Archived; click post to view. Excerpt: Filing of return under Income tax is compulsory for two classes of persons-company and firm. This is provided in proviso to section 139  of the I T Act. What happens when a company goes into liquidation? Darshan Khakhar of Ahmedabad asks “Does an official liquidator appointed by court bear any [...]

Scrutiny of the case is done by officer of the rank of Income Tax Officer (ITO ) and Assistant Commissioner of Income Tax (ACIT) ot Deputy Commissioner of Income tax. The jurisdiction has been distributed among these ranks as per return income. As per CBDT instruction , generally the ITOs have jursidiction over cases where return income is below Rs 10 lakhs whereas the jurisdcition of ACIT/DCIT are on all kinds of cases without any limit if return income.

Details of income tax return in which CPC processing the return and intimations are sent is available online at www.incometax bangalore-.org. once you click that , you can get the window loke the below. To know if your case for Asst yr 2009-10 is proceesid by CPC , fill the PAn and press the button “Submit “.

Archived; click post to view. Excerpt: Many readers who are investors of shares are confused about law of tax audit under Income Tax Act. Today only , Mr. Jay of Chennai asks “I have a long term capital gain of about rs. 30 lakhs from one time sale of shares only, and income of 12 [...]

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 .

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?

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.

Central Board of Direct Taxes have directed its field offices to remain open on 31st July 2010 despite the fact that the day is Saturday , a holiday for central govt offices. Readers must also note that as far as law is concerned , if the last date i.e 31st july 2010 is falling on Saturday, one can file return on 2/08/2010 legally. Please read Last Date falls on Holidays? Next date is the last date. for understanding the law.

The forms in excel format for Asst Year 2010-11 are available on bcasonline and a link is provided for download here.

One more steps for claiming refund from income tax department ! Be careful to fill out the return of income and if you want refund of tax deducted .Now CBDT has come out with a new rule that a taxpayer will have to quote the receipt number of the TDS return filed by the deductor in order to get the refund

Archived; click post to view. Excerpt: The answer is in negative  by Supreme Court in Goetze (India ) Ltd. vs. CIT [2006] 284 ITR 323 (SC) which held  that if assessee did not claim the deduction or exemption in return, the claim can not be made to A.O without filing revised return. The decision of the Apex Court [...]

Saral Income Tax Return Form SARAL II (ITR 1) for Assessment Year 2010-11 for Individuals. This return can be used by individuals having income from Salary/Pension/Income from One House Property (Excluding loss brought forward from previous years) / Income from Other Sources (Excluding winning from Lottery and Income from Race Horses).