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Under the existing provisions of section 139, every person is required to furnish a return of income if his income during the previous year relevant to the assessment year exceeds the maximum amount which is not chargeable to tax. The return of income has to be furnished in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed.
Individual whose total income for the relevant assessment year does not exceed Rs 5 lakh and consists of only income chargeable to income-tax under…salaries… (and) income from other sources, by way of interest from a saving account in a bank, not exceeding Rs 10,000” have been exempted from filing the returns from assessment year 2012-13
The new software, which allows taxpayers to access details of his ITR on smart phone, is being developed with the help of TCS. The new service will be part of the upgraded online return filing portal which will be launched in the next couple of months. The department already hosts services like viewing of tax credits, Annual Information Return (AIR), Tax Deducted at Source (TDS) status, various tax related forms and Tax Return Preparer Scheme (TRPS).
The Income Tax Department today said that tax returns filed by senior citizens above 60 years and small taxpayers with gross total income of less than Rs 10 lakh will not be scrutinised in a routine manner. “It has been decided that during the financial year 2011-12, cases of senior citizens and small taxpayers, filing income-tax returns in ITR-1 and ITR-2 will be subjected to scrutiny only where the Income Tax department is in possession of credible information,”Central Board of Direct Taxes said in a statement.
You need to file an Income Tax Return if your Total Taxable Income exceeds the basic exemption limit before taking into account deductions, i.e., tax saving investments. The basic exemption limit for financial year 2011-2012 and 2010-2011 is as under: –
I am trying to file Income Tax return (ITR 6) of a company. Do I have to use a Digital Signature? Is this mandatory only for domestic companies- are there any exceptions? What type of Digital signature should I use? Should the Digital Signature (DSC) be in the name of the Company or the Director? Do I have to register the DSC prior to uploading the ITR of the Company?
Government plans to allow reopening of income tax returns of past 16 years of suspected assessees, as against 6 years at present. The move is aimed at strengthening the mechanism to investigate black money cases. A Finance Ministry official said in New Delhi that extending the period of reopening returns is to unearth undisclosed income […]
The government today said the Income Tax Department is collecting information on tax returns filed by various political parties and would place it in Parliament. The information is being collected from the field formations spread all over the country and to the extent possible shall be laid on the Table of the House, Minister of State for Finance SS Palanimanickam said in a written reply in the Lok Sabha.
Common Mistakes That Are Noticed By the CPC, Adjustment Of Old Demands Against Refunds Processed By CPC. Request Made By CPC To The CA Fraternity.- o encourage tax payers to file returns electronically instead of physically to make processing of tax returns more efficient.To encourage tax payers to obtain Digital Signature Certificates and to sign the e-returns electronically to minimize use of paper and logistics efforts.
The Income Tax Department will open 50-special counters at Vikas Bhawan (near ITO) for residents of North-East and North-West Delhi from July 28 to July 31 to file their tax returns. The last date for filing of income tax returns for the assessment year 2011-12 is July 31.
