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Income Tax :- 1% Tax Collection at Source ( T C S ) on Cash Sale w.e.f. 01-06-2016

Sunday, May 29, 2016 | comments

Friends,   New TCS @ 1%  on Cash Sale will be implemented w.e.f. 1st June, 2016 under Sub Section (1D) of Section 206C.   Being a deductor or collector the following rows of Section 206C should be read before 1st June, 2016.   Mainly this  section effect those businessmen who receive Cash from their Debtors.   The persons who receive cheques, Draft, RTGS, NEFT or E-transfer from their customers will not be effected with this section mentioned below :- 


(1D) Every person, being a seller, who receives any amount in cash as consideration for sale of bullion or jewellery 87[or any other goods (other than bullion or jewellery) or providing any service], shall, at the time of receipt of such amount in cash, collect from the buyer, a sum equal to one per cent of sale consideration as income-tax, if such consideration,—

  (i) for bullion, exceeds two hundred thousand rupees; or
 (ii) for jewellery, exceeds five hundred thousand rupees; 88[or]

88[(iii) for any goods, other than those referred to in clauses (i) and (ii), or any service, exceeds two hundred thousand rupees:

Provided that no tax shall be collected at source under this sub-section on any amount on which tax has been deducted by the payer under Chapter XVII-B.]

88[(1E) Nothing contained in sub-section (1D) in relation to sale of any goods (other than bullion or jewellery) or providing any service shall apply to such class of buyers who fulfil such conditions, as may be prescribed.

(1F) Every person, being a seller, who receives any amount as consideration for sale of a motor vehicle of the value exceeding ten lakh rupees, shall, at the time of receipt of such amount, collect from the buyer, a sum equal to one per cent of the sale consideration as income-tax.]

(2) The power to recover tax by collection under sub-section (1) or sub-section (1C) or sub-section (1D) shall be without prejudice to any other mode of recovery.

(3) Any person collecting any amount under sub-section (1) or sub-section (1C) or sub-section (1D) shall pay within 89[the prescribed time] the amount so collected to the credit of the Central Government or as the Board directs :

Provided that the person collecting tax on or after the 1st day of April, 2005 in accordance with the foregoing provisions of this section shall, after paying the tax collected to the credit of the Central Government within the prescribed time, prepare such statements for such period as may be prescribed and deliver or cause to be delivered to the prescribed income-tax authority90, or the person authorised by such authority, such statement in such form and verified in such manner and setting forth such particulars and within such time as may be prescribed.91

(3A) In case of an office of the Government, where the amount collected under sub-section (1) or sub-section (1C) or sub-section (1D) has been paid to the credit of the Central Government without the production of a challan, the Pay and Accounts Officer or the Treasury Officer or the Cheque Drawing and Disbursing Officer or any other person, by whatever name called, who is responsible for crediting such tax to the credit of the Central Government, shall deliver or cause to be delivered to the prescribed income-tax authority, or to the person authorised by such authority, a statement in such form, verified in such manner, setting forth such particulars and within such time as may be prescribed.

(3B) The person referred to in the proviso to sub-section (3) may also deliver to the prescribed authority under the said proviso, a correction statement for rectification of any mistake or to add, delete or update the information furnished in the statement delivered under the said proviso in such form and verified in such manner, as may be specified by the authority.

(4) Any amount collected in accordance with the provisions of this section and paid to the credit of the Central Government shall be deemed to be a payment of tax on behalf of the person from whom the amount has been collected and credit shall be given to such person for the amount so collected in a particular assessment year in accordance with the rules92 as may be prescribed by the Board from time to time.

(5) Every person collecting tax in accordance with the provisions of this section shall within such period as may be prescribed93 from the time of debit or receipt of the amount furnish to the buyer or licensee or lessee to whose account such amount is debited or from whom such payment is received, a certificate to the effect that tax has been collected, and specifying the sum so collected, the rate at which the tax has been collected and such other particulars as may be prescribed94 :

Provided that the prescribed income-tax authority or the person authorised by such authority referred to in sub-section (3) shall, within the prescribed time after the end of each financial year beginning on or after the 1st day of April, 2008, prepare and deliver to the buyer referred to in sub-section (1) or, as the case may be, to the licensee or lessee referred to in sub-section (1C), a statement in the prescribed form95 specifying the amount of tax collected and such other particulars as may be prescribed.

(5A) Every person collecting tax before the 1st day of April, 2005 in accordance with the provisions of this section shall prepare within the prescribed time after the end of each financial year, and deliver or cause to be delivered to the prescribed income-tax authority96 or such other authority or agency as may be prescribed such returns in such form and verified in such manner and setting forth such particulars and within such time as may be prescribed :

Provided that the Board may, if it considers necessary or expedient so to do, frame a scheme for the purposes of filing such returns with such other authority or agency referred to in this sub-section.

(5B) Without prejudice to the provisions of sub-section (5A), any person collecting tax, other than in a case where the seller is a company, the Central Government or a State Government, may at his option, deliver or cause to be delivered such return to the prescribed income-tax authority97 in accordance with such scheme as may be specified by the Board in this behalf, by notification in the Official Gazette, and subject to such conditions as may be specified therein, on or before the prescribed time after the end of each financial year, on a floppy, diskette, magnetic cartridge tape, CD-ROM or any other computer readable media (hereinafter referred to as the computer media) and in the manner as may be specified in that scheme:

Provided that where the person collecting tax is a company or the Central Government or a State Government, such person shall, in accordance with the provisions of this section, deliver or cause to be delivered, within the prescribed time after the end of each financial year, such returns on computer media under the said scheme.

(5C)Notwithstanding anything contained in any other law for the time being in force, a return filed on computer media shall be deemed to be a return for the purposes of sub-section (5A) and the rules made thereunder and shall be admissible in any proceedings made thereunder, without further proof of production of the original, as evidence of any contents of the original or of any facts stated therein.

(5D)Where the Assessing Officer considers that the return delivered or caused to be delivered under sub-section (5B) is defective, he may intimate the defect to the person collecting tax and give him an opportunity of rectifying the defect within a period of fifteen days from the date of such intimation or within such further period which, on an application made in this behalf, the Assessing Officer may, in his discretion, allow; and if the defect is not rectified within the said period of fifteen days or, as the case may be, the further period so allowed, then, notwithstanding anything contained in any other provision of this Act, such return shall be treated as an invalid return and the provisions of this Act shall apply as if such person had failed to deliver the return.

(6) Any person responsible for collecting the tax who fails to collect the tax in accordance with the provisions of this section, shall, notwithstanding such failure, be liable to pay the tax to the credit of the Central Government in accordance with the provisions of sub-section (3).

(6A) If any person responsible for collecting tax in accordance with the provisions of this section does not collect the whole or any part of the tax or after collecting, fails to pay the tax as required by or under this Act, he shall, without prejudice to any other consequences which he may incur, be deemed to be an assessee in default in respect of the tax:

Provided that any person, other than a person referred to in sub-section (1D), responsible for collecting tax in accordance with the provisions of this section, who fails to collect the whole or any part of the tax on the amount received from a buyer or licensee or lessee or on the amount debited to the account of the buyer or licensee or lessee shall not be deemed to be an assessee in default in respect of such tax if such buyer or licensee or lessee—

  (i) has furnished his return of income under section 139;
 (ii) has taken into account such amount for computing income in such return of income; and
(iii) has paid the tax due on the income declared by him in such return of income,
and the person furnishes a certificate to this effect from an accountant in such form as may be prescribed98:]

Provided further that no penalty shall be charged under section 221 from such person unless the Assessing Officer is satisfied that the person has without good and sufficient reasons failed to collect and pay the tax.

(7) Without prejudice to the provisions of sub-section (6), if the person responsible for collecting tax does not collect the tax or after collecting the tax fails to pay it as required under this section, he shall be liable to pay simple interest at the rate of one per cent per month or part thereof on the amount of such tax from the date on which such tax was collectible to the date on which the tax was actually paid and such interest shall be paid before furnishing the quarterly statement for each quarter in accordance with the provisions of sub-section (3):

Provided that in case any person, other than a person referred to in sub-section (1D), responsible for collecting tax in accordance with the provisions of this section, fails to collect the whole or any part of the tax on the amount received from a buyer or licensee or lessee or on the amount debited to the account of the buyer or licensee or lessee but is not deemed to be an assessee in default under the first proviso of sub-section (6A), the interest shall be payable from the date on which such tax was collectible to the date of furnishing of return of income by such buyer or licensee or lessee.

(8) Where the tax has not been paid as aforesaid, after it is collected, the amount of the tax together with the amount of simple interest thereon referred to in sub-section (7) shall be a charge upon all the assets of the person responsible for collecting tax.

(9) Where the Assessing Officer is satisfied that the total income of the buyer or licensee or lessee justifies the collection of the tax at any lower rate than the relevant rate specified in sub-section (1) or sub-section (1C) or sub-section (1D), the Assessing Officer shall, on an application99 made by the buyer or licensee or lessee in this behalf, give to him a certificate for collection of tax at such lower rate than the relevant rate specified in sub-section (1) or sub-section (1C) or sub-section (1D).

(10) Where a certificate under sub-section (9) is given, the person responsible for collecting the tax shall, until such certificate is cancelled by the Assessing Officer, collect the tax at the rates specified in such certificate.

(11) The Board may, having regard to the convenience of assessees and the interests of revenue, by notification in the Official Gazette, make rules specifying the cases in which, and the circumstances under which, an application may be made for the grant of a certificate under sub-section (9) and the conditions subject to which such certificate may be granted and providing for all other matters connected therewith.

Explanation.—For the purposes of this section,—
(a) "accountant" shall have the meaning assigned to it in the Explanation to sub-section (2) of section 288;
(aa) "buyer" with respect to—

  (i) sub-section (1) means a person who obtains in any sale, by way of auction, tender or any other mode, goods of the nature specified in the Table in sub-section (1) or the right to receive any such goods but does not include,—

(A) a public sector company, the Central Government, a State Government, and an embassy, a High Commission, legation, commission, consulate and the trade representation, of a foreign State and a club; or

(B) a buyer in the retail sale of such goods purchased by him for personal consumption;
 (ii) sub-section (1D) 1[or sub-section (1F)] means a person who obtains in any sale, goods of the nature specified in the said sub-section;

 (ab) "jewellery" shall have the meaning assigned to it in the Explanation to sub-clause (ii) of clause (14) of section 2;

(b) "scrap" means waste and scrap from the manufacture or mechanical working of materials which is definitely not usable as such because of breakage, cutting up, wear and other reasons;

(c) "seller" means the Central Government, a State Government or any local authority or corporation or authority established by or under a Central, State or Provincial Act, or any company or firm or co-operative society and also includes an individual or a Hindu undivided family whose total sales, gross receipts or turnover from the business or profession carried on by him exceed the monetary limits specified under clause (a) or clause (b) of section 44AB during the financial year immediately preceding the financial year in which the goods of the nature specified in the Table in sub-section (1) or sub-section (1D) are sold 2[or services referred to in sub-section (1D) are provided].

Income Tax ITR Forms :- Which Form is Required to submit Income Tax Return

Thursday, May 26, 2016 | comments

Friends,  It is a serious question that what ITR Form is required to submit Income Tax Return.   It is different for all according to their source of income.   Income may be through Salary , Interest ( either from Bank Interest or Others), Business or Profession, Capital Gain, from Proprietor Business, from Partnership Firm, from Company etc.
  
            Assessee or Return Filer should check below content before filing any Income Tax Return or to select Proper Income Tax Return Form to avoid further complication in future :-



Income Tax Return Forms for Financial Year 2015-16 or Assessment Year 2016-17

ITR 1 (SAHAJ)
For Individuals having Income from Salary & Interest.     


ITR 2
For Individuals & HUFs not having Income from Business or Profession 

ITR 2A
For Individuals & HUFs not having Income from Business or Profession and Capital Gains and who do not hold foreign assets         

ITR 3
For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
ITR 4
For Individuals & HUFs having income from a proprietory business or profession

ITR 4S (SUGAM)     
For Individuals/HUF/Partnership Firm having income from presumptive business

ITR 5
For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing ITR-7

ITR 6
For Companies other than companies claiming exemption under section 11           


ITR 7
For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)
       


                    
       
             
       

Income Tax :- View Tax Credit of Deductee

Tuesday, May 17, 2016 | comments

Friends,   Do you know that you can view Tax Credit Statement of your Deductees ? .  If no , then this article will be helpful for you.   Too many times, it seems that deductee comes with you and says that amount of TDS deducted from his payments by deductor has not been credited in his Form 26AS.  Everyone is not aware about Form 26AS. He have received this information from his consultant etc.   In such a position , deductor requires Login I.D and Password of Deductee to view the tax credit. But deductee has not such details.   Now mutual understanding goes in rain. 

                However to resolve such type of issues, TDSCPC has provided a link to deductor to view the Tax Credit of Deductee.   This information is available under Statements / Payments after login at www.tdscpc.gov.in.   



The above information is available PAN wise,  Quarter wise which is very much helpful between DEDUCTOR AND DEDUCTEES.
 

Excel Based Income Tax Calculator for the F.Y. 2016-17

Monday, May 9, 2016 | comments

Friends  As you know that deduction u/s 87A  of Income Tax Act has been enhanced from Rs. 2000/- to Rs. 5000/-. in new budget and the same has been updated in Excel  Income Tax Calculator.  This deduction will be applicable w.e.f. 01.04.2016 or from the Financial Year 2016-17. The said calculator is available at www.tdstaxindia.com under Free Download Link.   Benefit of this calculator is given below :-

1.  Multiple Employees Tax calculation can be done and stored their data in Calculator.
2.  By default this Excel Sheet has been prepared for 500 employees and the rows can be increased
      on user demand. 
3.  Monthly Tax Planning Can be done through this utility. 
4.  PAN Structure Validation is also available in it. However it does not check PAN as per Income 
     Tax Data 
5.  No need to calculate Income Tax manually  through calculator.  It  calculates auto Income Tax.


TDS :- Upload TDS / TCS return Through Income Tax e-filing Site instead of NSDL.

Wednesday, May 4, 2016 | comments

Friends,   Now Income Tax Department has started new facility  to upload TDS / TCS return through their e-filing website.  Earlier this type of facility was provided by NSDL.  Basic requirement of this facility is DSC.  If deductor has DSC of his DDO then he can avail benefit of this facility. I think presently there are less users / Deductors  who are availing benefit of this facility.   Benefit of online upload TDS / TCS returns directly are given below :- 
  • >No need to pay Uploading Fee. I mean to say Zero Uploading Fee.
  • >No need to sign 27A form and send it through TIN  centre in physical form.
  • >No need to stand in queue for collecting Receipt of TDS return in the shape of Token Number etc.
  • >Uploading can be done at any time (24 hours) without any interaction of other person.

Registration on incometaxefiling.gov.in is complicated.  I have got registered on it and want to share with you to avoid problem in registration for uploading TDS / TCS return. 



Step by step details are given below which i had followed :- 
  1. >Login at tdscpc.gov.in 
  2. >Click on  Registration at e-Filing Site. (Pop-up setting is required.).   This link opens / redirects automatically  Registration Form in new Tab.
  3. >After completion of the Registration Form, a link of approval will be sent in the PAN Login (Pan Registration required on incometaxindiaefiling.gov.in ).   Approval will be done through PAN login at incometaxindiaefiling.gov.in.
  4. >Codes will be sent time to time on registered / new email address and registered / new Phone Number.
  5. >In the last DSC will be registered under TAN login through DSC registration utility.  This utility is  available in TAN login for uploading TDS return through Income Tax e-filing website. 
Instruction for Ta Deductor and Collector Registration :- 
1. Register with TRACES (www.tdscpc.gov.in)
2. Login to Traces.
3. Post Login use the option "Register at e-Filing Site". Available in the left hand side after login at TRACES.

TDS RETURN submission Due Dates Extended in F.Y. 2016-17

Tuesday, May 3, 2016 | comments

Friends,   Income Tax in the shape of TDS return / statement submission dates have been changed w.e.f. Financial Year 2016-17 vide Income Tax Notification No 30/2016 [F.No. 142/29/2015-TPL] .  dated 29th April, 2016.

                Now, new Due Dates for return submission will be as under :-



It is good that there is no issue for due Dates for Govt or Non-Govt.  Single due date will be applicable for both (Govt or Non- Govt ).   Overall , 15 days have been extended in return submission date w.e.f. Financial Year 2016-2017.

In above notification not only due date has been changed for TDS return, but also too many major amendments have been done regarding House Rent Allowance, Leave travel concession or assistance, deduction of interest under the head "income from house property",  Deduction under chapter VI-A with  FORM NO. 12BB etc. 

Therefore  it is requested to all deductors to read complete Notification dated 29-.04.2016


Income Tax :- Due Dates for the month May, 2016

Sunday, May 1, 2016 | comments

Due Dates for the month May, 2016

7 May 2016 -
​Due date for deposit of Tax deducted/collected for the month of April, 2016​. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan​
7 May 2016 -
​​​Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of April, 2016
15 May 2016 -
​​​​Quarterly statement of TDS deposited for the quarter ending March 31, 2016
15 May 2016 -
​Quarterly statement of TCS deposited for the quarter ending March 31, 2016
22 May 2016 -
​​​​​Due date for issue of TDS Certificate for tax deducted under  section 194-IA​ in the month of April, 2016
30 May 2016 -
​Quarterly TDS/TCS certificates in respect of tax deducted (for payment other than salary) or tax collected during the quarter ending March 31, 2016
30 May 2016 -
​​​​Submission of a statement by non-resident (under  section 285​) having a liaison office in India for the financial year 2015-16
31 May 2016 -
​Certificate of tax deducted at source to employees in respect of salary paid and tax deducted during 2015-16​
31 May 2016 -
​Return of tax deduction from contributions paid by the trustees of an approved superannuation fund
31 May 2016 -
Due date to furnish statement of reportable accounts (in Form No. 61B) for calendar year 2015 by reporting financial institutions

TDS :- Email received "Tds Intimation Challan Mismatch/Overbooked /PAN Error have been identified in the preliminary check of Regular statement"

Saturday, April 9, 2016 | comments

Friends,   

                Deductor receives TDS intimation from Centralized Processing Cell- TDS when Income Tax Department found Some error in TDS Statement / Return earlier submitted by him.  In case return filer do not enter email address  in TDS return of deductor  then deductor become helpless to avail  benefit of  ALERT provided by TDSCPC. 

               Through this email it is informed that there is some error / defaults  in your return and your STATEMENT  has been put on hold for 7 days .  You can apply online correction within 7 days to avoid potential defaults of Short Payment and PAN Error.

                Statement put on hold is good thought provided by Income Tax Department or Processing Cell. 
Sample of e-mail is given below : -

__________________________________.
Challan Mismatch/Challan Overbooked/PAN Error have been identified in the preliminary check of Regular statement filed by you for Quarter Q4 of F.Y 2015-16 for Form 26Q. 
Your statement has been put on hold. You can apply online correction within 7 days to avoid potential defaults of Short Payment and PAN Error. 
In case you do not avail this opportunity the statement would be processed with TDS defaults on account of Challan Mismatch/Challan Overbooked/PAN Error. 
Justification Report & Consolidated TDS file will be available only after complete processing of TDS statement.

Regards, 
ITD_Signature
Kailash V. Gautam
Assistant Commissioner of Income Tax
Centralized Processing Cell - TDS

Note:
1. This is a system generated message, hence it may not require signature. Please do not reply to it directly. In case of any queries, you may reach out to us at contactus@tdscpc.gov.in. Visit TRACES at www.tdscpc.gov.in

2. This e-mail contains privileged and confidential information intended solely for the use of the addressee(s). If you are not the intended recipient, notify us immediately and delete the original message. Further, you are not to copy, disclose, or distribute this e-mail or its contents to any other person and any such actions are unlawful.

To know further online correction (Click Here)

INCOME TAX :- Latest Procedure of Form 15G or 15H.

Tuesday, April 5, 2016 | comments

Friends,  Major amendments have been done in Procedure for submitting Form 15G or 15H vide Income Tax Notification No.  76/2015 [F.No. 133/50/2015-TPL] / SO 2663 (E) : Income Tax (14th Amendment) Rules, 2015 dated 29th September, 2015.   Utilities have also been provided by Income Tax Department for deductors  for generating XML Files of consolidated forms 15G and 15H.  

                Unique Identification No. UIN Number is important in this utility and the same will be uploaded while submitting TDS return for the quarter concerned. 

“Unique Identification No” field should be of a valid UIN format. A valid UIN format should have “First Character should be "G" followed by 9 digits, next Financial year (eg: 201516) and TAN (First 4 alphabets, then 5 numeric and last alphabet)”.

Example of UIN Number  :- 
          Quarter                  =   Q4
          F.Y.                        =  2015-2016
          TAN NUMBER    =  ABCD12345E

          UIN NUMBER MAY BE LIKE THIS           
                                 FOR 15G       G000000001201516ABCD12345E
                                 FOR 15H       H000000001201516ABCD12345E
                                              





Instructions for filing Form 15G Basic Details

Instructions for filling Form 15G Basic Details

Option 1 – “Import CSV“
  • Download the template from the link (“Template”) provided.
  • Click on the template; provide a file name to save the file.
  • Update the data as per the headings provided in the template.
  • Ensure that the filled template is saved in .CSV format. The same can be done through  Go to File  Save As  Provide File name to save the Template -> Select Save as type as “CSV (Comma delimited) (*.csv)” -> Save.
  • Import the updated CSV file by Clicking on “Import CSV with basic details”.
Option 2 – “Add Details“
  • Select “Add Row” and enter all the required details. Click on “Save” to save the added details in the table. To copy/edit/delete rows select the row which is to be copied/edited/deleted and then click on respective buttons available.
    To add income details for the respective row of “Basic details”, select the row, click on “Add Income details” and fill the required data and save it.
Note:
  1. On deletion of any row in “Basic details” tab, the corresponding income details row shall get deleted.
  2. The new data added shall always be appended to the existing one. It shall not overwrite.
Guidance for importing the data
In “CSV Template”, the data provided should comply with the below requirements:
  • Unique Identification No” field should be of a valid UIN format.
    A valid UIN format should have “First Character should be "G" followed by 9 digits, next Financial year (eg: 201516) and TAN (First 4 alphabets, then 5 numeric and last alphabet)”.
  • PAN of the Assesse” field should be of valid PAN format.
    A valid PAN format should be “First 5 alphabets, next 4 numeric digits and then 1 alphabet”.
  • The drop down values of “Status” should be given as the simplified codes mentioned below:
                                    Individual                          1
                                    HUF                                   2   
                                    AOP/BOI                           3
                                    AOP(trust)                         4
                                    Local Authority                 5
                                    Artificial Juridical Person  6
                                    Co-operative Society         7
                                    Co-operative Bank             8
                                    Private Discretionary Trust 9

Instructions for filing Form 15G Basic Details 

  • The drop down values of “Residential Status” should be given as the simplified codes mentioned below:
                                                      Resident                                              RES
                                                      Non Resident                                      NRI
                                                      Resident but not Ordinarily resident   NOR
  • “Previous year (P.Y) (for which declaration is being made)” field should be of valid YYYY format. (eg: if P.Y is 2014-15, it should be mentioned as 2014).
  • The drop down values of “State” should be given as the simplified codes mentioned below:




  • The drop down values of “Whether assessed to tax under the Income-tax act,1961” should be given as the simplified codes mentioned below:
                                         YES    Y
                                          NO     N
  • “If yes, last assessment year for which assessed” field should be of valid in YYYY format. (eg: if A.Y is 2014-15, it should be mentioned as 2014).
  • “Estimated income for which this declaration is made” field should be “Numeric, Non- negative, Non- decimal and not exceeding 14 digits”.
  • “Estimated total income of the P.Y. in which Estimated income for which this declaration is made to be included” field should be “Numeric, Non- decimal and not exceeding 14 digits”.
  • “Total No. of Form No. 15G filed” field should be “Numeric, Non-negative, Non- decimal and not exceeding 4 digits”.
  • “Aggregate amount of income for which Form No.15G filed” field should be “Numeric, Non-negative, Non - decimal and not exceeding 14 digits”.
  • “Date on which Declaration is received (DD/MM/YYYY)” field should be of valid DD/MM/YYYY format.
  • “Amount of income paid” field should be “Numeric, Non-negative, Non - decimal and not exceeding 14 digits”.
  • “Date on which the income has been paid/credited (DD/MM/YYYY)” field should be of valid DD/MM/YYYY format.


The above information may be helpful for understanding of new concept of Form 15G or 15H which is applicable w.e.f. 1st October, 2015. 



Income Tax : ITR Forms

Friday, April 1, 2016 | comments

Friends,   It is common question for assessee that which form is required to submit income tax return for his income.  It means income tax department has issued different forms for different assessees.   Therefore, it is necessary to know which form is correct for assessees to submit Income Tax Return.  The  detail  for who can use or who can not use a particular Income Tax Form is given below :- 



Return Type
Who can use this form
Who cannot use this form
ITR 1 (Sahaj)
This Return Form is to be used by an Individual whose total income for the assessment year 2015-16 includes :- 
·         Income from Salary/Pension; or
·         Income from One House Property (excluding cases where loss is brought forward from previous years); or
·         Income from Other Sources (excluding winning from Lottery and Income from Race Horses) and does not have any loss under the head
Note:
Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used only if the Income being clubbed falls under the above income categories
This Return Form should not be used by an Individual whose Total Income for the assessment year 2015-16 includes:-

a) Income from more than one House Property; or
b) Income from winnings from Lottery or income from Race Horses; or
c) Income under the head "Capital Gains" ,e.g., short-term capital gains or long-term capital gains from sale of house, plot, shares etc.; or
d) Agricultural income in excess of ₹ 5,000; or
e) Income from Business or Profession ;or
f) Loss under the head 'Income from other sources'; or
g) Person claiming relief under section 90 and/or 91;or
h) Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India or
i) Any resident having income from any source outside India
ITR 2
This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year
2015-16 includes :-

a) Income from Salary / Pension; or
b) Income from House Property; or
c) Income from Capital Gains; or
d) Income from Other Sources (including Winning from Lottery and Income from Race Horses).Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories. 
This Return Form should not be used by an Individual or a Hindu Undivided Family whose Total Income for assessment year 2015-16 includes Income from Business or Profession
ITR 2A
This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year
2015-16 includes :-

a) Income from Salary / Pension; or
b) Income from House Property; or
c) Income from Other Sources (including Winning from Lottery and Income from Race Horses).Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories. 
This Return Form should not be used by an Individual or a Hindu Undivided Family whose Total Income for assessment year
2015-16 includes :-

a) Income from Capital Gains; or
b) Income from Business or Profession; or
c) Any claim of relief/deduction under section 90, 90A or 91; or
d) Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India; or
e) Any resident having income from any source outside India. 
ITR 3
This Return Form is to be used by an individual or an Hindu Undivided Family for the assessment year 2015-16 who is a partner in a firm and where income chargeable to income-tax under the head "Profits or gains of business or profession" does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm. In case a partner in the firm does not have any income from the firm by way of interest, salary, etc. and has only exempt income by way of share in the profit of the firm, he shall use this form only and not Form ITR-2.
This Return Form should not be used by an individual whose total income for the assessment year 2015-16 includes Income from Business or Profession under any proprietorship.
ITR 4S (Sugam)
This Return Form is to be used by an individual/HUF whose total income for the assessment year 2015-16 includes :-

a) Business income where such income is computed in accordance with special provisions referred to in section 44AD and 44AE of the Act for computation of business income; or

b) Income from Salary/Pension; or
c) Income from One House Property (excluding cases where loss is brought forward from previous years); or
d) Income from Other Sources (Excluding winning from Lottery and Income from Race Horses)

Note:

1. The Income computed shall be presumed to have been computed after giving full effect to every loss, allowance, depreciation or deduction under the Income Tax Act.
2. Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used only if the Income being clubbed falls into either of the above income categories
This Return Form cannot be used to file the following incomes

a) Income from more than one House Property; or
b) Income from winnings from Lottery or income from Race Horses; or
c) Income under the head "Capital Gains", e.g. Short-term capital gains or long-term capital gains from sale of house, plot, shares etc.; or
d) Agricultural income in excess of ₹ 5,000; or
e) Income from Speculative Business and other special incomes; or
f) Income from a profession as referred to in sub-section (1) of section 44AA or income from agency business or income in nature of commission for brokerage; or
g) Person claiming relief of foreign tax paid under section 90,90A or 91;or
h) Any resident having an asset (including financial interest in any entity) located outside India or signing authority in any account located outside India or
i) Any resident having income from any source outside India
ITR 4
This Return Form is to be used by an individual or a Hindu Undivided Family for the assessment year 2015-16 who is carrying out a proprietary business or profession.

ITR 7
This Form can be used by persons including Companies who are required to furnish return under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E).


 
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