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Letter [F.No. DIT(S)-I/AIS/NODAL/12-13] Transfer of e-filed returns to old/orphan/defunct Jurisdiction may lead to problem in timely processing of returns. Therefore the above procedure was devised to address the problem of processing of the e-filed returns received through the website in which PANs were to be migrated to AOs based on the correct AO codes of the PAN of the e-filer.
ICAI has arranged the ‘Tax Cloud software: Cloud based ITR & TDS Return Preparation for CAs’ enables Income Tax Return and TDS Return preparation, provides all types of assesses support including Individuals, HUFs, Firms and Companies, calculates Income Tax under all heads such as Salary, House Property, Capital Gain, Business and Profession, Other and Exempt Income Heads,
Files go missing from government offices all the time. But on this occasion the Income Tax (I-T) department has a legitimate reason. Thousands of files belonging to various business enterprises are believed stolen from one of the I-T offices at Bandra-Kurla Complex (BKC) after burglars broke into the sixth floor of the building. The department lodged a formal complaint at the local police station on Wednesday.
Data Inconsistency issues which need to be avoided for accurate processing. 1. Set off of brought forward loss claimed, but Schedules BFLA / CFL not filled ……. Year of loss not indicated in CFL. 2. Profit before tax (at serial No. 43 of Sch. P & L Account) differs from Profit from business at serial 1 of Sch. B P 3. Depreciation claimed in Sch. BP – but Sch. DEP / DPM / DOA not filled in / Depreciation debited in Sch. P & L Account not added back in Sl. 11 of Sch. BP. 4. Special benefit for female claimed – Gender in PAN database is Male.
1. Salary income shown at higher figure than entered – In Salary Schedule higher figure is reported under Gross salary which should be excluding Exempt income (such as transport allowance etc). Taxpayer may have mentioned Transport allowance in Exempt Income and may have deducted the same to arrive at a lower net figure in the final calculation. However, the Exempt income is to be mentioned only for reporting purposes and should not be used in any calculation.
Impact of Errors made while filing returns – • Returns can be classified as defective u/s 139 (9) and in some scenarios the return can be declared in valid / Non Est. ITD is not introducing this concept to cover certain types of errors in order to prevent future grievances • Computation Errors – In electronic filing it has been noticed that most of the errors are due to data errors as filed by the assessee This includes non filling of key schedules, wrong details etc resulting in rectification requests etc which delay closure of processing
Very often the tax payer realises that he omitted to claim certain deductions, only long after he had filed the return. The circumstances would be such that the tax payer would not be even eligible to file a valid revised return.
A section of Media has reported that the Central Board of Direct Taxes has extended ‘due date’ of filing of returns to 31st August, 2012 in respect of only those returns which were to be e-filed by 31st July, 2012. It is clarified that the notification issued by the Board on 31st July, 2012 has extended the ‘due date’ of filing of all returns for the Assessment Year 2012-13 which were due to be filed by 31st July, 2012 to 31st August, 2012.
The intimation under section 143(1)(a) was deemed to be a notice of demand under section 156, for the apparent purpose of making machinery provisions relating to recovery of tax applicable. By such application only recovery indicated to be payable in the intimation became permissible. And nothing more can be inferred from the deeming provision.
e-filing is compulsory for the A.Y. 2012-13 onwards, for an individual or a Hindu Undivided Family if the total income exceeded Rs. 10 lakh. However, digital signature is not mandatory. Taxpayers, can also transmit the data in the return electronically, and thereafter submit verification of the return in Form ITR-V. Filing of Income Tax returns electronically under Digital Signature is mandatory for all company required to furnish the return in Form ITR-6 or for a firm, an individual or HUF, whose accounts are required to be audited.
