The newly released FVU version 3.8 (w.e.f 01/07/2013) by NSDL cannot be used for preparing Correction Statements for F.Y. 2013-14. Therefore, it is more likely to believe that new version of FVU will be released soon by Income Tax Department for the incorporation of pending Correction Statements.
Necessary documents required before e filing tax return: PAN card Previous Tax Return Form 26AS Form 16 Form 16A Step 1: Open the website for online tax filing https://incometaxindiaefiling.gov.in/ in your browser to begin the e-filing process. Step 2: There are various kinds of income tax forms located on the right side of the site…
This year Income Tax e filing portal has provided a new facilities of “Pre-filled XML data in offline Excel utility”on their website. The process of using the Pre-filled XML data in offline excel utility has been given below: What is Pre-filled ITR xml ? Pre-filled XML is a trick/utility by which you can fill your…
As per Circular No. 01/2012 dated 09.04.2012, it mandatory for all deductors to issue TDS certificate in Form No. 16A after generating and downloading the same from TRACES website. TDSMAN is integrated with TRACES and helps downloading of TDS certificates from the software itself.
The process of filing a Revised Return is the same as filing an Original Return. The only difference is that in the Excel utility (Return Preparing Software), you need to select the ‘Revised’ return option and provide the Original e-Filing Acknowledgement number and Date of filing the Original return. Further, the assessee is required to…
Fees and Penalty for Late Filing of TDS Returns are as follows: Section 234E – Levy of Fees Failure to submit TDS return on time will result in fees on the deductor. If you delay or forget to file your TDS return, fees of Rs. 200 per day will be levied on the deductor, as long…
Failure to issue TDS certificate within the time allowed, attracts penalty of Rs. 100/- per day of default (Sec 272A(2)(g)). However, penalty will not exceed the amount of tax deductible or collectible, as the case may be. For more details on Consequences of TDS defaults, Click here
Following are some important list of the proof used for taking advantages of deductions under sec 80 C of IT act :- 1. Life Insurance Premium : Proof-Premium payment receipt having name of the insured, sum assured and payment date. 2. Provident Fund (PF) : Proof-Receipts of contribution in PF with details of total contribution…
Every person responsible for making payment of nature covered by TDS provisions of Income Tax Act shall be responsible to deduct tax at source while making such payments. In addition to the deduction and payment of taxes to the credit of the government, there is also an obligation to file TDS returns, which would…
Online Income Tax Return filing can be done in two ways: (1) Without Digital Signature, wherein the XML is uploaded on the server of IT department, and then the ITRV is posted to CPC Bangalore, and (2) With Digital Signature, wherein the XML is uploaded with the digital signature, and thus there is no need…