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IT RETURNS FOR FY 16-17

IF YOU HAVE MISSED SUBMISSION OF IT RETURN , 
      YOU CAN STILL SUBMIT   BELATED RETURN 

Dated 07.08.2017  :  If you have missed out submission of  your IT Return   for Fy 2016-17  before  the extended due  date of 05.08.2017  , you can still submit your return as a belated return before   31.03.2018 .   
 Process of submission will be same , but you  will lose out on some of the points mentioned below : 

1. For an  unpaid  amount of tax  , you will be charged  penal interest under section 234A and 234B  till you pay the tax amount due . 

2.  You will be paid  interest on refund , if any , only from 1st , Aug 2018  and  you will lose interest from April to July . 

3.  If you have incurred any capital loss during the year ,  you will not be able carry forward for future years 

 IT OFFICES TO OPEN TILL MIDNIGHT FOR RECEIVING  IT RETURNS 

Dated 05.08.2017  :    To help those manually filing their IT Returns  , Income Tax Department has made  necessary arrangements throughout their  offices in India  for receiving the returns till midnight  today .  The individuals or HUF  having less than Rs 5.00 lakhs taxable income  and have not claimed any refund  and who have to file ITR1  ( Sahaj ) or ITR 4  ( Sugam ) and  persons aged above 80 years have option to file their IT Return manually . 

  The  last date for submission of IT Returns is today  and   one can utilise the extended period  for filing their IT return   electronically through their e-filing site or submit their manual return  ( if they are eligible to submit  manually )   . 

​If you  have already submitted  your return , to know how to verify your return  , CLICK HERE   . 

To know how to  link your Aadhar with PAN ,    CLICK HERE 


 OTHER NEWS OF THE DAY : 
AADHAR MANDATORY FOR DEATH CERTIFICATES 


BANK OF BARODA REDUCES  SB INTEREST RATE
NOW YOU CAN FILE IT RETURN WITHOUT LINKING YOUR AADHAR 
Dated 31.07.2017 :  Now Government has relaxed  the condition which was mandating linking of Aadhar to  filing of IT  RETURNS .  It allows you to file your IT returns now without linking your Aadhar to PAN .  You may simply quote your Aadhar number or  acknowledgement number of your Aadhar application in the return . However to process your return  , Income tax department   requires you to link your Aadhar  subsequently before 31st August , 2017   

For PRESS RELEASE OF FINANCE MINISTRY ,   CLICK HERE 
LAST DATE FOR FILING IT RETURN EXTENDED UP TO 5TH AUG 2017

Dated 31.07.2017  :  The government to day extended the last date for filing IT Return for FY  2016-17 ( AY 2017-18 )     TO 5th August 2017 from 31.07.2017 .  It has been extended due to unprecedented surge in number of persons filing it   and keeping in view of  tax payers convenience . 
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 Submission of IT Return is not complete without  verifying the same .  For various ways of verification  , CLICK HERE 

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   INCOME TAX RETURN ON     LONG TERM CAPITAL GAINS  

Dated  18.07.2017 :  One has necessarily to file Income Tax return  ,  if one's total income exceeds the basic limit of Rs 2,50,000 including  his Long Term Capital gain  ( LTCG ) , even though LTCG is exempt from income tax  and he is not liable to pay any tax . 

For example , if one has  an income of Rs 2,40,000  without LTCG  and he has an LTCG  of Rs 50,000 which does not  attract any tax  as  Security Transaction Tax ( SIT ) has been paid .  Even though  he need not pay  tax , he has to file his income tax return . 

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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  .   


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FOR READING ARTICLE  TAX ON RETIREMENT BENEFITS , CLICK HERE 

FOR TAX RATES ,  AND REBATES AVAILABLE FOR FY 2016-17 , 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 
 
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NECESSARY DOCUMENTS TO BE OBTAINED BEFORE FILING IT RETURNS 

Last Date for filing IT Returns for individuals for FY 2016-17 is   31st , July 2017 .

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 ,
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 . Any other relevant documents if you have any other income 

b. Link your Aadhar number to  income tax e-filing website as  Quoting of Aadhar number is mandatory now 

C.
 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  . 

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​d.  Tax returns are made simple now . If you are eligible to file IT Returns  ITR 1  (SAHAJ ) or ITR 4 (SUGAM )  , 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  
WHAT DETAILS TO CHECK IN FORM 16 , INTEREST CERTIFICATES 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  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  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 

FOR TAX RATES ,  AND REBATES AVAILABLE FOR FY 2016-17 , 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 

INCOME TAX RETURNS FOR FY 2016-17

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

  ,
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  , ITR3 and ITR4- SUGAM   for individuals and HUF. 
  
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 INSTRUCTIONS TO FILL   ITR 1  SAHAJ ,                CLICK HERE 

FOR INSTRUCTIONS TO FILL   ITR 2  ,                            CLICK HERE 


FOR INSTRUCTIONS TO FILL   ITR  3 ,                            CLICK HERE 

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

 
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​ For obtaining Fillable Forms of above return , visit Income Tax Department website   ( To access the site CLICK HERE  )


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 KNOWING  ABOUT TAXABLE INCOME , EXEMPTION LIMIT , DEDUCTIONS ALLOWED
 ETC                                                                                                                                                                                                                                 CLICK      TAX PLANNING 

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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  , 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 ?

This Return Form should not be used by an individual whose total income for the assessment year exceeds Rs 50 lakh or   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  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  or

(j)  Income under section 115BBDA  or 

(k) Income of the nature referred to in section  115BBE 


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 who is not eligible to file ITR -1 SAHAJ Form  and whose income chargeable to Income Tax under the head " Profits or gains of business or profession "  is in the nature of  interest , salary , bonus , commission or remuneration , by whatever the name called due to him or received by him from a partnership firm . 

Who cannot use Return Form  ITR 2  ?

 This Return Form should not be used by an individual whose total income for the assessment year 2017-18 includes Income from Business or Profession  under  any   proprietorship .  

FOR FULL INSTRUCTIONS FOR FILLING   ITR  2 FORM   FOR  AY 2017-18  ,  CLICK HERE   


Who can use this Return Form  ITR 3  ?

This Return Form is to be used by an individual or a Hindu Undivided Family who  is carrying out propitiatory business  or profession 

FOR FULL INSTRUCTIONS FOR FILLING   ITR  3 FORM   FOR AY 2017-18  ,  CLICK HERE  . 

Who can use  Return Form  ITR4S - SUGAM ? 

This Return Form is to be used by an individual or a Hindu Undivided Family / Partnership Firm whose total income for the assessment year 2017-18  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 profession where such income is computed in accordance  with special provisions referred to in sections 44ADA of the act  
(c) Income from Salary / Pension; or 
(d)  Income from   One House Property  ( excluding cases where loss is brought forward from previous years  ) ; or
(e)  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 2017-18 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 taxable under section 115BBDA; or
(e) Income of the nature referred to in section 115BBE
(f)  Income from Agriculture  income in excess of  Rs 5,000  or
(g)  Income from speculative business  or special incomes : or
(h) Income from an agency business or income in the nature of commission or brokerage; or
(i) Person claiming relief of foreign tax paid under section 90, 90A or 91; or
(j) Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India; or (k) Any resident having income from any source outside India. 
(k)  Any resident  having Income from any source outside India 

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 . 

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 

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 ) or ITR 4 (SUGAM )  , 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 . 

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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 LAST DATE 

The last date for submission of above returns  fixed   for the  Financial Year 2016-17  is  31.07.2017 . 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

  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 

FOR TAX RATES ,  AND REBATES AVAILABLE FOR FY 2016-17 , CLICK HERE 

PRECAUTIONS TO BE TAKEN WHILE INVESTING STOCK MARKETS , CLICK HERE 

FINANCIAL PLANNING FOR YOUNG  , 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 2016 to March 2017

 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  2017-18  is 31st ,July , 2017   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 
 . 

ONLINE RESOURCES  FOR E- FILING AVAILABLE ON YOUTUBE   9 PERTAINING TO EARLIER YEARS )



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