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INCOME TAX RETURNS FOR FY 2015-16

WHO HAS TO FILE RETURNS  AND WHO HAS TO E-FILE IT RETURNS ? 

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  .
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

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 . 

There are four  types of simplified returns  ITR1 - SAHAJ ,  ITR2  , ITR2A and ITR4S- SUGAM , among others 
  
FOR THE FINANCIAL YEAR 2015-16 (  ASSESSMENT YEAR  2016-17 ) , FOLLOWING FORMS ARE AVAILABLE ON LINE  : 
ITR 1 ( SAHAJ ) ,  ITR 2  ,  ITR 2A , 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 2A                                                                                       CLICK HERE  TO DOWNLOAD ITR 4S -SUGAM

​FOR INSTRUCTIONS TO FILL   ITR 1  SAHAJ , CLICK HERE 

FOR INSTRUCTIONS TO FILL   ITR 2  , CLICK HERE 

FOR INSTRUCTIONS TO FILL   ITR 2A , CLICK HERE 

FOR INSTRUCTIONS TO FILL ITR 4S ( SUGAM  ) , CLICK  HERE

For obtaining Fillable Forms of above return , visit Income Tax Department website   ( To access the site 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 KNOWING  ABOUT TAXABLE INCOME , EXEMPTION LIMIT , DEDUCTIONS ALLOWED ETC        CLICK  TAX PLANNING 

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)  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).

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)  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 India 

FOR FULL INSTRUCTIONS FOR FILLING   ITR1-SAHAJ FORM ,  CLICK HERE 

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   


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:- 
(a) Income from Salary / Pension; or 
(b) Income from House Property; or 
(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. 

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,- 
(a) Income from Capital Gains; or 
(b) Income from Business or Profession; or 
(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; or 
(e) Any resident having income from any source outside India. 

FOR FULL INSTRUCTIONS FOR FILLING   ITR  2A FORM   FOR AY 2016-17  ,  CLICK HERE  . 

Who can use  Return Form  ITR4S - SUGAM ? 

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:- 

(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 

IT RETURNS IN ONLINE

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 .   

 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.com 

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  . 

IMPORTANCE OF FILING RETURNS  WITHIN LAST DATE 

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 ,  
only if original return was submitted in time . 

E-VERIFICATION  OF   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 . 

1. E- VERIFICATION USING NET - BANKING 
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 . 

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 . 

3.  E- VERIFICATION USING   AADHAR  NUMBER  
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 . 

4.  E- VERIFICATION USING E-FILING WEBSITE 
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 .
 
For notification  of Income tax department on the subject  CLICK HERE   For   User manual  of e- verification ,  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 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 . 

3. Collect the details of Housing loan and education loan instalments paid during the year and interest paid / payable  forthem 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   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  . 

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 AS  2016-167  is 31st ,July , 2016   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 INFORMTITION .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 
 . 

ONLINE RESOURCES  FOR E- FILING AVAILABLE ON YOUTUBE 

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