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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.


Download Latest RPU with latest FVU 's (Click Here)

Income Tax :- On-line or Off-line ITR for submitting Income Tax Return relating to Assessment Year 2015-16

Thursday, June 25, 2015 | comments

Friends,   Income Tax Return forms were most awaited to submit Income Tax Returns for the Financial Year 2014-15 or Assessment Year 2015-16.  ITR -1 (Sahaj) and ITR -4S have been provided by Income Tax Department on 24.06.2015 along with their notification. 

                  Three new columns have been added in new ITR forms named Pan Number of Spouse ,  Aadhar Card Number and Detail of other current and saving Bank accounts used in any previous year.    Screenshot showing new columns are given below :- 



How to use  Excel  Income Tax Return Form  ITR-1 (Sahaj) : -



i Overview
ii Before you begin
iii Structure of the ITR utility
iv Filing and Using the Excel utility 
v Validating the sheets
vi Navigation
vii Calculate Tax
viii Generating the XML
ix Printing
x Importing
xi How to submit an ITR using Excel utility?
i Overview :
Fill up applicable schedules Navigate to each schedule applicable and fill the data.
Validate each sheet Click on the 'Validate' Button on each filled sheet .Correct errors (if any) identified by the validate feature.
Click on Calculate Tax Fill the necessary details in applicable schedules and click on 'Calculate Tax' for computation of tax.
Please make sure you click the 'Calculate Tax' button before generation of XML.  
Generate XML After all required schedules have been filled ,validated and tax has been calculated (using 'Calculate Tax' buttton), click on Generate XML which will recheck all sheets.
Save XML To save the XML in the desired path, click on the 'Save XML' button.
Upload the XML To upload the saved XML, Go to https://incometaxindiaefiling.gov.in -> Login -> e-File  -> Upload Return.
ii Before you begin :
Read the instructions for filling up the form available in the following website:  http://www.incometaxindia.gov.in
The ITR Utility is an Excel Workbook that consists of a number of individual, integrated worksheets. Each of the sheets contains one or more schedules for data entry. Initially, all the sheets are visible to the user. A number of these sheets are optional. The user can decide which sheets are applicable to their case and accordingly select Y or N to hide or show the sheets. Similarly , by selecting the sheets which the user needs for printing, it is possible to control how many sheets should be printed (in case all sheets are not required to be printed). Later on, these settings can always be changed.      
iii Structure of the ITR utility :
Various sheets and schedules per sheet form part of the Utility.Each sheet includes a number of distinct, titled sections/schedules. 
Each sheet is identified by the sheet tabs located at the bottom of the Excel window. These tabs are labeled with abbreviation forms of the schedules of the sheet.
iv Filing and Using the Excel utility :
Every section/schedule is color coded to facilitate the user. The different types of cells in the sheets are as follows:
a) The mandatory fields are marked in red. The data entered will have a  green background color (Certain fields are mandatory under specific conditions only).
b) Data entry cells for optional/non-mandatory fields have a black font and a green background color. 
c) Fields whose values are autocalculated /autopopulated by the utility  have a blue font and a white background color. Linked fields, where no data entry is done by the user, but a value is picked up from an existing cell elsewhere in the sheet, these have  a blue font for the labels and a white background.      
All amounts are in Indian Rupee.
All date fields must be entered in dd/mm/yyyy format.
For percentage fields, only enter the the value upto two decimal places. (percentage symbol is not required).
Adding more rows : Schedules such as TDS, TCS, IT etc  allow users to enter data in tabular format. Using the 'Add rows' button provided below these tables, the assessee can add as many rows as required.
Note: Rows once added and not required (or empty rows) should not be deleted, even if they are blank. The utility does not generate XML for rows left blank.
v Validating the sheets :
Validate the filled sheet using the 'Validate' button. Correct errors (if any) identified by the validate feature.
vi Navigation :  
There are two navigation buttons in the utility : 'Next' and 'Previous'. The user can navigate between the sheets by either clicking on next or previous buttons as required.    
vii Calculate Tax :  
For the Tax to be computed the user must click on the 'Calculate Tax' button after filling the necessary details in applicable schedules. 
viii Generating the XML :
Verify all the information entered in the ITR Utility.
Click on the 'Generate XML' button. This will revalidate all the sheets, and direct the user to the confirmation page which shows the various schedules (and the no of rows per schedule) being generated. 
Once verified, the assessee can then click on 'Save XML' option to generate and save the XML. 
After successfully generating, a message will be displayed with the name and location of the saved XML.
This XML can then be uploaded in the efiling portal.
ix Printing : 
The print button in the utility provides an option to print  after previewing.
x Importing :
a) Import Previous Version
If the user has a filled ITR in a previous version, the user can import the data from the previous version to the current version.To import click on the  'Import Previous Version' button in the utility and browse the path of the previous version of  filled ITR. 
b) Import Personal and Tax Details
The user can  import the personal and Tax details into ITR1 excel utility by following the given steps.
Step 1 : Login into the e-Filing portal using valid login credentials.
Step 2 : Go to the 'Downloads' menu and click the 'Download Prefilled XML' link. Select the 'Assessment Year' and download the Prefilled XML in the desired location.
Step 3 : Open the utility and click on the 'Import Personal/Tax Details from XML' button. 
xi How to submit an ITR using Excel utility?
1.Download the ITR preparation utility for the assessment year under 'Downloads'.
2.Prepare the Income Tax  return using the utility. Validate, Generate and Save the XML in the desired path.
3. Login to e-Filing portal (https://incometaxindiaefiling.gov.in) and go to e-File --> Upload Return.
4.Select the appropriate ITR, Assessment Year and XML (using browse button).
5.Upload Digital Signature Certificate(DSC) if applicable. Please ensure the DSC is registered with e-Filing.
6.Click on 'SUBMIT' button.

7.On successful submission, ITR-V/Acknowledgement would be displayed. Click on the link and download the ITR-V/Acknowledgement.

Note:
If ITR is uploaded with DSC, the Return Filing process is complete. The return will be further processed and the Assessee will be notified accordingly. Please check your emails on these notifications.
OR
The return is not uploaded with a DSC, an ITR-V Form should be printed, signed and submitted to CPC, Bangalore using Ordinary Post or Speed Post ONLY within 120 days from the date of e-Filing. On receipt of the ITR-V at CPC, the return will be further processed and the Assessee will be notified accordingly. Please check your emails on these notifications.

Download  Excel ITR -1 (Sahaj) (Click Here)

Income Tax : - Validation Rules for ITR -1 Form for Assessment Year 2015-16

Wednesday, June 24, 2015 | comments

ITR Validation Rule for Assessment Year 2015-16

1. Purpose
The Income Tax Department has provided free return preparation software in the downloads page as well as facility for online ITR submission for ITRs 1&4S which are fully compliant with data quality requirements. However, there are commercially available software or websites that offer return preparation facilities as well. In order to improve the data quality received through in ITRs prepared through such commercially available software, various types of validation rules are being deployed in the e-Filing portal so that the data which is being uploaded can be validated to a large extent. Taxpayers are advised to review the same to ensure that the software that is used is compliant with these requirements to avoid rejection of return due to poor data quality or mistakes in the return. Software providers are strictly advised to adhere to these rules to avoid inconvenience to the taxpayers who may use their software

2. Validation Rules
The validation process at e-Filing/CPC end is to be carried out in ITR1 for each defect as categorized below:





Income Tax :- Notification for New ITR Forms for F.Y. 2014-15 or Assessment Year 2015-16

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CBDT has released Notification dated 22-06-2015 regarding new ITR forms for the Financial Year 2014-15 or Assessment Year 2015-16 which were most awaited by every Indian income Tax assessee.  Copy of  Notification is given below :- 



[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, 
SECTION 3, SUB- SECTION (ii)] 

GOVERNMENT OF INDIA 
MINISTRY OF FINANCE 
DEPARTMENT OF REVENUE 
[CENTRAL BOARD OF DIRECT TAXES]

 NOTIFICATION 

New Delhi, the 22nd day of June, 2015 

Income-tax 

S.O. 1660 (E).– In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 

1.  (1) These rules may be called the Income-tax (8th Amendment) Rules, 2015. 
    (2) They shall be deemed to have come into force with effect from the 1st day of April, 2015. 

2. In the Income-tax rules, 1962,− 
    (1) in rule 12,− 
                (a) in sub-rule (1),- 
                        (I) in clause (a), in the proviso, for clause (III), the 
                             following clause shall be substituted, namely: − 
                                        “(III) has agricultural income, exceeding five thousand rupees;”; 

                      (II) after clause (b) the following clause shall be inserted, namely:- 

                            ‘(ba) in the case of a person being an individual not being an individual to 
                             whom clause (a) applies or a Hindu undivided family where the total income
                             does not include any income chargeable to income-tax under the heads 
                           “Profits or gains of business or profession” and “Capital gains” and to whom
                           the provisions of clause (I) and clause (II) of the proviso to clause (a) does not 
                           apply, be in Form No. ITR-2A and be verified in the manner indicated therein;’; 

                   (III)  in clause (ca), in the proviso, for clause (III), the following clause shall be 
                             substituted,                          namely: − “

                              (III) has agricultural income, exceeding five thousand rupees;”; 


            (b) in sub-rule (4), for the words, brackets, letters and figures “in the manners specified 
               in clauses (i), (iii) and (iv) of sub-rule (3)”, the words, brackets, letters and figures “
              in the manners (other than the paper form) specified in column (iv) of the Table in 
              sub-rule (3)” shall be substituted. 

(2) in Appendix-II, for “Forms SAHAJ (ITR-1), ITR-2 and SUGAM (ITR-4S)” the “Forms SAHAJ (ITR-1), ITR-2, ITR-2A and SUGAM (ITR-4S)” shall be substituted, namely:- 

_________________________________________________________________________________

[Notification No. 49/2015/ F.No.142/1/2015-TPL] 
(Gaurav Kanaujia) 
Director to the Government of India 

Note.- The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii) vide notification number S.O.969(E), dated the 26th March, 1962 and last amended by the Income-tax (7 th Amendment) Rules, 2015, vide notification number S.O. No. 1014 (E), dated 15 April, 2015.

Taxability of Life Insurance Policy

Friday, June 12, 2015 | comments

As per section 10(10D), any amount received under a life insurance policy, including bonus is exempt from tax. However, following receipts would be subject to tax:

  • Any sum received under sub-section (3) of section 80DD; or
  • Any sum received under Keyman insurance policy; or
  • Any sum received in respect of policies issued on or after April 1st, 2003, in respect of which the amount of premium paid on such policy in any financial year exceeds 20% (10% in respect of policy taken on or after 1st April, 2012) of the actual capital sum assured; or
  • Any sum received for insurance on life of *specified person (issued on or after April 1st 2013) in respect of which the amount of premium exceeds 15% of the actual capital sum assured.

    * Any person who is –

       i) A person with disability or severe disability specified under section 80U; or
      ii) suffering from disease or ailment as specified in the rule made under section 80DDB.
  • Following points should be noted in this regard:
  • Exemption is available only in respect of amount received from life insurance policy.
  • Exemption under section 10(10D) is unconditionally available in respect of sum received for a policy which is issued on or before March 31, 2003.
  • Amount received on the death of the person will continue to be exempt without any condition.​

Advance Tax :- Due Date of Advance Tax is 15th June for Corporate

Thursday, June 11, 2015 | comments

Deposit of Advance Income Tax is necessary to avoid Interest penalty in future.  Each assessee should calculate their Income Tax for the current Financial Year  and should deposit Advance Income Tax in time as per applicability.  Percentage of Advance Tax due in particular date is given below :-

Advance tax is to be calculated on the basis of expected tax liability of the year. Advance tax is to be paid in instalments as given below:
​StatusBy 15th JuneBy 15th Sept15th Dec15th March
Corporate15%45%75%100%
Non-CorporateNil30%60%100%
Any tax paid till 31st March is treated as advance tax.
The deposit of advance tax is made through challan ITNS 280 by ticking the relevant column, i.e., advance tax.

e-TDS :- What to do if Discrepancies appear in actual TDS and TDS credit as per Form 26AS ?

Monday, June 8, 2015 | comments

                 Every person deducting tax at source has to furnish the details of tax deducted by him to the Income-tax Department. The details will cover the name of the deductee, Permanent Account Number of the deductee, amount of tax deducted, amount paid to the deductee, date of payment of TDS to the credit of Government, etc. On the basis of the details of TDS provided by the deductor, the Income-tax Department will update Form 26AS of the deductee.


               Many times the actual amount of TDS and TDS credit as appearing in Form 26AS may differ and it may happen that the TDS credit appearing in Form 26AS may be less as compared to actual TDS, this may happen due to reasons like non-furnishing of TDS details to the Income-tax Department by the deductor, deducting the tax in incorrect Permanent Account Number, etc. In such a case the deductee should approach the deductor and request him to take the necessary steps to rectify the discrepancy due to above reasons. 


               The Income-tax Department updates the TDS details in Form 26AS on basis of details provided by the person deducting the tax (i.e., the deductor), hence, if there is any default on the part of deductor like non -furnishing of TDS details (i.e., TDS return) to the Income-tax Department, deducting the tax in incorrect Permanents Account Number, etc. then Form 26AS will not reflect the actual TDS. In such a case, the taxpayer may not be able to claim the credit of correct TDS. Hence, the taxpayers are advised to confirm the tax credit appearing in Form 26AS and should reconcile the difference, if any. 

Income Tax :- Precautions in mind filing the Indian Income Tax Return

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Following is the list of few important steps/points/precautions to be kept in mind while filing the return of income:
  • The first and foremost precaution is to file the return of income on or before the due date. Taxpayers should avoid the practice of filing belated return. Following are the consequences of delay in filing the return of income :
  • Loss (other than house property loss) cannot be carried forward.
  • Levy of interest under section 234A.
  • Penalty of Rs. 5,000 under section 271F can be levied.
  • Exemptions/deductions under section 10A​, section 10B, 80-IA, 80-IAB, 80-IB, 80-IC , 80-ID and 80-IE are not available.
  • Belated return cannot be revised under section 139(5)​.
  • Taxpayer should download Form 26AS and should confirm actual TDS/TCS/Tax paid. If any discrepancy is observed then suitable action should be taken to reconcile it.
  • Compile and carefully study the documents to be used while filing the return of income like bank statement/passbook, interest certificate, investment proofs for which deductions is to be claimed, books of account and balance sheet and P/L A/c (if applicable), etc. No documents are to be attached along with the return of income.
  • The taxpayer should identify the correct return form applicable in his case.
  • Carefully provide all the information in the return form.
  • Confirm the calculation of total income, deductions (if any), interest (if any), tax liability/refund, etc.
  • If any tax is payable as per the return of income, then the same should be paid before filing the return of income, otherwise return would be treated as defective return.
  • Ensure that other details like PAN, address, e-mail address, bank account details, etc., are correct.
  • After filling all the details in the return of income and after confirmation of all the details, one can proceed with filing the return of income.
  • In case return is filed electronically without digital signature do not forget to post the acknowledgement of filing the return of income at CPC Bengaluru (as discussed earlier). 


Attachment of Documents with Income Tax Return Forms

Saturday, June 6, 2015 | comments

First of all we should know what is ITR Forms

Under the Income-tax Law, different forms of returns are prescribed for different classes of taxpayers. The return forms are known as ITR forms (Income Tax Return Forms). The forms of return prescribed under the Income-tax Law for filing of return of income for the assessment year 2014-15 (i.e., financial year 2013-14) are as follows (*):

Return Form​ Brief Description
ITR – 1​​Also known as SAHAJ. It is applicable to an individual having salary or pension income or income from one house property (not a case of brought forward loss) or income from other sources (not being lottery winnings and income from race horses).
ITR – 2It is applicable to an individual or a Hindu Undivided Family having income from any source other than "Profits and gains of business or profession".
ITR – 3It is applicable to an individual or a Hindu Undivided Family who is a partner in a firm and income chargeable to income-tax in his/its hands 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.
ITR – 4SAlso known as SUGAM is applicable to individuals and HUFs who have opted for the presumptive taxation scheme of section 44AD/44AE.​ITR – 4It is applicable to an individual or a Hindu Undivided Family who is carrying on a proprietary business or profession.ITR – 5It is applicable to a person being a firm, LLP, AOP, BOI, artificial juridical person, co-operative society and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form (i.e.,trusts, political party, institutions, colleges, etc.)ITR – 6It is applicable to a company, other than a company claiming exemption under section 11 (charitable/religious trust can claim exemption under section 11​).ITR – 7It is applicable to a persons including companies who are required to furnish return under section 139(4A) or 139(4B) or 139(4C) or139(4D) (i.e., trusts, political party, institutions, colleges, etc.).
ITR – VIt is the acknowledgement of filing of return of income. 



(*) The aforesaid table gives only a brief overview of the return forms and is not an exhaustive discussion. For more provisions of applicability/non-applicability of the ITR Forms, the readers should go through the discussion on each ITR Form covered in later part.​

Attachment of Documents with Income Tax Return Forms

​​ITR return forms are attachment less forms and, hence, the taxpayer is not required to attach any document (like proof of investment, TDS certificates, etc.) along with the return of income (whether filed manually or filed electronically). However, these documents should be retained by the taxpayer and should be produced before the tax authorities when demanded in situations like assessment, inquiry, etc.

As discussed above, no documents are to be attached along with the return of income, however, in case of a taxpayer who is required to furnish a report of audit under section​ 10(23C)(v),10(23C)(vi), 10(23C)(via), 10A, 10AA, 12A(1)(b), 44AB, 44DA, 50B, 80-IA, 80-IB, 80-IC , 80-ID, 80JJAA , 80LA, 92E, 115JB or 115VW​​​ shall furnish it electronically on or before the date of filing the return of income.

However, due date for the assessment year 2014-15 for filing of audit report under 44AB by an assesse who is not required to submit a report pertaining to international or specified domestic transactions under section 92E has been extended to 30th November 2014 vide ORDER [F.NO. 133/24/2014-TPL], DATED 20-8-2014.​​

Mandatory e-filing of Income Tax Return

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Following taxpayers shall file their returns of income only through e-filing mode:

(1) Every company shall furnish th​e return of income electronically under digital signature. In other words, for corporate taxpayer e-filing with digital signature is mandatory.

(2) A firm or an individual or a Hindu Undivided Family (HUF) whose books of account are required to be audited under section 44AB shall furnish the return of income electronically under digital signature. In other words, in such a case, e-filing with digital signature is mandatory.

(3) A resident and ordinarily resident individual/HUF having any assets (including financial interest in any entity) located outside India or signing authority in any account located outside India shall furnish the return of income electronically with or without digital signature.

(4) Taxpayers [other than covered under (1) and (2) above] having total income of more than Rs. 5,00,000 shall furnish the return of income electronically with or without digital signature.

(5) Taxpayers claiming relief under section 90, 90A or 91 shall furnish the return of income electronically with or without digital signature.

(6) A person who is required to file ITR-5 shall file the same electronically with or without digital signature. However, a firm liable to get its accounts audited under section 44AB shall furnish the return electronically under digital Signature

(7) A taxpayer who is required to furnish a report of audit under section 10(23C)(iv)​, 10(23C)(v), 10(23C)(vi), 10(23C)(via), 10A, 10AA, 12A(1)(b), 44AB, 44DA, 50B, 80-IA,80-IB, 80-IC , 80-ID, 80JJAA , 80LA, 92E, 115JB or 115VW​ shall furnish the return of income electronically with or without digital signature.

(8) A political party who is liable to file return of income shall file the same electronically with digital signature.

(*) Where the Return of income is furnished electronically without digital signature, then the taxpayer should take two printed copies of Form ITR-V. One copy of ITR-V, duly signed by the taxpayer, has to be sent (within the period specified in this regard, i.e., 120 days) by ordinary post or speed post to "Income Tax Department – CPC, Post Bag No. 1, Electronic City Post Office, Bengaluru–560100 (Karnataka). The other copy may be retained by the taxpayer for his record.​
 
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