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PERSONAL FINANCEÂ Â Â FINANCIAL PLANNINGÂ Â TAX PLANNINGÂ Â Â BANK ACCOUNTSÂ Â Â CREDIT CARDSÂ Â Â Â INSURANCEÂ Â DEPOSITSÂ Â Â STOCKSÂ Â Â MUTUAL FUNDSÂ
INCOME TAX RETURNS FOR FY 2015-16 |
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WHO HAS TO FILE RETURNS Â AND WHO HAS TO E-FILE IT RETURNS ?Â
Dated 08.03.2017 : Have you submitted your IT Returns for FY 1015-16 ? If not ,you have time to submit without penalty till 31.03.2017 Â .
HURRY UP AND SUBMIT RETURNS AND AVOID PENALTY . BREAKING NEWS  dated 29.07.2016 :  Last date for filing IT Returns for Financial Year 2015-16 has been extended  up to 05.08.2016  through out India . For state of Jammu and Kashmir ,  the last date has been fixed at 31.08.2016 . IT RETURNS FOR FY 15-16 |
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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 .Â
There are four  types of simplified returns  ITR1 - SAHAJ ,  ITR2  , ITR2A and ITR4S- SUGAM , among othersÂ
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FOR THE FINANCIAL YEAR 2015-16 ( Â ASSESSMENT YEAR Â 2016-17 ) , FOLLOWING FORMS ARE AVAILABLE ON LINE Â :Â
ITR 1 ( SAHAJ ) , Â ITR 2 Â , Â ITR 2A , ITR 3Â AND ITR 4S ( SUGAM) Â TO DOWN LOAD CLICK Â below :Â
Â
CLICK HEREÂ Â TO DOWNLOADÂ ITR 1- SAHAJÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â CLICK HEREÂ Â TO DOWNLOADÂ ITR 2Â Â Â Â CLICKÂ HEREÂ TO DOWNLOAD Â ITR 2AÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â CLICK HEREÂ Â TO DOWNLOADÂ ITR 4S -SUGAM
​FOR INSTRUCTIONS TO FILL  ITR 1  SAHAJ , CLICK HEREÂ
FOR INSTRUCTIONS TO FILL  ITR 2  , CLICK HEREÂ
FOR INSTRUCTIONS TO FILL  ITR 2A , CLICK HEREÂ
FOR INSTRUCTIONS TO FILL ITR 4S ( SUGAM Â ) , CLICK Â HERE
For obtaining Fillable Forms of above return , visit Income Tax Department website  ( To access the site CLICK HERE  )
PDF FORMS Â FOR Â FINANCIAL YEAR 2014-15 Â ( ASSESSMENT YEAR 1015-16Â ):Â
CLICK HERE Â TO DOWNLOADÂ ITR 1- SAHAJÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â CLICK HEREÂ TO DOWNLOADÂ ITR 2Â Â CLICK HEREÂ TO DOWNLOAD Â ITR 2AÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â CLICK HEREÂ Â TO DOWNLOADÂ ITR 4S -SUGAM Â
For obtaining Fillable Forms of above return , visit Income Tax Department website  ( To access the site CLICK HERE  )
FOR KNOWING Â ABOUT TAXABLE INCOME , EXEMPTION LIMIT , DEDUCTIONS ALLOWEDÂ ETC Â Â Â Â Â CLICK Â TAX PLANNINGÂ
Who can use  Return Form ITR1 - SAHAJ ?
This Return Form is to be used by an individual whose total income for the assessment year  includes:-
(a)Â Income from Salary / Pension; or
(b)  Income from One House Property ( excluding cases where loss is brought forward from previous years ) ; or
(c)Â Â Â Income from Other Sources (Â excluding Winning from Lottery and Income from Race Horses).
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 ?
This Return Form should not be used by an individual whose total income for the assessment year includes
(a)  Income from more than    One House Property or
(b)Â Income from Winning from Lottery and Income from Race Horses or
(c) Income from Capital Gains ( Short term capital gains or long term capital gains from sale of house , plot or shares etc ) ; or
(d) Income from Agriculture / exempt income in excess of Rs 5,000 or
(e) Income from Business or Profession or
(f)  Loss from the head –“ Income from Other Sources “ or
(g) Person claiming relief under section  90 and /or 91  or
(h) Any resident having any asset ( including financial interest in any entity ) located outside India or signing authority in any account located outside India  or
(i)     Any resident having Income from any source outside IndiaÂ
FOR FULL INSTRUCTIONS FOR FILLING Â ITR1-SAHAJ FORM , Â CLICK HEREÂ
Who can use this Return Form ITR2  ?
This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 includes:-
(a) Income from Salary / Pension; or
(b) Income from House Property; or (
c) Income from Capital Gains; or
 (d) Income from Other Sources (including Winning from Lottery and Income from Race Horses).
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 where such income falls in any of the above categories.
Who cannot use Return Form ITR 2 ?
 This Return Form should not be used by an individual whose total income for the assessment year 2015-16 includes Income from Business or Profession.
FOR FULL INSTRUCTIONS FOR FILLING  ITR  2 FORM  FOR  AY 2016-17  ,  CLICK HERE  Â
Who can use this Return Form ITR 2A  ?
This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 includes:-Â
(a) Income from Salary / Pension; orÂ
(b) Income from House Property; orÂ
(c) Income from Other Sources (including Winning from Lottery and Income from Race Horses).
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 where such income falls in any of the above categories.Â
Who cannot use Return Form ITR 2A  ?
This Return Form should not be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 includes,-Â
(a) Income from Capital Gains; orÂ
(b) Income from Business or Profession; orÂ
(c) Any claim of relief/deduction under section 90, 90A or 91; or
 (d) Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India; orÂ
(e) Any resident having income from any source outside India.Â
FOR FULL INSTRUCTIONS FOR FILLING  ITR  2A FORM  FOR AY 2016-17  ,  CLICK HERE  .Â
There are four  types of simplified returns  ITR1 - SAHAJ ,  ITR2  , ITR2A and ITR4S- SUGAM , among othersÂ
 Â
FOR THE FINANCIAL YEAR 2015-16 ( Â ASSESSMENT YEAR Â 2016-17 ) , FOLLOWING FORMS ARE AVAILABLE ON LINE Â :Â
ITR 1 ( SAHAJ ) , Â ITR 2 Â , Â ITR 2A , ITR 3Â AND ITR 4S ( SUGAM) Â TO DOWN LOAD CLICK Â below :Â
Â
CLICK HEREÂ Â TO DOWNLOADÂ ITR 1- SAHAJÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â CLICK HEREÂ Â TO DOWNLOADÂ ITR 2Â Â Â Â CLICKÂ HEREÂ TO DOWNLOAD Â ITR 2AÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â CLICK HEREÂ Â TO DOWNLOADÂ ITR 4S -SUGAM
​FOR INSTRUCTIONS TO FILL  ITR 1  SAHAJ , CLICK HEREÂ
FOR INSTRUCTIONS TO FILL  ITR 2  , CLICK HEREÂ
FOR INSTRUCTIONS TO FILL  ITR 2A , CLICK HEREÂ
FOR INSTRUCTIONS TO FILL ITR 4S ( SUGAM Â ) , CLICK Â HERE
For obtaining Fillable Forms of above return , visit Income Tax Department website  ( To access the site CLICK HERE  )
PDF FORMS Â FOR Â FINANCIAL YEAR 2014-15 Â ( ASSESSMENT YEAR 1015-16Â ):Â
CLICK HERE Â TO DOWNLOADÂ ITR 1- SAHAJÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â CLICK HEREÂ TO DOWNLOADÂ ITR 2Â Â CLICK HEREÂ TO DOWNLOAD Â ITR 2AÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â CLICK HEREÂ Â TO DOWNLOADÂ ITR 4S -SUGAM Â
For obtaining Fillable Forms of above return , visit Income Tax Department website  ( To access the site CLICK HERE  )
FOR KNOWING Â ABOUT TAXABLE INCOME , EXEMPTION LIMIT , DEDUCTIONS ALLOWEDÂ ETC Â Â Â Â Â CLICK Â TAX PLANNINGÂ
Who can use  Return Form ITR1 - SAHAJ ?
This Return Form is to be used by an individual whose total income for the assessment year  includes:-
(a)Â Income from Salary / Pension; or
(b)  Income from One House Property ( excluding cases where loss is brought forward from previous years ) ; or
(c)Â Â Â Income from Other Sources (Â excluding Winning from Lottery and Income from Race Horses).
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 ?
This Return Form should not be used by an individual whose total income for the assessment year includes
(a)  Income from more than    One House Property or
(b)Â Income from Winning from Lottery and Income from Race Horses or
(c) Income from Capital Gains ( Short term capital gains or long term capital gains from sale of house , plot or shares etc ) ; or
(d) Income from Agriculture / exempt income in excess of Rs 5,000 or
(e) Income from Business or Profession or
(f)  Loss from the head –“ Income from Other Sources “ or
(g) Person claiming relief under section  90 and /or 91  or
(h) Any resident having any asset ( including financial interest in any entity ) located outside India or signing authority in any account located outside India  or
(i)     Any resident having Income from any source outside IndiaÂ
FOR FULL INSTRUCTIONS FOR FILLING Â ITR1-SAHAJ FORM , Â CLICK HEREÂ
Who can use this Return Form ITR2  ?
This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 includes:-
(a) Income from Salary / Pension; or
(b) Income from House Property; or (
c) Income from Capital Gains; or
 (d) Income from Other Sources (including Winning from Lottery and Income from Race Horses).
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 where such income falls in any of the above categories.
Who cannot use Return Form ITR 2 ?
 This Return Form should not be used by an individual whose total income for the assessment year 2015-16 includes Income from Business or Profession.
FOR FULL INSTRUCTIONS FOR FILLING  ITR  2 FORM  FOR  AY 2016-17  ,  CLICK HERE  Â
Who can use this Return Form ITR 2A  ?
This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 includes:-Â
(a) Income from Salary / Pension; orÂ
(b) Income from House Property; orÂ
(c) Income from Other Sources (including Winning from Lottery and Income from Race Horses).
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 where such income falls in any of the above categories.Â
Who cannot use Return Form ITR 2A  ?
This Return Form should not be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 includes,-Â
(a) Income from Capital Gains; orÂ
(b) Income from Business or Profession; orÂ
(c) Any claim of relief/deduction under section 90, 90A or 91; or
 (d) Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India; orÂ
(e) Any resident having income from any source outside India.Â
FOR FULL INSTRUCTIONS FOR FILLING  ITR  2A FORM  FOR AY 2016-17  ,  CLICK HERE  .Â
Who can use  Return Form ITR4S - SUGAM ?Â
This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2016-17 includes:-Â
(a) Business Income where such Income is computed in accordance with special provisions referred to in Section 44AD and 44AE of the act for computation of business income  ; or (b) Income from Salary / Pension; or (c)  Income from   One House Property ( excluding cases where loss is brought forward from previous years ) ; or (d)  Income from Other Sources ( excluding Winning from Lottery and Income from Race Horses). The income computed will be presumed to have been computed after giving full effect to every loss, allowance , deduction or depreciation under the Income Tax Act . 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 ITR4S  - SUGAM ? This Return Form should not be used by an individual whose total income for the assessment year 2016-17 includes (a)  Income from more than One House Property or (b)  Income from Winning from Lottery and Income from Race Horses or (c)   Income from Capital Gains ( Short term capital gains or long term capital gains from sale of house , plot or shares etc ) ; or (d)  Income from Agriculture / exempt income in excess of Rs 5,000 or (e)  Income from speculative business  or special incomes : or (f)  Income from a profession as referred to in sub section (1) of section 44AA or Income from agency business or income in the nature of commission for brokerage  ; or (g)  Person claiming relief of foreign tax paid  under section 90 , 90A  or 91  ; or (h)  Any resident having any asset ( including financial interest in any entity ) located outside India or signing authority in any account located outside India  or (i)  Any resident having Income from any source outside India FOR FULL INSTRUCTIONS FOR FILLING  ITR 4S - SUGAM  FORM ,  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 |
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IT RETURNS IN ONLINE
submission of it returns on lineÂ
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 .  Â
 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.TRPS Return preparation is free for new Income Tax payers  as  advised by the department .Otherwise , they charge a nominal fee of  Rs 250/-  for others . 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  1800-102-3738 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.comÂ
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  .Â
 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 .  Â
 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.TRPS Return preparation is free for new Income Tax payers  as  advised by the department .Otherwise , they charge a nominal fee of  Rs 250/-  for others . 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  1800-102-3738 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.comÂ
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  .Â
IMPORTANCE OF FILING RETURNS Â WITHIN LAST DATEÂ
The last date for submission of above returns  fixed  for the  Financial Year 2015-16  is  31.07.2016 . However  , it is advisable to  file as early as possible to avoid last moment scramble to get  relevant  papers / details  for filing the same .Though one can file returns belatedly  within the period of one year  from the end of assessment year  , there are disadvantages associated with such belated  submission . If  return is not submitted within due date ,loss incurred under the heads  " PROFIT AND GAINS OF BUSINESS  "  and " CAPITAL GAINS " cannot be carried forward for the next year . A penalty of Rs 5,000 may be levied  for submission beyond the end of the assessment year . Where the return is filed after the `due date’, interest on refund is paid only for the period from the month of filing the return to the date of refund. In other words, no interest is paid for the period from April 1 of the assessment year to the date of filing the delayed return. The advantage of filing returns in time is that one can submit   Revised return  within one year from the end of the assessment year or before completion of assessment , in case one wants to amend the return submitted , Â
only if original return was submitted in time .Â
only if original return was submitted in time .Â
E-VERIFICATION Â OF Â RETURNS FILED THROUGH E -FILING
One can verify electronically  the IT Return submitted through  e-filing facility of income tax department . There are  four means of verifying .Â
1. E- VERIFICATION USING NET - BANKINGÂ
Some banks are  registered with Income Tax department  for the purpose . If your bank is registered , you can go to the internet banking facility of the bank , go to the section  related to tax payment and  generate Electronic Verification Code  ( EVC  ) , a  10 Digit alpha- numeric code . Then using EVC  ,verify the return submitted electronically .Â
2. E- VERIFICATION USING  ATM  CARD  ( DEBIT CARD  )
If you have  ATM Card  ( Debit Card )  issued  for your  savings bank account which is linked to your PAN Number  , and the bank is registered with income  Tax department for providing this service ,  you may access  ATM of the bank  and generate  EVC  for the income tax return you have filed .Â
3. Â E- VERIFICATION USING Â AADHAR Â NUMBER Â
An income tax assessee  can provide his Aadhar Number  for linking  with his PAN Number on e-filing site  which will be verified on the basis of his name , Date of birth and  gender .  If Aadhar card has been successfully linked to PAN  Number  , then UIDAI  will generate OTP for verification .Â
4.  E- VERIFICATION USING E-FILING WEBSITEÂ
When  total income  as per income Tax return is Rs 5,00,000 or less  and no refund claim , one can generate  Electronic verification code on e-filing site itself  which will be sent to the registered e-mail  and mobile number . Using the code , one can e-verify the return submitted .
Â
For notification  of Income tax department on the subject  CLICK HERE  For  User manual  of e- verification ,  CLICK HEREÂ
1. E- VERIFICATION USING NET - BANKINGÂ
Some banks are  registered with Income Tax department  for the purpose . If your bank is registered , you can go to the internet banking facility of the bank , go to the section  related to tax payment and  generate Electronic Verification Code  ( EVC  ) , a  10 Digit alpha- numeric code . Then using EVC  ,verify the return submitted electronically .Â
2. E- VERIFICATION USING  ATM  CARD  ( DEBIT CARD  )
If you have  ATM Card  ( Debit Card )  issued  for your  savings bank account which is linked to your PAN Number  , and the bank is registered with income  Tax department for providing this service ,  you may access  ATM of the bank  and generate  EVC  for the income tax return you have filed .Â
3. Â E- VERIFICATION USING Â AADHAR Â NUMBER Â
An income tax assessee  can provide his Aadhar Number  for linking  with his PAN Number on e-filing site  which will be verified on the basis of his name , Date of birth and  gender .  If Aadhar card has been successfully linked to PAN  Number  , then UIDAI  will generate OTP for verification .Â
4.  E- VERIFICATION USING E-FILING WEBSITEÂ
When  total income  as per income Tax return is Rs 5,00,000 or less  and no refund claim , one can generate  Electronic verification code on e-filing site itself  which will be sent to the registered e-mail  and mobile number . Using the code , one can e-verify the return submitted .
Â
For notification  of Income tax department on the subject  CLICK HERE  For  User manual  of e- verification ,  CLICK HEREÂ
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-SAHYOGÂ
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 hereÂ
TIPS Â FOR FILING Â Â IT RETURNSÂ
 1.  Estimate  total income including salary , interest or any other income for the current year  April 2015 to March 2016
 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 .Â
3. Collect the details of Housing loan and education loan instalments paid during the year and interest paid / payable  forthem for the year .Â
4. Go to Income Tax Department , Govt of India website Â
http://www.incometaxindia.gov.in/Pages/tools/income-tax-calculator-234ABC.aspx
and calculate the estimated  income tax liability for the current year .Â
 Â
5. Verify  Taxes paid  already  in Form 26AS   and confirm that all tax deducted   for you  by  your employer /  bank as given  in  form16 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  .Â
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 .Â
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. Â
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 .Â
  a.  Copy of last year's returnÂ
  b.  Bank statementsÂ
  c.  TDS CertificatesÂ
  d.  Interest  certificates /details of eligible deductionsÂ
  e '  Aadhar Card Number and IFSC codes of your bank accountsÂ
  f.  Form 16 issued by your employer Â
  g. Balance sheet / P & L statements if so requiredÂ
10. Find out the ITR Form applicable to you from the eligibility criteria  above and fill the appropriate form .Â
11. The last date for filing the return for AS  2016-167  is 31st ,July , 2016  and submit  well before dead line to avoid last minute  errors while submitting the return .Â
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 mistakesÂ
 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 .Â
3. Collect the details of Housing loan and education loan instalments paid during the year and interest paid / payable  forthem for the year .Â
4. Go to Income Tax Department , Govt of India website Â
http://www.incometaxindia.gov.in/Pages/tools/income-tax-calculator-234ABC.aspx
and calculate the estimated  income tax liability for the current year .Â
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5. Verify  Taxes paid  already  in Form 26AS   and confirm that all tax deducted   for you  by  your employer /  bank as given  in  form16 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  .Â
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 .Â
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. Â
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 .Â
  a.  Copy of last year's returnÂ
  b.  Bank statementsÂ
  c.  TDS CertificatesÂ
  d.  Interest  certificates /details of eligible deductionsÂ
  e '  Aadhar Card Number and IFSC codes of your bank accountsÂ
  f.  Form 16 issued by your employer Â
  g. Balance sheet / P & L statements if so requiredÂ
10. Find out the ITR Form applicable to you from the eligibility criteria  above and fill the appropriate form .Â
11. The last date for filing the return for AS  2016-167  is 31st ,July , 2016  and submit  well before dead line to avoid last minute  errors while submitting the return .Â
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 mistakesÂ
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THIS ARTICLE CARRIES INFORMATION ON VARIOUS TAX Â PROVISIONS Â WHICH ARE GENERALLY Â USEFUL . Â YET IT DOES NOT CARRY ALL THE PROVISIONS Â AND HENCE YOU ARE Â ADVISED TO GO THROUGH INCOME TAX DEPARTMENT WEBSITES Â FOR AUTHENTIC COMPLETE INFORMTITION .ESPECIALLY Â THOSE WHO HAVE GOT MULTIPLE STREAMS OF INCOME Â OR COMPLEX INVESTMENTS Â MAY Â CONSULT A QUALIFIED TAX CONSULTANT / CHARTERED Â ACCOUNTANT Â FOR ANY Â CLARIFICATION. Â Â READERS ARE ALSO WELCOME TO SEND FEEDBACK Â . YOU CAN Â DOWNLOAD THE FORM HERE . Â WE Â ARE OPEN FOR CORRECTION Â IF Â NEEDEDÂ
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ONLINE RESOURCES Â FOR E- FILING AVAILABLE ON YOUTUBEÂ
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