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PERSONAL FINANCE FINANCIAL PLANNING TAX PLANNING BANK ACCOUNTS CREDIT CARDS INSURANCE DEPOSITS STOCKS MUTUAL FUNDS
FRESH BUDGET PROPOSALS FOR FY 2019-20 BY
FM Ms NIRMALA SITHARAMAN ON 05.07.2019 TO VIEW / HEAR THE SPEECH , CLICK HERE THIS ARTICLE IS ALREADY READ BY MORE THAN 3,500 PEOPLE
IT RETURNS FOR FY 2018-19 ( AY 2019-20 )This article contains following information
1. Latest Notifications / Press Releases with regard to Income tax returns 2. How to pay E-pay Income Tax 3. How to download Pre- filled Income tax Returns 4. Who have to submit IT Returns and how to chose IT forms 5. IT Forms and instructions for filling them 6. Documents required to fill IT Returns 7. What details to check in Form 16 , Form 16 A and Form 26 AS 8. How to e-file IT returns 9 . E-verification of IT Returns 10. Tips for filing returns FINANCE MINISTRY FURTHER EXTENDS DEADLINE TO 30.11.2020
Dated 30.09.2020 : Ministry of Finance , by way of an order , notified extension of deadline for submission of INCOME TAX RETURN FOR FY 2018-19 . up to 30.11.2020 now . If you have failed to submit your income tax return for FY 2018-19 , you can submit belated return / revised return is extended up to 30th, November .2020 . FINANCE MINISTRY FURTHER EXTENDS DEADLINE TO 30.09.2020
Dated 30.07.2020 : Ministry of Finance , by way of an ordinance , notified extension of deadline for submission of INCOME TAX RETURN FOR FY 2018-19 . up to 30.09.2020 now . If you have failed to submit your income tax return for FY 2018-19 , you can submit belated return / revised return is extended up to 30.09 .2020 . LAST DATE FOR FILING WITH PENALTY EXTENDED TO 31.07.2020 : FINANCE MINISTRY
Dated 25.06.2020 : In view of the present scenario unfolding in India in the wake of spread of pandemic , Finance Ministry has now announced that last date for filing IT Returns for FY 2018-19 ( AY 2019-20 ) with penalty is extended up to 31.07.2020 from the present last date of 30.06.2020 . If you have failed to submit your income tax return for FY 2018-19 , you can submit belated return / revised return up to 31.07 .2020 . LAST DATE FOR FILING WITH PENALTY EXTENDED TO 30.06.2020 : FM
Dated 25.03.2020 : In view of the present scenario unfolding in India in the wake of spread of pandemic , Finance Minister Ms Nirmala Sitharaman announced that last date for filing IT Returns for FY 2018-19 ( AY 2019-20 ) with penalty is extended up to 30.06.2020 from the present last date of 31.03.2020 . IT DEPARTMENT INTRODUCES " E-FILING LITE "
01.08.2019 : Today Income tax department launched 'e-Filing Lite', a lighter version of e-Filing portal with a focus on filing of Income Tax Return (ITR) by the taxpayers. This Portal has the below list of Services Only for Registered e-Filing PAN Users : • Filing of ITR & e-Verification • Download Pre-Fill XML • View e-Filed Income Tax Returns (Without XML/ITR/ITR-V download options) The same can be accessed by clicking 'e-Filing Lite' button in home page of the e-filing portal and logging in by using your PAN Number and password . The current e-Filing portal having all the services can be accessed by clicking on 'Portal Login' button . DUE DATE FOR FILING RETURNS EXTENDED TO 31.08.2019 : CBDT
Dated 23 .07.2019 : Income Tax Department has extended today due date for filing returns to 31st August 2019 from existing due date of 31.07.2019 . The decision is taken as some tax payers are facing difficulties due to extension of due date for issuance of Form 16 . For CBDT Order , CLICK HERE E-FILING HELP DESK AVAILABLE NOW 24 X 7 : CBDT
Dated 23 .07.2019 : Income Tax Department have made their help desk for e-filing open 24 X 7 till 31st , July 2019 - the last date for filing returns . The help desk numbers are 1800 103 0025 (or) +91-80-46122000 +91-80-26500026 NOT MANDATORY TO FILL SCRIP WISE DATA FOR LTCG : CBDT SAYS
Dated 19.07.2019 : Today Income Tax Department advised that Taxpayers have an option to either enter the Scrip wise details of long term capital gains in Schedule 112A and 115AD(1)(iii) so that the correct values are populated in the CG Schedule or enter the self-calculated aggregate value of long term capital gains directly under respective items in schedule CG in terms with Sec 112A or 115AD(1)(iii) without entering scripwise details. . With this clarification now , Tax payers with long term gains from shares , bonds and mutual funds can now submit their ITR 2 , ITR 3 & ITR 5 WITHOUT HASSLE OF FILLING INFIVIDUAL GAINS FROM EACH SCRIP . NO CHANGES IN ITR FORMS : CBDT CLARIFIES
Dated 18.07.2019 : Income Tax Department has now clarified that it has not made any changes in any of the Income Tax Returns for FY 18-19 ( AY 19-20 ) , since their notification in April 19 . Only pre-filling facility was introduced ( For ITR1 to ITR4 ) subsequently in their utility with a view to help the public . The new facility will substantially reduce the efforts of tax payers in filling the returns and submission there on . They have further clarified that the returns filed by using the previous version of utility will continue to be valid even though the utility is being updated regularly to provide ease to taxpayers . For CBDT Notification dated 16.07.2019 , CLICK HERE HOW TO E-PAY INCOME TAX ?
Dated 14.07.2019 : Some of our readers wanted guidance on e-payment of tax , as they wanted to pay self assessment tax before filing the returns . Procedure for e-payment of Income Tax : Step-1 To pay taxes online, login to NSDL WEBSITE : Step-2 Select the relevant challan i.e. ITNS 280 and proceed Step-3 Enter PAN / TAN (as applicable) and other mandatory challan details like accounting head under which payment is made, address of the tax payer and the bank through which payment is to be made etc. Step-4 On submission of data entered, a confirmation screen will be displayed. If PAN / TAN is valid as per the ITD PAN / TAN master, then the full name of the taxpayer as per the master will be displayed on the confirmation screen. Step-5 On confirmation of the data so entered, the taxpayer will be directed to the net-banking site of the bank. Step-6 The taxpayer has to login to the net-banking site with the user id / password provided by the bank for net-banking purpose and enter payment details at the bank site. Step-7 On successful payment a challan counterfoil will be displayed containing CIN, payment details and bank name through which e-payment has been made. This counterfoil is proof of payment being made. IT DEPARTMENT EXTENDS PRE-FILLS TO ITR2 / ITR3 NOW
Dated 11.07.2019 : Income Tax Department has now extended the facility of pre-filled forms in XML format in their e-filing site to ITR2 & ITR3 . Earlier pre-filling facility was introduced to ITR1 and ITR4 on 26.06.2019 . The forms are pre-filled by them based on the information available with them through 26AS , 24Q , e-filing profile and last year ITR . This facility will help the people in filing their IT Returns easily . The following details will be pre-filled by the Income Tax Department . 1. PAN Number , Name and date of Birth 2. Address . Aadhaar number , Mobile Number and e-mail address 3. Tax Paid , TDS and TCS Details ( From FORM 26AS ) 4. Employer details , Salary Income , Allowance and Deductions ( From Form 24Q ) 5. Gross Rent received / receivable details ( 26AS ) 6 . Details of Dividend income , Interest Income & TDS ( From 26AS ) 7. Tax relief under Sec 89 8. Bank account Details ( From ITR of previous year ) 9 . verification Details . However IT Department advises you to verify the pre-filled data carefully and add any other taxable income which is not pre-filled. . Further Last date for filing of TDS statement and issue of TDS certificate by Deductor is 30th June, 2019 and 10th July, 2019 respectively. In case the TDS data or any other data is yet to be submitted by the Deductor , taxpayers are expected to fill these details themselves. How to Get Pre-filled Forms ? 1. Login in to the website https://www.incometaxindiaefiling.gov.in/home 2. Go to Dropdown Meny of "' MY ACCOUNT " 3. Chose " Download Pre-filled XML " 4. Select Assessment year 2019-20 and Form no ITR1 / ITR2 / ITR3 / ITR4 5. Once you press continue button , you will get DOWNLOAD XML . 6 . The downloaded XML forms can be imported to ITR offline facilities BEFORE SUBMITTING , CHECK YOURSELF WHETHER YOU ARE ELIGIBLE TO SUBMIT ITR1 / ITR 2 / ITR3 / ITR4 AND WHETHER THE DETAILS FILLED ARE CORRECT AS PER THE RECORDS YOU ARE HAVING . IN CASE OF ANY DISCREPANCY , TAKE UP WITH YOUR TAX DEDUCTOR FOR CORRECTION AND RECTIFY ALREADY FILLED UP FORM AND ADD ANY MISSING ITEM BEFORE SUBMISSION . PLEASE NOTE THAT PRE-FILLED FORM IS JUST A HELPING TOOL AND ULTIMATELY YOU ARE RESPONSIBLE FOR THE RETURN FILED . HENCE CHECK THOROUGHLY , SATISFY THAT ALL DETAILS ARE CORRECT AND FILE THE RETURNS IT DEPARTMENT PRE-FILLS YOUR ITR1 / ITR4 NOW Dated 28.06.2019 : Income Tax Department has now introduced a facility in their e-filing site wherein ITR1 / ITR4 forms are pre-filled by them based on the information available with them through 26AS . This facility will be a boon for a salaried person / pensioner earning interest on deposits also .The following details will be pre-filled by the Income Tax Department . 1. PAN Number , Name and date of Birth 2. Address . AAdhaar number , Mobile Number and e-mail address 3. Tax Paid , TDS and TCS Details ( From FORM 26AS ) 4. Salary Income , Allowance and Deductions ( From Form 24Q ) 5. House Property Details ( From ITR of Previous Year ) 6. Interest Income & TDS ( From 26AS ) 7. Tax relief under Sec 89 8. Bank account Details ( From ITR of previous year ) 9 . verification Details . However IT Department advises you to verify the pre-filled data carefully and add any other taxable income which is not pre-filled. . Further Last date for filing of TDS statement and issue of TDS certificate by Deductor is 30th June, 2019 and 10th July, 2019 respectively. In case the TDS data or any other data is yet to be submitted by the Deductor , taxpayers are expected to fill these details themselves. How to Get Pre-filled Forms ? 1. Login in to the website https://www.incometaxindiaefiling.gov.in/home 2. Go to Dropdown Menu of "' MY ACCOUNT " 3. Chose " Download Pre-filled XML " 4. Select Assessment year 2019-20 and Form no ITR1 / ITR4 5. Once you press continue button , you will get DOWNLOAD XML . BEFORE SUBMITTING , CHECK YOURSELF WHETHER YOU ARE ELIGIBLE TO SUBMIT ITR1 / ITR 4 AND WHETHER THE DETAILS FILLED ARE CORRECT AS PER THE RECORDS YOU ARE HAVING .IN CASE OF ANY DISCREPANCY , TAKE UP WITH YOUR TAX DEDUCTOR FOR CORRECTION AND RECTIFY ALREADY FILLED UP FORM AND ADD ANY MISSING ITEM BEFORE SUBMISSION FOR TAX PLANNING FOR FY 2018-19 , CLICK HERE
LTCG AND IT RETURNS :
Dated 26.06.2019 : Income Tax Department has since revised IT Return forms ITR 2 , ITR 3 and ITR 5 for FY 2018-19 in order to accommodate entries arising out of Long term Capital gains ( LTCG ) . In case of long term capital gains (LTCG) arising on sale of equity shares or unit of equity oriented fund or unit of business trust on which STT is paid, separate computation of capital gains should be made for each scrip or units of mutual fund sold during the year and aggregated amount should be provided in the returns . Hence item No. B4 (ITR 2)/B5( ITR 3)/ B5(ITR 5) (in case of residents) or item No. B7 (ITR 2)/B8(ITR3) /. B8(ITR5) (in case of non-residents) have been introduced by IT Department . The Utility available in IT Department's website has been updated and relevant validation rules are relaxed . CLICK HERE TO DOWNLOAD Updated ITR 2 CLICK HERE TO DOWNLOAD updated ITR 3 CLICK HERE TO DOWNLOAD updated ITR 5 CLARIFICATIONS ON ISSUE OF FORM 16 BY EMPLOYER :
Employer is obliged to issue to its employees Form 16 ( Certificate for tax deducted at source for salary ) before 15th June of the assessment year so that employee can file his Income tax return before the due date For FY 2018-19 ( AY 2019-20 ) . DUE DATE TO SUBMIT IT RETURN IS 31.07.2019 . ( Employers are since given extended time up to 10th, July 2019 for issuing revised Form 16 by the IT Department ) Please obtain following information from the employer if you have perquisites exempted from Income Tax : 1. Death–cum-retirement gratuity received 2. Commuted value of pension received 3. Earned leave encashment on retirement 4. Amount received/receivable on voluntary retirement or termination of service 5. Leave Travel concession/assistance 6. Tax paid by employer on non-monetary perquisite 7. House rent allowance . 8. Prescribed allowances or benefits specifically granted to meet expenses incurred in performance of duties of office or employment . 9. Prescribed allowances or benefits granted to meet personal expenses in performance of duties of office or employment or to compensate for increased cost of living. 10 .Allowances or perquisites paid or allowed as such outside India by the Government to a citizen of India for rendering services outside India . 11. Remuneration received as an official, by whatever name called, of an Embassy, High Commission etc 12 . Any other allowance received For format of Form 16 , CLICK HERE . For the relevant rule , CLICK HERE CLARIFICATIONS ON ISSUE OF TDS CERTIFICATE IN FORM 16A BY BANKS :
Banks / Financial institutions are obliged to issue to their deposit holders employees Form 16A ( Certificate for tax deducted at source on other than salary ) as per following table : For payments between April to June : Before 15th August For payments between July to Sept : Before 15th November For payments between Octo to Dec : Before 15th February For payments between Janu l to March : Before 15th June For format of Form 16A , CLICK HERE . For detailed illustrations issued by IT Department , CLICK HERE WHO IS OBLIGED TO FILE IT RETURNS ? Every individual or Hindu Undivided Family ( HUF ) is obliged to submit Income Tax returns if they meet following criterion . 1. Income exceeding Rs 2,50,000 in case of individuals below 60 years 2. Income exceeding Rs 3,00,000 in case of individuals above 60 years and below 80 years 3. Income exceeding Rs 5,00,000 in case of individuals above 80 years Note : Income means total income in the financial year 2018-19 before allowing deductions under chapter VI -A of Income tax act . Submission of IT Return is not complete without verifying the same . For various ways of verification , CLICK HERE
FOR THE FINANCIAL YEAR 2018-19 ( ASSESSMENT YEAR 2019-20 ) , FOLLOWING FORMS ARE AVAILABLE ON LINE :
ITR 1 ( SAHAJ ) , ITR 2 , ITR 3 AND ITR 4S ( SUGAM) TO DOWN LOAD CLICK BELOW : CLICK HERE TO DOWNLOAD ITR 1- SAHAJ CLICK HERE TO DOWNLOAD ITR 2 CLICK HERE TO DOWNLOAD ITR 3 CLICK HERE TO DOWNLOAD ITR 4-SUGAM CLICK HERE FOR ACKNOWLEDGEMENT FORM ITR 1 , ITR 2 , ITR 3 and ITR 4 can be e-filed on Incometaxefiling site . To get all instruction to fill ITR1 ( SAHAJ ) CLICK HERE To get all instructions to fill ITR 2 , CLICK HERE To get all instructions to fill ITR 3 , CLICK HERE To get all Instructions to fill ITR4S ( SUGAM ) , CLICK HERE To know about how to e-verify your return CLICK HERE INCOME TAX DEPARTMENT WARNS SALARIED PERSONS AGAINST WRONG DECLARATIONS WHILE FILING OF IT RETURNS :
As per amended section 270A of Income Tax act , mis-reporting of income may be fined 50 % of tax payable and it can go up to 200% if it is judged as concealment of income . For 270A section of IT Act , CLICK HERE and fill 270A in section column The Article on " TAX PLANNING FOR FY 2018-19 CONTAINS 5 PARTS
PART I : HIGHLIGHTS OF CHANGES IN TAX RULES FOR FY 2018-19 :CLICK HERE PART 2 : TAX RATES / SLABS FOR FY 2018-19 CLICK HERE PART 3 : TAX REBATES AND POPULAR TAX SAVING SCHEMES CLICK HERE PART 4 : ESTIMATE YOUR INCOME TAX / ADVANCE TAX FOR FY 2017-18 CLICK HERE PART 5 : TAX ON RETIREMENT BENEFITS CLICK HERE PRECAUTIONS TO BE TAKEN WHILE INVESTING STOCK MARKETS , CLICK HERE FINANCIAL PLANNING FOR YOUNG , CLICK HERE HOW TO LINK AADHAR WITH PAN ? CLICK HERE NECESSARY DOCUMENTS TO BE OBTAINED BEFORE FILING IT RETURNS
Due Date for filing IT Returns for individuals for FY 2018-19 is 31st , July 2019 . a. You require following documents before starting to fill up IT Returns . As some time is required to collect from the relevant issuers , you may contact them at the earliest if you have not obtained so far . If you don't have AADHAR , APPLY NOW AND OBTAIN ENROLLMENT ID OF AADHAR APPLICATION 1. Your AADHAR NUMBER / CARD 2.Salary certificate / Form 16 issued by employer in the new format , 3.Interest certificates , 4. Life Insurance premium certificates , health Insurance premium paid certificates , 5. Bank account statements for housing loans and savings bank accounts etc 6. TDS Certificates from employers / Deposit holders 7. Form 26 AS which shows the tax amount already credited to your account 8. Capital gain certificates / statements from your stock brokers 9. Copy of last year return submitted . 10. Your bank name , account number and IFSC code of the bank branch 11 . Any other relevant documents if you have any other income b. Link your Aadhar number to income tax e-filing website C. Verify Taxes paid already in Form 26AS and confirm that all tax deducted for you by your employer / bank as given in Form 16 or Salary receipt is credited to your account with income tax department . You can view 26 AS ( Tax Credit ) in the income tax department's website by logging in . d. Tax returns are made simple now . If you are eligible to file IT Returns ITR 1 (SAHAJ ) , you can now prepare and submit on line itself on the income tax e-filing website You may yourself file on line or use or utilise the service of Tax Return Preparers ( TRPS ) authorised by Income Tax Department ., if you are not confident of using the on -line services . Otherwise you may use your chartered accounts for the job . The benefits of filing tax returns early is 1. You will have sufficient time to collect relevant documents , prepare , cross check and then submit . You can reduce errors . 2. As the income tax servers would be relatively free , last minute slowdown of computers due to heavy rush for submissions . 3. Processing of your returns by IT department would be faster and you will get refunds faster . 4. You will be avoiding penalties , interest etc levied on belated submission . So take steps now to have advantages of filing IT Returns early |
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WHAT DETAILS TO CHECK IN FORM 16 , INTEREST CERTIFICATES ( FORM 16A ) AND FORM 26 AS ?
Form 16 is the details of payment made and tax deducted ( TDS ) on it by an employer which is to be remitted to Income Tax department .Similarly an Interest Certificate issued by a Banker in Form 16A shows the amount interest paid / accrued to the depositor and amount of Tax deducted ( TDS ) and remitted to Income tax . On the other hand , Form 26AS comes from Income tax department which shows the amount of tax paid by you and the amount of tax credited to your account in the form of TDS by others .
Form 26 AS is updated almost real time basis and it is an ideal tool to verify all the tax you have to receive in your account is credited or not . Ideally the figures shown in Form 16 and Interest certificates should match with credits shown in Form 26AS . However it is better to cross-check the amounts and verify for any mismatch . Any mismatch would be a result of errors committed by your employer or tax deductor . We give below a list of illustrative points which you may verify :
1. Verify PAN Number shown in Form 16 is yours .
2. Verify your Form 16 and check whether salary / pension shown in the form are actually credited to your account during the financial year and belongs to you only .
3. Verify deducted tax shown in Form 16 is reflected in Form 26AS in full and both figures match .
4. Similarly verify deducted tax in your interest certificate in Form 16A duly reflects in Form 26AS .
5. If mismatch is there , both excess credit and short credit will pose a problem for you , as Income tax Department takes the figures in 26AS as authentic and calculate the tax payable by you .
6. If short tax credit is shown in Form 26AS , you may be ending up by paying additional tax . If excess tax credit is there in Form 26AS , Income tax department may take it as you have not shown your full income in the return . Either way , you are a loser .
If there is any mistake on the part of employer / banker and there is a mismatch , take up with them to rectify the mistake , to issue a fresh form 16/ Interest paid certificate or remit the full amount debited from you to your correct PAN Number with Income Tax Department .
How to obtain Form 26 AS ?
Form 26AS can be downloaded from the website of TRACES ( TDS Reconciliation Analysis and Correction Enabling Systm ) of Income tax department of Government of India . If you are first time user , you have to register as a new user by furnishing the details like PAN Number , Date of Birth , Full name etc .
To visit TRACES , CLICK HERE
You can also download Form 26AS through Income Tax Department's e-filing website ( CLICK HERE for website ) . Just login there and go to " My account " Section and view Form 26AS
Form 16 is the details of payment made and tax deducted ( TDS ) on it by an employer which is to be remitted to Income Tax department .Similarly an Interest Certificate issued by a Banker in Form 16A shows the amount interest paid / accrued to the depositor and amount of Tax deducted ( TDS ) and remitted to Income tax . On the other hand , Form 26AS comes from Income tax department which shows the amount of tax paid by you and the amount of tax credited to your account in the form of TDS by others .
Form 26 AS is updated almost real time basis and it is an ideal tool to verify all the tax you have to receive in your account is credited or not . Ideally the figures shown in Form 16 and Interest certificates should match with credits shown in Form 26AS . However it is better to cross-check the amounts and verify for any mismatch . Any mismatch would be a result of errors committed by your employer or tax deductor . We give below a list of illustrative points which you may verify :
1. Verify PAN Number shown in Form 16 is yours .
2. Verify your Form 16 and check whether salary / pension shown in the form are actually credited to your account during the financial year and belongs to you only .
3. Verify deducted tax shown in Form 16 is reflected in Form 26AS in full and both figures match .
4. Similarly verify deducted tax in your interest certificate in Form 16A duly reflects in Form 26AS .
5. If mismatch is there , both excess credit and short credit will pose a problem for you , as Income tax Department takes the figures in 26AS as authentic and calculate the tax payable by you .
6. If short tax credit is shown in Form 26AS , you may be ending up by paying additional tax . If excess tax credit is there in Form 26AS , Income tax department may take it as you have not shown your full income in the return . Either way , you are a loser .
If there is any mistake on the part of employer / banker and there is a mismatch , take up with them to rectify the mistake , to issue a fresh form 16/ Interest paid certificate or remit the full amount debited from you to your correct PAN Number with Income Tax Department .
How to obtain Form 26 AS ?
Form 26AS can be downloaded from the website of TRACES ( TDS Reconciliation Analysis and Correction Enabling Systm ) of Income tax department of Government of India . If you are first time user , you have to register as a new user by furnishing the details like PAN Number , Date of Birth , Full name etc .
To visit TRACES , CLICK HERE
You can also download Form 26AS through Income Tax Department's e-filing website ( CLICK HERE for website ) . Just login there and go to " My account " Section and view Form 26AS
FOR READING ARTICLE TAX ON RETIREMENT BENEFITS , CLICK HERE
PRECAUTIONS TO BE TAKEN WHILE INVESTING STOCK MARKETS , CLICK HERE
FINANCIAL PLANNING FOR YOUNG , CLICK HERE HOW TO LINK AADHAR WITH PAN ? CLICK HERE
PRECAUTIONS TO BE TAKEN WHILE INVESTING STOCK MARKETS , CLICK HERE
FINANCIAL PLANNING FOR YOUNG , CLICK HERE HOW TO LINK AADHAR WITH PAN ? CLICK HERE
WHO HAS TO FILE RETURNS AND WHO HAS TO E-FILE IT RETURNS ?
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If you are an individual (other than a company or a firm) than you will have to file your return if your Gross Total Income before any deductions is more than the exemption limit. Deductions in this case will be the usual 80C to 80U deductions. In case you are an NRI and you have earned any taxable income or any taxable income has accrued in India then you have to file an income tax return in India. If you are an individual or HUF having total Income exceeding Rs 5.00 Lakhs or claiming any refund in the return ( Except one who is of the age of 80 years or more furnishing ITR Forms 1 or 2 only ) ) , you have to necessarily e-file your IT Return . You also have to e-file your IT Returns if you are an individual or HUF , being Resident of India having any Foreign asset / income or claiming any foreign tax relief .
WHO CAN USE RETURN FORM ITR1 - SAHAJ ?
This Return Form is to be used by an Resident individual whose total income for the assessment year does not exceed Rs 50 lakhs and includes:-
(a) Income from Salary / Pension; or
(b) Income from One House Property ( excluding cases where loss is brought forward from previous years ) ; or
(c) Income from Other Sources ( excluding Winning from Lottery and Income from Race Horses , Income taxable under section 115BBDA or Income of the nature referred to in Section 115 BBE ).
Further , in a case where the Income from spouse , minor child etc is to be clubbed with the case of the assessee , this return form can be used only if the income from the clubbed falls in to the above mentioned categories
Who can not use this Return Form ITR1 - SAHAJ ?
A. This Return Form should not be used by an individual who –
(a) is a Director in a company;
(b) has held any unlisted equity shares at any time during the previous
year;
(c) has any asset (including financial interest in any entity) located outside
India;
(d) has signing authority in any account located outside India; or
(e) has income from any source outside India.
B. This return form also cannot be used by an individual who has any income
of the following nature during the previous year:-
(a) Profits and gains from business and professions;
(b) Capital gains;
(c) Income from more than one house property;
(d) Income under the head other sources which is of following nature:-
(i) winnings from lottery;
(ii) activity of owning and maintaining race horses;
(iii) income taxable at special rates under section 115BBDA or
section 115BBE;
(e) income to be apportioned in accordance with provisions of section 5A;
or
(f) agricultural income in excess of Rs 5,000.
C. Further, this return form also cannot be used by an individual who has any
claims of loss/deductions/relief/tax credit etc. of the following nature:-
(a) any brought forward loss or loss to be carried forward under the head
‗Income from house property‘;
(b) loss under the head ‗Income from other sources‘;
(c) any claim of relief under section 90 and/or section 91;
(d) any claim of deduction under section 57, other than deduction under
clause (iia) thereof (relating to family pension); or
(e) any claim of credit of tax deducted at source in the hands of any other
person.
NON RESIDENT INDIANS ARE NOT ELIGIBLE TO SUBMIT ITR -1 SAHAJ
To obtain Instructions for filling up of ITR1 ( SAHAJ ) , CLICK HERE
If you are an individual (other than a company or a firm) than you will have to file your return if your Gross Total Income before any deductions is more than the exemption limit. Deductions in this case will be the usual 80C to 80U deductions. In case you are an NRI and you have earned any taxable income or any taxable income has accrued in India then you have to file an income tax return in India. If you are an individual or HUF having total Income exceeding Rs 5.00 Lakhs or claiming any refund in the return ( Except one who is of the age of 80 years or more furnishing ITR Forms 1 or 2 only ) ) , you have to necessarily e-file your IT Return . You also have to e-file your IT Returns if you are an individual or HUF , being Resident of India having any Foreign asset / income or claiming any foreign tax relief .
WHO CAN USE RETURN FORM ITR1 - SAHAJ ?
This Return Form is to be used by an Resident individual whose total income for the assessment year does not exceed Rs 50 lakhs and includes:-
(a) Income from Salary / Pension; or
(b) Income from One House Property ( excluding cases where loss is brought forward from previous years ) ; or
(c) Income from Other Sources ( excluding Winning from Lottery and Income from Race Horses , Income taxable under section 115BBDA or Income of the nature referred to in Section 115 BBE ).
Further , in a case where the Income from spouse , minor child etc is to be clubbed with the case of the assessee , this return form can be used only if the income from the clubbed falls in to the above mentioned categories
Who can not use this Return Form ITR1 - SAHAJ ?
A. This Return Form should not be used by an individual who –
(a) is a Director in a company;
(b) has held any unlisted equity shares at any time during the previous
year;
(c) has any asset (including financial interest in any entity) located outside
India;
(d) has signing authority in any account located outside India; or
(e) has income from any source outside India.
B. This return form also cannot be used by an individual who has any income
of the following nature during the previous year:-
(a) Profits and gains from business and professions;
(b) Capital gains;
(c) Income from more than one house property;
(d) Income under the head other sources which is of following nature:-
(i) winnings from lottery;
(ii) activity of owning and maintaining race horses;
(iii) income taxable at special rates under section 115BBDA or
section 115BBE;
(e) income to be apportioned in accordance with provisions of section 5A;
or
(f) agricultural income in excess of Rs 5,000.
C. Further, this return form also cannot be used by an individual who has any
claims of loss/deductions/relief/tax credit etc. of the following nature:-
(a) any brought forward loss or loss to be carried forward under the head
‗Income from house property‘;
(b) loss under the head ‗Income from other sources‘;
(c) any claim of relief under section 90 and/or section 91;
(d) any claim of deduction under section 57, other than deduction under
clause (iia) thereof (relating to family pension); or
(e) any claim of credit of tax deducted at source in the hands of any other
person.
NON RESIDENT INDIANS ARE NOT ELIGIBLE TO SUBMIT ITR -1 SAHAJ
To obtain Instructions for filling up of ITR1 ( SAHAJ ) , CLICK HERE
WHO CAN FILE ITR2 FORM ?
This Return Form is to be used by an individual or a Hindu Undivided Family (HUF) who is not eligible to file Form ITR-1 (Sahaj) and who is not having any income under the head ―Profits or gains of business or profession‖.
Who cannot use Return Form ITR 2 ?
This Return Form should not be used by an individual whose total income for the Assessment Year 2019-20 includes Income under the head ―Profits or Gains of Business or Profession
This Return Form is to be used by an individual or a Hindu Undivided Family (HUF) who is not eligible to file Form ITR-1 (Sahaj) and who is not having any income under the head ―Profits or gains of business or profession‖.
Who cannot use Return Form ITR 2 ?
This Return Form should not be used by an individual whose total income for the Assessment Year 2019-20 includes Income under the head ―Profits or Gains of Business or Profession
WHO CAN USE RETURN FORM ITR3 ?
This Return Form is to be used by an individual or a Hindu Undivided Family who is having income under the head ―profits or gains of business or profession‖ and who is not eligible to file Form ITR-1 (Sahaj), ITR-2 or ITR-4 (Sugam) .
WHO CAN USE RETURN FORM ITR4S - SUGAM ?
This Return Form is to be used by an individual or HUF, who is resident other than
not ordinarily resident, or a Firm (other than LLP) which is a resident, whose total income
for the assessment year 2019-20 does not exceed Rs.50 lakh and who has income under
the following heads:-
(a) Income from business where such income is computed on presumptive basis under
Section 44AD (i.e. Gross Turnover upto Rs. 2 crore) or Section 44AE (income from
goods carriage upto ten vehicles); or
(b) Income from Profession where such income is computed on presumptive basis
under Section 44ADA (i.e. Gross receipt upto Rs. 50 lakh); or
(c) Income from Salary/ Pension; or
(d) Income from One House Property; or
(e) Income from Other Sources.
Note 1: The income computed on presumptive basis under sections 44AD or 44AE or
44ADA shall be presumed to have been computed after giving full effect to every
loss, allowance, depreciation or deduction under the Income-tax Act.
Note 2: Further, in a case where the income of another person like spouse, minor child, etc.
is to be clubbed with the income of the assessee, this Return Form can be used only
if the income being clubbed falls into the above income categories.
Who can not use this Return Form ITR4S - SUGAM ?
A. This Return Form should not be used by a person who –
(a) is a Director in a company;
(b) has held any unlisted equity shares at any time during the previous year;
(c) has any asset (including financial interest in any entity) located outside India;
(d) has signing authority in any account located outside India; or
(e) has income from any source outside India.
B. This return form also cannot be used by a person who has any income of the
following nature during the previous year:-
(a) Profits and gains from business and professions which is not required to be
computed u/s 44AD, 44ADA or 44AE, such as income from speculative
business, agency business, commission or brokerage income etc.;
(b) Capital gains;
(c) Income from more than one house property;
(d) Income under the head other sources which is of following nature:-
(i) winnings from lottery;
(ii) activity of owning and maintaining race horses;
(iii) income taxable at special rates under section 115BBDA or section
115BBE;
(e) income to be apportioned in accordance with provisions of section 5A; or
(f) agricultural income in excess of ₹5,000.
C. Further, this return form also cannot be used by a person who has any claims of
loss/deductions/relief/tax credit etc. of the following nature:-
(a) any brought forward loss or loss to be carried forward under any head of
income;
(b) loss under the head ‗Income from other sources‘;
(c) any claim of relief under section 90, 90A or section 91;
(d) any claim of deduction under section 57, other than deduction under clause
(iia) thereof (relating to family pension); or
(e) any claim of credit of tax deducted at source in the hands of any other person.
SUGAM - BUSINESS form is not mandatory . The form shall not apply at the option of assessee if assessee keeps and maintains all the books of accounts and other documents referred to in Section 44 AA in respect of business or profession .
To obtain Instructions for filling up of ITR4S ( SUGAM ) , CLICK HERE
In case any one finds he / she is not eligible to file any of the above simplified forms , or he is not sure of the form that applies to him / her , one may contact Qualified Tax consultant / chartered accountant to get guidance about submission of returns .
TO KNOW ABOUT VARIOUS PROVISIONS OF INCOME TAX CLICK HERE
not ordinarily resident, or a Firm (other than LLP) which is a resident, whose total income
for the assessment year 2019-20 does not exceed Rs.50 lakh and who has income under
the following heads:-
(a) Income from business where such income is computed on presumptive basis under
Section 44AD (i.e. Gross Turnover upto Rs. 2 crore) or Section 44AE (income from
goods carriage upto ten vehicles); or
(b) Income from Profession where such income is computed on presumptive basis
under Section 44ADA (i.e. Gross receipt upto Rs. 50 lakh); or
(c) Income from Salary/ Pension; or
(d) Income from One House Property; or
(e) Income from Other Sources.
Note 1: The income computed on presumptive basis under sections 44AD or 44AE or
44ADA shall be presumed to have been computed after giving full effect to every
loss, allowance, depreciation or deduction under the Income-tax Act.
Note 2: Further, in a case where the income of another person like spouse, minor child, etc.
is to be clubbed with the income of the assessee, this Return Form can be used only
if the income being clubbed falls into the above income categories.
Who can not use this Return Form ITR4S - SUGAM ?
A. This Return Form should not be used by a person who –
(a) is a Director in a company;
(b) has held any unlisted equity shares at any time during the previous year;
(c) has any asset (including financial interest in any entity) located outside India;
(d) has signing authority in any account located outside India; or
(e) has income from any source outside India.
B. This return form also cannot be used by a person who has any income of the
following nature during the previous year:-
(a) Profits and gains from business and professions which is not required to be
computed u/s 44AD, 44ADA or 44AE, such as income from speculative
business, agency business, commission or brokerage income etc.;
(b) Capital gains;
(c) Income from more than one house property;
(d) Income under the head other sources which is of following nature:-
(i) winnings from lottery;
(ii) activity of owning and maintaining race horses;
(iii) income taxable at special rates under section 115BBDA or section
115BBE;
(e) income to be apportioned in accordance with provisions of section 5A; or
(f) agricultural income in excess of ₹5,000.
C. Further, this return form also cannot be used by a person who has any claims of
loss/deductions/relief/tax credit etc. of the following nature:-
(a) any brought forward loss or loss to be carried forward under any head of
income;
(b) loss under the head ‗Income from other sources‘;
(c) any claim of relief under section 90, 90A or section 91;
(d) any claim of deduction under section 57, other than deduction under clause
(iia) thereof (relating to family pension); or
(e) any claim of credit of tax deducted at source in the hands of any other person.
SUGAM - BUSINESS form is not mandatory . The form shall not apply at the option of assessee if assessee keeps and maintains all the books of accounts and other documents referred to in Section 44 AA in respect of business or profession .
To obtain Instructions for filling up of ITR4S ( SUGAM ) , CLICK HERE
In case any one finds he / she is not eligible to file any of the above simplified forms , or he is not sure of the form that applies to him / her , one may contact Qualified Tax consultant / chartered accountant to get guidance about submission of returns .
TO KNOW ABOUT VARIOUS PROVISIONS OF INCOME TAX CLICK HERE
FOR LATEST INCOME TAX NEWS , CLICK HERE
mAadhar : Mobile Application of UIDAI
for Smart Phone ( ANDROID ) Users
BETA VERSION RELEASED BY UIDAI FOR CARRYING AADHAR IN YOUR MOBILE
For Details and DOWNLOAD , CLICK HERE
NEW MOBILE APPLICATION : AAYKAR SETHU
WHICH YOU CAN USE FOR PAYING TAX AND FILE IT RETURN
Dated 14.07.2017 : Earlier one has to go to two different websites for Paying Income Tax and Filing IT Returns . Now with the launch of a new Android based mobile application called AAYKAR SETHU , one can use a single mobile application to do all Income Tax related jobs , including calculating and paying Income tax , viewing tax credit statement , submit IT Returns . file rectification of tax credit mismatch among other uses . It can be also used to locate a TRP at y our place .
How to get AAYKAR SETHU APPLICATION ?
You can obtain the application by making a missed call to number 7306525252 and you will receive a message giving you the link address for the application . Clicking on the link , you will go to Google Play where you can download the application .
You can also download by clicking the link : https://tinyurl.com/y9zq72ej
TO FILE IT RETURNS ?
In AAYKAR SETHU application , you may click on the icon " Return Preparation Made Easy " where you will receive a question on your Return Filing status .
If you have not yet filed the return , you may calculate tax , pay tax , download forms and file Income tax return . You can also check your Form 26AS .
If you have already filed the IT Returns , you can e- verify the Returns , check ITR-V Receipt status , view your e-filed returns and file revised returns , if needed .
The Application has got many other utilities like valuation of perquisite values of medical facility , rent free accommodation , Transport allowance , children education and hostel allowance , house rent allowance . TDS Calculator etc . The application can also be used to link PAN with Aadhar and to verify PAN .
mAadhar : Mobile Application of UIDAI
for Smart Phone ( ANDROID ) Users
BETA VERSION RELEASED BY UIDAI FOR CARRYING AADHAR IN YOUR MOBILE
For Details and DOWNLOAD , CLICK HERE
NEW MOBILE APPLICATION : AAYKAR SETHU
WHICH YOU CAN USE FOR PAYING TAX AND FILE IT RETURN
Dated 14.07.2017 : Earlier one has to go to two different websites for Paying Income Tax and Filing IT Returns . Now with the launch of a new Android based mobile application called AAYKAR SETHU , one can use a single mobile application to do all Income Tax related jobs , including calculating and paying Income tax , viewing tax credit statement , submit IT Returns . file rectification of tax credit mismatch among other uses . It can be also used to locate a TRP at y our place .
How to get AAYKAR SETHU APPLICATION ?
You can obtain the application by making a missed call to number 7306525252 and you will receive a message giving you the link address for the application . Clicking on the link , you will go to Google Play where you can download the application .
You can also download by clicking the link : https://tinyurl.com/y9zq72ej
TO FILE IT RETURNS ?
In AAYKAR SETHU application , you may click on the icon " Return Preparation Made Easy " where you will receive a question on your Return Filing status .
If you have not yet filed the return , you may calculate tax , pay tax , download forms and file Income tax return . You can also check your Form 26AS .
If you have already filed the IT Returns , you can e- verify the Returns , check ITR-V Receipt status , view your e-filed returns and file revised returns , if needed .
The Application has got many other utilities like valuation of perquisite values of medical facility , rent free accommodation , Transport allowance , children education and hostel allowance , house rent allowance . TDS Calculator etc . The application can also be used to link PAN with Aadhar and to verify PAN .
Submission of IT returns on line
Income Tax returns can be filed on line on the Income Tax Department 's e-filing website :https://incometaxindiaefiling.gov.in/
One may log on to the site and register there by making one's PAN Number as User ID . Under Download Menu , one may select appropriate ITR form and use the Downloaded Return Preparation Software utility and enter the required data following the instructions therein . Then compute tax payable by clicking 'calculate ' . Verify the data to confirm total tax payable . Pay taxes if the total of tax deducted and paid falls short of the calculated amount . Enter the challan details of tax paid already . Finally validate the return and submit .
If you are eligible to file IT Returns ITR 1 (SAHAJ ) , you can now prepare and submit on line itself on the income tax e-filing website with no need to download the forms , fill up and uploading of the forms
Tax payers can also utilise the service of Tax Return Preparers ( TRPS ) authorised by Income Tax Department ., if they are not confident of using the on -line services themselves . TRPS are trained to help Income Tax payers and certified by the department. The service is available now at around 400 cities across India. . Home visit request can also be made to get the preparation done at home . To locate the nearest TRP ,one can call Toll free Telephone number 1800-10-23738 between Monday to Saturday from 9.00 am to 6.00 pm . Details of the scheme including the nearest TRP can be got on their website www.trpscheme.com
TRPs will receive 3 % of the tax paid on the returns prepared & filed for every assessee in the first year ( subject to a maximum of Rs 1,000 ) , 2 % in the second year and 1 % in the third year and Rs 250 for the returns prepared & filed for the old assessees .
Apart from the site of Income tax Department , there are websites like https://cleartax.in/ who facililitate submission of ITRs without any charges for its basic usage . However it charges fee for its " CA assisted e-filing " service . Other websites like https://www.hrblock.in/ also facilitate for a payment of fees . We have not independently verified the quality and usefulness of such sites .
One may log on to the site and register there by making one's PAN Number as User ID . Under Download Menu , one may select appropriate ITR form and use the Downloaded Return Preparation Software utility and enter the required data following the instructions therein . Then compute tax payable by clicking 'calculate ' . Verify the data to confirm total tax payable . Pay taxes if the total of tax deducted and paid falls short of the calculated amount . Enter the challan details of tax paid already . Finally validate the return and submit .
If you are eligible to file IT Returns ITR 1 (SAHAJ ) , you can now prepare and submit on line itself on the income tax e-filing website with no need to download the forms , fill up and uploading of the forms
Tax payers can also utilise the service of Tax Return Preparers ( TRPS ) authorised by Income Tax Department ., if they are not confident of using the on -line services themselves . TRPS are trained to help Income Tax payers and certified by the department. The service is available now at around 400 cities across India. . Home visit request can also be made to get the preparation done at home . To locate the nearest TRP ,one can call Toll free Telephone number 1800-10-23738 between Monday to Saturday from 9.00 am to 6.00 pm . Details of the scheme including the nearest TRP can be got on their website www.trpscheme.com
TRPs will receive 3 % of the tax paid on the returns prepared & filed for every assessee in the first year ( subject to a maximum of Rs 1,000 ) , 2 % in the second year and 1 % in the third year and Rs 250 for the returns prepared & filed for the old assessees .
Apart from the site of Income tax Department , there are websites like https://cleartax.in/ who facililitate submission of ITRs without any charges for its basic usage . However it charges fee for its " CA assisted e-filing " service . Other websites like https://www.hrblock.in/ also facilitate for a payment of fees . We have not independently verified the quality and usefulness of such sites .
LINKING OF AADHAR TO PAN IN IT WEBSITE IS EASY
04.05.2017 : Quoting of Aadhar Number / enrollment ID is mandatory for filing of IT return / applying for PAN CARD . To facilitate the same , there is a link on incometaxindiaefiling website where in a registered user can log in and link his Aadhar number .
You may visit the income tax efiling site ( CLICK HERE ) and to visit directly to Aadhar linking page CLICK HERE
IMPORTANCE OF FILING RETURNS WITHIN DUE DATE
The Due date for submission of above returns fixed for the Financial Year 2018-19 is 31.07.2019 . However , it is advisable to file as early as possible to avoid last moment scramble to get relevant papers / details for filing the same .
Delay in filing the return of income may attract certain adverse consequences. Following are the consequences of delay in filing the return of income:
1 . Loss (other than loss under the head “Income from house property”) cannot be carried forward.
2. Levy of interest under section 234A.
3 . Levy of fee under section 234F*
4. Exemptions/deductions under sections 10A, 10B, 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID and 80-IE are not available.
W.e.f. assessment year 2018-19, if assessee failed to furnish return of income within due date as prescribed in section 139(1) then he is required to pay:-
a) Rs. 5000 if return is furnished on or before 31 December of assessment year.
b) Rs. 10,000 in any other case.
However, if total income of the person does not exceeds Rs. 5 lakh then fee payable shall be Rs. 1000.
Delay in filing the return of income may attract certain adverse consequences. Following are the consequences of delay in filing the return of income:
1 . Loss (other than loss under the head “Income from house property”) cannot be carried forward.
2. Levy of interest under section 234A.
3 . Levy of fee under section 234F*
4. Exemptions/deductions under sections 10A, 10B, 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID and 80-IE are not available.
W.e.f. assessment year 2018-19, if assessee failed to furnish return of income within due date as prescribed in section 139(1) then he is required to pay:-
a) Rs. 5000 if return is furnished on or before 31 December of assessment year.
b) Rs. 10,000 in any other case.
However, if total income of the person does not exceeds Rs. 5 lakh then fee payable shall be Rs. 1000.
E-VERIFICATION OF RETURNS FILED THROUGH E -FILING
Submission of IT Return is not complete without verifying the same . For various ways of verification , CLICK HERE
FOR READING ARTICLE TAX ON RETIREMENT BENEFITS , CLICK HERE
PRECAUTIONS TO BE TAKEN WHILE INVESTING STOCK MARKETS , CLICK HERE
FINANCIAL PLANNING FOR YOUNG , CLICK HERE
For IT RETURN FORMS FOR FY 17-18 ( AY 18-19 ) CLICK HERE
FOR THE FINANCIAL YEAR 2016-17 ( ASSESSMENT YEAR 2017-18 ) , FOLLOWING FORMS ARE AVAILABLE ON LINE :
ITR 1 ( SAHAJ ) , ITR 2 , ITR 3 AND ITR 4S ( SUGAM) TO DOWN LOAD CLICK below :
CLICK HERE TO DOWNLOAD ITR 1- SAHAJ CLICK HERE TO DOWNLOAD ITR 2 CLICK HERE TO DOWNLOAD ITR 3
CLICK HERE TO DOWNLOAD ITR 4 -SUGAM
For IT Returns for the Financial Year 2015-16 , CLICK HERE
PDF FORMS FOR FINANCIAL YEAR 2014-15 ( ASSESSMENT YEAR 1015-16 ):
CLICK HERE TO DOWNLOAD ITR 1- SAHAJ CLICK HERE TO DOWNLOAD ITR 2 CLICK HERE TO DOWNLOAD ITR 2A
CLICK HERE TO DOWNLOAD ITR 4S -SUGAM For obtaining Fillable Forms of above return , visit Income Tax Department website ( To access the site CLICK HERE )
FOR THE FINANCIAL YEAR 2016-17 ( ASSESSMENT YEAR 2017-18 ) , FOLLOWING FORMS ARE AVAILABLE ON LINE :
ITR 1 ( SAHAJ ) , ITR 2 , ITR 3 AND ITR 4S ( SUGAM) TO DOWN LOAD CLICK below :
CLICK HERE TO DOWNLOAD ITR 1- SAHAJ CLICK HERE TO DOWNLOAD ITR 2 CLICK HERE TO DOWNLOAD ITR 3
CLICK HERE TO DOWNLOAD ITR 4 -SUGAM
For IT Returns for the Financial Year 2015-16 , CLICK HERE
PDF FORMS FOR FINANCIAL YEAR 2014-15 ( ASSESSMENT YEAR 1015-16 ):
CLICK HERE TO DOWNLOAD ITR 1- SAHAJ CLICK HERE TO DOWNLOAD ITR 2 CLICK HERE TO DOWNLOAD ITR 2A
CLICK HERE TO DOWNLOAD ITR 4S -SUGAM For obtaining Fillable Forms of above return , visit Income Tax Department website ( To access the site CLICK HERE )
Intimation under section 143(1) of Income Tax Act 1961
INTIMATION U/S 143(1) OF THE INCOME TAX ACT will be received by you if you file the IT Return online directly or through your Tax Consultant. Under Section 143 ( 1) , the income tax department completes the assessment ,based on returns filed by you , without requiring your presence . The department checks , through its computers , for the arithmetical inaccuracies and or any incorrect claims made . You will receive the INTIMATION U/S 143(1) OF THE INCOME TAX ACT by emails to the email addresses provided by you. The intimation will have two columns viz tax determined as per return filed by you and secondly tax determined by the department after making necessary corrections . The intimation may have NET AMOUNT DEMAND/ NET AMOUNT REFUNDABLE .On receiving the intimation , if there are any discrepancies , one may file rectification of the return submitted after paying any tax demanded . If one is not satisfied with the claim made by the department , one can go on line to the portal of the department and file Response to the intimation received . The department will send the notification within one year from the date of filing return . However , now a days , the notifications are received much faster , some times within a week due to computerisation of system in the department . Normally notification received is treated as completion of assessment by the department.
E-SAHYOG
Income Tax Department (ITD) has launched a new initiative e-Sahyog with a view to reduce compliance cost, especially for small taxpayers. Traditionally, when Income Tax Department (ITD) found mismatch in information shown in the Income Tax Return with the information submitted from third parties in the form of Annual Information Return (AIR), TDS Statement etc., the cases were selected for scrutiny. E-sahyog is a Pilot Project to provide an online mechanism to resolve mismatches in income Tax return without requiring taxpayers to attend the Income Tax Office. Under the scheme an assessee can submit on line response to demand made by the department , instead of visiting Office of the department and submit a manual reply . An assessee can login to e-filing portal , view pending action where outstanding demands are given and can give a response to the demand if he is not satisfied with the demand made . For step by step guide for filing the response , click here
TIPS FOR FILING IT RETURNS
1. Estimate total income including salary , interest or any other income for the current year April 2018 to March 2019 .
2. Take stock of payments like Provident Fund already paid by your employer , Insurance Premium you have paid or any other instrument you have purchased which is eligible for Tax concession .
3. Collect the details of Housing loan and education loan installments paid during the year and interest paid / payable for them for the year .
4. Go to Income Tax Department , Govt of India website
http://www.incometaxindia.gov.in/Pages/tools/income-tax-calculator-234ABC.aspx
and calculate the estimated income tax liability for the current year .
5. Verify Taxes paid already in Form 26AS and confirm that all tax deducted for you by your employer / bank as given in form 16 or Salary receipt is credited to your account with income tax department . You can view 26 AS ( Tax Credit ) in the income tax department's website by logging in .
6. If your taxable income is more than Rs 5, 00,000 , it is mandatory to submit the return electronically . Otherwise you may submit the return manually also .
7. If you are filing your Return manually and your Total taxable income does not exceed Rs.5, 00,000 , then claim relief under section 87A.
8. If you are Indian Resident , your income is taxable even if your income has emanated outside India . If Income Tax has been deducted outside India on Income earned there, you can claim relief u/s 90 or 91 of Income Tax Act.
9. Before preparing the return , hold following documents with you for easy filling .
a. Copy of last year's return
b. Bank statements
c. TDS Certificates
d. Interest certificates / details of eligible deductions
e ' Aadhar Card Number and IFSC codes of your bank accounts
f. Form 16 issued by your employer
g. Balance sheet / P & L statements if so required
10. Find out the ITR Form applicable to you from the eligibility criteria above and fill the appropriate form .
11. The last date for filing the return for A y 2018-19 is 31st ,July , 2019 and submit well before dead line to avoid last minute errors while submitting the return .
12 . For details on tax rates , eligible deductions visit our TAX PLANNING PAGE . In case of doubt , consult a qualified tax consultant / chartered accountant to avoid mistakes
2. Take stock of payments like Provident Fund already paid by your employer , Insurance Premium you have paid or any other instrument you have purchased which is eligible for Tax concession .
3. Collect the details of Housing loan and education loan installments paid during the year and interest paid / payable for them for the year .
4. Go to Income Tax Department , Govt of India website
http://www.incometaxindia.gov.in/Pages/tools/income-tax-calculator-234ABC.aspx
and calculate the estimated income tax liability for the current year .
5. Verify Taxes paid already in Form 26AS and confirm that all tax deducted for you by your employer / bank as given in form 16 or Salary receipt is credited to your account with income tax department . You can view 26 AS ( Tax Credit ) in the income tax department's website by logging in .
6. If your taxable income is more than Rs 5, 00,000 , it is mandatory to submit the return electronically . Otherwise you may submit the return manually also .
7. If you are filing your Return manually and your Total taxable income does not exceed Rs.5, 00,000 , then claim relief under section 87A.
8. If you are Indian Resident , your income is taxable even if your income has emanated outside India . If Income Tax has been deducted outside India on Income earned there, you can claim relief u/s 90 or 91 of Income Tax Act.
9. Before preparing the return , hold following documents with you for easy filling .
a. Copy of last year's return
b. Bank statements
c. TDS Certificates
d. Interest certificates / details of eligible deductions
e ' Aadhar Card Number and IFSC codes of your bank accounts
f. Form 16 issued by your employer
g. Balance sheet / P & L statements if so required
10. Find out the ITR Form applicable to you from the eligibility criteria above and fill the appropriate form .
11. The last date for filing the return for A y 2018-19 is 31st ,July , 2019 and submit well before dead line to avoid last minute errors while submitting the return .
12 . For details on tax rates , eligible deductions visit our TAX PLANNING PAGE . In case of doubt , consult a qualified tax consultant / chartered accountant to avoid mistakes
We value your opinions , comments and suggestions. We shall be happy to your feedback on the contents of the Article . For Feedback form , CLICK HERE
THIS ARTICLE CARRIES INFORMATION ON VARIOUS TAX PROVISIONS WHICH ARE GENERALLY USEFUL . YET IT DOES NOT CARRY ALL THE PROVISIONS AND HENCE YOU ARE ADVISED TO GO THROUGH INCOME TAX DEPARTMENT WEBSITES FOR AUTHENTIC COMPLETE INFORMATION . ESPECIALLY THOSE WHO HAVE GOT MULTIPLE STREAMS OF INCOME OR COMPLEX INVESTMENTS MAY CONSULT A QUALIFIED TAX CONSULTANT / CHARTERED ACCOUNTANT FOR ANY CLARIFICATION. READERS ARE ALSO WELCOME TO SEND FEEDBACK . YOU CAN DOWNLOAD THE FORM HERE . WE ARE OPEN FOR CORRECTION IF NEEDED
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