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Dr. Sanjiv Agarwal

For most of the individual income tax assessees, last date for filing of income tax return for the assessment year 2013-14 (financial year 2012-13) is just few weeks away, i.e., 31st July, 2013.

While the tax returns could be filed in physical form as well as on line (e-return), e-filing is mandatory for those with an annual taxable total income of Rs. 5 lakh or more. It is seen that in previous year, over 2.14 crore assessees filed their income tax returns online as it is a hassle free process. It is expected that even the requirement of sending physical returns by post to central processing cell at Bangalore may also be dispensed with this year. This may help in timely validation of e-returns and paper verification could be avoided. It would also save on postal delays and costs.

Once you decide to file the tax return, a list may be prepared containing details of income earned from different sources besides Form 16 which is received from the employer. Documents relating to rental receipts, interest income, capital gains on shares etc and investment details should also be collated and kept handy. TDS details and advance tax details should not be forgotten as credit of the same must be taken. Certain allowances and deductions are not taxable or tax benefit is allowed such as for medi-claims, insurance, housing loan installments, tuition fees, eligible donations etc. Assessees should ensure full details thereof to be mentioned in return appropriately.

While return filing is one event in itself, it is not just the end of it. Once the income tax return is filed, there is a challenge of availing correct credit for the tax deducted at source (TDS). It should match with the figures with the department as reflected in TDS returns filed by the tax deductors. The amount of TDS should match with Form 26 AS. The tax department will give credit of TDS claimed only if the amount as per return match with the annual tax credit statement failing which credit may not be allowed for any unmatched entries. This can happen for any reason including non or wrong mentioning of permanent account number of deductee or for any other reason.

Since income tax refunds, if any, are now a days, directly credited to bank accounts, it is equally imperative that assessees do mention their bank account number and other details correctly failing which credit of tax refund may go for a toss and tracking it would be a night mare.

The returns we file are also subject to detailed scrutiny on a selective basis using the computer Assisted Scrutiny System. Once picked up, assessees are subjected to detailed and penetrating enquiry into various sources of income, investments, expenses etc. So it would be advisable to keep such information ready, in case of any need. Further, certain high value transaction such as buying or selling of immovable property for over Rs. 30 lakh , credit card spends over Rs. 2 lakh, investment  in securities etc are also taken up for scrutiny.

Filing returns timely is not only our duty but it has a cost too. If you do not file the return timely, one is not allowed to carry forward any unabsorbed losses, returns cannot be revised and fines and penalties are imposed. So remember, filling return is a must-whether easy or cumbersome. It you have prepared all details and papers, it becomes easier and smooth. And we have enough time on our side at this moment.


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  1. Jaipal Gill says:

    I have sold some shares which were purchased more than ten years ago. The shares were listed on the NSE,and sold through HDFC Securities Brokerage. Am I liable to pay Long Term Capital Gains tax.If so how much ?

  2. kewal krishan says:

    My complaint is that while passing assessment order under 143 or 154. CPC do not  see the tax credit  details already available in26AS,  with the result that  taxes already paid are  again demanded.And  contacting  CPC  on e-mail  for clarifications is not accepted, and we are asked to contact CPC telephones  which more often  are engaged , and even if available, it is seldom that we are able to get throuh to  the KARYAKARI.

  3. Balram says:

    Dear sir ,Please advise on the following for filing the income tax return. 1.If I have 2 bank accounts and I earn Rs.10000 of savings interest for each of the account ,Will in that case Rs.20000 savings interest from 2 bank accounts exempted ? 2.Do I need to show the Interest earned on PPF account in the income tax return and then show it as exempted ? 3.

  4. siddharth kothari says:


    Still department is not clear about the ITR applicable to Specific Trust and Discretionary Trusts. Last year there was the press release regarding ITR applicable to Specific Trust and  Discretionary Trusts.But what about this year???

  5. sheetal says:

    Dear Sir/ Madam,
    I am working as an Accountant in a school in Pune. I wanted to calculate Tax payble on salary of employees for 2013-14 for deduction of TDS. This year Income Tax Dept. allowed Rebate Rs.2000/- from tax amt. whoes income is less than Rs. 5 Lac.
    I have 1 doubt regarding this. How we should take investment amount from employees? Including rebate or exluding rebate?
    suppose taxable income of 1 employee is Rs. 250000. Then Taxable amount is Rs 50,000. and tax will be 3090. Then how much he should invest to get nil tax Rs. 50000 or Rs. 31000?

  6. Bhupal Singh says:

    Can LTCG arising fro sale of Capital Asset ( Commercial Property ) be invested in Long Term Capital Gain Bonds of NHAI to save tax ???? If NOT please quote relevant I.Tax Rules / I.Tax Act Sec.
    As per pages 31 & 32 ( Investment In Financial Assets ” ) of Taxpayers Information Series-3 Booklet dated 11 Nov 2011, issued by I.Tax Deptt, investment of LTCG in these Bonds is allowed to save I.Tax. Please read these pages in the Web given below—- incometaxindia.gov.in/…/HowtoComputeyourCapitalGains_18062012.p

    Can some clarify by quoting relevant Rules/Secs of I.Tax Act ?????

  7. ravi says:

    If employer not issued Form 16 in time or till due date than what to do & where should we go to make request if our employer not caring about issuance of Form 16.

  8. KUMAR says:

    It is better that after uploading of return in the web site, immediate screen should open to upload the ITR- V through the web site to avoid the delay in sending the physical copy to CPC, Bangalore and the assessee is always in doubt that whether the ITR V reached to CPC or not. Hence uploading the ITR V through site is a best option to avoid time dealy and for speedy process.

  9. k c agarwal says:

    It is very true , now the assessee are feeling ,if they e fiie the income tax return, they will not be harresed unneccessary by the officials of the department, because now the return is being processed by the computer, and no body is harrsying the assessee. I have ound that most of the assessee want to be honest, they are interested to show the real income and want to also pay the tax. NOW IT IS DUTY OF INCOME TAX DEPATMENT TO RELY ON THE ASSESSEE.


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July 2024