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Income Tax : - Benefits of Filing your Income Tax Return on time

Friday, July 24, 2015 | comments

Friends,   There are too many silent benefits of filing of Income Tax Return in time. Out of which , some are explained below.   After viewing below points , every assessee should file his Income Tax Return in time. 
Benefits of Filing your Income Tax Return on time


Under Income Tax Act if your total income exceeds the basic exemption limit: You have to file the Income Tax Return within the prescribed time, i.e. by the due date.

The due dates of filing returns for Assessment Year 2015-16 are the following:
Category
Due Date


(a)   Most people fall in this category –
Salaried employees, pensioners and other persons whose accounts are not required to be audited

31st August 2015 (Extended Date)

(b)   Companies and other persons whose accounts are to be audited
30th September 2015  



What happens if a person does not file the Income Tax Return by the due date


You have to Pay Interest on Income Tax Due if you don’t file on time

If you do not file the Income Tax Return by the due date:

You are liable to pay interest at the rate of one percent for every month after the due date till the date of filing the return.



If No Tax is due: Interest is calculated on the amount of tax payable after adjustment of pre-paid taxes like advance tax, TDS etc. So, if there is no tax payable on the basis of the Income declared in the Tax Return, there is no liability for the payment of interest.


You don’t get the benefit of Carry Forward of Losses if you don’t file on time

Under income tax law, if you have sustained a Business loss or loss under the head “Capital Gains”, you can carry forward the loss ONLY if you file the Income Tax Return by the due date.

Therefore, if you have sustained a loss, you must file your Income Tax Return in time if you want to carry forward the loss for future adjustment with your Income.


Possibility of Penalty or Prosecution by the Income Tax Department

Say you could not file the Income Tax Return by the due date: To avoid any penalty by the Income Tax Department, you must file your Income Tax Return before the end of the relevant assessment year that is 31st March 2016.

Possibility of Penalty and Prosecution: If you do not file your Income Tax Return by 31st March 2016, the Income Tax Department may impose a penalty of Rs. 5000, even though the tax payable by you may be Zero.

Further, if a person has failed to file the Income Tax Return by 31st March 2016 and the tax payable after adjustment of advance tax and TDS exceeds Rs. 3000, he may be prosecuted for imprisonment also. However, this law is used in practice very rarely.


Other reasons for filing the returns of income within time

· If a refund is due after adjustment of prepaid taxes, it is necessary to file the Income Tax Return to get the refund from the Income Tax Department.

· Bank Loans: Further, the return is a declaration of your income and it will be extremely helpful when you are applying for a loan from bank. Before granting the loan, banks want to know your financial capacity and your income details as shown by you in income tax returns. 

· Visas of foreign countries: Many countries want to know if you are financially sound before they issue you a visa and for this purpose they will rely on your income tax returns.

Haryana Vat e-payment though All Leading Banks

Sunday, July 19, 2015 | comments

Friends,   Haryana Vat payment is earlier possible through only State Bank of India or Punjab National Bank. But now the same is possible with the help of Internet Banking of All Leading Banks. There is no link for e-payment  at http://egrashry.nic.in .   Haryana Vat Payment from any bank (via Payumoney.com) can be done after login at www.haryanatax.gov.in .   Login ID and OTP is providing by the Vat Offices.   This user id and password is also helpful for uploading online Haryana Vat Returns.   Screen shoots are given for more clarity :- 


Online Vat Return system in Haryana

| comments

Friends,  Haryana Government has also started to accept online Vat Return submission system.   The free utility to generate XML file is available at www.haryanatax.gov.in .   Utility has provided Excel Based or CSV based templates to upload bulk Vat Return data.   Data can be entered in utility directly one by one or with the help of  Templates.    

                    Earlier there was no Vat Form for informing Tax Free Sales.  But now two more new Vat Forms have been Added in Annexures named  LS4A and LS4B.  

                       In the first experience , It feels that there is some difficulty in selection of Name of Major Items through Popup Window.    List of all Items can be viewed in a excel sheet after unhide the sheet Named "Hidden".  The said sheet is required to choose required item name while entering i Excel Template etc.  Screen shoot of the list is given below :-


Download All Templates with Software in Version 0.0.6 (Click Here)



Income Tax e-filing Forget Password or Reset Password

Thursday, July 16, 2015 | comments

Friends,   Due to different password with different sites with different conditions, It is not possible for anyone to remember all.   Some passwords require Alpha only ,some require Numeric only, some require Alpha + Numeric and some require Alpha + Numeric + Special Characters etc.  This all shows human problem with Password.   In case you have not stored password in writing any where, It is not possible to remember all.  

               Nowadays,  online Income Tax Returns filing is going on and in the interest of  Assessee , functionality of Reset Password at Income Tax Return filing site is given below : -

Reset Password Options 

Registered user can reset the password using one of the following options: 
1. Answer Secret Question. 
2. Upload Digital Signature Certificate 
3. Using OTP (PINs) 

1. Answer Secret Question 
To Reset Password using the ‘Answer Secret Question’ option, the steps are as below: 
Step 1: In Homepage, Click on "LOGIN HERE" 
Step 2: Click on "FORGOT PASSWORD" link. 
Step 3: User must provide User ID, CAPTCHA and click on CONTINUE button. 
Step 4: Select ‘Answer Secret Question’ from the drop down options available. 
Step 5: Enter the Date of Birth/Incorporation from the Calendar provided (Mandatory) 
Step 6: Select the Secret Question from the drop down options available (Mandatory) 
Step 7: Enter the ‘Secret Answer’ and Click on “VALIDATE”. 
Step 8: On success, the user must enter the New Password and confirm the password. 
Step 9: Click on “SUBMIT” 

Once the password has been changed a success message will be displayed. User can login with new password. 

2. Upload Digital Signature Certificate 
To Reset Password using the ‘Upload Digital Signature Certificate’ option, the steps are as follows:
Step 1: In Homepage, Click on "LOGIN HERE" 
Step 2: Click on "FORGOT PASSWORD" link. 
Step 3: User must provide User ID, CAPTCHA and click on CONTINUE button. 
Step 4: Select ‘Upload Digital Signature Certificate’ from the drop down options available 
Step 5: User can select any one of the two options provided: 
              i. New DSC 
             ii. Registered DSC 
Step 6: User must Upload DSC and click on the “VALIDATE” button. The DSC is validated. 
Step 7: On success, the user must enter the New Password and confirm the password. 
Step 8: Click on “SUBMIT” 

Once the password has been changed a success message will be displayed. User can login with new password. 

3. Using OTP (PINs) 
To Reset Password using the ‘Using OTP (PINs)’ option, the steps are as follows: 
Step 1: In Homepage, Click on "LOGIN HERE" 
Step 2: Click on "FORGOT PASSWORD" link. 
Step 3: User must provide User ID, CAPTCHA and click on CONTINUE button. 
Step 4: Select ‘One Time Password’ from the drop down options available. 
Step 5: The user must select one of the options mentioned below 
            >> Registered Email ID and Mobile Number 
            >> New Email ID and Mobile Number


Income Tax : - No Need to Send ITR-V

Wednesday, July 15, 2015 | comments

Friends,  Income Tax Department has applied e-Verification of  Income Tax Returns which is excellent.   There is lot of benefit of this functionality i.e. no need to send individually, paper saving , no fear of cancellation of return in the absence of ITR-v with Income Tax Department etc.   Complete procedure of e-verification is given below :-

e-Verification of Returns
e-Verification of Returns – User Manual 
Table of Contents 

1 e-Verification while uploading a return (Non - NetBanking) ........................ 
2 e-Verification of an already uploaded return (Non - NetBanking) ................ 
3 e-Verification while uploading a return through NetBanking Log

1 e-Verification while uploading a return (Non - NetBanking) 
1 Upload Return  Click Submit 
2 The Return is uploaded (Pending for e-Verification) 
3 Four e-Verification options provided – Taxpayer can choose any one of the options provided to e-Verify the return. 
>> Option-1  “I already have an EVC and I would like to Submit EVC” 
>> Option-2  “I do not have an EVC and I would like to generate an EVC” 
>> Option-3  “I would like to generate Aadhaar OTP to e-Verify my return” 
>> Option-4  “I would like to e-Verify later/ I would like to send ITR-V” 

Option 1 – “I already have an EVC and I would like to Submit EVC” Step 1: Provide the EVC in the text box  Click Submit. Step 2: Download the Acknowledgement (No Further action required). 

Option 2 – “I do not have an EVC and I would like to generate an EVC” 

Two options are provided – Taxpayer can choose any one of the options if they do not have an EVC 

i. Generate EVC through NetBanking. 
ii. Generate EVC to registered Email Id and Mobile Number

Generate EVC through NetBanking: 
Step 1: Login to e-Filing Portal through NetBanking. 
Step 2: Click on e-Verify return. 

Generate EVC to registered Email Id and Mobile Number: 
Step 1: Enter the EVC sent to your registered Email Id / Mobile Number and Submit to e-Verify return. 
Step 2: Download the Acknowledgement (No Further action required). 

Option 3 – “I would like to generate Aadhaar OTP to e-Verify my return” Pre-requisite: Taxpayer’s PAN and Aadhaar should be linked. If Aadhaar is not linked, click on Link Aadhaar button and link the Aadhaar. 
Step 1: Enter the Aadhaar OTP sent to your Mobile Number registered with Aadhaar and Submit to e-Verify return. 
Step 2: Download the Acknowledgement (No Further action required). 

Option 4 – “I would like to e-Verify later/ I would like to send ITR-V” 
Step 1: Click on Continue  Download ITR-V Step 2: Submit ITR-V to CPC, Bangalore.

2 e-Verification of an already uploaded return (Non - NetBanking) 
1 Click e-Verify Return under e-file. 
2 Uploaded returns (120 Days) which are yet to be e-Verified are displayed in a table. 
3 Click on e-Verify (for the return already uploaded) 
4 Three e-Verification options provided – Taxpayer can choose any one of the options provided to e-Verify the return. 

 Option-1  “I already have an EVC and I would like to Submit EVC” 
 Option-2  “I do not have an EVC and I would like to generate an EVC” 
 Option-3  “I would like to generate Aadhaar OTP to e-Verify my return”
 
Option 1 – “I already have an EVC and I would like to Submit EVC” 
Step 1: Provide the EVC in the text box  Click Submit. 
Step 2: Download the Acknowledgement (No Further action required). 

Option 2 – “I do not have an EVC and I would like to generate an EVC” 

Two options are provided – Taxpayer can choose any one of the options if they do not have an EVC 
i. Generate EVC through NetBanking. 
ii. Generate EVC to registered Email Id and Mobile Number. 

Generate EVC through NetBanking: 
Step 1: Login to e-Filing Portal through Ne Banking. 
Step 2: Click on e-Verify return. Generate EVC to registered Email Id and Mobile Number: 
Step 1: Enter the EVC sent to your registered Email Id / Mobile Number and Submit to e-Verify return. 
Step 2: Download the Acknowledgement (No Further action required). 

Option 3 – “I would like to generate Aadhaar OTP to e-Verify my return” Pre-requisite: Taxpayer’s PAN and Aadhaar should be linked. If Aadhaar is not linked, click on Link Aadhaar button and link the Aadhaar. 
Step 1: Enter the Aadhaar OTP sent to your Mobile Number registered with Aadhaar and Submit to e-Verify return. 
Step 2: Download the Acknowledgement (No Further action required).


3 e-Verification while uploading a return through NetBanking Login 
1 Login to e-Filing through NetBanking 
2 Upload Return  Click Submit 
3 The Return is uploaded (Pending for e-Verification) 
4 Three e-Verification options provided – Taxpayer can choose any one of the options provided to e-Verify the return. 

 Option-1  “I would like to e-Verify my return now” 
 Option-2  “I would like to generate Aadhaar OTP to e-Verify my return” 
 Option-3  “I would like to e-Verify later/ I would like to send ITR-V” 

Option 1 – “I would like to e-Verify my return now” 

Step 1: Click on “I would like to e-Verify my return now”  Click Continue 
Step 2: Download the Acknowledgement (No Further action required). 

Option 2 – “I would like to generate Aadhaar OTP to e-Verify my return” Pre-requisite: Taxpayer’s PAN and Aadhaar should be linked. If Aadhaar is not linked, click on Link Aadhaar button and link the Aadhaar.

Step 1: Enter the Aadhaar OTP sent to your Mobile Number registered with Aadhaar and Submit to e-Verify return. 
Step 2: Download the Acknowledgement (No Further action required). 

Option 3 – “I would like to e-Verify later/ I would like to send ITR-V” 
Step 1: Click on Continue  Download ITR-V 
Step 2: Submit ITR-V to CPC, Bangalore. Note: User who has already uploaded the return and opts to e-Verify the existing return can use the above mentioned options other than Option 3.

TDS :-- Relaxation in Late Filing Fee charged u/s 234E

Sunday, July 5, 2015 | comments

Friends  Initially, we want to share that there is no such any notification vide which deductor can claim relaxation in deposit of  Late Filing Fee of TDS / TCS  returns charged by Income Tax Department u/s 234E.  The Deductors can request logically to CPC (TDS)  for relaxation of Late Filing Fee of TDS / TCS returns..  Complete letter has been prepared in the interest of deductor and available below .   Only some fields relating to effected different deductors may be entered in below letter.  


To,

             TDS CPC
             Aaykar Bhawan
             Sector-3, Vaishali,
             Ghaziabad, U.P.-201010



Name of Assessee  :-
TAN                         :-
Address                   :-
F.Y.( Quarter)          :-
Type of Form filed   :-


Sub: Application U/s 154 of the Act

Respected Sir, 


With reference to above subject ,We beg to submit that we had filed our TDS quarterly statement for F.Y. ………… Quarter ….. vide Token No. ……………………… on …………... As the due date for filing the return is …………..Therefore your honour levied the penalty U/s 234E of Rs ………. 

1) As per the Provisions of Sec. 234E “Amount of late fee @ Rs. 200/- per day shall be paid before delivering a TDS statement”, It means that any late fee should have been deposited just at the time of delivering TDS statement and not later than this. Once the TDS statement has been accepted without late fee, then such late fee cannot be recovered later on, if not collected at the time of delivering TDS statement, by the NSDL (Income Tax department). 

2) On the other hand it is also pertinent to note that the law has not made any person responsible, to deposit late fee, in case of default in depositing late fee along with TDS statement, which can be inferred from the provisions of Sec. 204 of the act, which states as under:- 

“Sec. 204 of the act has made persons responsible for Sec. 190 to Sec. 203AA and Section 285 this phrase does not cover Section 234E; it means no one is responsible for default U/s 234E”. 

Therefore if any late fee is due and not deposited along with the TDS statement no one can be held responsible to deposit it. 

3) Sec. 200A of the act also does not permit processing of TDS statement for default in payment of late fee, except any arithmetical error, or incorrect claim, or default in payment of interest, any TDS payable or refundable etc. An assessee cannot be treated in default also U/s 201(1) or 206C (6A) due to non-payment of late fee. 

Therefore kindly cancel the demand of late fees as soon as possible. 

Thanking You 

Yours Faithfully 


Date  :-
Place :-

Income Tax :- Due Dates for the Month July, 2015

Friday, July 3, 2015 | comments

Due Dates for selected month and year

7 July 2015 -
​​​Due date for deposit of Tax deducted/collected for the month of June, 2015
7 July 2015 -
​​Due date for deposit of TDS for the period April 2015 to June 2015 when Assessing Officer has permitted quarterly deposit of TDS under Section 192,194A, 194D or 194H​
15 July 2015 -
Quarterly statement of TDS/TCS deposited for the quarter ending June 30, 2015 when tax is deducted/collected by a person other than an office of Government​
22 July 2015 -
​Due date for issue of TDS Certificate for tax deducted under Section 194-IA in the month of June, 2015​
30 July 2015 -
​​Quarterly TDS certificate (in respect of tax deducted for payments other than salary by a person not being an office of the Government) or quarterly TCS certificate (in respect of tax collected by any person) for the quarter ending June 30, 2015​
31 July 2015 -
Annual return of income and wealth for the assessment year 2015-16 for all assessee other than (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) working partner (of a firm whose accounts are required to be audited) or (d) an assessee who is required to furnish a report under section 92E​​​
31 July 2015 -
​​Quarterly return of non-deduction of tax at source by a banking company from interest on time deposit in respect of the quarter ending June 30, 2015​
31 July 2015 -
​​Quarterly statement of tax deducted if the deductor is an office of the Government for the quarter ending June 30, 2015
31 July 2015 -
​​Statement by scientific research association, university, college or other association or Indian scientific research company as required by ​rules 5D, 5Eand 5F (if due date of submission of return of income is July 31, 2015)
31 July 2015 -
​​​Due date for filing of returns of income-tax and wealth tax for the assessment year 2015-16 has been extended from July 31, 2015 to August 31, 2015 vide ORDER [F.NO.225/154/2015/ITA.II], DATED 10-6-2015.

Income Tax :- What is new ITR Form 2A

Thursday, July 2, 2015 | comments

Friends,   A new ITR Form 2A has been added by Income Tax Department.   The person who has salary income and interest income and not have any business income, not have any capital gain and not have any foreign assets can use this ITR Form 2A.   Income Tax department has reduced excel sheets in this form in the interest of Assessee.    Only the following sheets are available in the New ITR Form 2A :-



1
Personal Info., Filing Status
Details of Personal Information and filing status
2
PartB-TI,PartB-TTI,Verification
Computation of total income and tax liability on total income
3
Tax Payments
Details of Advance Tax and Self Assessment Tax Payments of Income-tax
4
Tax Payments(TDS1 and TDS2)
Details of Tax Deducted at Source on Income [As per Form 16A issued by Deductor(s)]
5
Schedule S
Details of Income from Salary
6
Schedule HP
Details of Income from House Property
7
Schedule OS
Income from other sources
8
Schedule CYLA, Schedule BFLA
Details of Income after Set off of Current years losses and Brought Forward Losses of earlier years
9
ScheduleCFL
Details of Losses to be carried forward to future Years
10
Schedule 80G
Details of donation entitled for deduction under Section 80G
11
Schedule VIA
Deductions under Chapter VI-A
12
Schedule SPI, Schedule SI
Income chargeable to Income tax at special rates IB [Please see instruction Number-9(iii) for section code and rate of tax]
13
Schedule EI
Details of Exempt Income (Income not to be included in Total Income)
14
Schedule 5A
Information regarding apportionment of income between spouses governed by Portuguese Civil Code

TDS :- Latest RPU 4.4 with FVU (Version 4.7 ) or (Version 2.143)

Sunday, June 28, 2015 | comments

Friends,   NSDL has released New RPU version 4.4 for submitting TDS / TCS returns with new FVU versions.   This RPU is applicable w.e.f. 20 th June, 2015.  Main features of this RPU and FVU are given below : -

Key Features – Return Preparation Utility (RPU) version 4.4 
  1.          Incorporation section code
    192A and 194LBB:
    · “192A” & “194LBB” have been added for below forms which will be applicable for statements pertain to FY 2015-16 & Q1 onwards.
    ·         Section code 192A will be applicable for Form 26Q.
    ·         Section code 194LBB will be applicable only for Form 26Q and 27Q.
    ·         For section code “192A”, select “92D” from the dropdown of section code column in Annexure I sheet.
    ·         For section code “194LBB”, select “LBB” from the dropdown of section code column in Annexure I sheet.
    2.      Remark “T” (i.e. for transporter transaction and valid PAN is provided) under· deductee details (Annexure I) will be applicable from Q3 of FY 2009-10 onwards. o Said validation will be applicable only for Form 26Q.  
    3.      Remarks for higher deduction (in deductee details):
    In case of 'C' (i.e. for higher deduction) remark in Deductee details (Annexure I), in addition to existing fields, below details will also be allowed to be updated in correction statements:
    ·         Name of deductee (Applicable to all Forms)
    ·         Section code (For statements pertains to FY 2013-14 onwards and to all Forms)
    ·         Nature of remittance (Applicable only for Form 27Q)
    ·         Unique acknowledgement of the corresponding form no. 15CA (if available) (Applicable only for Form 27Q)
    ·         Country of Residence of the deductee (Applicable only for Form 27Q)
    ·         Grossing up indicator (Applicable only for Form 27Q)
    ·         Date of deduction (Applicable to all Forms)  
    4.      Incorporation of latest File Validation Utility (FVU) version 4.7 (applicable for· TDS/TCS statements pertaining to FY 2010-11 onwards) and FVU version 2.143 (applicable for TDS/TCS statements from FY 2007-08 upto FY 2009-10).
Key Features – File Validation Utility (FVU) version 4.7
·  Incorporation section code 192A and 194LBB:

§ “192A” & “194LBB” have been added for below forms which will be applicable for statements pertain to FY 2015-16 & Q1 onwards. o Section code 192A will be applicable for Form 26Q.
§ Section code 194LBB will be applicable only for Form 26Q and 27Q.
§ For section code “192A”, select “92D” from the dropdown of section code column in Annexure I sheet.
§ For section code “194LBB”, select “LBB” from the dropdown of section code column in Annexure I sheet.

·  Total Tax deducted amount should be equal to Total Tax Deposited under Deductee details (i.e. Annexure I).

·  Quoting of lower/non deduction certificate number under Deductee details (Annexure I) will be applicable only for below mentioned Section codes:- 192, 193, 194, 194A, 194C, 194D, 194G, 194H, 194-I, 194J, 194LA, 195 and 206C for the statements pertaining to FY 2013-14 onwards.

·  Validations with respect to remark C under deductee details (Annexure I) has been  relaxed for section 194LC for the statements pertains to FY 2012-13 onwards (said validation will be applicable only for Form 27Q).
 
·  This version of FVU will be applicable with effect from June 20, 2015.


Key Features – File Validation Utility (FVU) version 2.143  
  •       Remark “T” (i.e. for transporter transaction and valid PAN is provided) under deductee details (Annexure I) will be applicable from Q3 of FY 2009-10 onwards. (Said validation will be applicable only for Form 26Q).  
  •          Total Tax deducted amount should be equal to Total Tax Deposited under Deductee  details (i.e. Annexure I).  
  •          This version of FVU will be applicable with effect from June 20, 2015.


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