PERSONAL FINANCEÂ Â FINANCIAL PLANNINGÂ TAX PLANNINGÂ Â BANK ACCOUNTSÂ Â Â CREDIT CARDSÂ Â INSURANCEÂ Â DEPOSITSÂ STOCKSÂ Â MUTUAL FUNDSÂ
LAST DATE FOR SUBMISSION OF IT RETURNS EXTENDED TO
 15TH SEPTEMBER 2018 FOR KERALA RESIDENTS :  Dated  02.09.2018 : As per press notification issued by Central Board of Direct Taxes (CBDT ) ,last date for filing IT Returns extended up to 15.09.2018 for income tax assesses of Kerala in view of disruption caused due to floods.Now a person assessed in Kerala can submit IT Return before 15.09.2018 without paying penalty for the Financial year 2017-18 ( Assessment year 2018-19) . ​For press notification of CBDT CLICK HERE FOR TAX PLANNING FOR  FY 2018-19,CLICK HEREÂ
LAST DATE FOR SUBMISSION OF IT RETURNS EXTENDED TO
  31ST AUGUST 2018 :  Dated 26.07.2018 : As per press notification issued by Central Board of Direct Taxes (CBDT ),last date for filing IT Returns extended by one month to 31.08.2018 from the present 31.07.2018 .Now a person obliged to submit IT Return has to submit the same before 31.08.2018 for the Financial year 2017-18 ( Assessment year 2018-19 ) . ​For press notification of CBDT CLICK HERE CLARIFICATION ON  ISSUE OF PENALTY FOR DELAYED SUBMISSION :Â
A person obliged to submit IT Return has to submit the same before 31.07.2018 for the Financial year 2017-18 ( Assessment year 2018-19 ). As per newly introduced section 234F of Income tax act  , penalty for delayed submission is as follows : ​1 . Rs 5,000 fee to be paid in case return is filed after due date but before 31.12.2018  2. Thereafter fee is enhanced to Rs 10,000 However if the total income of the person does not exceed Rs 5.00 lakhs , maximum fee will be Rs 1,000 only .  Note : The penalty / Fee is irrespective of whether assessee had any tax due or not . CLARIFICATIONS ON  ISSUE OF FORM 16 BY EMPLOYER :Â
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 2017-18 ( AY 2018-19 ) ,LAST DATE IS 31.07.2018 } ​  For format of Form 16 , CLICK HERE               For the relevant rule , CLICK HERE CLARIFICATIONS ON  ISSUE OF TDS CERTIFICATE IN  FORM 16A BY BANKS :Â
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 .Â
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 2017-18 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 HEREÂ
IT RETURNS FOR FY 2017-18 ( AY 2018-19 )FOR THE FINANCIAL YEAR 2017-18 ( Â ASSESSMENT YEAR Â 2018-19 )Â , Â FOLLOWING FORMS ARE AVAILABLE ON LINE Â :Â
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  :Â
Dated 19.04.2018 :  Income Tax department warned salaried tax payers today against filing income tax returns with inflated deductions or under reported income . It cautioned  such tax payers that such acts are punishable under Income Tax act and attract imposition of penalty  and delay in processing of refunds .   ​It can be noted here that ITR1 ( SAHAJ ) for fy 2017-18  requires bifurcation of salary details as salary ,value of perquisites , allownces not exempt from tax and profit in lieu of salary . ​ Income tax department further warned salaried persons not to fall prey for mis-advice given by unscrupulous  intermediaries .  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 2017-18  CONTAINS  5 PARTS PART I : HIGHLIGHTS OF  CHANGES IN TAX RULES FOR FY 2017-18 : CLICK HERE PART 2 :TAX RATES  / SLABS FOR FY 2017-18 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 RETURNSÂ
Last Date for filing IT Returns for individuals for FY 2017-18 is 31st,July 2018 now extended up to 31st , August 2018 . 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 ,  SALARY CERTIFICATE TO HAVE BIFURCATION OF SALARY , VALUE OF PERQUISITES  ALLOWANCES NOT EXEMPT FROM TAX , PROFIT IN LIEU OF SALARY ETC . 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 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  . ​ 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 )Â AND FORM 26 AS ? Â
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 :Â
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 . Â
3. Verify  deducted tax shown in Form 16 is reflected  in Form 26AS in full  and both figures match . Â
4. Similarly verify deducted tax in your interest certificate in Form 16A duly reflects  in Form 26AS .Â
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 .Â
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 .Â
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 .Â
How to obtain  Form 26 AS ? Â
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  .Â
To visit TRACES , Â CLICK HEREÂ
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 26ASÂ
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 :Â
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 . Â
3. Verify  deducted tax shown in Form 16 is reflected  in Form 26AS in full  and both figures match . Â
4. Similarly verify deducted tax in your interest certificate in Form 16A duly reflects  in Form 26AS .Â
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 .Â
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 .Â
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 .Â
How to obtain  Form 26 AS ? Â
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  .Â
To visit TRACES , Â CLICK HEREÂ
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 26ASÂ
FOR READING ARTICLE  TAX ON RETIREMENT BENEFITS , CLICK HEREÂ
FOR TAX RATES ,  AND REBATES AVAILABLE FOR FY 2016-17 , CLICK HEREÂ
PRECAUTIONS TO BE TAKEN WHILE INVESTING STOCK MARKETS , CLICK HEREÂ
FINANCIAL PLANNING FOR YOUNG  , CLICK HERE ​   HOW TO LINK AADHAR WITH PAN ?  CLICK HEREÂ
FOR TAX RATES ,  AND REBATES AVAILABLE FOR FY 2016-17 , CLICK HEREÂ
PRECAUTIONS TO BE TAKEN WHILE INVESTING STOCK MARKETS , CLICK HEREÂ
FINANCIAL PLANNING FOR YOUNG  , CLICK HERE ​   HOW TO LINK AADHAR WITH PAN ?  CLICK HEREÂ
  INCOME TAX RETURN ON  LONG TERM CAPITAL GAINS Â
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 .Â
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 .Â
​
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 .Â
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 .Â
​
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 .Â
 Â
FOR THE FINANCIAL YEAR 2016-17 ( Â ASSESSMENT YEAR Â 2017-18 )Â , Â FOLLOWING FORMS ARE AVAILABLE ON LINE Â :Â
ITR 1 ( SAHAJ ) , Â ITR 2 Â , Â ITR 3 Â AND Â ITR 4S ( SUGAM) Â TO DOWN LOAD CLICK Â below :Â
Â
CLICK HEREÂ Â TO DOWNLOADÂ ITR 1- SAHAJÂ Â CLICK HEREÂ Â TO DOWNLOADÂ ITR 2Â Â CLICKÂ HEREÂ TO DOWNLOAD Â ITR 3
CLICK HEREÂ Â TO DOWNLOADÂ ITR 4 -SUGAM
Â
​For IT Returns for the Financial Year 2015-16  , CLICK HEREÂ
PDF FORMS Â FOR Â FINANCIAL YEAR 2014-15 Â ( ASSESSMENT YEAR 1015-16 Â ):Â
 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  )
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)Â Â Â 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)Â Â Â 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  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) Â Income under section 115BBDA Â orÂ
(k) Income of the nature referred to in section  115BBE Â
(l) Income to be apportioned according to provisions of section 5aÂ
NON RESIDENT INDIANS ARE NOT ELIGIBLE TO SUBMIT ITR -1 SAHAJ FROM THE FINANCIAL YEAR 2017-18Â AY 2018-19Â
 Â
To obtain Instructions for filling up of ITR1 (Â SAHAJ ) , CLICK HEREÂ
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
 Â
FOR THE FINANCIAL YEAR 2016-17 ( Â ASSESSMENT YEAR Â 2017-18 )Â , Â FOLLOWING FORMS ARE AVAILABLE ON LINE Â :Â
ITR 1 ( SAHAJ ) , Â ITR 2 Â , Â ITR 3 Â AND Â ITR 4S ( SUGAM) Â TO DOWN LOAD CLICK Â below :Â
Â
CLICK HEREÂ Â TO DOWNLOADÂ ITR 1- SAHAJÂ Â CLICK HEREÂ Â TO DOWNLOADÂ ITR 2Â Â CLICKÂ HEREÂ TO DOWNLOAD Â ITR 3
CLICK HEREÂ Â TO DOWNLOADÂ ITR 4 -SUGAM
Â
​For IT Returns for the Financial Year 2015-16  , CLICK HEREÂ
PDF FORMS Â FOR Â FINANCIAL YEAR 2014-15 Â ( ASSESSMENT YEAR 1015-16 Â ):Â
 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  )
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)Â Â Â 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)Â Â Â 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  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) Â Income under section 115BBDA Â orÂ
(k) Income of the nature referred to in section  115BBE Â
(l) Income to be apportioned according to provisions of section 5aÂ
NON RESIDENT INDIANS ARE NOT ELIGIBLE TO SUBMIT ITR -1 SAHAJ FROM THE FINANCIAL YEAR 2017-18Â AY 2018-19Â
 Â
To obtain Instructions for filling up of ITR1 (Â SAHAJ ) , CLICK HEREÂ
WHO CANÂ FILEÂ ITR2Â FORMÂ ?
 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 .Â
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 FULLÂ INSTRUCTIONSÂ FOR FILLING Â ITR Â 2 FORM Â FOR Â AY 2018-19Â ,CLICK HEREÂ Â
 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 .Â
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 FULLÂ INSTRUCTIONSÂ FOR FILLING Â ITR Â 2 FORM Â FOR Â AY 2018-19Â ,CLICK HEREÂ Â
WHO CAN USE  RETURN FORM ITR3 ? ​
This Return Form is to be used by an individual or a Hindu Undivided Family who  is carrying out propitiatory business  or professionÂ
and who is not eligible to submit ITR4 - SUGAM .Â
​
FOR FULL INSTRUCTIONS FOR FILLING  ITR  3 FORM  FOR AY 2018-19 ,  CLICK HERE  .Â
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 2018-19Â 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 profession where such income is computed in accordance  with special provisions referred to in sections 44ADA of the act Â
(c)Â Income from Salary / Pension; orÂ
(d)  Income from   One House Property ( excluding cases where loss is brought forward from previous years ) ; or
(e)Â Â Income from Other Sources (Â 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 .Â
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 categoriesÂ
Who can not  use this Return Form ITR4S  - SUGAM ?Â
​
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) 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 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.Â
(k)  Any resident having Income from any source outside IndiaÂ
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 .Â
​To obtain Instructions for filling up of ITR4S ( SUGAM ) , CLICK HEREÂ
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 .Â
TO KNOW ABOUT  VARIOUS  PROVISIONS OF INCOME TAX  CLICK HERE ​
(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 Â
(c)Â Income from Salary / Pension; orÂ
(d)  Income from   One House Property ( excluding cases where loss is brought forward from previous years ) ; or
(e)Â Â Income from Other Sources (Â 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 .Â
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 categoriesÂ
Who can not  use this Return Form ITR4S  - SUGAM ?Â
​
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) 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 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.Â
(k)  Any resident having Income from any source outside IndiaÂ
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 .Â
​To obtain Instructions for filling up of ITR4S ( SUGAM ) , CLICK HEREÂ
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 .Â
TO KNOW ABOUT  VARIOUS  PROVISIONS OF INCOME TAX  CLICK HERE ​
FOR LATEST INCOME TAX NEWS   , CLICK HEREÂ
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 HEREÂ
NEW MOBILE APPLICATION : Â Â AAYKAR SETHUÂ
    WHICH  YOU CAN USE FOR PAYING TAX AND FILE IT RETURNÂ
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 .Â
  How to get  AAYKAR SETHU APPLICATION ?Â
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/y9zq72ejÂ
TO FILE IT RETURNS ?Â
 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 .Â
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 .Â
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 .Â
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  .  Â
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 HEREÂ
NEW MOBILE APPLICATION : Â Â AAYKAR SETHUÂ
    WHICH  YOU CAN USE FOR PAYING TAX AND FILE IT RETURNÂ
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 .Â
  How to get  AAYKAR SETHU APPLICATION ?Â
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/y9zq72ejÂ
TO FILE IT RETURNS ?Â
 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 .Â
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 .Â
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 .Â
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  .  Â
Submission of ITÂ 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
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 formsÂ
 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.comÂ
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 .Â
​
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
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 formsÂ
 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.comÂ
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 .Â
​
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
LINKING OF AADHAR TO PAN IN IT WEBSITE Â IS Â EASYÂ
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 .Â
 You may visit the income tax  efiling site ( CLICK HERE  ) and to visit directly to Aadhar linking page  CLICK HEREÂ
IMPORTANCE OF FILING RETURNS  WITHIN LAST DATE ​
The last date for submission of above returns  fixed  for the  Financial Year 2017-18 is  31.07.2018 . 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  will be levied  for submission beyond the due date ie 31.07.2018 till 31.12.2018  and subsequently a penalty of Rs 10,000 will be levied till the end of the assessment year . However if the total income of the assessed does not exceed Rs 5 lakhs , penalty will be restricted to Rs 1, 000 only .Â
​ 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 .Â
​ 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 .Â
​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 HEREÂ
FOR READING ARTICLE Â TAX ON RETIREMENT BENEFITS , CLICK HEREÂ
FOR TAX RATES , Â AND REBATES AVAILABLE FOR FY 2016-17 , CLICK HEREÂ
PRECAUTIONS TO BE TAKEN WHILE INVESTING STOCK MARKETS , CLICK HEREÂ
FINANCIAL PLANNING FOR YOUNG Â , 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-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 hereÂ
TIPS Â FOR FILING Â Â IT RETURNS
 1.  Estimate  total income including salary , interest or any other income for the current year  April 2017 to March 2018
 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 A y  2018-19 is 31st ,July , 2018  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
  Â
 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 A y  2018-19 is 31st ,July , 2018  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
  Â
 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 Â PROVISIONS Â WHICH ARE GENERALLY Â USEFUL . 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 INFORMATION . Â 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 .YOU CAN Â DOWNLOAD THE FORM HERE . WE Â ARE OPEN FOR CORRECTION Â IF Â NEEDEDÂ
 .Â
 .Â
HAVE CAKE AND EAT IT TOOÂ
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