Ankit Gupta

1. Due Date of Filing of Income Tax Return is proposed to be extended to 31 August ‘2015 in respect of Assessment Year 2015-2016.

2.The maximum amount of deduction available under Chapter VI A has been extended from Rs.1,00,000 to Rs.1,50,000 (Investments,LIP,PF, PPF, NSC,New Pension Scheme etc.)

3. If you are filing your Income Tax Return manually and your Total income (Gross Total Income (less) Deduction does    not exceed Rs.5, 00,000 then don’t forget to claim relief under section 87A).

4. Deduction available u/s 24 in respect of Interest paid on Self Occupied house Property has been extended from Rs.1,   50,000 to Rs.2, 00,000.

5.It is mandatory for every Individual Assessee to E File Income Tax Return if his Gross Total Income Exceeds Rs.5 Lac.

6. If you are clubbing the Income of your minor child u/s 64(1A) with your Income then do not forgot to claim standard    deduction of Rs.1, 500 per child.

7.If a person fails to furnish his Income Tax Return by the time specified u/s 139(1) or by the end of relevant Assessment    Year, Then the assessing officer may direct that person to pay sum of Rs.5, 000 by way of Penalty.

8. If you are e Filing your Income Tax Return without using Digital Signatures then send a duly signed copy of ITR V at    “Income Tax Department – CPC, Post Box No. – 1 , Electronic City Post Office , Bangalore – 560100 , Karnataka “ by      regular Indian Postal Service or Speed Post only “ within 120 days of e filing his Income Tax Return. Alternatively you can also verify your Return Electronically.

9.For the purpose of Claiming Deduction u/s 54EC to save Income Tax on Long Term Capital Gains, Investments In the    bonds of RECI & NHAI shall be made within 6 months from the date of transfer limited to Rs.50,00,000 (say  if  Property is being sold on 01.03.2015 then the Investments shall be made upto 31.08.2015).

10. Verify your Taxes paid and TDS details in Form 26AS with your Form16 or Salary receipt before filing your Income Tax     Return.

11. If you are resident and ordinarily resident as per Section 6 of the Act then all income earned whether in India or Outside India Is Taxable in India.

12. If an Income Tax has been deducted outside India on Income earned there, then don’t forget to claim relief u/s 90 or 91 of Income Tax Act.

13. Donations made to Political Party or Electoral Trust is eligible for deduction u/s 80GGC.

14. If assessee is the owner of more than one vacant residential house then it is at the option of the assessee to consider any of those as self occupied and other as Let out Property.

15. Any Expenditure incurred on Preventive health Checkup of Himself / Spouse/Parents/Dependent Parents is allowed as deduction u/s 80D even if it is paid in cash.

16. Any cash donation made to registered Charitable Trust in cash is fully allowed only if the amount does not exceed Rs. 10, 000.

17. Deduction u/s 80TTA in respect of Interest is allowed only if it is received form a Banking Co. or Post Office or Cooperative Bank on Savings Bank Account

18.Long Term Capital Gain arise on transfer of Equity Shares is exempted from the Payment of Income Tax only id the transaction is chargeable to Security Transaction Tax.

19. It is proposed that from Assessment Year 2015-2016 it become mandatory for every assessee to disclose Foreign Assets and Foreign Bank Account details in Income Tax Return.

20 Following Incomes are exempted from the Payment of Income Tax: agriculture income, dividend, gifts, Interest on PPF, Interest on notified bonds issued by local authorities, Interest received from Public Sector Company or notified bonds or debentures or Mutual fund.

21. Any advance money forfeited (Bayana jabt karna) by the assessee during 01.04.2014 to 31.03.2015 shall be chargeable to Income Tax under head Other Sources (Section 51).

22. If a person discovers any mistake or Omission or wrong statement therein, then he may furnish Revised Income Tax  Return before the end of relevant assessment year or Completion of assessment whichever is earlier.  The person can file revised return only if he files return on or before the due date i.e 31.8.2015. If he files the original return after the due date, this facility will not be available.

23. If you forget to furnish your Income Tax return by due date then DON’T WORRY, you can still file belated Income Tax  Return on the payment of Interest u/s 234A equals to 1% for every month or part of month.

24. If Total Income on an assessee exceeds Rs.1, 00, 00,000 (1 Crore) then get Marginal Relief Benefit.

25.Intimation received u/s 143(1) is a deemed notice of demand hence it should be paid off in full within 30 days of   receipt otherwise it may cause assessee to pay interest 1.5% for every month or part of the month and Penalty upto Rs. 1,00,000.

(Author can be reached at [email protected])

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  1. Tarun says:

    Dear Sir

    I am filling my ITR. My income is only from salary. But I use company two wheeler for office use & company give me cheque for petrol & repair & maintance in my account(every month).

    The amount which i received against petrol is taxable or not?

  2. seenithirumaran says:

    Thank you for the timely and well informed article. Regarding point number 22, important correction is needed. The person can file revised return only if he files return on or before the due date i.e 31.8.2015. If he files the original return after the due date, this facility will not be available. Please note.

  3. suhas kothari says:

    Point No. 25 of the Article:- .Intimation received u/s 143(1) :
    If Demand is not acceptable to assessee on the ground that no reason is assigned for raising demand can assessee immediately ask IT dept for the reason?
    (I received Demand Notice for A.Y.2011-12 disallowing me set off of LT Capital loss carried forward from earelier years (5years back) against LT Cap.Gain of that AY and without assining any reason for disallowance. I immediately asked for the reason but no reply received so far from IT dept. Am i liable to pay penalty?
    Pl enlighten me; thanks and regards, Suhas Kothari

  4. Srinivas K says:

    thank you for the detailed information.
    Please clarify, whether all bank accounts ate to be disclosed(other than foreign accounts) in the IT return.
    In the online IT return, there is a column to disclose the particulars of accounts

  5. Luv Verma says:

    19. Mr. X was seconded to USA on behalf of Indian Co. In USA, Mr. X was on payroll of subsidiary of Indian Co. in USA and received salary from such subsidiary co in USA in foreign bank account. Mr. X came back India in Feb 2015 and account was closed.

    Please clarify, since on 31 March 2015 Mr. X foreign Bank account was already closed, whether he is required to disclose such foreign bank account at the time of filling ROI. Secondly, please clarify whether Mr. X is required to disclose the salary income earned and received in USA on which Mr. X has already paid taxes in USA.

    20. In respect of exempt Income, I would like to know whether interest of PPF which has been accumulated in my PPF account but not received by me is required to be disclosed in ITR in exempt income column.

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May 2021