims to simplify apartment management and increase transparency for housing societies.
The document summarizes the procedures for filing income tax returns in India. It discusses:
1) Voluntary returns that must be filed by companies, firms, individuals and HUFs meeting certain income thresholds.
2) Prescribed due dates and forms for different types of taxpayers. Companies and some individuals have a due date of September 30, while most individuals have a July 31 due date.
3) Rules for filing belated or revised returns within one year of the original due date or assessment date.
4) Additional requirements for charitable trusts, political parties, and certain institutions to file by specific due dates using Form ITR-7.
5) Details that must be included in
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
This document provides information about income tax returns (ITR) in India, including what an ITR is, why ITRs should be filed, the different types of ITR forms, and eligibility for each form. There are 7 main ITR forms - ITR1 (for individuals with certain income types up to Rs. 50 lakhs), ITR2, ITR3, ITR4 (for small businesses and professionals), ITR5, ITR6, and ITR7 (for specific entity types). The document outlines the income sources and eligibility criteria for each ITR form and provides details on how to file each form online.
The document discusses changes to the Indian income tax return (ITR) forms for the assessment year 2018-19. Key changes include:
1) Only resident individuals can now use ITR-1, removing non-resident and not ordinarily resident individuals. ITR-1 also requires additional details for salary and house property income.
2) ITR forms 1-4 introduce a new late filing fee under section 234F if the return is filed after the due date.
3) ITR-4 requires additional financial details for those filing under presumptive taxation schemes.
4) ITR forms 3, 5, and 6 now require reporting of goods and services tax (GST) details
- 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 discusses filing income tax returns in India. It defines what a tax return is and explains the different forms used to file returns based on taxpayer type. Forms include ITR-1 through ITR-7. E-filing of returns is now mandatory for most taxpayers, including companies and individuals with income over Rs. 500,000. While documents don't need to be attached, they should be retained for potential audits. Filing returns on time avoids penalties and potential criminal prosecution for tax evasion. Overall, the document provides an overview of India's income tax return process.
1. Any individual or entity whose total income exceeds the maximum amount not chargeable to tax must file an income tax return by the due date, which varies based on the type of taxpayer and whether an audit is required.
2. Failure to file a return by the due date results in penalties, with higher penalties for more extended delays. Late or revised returns can also be filed under certain circumstances.
3. The return must be verified, with the method of verification depending on whether the taxpayer is an individual, HUF, partnership firm, company, etc.
4. Income tax returns can be filed online through a multi-step process involving downloading forms, entering details, computing tax, uploading an XML file,
1) It defines key income tax terms like assessee, assessment, income year, tax day, and total income according to the Income Tax Ordinance of 1984.
2) It outlines the process for income tax return submission and different deadlines for individuals, companies, and financial companies.
3) It describes the income tax slabs and rates in Bangladesh, including special rates for certain groups.
4) It provides details about the minimum tax amounts in different areas.
5) It briefly explains the processes of normal assessment and universal self-assessment.
Filing of income tax return including e filing - sanjeev copySanjeev Patel
1. The document discusses the requirements and procedures for filing income tax returns in India, including who must file, the different forms, due dates, and filing methods.
2. It provides details on the tax slabs and rates for different types of individuals and entities. Exemptions from filing are available for low-income salary earners meeting certain conditions.
3. Various options are available for filing returns, including paper, electronically with digital signature, and through authorized tax return preparers. Late or revised returns can also be submitted under certain circumstances.
This document discusses the different income tax return (ITR) forms in India and who can use each form. ITR-1 can be used by individuals with income from salary, one house property, and other sources. ITR-2 can be used by individuals with income from salary, house property, capital gains, and other sources. ITR-4 can be used by individuals with business/profession income. ITR-4S can be used by small businesses and individuals with certain income. ITR-5 is for firms, AOPs, and BOIs. ITR-6 is for companies. ITR-7 is for charitable trusts, political parties, certain institutions, and scientific research universities.
Income tax Return is a way by which we pay Income tax. When total income of a person, including all sources, is more than maximum unchargeable limitation then that person is liable to pay income tax.
FILING OF RETURN OF INCOME (U/S. 139)
When non-residents are not required to file tax returns for income earned in ...DVSResearchFoundatio
Key Takeaways:
Charging section for taxability of non-residents
Incomes of non-residents for which no returns to be filed
Conditions to be satisfied for non-filing of returns
Representative assessee and its liability
The document provides an analysis of changes made to the Income Tax Return (ITR) forms for the assessment year 2020-2021. Some key changes include the addition of a new Schedule DI to report investments made during the extended period from April to June 2020. Additional details must be provided by individuals involved in high-value transactions covered under the seventh proviso to section 139(1). The forms now allow quoting of Aadhaar in place of PAN in various schedules. The analysis describes the ITR forms that can be used based on the nature of income and status of the taxpayer. It also explains other miscellaneous changes such as separate reporting for new income streams and deductions.
This document outlines India's procedures for filing income tax returns. It discusses voluntary returns, prescribed filing times, forms, electronic filing, revised/belated returns, and details required. Some key points:
- Individuals and companies must file voluntary returns for any year where total income exceeds the maximum taxable amount. The due date is generally July 31st or September 30th depending on the assessee.
- There are specific forms for different types of assessees including individuals, firms, companies, trusts, and political parties. Electronic filing is now mandatory for some assessees.
- Returns can be revised within one year of the assessment year end or before assessment completion. Belated returns
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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 discusses taxation issues for non-resident Indians under the Foreign Exchange Management Act (FEMA) and the Income Tax Act (ITA). It defines resident and non-resident status and compares the definitions between the two acts. It then covers topics like non-resident taxation, tax deduction at source, special provisions for NRIs, and important transactions as they relate to FEMA.
- Income Tax Return (ITR) is a document filed with the Indian Income Tax Department by taxpayers annually detailing their earnings and taxes paid for the year. It must be filed by all Indian citizens earning a taxable income.
- The due date for individual ITR filing for financial year 2018-2019 was July 31, 2018. The date is extended for individuals requiring tax audit. Late filers may face penalties.
- The Indian income tax system levies tax on both earned and unearned incomes based on multiple tax slabs ranging from 0-30% depending on the amount of total annual income. Tax rates are lower for senior citizens.
This document provides information about filing income tax returns electronically (e-filing) in India, including:
- Who should e-file and the different types of ITR forms.
- Documents needed like bank statements, Form 16, and capital gains/interest statements.
- Available deductions under sections like 80C, 80D, 80DD, and rebate under 87A.
- Income tax slabs and rates for individual taxpayers, senior citizens, and super senior citizens.
- The due date for e-filing ITR is July 31 of the following financial year.
This document contains contact information for various Small Industries Development Bank of India (SIDBI) offices across India, including their location, name of contact person, designation, email and phone number. It lists 94 offices across 28 regions in India, providing key leadership contacts for SIDBI's outreach in promoting micro, small and medium enterprises.
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- It estimates total annual CSR spending by all companies could be around Rs. 18,000 crore. Top 100 companies may contribute Rs. 5,611 crore annually.
- However, the bill does not impose penalties for non-compliance but requires companies to justify why they did not spend on CSR. There are concerns the voluntary requirements could become mandatory.
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The document summarizes 13 common mistakes taxpayers make when filing their income tax returns in India. Some key mistakes include selecting the wrong tax form, failing to report all types of income, entering incorrect personal details, and not verifying tax deducted at source (TDS) amounts. It stresses the importance of filing accurate returns on time to avoid penalties and ensure any tax refunds. Filing electronically through tax portals can help reduce errors by automatically filling forms.
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Faq on income tax return
1. 2013-14: FAQs on Income-tax Returns
Q 1. What are the modes of filing return of income?
Return of income can be filed in paper mode or in e-filing mode. If return of income is filed
through electronic mode, then the assessee has following two options:
(1) E-filing using a Digital Signature
(2) E-filing without a Digital Signature
If return of income is filed by using a digital signature, then there is no requirement of
sending the signed copy, ITR V (i.e., acknowledgement of return filed electronically) to
Bangalore CPC. However, if the return is filed without using digital signature, then the
assessee shall send the signed copy of ITR V to CPC, Bangalore at the following
address. Income Tax Department - CPC, Post Bag No -1, Electronic City Post Office,
Bangalore -560100, Karnataka within 120 days of uploading the return either by ordinary
post or speed post only.
Q 2. When is it mandatory to file return of income?
It is mandatory for a company and a firm to file its return on income. However, for an
individual and HUF, it is mandatory to file return of income if his/its gross total income
(before claiming Chapter VI-A deduction) exceeds the maximum exemption limit. The
maximum exemption limit and the slab rates for Assessment Year 2014-15 are given in the
following table:
Class of persons Tax slab(Amount) Tax
rate
Resident senior citizen (aged 60 years and above but less
than 80 years)
Up to Rs. 2,50,000 Nil
Rs. 2,50,000 to Rs.
5,00,000
10%
Rs. 5,00,000 to Rs.
10,00,000
20%
Above Rs. 10,00,000 30%
Resident super senior citizen (aged 80 years or above) Up to Rs. 5,00,000 Nil
2. Rs. 5,00,000 to Rs.
10,00,000
20%
Above Rs. 10,00,000 30%
Any other individual or HUF (i.e., other than above) Up to Rs. 2,00,000 Nil
Rs. 2,00,000 to Rs.
5,00,000
10%
Rs. 5,00,000 to Rs.
10,00,000
20%
Above Rs. 10,00,000 30%
Q 3. Is it mandatory to file return of income if I have a PAN?
No, it is not mandatory to file return of income if your income is less than maximum
exemption limit, irrespective of the fact that you have been allotted a PAN.
Q 4. I am an Individual and resident of India. Do I need to file return if my
income is below taxable limit but I am having an account in a foreign bank?
Yes, it is mandatory for you to file the income-tax return. In view of newly inserted proviso
to Section 139(1), it is mandatory to file income-tax return, if following conditions are
satisfied:
(a) The assessee is resident and ordinarily resident in India;
(b) He has any of following:
(i) Signing authority in any account located abroad;
(ii) Any asset located abroad; or
(iii) Financial interest in any entity located abroad.
The assessee is required to provide requisite details of such account, assets or financial
interest in the return of income.
Q 5. Which form should I opt for to file my income-tax return for the
assessment year 2014-15?
Individual and HUF
3. Nature of income ITR 1
(Sahaj)
ITR
2
ITR
3
ITR
4
ITR 4S
(Sugam)
Income from salary/pension ✓ ✓ ✓ ✓ ✓
Income from one house property (excluding losses) ✓ ✓ ✓ ✓ ✓
Income or losses from more than one house property ✓ ✓ ✓
Income not chargeable to tax which exceeds Rs. 5,000 ✓ ✓ ✓
Income from other sources (other than winnings from
lottery and race horses or losses under this head)
✓ ✓ ✓ ✓ ✓
Income from other sources (including winnings from
lottery and race horses)
✓ ✓ ✓
Capital gains/loss on sale of investments/property ✓ ✓ ✓
Share of profit of partner from a partnership firm ✓ ✓
Income from business or profession ✓
Income from presumptive business ✓
Details of foreign assets ✓ ✓ ✓
Claiming relief of tax under section 90, 90A or 91 ✓ ✓ ✓
Other Assessees
Nature of income ITR 5 ITR 6 ITR 7
Firm ✓
Association of Persons (AOP) ✓
4. Body of Individuals (BOI) ✓
Companies other than companies claiming exemption under Sec. 11 ✓
Persons including companies required to furnish return under:
(1) Section 139(4A);
(2) Section 139(4B);
(3) Section 139(4C); and
(4) Section 139(4D)
✓
ITR-1
Who can
file return
in ITR 1
Return in ITR 1 can be filed by an individual, if his total income includes:
(a) Salary or pension
(b) Income from one house property (except brought forward loss under this
head)
(c) Income from other sources (except winnings from lotteries or horse races or
losses under this head)
Who can't
file return
in ITR 1
Return in ITR 1 cannot be filed by an individual if he:
(a) Is resident and ordinarily resident and has an asset (including financial
interest in any entity) located outside India or has signing authority outside
India
(b) Has claimed any relief under Section 90 or 90A or section 91
(c) Has income not chargeable to tax which exceeds Rs. 5,000
(d) Has income from more than one house property
(e) Has income from winnings from lottery or race horses
(f) Has income under the head 'Capital gains' or Business or profession
(g) Has losses under the head 'Income from other sources'
5. ITR-2
Who can
file return
in ITR 2
Return in ITR 2 can be filed by an individual and HUF if his/its total income
includes:
(a) Salary or pension
(b) Income from one or multiple house properties (including losses thereon)
(c) Income from capital gains
(d) Income from other sources (including winnings from lotteries or horse races
or losses under this head)
Who can't
file return
in ITR 2
Return in ITR 2 cannot be filed by an individual and HUF if he/it has income
chargeable to tax under the head 'Profit or gains from business or profession'
ITR-3
Who can
file return
in ITR 3
This Return Form is to be used by an individual or an HUF if:
(a) Such Individual or HUF is a partner in a firm; and
(b) Income chargeable to income-tax in his/its hands under the head "Profits or
gains of business or profession" do not include any income except the
income by way of any interest, salary, bonus, commission or remuneration,
by whatever name called, due to, or received by him from such firm.
Who can't
file return
in ITR 3
A partner in the firm, who does not have any income from the firm by way of
interest, salary, etc., and has only exempt income by way of share in the profit of
the firm, shall use this form only and not Form ITR-2.
ITR-4S
Who can
file return
in ITR 4S
Return in ITR 4S can be filed by an individual if his total income includes:
(a) Presumptive Income
(b) Salary or pension
(c) Income from one house property (except brought forward loss under this
head)
(d) Income from other sources (except winnings from lotteries or horse races or
losses under this head)
6. Who can't
file return
in ITR 4S
Return in ITR 4S cannot be filed by a person who:
(a) Is resident and ordinarily resident and has an asset (including financial
interest in any entity) located outside India or has signing authority outside
India
(b) Has claimed any relief under Section 90 or 90A or section 91
(c) Has income not chargeable to tax which exceeds Rs. 5,000
(d) Has income from more than one house property
(e) Has income from winnings from lottery or race horses
(f) Has income under the head 'Capital gains' or Business or profession
(g) Has income from speculative business
(h) Has income from agency business or commission or brokerage
(i) Has losses under the head 'Income from other sources'
ITR-4
Who can
file return
in ITR 4
Return in ITR 4S can be filed by an Individual or HUF deriving income from
proprietary business or profession
Q 6. What are the due dates for filing of income-tax returns for the year ending
March 31, 2014?
Assessee Due date
An Individual or HUF July 31, 2014
A Company September 30,
2014
A person whose accounts are required to be audited September 30,
2014
A working partner of a firm whose accounts are required to be audited September 30,
2014
An assessee who is required to furnish a report under Sec. 92E for November 30,
7. international transaction 2014
Any other person July 31, 2014
Q 7. Whether it is mandatory to file return electronically?
E-filing of return is mandatory for:
(a) Every company;
(b) Every AOP or BOI
(c) A person [other than a company and a person required to furnish return in form ITR 7]
whose total income exceeds Rs. 5 lakh rupees during the previous year 2013-14;
(d) A firm or an individual or HUF who are required to get their accounts audited under
section 44AB;
(e) Every person claiming tax relief under Section 90, 90A or section 91;
(f) A political party [if its income exceeds the limit, without claiming exemptions under
Section 13A, which is not chargeable to tax]
(g) Every resident and ordinarily resident individual and HUF, if he/it has any of
following:
(i) Signing authority in any account located abroad;
(ii) Any asset located abroad; or
(iii) Financial interest in any entity located abroad.
Q 8. When is it mandatory to file return electronically with digital signature?
E-filing of return with digital signature is mandatory for:
(a) Every company;
(b) A firm or an individual or HUF who are required to get their accounts audited under
section 44AB;
(c) A Political Party [it its income exceeds the limit, without claiming exemptions under
Section 13A, which is not chargeable to tax]
Q 9. How to file return electronically?
Income-tax return can be filed electronically with the help of following instructions:
(a) Visit https://incometaxindiaefiling.gov.in;
8. (b) Choose the appropriate ITR form suitable for your status and source of income (Refer
FAQ No. 5) and download excel utility (available only for ITR 1, 2, 3 and 4s) or java
utility from the aforementioned website;
(c) Fill the income-tax return in the excel utility or java utility and generate XML file. Java
utility has an option to pre-fill the information on basis of PAN card or previous year's
return and submit return directly (without generating XML file) but for that one has to
create his account at income-tax e-filing portal;
(d) Use the following link to create your account: https://incometaxindiaefiling.gov.in/e-
Filing/ Registration/ RegistrationHome.html;
(e) After creation of account, you need to login and then click on "submit return" option;
(f) Select the 'assessment year' and 'form name', then click 'next';
(g) Click on Browse option to select the generated XML file and upload it;
(h) Java utility gives an option to submit return directly, i.e., without generating XML file.
Thus, taxpayers who are required to file return in ITR 4, 5, or 7 or those taxpayers who
opt to file ITR 1, 2, 3, or 4S in Java utility shall not follow the instructions given above
in point (e), (f) and (g).
(i) On successful submission of ITR form, a pop-up menu will be displayed on the screen.
Click on "Download" button to get the acknowledgement, i.e., ITR-V;
The final step is to get the printout of such acknowledgement, get it signed and send it to
"Income Tax Department - CPC, Post Bag No - 1, Electronic City Post Office, Bangalore -
560100, Karnataka" within 120 days of uploading the return either by ordinary post or
speed post only.
If ITR-V is not submitted within stipulated period of 120 days, then it will be deemed that
assessee has not filed the return of income.
The assessees who are required to file the ITR-1 may alternatively fill and file their return
online without downloading the excel or java utility after login at the
incometaxindiaefiling.gov.in.
If assessee is using digital signature ("DSC") for uploading the return, it is to be registered
on the website beforehand. If return is filed through DSC, assessee would not be required to
send the print-out of the acknowledgement to CPC.
Q 10. What if I have forgotten the login details of
https://incometaxindiaefiling.gov.in?
(a) Click on forget password or on the following link
https://incometaxindiaefiling/gov.in/e-Filing/UserLogin/ LoginHome.html;
9. (b) Enter your user ID (i.e., your PAN) and the captcha (i.e., the security random code)
and click on continue;
(c) In the password reset page, one of the following options can be selected:
(i) Answer the secret question;
(ii) Upload the digital signature certificate; or
(iii) Enter e-filed acknowledgement number or bank account number as furnished
in return of income.
(d) Enter new password twice and click on 'Reset Password' to generate new password;
(e) If you are unable to retrieve your password, send an email request from registered
email-id, to validate@incometaxindia.gov.in with following details:
(i) PAN:
(ii) Name of the assessee as appearing on the PAN card;
(iii) Date of Birth/Date of incorporation;
(iv) Name of father as appearing on the PAN card;
(v) Registered PAN Address;
New password will be communicated to you by the income-tax department via email.
Q 11. If the last date to file income-tax return is a public holiday, whether the
next day would be treated as "last date of filing"?
Normally, income-tax department continues its operation during the last days of filing of
income-tax return even if the last days eventually fall on Sundays or on holidays. However,
if department is closed on the last due date, then the immediately next working day of the
department would be considered as the last date of filing of income-tax return.
Q 12. How can I find my jurisdictional Assessing Officer?
Either click on Services>Know your Jurisdiction given on the home page of
incometaxindiaefiling.gov.in or use the following link
https://incometaxindiaefiling.gov.in/e-Filing/Services/KnowYourJurisdictionLink.html to
know your jurisdictional officer.
Q 13. How to know TAN of my deductor?
It can be found either on the Form 16/16A or in the 26AS tax credit statement available on
https://www.tdscpc.gov.in/app/login.xhtml TRACES (TDS Reconciliation and Correction
Enabling System) website.
10. Q 14. How would I know whether my e-return has been processed at CPC
Bangalore?
Log on to the e-filing website and select CPC processing status to check the status of return.
Q 15. I am the authorized signatory of the firm. While filing the return of
income I get an error that 'PAN mentioned in Verification section is invalid'.
In case of return of income of firm/company/AOP/BOI/Artificial judicial person/Co-
operative society/trust, etc., PAN of authorized signatory is required to be filled in
verification field instead of the assessee's PAN.
Q 16. I had e-filed my return and had identified some mistake which seems to
be a 'mistake apparent from record'. Can I make rectification with CPC in
paper form?
No, the CPC doesn't accept any of the manual correspondence. You have to login to
incometaxindiaefiling.gov.in and have to file rectification request using web portal.
Q 17. What to do in case of TDS mismatch?
Even if the credit for TDS as claimed in the return matches with the balance as appearing in
the Form 26AS, Assessing Officer may raise a demand for payment of differential amount
due to TDS mismatch. The reason for such difference could be as under:
(1) TAN of deductor was wrongly mentioned
(2) Name of deductor was not spelt out correctly
(3) Tax deducted by one deductor was wrongly included in the amount of tax deducted by
another deductor
In case of such TDS mismatch, an assessee can file a rectification request.
Steps to file the rectification request:
(a) Login to your account in https://incometaxindiaefiling.gov.in
(b) Go to My Account > Rectification request
(c) You need the following to fill in the required details:
(i) PAN
(ii) Assessment Year
(iii) Latest Communication Reference Number (it starts with CPC/Assessment
Year/)
11. (iv) Latest CPC Order date
(d) Click on Validate to go to next step
(e) On the next screen, choose 'Taxpayer is correcting data for Tax Credit Mismatch Only'
from the drop-down box of 'Rectification Request Type'
(f) Check from the following relevant boxes for which item taxpayer is seeking
rectification:
(i) TDS on salary income details
(ii) TDS on other than salary income details
12. (g) Fill in all the relevant details including details of tax deducted and reported in the
return of income filed earlier
(h) Click on the button 'Submit' to submit the rectification request.
The TDS mismatch may also be due to error in TDS return filed by deductor. In such a
situation, you should intimate the deductor about such error and require him to rectify the
TDS return.
In press note no. 402/92/2006, dated April 17, 2014 CBDT had noted that many taxpayers
commit mistakes while furnishing details of tax credit in the return of income. Such
mistakes include:
(a) Invalid/incorrect TAN of deductor;
(b) Furnishing same TAN for more than one deductor;
(c) Filing information in wrong TDS Schedules in the Return Form;
(d) Furnishing wrong challan particulars in respect of Advance tax, Self-assessment tax,
etc.
Consequently, the tax credit could not be allowed to the taxpayers while processing returns
despite the tax credit being available in Form 26AS statement. The CBDT, therefore, directs
the taxpayers to verify if the demand raised on them is due to tax credit mismatch on
account of such incorrect particulars and submit rectification requests with correct
particulars of TDS/tax claims for correction of these demands. The rectification requests
have to be submitted to the jurisdictional Assessing Officer in case the return was processed
by such officer, or the taxpayer is informed by CPC, Bangalore that such rectification is to be
carried out by Jurisdictional Assessing Officer. In all other cases of processing by CPC,
Bangalore, an online rectification request can be made (as defined above).
Q 18. I have filed my return electronically and furnished the signed copy of
acknowledgment to the CPC. However, I have received a letter from CPC that
said copy of acknowledgement had not been received. Since time-limit to
resend the acknowledgement already expired, whether it will be deemed that I
have not filed the return?
The same issue has been dealt with by Bombay High Court in the case of Crawford Bayley
& Co. v.Union of India [2011] 16 taxmann.com 323 (Bom.), wherein the Court, despite
expiry of the time-limit to send the acknowledgment, allowed additional time to assessee to
resend the same, since the assessee had furnished adequate material before the Court in
support of its contention that having filed return electronically, it had also submitted ITR-V
Form by ordinary post.
Based on the above, it can be inferred if you have already submitted the ITR-V to the CPC
then you can resend the acknowledgement, even though the time-limit for filing ITR-V has
13. already expired, provided you have sufficient evidences to substantiate the fact that you
have send the acknowledgment earlier within 120 days of uploading the return either by
ordinary post or by speed post only.
Q 19. Can I file the return even if the due date to file the same has expired?
Yes, you can file return of income belatedly within a period of one year from the end of
relevant assessment year or before the completion of assessment, whichever is earlier.
Q 20. What are the consequences of filing belated return?
If return is filed after the end of relevant assessment year, in that case penalty of five
thousand rupees can be levied under section 271F.
If the return of income is not filed within the due date specified under section 139(1), loss
incurred during the year under the heads 'Profits and gains of business and professions' and
'Capital gains' cannot be carried forward to next year.
Q 21. Can I file return of income even if my income is below taxable limits?
Yes, you can file return of income voluntarily even if your income is less than the maximum
exemption limit.
Q 22. I have filed my return of income; however, I omitted to claim benefit of
Section 80C deduction. What should I do?
The benefit of omitted claim can be availed only by filing a revised return. But in that case
you have to ensure that your original return has been filed within the due date as return can
be revised only if it has been filed originally within the specified due date (Refer FAQ 6). An
income-tax return can be revised within one year from the end of the relevant assessment
year or before completion of assessment, whichever is earlier.
Q 23. I am a salaried person. My total taxable salary is Rs. 5,40,000 on which
tax has been duly deducted under Sec. 192 amounting to Rs. 39,140. During
finalization of return, I found that my bank has given me a credit of Rs.
1,24,500 towards interest. Please guide me what should I do now?
In this situation, you have to pay the balance taxes on the interest income (or any other
income) before filing of return. As per revised computation, your total tax liability would be
Rs. 64,787. Since tax of Rs. 39,140 has already been deducted under Sec. 192, the balance
tax of Rs. 25,647 should be paid along with interest under Section 234B and 234C. The tax
and interest can be paid in any authorized bank through Challan No. ITNS 280.
Alternatively, it can be paid through online bank portal through following link
https://onlineservices.tin.nsdl.com/etaxnew/tdsnontds.jsp.
14. Q 24. What documents are needed to be enclosed along with the return of
income?
Income-tax returns are annexure less. Hence, there is no need to enclose any document(s)
along with the return of income. Thus, documents like TDS certificate, balance sheet, Profit
& Loss A/c, Capital A/c, proof of investments, etc., are not to be attached along with the
return of income. However, these documents should be retained and have to be produced
before the Assessing Officer whenever he requires us to do so.
Q 25. My employer has deducted tax without allowing me relief of section 89.
Can I claim the relief while filing the return of income?
If the employer fails to provide relief under section 89 and deducts excess tax, then you can
claim such relief in your return of income and can claim refund of excess tax deducted.
Q 26. How to claim deduction on donation given to an organization registered
under section 80G?
Deduction under section 80G can be claimed by filing the return of income in which the
following details need to be given:
(a) Name of donee;
(b) PAN of donee;
(c) Address of donee; and
(d) Amount of donation.
Q 27. How to avoid deduction of tax, if during the year the accrued interest on
deposit in my saving account is Rs. 15,000 and my total income including such
interest income is below taxable limit?
You can file a self-declaration to the banker in Form 15H (in case of Senior Citizen) or Form
15G (in case of assessees below 60 yrs. of age) stating that your income is below taxable
limit.
Q 28. Whether salaried persons are not required to file return of income for
assessment year 2014-15?
Exemption from filing return of income isn't available for salaried persons for Assessment
Year 2014-15, as exemption from filing of return of income for salaried persons was allowed
under Notification No. 9/2012 only in respect of the Assessment Year 2012-13. Similar
notification for Assessment Years 2013-14 and 2014-15 has not been issued. Therefore,
15. every assessee earning income of more than basic exemption limit shall file the return of
income.
Q 29. Whether all salaried taxpayers can choose ITR-1 for filing income-tax
returns?
No, all salaried taxpayers can't choose ITR-1 for filing tax returns from Assessment Year
2013-14 onwards. They can choose ITR-1 only if they are claiming exemption under sec. 10
(e.g. HRA, Conveyance allowance, etc.) up to Rs 5,000 or less. So, if taxpayer is claiming any
exemption under sec. 10 which exceeds Rs. 5,000, he cannot file return of income in ITR-1
(As per amended Rule 12 of income-tax rules).
Q 30. I omitted to submit rent receipt and investment proof to my employer
because of which relief for HRA and certain other deductions weren't given to
me; the tax deducted from my salary income is higher than my actual tax
liability. How to claim refund of such excess tax?
Even if the benefit of HRA under Section 10(13A) and deduction under Chapter VI-A are not
considered by the employer in Form 16, yet they can be claimed in the income-tax return.
Accordingly, the excess tax deducted by employer can be claimed as refund.
Q 31. Can I claim deduction under section 80C of interest on housing loan?
Repayment of principal portion of residential housing loan will be allowed as deduction
under section 80C within the overall limit of Rs. 1,00,000. However, such deduction is
available if housing loan is borrowed by assessee from:
(a) Central Government or any State Governments
(b) Banks, including a co-operative banks
(c) LIC
(d) National Housing Bank
(e) Domestic Public company providing long-term finance for construction or purchase of
houses in India
(f) Assessee's employer, being an authority or a board or a corporation or any other body
established or constituted under Central or State Act
(g) Assessee's employer being, a public company or a public sector company or a university or
a university established by law or a college affiliated to such university or a local authority
16. or a co-operative society.
However, interest on housing loan is deductible under section 24(b) while computing
income chargeable to tax under the head "Income from house property".
Q 32. How to claim benefit of tax deducted in advance on income which is
taxable in subsequent years?
Certain provisions of TDS (including TCS) require deduction of tax at source at the time of
payment or at the time of credit, whichever occurs earlier. Advance payments are also
subjected to TDS. Old ITR form did not have any mechanism to carry forward the excess
TDS, thus, taxpayers were required to show the entire TDS as a deduction and claim refund
of excess TDS. To overcome the issues, the Schedule TDS/TCS in the ITR forms introduced
two new columns:
(a) Unclaimed TDS/TCS brought forward
(i) Financial Year in which deducted/collected
(ii) Amount brought forward
(b) TDS/TCS being claimed this year from amount brought forward or from TDS/TCS of
current financial year.
Thus, the portion of TDS credit pertaining to income taxable in the subsequent year can be
carried forward to subsequent year and can be claimed in the year in which income is
offered to tax.
Q 33. What will be the consequences if return of income is filed without making
payment of self-assessment tax?
To discourage the practice of filing of return of income without payment of self-assessment
tax, the Finance Act, 2013 has amended Explanation to section 139(9) so as to provide that
the return of income shall be deemed as defective return if tax including interest thereon, if
any, payable in accordance with the provisions of the Act has not been paid on or before the
date of furnishing of the return.
Q 34. Whether is it mandatory to furnish PAN of the landlord to claim
exemption in respect of house rent allowance ?
If employee is claiming exemptions for house rent allowance and the annual rent paid by
him exceeds Rs. 1,00,000, it is mandatory for him to report PAN of the landlord to the
employer. In case the landlord does not have a PAN, a declaration to this effect from the
landlord along with the name and address of the landlord should be filed by the employee.
Q 35. Who is required to file audit report electronically?
17. Following persons are required to get their accounts audited and file the audit report
electronically:
(a) A person carrying on business, if his turnover exceeds Rs. 1 crore
(b) A person carrying on profession, if his gross receipt exceeds Rs. 25 lakh
(c) A person eligible to compute taxable income on presumptive basis but does not opt to
do it so
(d) Trusts or institutions registered under section 12AA or claiming exemption under
section 10(23C)(iv),(v), (vi) or (via) if their total income exceeds the amount not
chargeable to tax.
(e) Persons claiming deduction under section 80-IA, 80-IC.
(f) Non-Resident or a foreign company who is in receipt of royalty or fee for technical
services in pursuance of an agreement with the Indian government or an Indian
concern (subject to conditions specified under section 44DA)
Q 36 Is there any requirement to file audit report electronically with digital
signature?
Yes, following persons are required to file their audit report electronically along with digital
signature-
(a) Every company
(b) A firm, Individual or HUF who is required to get its accounts audited under section
44AB.
Q 37. Is there any other report which has to be filed electronically?
Following reports have to be filed electronically:
(a) Report of Transfer Pricing under Section 92E
(b) Report on computation on Net worth in case of slump sale under Section 50B
(c) Report on computation of book profit in case of companies liable to pay MAT under
Section 115JB
(d) Report certifying the correctness of deductions claimed under section 10A, 10AA, 80-
IB, 80-ID, 80JJAA, 80LA
(e) Report on tonnage taxation scheme
Q 38 Is there any restriction on number of returns that can be filed using same
email-ID or same mobile number?
18. Yes, only 10 returns can be filed using same email-id or same mobile number.