Electronic Verification Code can also be applied for AY 2013-14 and Ay 2014-15

CBDT has extended the time Limit for submission of ITR-V to CPC Bengaluru for A.Y 2013-14 and 2014-15 to 31.10.2015 vide notification no. 1/2015 dated 10.07.2015. 

In this regards CBDT has issued the order under sec 119(1) for electronically validating the return filed between 01.04.2015 to 31.03.2015.

Below is the notification:

F.No. 2251141/2015/ITA.II

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

North Block, New Delhi,

Dated- 20th of July, 2015

Order under section 119(1) of income-tax Act. 1961

Subject: Validation of tax-returns through Electronic Verification Code-reg.-

The Central Board of Direct Taxes has vide Notification No. 41/2015 dated 15.04.2015 in cases of categories of ‘persons’ specified therein, has introduced Electronic Verification Code (‘EVC’) as one of the modes for validation of return of income which are filed electronically on or after 01.04.2015.

2. In case of returns of income pertaining to Assessment Year’s 2013-2014 and 2014- 2015 filed electronically (without digital signature certificate) between 01.04.2014 to 31.03.2015, time-limit for submission of ITR-V to the CPC Bengaluru has already been extended till 31.10.2015 vide Notification No. 1/2015 dated 10.07.2015 issued by the Pr. DGIT(Systems), CBDT. In order to facilitate the process of validation of such returns, CBDT, in exercise of the powers conferred under sub-section (1) of section 119 of the Income-tax Act, 1961, hereby directs that the taxpayer can validate such returns of income within the said extended time through EVC also.

(Rohit Garg)

Deputy Secretary to the Government of India

Download the notification

Read more »

Top 5 myths around filing e-returns that might cost you heavily

E-filing of income tax returns, introduced by the IT Department in assessment year 2007-08 for individuals earning over Rs 5 lakhs per annum from the assessment year 2013-14 onwards, is a simple and easy way of filing returns but has not been popular because of the mindset of the people and misconceptions about filing tax returns online.

These misconceptions can cost you dearly and that's why they need to be clarified. We are sharing the five most common myths surrounding the process of filing of tax return online, which otherwise is extremely simple in nature: 

Myth 1: I don't need to pay tax for the interest income generated on fixed deposits as the bank already deducts the tax at source. This is a common misconception with people earning interest income on fixed deposits. It is an utter misconception as the taxpayer may be liable to pay tax on the same at a much higher tax rate. Let's take an example of an employee earning Rs 6,00,000 per annum as salary. He also earns an interest of Rs 20,000 on his fixed deposit. The bank has deducted tax at source of Rs 2,000 but he is actually liable to pay a tax amount of Rs 4,000 on the same as he comes under the 20 per cent tax bracket, whereas the bank has deducted only 10 per cent. 

Myth 2: My e-filing process is complete once I've submitted my tax return online. The e-filing process of a taxpayer isn't complete unless a signed copy of the ITR-V acknowledgement has been sent to the CPC in Bangalore within 120 days from the date on which the taxpayer filed his/her income tax return. Remember that the ITR-V copy should be sent via Speed Post or Ordinary Post only. The IT department has initiated the process of scrapping this process for all the taxpayers holding an Aadhar card. Taxpayers without an Aadhar card would be liable to send a signed copy of their ITR-V acknowledgement to the CPC in Bangalore and if one fails to do so; his/her income tax return may be considered as unfiled making the taxpayer file his/her returns once again. 

Myth 3: I don't need to disclose my previous salary amount to my current employer. This is a common problem wherein most employees avoid mentioning any details about their previous employer to their present employer. Because of this, the new employers have no details about previous salary, making them deduct tax at source as if the employee has no other source of income. That is incorrect. The employee must realise that the tax must be paid on the total amount of salary received in the previous year. When the two salaries are added together, it usually results in the employee entering into a higher tax bracket. 

Myth 4: The process of e-filing one's income tax return is not mandatory. Filing returns has been made mandatory for any taxpayer having a total income of Rs 5,00,000 or more. Total income is arrived at after deducting all the relevant deductions under chapter via one's gross total income. A taxpayer earning less than Rs 5,00,000 can also e-file their income tax returns or use the option of filing returns manually, however the same is not recommend. 

Myth 5: If I e-file my income tax return, I'll come under the scrutiny of the IT Dept. Once the process of e-filing the return is over, you receive an intimation u/s 143(1). This intimation is just a standard practice on the part of the CPC in Bangalore. A refund cannot be processed without the same. Unfortunately, sometimes even though the taxpayer has correctly disclosed all the income information in his tax return, he gets a tax demand via the intimation u/s 143(1). This is only because the department hasn't processed his case correctly and the taxpayer can correct the same by filing a rectification u/s 154. (The writer is CIO & Founder of Makemyreturns.com) 

(Business Today)

Read more »

Income Tax Return Form for A.Y 2011-12

Individuals, HUF

Filing of Income Tax returns is a legal obligation of every Individual/HUF whose total income for the previous year has exceeded the maximum amount that is not chargeable for income tax under the provisions of the I.T Act, 1961. Income Tax Department has introduced a convenient way to file these returns online using the Internet. Every new user has to register at this website in order to avail the e-Filing facility. After completing the registration process and logging in, the user may download the software tools from the download section. Based on all the relevant information the required ITR Form should be filled using the software provided. The software would generate the XML format of the return which should be uploaded on this website. On successful transmission of the return a receipt will be generated in the form of a provisional acknowledgement.

Which Form is Applicable

S.No For Þ Individual Individual, HUF Source of Income ß ITR-1 (SAHAJ) ITR-2 ITR-3 ITR-4 ITR-4S (SUGAM) 1 Income from Salary/Pension • • • • 2 Income from Other Sources (only Interest Income or Family Pension) • • • • 3 Income/Loss from Other Sources • • • 4 Income/Loss from House Property • • • 5 Capital Gains/Loss on sale of investments/property • • • 6 Partner in a Partnership Firm • • 7 Income from Proprietary Business/Profession • 8 Income from Presumptive Business • Download Return Preparation Software Sl. No. Form Name Return Preparation Software Remarks System Requirements 1  ITR-1 (SAHAJ) Excel Utility(Version 1.0) New Release MS Excel 2  ITR-2 Excel Utility(Version 1.0) New Release MS Excel 3  ITR-3 Excel Utility(Version 1.0) New Release MS Excel 4  ITR-4 Excel Utility(Version 1.0) New Release MS Excel 4  ITR-4S (SUGAM) Excel Utility(Version 1.0) New Release MS Excel Please enable the macro in the excel sheet before data entry into excel sheet using instruction given in help.txt file downloaded alongwith the ITR excel sheet. Checklist of documents and pre-requisites Adobe Reader A copy of last year's tax return Bank Statement TDS certificates Savings certificates/Deductions Interest statement showing interest paid to you throughout the year.   Utilities Download Acrobat Reader

Firms/AoPs/BoI

Filing of Income Tax returns is a legal obligation of every Firm/AoP/BoI whose total income for the previous year has exceeded the maximum amount that is not chargeable for income tax under the provisions of the I.T Act, 1961. Income Tax Department has introduced a convenient way to file these returns online using the Internet. Every new user has to register at this website in order to avail the e-Filing facility. After completing the registration process and logging in, the user may download the software tools from the download section. Based on all the relevant information the required ITR Form should be filled using the software provided. The software would generate the XML format of the return which should be uploaded on this website. On successful transmission of the return a receipt will be generated in the form of a provisional acknowledgement.

Which Form is Applicable

1 ITR-5 For firms, AOPs and BOIs Download Return Preparation Software Sl. No. Form Name Return Preparation Software Remarks System Requirements/ User Guides 1 ITR-5 Excel Utility(Version 1.0) New Release MS Excel Checklist of documents A copy of last year's tax return Bank Statement TDS certificates Interest statement showing interest paid to you throughout the year.

Companies

Filing of Income Tax returns is a legal obligation of every Company whose total income for the previous year has exceeded the maximum amount that is not chargeable for income tax under the provisions of the I.T Act, 1961. Every new user has to register at this website in order to avail the e-Filing facility. After completing the registration process and logging in, the user may download the software tools from the download section. Based on all the relevant information the required ITR Form should be filled using the software provided. The software would generate the XML format of the return which should be uploaded on this website. On successful transmission of the return a receipt will be generated in the form of a provisional acknowledgement.

Which Form is Applicable

1 ITR-6 For Companies other than companies claiming exemption under section 11 Download Return Preparation Software Sl. No. Form Name Return Preparation Software Remarks System Requirements/ User Guides 1  ITR-6 Excel Utility >(Version 1.0) New Release MS Excel Checklist of documents A copy of last year's tax return Bank Statement TDS certificates Interest statement showing interest paid to you throughout the year Profit and Loss Account Balance Sheet

Utilities

Download Acrobat Reader

Trusts

Filing of Income Tax returns is a legal obligation of every Trust whose total income for the previous year has exceeded the maximum amount that is not chargeable for income tax under the provisions of the I.T Act, 1961. Income Tax Department has introduced a convenient way to file these returns online using the Internet. Every new user has to register at this website in order to avail the e-Filing facility. After completing the registration process and logging in, the user may download the software tools from the download section. Based on all the relevant information the required ITR Form should be filled using the software provided. The software would generate the XML format of the return which should be uploaded on this website. On successful transmission of the return a receipt will be generated in the form of a provisional acknowledgement.

Which Form is Applicable

1 ITR-7 For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) Checklist of documents A copy of last year's tax return Bank Statement TDS certificates Interest statement showing interest paid to you throughout the year

Utilities

Download Acrobat Reader

Read more »

E-filing of Returns

e-Filing of Returns

(1) What is E-Filing? The process of electronically filing Income tax returns through the internet is known as e-filing. It is mandatory for companies and Firms requiring statutory audit u/s 44AB to submit the Income tax returns electronically for AY 2007-08 onwards. E-filing is possible with or without digital signature.

(2) Types of E-Filing There are three ways to file returns electronically. Option 1: Use digital signature, in which case no further action is required. Option 2: File without digital signature, in which case the duly signed ITR-V form is to be submitted to CPC Bengaluru using Ordinary Post or Speed Post within 120 days of transmitting the data electronically. This completes the Return filing process for non-digitally signed returns. Option 3: File through an e-return intermediary who would do eFiling and also assist the Assessee file the ITR -V Form.

(3) Types of E-Filing

(4) E – filing process :   This is explained below with the help of a flow chart.

(5) Change in the procedure of e- filing for 2008-09 Type Change For digitally signed returns No Change Paper Returns -Two step Procedure After uploading data -instead of filing paper return assessee to file verification form called ITR-V (Combination of Acknowledgement of e-return and verification Paper Returns - through e-intermediaries

(6) e-Filing Process – At a glance Select appropriate type of Return Form . Download Return Preparation Software for selected Return Form. Fill your return offline and generate a XML file. Register and create a user id/password . Login and click on relevant form on left panel and select "Submit Return". Browse to select XML file and click on "Upload" button . On successful upload acknowledgement details would be displayed. Click on "Print" to generate printout of acknowledgement/ITR-V Form. Incase 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. Incase 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 to CPC Benagaluru using Ordinary Post or Speed Post within 120 days of transmitting the data electronically. This completes the Return filing process for non-digitally signed Returns.

Read more »