Income tax Return Filing Tips

Income Tax Filing Errors which can Increases burden on Your Pocket

CA, CS, CMA - While filing Income Tax Returns, many people make errors which can result in a huge amount of penalty and interest which becomes an additional cost to the taxpayer.  We are discussing herewith some common errors that a taxpayer can commit while submitting an Income Tax Return. 1. Non submission of Income Tax Return if TDS […]...

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Common Errors while Filling, validating or uploading ITR

CA, CS, CMA - Why do I get an error message at the time of submission/uploading of return ? What is to be done if taxpayer get NULL error, while uploading the xml file ? I have saved the xml file in my computer but while uploading system is giving the error “Cannot read the xml file? What should I do ? What to do when there is an Error in uploading ...

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Common Reason for E-filed Defective Returns

CA, CS, CMA - Currently CPC is unable to process over 2 lakhs returns which have been classified as defective under CPC’s business rules. Assessees are requested to avoid errors mentioned below which are among the top reasons for the return to be classified as defective: 1. ITR 4 - The assessee has not filled Part A P&L or Balance Sheet or both an...

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How to e-file Income Tax Return – Stepwise Guide

CA, CS, CMA - 31st July is approaching fast which is the last date for filing of Income Tax Return for the Assessees who are not required to get there books of account audited under the provisions of Income Tax Act, 1961. CBDT has recently vide notification NO. 14/2012 dated 28.03.2012 made it mandatory to file Income Tax Return online for Individua...

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Digital Signature – How to Register / Sign ITR & FAQ

CA, CS, CMA - If an individual does't have a Digital Signature, does this mean he/she cannot file the return online? Do I need a fresh digital signature, in case I already have one? How much does a DSC cost? How can a DSC be attached with the return while uploading ? The Web site accepts DSC in the .pfx format. Other formats like .cer are not being ac...

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Match Incomes/ Receipts & deduction claimed with Form 16/16A

CA, CS, CMA - Taxpayer Submitting Income Tax Return for Assessment year 2017-18 to ensure Incomes/Receipts and deduction claimed matches with Form 16/16A issued by deductor ...

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Requirement to quote Aadhaar in ITR not applicable to Non Resident

CA, CS, CMA - Section 139AA of the Income-tax Act, 1961 as introduced by the Finance Act, 2017 provides for mandatory quoting of Aadhaar / Enrolment ID of Aadhaar application form, for filing of return of income and for making an application for allotment of Permanent Account Number with effect from 1st July, 2017. ...

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Dual factor authorization to secure Income Tax E-filing account

CA, CS, CMA - In order to ensure that taxpayers are able to secure their E-filing account against any fraudulent attempts, the Income Tax Department has introduced a new facility called the E-filing Vault. In order to use this facility, taxpayers can log in to their E-filing Account and under their profile page select E-filing Vault – higher security...

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Login to Income Tax E-filing Account from your Bank Account

CA, CS, CMA - Income Tax Department is happy to announce the facility of Direct Login from Corporation Bank, Union Bank of India and Oriental Bank of Commerce – Net banking account to the taxpayer’s E-filing Account. Other banks are expected to follow....

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Avoid Last Minute Rush; Pay IT in Advance at Bank Branches

CA, CS, CMA - Avoid Last Minute Rush; Pay IT in Advance at Bank Branches/RBI: RBI appeals to Public The Reserve Bank of India has appealed to public to avoid last minute rush and remit their Income-tax dues sufficiently in advance of the due date of September 30, 2013. It has also urged the assessees to take advantage of […]...

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19 FAQs on filling of ITR forms for Assessment Year 2019-20

Circular No. 18/2019-Income tax - (08/08/2019) - After notification of the ITR forms various queries have been raised by the stakeholders in respect of filling-up of the ITR forms. In order to address such queries, following clarifications are issued. —...

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Generate EVC for e-filing of ITR by giving Bank/ Demat A/c details

Notification No. 1/2016 - (19/01/2016) - Notification No. 1/2016 Where the EVC (Electronic Verification Code) is generated by giving bank details to the e-filing website https://incometaxindiaefiling.gov.in or Where the EVC (Electronic Verification Code) is generated after Demat account authentication using Demat details registered with CD...

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e-filed Return of Income for A.Y. 2013-2014 and 2014- 2015 can also be verified through EVC

2251141/2015/ITA.II - (20/07/2015) - The Central Board of Direct Taxes has vide Notification No. 41/2015 dated 15.04.2015 in cases of categories of 'persons' specified therein, has introduced Electronic Verification Code ('EVC') as one of the modes for validation of return of income which are filed electronically on or after 01.04.20...

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Exemption to Salaried Employees from Filing of I-T Returns for A.Y. 2012-13

PRESS RELEASE [NO. 402/92/2006-MC (15 OF 2012)] - (20/07/2012) - Central Board of Direct Taxes (CBDT) vide its Notification No. 9/2012 dated 17th February, 2012 has exempted salaried employees from the requirement of filing the returns for assessment year 2012-13. The exemption is applicable only if all the following conditions are fulfilled:- • Employee has ea...

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Recent Posts in "Income tax Return Filing Tips"

Income Tax Filing Errors which can Increases burden on Your Pocket

While filing Income Tax Returns, many people make errors which can result in a huge amount of penalty and interest which becomes an additional cost to the taxpayer.  We are discussing herewith some common errors that a taxpayer can commit while submitting an Income Tax Return. 1. Non submission of Income Tax Return if TDS […]...

Read More
Posted Under: CA, CS, CMA |

Common Errors while Filling, validating or uploading ITR

Why do I get an error message at the time of submission/uploading of return ? What is to be done if taxpayer get NULL error, while uploading the xml file ? I have saved the xml file in my computer but while uploading system is giving the error “Cannot read the xml file? What should I do ? What to do when there is an Error in uploading ...

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Common Reason for E-filed Defective Returns

Currently CPC is unable to process over 2 lakhs returns which have been classified as defective under CPC’s business rules. Assessees are requested to avoid errors mentioned below which are among the top reasons for the return to be classified as defective: 1. ITR 4 - The assessee has not filled Part A P&L or Balance Sheet or both an...

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How to e-file Income Tax Return – Stepwise Guide

31st July is approaching fast which is the last date for filing of Income Tax Return for the Assessees who are not required to get there books of account audited under the provisions of Income Tax Act, 1961. CBDT has recently vide notification NO. 14/2012 dated 28.03.2012 made it mandatory to file Income Tax Return online for Individua...

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Digital Signature – How to Register / Sign ITR & FAQ

If an individual does't have a Digital Signature, does this mean he/she cannot file the return online? Do I need a fresh digital signature, in case I already have one? How much does a DSC cost? How can a DSC be attached with the return while uploading ? The Web site accepts DSC in the .pfx format. Other formats like .cer are not being ac...

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Posted Under: CA, CS, CMA |

Consequences of Filing Income Tax Return After Due Date

The due date for filing income tax return for corporate assessees and other assessees who are required to get their accounts audited under Income Tax Act 1961 or under any other law for the time being in force is 30th September and for others it is 31st July every year as have been prescribed u/s 139(1). For a layman sometimes it may c...

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FAQ related to Central Processing Center (CPC)

Article deals with FAQ related to Non receipt of ITR-V, Intimation u/s 143(1), Rectification order U/s. 154 and how to request for reissue of them online. It further deals with CPC Email ID, Helpline Number Working Hours etc....

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Posted Under: CA, CS, CMA |

How to Reply Notice for Non Filing of Income Tax Return?

Income Tax Department issue notices to non-filer of Income Tax Returns from time to time and Taxpayer needs to submit his reply to such notices. Department has enabled a facility by which taxpayer can submit his response online to such notices. ...

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How to remove Password from ITR V Acknowledgement

On e filing of income tax return, an acknowledgement is generated by the Income Tax Department in a form named as ITR V. This ITR V is issued in pdf format and remains password protected. The password remains Permanent Account Number of the assessee in short case followed by his date of birth / its date of formation....

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How to Use NSDL demat account details to generate EVC

Use your NSDL demat account details to generate EVC (Electronic Verification Code) for e-Filing of Income Tax return As you may be aware, the Income Tax Department (ITD) has introduced the facility of Electronic Verification Code (EVC). EVC is introduced to make the e-filing process of income tax returns simpler and completely paperless....

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Posted Under: CA, CS, CMA |

How to Reset Password on Income tax Website

Registered user can reset the password using one of the following options: 1. Answer Secret Question. 2. Upload Digital Signature Certificate 3. Using OTP (PINs)...

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Points to be Kept in Mind before filing Income Tax Return

As we all are aware that the return filing season for AY 2020-21 has been started. Now everyone are geared up for filing there Income Tax Return on time. Hence today I am writing this article to mentioned some important points which we all need to keep in mind at the time of filing the […]...

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Who is required to file Return of Income under Income Tax Act?

1. Sec 139 of Income Tax Act a. As per sec 139(1), being a company or a firm [mandatorily required to file Return of Income (ROI)] ; or being a person other than a company or a firm, if his total income or the total income of any other person in respect of which he […]...

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Posted Under: CA, CS, CMA |

How to file response to notice u/s 139(9) of defective return notice

An e-filed Income Tax Return can be defective for Many reasons and common reason among them are Gender Mismatch, Non-filing of P&L & BS details in ITR, Sales/Gross receipts of business or profession is greater than 100 lakhs and AUDIT INFORMATION not completely filled, In case of ITRS Presumptive  Income is less that 8% and [&hel...

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11 Points to know before filling ITR for FY 19-20 (Individuals)

Need to Know Some important points for Individual Tax payers before filling their ITR for the FY 19-20 1. Individual taxpayers who are joint owners of house property can file ITR 1 or ITR4. 2. Passport: One needs to disclose the Passport number if held by the taxpayer. This is to be furnished both in […]...

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Posted Under: CA, CS, CMA |

How to file Income Tax Return Online

To file Income tax return or to View your tax credit statement in Form 26AS you need to register yourself on the Income tax website https://incometaxindiaefiling.gov.in/ Now the Steps for filling online return are hereunder: ...

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Posted Under: CA, CS, CMA |

How to do Electronic Verification of Income Tax Return

Notification No. 2/2015 dated 13/07/2015 regarding Electronic Verification Code (EVC) for electronically filed Income Tax Return as an alternative mode of verification released. EVC would verify the identity of the person furnishing the return of income . ...

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Master Guide on filing of income Tax Return

Q.1 What is a return of income? ​Ans: ITR stands for Income Tax Return​. It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. It also allows carry -forward of loss and claim refund […]...

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Posted Under: CA, CS, CMA |

E-Filing of ITR – Solution to Problems During Filling & Uploading

I don't understand the process of e-filing. What should I do? 2. What information do I need, to register myself in the ITD e-filing website? 3. Should Registration be made in the name of the Company or can a director register in his name and file the returns of the company from his user id? 4. Can a Chartered Accountant (CA) can file ret...

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Posted Under: CA, CS, CMA |

Consequences of Late Filing of Your Income Tax Return

While filing your income tax return within due date is important, it does not mean that if for any reason you missed the dead line than you wouldn’t be able to file your income tax returns. But the clock turns on, which means as you have missed the dead line you might receive a notice from the income tax department any time....

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How to use E-Nivaran Facility of Income Tax

As we aware that, lots of times we faced may difficulties regarding E-filing, refund, rectification, etc but we usually avoid to complaint against it thinking in a way that the process is very much lengthier or tedious and hence Income tax Department has been come up with solution to our this problem which is called […]...

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Posted Under: CA, CS, CMA |

Income tax return filing in case of Futures & Options (F&O) trading

Question: How to file income tax return in case of profit/loss from F&O trading? Do we get our accounts audited in case of loss from F&O Trading? I will try to answer all questions relating to F&O Trading through this article so that it can be of help to people in filing income tax returns. ...

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ITR e-Filing Process, Password, Registration, Due Date, Applicability

What are the steps in brief to upload the tax returns on this website? I have forgotten my password. What is to be done to retrieve it ? What to do if there is an INTERNAL ERROR at the time of registration? In case, taxpayer has entered the wrong email-id during registration and taxpayer is not able to activate its user id, what is to be...

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Six Options to reset Income Tax E-filing portal password

In case Taxpayer forgets E-filing Portal Password, the same can be reset using 'Forgot Password > Reset' option available at portal. Following six alternatives are available for resetting Password:-...

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Posted Under: CA, CS, CMA |

Rectification of Income Tax Return, Related issues & Solution

Rectification has become easy since switchover to online but it has its own limitation. In this article I will be covering almost every point related to rectification in terms of: 1. Online request for rectification. 2. Required information before filing a rectification application. 3. Mistakes committed while filing a rectification. 4. N...

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Rectification Request in case of e-filed I-T Return – FAQs

Article deals with FAQ related to Rectification of errors in case of return filed online. The article explains about how to file Rectification request, what if you get error in filing rectification u/s 154, What if demand been wrongly raised or refund been processed at lesser amount....

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Income Tax e-Filing DSC management utility

Taxpayers have recently faced problems in using the Digital Signature Certificate for Signing through browser at the time of uploading their Income Tax Return. This is because the latest browser versions have started disabling the standard way in which browser support plug-in functions to address security. Hence Java applets that were use...

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Posted Under: CA, CS, CMA |

How You Can Correctly File Your Personal Income Tax Returns in India

July 31st is the last date in every year for filing one’s income tax returns for both resident and non-resident salary receiving individuals and also for people who are partners in firms with turnovers of less than an amount of Rs.1 Crore. Thus this is indeed a taxing process, and you can learn more about it as you keep reading on!...

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10 Common Mistakes People make when filing Income Tax Returns

The season of filing of tax return is here. This year all those who have taxable income are required to file their return. Also those with income above Rs five lakhs have to compulsorily e-file their return. Its very important to file error free Income tax Return to avoid future problems. Lets see the most commonly committed mistakes thos...

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20 FAQs on AADHAAR Number Linking in ITD e-Filing website

In this article we compiled information / How to register Aadhaar in ITD e-Filing website, Solution to errors in linking of Aadhaar, Aadhaar in case of HUF/Corporate login, reset password through Aadhaar, Validity of OTP sent from Aadhaar database, How to check Aadhaar number linking, Is it mandatory to link Aadhaar number, De – Lin...

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Simple steps to file Income Tax Return (ITR) online

Last date for filing Income tax return for financial year 2018-19 is 31st March, 2020. Filing of selected Financial Year is not possible after 31st March, 2020. Due date of Income Tax filing for Financial Year 2019-20 for individuals is 31st July, 2020 (Non audited) and Audited 30th September, 2020. 9 steps to file Income […]...

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Posted Under: CA, CS, CMA |

Why March of Every Year is a Boon in Disguise?

Some would say December is, end of the year - good, bad, worst or phenomenal it is still coming to an end. So we make resolutions which are broken before the first week of January ends. ...

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Posted Under: CA, CS, CMA |

15 Important tasks of Income tax to be done before March end!

Following are the 15 important tasks of income tax which should be done before march end: 1. Last chance to file returns for the financial year 2015-16 and 2016-17 – If the taxpayer has not yet filed the income tax return for the financial year 2015-16 and 2016-17, then it is last chance to file the returns upto 31st march. After that t...

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7 Common Reasons Why You Get Income Tax Notices

7 Common Reasons Why You Get Income Tax Notices are Due to TDS, Mismatch of information in the return filed by you, Random Scrutiny, Ignoring income received from the previous employer, Not depositing the full amount of tax assessed before the due date, Income Tax Return not filed or filed after the due date and  […]...

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How to File own Personal Income Tax Return Online

Filing of income tax returns is recommended to everyone because of its various benefits such as you can get future loans processed easily, easy VISA processing, benefits while choosing life/health insurance, easy refund of tax deducted by employers/payers, you get to verify your salary with what company shows to the government and most im...

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Posted Under: CA, CS, CMA |

7 Easy Tips to file Income Tax Return

Income tax return filing is a mandatory process that the assessee should carry out with due care. However, the otherwise basic and simple process becomes cumbersome with the lack of knowledge. Read on to know 7 easy tips that will make income tax filing process a lot simpler:-...

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Posted Under: CA, CS, CMA |

Top 17 issues to consider While Preparing ITR for Business

Top 17 issues to consider While preparing Income Tax Return (ITR) for Businesses 1. Part A General is linked to many schedules and hence must be accurately filled. Inconsistency may result in incorrect processing or defective notice. 2. Status and sub-status of the entity need to be mentioned correctly in the ITR- Cooperative Society, Tru...

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Posted Under: CA, CS, CMA |

How to fill ITR Schedule SH-1: Shareholding of Unlisted Company

Schedule SH-1: Shareholding of Unlisted Company (An understanding on how to fill it along with Illustration) SCHEDULE SH-1: SHAREHOLDING OF UNLISTED COMPANY (An understanding on how to fill it along with Illustration) Each year CBDT notifies new ITR’s and brings changes in the Income Tax Return and requires new information from the taxp...

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Posted Under: CA, CS, CMA |

How to File Income Tax Return (ITR) – FAQ’s And Procedure

How to File Income Tax Return (ITR) by your ownself – FAQ’s And Procedure Section 139 of  Income Tax Act, 1961 specifies the persons who are under statutory obligation to file return of  Income. It is commonly observed that, many persons who are mandatory required to file Income Tax Return within specified period are not […]...

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Posted Under: CA, CS, CMA |

19 FAQs on filling of ITR forms for Assessment Year 2019-20

Circular No. 18/2019-Income tax (08/08/2019)

After notification of the ITR forms various queries have been raised by the stakeholders in respect of filling-up of the ITR forms. In order to address such queries, following clarifications are issued. —...

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Income Tax Returns (ITRs)-Forms, Due Dates and Late Fees

The last date for filing Income Tax Return is July 31st of every year (Extended up to 31st August 2019 for Assessment Year 2019-2020 and with few certain exceptions as provided above), which can be belatedly filed up to March 31. For example, Income Tax Returns for  Assessment Year 2019-20 (Financial Year 2018-2019), can be filed belated...

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Extend due date of filing Income Tax Return: AIFTF

All India Federation of Tax Practitioners has submitted a Memorandum to request for Extension of Date for filing Income Tax Return for assessment year 2019-20 considering hardship of taxpayers....

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Compulsory Filing of ITR if You Pay Electricity Bills of over Rs. 1 Lac

Currently, certain category of person e.g. Individual, HUF are required to file a tax return only if his total income exceeds maximum amount not chargeable to tax. With the objective of ensuring governance in Budget 2019 Proviso to Section 139 (1) has been inserted and the scope of tax-return filing requirement has been widened by [&helli...

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Challenges Faced By an Assesses While Filing ITR

It is required from every taxpayer to accurately file an Income Tax Return (ITR) for the Income Tax Department to conveniently collect the correct amount of tax. ITR filing is a complex task. Each and every process needs proper attention and adherence to the guideline of the Tax Department. While filing an ITR ensure that […]...

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Posted Under: CA, CS, CMA |

Avoid These 16 Mistakes While Filling Income Tax Return (ITR)

An Income tax return (ITR) is a form filed with the Income tax authority of India that reports about income, expenses, assets and liabilities in addition to other pertinent tax information. Tax returns allow taxpayers to calculate their tax liability, schedule tax payments, or request refunds for the over-payment of taxes. You have to fil...

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Posted Under: CA, CS, CMA |

Step to keep in mind while filing income tax return for FY 2018-19

The followings are the important steps/points/precautions to be kept in mind while filing the return of income (Income Tax Return) for the previous year 2018-19 i.e Assessment Year 2019-20: 1. Identify the suitable Income Tax Return (ITR) form The first step would be to identify the tax return form applicable for an individual taxpayer, a...

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Posted Under: CA, CS, CMA |

Master guide on Requirements of ITR Filing for A.Y. 2019-20

Download below Presentation on Requirements of ITR Filing The new Returns for filing has been notified and enabled for filing for the Assessment Year 2019-20. The presentation covers the changes in the Finance Act for reporting of Income as well as new requirements for filing of Return of Income. Glance of General Changes of Income Expan...

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Revised Return and Belated Income Tax Return Filing

Made mistake while filing your ITR? It is usual that sometimes we make mistakes while filing our Income tax return online, this might be a case of sufficing incorrect figures, taking unjust deductions, ignored interest incomes and other income sources etc. It is necessary that we take utmost care to avoid such probable mistakes. But [&hel...

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Posted Under: CA, CS, CMA |

Missed 31st August Deadline for filing Income Tax Return? What Now?

Most of tax payers comply with 31st July (Income Tax Return Due Date extended to 31/08/2018 for A.y 2018-19) deadline for filing Income tax returns. However many miss out due to other commitment in professional and personal life. Missing the deadline does not mean you cannot file your return. Infact if you have missed to file your return ...

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Things to be done before March 31 by individual Assessee

Tax Planning is important for every taxpayer and the same needs to be done before the end of the year to which Income Pertains. In Addition to Tax Planning Assessee needs to Collect Relevant Supporting and Calculate His Tax Due and Pay the same....

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Posted Under: CA, CS, CMA |

FAQ on ITR -V – How to send / Open, Password

In this Article we have dealth with Some of the FAQ related to ITR -V  i.e. 1. What date should be provided in case 'Ancestral Date' is written on PAN Card ? 2. Can I send the ITR-V to CPC by Registered Post?  3. What are other formalities to be done after I print ITR-V?  4. I have not received a copy of ITR-V in my mail id or the ITR-...

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Posted Under: CA, CS, CMA |

Can a LEGAL HEIR file return of deceased assessee for compulsory DSC cases?

Yes. First, the legal heir has to obtain a DSC in his own capacity. The DSC of the legal heir, so obtained can be registered in the ITD e-filing website as follows: The details of Legal heir and the deceased assessee, such as : PAN, First Name, Middle Name, Last Name, Date of Birth, Father’s First Name, Father...

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Posted Under: CA, CS, CMA |

Filing form ITR 1 – Basic Checks

5 Checks before filing ITR-1- Check 1: Which ITR form to fill, Check 2: Salaried employees- Check your Form 16, Check 3: TDS and Form 26AS, Check 4: Declaring other Income (i.e. Income from house property and Other Sources) and Check 5: e-verification of return of income...

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Posted Under: CA, CS, CMA |

How to register as a Legal Heir on Income Tax e-filing website

In this article we have discussed the procedure to Register as Legal Heir on Income Tax e-filing website, Process of Approval of Legal Heir by department, Documents Required for Registration as legal Heir, Services which Legal Heir can perform on e-filing website and Registration as Temporary and Permanent Legal Heir. ...

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Filing of Income Tax Return -Documents required

Article discusses documents required for Filing of Income Tax Return which includes Form 16 for salaried class,Interest Certificates from Banks/ Post offices etc, TDS Certificate in Form 16A/ Form 16B / Form 16C, FORM 26AS, Proofs of investments done for saving tax, Home Loan Statements, AADHAR Card etc....

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Posted Under: CA, CS, CMA |

What Is Income Tax Return?

In simple terms the Income Tax Return is the document wherein the assesse submits its earned income to Government and makes payment for the services and facilities availed by him called as tax which is supposed to be used by the Government for the welfare of the country only....

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Posted Under: CA, CS, CMA |

Income Tax Return filing due date & Impact of delayed ITR filing

Articles explains What are the due date of Filing Income Tax Return (ITR) and what happens if one fails to file the Income Tax Return (ITR) by the due date...

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Posted Under: CA, CS, CMA |

What If Income Tax Return Not Filed?

Article explains Consequences of late filing/ non filing of Income Tax Return which includes- Loss of interest on Refund in case the same is due to the assesee, belated return cannot be revised, Even a few of deductions are also not and Both the interest and penalty levied...

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How to file Income Tax Return & Tax Audit report as a legal heir

Ques: How is the income tax return of a deceased person filed? Ans: The Income Tax return of a deceased person is filed on his/her behalf by the legal heir of the assessee under the provisions of the Income Tax Act’1961. The income tax return of the deceased assessee will be signed on behalf of the deceased assessee by his legal heir....

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25 Important Points to Consider before Filing of Income Tax Return

Article compiles 25 Important Points to be Considered before Filing of Income Tax Return for Financial Year 2017-18 / Assessment Year 2018-19. ...

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Posted Under: CA, CS, CMA |

Do’s and Don’ts Before You Submit Your Income Tax Return

Filing your tax return isn’t as simple and the outlined Do’s and Don’ts will help you in filing your income tax return correctly to ensure speedy processing by the Income Tax Department (ITD)....

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Five rare benefits of filing regular ‘Income Tax Returns’

What is the benefit of filing income tax return? This is the first question when a client ram into the office of a CA or Tax lawyer. Generally professionals have predefined answers like it benefits for Loan, CC limit, or being loyal with the govt etc. But do every one of us know what is […]...

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Mistakes to Avoid while Filling Income Tax Return

It has been observed that many times while filling Income tax returns assess makes some common error or mistake. Let’s look and understand such issues and make sure that such errors or mistakes are avoided while filling income tax return. 1. Financial Year (FY) and Assessment Year (AY) are different. Make sure you enter correct [&hellip...

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Posted Under: CA, CS, CMA |

Must components in your Salary to minimise tax burden

Salary income is taxable in the hands of an individual in the year of receipt or earning of salary income, whichever is earlier. Here are some of the safe components of your salary structure which can minimse your tax burden and help you plan your Salary Structure - ...

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New income tax return forms with fresh requirements

Every year, the CBDT notifies the new income tax return forms and for the assessment year 2018-19 also CBDT has released the new income tax return forms. These forms will be applicable for the income tax return of 01-04-2017 to 31-03-2018 period. With the help of this write up we will be able to understand […]...

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Changes in ITR Forms you must know before filing for A.Y. 2018-19

Matters which you must be understand before filling of ITR forms for AY 2018-19; Changes in Income tax return forms for AY 2018-19  A. ITR-1 For individuals being a resident other than not ordinarily resident having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs. 50 lakh: S.No. Pa...

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Why to file income tax return by 31 March, 2018?

31st March 2018 is the last date to file income tax return for financial year 15-16 and 16-17. Part 1: Who is required to file income tax return mandatorily?   1. Gross total income for type of assessees (Total Income before allowing any deductions under section 80C to 80U: Examples – LIC/PF/mediclaim etc) exceeds the […]...

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Last Date of ITR for A.Y. 2017-18 after Amendment

Due Date of Income Tax Return As per Section 139(1) of the act, Due Date of filling of Income Tax Return is 30th July of every Assessment year for Individual / HUF but for the company or other than company assessee who is required to furnish audit report u/s 44AB under income tax act or […]...

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Match Incomes/ Receipts & deduction claimed with Form 16/16A

Taxpayer Submitting Income Tax Return for Assessment year 2017-18 to ensure Incomes/Receipts and deduction claimed matches with Form 16/16A issued by deductor ...

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Requirement to quote Aadhaar in ITR not applicable to Non Resident

Section 139AA of the Income-tax Act, 1961 as introduced by the Finance Act, 2017 provides for mandatory quoting of Aadhaar / Enrolment ID of Aadhaar application form, for filing of return of income and for making an application for allotment of Permanent Account Number with effect from 1st July, 2017. ...

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All about ITR-1 Sahaj as applicable for A.Y. 2017-18

Instructions for filling ITR-1 SAHAJ for A.Y. 2017-18 General Instructions These instructions are guidelines for filling the particulars in this Return Form. In case of any doubt, please refer to relevant provisions of the Income-tax Act, 1961 and the Income-tax Rules, 1962. 1. Assessment Year for which this Return Form is applicable This...

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All about ITR-4 SUGAM as applicable for A.Y. 2017-18

These instructions are guidelines for filling the particulars in ITR-4 SUGAM for A.Y. 2017-18. In case of any doubt, please refer to relevant provisions of the Income-tax Act, 1961 and the Income-tax Rules, 1962. 1. Assessment Year for which this Return Form is applicable This Return Form is applicable for assessment year 2017-18 only, i....

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Which return form you need to use for filing of your return

Though this is the last month of filing of income tax return for majority of the tax payers but there persists a confusion as to the ITR form which one has to use. Let us now discuss which form is applicable in your case and clear the doubts....

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Posted Under: CA, CS, CMA |

Am I required to file my income tax return?

Salaried? You too need to file returns too!- While talking to some of my colleagues and friends who are salaried, I understand that majority of them are under the impression that as full tax has already been deducted from their salary, they are not required to file their income tax returns. T...

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Stepwise procedure of e-filling of ITR, important updates & FAQs

Following are the advantage of E-Filling:- Faster Turn Around Time: By eliminating mailing, handling, and keying in of returns, they are now processed more quickly and retrieved rapidly....

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Posted Under: CA, CS, CMA |

Who is required to file Income Tax Return

The due date for filing Income Tax return is very close, in this situation everyone must be aware whether they are required to file ITR or not. ...

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Gearing Up For Filing Income Tax Returns

Section 139 (4) further provides that “Any person who has not furnished a return within the time allowed to him under sub-section (1), or within the time allowed under a notice issued under sub-section (1) of section 142, may furnish the return for any previous year at any time before the expiry of one year from the end of the relevant ...

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Posted Under: CA, CS, CMA |

Details of Assets & Liabilities in New ITR Form for A.Y. 2016-17

The CBDT has issued a release that With Assessment Year 2016-17, individuals and HUFs filing their returns of income in ITR-1, ITR-2, ITR-2A and ITR-4S, having income exceeding Rs50 lakh will now be required to furnish information regarding assets and liabilities in Schedule-AL of the relevant ITR form....

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E-FIle Your Income Tax Return, The Right Action for Peace of Mind

The process of electronically filing Income tax returns through the internet is known as e-Filing. e-Filing of Returns/Forms is mandatory for A. In the case of an Individual/HUF a. Where accounts are required to be audited under section 44AB ;...

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Posted Under: CA, CS, CMA |

Tax Return Preparers for Individual and HUF Taxpayers

Now filing Income Tax Return is convenient than ever! Thanks to the taxpayer friendly initiatives of the Income Tax Department. Just log on to www.trpscheme.com and choose ‘Locate TRPs’ or ‘Register for Home Visit’ or ‘Online Tax Help’ and a trained Tax Return Preparer (TRP) will help you in the Return ...

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Posted Under: CA, CS, CMA |

How to file ITR 1(Sahaj) without help of any expert or software

We all need to file ITR to fulfil our statutory need. Many of us has experienced that in spite of taking the help of an expert you find it hand and time consuming to file ITR. Even after that you come to know about mistakes in ITR when you receive a notice from the department. Here we will guide you how to file your ITR without the help o...

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Posted Under: CA, CS, CMA |

How to Registrar Liquidator for Income Tax e-Filing

In this article we have discussed who can be registered as Liquidator for income tax e-Filing, Pre-requisites to register as Liquidator, Steps involved in Liquidator Registration, Approval Process of Liquidator and Liquidator Functionalities on e-Filing website. ...

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Posted Under: CA, CS, CMA |

How to Register as Person Competent to Verify IT Return

As per section 140 of Income Tax Act 1961, where the individual (assessee) is mentally incapacitated from attending to his affairs, his guardian or any other person competent to act on his behalf can verify the return of income. An Individual must register on behalf of a mentally incapacitated individual in e-Filing application in order t...

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Posted Under: CA, CS, CMA |

15 points for filing Income tax returns for FY 2015-16 of individuals

The time for filing the income tax return for FY 2015-16/AY16-17 is here. In this situation, following are some important points that every individual must know for filing income tax return this year. ...

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Protect your Income Tax Department e-Filing account!

In order to ensure that you are able to secure your E-filing account against any fraudulent login attempts, the Income Tax Department has introduced a new facility called the E-filing Vault. In order to use this facility, you can log in to your E-filing Account and in the profile page select E-filing Vault – higher security. ...

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Why not to file Income Tax Return before 15th May!!!!!

At the very first instance, it has been a great step by the government that they have made available the ITR forms on 1st Day of April itself. Although the last date of filing ITR is 31st July for individuals, people have already started filing returns from the first week of April itself....

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Dual factor authorization to secure Income Tax E-filing account

In order to ensure that taxpayers are able to secure their E-filing account against any fraudulent attempts, the Income Tax Department has introduced a new facility called the E-filing Vault. In order to use this facility, taxpayers can log in to their E-filing Account and under their profile page select E-filing Vault – higher security...

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Posted Under: CA, CS, CMA |

Generate EVC for e-filing of ITR by giving Bank/ Demat A/c details

Notification No. 1/2016 (19/01/2016)

Notification No. 1/2016 Where the EVC (Electronic Verification Code) is generated by giving bank details to the e-filing website https://incometaxindiaefiling.gov.in or Where the EVC (Electronic Verification Code) is generated after Demat account authentication using Demat details registered with CDSL/ NSDL ...

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e-filed Return of Income for A.Y. 2013-2014 and 2014- 2015 can also be verified through EVC

2251141/2015/ITA.II (20/07/2015)

The Central Board of Direct Taxes has vide Notification No. 41/2015 dated 15.04.2015 in cases of categories of 'persons' specified therein, has introduced Electronic Verification Code ('EVC') as one of the modes for validation of return of income which are filed electronically on or after 01.04.2015. ...

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Points to be Considered by Taxpayer Before Filing Income Tax Return

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.)...

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Posted Under: CA, CS, CMA |

Electronic Verification Code: A step ahead by CBDT to e-governance

Electronic Verification Code (‘EVC’) is a step ahead by the CBDT in e-governance which has been introduced by CBDT by notifying Notification no. 2/2015 dated July 13, 2015. The EVC process will benefit lakhs of taxpayers in filing of paper less return. Currently, it is mandatory for the companies to file the Income Tax Return (ITR) us...

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Posted Under: CA, CS, CMA |

e-Verification of Income Tax Returns – User Manual

The Manual Covers e-Verification of Income Tax Returns in following Circumstances and provides 3 to 4 Option in each such Circumstances. 1. e-Verification while uploading a return (Non - NetBanking) 2. e-Verification of an already uploaded return (Non - NetBanking) 3. e-Verification while uploading a return through NetBanking Login ...

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Posted Under: CA, CS, CMA |

Step by Step guidelines for EVC based ITR Filing

Electronic verification code means a code generated for the purpose of electronic verification of the person furnishing the return of income as per the data structure and standards specified by Principal Director General of Income-tax (Systems) or Director General of Income‑tax (Systems).’...

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Posted Under: CA, CS, CMA |

8 Online Services provided by Income Tax Department

The following online services are available at the e-filing website of the Income Tax Department for returns filed electronically (Logon to www.incometaxindiaefiling.gov.in with your user id and password) 1. History of e-filed returns You can view all your e-filed returns by Acknowledgement number, along with all status details like recei...

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Posted Under: CA, CS, CMA |

Prepare for filing of your income tax returns

Though the due date for filing of your income tax returns is extended till 31st August 2015, I thought of writing about a few things which you as a tax payer should do before you actually sit down to prepare your income tax return yourself or visit your CA’s office. Even if you do not intend to file your return by 31st August, there are...

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Posted Under: CA, CS, CMA |

15 things to know while filing Income tax returns for FY 2014-15

The financial year is over and time for filing the income tax return for FY 2014-15/AY15-16 is around the corner. In this situation, following are some important points that every individual must know for filing income tax return this year. ...

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Posted Under: CA, CS, CMA |

Login to Income Tax E-filing Account from your Bank Account

Income Tax Department is happy to announce the facility of Direct Login from Corporation Bank, Union Bank of India and Oriental Bank of Commerce – Net banking account to the taxpayer’s E-filing Account. Other banks are expected to follow....

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Posted Under: CA, CS, CMA |

Income Tax Return Filing for Non-Audit & Non-Corporate Assessee’s

CA Vishal Shah The purpose of this write-up is to give an insight and direction, on how to go about with the preparation of details for filing of income tax returns. Since we are looking at non-audit and non-corporate assessee’s, this article has been restricted to the details applicable to such assessee’s only. Before we […]...

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E-filing of Income Tax Return for F.Y. 2013-14 – Major Changes

Entry 82 of the Union List of Schedule VII of the Constitution of India empowers central government to levy tax on all income other than agricultural income.  The government of India imposes an income tax on taxable income of all persons including individuals, Hindu Undivided Families (HUFs), companies, firms, association of pers...

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