CAduniya.com : CA India Blog

Type I: In case you are using digital signature, no further action is required.

Type II: In case you are filing the return without digital signature, ITR-V form is to be filed with the department. This is a single page receipt-cum-verification form.

Type III: You can also file your return through an e-return intermediary who would do e-filing and also assist you file the ITR -V Form.

But you need to pay their fees (currently in the range of Rs 150 to Rs 1,000 for individual tax payers) for taking their help.

Process / Steps :

a) Select appropriate type of return form

b) Fill your return offline and generate an XML file

c) Register and create a user ID/password

d) Login and click on relevant form on left panel and select ‘Submit Return’.

e) Browse to select XML file and click on ‘Upload’ button

f) On successful upload, acknowledgement details would be displayed. Click on ‘Print’ to generate printout of acknowledgement/ITR-V Form.

a) In case the return is digitally signed, on generation of ‘Acknowledgement’, the return filing process gets completed. Assessee may take a printout of the acknowledgement for his record.
b) In case the return is not digitally signed, on successful uploading of e-return, the ITR-V Form would be generated which needs to be printed by the tax payers. This is an acknowledgement-cum-verification form. The tax payer has to fill up the verification part and verify the same. A duly verified ITR-V form should be submitted with the local Income Tax Office within 15 days of filing electronically. This completes the return filing process for non-digitally signed returns.

(Via ET, With inputs from National Informatics Centre, Government of India)

NEW DELHI: While filing tax return this year, you need not attach Form-16 with the form. In a statement on Friday, Central Board of Direct Taxes (CBDT) said that annexures and certificates like Form-16, relating to tax deducted at source are not required for income tax returns filing.

“No annexures, TDS/TCS certificates are required to be annexed to the returns of income.” an official statement said. A senior CBDT official said that all informations regarding TDS are recorded in the PAN (permanent account number) data of a tax payer.

He said the department collects data on TDS from various sources and keep it in the PAN data banks of tax payers. Therefore, he said, the tax payers should just provide the TDS informations in the specified column in the return form. If the figure provided in the return is not matched with the data collected in PAN, then the department would ask the tax payer to furnish the Form-16.

The credit for TDS and tax collected at source (TCS) will be allowed on the basis of details furnished in the relevant schedules of the return forms. Assessing officer will not disallow claim in this regard (return against excess tax paid) only on the ground that the TDS/TCS certificates have not been filed along with the return of income, the statement said.

Also, to enable tax-payers to file returns in the electronic mode, the new return forms have been made annexure-less, except ITR-7, which is the returns for trusts. The electronic return filed with electronic signature will be treated at par with a physical sign.

In case of tax return filed without electronic signature, the department said, the tax payers will get an acknowledgement, which will have return receipt number. A tax official said the tax payer should send the acknowledgement to the department. He said only after receiving the acknowledgement form the tax payer, the assessing officer can assess return filed in the electronic form. The department also said a tax payer can make electronic payment of taxes from the account of any other person.  Source: TOI

Why sit counting somebody’s money when you can make stockpiles of money on your own by doing your Family Business?

Why not make money just by doing a MBA course by taking up a job in some company or at a Stock Broking Firm or at a Bank or by doing a programming course and joining a lucrative Software Firm?

Why invest Four and half years of your life just learning accounting when you can get a job straight away by becoming a MBA and that too completing the degree in just two years? Why become a Chartered Accountant?

These are just some of the questions that remain unanswered in the mind of a student who has just passed his 10^th SSC or ICSE examinations and then he opts the easy, faster and best way out. These are my reasons to show a way to such a confused mind.

(more…)

Have you bought or sold a house or a plot for more than Rs 30 lakh? Then expect a knock from tax hounds. Real estate sector is high on the radar of the income-tax department, which is going to keep a close watch on buyers or sellers of property.

Realty deals whose value is more than eight times the gross income of the buyer could come under the scanner of the I-T department, going by the latest scrutiny norms circulated to officials. So, if your gross income is Rs 10 lakh per annum and you have bought a house for more than Rs 80 lakh, you could get a call from the department.

Gross income, for this purpose, shall be total income plus exempted income minus the total tax paid. This norm is being adopted to ensure that there is no evasion and people who enter into such transactions pay taxes honestly.

Cash deposit of Rs 10 lakh in your savings account could also bring you on the scrutiny radar. Individual assesses now have to report transactions which get captured in Annual Information Return (AIRs). Sale or purchase of house above Rs 30 lakh is reported, under AIR, by registrars to the department.

Scrutiny on these counts would be generated though Computer Assisted Scrutiny System (CASS) and not through manual intervention.

According to the criterion that were discussed at the recent annual conference of the chief commissioners and directors general of income-tax, capital gains of more than Rs 25 lakh could also attract scrutiny by the department in the current financial year.

Similarly, loss from house property of more than Rs 2.5 lakh would also invite the I-T department’s scanner, sources told ET. The real estate sector, which is known to attract large quantum of black money, continues to draw the attention of tax department.

Real estate agents and builders having a turnover of more than Rs 5 crore could attract scrutiny. Professionals like doctors, architects whose gross receipts exceed Rs 40 lakh and those who report profit of less than 30% of the gross receipt, can also face scrutiny.

States may have to opt for subsuming all taxes on goods, like purchase tax, under the unified goods and service tax (GST) regime.

The Centre, which is likely to give its report on the empowered committee’s recommended framework on GST in the next 15 days, is against continuing such taxes in the new regime.

Sources said continuing such taxes in the GST regime would be anomalous. It would not just be against the spirit of GST but would also lead to issues with the input credit system.

The Centre is fine-tuning its responses on the GST framework given by the empowered committee. The report is expected to be finalised in a fortnight and will be given to the committee for further discussion.

At present, purchase tax is imposed on purchases of certain commodities in some states. The Centre’s view is that purchase tax is levied on the same transaction that would attract Value-Added Tax (VAT).

The Competition Commission on Monday said it had asked market regulator Securities and Exchange Board of India to amend regulations relating to corporate governance to make compliance auditing mandatory for listed companies.

The CCI has written to SEBI in this regard, Commission Director General Amitabh Kumar told reporters here.

The ambit of Clause 49 of the listing agreement, which deals with corporate governance and disclosure norms, could be expanded to include an audit report on the status of compliance with the Competition Act.

Inclusion of compliance audit would help ensure safety of shareholders’ wealth, he added.

(more…)