Filing Of Return

How Document Identification Number shall bring transparency in Income Tax Department ?

August 22, 2010 By taxworry Leave a Comment

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Excerpt: Minister of state for finance S S Palanimanickaminformed theLok Sabha in a written reply on Friday , 20/08/2010 stated ”The government proposes to allot the Document Identification Number (DIN)…an income tax authority is required to allot a computer generated DIN on or after July 1, 2011, before issue of every notice, order, letter or any correspondence to any other income tax authority or assessee,” It also provides that every document, letter, correspondence received by an income tax authority or on behalf of such an authority should be accepted only after allotting and quoting of a computer generated DIN. 282B. (1) Every income-tax authority shall…

Filed Under: Filing of Return Tagged With: computer, correspondence, Document, document identification, document letter, income tax department, letter, minister of state, number

e-filing of tax return compulsory for Individuals & HUF from Asst Yr 2010-11

July 11, 2010 By taxworry 1 Comment

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Excerpt: Income Tax Rule has been amended by notificationno 49/2010 to compel two new classes of tax payers to file income tax return compulsorily online only. These are – Individuals or HUF having turnover exceeding Rs 40 Lakhs (4 million ) or if the individuals or firm is having professional income , then turnover is exceeding Rs 10 lalks . In other words , those individuals or HUF which falls under the provision u/s 44AB i.e compulsorily audit of accounts during FY 2009-10 ( Asst year 2010-11 ) shall have to file the return online only. Further , companies which were filing return without digital…

Filed Under: A NEWS u can USE, Filing of Return Tagged With: 7th amendment, Assessment, Asst, income tax, income tax act, income tax act 1961, income tax return, professional income, Return, Rule

How to efile tax return in six steps using excel utility?

July 2, 2010 By taxworry 1 Comment

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Excerpt: The income tax department is improving day by day. If you want to save yourself from the hassles going to income tax department and spend hours for filing return, you can very well use the Excel utility provided by the department to prepare return in xml format which is required to be uploaded. The good news is that the Department has modified the return preparation software to include automatic calculation of tax and interest and this is available for download free of cost.Here are six steps to efile tax return? Choose your type of return form and click on the ITR number to download…

Filed Under: Filing of Return Tagged With: Business, Department, Form, pension income, preparation software, Profession, race horses, retur, Return, six steps

Who should not be worried about filing of return by 31st July?

June 30, 2010 By taxworry 3 Comments

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Excerpt: 31st July is the due date for filing of return by individuals who are not subject to tax audit or who are not partners of a firm which is subject to tax audit.Therefor large numbers of taxpayers or assessee are those individuals for whom due date is 31st July. It is common perception if the return is not filed within due date , the A.O will impose penalty or interest or do scrutiny. Therefore many people who can file even after 31st July i.e due date , without any repercussion ,rush to file return by 31st July. Every year there is is great…

Filed Under: Filing of Return Tagged With: 31st july, audit, Department, due date, july 31st, large numbers, loss, Return, rush, Tax Audit

New Income Tax Returns In Excel Format !

June 15, 2010 By taxworry 3 Comments

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Excerpt: The forms in excel format for Asst Year 2010-11 are available on bcasonline and a link is provided for download here. ITR-1 For Individuals having Income from Salary/ Pension/ family pension) & Interest, for pdf download here , for Excel format Click Here. ITR-2 For Individuals and HUFs not having Income from Business or Profession ,for PDF click here and For Excel format Click Here. ITR-3 For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship click here for PDF . and For Excel format Click Here. ITR-4 For individuals & HUFs having income from…

Filed Under: Filing of Return, Forms Tagged With: Business, family pension, Format, HUFs, income tax returns, itr 1, itr 2, PDF, Profession, Return

Can you claim carry forward of loss despite late filing of return?

June 8, 2010 By taxworry Leave a Comment

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Excerpt: Income tax Act provides under section 80 of the I T Act that no loss shall be carried forward unless the return of income is filed as per provision u/s 139(3) . One of the condition is that return of income has to be filed within the due date prescribed for filing return of income. The problem lies when for any reason you fail to file the return of income in due time . Well , the issue is whether you can still claim the carry forward of loss ? Yes, but only if certain conditions are fulfilled. Go through the following circular…

Filed Under: Filing of Return Tagged With: carry, condonation, delay, excess tax, F.No, genuine hardship, I T Act, Income, income tax act, loss, refund, tax deducted at source

How To File Return For Receipts Related to Late Husband?

March 28, 2010 By taxworry 2 Comments

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Excerpt: My Husband retired in 2004 and died in 2005. after death, his service book got regularized and I received 8 lacs after deducting 2.2 lacs as income tax at source for his service arrears from 1996 to 2004(retirement).I received 1.5 lacs as life pension,50,000 as gratuity and 8 lacs as pension from 2005 to Feb 2010. In total i received 18+2=20 lacs from which 2.2 lacs has been deducted as income tax in 2009-10. Now , how will i file my return both for my husband and myself as I dont have the income tax return files of my husband….

Filed Under: Filing of Return, Uncategorized Tagged With: C.A, Husband, I T Act, Income, income tax return, lacs, Mumbai, Pension, representative capacity, Return, rs 8, standard deduction, tax, Uncategorized

Can A.O Ask For Accounts From Salaried Employees During Scrutiny ?

March 11, 2010 By taxworry 1 Comment

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Excerpt: I am a salaried employee. I had received a notice for assessment last year in 2009. Then it was adjourned sine die. It was revived again in March, 2010, and in first hearing itself AO asked for statement of affairs including capital account and credit card statements for last 3 years. I am only wondering whether as a salaried employee I am supposed to maintain all these things? I probably would have thrown away last 3 years credit card statements?…if Yes, what is the remedy? Rajiv Bansal , New Delhi First of all, it should be seen who is required to maintain…

Filed Under: Filing of Return Tagged With: 44aa, A.O, Card, case, credit card statements, gross receipt, I T Act, income tax act, NEW DELHI, Rajiv Bansal, Section, statement, tribunal film, year

When Are You Liable to Pay Advance Tax?

February 17, 2010 By taxworry Leave a Comment

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Excerpt: I am 57 years old housewife and my total earnings from Bank FD’s for FY 2009-2010 will be approx Rs 388600 and i will be making an investment of Rs 100000 under ELSS. Need to know, how do i pay income tax on my interest income. Should i pay this at the time of IT Return cycle or should i pay it as an advance tax. How should i proceed, if i am required to pay this tax as Advance Tax. Also need to know, is it illegal to submit Form 15G to all banks where i have placed my…

Filed Under: Filing of Return Tagged With: advance, Advance tax, Form, I T Act, Income, interest income, NEW DELHI, old housewife, Read What, slab, tax, tax liability, taxable income, year

What To Do if Return Filed Without Declaring Interest on NSC ?

January 4, 2010 By taxworry Leave a Comment

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Excerpt: I have invested Rs.30000 in 6-Years NSC on 29/03/2003. to take a benefit of tax rebate under chapter VIII.The date of maturity was 29/03/2009. The maturity amount is Rs. 60450/. I have not added the yearly interest amount as an Income in my Income Tax return. But i forgot to show this interest amount (60450-30000=30450) in IT return. I have already E:filed my It return ( ITR-1, as salary income) of financial year 2008/09. Though I have still today (03/01/2010) not withdrawn the maturity amount of NSC.If I reinvest all Rs.60450 today in NSC again, can i take the benefit…

Filed Under: Filing of Return Tagged With: accrual basis, amount, I T Act, Income, income tax return, jariwala, NSC, salary income, tax, year

India Income Tax Made Simple

How Document Identification Number shall bring transparency in Income Tax Department ?

e-filing of tax return compulsory for Individuals & HUF from Asst Yr 2010-11

How to efile tax return in six steps using excel utility?

Who should not be worried about filing of return by 31st July?

New Income Tax Returns In Excel Format !

Can you claim carry forward of loss despite late filing of return?

How To File Return For Receipts Related to Late Husband?

Can A.O Ask For Accounts From Salaried Employees During Scrutiny ?

When Are You Liable to Pay Advance Tax?

What To Do if Return Filed Without Declaring Interest on NSC ?

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