Is it mandatory for certain classes of assessees to submit the Income tax returns electronically for AY 11-12 onwards?
Answer: Yes. e-Filing of Returns/Forms is mandatory for :
- Individual/ HUF having total income of Rupees 10 Lakhs and above for AY 2012-13 and subsequent Assessment years.
- Individual/ HUF, being resident, having assets located outside India for AY 2012-13 and subsequent Assessment years.
- All companies
- Individual/ HUF/ Firm auditable u/s 44AB of the IT Act, 1961 for AY 2011-12 and subsequent Assessment years.
Is it mandatory for all firms to file their return electronically?
Answer: No. Only those firms, who have to get their accounts audited under 44AB of the Income Tax Act, 1961 need to e-File compulsorily.
Who should use which form for A.Y. 2011-12 onwards?
Answer: Following table may be referred for Individuals and HUF:
|
S.No |
FOR ITR-1 TO 4S |
|||||
|
Sources/Details of Income |
Individual |
Individual/HUF |
||||
|
ITR-1 (Sahaj) |
ITR-2 |
ITR-3 |
ITR-4 |
ITR-4S (Sugam) |
||
| 1 | Income from Salary/Pension |
• |
• |
• |
• |
|
| 2 | Income from Other Sources (only Interest Income or Family Pension) |
• |
• |
• |
• |
|
| 3 | Income/Loss from Other Sources |
• |
• |
• |
||
| 4 | Income/Loss from House Property |
• |
• |
• |
• |
|
| 5 | Capital Gains/Loss on sale of investment/property |
• |
• |
• |
||
| 6 | Partner in a Partnership Firm |
• |
• |
|||
| 7 | Income from Proprietary Business/Profession |
• |
||||
| 8 | Income from Presumptive Business |
• |
||||
| 9 | Details of Foreign Assets |
• |
• |
• |
||
For Firms, LLP, AOP, BOI, Legal Authority, Co-operative Societies and Artificial Juridical Person, it is mandatory to file Income Tax Return 5. For Trusts, it can be Income Tax Return 5 or 7.
For Companies, Income Tax Return 6 is to be filed.
What are the due dates for filing of Income Tax Returns for non-corporate and corporate taxpayers?
Answer: As per the provisions of section 139 of the Income Tax Act, 1961 the due dates for Income Tax Return for different category of assessees are as under:
|
ITR name |
Audited u/s 44AB |
Due-Date |
| ITR 1 | N.A. | 31st Jul |
| ITR 2 | N.A. | 31st Jul |
| ITR 3 | No | 31st Jul |
| Yes | 30th Sept | |
| ITR 4 | No | 31st Jul |
| Yes | 3oth Sept | |
| ITR 4S | N.A. | 31st Jul |
| ITR 5 | No | 31st Jul |
| Yes | 3oth Sept | |
| ITR 6 | Yes OR No | 3oth Sept |
| ITR 7 | Yes OR No | 3oth Sept |
Note:
1. In case of an assessee who is required to furnish report in respect of International transaction(s) / Specified Domestic transactions u/s 92E of the Income Tax Act, the due date is 30th November.
2. These are the due dates as per the Income Tax Act, 1961 unless specifically relaxed/ modified by way of an express order of CBDT in exceptional circumstances.
Which are mandatory fields in ITR form?
Answer: The fields which are marked in red color (in case of ITR 1 Online, red asterisk) are mandatory fields. This is mentioned on the Income Tax Return form itself.
Which Address should be mentioned in the Income Tax Return? Should it be the one mentioned while applying for the PAN or the current Address?
Answer: The assessee should mention the current address on the Income Tax Return forms.
What will be the status of audit report under section 44AB as now it is not required to be furnished along with the return of income?
Answer: This issue has already been clarified by Circular no. 9 dated 10.10.2006 issued by CBDT. As clarified therein, the new annexure less forms are not to be attached with any documents.
In case the assessee desires to convey something by the way of separate note which may be essential, is a separate space provided for that?
Answer: No annexure/document can be enclosed with the e-Filed return as clarified by Circular No. 9 dated 10th October, 2006 of the Board.
What should an assessee who is under presumptive taxation scheme i.e. “no accounts case” do to write for sundry debtors, sundry creditors, stock in trade, cash balance, gross profit as he/she may not have all these details since he is not maintaining books of accounts?
Answer: The assessee has to give these figures from primary records i.e bank statements, cash books etc.
Is it mandatory to enter Bank Account details in case of foreign companies?
Answer: The bank account details are mandatory in case of foreign companies due to the reason that if they are doing any transaction in India, they have to have a Bank Account in India.
My Challan of payment of Advance Tax or Self Assessment Tax does not contain correct PAN or Assessment Year. Will the claim be allowed?
Answer: No. You are advised to get it corrected by making written request to Branch of Bank from where payment has been made within 7 days of payment and thereafter to your Assessing Officer. Detailed challan correction mechanism is available at http://incometaxindia.gov.in/archive/LeftMenu_ChallanCorrectionMechanism_26082011.pdf
In case of refund, the information desired is MICR, bank a/c number and type of account. The assessee is not required to mention the name of the bank. However, this may be necessary to ensure that the refund is not credited to a wrong account due to quoting of incorrect MICR code.
Answer: As per prevalent standard banking practice, it is MICR code and the Bank account number which uniquely determines the destination account. In case of wrong MICR code, the refund credit will fail but would not be credited to the wrong account at all.
My address / bank details mentioned on the Income Tax Return has changed and I have to receive a Refund. How can I change the address/ bank details?
Answer: You can ONLY change the Address/Bank details once the Income Tax Return is processed and refund fails. To know the status of Income Tax Return, LOGIN and GO TO ‘My Account’ → ‘My Returns/Forms’. If the status is shown as ‘Refund unpaid’ and Refund generated, you can raise a request to change Address/ Bank details at ‘My Account’ → ‘Refund Re-issue request.
