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e-Filing of Income Tax Returns

e-Filing of Income Tax Returns. by Dr.H.S.Srinivas Prasad F.I.E. DISCLAIMER. The speaker does not claim that he is an income tax practitioner and this talk is purely for educational purposes.

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e-Filing of Income Tax Returns

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  1. e-Filing of Income Tax Returns by Dr.H.S.Srinivas Prasad F.I.E.

  2. DISCLAIMER • The speaker does not claim that he is an income tax practitioner and this talk is purely for educational purposes. • Neither The IE(India) nor the speaker takes any responsibility for penalties that may result from income tax returns filed by anyone. • People are advised to study relevant laws or consult a tax practitioner in case of doubt. e-Filing of IT return by H.S.S.Prasad

  3. Policy on Taxation • Chanakya's Artha Shastra: "collect taxes from citizens the way a Bee collects Honey from the flowers - quietly without inflicting pain". http://www.rediff.com/money/2008/feb/27inter.htm • “Render therefore unto Caesar the things which are Caesar's; and unto God the things that are God's" - Gospel of Mark (12:15) • Payment of Zakat is one of the 5 pillars of Islam • Thiruvalluvar (Thirukural) – Taxes which people pay are one of the three sources income of a king e-Filing of IT return by H.S.S.Prasad

  4. The Laws • Ignorance is not bliss – know the law • Income tax Act 1961 as modified by Finance Act 2012 • Visit http://incometaxindia.gov.in • Click on Tax laws and Rules => Income tax Act 1961 e-Filing of IT return by H.S.S.Prasad

  5. Click here e-Filing of IT return by H.S.S.Prasad

  6. Click here e-Filing of IT return by H.S.S.Prasad

  7. e-Filing of IT return by H.S.S.Prasad

  8. Definitions • "assessment year" means the period of twelve months commencing on the 1st day of April every year [S.2(9)] • Previous Year: "previous year" means the financial year immediately preceding the assessment year [S.3] • Income: defined in section 2(24) of IT Act. • PAN – permanent account no. (S.139A) e-Filing of IT return by H.S.S.Prasad

  9. Computation of total income • For any “Assessment Year” the taxable income comprises the following types of income • Salaries • Income from house property • Capital gains • Business or Profession • Income from other sources e-Filing of IT return by H.S.S.Prasad

  10. Excluded income e-Filing of IT return by H.S.S.Prasad

  11. Excluded income – examples (S.10) • Agricultural income • Income of a partner in a partnership firm, separately assessed as such • LTC paid by employer • any allowances or perquisites paid or allowed as such outside India by the Government to a citizen of India for rendering service outside India ; e-Filing of IT return by H.S.S.Prasad

  12. Excluded income – examples (S.10) • in the case of a consultant— any remuneration or fee received by him or it, directly or indirectly, out of the funds made available to an international organisation ... • any gratuity received under the Payment of Gratuity Act, 1972 (39 of 1972), to the extent … • any payment in commutation of pension … e-Filing of IT return by H.S.S.Prasad

  13. Who should file an IT return • S.139 - Filing of IT return is obligatory if income, before any deduction under section chapter VI exceeds • For men below 60 years of age Rs.180,000 • For women below 60 years of age Rs.190,000 • Age between 60 and 80 at any time during financial year 2011-12 Rs.250,000 • Age above 80 years at any time during financial year 2011-12 Rs.500,000 e-Filing of IT return by H.S.S.Prasad

  14. IT Return forms e-Filing of IT return by H.S.S.Prasad

  15. DOWNLOAD RETURN FORM CLICK HERE e-Filing of IT return by H.S.S.Prasad

  16. Income tax return • Part A: General • Part B: TI • Verification • Schedules • Salaries • HP, house property • OS, other sources, etc. e-Filing of IT return by H.S.S.Prasad

  17. Salary • Sections of IT Act: S.15 to 17 • Schedule S of return • Form 16 issued by employer shows TDS House Property • Sections of IT Act: S.22 to 27 • Schedule HP of ITR2 e-Filing of IT return by H.S.S.Prasad

  18. Business or Profession • Sections of IT Act: S.28 to 44D • Schedule BP Capital Gains • Short term capital gains • Long term capital gains • Sections of IT Act S 45 to 55 A • Schedule CG e-Filing of IT return by H.S.S.Prasad

  19. Other Sources • Sections of IT Act: S.56 to 59 • Schedule OS (includes interest on deposits) Aggregation of Income & Losses • Current year losses may be set off or carried forward, S.66 to 80 • Schedules BFLA, CYLA, CFL e-Filing of IT return by H.S.S.Prasad

  20. Deductions from taxable income • Chapter VIA, section 80A to 80 VV • S.80C: Insurance, provident fund e-Filing of IT return by H.S.S.Prasad

  21. Deductions from IT e-Filing of IT return by H.S.S.Prasad

  22. Deductions from IT e-Filing of IT return by H.S.S.Prasad

  23. Advance Tax • As per S. 209 and S.211 b of the IT Act • 30% by 15th September • 60% by 15th December • 100% by 15th March e-Filing of IT return by H.S.S.Prasad

  24. Self Assessment Tax • Section 140A: the assessee shall be liable to pay such tax together with interest payable under any provision of this Act for any delay in furnishing the return or any default or delay in payment of advance tax, before furnishing the return and the return shall be accompanied by proof of payment of such tax and interest. e-Filing of IT return by H.S.S.Prasad

  25. Interest payable • For delay in filing IT return: 1% per month (S.234A) • Interest for delayed payment of advance tax: 1% per month. (S.234B, 234C) e-Filing of IT return by H.S.S.Prasad

  26. Challans for payment of taxes • ITNS 280 for payment of Income tax and Corporation tax; • ITNS 281 for depositing Tax Deducted at Source / Tax Collected at Source (TDS/TCS) • ITNS 282 for payment of Hotel Receipts Tax, Estate Duty, Wealth Tax, Gift-tax, Expenditure Tax and Other direct taxes. • ITNS 283 for payment of Banking Cash Transaction Tax and Fringe Benefits Tax. e-Filing of IT return by H.S.S.Prasad

  27. Tax Deduction at Source (TDS) • S.192 – on salaries by employer – form 16 • S.194 – on dividends • S.194a – interest other than interest on securities • S.194i – rent • S.194j – fees for professional or technical services e-Filing of IT return by H.S.S.Prasad

  28. I.T. Return Forms Click here e-Filing of IT return by H.S.S.Prasad

  29. Download form/instructions e-Filing of IT return by H.S.S.Prasad

  30. Procedure for e-filing • Open the web site http://incometaxindia.gov.in • Click login and register as new user • Download return preparation software based on Excel • Fill the form • Verify • Generate XML file • Upload XML file • Return receipt received by email duly verified. e-Filing of IT return by H.S.S.Prasad

  31. Registration e-Filing of IT return by H.S.S.Prasad

  32. Registration - Enter PAN e-Filing of IT return by H.S.S.Prasad

  33. Registration - Fill in the form e-Filing of IT return by H.S.S.Prasad

  34. Login e-Filing of IT return by H.S.S.Prasad

  35. Login – Enter PAN and password e-Filing of IT return by H.S.S.Prasad

  36. Return preparation software - 1 e-Filing of IT return by H.S.S.Prasad

  37. Download software for return preparation-2 e-Filing of IT return by H.S.S.Prasad

  38. Select form and download e-Filing of IT return by H.S.S.Prasad

  39. Viewing TDS-form 26 AS • View Tax Credit Statement (Form 26AS) through e-filing web site • After login go to menu option • MyAccount->View Tax credit statement (Form 26AS) • The new screen provides facility to enter A.Y., DOB and capcha code to view the statement. e-Filing of IT return by H.S.S.Prasad

  40. Viewing TDS-26AS -1 e-Filing of IT return by H.S.S.Prasad

  41. Viewing TDS-26AS - 2 Click here e-Filing of IT return by H.S.S.Prasad

  42. Viewing TDS 26AS - 3 e-Filing of IT return by H.S.S.Prasad

  43. TDS-form 26AS-4 e-Filing of IT return by H.S.S.Prasad

  44. e-Filing 2012-13 Click here e-Filing of IT return by H.S.S.Prasad

  45. Submission – select A.Y. Click here e-Filing of IT return by H.S.S.Prasad

  46. Select form to be uploaded e-Filing of IT return by H.S.S.Prasad

  47. Enter XML file to be uploaded & Upload e-Filing of IT return by H.S.S.Prasad

  48. After return is uploaded • Acknowledgment will be generated by computer / and will arrive by email. • Please sign and dispatch it within 120 days to the Central Processing Centre duly verified by post e-Filing of IT return by H.S.S.Prasad

  49. Benefits of e-filing • Downloading form may be done from home • Filing Excel form is simpler than manual filing as computations are done by computer. Accuracy is ensured. • Returns may be submitted 24/7 and queuing in IT office will be avoided • Processing of return can be monitored e-Filing of IT return by H.S.S.Prasad

  50. Who may e-file a return • Compulsory for assessees with more than 10 lakhs income per annum • Optional for others e-Filing of IT return by H.S.S.Prasad

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