Following are the important points on which you has to concentrate after Aug 31, 2019 in respect of Direct Taxation of India.
If you are individual below 60 years of age, you need to file tax return for the assessment year 2019-2020 subject to the following condition
Your Income before exemptions and deductions exceeds Rs. 250,000 in the financial year 2018-2019
1. Understanding about amendments in 2019 February Finance Act and 2019 July Finance Act are necessary to plan your Income tax with respect to Assessment Year 2020-2021.
2. Basic understanding about following terms is essential
i. Our Current Financial Year is 2019-2020
ii. Our Current Assessment Year is 2020-2021.
3. Return has filed with respect to Assessment Year 2019-2020
4. You may pay Your tax at any time using e-Pay facility through the following Website
httpps://www.Incometaxindiaefiling .gov.in.
Only, the following details are required .
i. Selection of relevant Challan No
ii. Net Banking Facility/Debit Card
iii. PAN Card Details and Address details.
For example, Challan No 280 is used for the following purposes
a. Payment of Advance tax,
b. Self-Assessment tax,
c. Tax on Regular Assessment,
d. Surcharge,
e. Tax on Distributed Profits of Domestic Company
f. Tax on Distributed income to unit holders.
5. File tax return within the due dates. As far as individual Assessees are concerned ,due date has expired .But Due date means the following to the other type of Assessees
i. A company -30/9/2019
ii. Accounts need to be audited –30/9/2019
iii. Assessee need to furnish report under sec 92E by 30/11/2019.
6. The audit report shall be submitted to the department electronically.
7. If you do not file return within Aug 31,2019, then you may file belated return as follows.(Due date August 31 persons)
i. Before March 31,2020
ii. Before the completion of the assessment
Whichever is earlier
8. A belated return attracts late filing fees under section 234F of the Income Tax Act.
Rs. 5,000 is required to be paid if return is furnished on or before the December 31 ,2019
9. The penalty increases to 10,000 if the asseesee file the return next year between January 1 and March, 2020
10. However, late filing fee cannot exceed 1,000 if the total income of an assessee does not exceed Rs. 5 lakh.
11. Besides this, a delay in filing ITR also makes one liable to pay interest u/s 234A
12. If one discovers any omission or wrong statement in the earlier return including in the belated return, you may file revised return as follows:-
i. Before March 31,2020
ii. Before the completion of the assessment
Whichever is earlier.
13. Deliberate false return will attract imprisonment u/s 277.
14. Assessment means the following-
i. Self Assessment.
You need to self assess your tax and file return within due dates. Ordinary return filing is known as Self Assesment. ITR 1 is used for this purpose
ii. Assessment on the basis of return.
Centralized Processing Centre processes your return .That is known as Assessment on the basis of return.
iii. Regular Assessment by Assessing Officer .
Regular assessment means the assessment made on the basis of evidence u/s 143(3) or best judgement assessment u/s 144.
iv. Re assessment.
If the assessing officer has reason to believe that any income chargeable to tax has escaped assessment,he may assess or re-assess such income .
v. Precautionary Assessment.
Where it is not clear as to who has received the income ,the assessing officer can commence proceedings against any or all of them to determine as to who is responsible to pay tax
15. You may get notices as follows after the return filing:-
i. Faults in the return, notice u/s 139(9)
Solution-
Assessee has an opportunity to rectify the defect within a period of 15 days from the date of such intimation .If the defect is not rectified within the period ,the return shall be invalid return.
Next solution.
Then apply for Condonation in the following website
httpps://www.Incometaxindiaefiling .gov.in.
You may use Service request functionality under My account menu.
ii.Correct Tax Notice u/s 143(1) .No action is needed from your side
iii. Mis match in TDS-Notice u/s 143(1)(a)
Whenever notice is issued u/s 143(1)(a) of Income Tax Act, Department will give an opportunity to the taxpayers before making any adjustment to the returned income filed by him.
The taxpayer will be given an opportunity through the “e-proceeding” to respond to the findings made by the department during the course of processing of the returns submitted
16. Under section 119(2) (b) of the Income Tax Act CBDT can admit an application or claim in respect of
i. any exemption
ii. deduction
iii. refund
iv. any other relief
after the expiry of the period specified under the Act.
Therefore, such powers of wide authority should include the powers to condone the delay in specific cases of failure to submit ITR-V.
As per the current tax laws, there is no specific time limit to file a condonation request if you missed the deadline of verifying your filed ITR. However, you should file the request as soon as you notice your mistake.
Also,Check service tax interest calculator.
17. Link Aadhaar before 30, September 2019.
Following steps are required to link Aadhaar with PAN Card .Following Website address may be used
Httpps://www.Incometaxindiaefiling.gov.in.
Select Link Aadhaar menu
i. Click here to check Present Status
ii. If not linked
a. Type PAN CARD No.
b. Name as per Aadhaar
c. Enter the image Code
d. Link Aadhaar .
Following are the other functions available in the cover page of the above website
i. e-verify Return
ii. View form-26AS
iii. Outstanding Demand.
iv. ITR status
v. Know your TAN
vi. Verify your PAN Details
vii.Tax calculator
viii.Check Refund Dispatch status
18. You may appoint the following persons as your authorized representative before tax authorities to appear for the purpose section 131 of the Income tax Act.
i. person related with the assesse
ii. Employee of assesse
iii. Any legal practitioner
iv.A chartered Accountant
v. Any person Who has passed any accountancy examination recognized in this behalf by the CBDT
The following accountancy examinations are recognised for the purpose of clause (v) of sub-section (2) of section 288, namely :—
(1) The National Diploma in Commerce awarded by the All-India Council for Technical Education under the Ministry of Education, New Delhi, provided the diploma-holder has taken Advanced Accountancy and Auditing as an elective subject for the Diploma Examination.
(2) Government Diploma in Company Secretaryship awarded by the Department of Company Affairs, under the Ministry of Industrial Development and Company Affairs, New Delhi.]
[(2A) Final Examination of the Institute of Company Secretaries of India, New Delhi.]
[(3) The Final Examination of the Institute of Cost and Works Accountants of India constituted under the Cost and Works Accountants Act, 1959 (23 of 1959).]
[(4) The Departmental Examinations conducted by or on behalf of the Central Board of Direct Taxes for [Assessing Officers], Class I or Group ‘A’, Probationers, or for [Assessing Officers], Class II or Group ‘B’, Probationers, or for promotion to the post of [Assessing Officers], Class II or Group ‘B’, as the case may be.]
[(5) The Revenue Audit Examination for Section Officers conducted by the Office of the Comptroller and Auditor General of India.]
You will blessed with faceless assessment from 8/10/2019 on words
Use Grievance Redressal facility provided by CBDT
Don’t forget to check section 10 34 of income tax act.
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