Gsoftnet

Notification regarding open of Income Tax Offices on 31.03.2012

In the interest of assessee, CBDT has ordered under section 119(1) of Income Tax Act, 1961 to all Income Tax Offices to remain open on 31.03.2012 and all the receipts counter will work as normal day on 31.03.2012.   Detailed notification Dated 30-03-2012 is given as under :-

F.No.225/138/20111IT A.II
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

New Delhi, the 30 th March 2012

Order under Section 119(1) of the Income tax Act, 1961.

The Financial Year 2011-12 closes on 31-3-2012 falling on Saturday. All the Income Tax Offices through out India shall remain open on this day and the receipts counters shall also work during normal office hours. This direction is issued for administrative convenience by the Central Board of Direct Taxes in exercise of powers conferred under section 119 of the Income Tax Act, 1961.

Special arrangements may also be made by way of opening additional receipt counters, wherever required on so" and 31 st March 2012 to facilitate the taxpayers in filing their returns of income conveniently. These instructions may be given wide publicity.

(RK. GUPTA)
Under Secretary to the Government of India.
Copy to:-
   1. The Chairman (CBDT), All Members, Central Board of Direct Taxes for information.
   2. All Cadre Controlling CCslT for necessary action in respect of their region.
   3. The Director General of Income Tax (Admn.) Mayur Bhawan, New Delhi.
   4. DGIT (Systems) for putting it on Departmental Website.
   5. Shri Shishir Jha, CIT (MC) of CBDT.

(RK. GUPTA)
Under Secretary to the Government of India.

ITR (Annual Income Tax Return) Forms are Change for Assessment Year 2012-13.

New Income Tax Return Forms has issued by Income tax department to submit annual income Tax Return For the assessment year 2012-13. These form are used to filing the income tax return for assessment year 2012-13 and the financial year 2013-14. Income tax department issued new forms which are as follows:
  • Notification in English-(Click Here) for  Indian Individual Income tax Return
  • ITR-1 SAHAJ-  (Click Here) for  For Individuals and  HUFs not having Income from Business or Profession
  • ITR-2- (Click Here) for  For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship]
  • ITR-3- (Click Here)  For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship]
  • SUGAM (ITR-4S)- (Click Here)  for  Sugam - Presumptive Business Income tax Return
  • ITR-4- (Click Here) for  For individuals and HUFs having income from  a proprietory business or profession.

Submit your Annual Income Tax Return on or Before 31st March 2012 of A.Y. 2011-12

         Friends, I think a few Taxpayee unable to calculate Income Tax and did not submit their annual Income Tax at Income Tax Department for Assessment year 2011-12 though they deduct the TDS by their Deductor or Employer and discuss on off submission of Tax Return because below 5 Lakh Income.  Although, the tax payee having their gross income in the Financial year 2010-11 below 500000 lakhs but they did not submit return. I suggest them to submit their Annual Income Tax Return before ending of 31st March.  It is very necessary otherwise they will face the problem of notice of Income Tax Department.

Download Income Tax Return Forms Notified by Income Tax Department For Assessment Year  2011-12


How to prepare Return?


Download Return Preparation Software   For Assessment Year 2011-12
Sl. No.
Form Name
Return Preparation Software
Remarks
System Requirements
1
 ITR-1
New Release
MS Excel
(SAHAJ)
New Release
Adobe Reader
2
 ITR-2
New Release
MS Excel
3
 ITR-3
New Release
MS Excel
4
 ITR-4
New Release
MS Excel
5
 ITR-4S
New Release
MS Excel
(SUGAM)
New Release
Adobe Reader
6
 ITR-5
New Release
MS Excel
7
 ITR-6
New Release
MS Excel

In what Forms submit Return ?



Download Income Tax Return Forms Notified by Income Tax Department For Assessment Year  2011-12
Sl. No.
Form Name
Form Description
1
AY 2011-12 Income Tax Return Forms Notification under Rule 12
2
For Individuals having Income from Salary & Interest
3
For Individuals & HUFs not having Income Business or Professionfrom
4
For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
5
For Individuals & HUFs having income from a proprietory business or profession
6
For Individuals/HUF having income from presumptive business
7
For firms, AOPs,BOIs and LLP
8
For Companies other than companies claiming exemption under section 11
9
For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 13(4C)  or section 139(4D). (Not available for e-Filing)
10
Acknowledgement

TDS Depoist, Issue of Form 16, 16A and Sumission of Q4 (TDS Return) Due Dates for Assessment Year 2012-13

Tax Deductor and Tax Deductee already well know about due dates to depoist TDS (TAX), issue of Form No. 16, 16A to TDS Deductee and Submittion of TDS Return i.e. Q4 for Assessement Year 2012-13, but we once against remember to all.  As per Notification No. 41/2010 dated 31.05.2010 of Income Tax Department some slide changes are there. Thus Tax Deductor and Tax Deductee must remember Due Dates to avoide penalties and Penal Interest etc.  As per above notification the due dates for Assessment year 2012-13 is as below:
  • Due date to deposit tax deducted (TDS) in March 2012 is 30.04.2012 
  • E-Tds return due date for salary Q4 (01.01.2012 to 31.03.2012) (Form 24 Q) is 15.05.2012 
  • E-Tds return due date for other than salary Q4 (01.01.2012 to 31.03.2012)  (26Q) is 15.05.2012 
  • Due date for form 16 (salary) Fin. Year  2011-12 is 31.05.2012 
  • Due date for Form 16A quarter four (01.04.2012 to 31.03.2012) is 30.05.2012

Download complete notification (Click Here)

RBI has made special Arrangement to Deposit TAX Payments on 30, 31 March 2012

Due to rush hour Reserve Bank of India has made special arrangement to deposit Tax Payment on 30, 31 March 2012 at Mumbai and Navi Mumbai Offices except normal working time Hours.  RBI further instructed to all Bank Agencies i.e. State Bank of India and their Associates, Public Sector Banks as well as designated private sector bank to receive all types of taxes beyond Normal working hours. Thus the All Taxpayers are requested to take advantage of these facilities provided for the financial year ending March 31, 2012 and assessment year 2012-13 as per Press Release : 2011-2012/1551. Schedule of Tax Deposit is as below:

Date
Office
Cash Deposit Timings
Cheque Deposit Timings
March 30.2012
Fort Mumbai
10.00 AM to 4.00 PM
10.00 AM to 5.00 PM
March 30.2012
Navi Mumbai Belapur
10.00 AM to 4.00 PM
10.00 AM to 4.00 PM
March 31,2012
Fort Mumbai
10.00 AM to 4.00 PM
10.00 AM to 5.30 PM
March 31,2012
Navi Mumbai Belapur
10.00 AM to 4.00 PM
10.00 AM to 4.00 PM

Effects of non issuing TDS Certificate or Tax Credits not reflected in 26AS while filing the Annual Income Tax Return.

The person deducting the tax at source is duty bound to-
  • Deposit the tax deducted at source within prescribed time to the Government Treasury.
  • File of Quareterly TDS Return in respect of the Tax Deducted.
  • Issue the TDS Certificate tothe Deductee within a prescribed time.
For non compliance of each and every part mentioned above, there is a separate penalty and consequences under the income Tax Act-1961 as under-
  • For non issurance of TDS Certificate within a prescribed time, penalty is imposable u/s. 272A (2) @ Rs. 100/- per day during which the failure continues, However, the amount of penlaty cannot exceed the amount of tax deductible/deducted.
  • For non filing of TDS Return also, there is a penalty provision of Rs. 100/- per day.(The recent Finance Bill-2012 has proposed a fee of Rs. 200/- per day for late filing of TDS Return.  Besides, a penalty of Rs. 10,000/- to Rs. 1,00,000/- is proposed for non filing or inaccurate filing of TDS Return.  The ammended is proposed w.e.f. 01.07.2012)
Without Quartely TDS Return being filed by the Deductor you will not be entitled for the TAX Credit in respect of TDS Done from payment made to you.  Also, unless and untile the TDS Return is filed by the Deductor, deductee will not be able to view the TDS Credit in Form No. 26AS.

There is a general grievance that in many cases the Bank and other Tax Deductor are either not filing the quareterly TDS Return (or are not issuing the TDS Certificate) despite many requests and reminders by the Deductee.

In such cases, Deductee can follow the folling approach-
Write a letter the the Deductor incorporating
  • The details of payments done and the tax deducted therefrom.
  • Provision of Section 203 which required the Deductor for issue of tax certificate within one month from the date of Tax deduction.
  • Keep the proof of letter issued to the Deductor.
  • If dispite this, the certificate is not issued, write a letter to Joint Commissioner or Addl. CIT of TDS wing who has jurisdiction over the Deductor mentioning the detailed facts elaborated above.
Tax payee must regularly track all the tax deducted and deposited in your account (i.e. Tax Credit in Form No. 26AS) by registering your PAN at www.incometaxindia.gov.in.  In the absence of availability of TDS in form No. 26AS it would be difficult for the Assessing Officer to grant the TDS Credit.

NSDL released FVU 3.4 Ver. e-TDS/TCS Utility with New Features and more.


Procedure for Preparation of Return
Data Structure (File Format)
For statement pertaining to FY 2010-11 onwards
For statements upto FY 2009-10
NSDL Return Preparation Utility
Sample Files
For reference, sample files have been prepared as per the file formats (data structure) for Form 24Q under different scenarios, for correction of information submitted in the quarterly regular statements:
For statement pertaining to FY 2010-11 and onwards
For statements upto FY 2009-10
File Validation Utility (FVU)
e-TDS / e-TCS returns prepared for FY 2005-06 and onwards (i.e. Forms 24Q, 26Q, 27Q and 27EQ) can be validated using this utility.
The e-TDS/TCS FVU is a Java based utility. JRE (Java Run-time Environment) [versions: SUN JRE: 1.4.2_02 or 1.4.2_03 or 1.4.2_04 or IBM JRE: 1.4.1.0] should be installed on the computer where the e-TDS/TCS FVU is being installed. Java is freely downloadable from http://java.sun.com and http://www.ibm.com/developerworks/java/jdk or you can ask your vendor providing computer facilities (hardware) to install the same for you.
The e-TDS/TCS FVU setup file (e-TDS/TCS FVU.exe) comprises of three files namely:
  • TDS FVU Readme.rtf: This file contains instructions for setup of the e-TDS FVU.
  • e-TDS FVU Setup.exe: This is a setup program for installation of FVU.
  • TDS_FVU_STANDALONE.jar: This is the FVU program file.
FVU for quarterly e-TDS/TCS statement pertaining to FY 2010-11
FVU for quarterly e-TDS/TCS statement up to FY 2009-10
Instructions for extracting the files are given in: