TDS / TCS (Income Tax) – Information & Resource Bank
CBDT has noticed that 5,09,898 taxpayers who have submitted an e-return for AY 2011-12 or 2012-13 or AY 2013-14 (Upto 20th October 2014) with returned Income of More than 10 Lakh or paid self assessment tax of more than / equal to one lakh (as per ITR) have not filed ITR for AY 2014-15. In…
e-Filing of Returns/Forms is mandatory for: Any assessee having total income of Rs. 5 Lakhs and above from AY 2013-14 and subsequent Assessment Years. Individual/ HUF, being resident, having assets located outside India from AY 2012-13 and subsequent Assessment Years. An assessee required to furnish a report of audit specified under sections 10(23C)(iv), 10(23C)(v),10(23C)(vi) ,10(23C)(via)…
The below table contains income tax return form to be filled for a particular nature of income. List of forms to be used by different persons for filing of return of income for the Assessment Year 2014-15 Individual and HUF Nature of income ITR 1 (Sahaj) ITR 2 ITR 3 ITR 4 ITR 4S (Sugam) Income from…
Income tax department has published the latest Online e-File Income Tax Return Procedure for Assessment Year 2013-14. In this new procedure, tax payee can free download ITR-I to ITR-4S (Excel Base) to upload online XML. The complete procedure is as follows: e-File Income Tax Return Online 1. Income Tax Return (ITR-1/ITR-4S) is available online. To avail this feature, Assessee should register,…
Individual and HUF Nature of income ITR 1 (Sahaj) ITR 2 ITR 3 ITR 4 ITR 4S (Sugam) Income from salary/pension Å“- Å“- Å“- Å“- Income from one house property (excluding losses) Å“- Å“- Å“- Å“- Income or losses from more than one house property Å“- Å“- Å“- Income not…
1. Interest u/s 234A: If there is tax due after deducting advance tax, TDS and self assessment tax then interest will be applicable @1% per month and part thereof up to the date of filing of the return besides interest applicable u/s 234B or 234C. Means this interest is applicable only if there is any…
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…
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…
After incorporating the new facilities on income tax e-filing portal, one can file his/her income tax returns directly on the department website without using any software. Steps to file Income Tax Returns without using software: 1. Log on to www.incometaxindiaefiling.gov.in 2. Click on login option. 3. Once you click the login option, you will be…
Scope of ITR-1 (Sahaj) form has been reduced in AY 2013-14 significantly. In comparison to last year,two main points has been added under restriction ,first persons is that assessees who have negative income under head “Income from other sources” can not use this form and second main point is that if assessee’s exempted income is more than…