Gsoftnet

Make Computation of Tax with updated Features for Assessment Year 2012-13.

I have made excel base utility to calculate Tax and Generate Salary Statement month wise for salaried employee on the demand. Keep in view that Salaried (Tax payee) Employee are busy in Tax Calculation in this month and thus they are facing the problems how to calculate Tax. This is utility for Assessment year 2012-13. Employee of Maharashtra and Other State which they drawn salary as per State Government and Central Government Departments with All admissible deductions of allowances along with current Dearness Allowance as per Salary Register.


Benefit features For -
  • Regular Employee
  • Promotion Base
  • New Appointment (Join after 01.11.2005)
Features of this utility:
  • Fully Excel Base Utility
  • Data Entry Form
  • Generate Monthwise Salary Statement
Facility:
  • View Facility
  • Print Facility
Registration & Activation to Download Tax Calculator facility is free
To Get Free Download Click Here
For More Information Regarding this Call on 08888428393
or
Email here gsoftnet@rediffmail.com

How to Submit Your Annual Income Tax Return (All ITR with Sahaj & Sugam) For A.Y. 2012-13

Friends, The Income Tax Department allows to file your Income Tax Returns even on or before 31st July, 2012 without any Interest or Penalties. July 31, 2012 is not deadline to file Income Tax Return. But, you can fill your income Tax till 31st March, 2013 with Interest or other penalties called by Income Tax Department.
  1. CAN'T REVISE RETURNS: If you miss the deadline, you will not be able to revise your returns. But if you file your returns by this deadline and later realise that you need to revise your returns, you get time till two years from the end of financial year or assessment year, whichever is earlier.
  2. CAN'T CARRY FORWARD LOSSES: I-T rules permit you to carry forward losses to the next assessment year. But you can't do so if you miss the deadline.
  3. PAY INTEREST: If you had tax dues in the current assessment year and you failed to file your returns on time, you have to pay interest.
  4. IF YOU MISS MARCH 31,2012 DATE: You may have to pay a R5,000 penalty and the return can be filed by March 31, 2013.
Documents should also be kept ready for income from house property (tenant’s particulars, TDS, gross rent, taxes), income from other sources, capital gains (details of shares sold, contract notes, movable / immovable assets, costs, dates) and income from business or profession (such as share of profit, financial statements, TDS etc.)

One also needs to collect all the documents relating to savings, investments and tax exemptions under section 80C, 80CCF, 80D, 80E, 80G etc. The payments actually made are deducted and not the payables. Details of tax payments made, besides TDS are also needed, if tax has been paid on self assessment or as advance tax.

Once all details are ready, returns can be filed. One only needs to do some home work before actual filing. It you are not able to file your return by July 31, don’t panic. You still have time upto 31 March 2013 to file return without any penalty, if no taxes are due.

How to Tax file Your Income Tax Return:
  • Collect PAN Number
  • Salary income – Form 16/ Form 16A
  • Compile proof of other incomes
  • Calculate gross total income
  • Detail your eligible investments
  • Keep TDS Certificates handy
  • Pay taxes due if any, after TDS / advance tax
  • File appropriate return form
If you want to file your Income Tax Return by SAHAJ (Click Here)
Download Forms (ITR-1, ITR-2, ITR-3, ITR-4, ITR-4S, ITR-5, ITR-7) Click Here
Do you know How to Submit your Income Tax (Click Here Now)

Latest RPU to submitting ITR's for Assessment Year 2012-13

The Month of July is the due month of Income Tax Return for Assessment year 2012-13 to Salaried Employee Assessee. Therefore, Salaried Employee must submit their Income Tax Return for the Financial Year 2011-12 before due date of penalty and unwanted causes. Thus the Income Tax Department published Income Tax Return Preparation Utility (Excel Base) to submit Income Tax Return online or offline within stipulated time.

DOWNLOAD ITR RPU (SOFTWARE) WITH HELP


Sl. No.
Form Name
Return Preparation Software
Remarks
Help
System Requirements
1
ITR-1 (SAHAJ)
New Release
MS Excel
2
ITR-2
New Release
MS Excel
3
ITR-3
New Release
MS Excel
4
ITR-4
New Release
MS Excel
5
ITR-4S (SUGAM)
New Release
MS Excel
6
ITR-5
New Release

MS Excel

How to Work in this Software?

To work in excel based utility all above Softwares are mandatory to enable macros. After enable macros this software is working properly in Microsoft Office 2003, 2007 and 2010.

How to Enable Macros in MS Excel for Return Preparation Utility?
It is necessary to ENABLE the execution of macros in Return-Preparation-Utility in order to enter, validate and generate an .XML file for upload. Follow these steps to ENABLE execution of macros depending on the version of [Microsoft Office Excel] being used to open the Return-Preparation-Utility :

[Microsoft Office Excel 2003]
Navigate through the following excel menu option to reduce the level of security in executing macros :
Tools --> Macros --> Security --> Low
OR
Tools --> Macros --> Security --> Medium
Save the excel-utility and re-open it.

[Microsoft Office Excel 2007]
Navigate through the following excel menu options to reduce the level of security in executing macros :
Excel Options --> Trust Centre --> Trust Centre Settings --> Macro Settings --> Enable all macros
AND
Excel Options --> Trust Centre --> Trust Centre Settings --> ActiveX Settings --> Enable all controls without restriction and without prompting
Save the excel-utility and re-open it.

[Microsoft Office Excel 2010]
When you open the EXCEL-UTILITY, the yellow Message Bar appears with a shield icon and the Enable Content button.
Click on the Enable Content to enable the macros.

For detailed information Click Here

Salaried and Pensioner taxpyers of Delhi Income Tax Returns recipt will be received at Civic Centre, opp. Ramlila Ground.

Directorate of Income Tax announced by F.No. PR,PP&OL/WEBSITE/2008-09 dated 23.07.2012 regarding special return receipt counters at Civil Centre.

Salaried and pensioner taxpayers of Delhi, kindly note that this year no return receipt counters are being set up at Pragati Maidan, New Delhi. Instead returns will be received at Civic Centre, opp. Ramlila Ground, New Delhi, on 26th, 27th,30th July, 2012 (10:00 Am to 5:00 PM) and on & 31st July, 2012 (10:00 AM to 8:00 PM).

For More Information Click Here

Calculate your 6th Pay Arrears as per Current D.A. Rates with P.T. Difference from 01.01.2006 to onwards

As per 6th Pay Commission which implemented from 01.01.2006. In 6th Pay commission many promotions, and placement have employee enjoying and thus I have made a easy calculator to calculate Arrears with Profession Tax Difference from 01.01.2006. This calculator is very useful to calculate Arrears as Due Drawn Statement, Salary Arrears due to Promotion, Higher Scale Pay Fixation, Placement etc. This calculator is fully capable for all conditions to calculate Arrears of 6th Pay with latest and updated D.A. Rates from 01.01.2006 to till today.


If you like to make Arrears Statement with us Send information as Below:
  • Name of Institute/Office
  • Name of Employee
  • Designation of Employee
  • Old Revised Basic
  • Old Pay Grade/AGP
  • New Revised Basic
  • New Pay Grade/AGP
  • Arrears Reason
  • Arrears Calculate from
  • Arrears Calculate upto

Download Now
Click Here

If the employee wants to arrears statement from "Gsoftnet" www.gsoftnet.blogspot.com or Call on +91 88884 28393

Download Form ITR-7 for submission of Annual Income Tax Return for Assessment year 2012-13

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
[CENTRAL BOARD OF DIRECT TAXES]
NOTIFICATION
New Delhi, the 26th day of July, 2012

Income-tax

S.O. 1705 (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 (2) They shall come into force from the date of its publication in the Official Gazette. Amendment) Rules, 2012.

2. In the Income-tax Rules, 1962, in Appendix-II, for Form ITR-7, the following Form shall be substituted, namely:-
‘ Form ITR-7 has been separately attached”

[Notification No.29/2012/ F.No.142/31/2011 -TPL]
(Ashis Chandra Mohanty)
Under Secretary 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 Incometax (7th Amendment) Rules, 2012 vide notification S.O. No.1453(E) dated 2/07/2012.

Two Initiatives 'Register for Home Visit' and 'Online Tax Help' for Taxpayer by Income Tax Department.

Income Tax Department Starts Two More Taxpayer Friendly Initiatives : 'Register for Home Visit' and 'Online Tax Help'

Press Release, dated 24-7-2012

In order to make the Income Tax Return filing experience even more convenient, the Income Tax Department has started two more taxpayer friendly initiatives 'Register for Home Visit' and 'Online Tax Help'. To avail these facilities, a taxpayer must visit the website www.trpscheme.com and take help of trained professionals either online or at their homes. The taxpayer can choose between 'online help' or 'home visit'.

On choosing the option of online tax help, the taxpayer can fill in his tax related query along with his contact details. The online query will be resolved by tax experts through E-mail or Phone within 24 hours.

The taxpayers who choose to register for home visit, will be asked to indicate in short the help required by them and a convenient date and time when the Tax Return Preparer (TRP) can visit them for assistance. The help desk will forward the query of the taxpayer to the nearest available TRP and fix the appointment telephonically. The TRP will then visit the taxpayer and render assistance. The facility is aimed to facilitate taxpayers in filing their return and thereby reducing their cost of compliance. The TRPs are allowed to collect fee from the taxpayers as per the TRP notification subject to a maximum of Rs. 250 per return preparation. The facility for home visit by TRPs has been presently made available in few cities such as Bangalore, Chennai, Guwahati, Hyderabad, Jaipur, Kolkata, Lucknow, Mumbai, New Delhi and Patna. The facility would be extended to more cities during the next phase.

The TRP scheme call center 1800-10-23738 may be called for further information regarding these initiatives.

The Tax Return Preparer Scheme is an initiative of the Income Tax Department to help small and marginal tax payers in filing of their Income Tax Returns. This Scheme is applicable to individual and HUF tax payers who can take assistance of TRPs in preparation and filing of their Income Tax Returns. The TRPs are self employed graduates who are trained by the Income Tax Department for filing of Income Tax Returns as well as quarterly TDS statements. The TRPs are authorized to collect nominal charges of Rs. 250 or less from the tax payers for preparing their Income Tax Returns. The Department also pays incentive to the TRPs for preparing of returns of tax payers which is a percentage of the total tax paid as per the returns prepared by the TRP subject to a maximum of Rs. 1000/-.

Download Circular Click Here

For New PAN Card of Individual/HUF Verification Certificate is must.

Income Tax Department has issued a format of Verification Certificate with applying New PAN Card Application. A format has been prescribed for verification certificate under provisions of Rules 114(4) of IT Rules, 1962. An individual / HUF PAN Applicant who files certificate of MP / MLA / MC / Gazetted officer as proof of his / her identity or address is to file the same in prescribed format only.

Now the Individual/H.U.F needs to give the certificate which is placed by Income Tax Department in the prescribed form for applying the PAN number. The prescribed form for giving the certificate of M.P, M.L.A, M.C or Gazetted officer as the proof of identity.

Download Verification Certificate for New PAN Card Application Click Here

What says Income Tax Rule for e-Filing of Income Tax Return?

Taxpayee knows the coming 31st July is the last date for filing of annual Income Tax Return for Assessment Year 2012-13 without any Interest and penalties. For this we can file E-return of income tax by income tax department website www.incometaxindiaefiling.gov.in which is free and some other websites too which charge a small fees for filing income tax return.

Filing of income tax return electronically is not hard but one need to know all the related things before e-filing of income tax return such as income, liability etc. These are the points which need to know properly before e-file of income tax return.

Situation:
First one needs to analysis the details of income for e-filing the income tax return. For this one need to determine the source of income. If there is income from salary and saving account bank interest only or there is income from business or profession or income from other sources, capital gains or rental income.

If the assessee has one self occupied house and there is also a house with the assessee which is not given on rent, the assessee needs to pay the interest of that second house (Notional). If the assessee took the loan for construct the house, interest on home loan is deductible from the income. The restriction of 1.5 lakh for interest repayment in a financial year doesn’t apply to self occupied second house.

If the assessee received any gifts from the friends (not relative), anything above 50000 in a financial year is taxable. The gifts may be in cash or property like shares, jewellery, immovable property, bullion or any painting or art or craft etc. The relatives are restricted by income tax department and the relatives from which the gifts are allowed can be seen from here. Gifts received on marriage, through will or inheritance is not taxable.
Sometimes the person makes the investment with the name of spouse or children. One needs to include the interest income in his income for calculating the tax liability. In case of minor children, one can avail a deduction of Rs. 1500 per minor children.

Detail of income and taxes:
One need to check the details of income in the form 16 and 16A which are the tax deducted certificate received from the deductor. One also should check it with form 26AS which is available with the income tax website income taxindiaefiling.gov.in. By this one can check the tax amount and any tax credit with your name. If there is some mistake, one needs to notify the employer to rectify, unless you may receive a notice from income tax department.
If the tax amount in previous financial year is more than 10000 Rs. And the assessee didn’t pay the advance tax; he needs to pay interest on the tax amount under section 234B and section 234C of income tax act.

Select the right form for return:
ITR-1 (SAHAJ) : For Individuals having Income from Salary & Interest
ITR-2 : For Individuals & HUFs not having Income Business or Profession from
ITR-3 : For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
ITR-4 : For Individuals & HUFs having income from a proprietor business or profession
ITR-4 S (SUGAM) : For Individuals/HUF having income from presumptive business
ITR-5 : For firms, AOPs,BOIs and LLP
ITR-6 : For Companies other than companies claiming exemption under section 11
ITR-7 : 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)

One needs to file income tax return according to income sources. Also don’t forget to mention the MICR code on the return to get the refunds electronically.

One needs to notify income tax department by sending ITR-V by speed post or ordinary post. One needs to send this before 120 days from the day of e-filing of income tax return. One needs to check if it reached to income tax department Bangalore office or not from the same income tax website.
Wealth tax.

One need to know about the wealth tax too because the return of wealth tax deadline is also 31 July. Wealth tax is payable at the rate of 1% on the amount of wealth exceeding 30 Lakhs. Wealth tax is calculated on the last date of financial year like for the assessment year 2012-13, the date to calculate the wealth was 31 March 2012.

For wealth tax, these are included in wealth:
Motor car, land or building, jewellery, precious metals, furniture, bullion, cash in excess of 50000. However the cash at bank, shares etc are not included in the wealth. A housing property or a land which is not in excess of 500 square meters is not considered as wealth. Also a house which is rented out more than 300 days also not considered as wealth.

For foreign citizen, coming to India, wealth tax is exempted for 7 years on the assets or money fetched India from abroad.

One need to maintain the documents like form 16, form 16a, Balance sheet, income proof, any exemption claim certificate etc after filing income tax return electronically. Income tax department may ask for these documents anytime after the return filed.

If a person changes the residence, one needs to notify income tax department so the department changes it with the PAN card.

How much Donation amount eligible for deduction from Income Tax?

Income Tax Act and under section 80G provides for a deduction in respect of donations to certain funds, charitable institutions etc subject to the conditions that such funds/ institutions are approved u/s 80G(5)(vi). If the receipt of Donation of Rs. 1 Lacs reveals the fact of approval of the said trust U/s 80G(5)(vi), then you can claim deduction @ 50% of the Donation u/s 80G of the Income Tax Act-1961.

The full amount is not eligible for deduction from Income. The deduction admissible is @ 100% or 50% of the donation amount depending upon the fund/ institutions to whom the donation is done. The total deduction u/s 80G is restricted to a maximum of 10% of the adjusted gross total income.

Latest ITR Form For Asstt. Year 2012-13 Download & Submit Online or Offline before 31st July, 2012.

The Month of July is the due month of Income Tax Return for Assessment year 2012-13 to Salaried Employee Assessee. Therefore, Salaried Employee must submit their Income Tax Return for the Financial Year 2011-12 before due date of penalty and unwanted causes. Thus the Income Tax Department published Income Tax Return Preparation Utility (Excel Base) to submit Income Tax Return online or offline within stipulated time.

DOWNLOAD ITR RPU (SOFTWARE) WITH HELP


Sl. No.

Form Name

Return Preparation Software

Remarks

Help

System Requirements

1

ITR-1 (SAHAJ)

Excel Utility (Version 1.0)

New Release

ITR-1 Help Manual

MS Excel

2

ITR-2

Excel Utility (Version 1.0)

New Release

ITR-2 Help Manual

MS Excel

3

ITR-3

Excel Utility (Version 1.0)

New Release

ITR-3 Help Manual

MS Excel

4

ITR-4

Excel Utility (Version 1.0)

New Release

ITR-4 Help Manual

MS Excel

5

ITR-4S (SUGAM)

Excel Utility (Version 1.0)

New Release

ITR-4S Help Manual

MS Excel

6

ITR-5

Excel Utility (Version 1.0)

New Release


MS Excel


How to Work in this Software?

To work in excel based utility all above Softwares are mandatory to enable macros. After enable macros this software is working properly in Microsoft Office 2003, 2007 and 2010.

How to Enable Macros in MS Excel for Return Preparation Utility?
It is necessary to ENABLE the execution of macros in Return-Preparation-Utility in order to enter, validate and generate an .XML file for upload. Follow these steps to ENABLE execution of macros depending on the version of [Microsoft Office Excel] being used to open the Return-Preparation-Utility :

[Microsoft Office Excel 2003]
Navigate through the following excel menu option to reduce the level of security in executing macros :
Tools --> Macros --> Security --> Low
OR
Tools --> Macros --> Security --> Medium
Save the excel-utility and re-open it.

[Microsoft Office Excel 2007]
Navigate through the following excel menu options to reduce the level of security in executing macros :
Excel Options --> Trust Centre --> Trust Centre Settings --> Macro Settings --> Enable all macros
AND
Excel Options --> Trust Centre --> Trust Centre Settings --> ActiveX Settings --> Enable all controls without restriction and without prompting
Save the excel-utility and re-open it.

[Microsoft Office Excel 2010]
When you open the EXCEL-UTILITY, the yellow Message Bar appears with a shield icon and the Enable Content button.
Click on the Enable Content to enable the macros.

For detailed information Click Here

Exemption to specified persons from requirement of furnishing a Return of Income u/s. 139(1).

EXEMPTION TO SPECIFIED PERSONS FROM REQUIREMENT OF FURNISHING A RETURN OF INCOME UNDER SECTION 139(1) FOR ASSESSMENT YEAR 2011-12

NOTIFICATION NO. 36/2011 [F. NO. 142/09/2011 (TPL)], DATED 23-6-2011

In exercise of the powers conferred by sub-section (1C) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby exempts the following class of persons, subject to the conditions specified hereinafter, from the requirement of furnishing a return of income under sub-section (1) of section 139 for the assessment year 2011-12, namely :—
Class of Persons
1. An Individual whose total income for the relevant assessment year does not exceed five lakh rupees and consists of only income chargeable to income-tax under the following head,—
(A) "Salaries";
(B) "Income from other sources", by way of interest from a savings account in a bank, not exceeding ten thousand rupees.
Conditions
2. The individual referred to in para 1,—
(i) has reported to his employer his Permanent Account Number (PAN);
(ii) has reported to his employer, the incomes mentioned in sub-para (B) of para 1 and the employer has deducted the tax thereon;
(iii) has received a certificate of tax deduction in Form 16 from his employer which mentions the PAN, details of income and the tax deducted at source and deposited to the credit of the Central Government;
(iv) has discharged his total tax liability for the assessment year through tax deduction at source and its deposit by the employer to the Central Government;
(v) has no claim of refund of taxes due to him for the income of the assessment year; and
(vi) has received salary from only one employer for the assessment year.
3. The exemption from the requirement of furnishing a return of income-tax shall not be available where a notice under section 142(1) or section 148 or section 153A or section 153C of the Income-tax Act has been issued for filing a return of income for the relevant assessment year.
4. This notification shall come into force from the date of its publication in the Official Gazette.

FAQs about Form 26 AS (PAN Ledger) Part A/B – Details of Tax deducted/Collected at source.

Before making Form 16A (TDS Certificate) from TIN NSDL website taxpayee must check Tax Credit as Form 26 AS in Part A/B and then confirm it.This is the Details of Tax deducted/Collected at source. And in this regard some common questions are below:

What are the possible reasons for mismatch/missing credits in Parts A/B of my Form 26AS and what action can be taken to rectify?The possible reasons and actions to be taken for mismatch/missing credit being displayed in your Form 26AS can be:
Reasons for mismatch/missing entry in Part A/B
Action to be taken by the assessee
In case the deductor/collector

a) Has not filled quarterly TDS/TCS return.
Follow up with deductor/collector to file TDS/TCS return
b) Has not mentioned or has wrongly quoted your PAN in TDS/TCS return.
Follow up with deductor/collector to file TDS/TCS correction return
c) Has wrongly quoted the challan details in the return against which your TDS/TCS was deposited
Follow up with deductor/collector to file TDS/TCS correction return
d) Has provided correct challan details in TDS/TCS return but bank has made error while digitising challan details
Inform deductor/collector to contact bank for rectification
In case you

a) Have provided incorrect PAN to the deductor/collector
Provide correct PAN to deductor/collector & ask him to file correction return with correct PAN
b) Have not provided PAN to the deductor/collector
Provide PAN to deductor/collector & ask him to file correction return with PAN


The TDS/TCS return filed by the deductor/collector is rejected in the system
Contact your deductor/collector

Date of payment displayed in Form 26AS is different than date mentioned in TDS certificate issued by my deductor/collector. How can I correct it?You should contact your deductor/collector to file revised TDS/TCS return with correct date.
I have given incorrect PAN to my deductor. What will be the effect in Form 26AS?
In such cases, the tax payment details will not be posted in Form 26AS. Therefore, it is important for you to correctly state your PAN in your tax payment challans.
How can any deductor verify the status of the TDS/TCS returns furnished by him?
The deductor can use the Quarterly Statement Status facility available at TIN website to verify both upload and booking status of the TDS/TCS return uploaded by it.

Exemption of salaried Employees from requirement of filing of Returns for Assessment year 2012-13

This is great news for salaried employee who are filing of Income Tax Return for Assessment Year 2012-13 whose the total Income of the employee does not exceed Rs. 5 Lakh (Total Income means Gross Total Income Less deductions under Chapter VIA) are exempt from filing of Income Tax Return. Regarding this Income Tax Department has issued circular for Exemption of Salaried Employees from Requirement of Filing of Returns for Assessment Year 2012-13 vide Press Release [No. 402/92/2006-MC (15 of 2012)], Dated 20.07.2012. This circular makes easy an individual to know whether he is responsible for submission of his Income Tax Return or not. Income tax department issued some conditions which are necessary for availing the exemption of no need to file income tax return for salaried person which are as under.

EXEMPTION OF SALARIED EMPLOYEES FROM REQUIREMENT OF FILING OF RETURNS FOR ASSESSMENT YEAR 2012-13
PRESS RELEASE [NO. 402/92/2006-MC (15 OF 2012)], DATED 20-7-2012

CBDT vide its notification No. 9/2012 dated 17th February, 2012 has exempted salaried employees from the requirement of filing the returns for A.Y. 2012-13. The exemption is applicable only if all the following conditions are fulfilled: -
  • Employee has earned only salary income and income from savings bank account and the annual interest earned from savings bank account is less than Rs. 10 thousand.
  • The total Income of the employee does not exceed Rs. 5 Lakh (Total Income means Gross Total Income Less deductions under Chapter VIA).
  • The Employee has reported his PAN to the employer.
  • Employee has reported his income from interest on savings bank account to employer.
  • Employee has received Form 16 from his employer.
  • Total Tax Liability of employee has been paid off by employer by way of TDS and employer has deposited TDS with central government.
  • Employee has no refund claim.
  • Employee has received salary only from one employer.
  • Employee has not received any Notice from Income Tax Department for filing of Income Tax return.
Click Here for more information regarding this circular.

Late filing of Income Tax Return may effect by penalties.

Due to late filing of Income Tax Return may effect on Interest u/s 234A, Loss of Interest on Retund, Audit Report and Revised Return etc. Therefore, taxpayee request you to avoid all impact of late filing of Income Tax Return for Assessment year 2012-13

Interest u/s 234A:
If there is tax due after deducting advance tax ,TDS and self assessment tax than interest will be applicable @1% per month and part thereof up to the date of filing of the return besides interest applicable u/s 234B or 234C.Means this interest is applicable only if there is any tax payable in your return .(INTEREST calculator 234BC online is available here)

Loss of Interest on refund:
You may loose interest on refund u/s 244A as delay in filing is attributable to assessee for the period by which you have filed late return.

Audit Report:
Person who are liable to get their accounts audited should get the audit report on or before the due date of filing return i.e 30.09.2012.Audit repot is only to be prepared and not to be filed any where.In simple word or boldly we can say that if audit report has been signed before 30.09.2011 that is enough,you can file return late and report particulars will be filled when ever you filed your income tax return.This is as income tax circular no 5/2007 point no 6 (read full circular)

Revised return :
Late /belated return can not be revised .This is major draw back .if you failed to file return in time then you can revise your income tax return. Though you may apply revision u/s154 which is lenghty process 
  • Some of deduction under subsection 80 are not available for late return.
  • Due date of income tax return is related to TDS deposite and disallowance u/s 40a(ia).
  • Due date of Income Tax return is related to tax saving u/s 54,54B,54F and some other issues in capital gain saving account deposit scheme.
  • Not able to carry forward the losses under various heads:you are not able to carry forward following type of losses if file return after due date

Last date of Filing of Form 23B extended upto 04th August, 12 without any fee by MCA.

As per Circular No. 14/2012 dated 21.06.2012, submission of Form 23B is extended by 2 weeks i.e. 04th August, 2012.  This announcement from MCA website regarding filing of Form 23B.

“Ministry vide circular number 14/2012 dated 21.06.2012 had imposed fees on Form 23B (Information by auditor to Registrar) w.e.f. 22/07/2012. Kindly note that the last date for filing the Form 23B without fee has been extended for two weeks. Fee shall be charged on any eForm 23B filed on or after5th August, 2012. You are therefore advised to file the pending eForms within the time limit to avoid any last minute rush.”

To see full circular of MCA Click Here

Exemption from Filing of Income Tax Return - Clarification

Clarification regarding Non-filing of Income Tax Return by the Income Tax department

1. What is the purpose of this notification and who are proposed to be exempted from the requirement of filing of the return?
The primary objective of this notification is to exempt those salaried taxpayers from the requirement of filing income-tax returns, who have -
  • total income not exceeding Rs.5,00,000, and
  • the total income consists only of income chargeable to income tax under the head Salaries and interest income from savings bank account if such interest income does not exceed Rs.10,000.
Further, such salaried taxpayer would be eligible for exemption from filing a return of income only if tax liability has been discharged by the employer by way of Tax Deducted at Source (TDS) and the deposit of the same to the credit of the Central Government. For this purpose, taxpayer has to intimate his interest income to the employer during the course of the year.

For Example –
  1. If an individual has salary income of Rs.4,90,000 and interest income from savings bank account not exceeding Rs.10,000 (which has been reported to the employer and tax has been deducted thereon), then the taxpayer would be exempt from the requirement of filing income-tax returns since the total income from both the above sources does not exceed five lakh rupees.
  2. A taxpayer having salary income of Rs.4,98,000 and interest income from savings bank account of Rs.2,000 (which has been reported to the employer and tax has been deducted thereon), would also be eligible under this Scheme.(iii) A taxpayer having salary income upto Rs.5,00,000 and nil interest income would also be eligible under this Scheme.
  3. A taxpayer having salary income of Rs.5,50,000, interest income from savings bank account of Rs.8,000(which has been reported to the employer and tax has been deducted thereon), and who has claimed deduction of Rs.70,000 under section 80C (on account of certain payments/investments/savings) would also be eligible under the Scheme.
  4. A taxpayer having salary income of Rs.6,10,000, interest income from savings bank account of Rs.10,000 (which has been reported to the employer and tax has been deducted thereon), and who has claimed deduction of Rs.1,00,000 under section 80C (on account of certain payments/investments/savings), a deduction of Rs.20,000 under 80CCF (Infrastructure Bonds) and a further deduction of Rs.15,000 under section 80D (Health Insurance Premium) would also be eligible under the Scheme.
2. Whether a salaried taxpayer having total income of less than Rs.5,00,000 and claiming a refund of Rs.3,000 would be eligible under this Scheme ?
No. The taxpayer has to file a return of income for making a claim of refund.

3. Is having a valid PAN number a precondition for being covered by the notification?
Yes. The notification clearly specifies that the individual has to report his PAN to the employer. Hence having a valid PAN is a precondition for falling within the ambit of the notification.

4. Can an individual who is getting income under the head “salaries” from more than one employer take benefit of the notification?
No. A salaried taxpayer who has earned income from more than one employer during the financial year is not covered under this Scheme.

5. Whether this notification would also cover taxpayers having ‘loss from house property’, which are often reported by the employees to the employer.
No. Under the existing procedure, DDO/employer can give credit to the employee for a claim for loss under the head “income from house property” u/s 24 made by the employee. As a result, a salaried employee’s total income may reduce to less than Rs.5,00,000 as loss from the head “income from house property” would have been set-off against salary income. Such a taxpayer is not exempted from filing his return of income as the notification exempts only cases where the total income is under the head “salary” and from savings bank account (income from other sources) not in excess of Rs.10,000. If the taxpayer has any loss under the head “income from house property”, he will not be eligible for exemption from filing a return of income.

6. Does savings bank account include other banking accounts like fixed deposits or recurring deposits accounts?
No.
The benefit of the notification is available to taxpayers whose interest income comprises of interest earned on savings bank account ONLY.

7. Circular No. 8/2010 dated 13.12.2010 which is applicable for Assessment Year 2011-12 stipulates that the Drawing and Disbursing Officer (DDO)/Employer while deducting TDS from salary of an employee cannot allow deduction u/s 80G except donations made to the Prime Minister’s Relief Fund, the Chief Minister’s Relief Fund or the Lt. Governor’s Relief Fund. Whether the notification would cover only these cases?
Yes.
An individual cannot avail the exemption under this notification if the claim of deduction for donations under section 80G is for donations other than those mentioned in Circular No.8/2010. A taxpayer has to file a return of income for making a claim in respect of claim of deduction under section 80G for such donations
(not specified in Circular No.8/2010).

8. Will a salaried individual having agricultural income, which is exempt from tax, be covered within the ambit of the notification?A salaried individual with agricultural income exceeding five thousand rupees shall be out of the ambit of the notification. A return will have to be filed in such a case, even if other conditions of the notification are satisfied as the agricultural income (of more than Rs.5,000) has to be included, for rate purposes, in the
total income,.

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