Simplified ITR-1 with few new columns to e-file IT Return for A.Y. 2017-18 w.e.f. 01st April 2017

A crisp income tax form for salaried individuals will be introduced from April 1, doing away with some columns to simplify the filing of returns.

Individuals with salary and interest income will have to fill fewer columns as some of these for claiming income deductions have been clubbed in ITR-1 form called 'Sahaj'.

In the form for assessment year 2017-18, deductions claimed under different sections of Chapter VIA have been removed and only mostly used ones have been included.

"Columns that will remain include those for claiming deductions under Section 80C, mediclaim (80D). Those individuals who want to show deductions under other heads can do so by selecting an option," an official told PTI.

Currently, the ITR-1/Sahaj has 18 different columns for claiming deductions under Section 80 of the Income Tax Act.

Under Section 80C, a deduction of Rs 1.5 lakh can be claimed from total income for investments in LIC, PPF and repayment of housing loan.

Section 80D provides for tax deduction from the total taxable income for the payment of medical insurance premium.

This deduction is over and above the deduction under Section 80C.

"The forms would be notified by this month end as we want assessees to start filing returns from April onwards," the official added.

The move is aimed at encouraging more number of people to file returns. Currently, only 6 crore out of 29 crore persons holding permanent account number (PAN) file income returns.

The current 3-page form is simplified version of an income tax return form after removing mandated disclosure of foreign trips and dormant bank accounts introduced two years back.

People with an income of more than Rs 50 lakh per annum and who own luxury items like yacht, aircraft or valuable jewellery will continue to disclose these expensive assets with the income tax department in the ITRs.

The e-filing facility for ITR-1 is likely to be enabled from April 1 and ITRs can be filed till the stipulated deadline of July 31.

At the time of filing the form, the taxpayer has to fill in his PAN, Aadhaar number, personal information and information on taxes paid, and TDS will be auto-filled in the form.

Post July 1, as per amendments to the Finance Bill 2017 as passed by the Lok Sabha, it would become mandatory for an assessee to provide the Aadhaar number or the number showing that he has applied for Aadhaar in the ITR.

Also the efiling website would have an online tax calculator to help assessees determine their tax liability.

ITR 1-Sahaj, 2 and 2A can be used by individual or Hindu Undivided Families whose income does not include income from business.

ITR 4S - Sugam can be used by an individual or HUF whose income includes business income assessable on presumptive basis.

Source: PTI

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Income Tax Return e-Filing is mandatory for Individuals & HUF's from A.Y. 2015-16 - CBDT Latest Notification

CBDT mandates e-filing for individuals & HUFs claiming tax refund and for ordinarily residents earning overseas income

[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 15th day of April, 2015

Income-Tax

S.O. 1014 (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 (Seventh 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 Income­tax Rules, 1962,─
   (1) in rule 12,─
       (a) in sub­rule (1),­
           (A) after the words, brackets, figure and letter “sub­section (4D)” the words, brackets, figure and letter “or sub­section (4E)” shall be inserted;
           (B) for the figures “2014”, the figures “2015” shall be substituted;
           (C) in clause (a), in the proviso, in clause (I), for sub­clause (ii), the following sub­ clauses shall be substituted, namely:­
               “(ii) signing authority in any account located outside India; or
               (iii) income from any source outside India;”;
           (D) in clause (ca), in the proviso, in clause (I), for sub­clause (ii) the following sub­ clauses shall be substituted, namely:­
               “(ii) signing authority in any account located outside India; or
               (iii) income from any source outside India;”;
           (E) in clause (g), after the words, brackets, figure and letter “sub­section (4D)” the words, brackets, figure and letter “or sub­section (4E)” shall be insert
           (b) for sub­rule(3), the following sub­rule shall be substituted, namely:­
‘(3) The return of income referred to in sub­rule (1) shall be furnished by a person mentioned in column (ii) of the Table below to whom the conditions specified column (iii) apply, in the manner specified in column (iv) thereof:­

Explanation.­ For the purposes of this sub­rule “electronic verification code” means a code generated for the purpose of electronic verification of the person furnishing the return of income as per the data structure and standards specified by Principal Director General of Income­tax (Systems) or Director General of Income­tax (Systems).’ (d) in sub­rule (4), for the words and brackets, “Director­General of Income­tax (Systems)”, the words and brackets “Principal Director­General of Income­ (Systems) or Director­ General of Income­tax (Systems)” shall be substituted; (e) in sub­rule (5), for the figures “2013”, the figures “2014” shall be substituted. (2) in Appendix­II, for “Forms SAHAJ (ITR­1), ITR­2, SUGAM (ITR­4S) and ITR­V” the “Forms SAHAJ (ITR­1), ITR­2, SUGAM (ITR­4S) and ITR­V” shall respectively, be substituted, namely:­

[Notification No. 41/2015/ F.No.142/1/2015­TPL]

(Gaurav Kanaujia) Director to the Government of India

Download New Notification for ITR Form Ay 2015-16

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In the matter of refunds CBEC wants special attention to judicial discipline.

The CBEC i.e. Central Board of Excise & Customs has issued a Instruction F. No. 201/01/2014-CX.6 dated 26.06.2014 regarding need to follow Judicial discipline in adjudication proceedings to all The Commissioners of Central Excise, Central Secise and Service Tax and Customs.  For more information regarding this Refunds of CBEC read the following instruction-

F. No. 201/01/2014-CX.6

Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise & Customs

New Delhi, the 26th June, 2014

To

All Chief Commissioners of Central Excise,
All Chief Commissioners of Central Excise and Service Tax,
All Chief Commissioners of Customs.

Sirs,

Subject – Instructions regarding need to follow Judicial discipline in adjudication proceedings.

Kind attention is invited to the order of Hon’ble High Court of Gujarat at Ahmedabad in case of M/s E. I. Dupont India Pvt Ltd (hereinafter referred to as M/s Dupont) in Special Civil Application no 14917 to 14921 of 2013 dated 25-10-2013 [2013-TIOL-1172-HC-AHM-CX]. M/s Dupont had filed appeal before the Hon’ble High Court against rejection of a refund claim on an issue which had earlier been decided by the Hon’ble High Court against the revenue, though in a matter relating to a different assessee. Thus for deciding the refund, a binding precedent judgment existed.

2) However the binding precedent was not followed which led to litigation before the Hon’ble High Court to which Hon’ble High Court took a serious view. It may be noted that on the subject of consequential refund, where the department has gone in appeal, there already exists a circular no 695/11/2003 –CX dated 24-02-2003. This circular of the Board is binding on all field officers. Had this circular been followed in the case, unnecessary litigation as well as adverse observation of the Hon’ble High Court could have been avoided. This circular is once again brought to the notice of field officers with direction that it is followed scrupulously.

3) The judgment of Hon’ble High Court in M/s Dupont case (supra) under reference may be perused by the field officers for complete understanding of the issues involved and directions of the Hon’ble High Court on need to follow judicial discipline. Judgment of the Hon’ble Supreme Court in case of Union of India vs. Kamlakshi Finance Corporation Ltd. [1991 (55) E.L.T. 433 (S.C.) = 2002-TIOL-484-SC-CX-LB] may also be perused as this is an authoritative pronouncement on the issue and has also been cited by the Hon’ble High Court.

4) The contents of this instruction may be brought to the notice of all adjudicating authorities under your jurisdiction with direction to follow the same scrupulously.

Yours faithfully,

(Pankaj Jain)

Under Secretary (CX)

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e-Filing of Income Tax Return is Mandatory for Asstt. Year 2014-15.

Any assessee having total income of Rs.  5 Lakhs and above from AY 2013-14 and subsequent Assessment Years.

Individual/ HUF, being resident, having assets located outside India from AY 2012-13 and subsequent Assessment Years.

An assessee required to furnish a report of audit specified under sections 10(23C)(iv), 10(23C)(v),10(23C)(vi) ,10(23C)(via) , 10A, 12A(1)(b), 44AB, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E or 115JB of the Act, shall furnish the said report of audit and the return of Income electronically from AY 2013-14 and subsequent Assessment Years.

An assessee required to give a notice under Section 11(2)(a) to the Assessing Officer from AY 2014-15 and subsequent Assessment Years.

All companies.

Firm (to whom provisions of section 44AB is not applicable), AOP, BOI, Artificial Juridical Person, Co-operative Society and Local Authority required to file ITR 5 from AY 2014-15 and subsequent Assessment Years.

An assessee required to funish return u/s 139 (4B) in ITR 7.

A resident who has signing authority in any account located outside India.

A person who claims relief under sections 90 or 90A or deduction under section 91.

Sournce: wwww.tdsman.com

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Latest ITR-1 (Sahaj), ITR-2, ITR-4S & ITR-V for Asstt. Year 2014-15 & Mandatory e-filing for firms.

INCOME-TAX (FOURTH AMENDMENT) RULES, 2014 - AMENDMENT IN RULE 12 & SUBSTITUTION OF FORMS SAHAJ (ITR-1), ITR-2, SUGAM (ITR-4S) AND ITR-V

NOTIFICATION NO.24/2014 [F.NO.142/2/2014-TPL]/SO 997(E), DATED 1-4-2014

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 (4th Amendment) Rules, 2014.

(2) They shall come into force with effect from the 1st day of April, 2014.

2. In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 12,—

(a)		in sub-rule (1), for the figures "2013", the figures "2014" shall be substituted;
(b)		in sub-rule(2), in the proviso after the words and figures "section 115JB" the words "or to give a notice under clause (a) of sub-section (2) of section 11" shall be inserted;
(c)		in sub-rule (3), in the first proviso,—

(A)

after clause (aab), the following clause shall be inserted, namely:—

"(aac)

a person required to furnish the return in Form ITR-5, other than a firm to which clause (aaa) is applicable, shall furnish the return for the assessment year 2014-15 and subsequent assessment years in the manner specified in clause (ii) or clause (iii);";

(B)

for clause (b), the following clause shall be substituted, namely:—

"(b)

a person required to furnish the return in Form ITR-7 shall furnish the return for assessment year 2014-15 and subsequent assessment years,—

(A)		in case it is furnished under sub-section (4B) of section 139, in the manner specified in clause (ii);
(B)		in other cases, in the manner specified in clause (i) or clause (ii) or clause (iii):";

(d)		in sub-rule (4), after the words, "report of audit", the words "or notice" shall be inserted;
(e)		in sub-rule (5), for the figures "2012", the figures "2013" shall be substituted.

3. In the said rules, in Appendix-II, for "Forms SAHAJ (ITR-1), ITR-2, SUGAM (ITR-4S) and
    ITR-V" the "Forms SAHAJ (ITR-1), ITR-2, SUGAM (ITR-4S) and ITR-V" shall be
    respectively substituted as follows:

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Latest ITR-2 Excel Utility to upload e-return for Asstt. Year 2013-14.

ITR-2 Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2013-14 includes - (a) Income from Salary / Pension; or (b) Income from House Property; or (c) Income from Capital Gains; or (d) Income from Other Sources (including Winning from Lottery and Income from Race Horses). Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories. ITR-2 Return Form is applicable for assessment year 2013-2014 only, i.e., it relates to income earned in Financial Year 2012-13. Remember this Return Form should not be used by an individual whose total income for the assessment year 2013-14 includes Income from Business or Profession.  No document (including TDS certificate) should be attached to this Return Form. All such documents enclosed with this Return Form will be detached and returned to the person filing the return.

Read More Details who can File ITR-1 (Sahaj) and ITR-4S (Sugam) (Download)

Who can exempt from filing of e-Filing Return and FAQs ?

Read full details about due dates for the year end (Fin.Year) 2012-13.

DETAILS REGARDING TAX RETURN PREPARER (TRP)

(a) This return can be prepared by a Tax Return Preparer (TRP) also in accordance with the Tax Return Preparer Scheme, 2006 dated 28th November, 2006.

(b) If the return has been prepared by him, the relevant details have to be filled by him in item No.16 below verification and the return has to be countersigned by him in the space provided in the said item.

(c) The Tax Return Preparer is entitled to a maximum fee of Rs. 250/- from the taxpayer. TRP is also entitled to a reimbursement from the Government for following three years as under:-

1. 3 per cent of the tax paid on the income declared in the return for the first eligible assessment year (first eligible assessment year means the assessment year if no return has been furnished for at least three assessment years preceding to that assessment year);
2. 2 per cent of the tax paid on the income declared in the return for the second eligible assessment year (second eligible assessment year means the assessment year immediately following the first eligible assessment year);
3. 1 per cent of the tax paid on the income declared in the return for the third eligible assessment year (third eligible assessment year means the assessment year immediately following the second eligible assessment year);

(d) For these three eligible assessment years, the TRP will be eligible for the fee from the taxpayer to the extent of the amount by which Rs. 250/- exceeds the amount of reimbursement receivable by him from the Government.

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Print Specifications for SAHAJ and SUGAM for Asstt. Year 2013-14

SAHAJ and SUGAM Forms notified by CBDT are the simplest, technology enabled and taxpayer friendly return forms. These have been designed to facilitate error free and faster digitization. This is expected to curtail processing cycle and expedite issue of refunds. Taxpayers are advised to follow steps enumerated below.

• SAHAJ and SUGAM forms are colored forms with standard features like registration marks, barcode etc. Taxpayers are advised to collect the forms from Income Tax offices, Tax-melas, TRP’s and submit the same to the income tax department.
• Taxpayers can also download the forms from the website and print using a color printer on an A4 size white paper. It is advisable for taxpayer to set the properties in printing options to “fit to page” and print the forms on a good quality white paper.
• Taxpayers may also use the Fillable forms, being made available by the department shortly.
• The Acknowledgement copy [ITR-V Acknowledgement] to be retained by taxpayer may be printed in black & white.

Printers and Software vendors are advised the following.

• In case, the private printers/vendors want to deliver the forms and instructions to the public at large, they can get the source file in Corel Draw format from Centralized Processing Center at no cost, by sending a request to “ Commissioner of Income Tax, Centralized Processing Center, “Prestige Alpha”, Hosur Road, Bangalore-560100” or e-mailing at “itdcpc@incometaxindia.gov.in”. Printers are advised to print the forms according to print specifications given in Annexure –A & B. The dimensions of the borders and markers are same as the earlier forms notified for AY 11-12 which are specified in Annexure-A
• No approval is required from Income Tax Department for certification of printing software.

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ITR-I (Sahaj) and ITR-4S (Sugam) Software (Excel) For Asstt. Year 2013-14.

Income Tax Department has started online uploading of ITR-1 (Sahaj) and ITR-4S (Sugam) on Income Tax e-Filing website as well as the department has issued Annual Income Tax Return prepation software in excel i.e. ITR-I (Sahaj) and ITR-4S (Sugam) and it also available in pdf format with all applicable ammendments of forms ITR-1 (Sahaj), ITR2, ITR-3, ITR-4s (Sugam), ITR-4, and ITR-5 Acknowledgement in PDF format for Asstt. Year 2013-14.  Excel utility for Income tax return Sahaj(ITR-1) and Sugam(ITR-4S) are now available for download and file your annual income tax return by e-filing way.

Free Download ITR-1 (Sahaj) to ITR-V in Excel Base Utility and PDF Format

Taxpayee can download pdf Annual Income Tax Return Forms.

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Who can and cannot use ITR Forms?

Normally Taxpayee uses ITR Form in proper format but some times file mistakenly.  Therefore, Assessing Officer or Income Tax Department Reject or misconduct while assessment.  On the other hand we can say, if the Assessee or Taxpayee have any refund amount and not submit ITR in proper format, in such case the Assessment Officer take action as mis-appearance of documents or not finalize the Assessment. The assessee has any amount of refund but Assessment Officer not take action to send Refund Order.  Therefore, we suggest to all assessee/taxpayee submit their return in proper forms :

Return Type	Who can use this form	Who cannot use this form
ITR 1 (Sahaj)	This Return Form is to be used by an Individual whose Total Income for the assessment year 2012-13 Income from Salary/Pension; or Income from One House Property (excluding cases where loses is brought forward from previous years); or Income from Other Sources (excluding winning from Lottery and Income from Race Horses) Note: Further, in a case where the Income from another person like Spouse, Minor Child, etc. is to be clubbed with the income of the assessee, these Return Form can be used only if the Income being clubbed falls under the above categories	1. This Return Form should not be used by an Individual whose Total Income for the assessment year 2012-13 includes a) Income from more than one House Property; or b) Income from winning from Lottery or income from winning from Race Horses; or c) Income under the head "Capital Gains" , Which are not exempt from tax, e.g. Short Term Capital Gains or Long Term Capital Gains from the sale of House, Plot, etc.; or d) Income from Agriculture in excess of Rs 5,000; or e) Income from Business or Profession Note: This Return Form should not be used by a resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India
ITR 2	This Return Form is to be used by an Individual or a Hindu Undivided Family whose Total Income for assessment year 2012-13 includes - a) Income from Salary/Pension; or b) Income from House Property; or c) Income from Capital Gains; or d) Income from Other Sources (including winning from Lottery and Income from Race Horses) Note: In a case where the Income from another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, these Return Form can be used where such income falls in any of the above categories	This Return Form should not be used by an Individual or a Hindu Undivided Family whose Total Income for assessment year 2012-13 includes Income from Business or Profession
ITR 3	This Return Form is to be used by an Individual or a Hindu Undivided Family who is a Partner in a Firm and where Income chargeable to Income tax 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. In case a person in the firm does not have any income from the firm by way of interest, salary, etc. and has only exempt income by way of share in the profit of the firm, he shall use this Form only and not Form ITR-2	This Return Form should not be used by an Individual or a Hindu Undivided Family whose Total Income for assessment year 2012-13 includes Income from Business or Profession under any proprietorship
ITR 4S (Sugam)	1. This Return Form is to be used by an Individual/HUF whose Total Income for the assessment year 2012-13 includes; - a) Business Income where such income is computed in accordance with special provisions referred to in section 44AD and 44AE of the Act for computation of Business Income; or b) Income from salary/pension; or c) Income from one house property (excluding cases where loses is brought forward from previous years); or d) Income from Other Sources (excluding winning from Lottery and Income from Race Horses) Note: 1. The Income computed shall be presumed to have been computed after giving full effect to every loss, allowance, depreciation under the Income Tax Act 2. Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, these Return Form can be used only if the Income being clubbed falls into either of the above income categories	1. This Return Form cannot be used to file the following incomes a) Income from more than one House Property; or b) Income from winning from Lottery or income from Race Horses; or c) Income under the head "Capital Gains" , Which are not exempt from tax, e.g. Short Term Capital Gains or Long Term Capital Gains from the sale of House, Plot, etc.; or d) Income from Agriculture in excess of Rs 5,000; or e) Income from speculative Business and other special incomes f) Income from a Profession as referred to in sub-section (1) of section 44AA or income from agency business or income in nature of commission or brokerage Note: This Return Form cannot be used by a resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India
ITR 4	This Return Form is to be used by an Individual or a Hindu Undivided Family who is carrying out a proprietary business or profession.

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Free Download ITR (1(Sahaj),2,3,4 & 4S(Sugam)) with Help File for Salaried Employee to File Income Tax Return upto 31st July, 2012.

As you know very well the month of end of July is the due Date of Income Tax Return for Salaried Employee Assessee for Assessment year 2012-13. In Which form is applicable for Salaried Employee for submission of Income Tax Return for the Financial Year 2012-13. For any other assessees Like Salaried Income, Person having Income from House property, Interest income, Business Income where accounts are not required to be audited.
Free Softwares to file your Income Tax Return Online/Offline. Income Tax Department has been published Softwares for Income Tax Return Preparation for Assessment Year 2012-13. These are Excel Based Software (version 1.0). This utility is useful for Employee Assessee, Business Assessee for Annual Income Tax Return purpose.

FREE DOWNLOAD ITR SOFTWARE WITH HELP FILE

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

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.

Download Free Software ITR-1 (SAHAJ) (Click Here)

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Free Download ITR-5 and ITR-6 (pdf Format) Income Tax Return Forms and ITR-1,ITR-2,ITR-3,ITR-4,ITR-4S software for Assessment Year 2012-13.

Income Tax Department has modified ITR-5 and ITR-6 for submission of Income Tax Return for Assessment Year 2012-13 as compare with Assessment Year 2011-12. As you know earlier Income Tax Department has issued ITR-1(SAHAJ), ITR-2,ITR-3,ITR4, ITR-4S(SUGAM) excel base Income Tax Return Preparation utility (Software) for Assessment year 2012-13 which are applicable for different type of assessee.

Who are use ITR-5?
The ITR-5 Income Tax Return form is applicable for the Firms, AOPs, BOI and LLP.

Who are use ITR-6?
The ITR-6 Income Tax Return form is applicable for the Companies other than companies claiming exemption under section 11 of Income Tax Act.

Downolad ITR-5 Income Tax Return Form (pdf Formate) Click Here
Downolad ITR-6 Income Tax Return Form (pdf Formate) Click Here

Download ITR-1 (SAHAJ), ITR-2, ITR-3, ITR-4, ITR-4S (SUGAM)Income Tax Return Preparation Utility (Click Here)

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31st July is Due Date of Income Tax Return for Salaried Employee Assessee.

As you know very well the month of end of July is the due Date of Income Tax Return for Salaried Employee Assessee for Assessment year 2012-13. In Which form is applicable for Salaried Employee for submission of Income Tax Return for the Financial Year 2012-13. For any other assessees Like Salaried Income, Person having Income from House property, Interest income, Business Income where accounts are not required to be audited.

Free Softwares to file your Income Tax Return Online/Offline. Income Tax Department has been published Softwares for Income Tax Return Preparation for Assessment Year 2012-13. These are Excel Based Software (version 1.0). This utility is useful for Employee Assessee, Business Assessee for Annual Income Tax Return purpose.

Free ITR Software Sahaj & Sugam:

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
5	ITR-4S (SUGAM)	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.

Download Free Software ITR-1 (SAHAJ) (Click Here)

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How to file your Income Tax Return for Asstt. Year 2012-13 - Important guidelines.

Income-tax return is a legal document and it should be filed by the assessee with due care and caution. There should be no corrections or overwriting and it should be properly signed and verified by the person authorized to do so under the provisions of the Income-tax Act. The following important points may be taken care of while filling up the return forms:

Assessment year to which New Forms are applicable:
The new ITRs notified are applicable for the assessment years 2008-09 onwards only, for return of income relating to earlier assessment years return is to be furnished in the appropriate form as applicable in that assessment year. Each assessee has to identify the correct ITR Form applicable in its case before filing the return of Income.

No enclosures to the return:
Rule 12(2) of the I.T Rules provides that the return of income and return of fringe benefits required to be furnished in Form No. ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, or ITR-8 shall not be accompanied by a statement showing the computation of tax payable on the basis of return, or proof of tax, if any, claimed deducted or collected at source or the advance tax or tax on self assessment, if any, claimed to have been paid or any document or copy of any account or form or report of audit required to be attached with the return of income or return of fringe benefits under any provisions of the Act.

For timely delivery of refunds, ensure correct address and account number on your Return of Income:
From 1.10.07 onwards, all income tax refunds in Bangalore, Chennai, Delhi, Kolkata and Mumbai will be delivered by the Refund Banker directly at the communication address mentioned on the Return of Income. Taxpayers are requested to fill in the correct address (available during working hours for delivery) to ensure speedy delivery of refunds. In the case of taxpayers who opt for refunds through ECS, it will be credited directly to the bank account for which correct MICR code/ Bank Account Number has to be furnished on the Return.

Manner of filing the new Forms :
These Forms can be submitted in the following manner:

1. a paper form;
2. e-filing
3. a bar-coded paper return.

Returns can be e-filed through the internet. E-filing of return is mandatory for companies and firms requiring statutory audit u/s 44AB. E-filing can be done with or without digital signaturea):

• If the returns are filed using digital signature, then no further action is required from the tax payers.
• If the returns are filed without using digital signature, then the tax payers have to file ITR-V with the department within 15 days of e-filing.
• The tax payers can e-file the returns through an e-intermediary who would e-file and assist him in filing of ITR-V within 15 days.

Where the form is furnished by using bar coded paper return then the tax payers need to print two copies of Form ITR-V. Both copies should be verified and submitted. The receiving official shall return one copy after affixing the stamp and seal.

Filling out acknowledgement:
Where the return is furnished in paper format, acknowledgement slip attached with the return should be duly filled in. The new forms are not required to be filed in duplicate.

Intimation of processing under section 143(1):
The acknowledgement of the return is deemed to be the intimation of processing under section 143(1). No separate intimation will be sent to the taxpayer unless there is a demand or refund.

Furnishing details of high value transactions:
In the return the details of high value transactions need to be compulsorily stated, which are ordinarily reported through the annual information return (AIR) and these details are cross checked and matched with the data in the AIR.

Filing your return through Tax Return Preparers (TRPs):
If you are an individual or an HUF assessee and you are not required to get your accounts audited (called ‘eligible person’) under the provisions of the Income Tax Act, then you can use the services of a Tax Return Preparer (TRP). However, if the ‘eligible person’ is not a resident in India during the previous year relevant to such assessment year, he can not avail of the services of a TRP.

If you are filing your returns through a TRP then you should ensure that:

1. You are eligible to file return of Income under this Scheme;
2. You give your consent to any Tax Return Preparer to prepare your return of income for any assessment year;
3. You verify that the facts mentioned in the return are true and correct before you sign the return;
4. You certify the amount which has been paid by you under this Scheme to the Tax Return Preparer for preparing and furnishing of the return of income; and
5. You take a receipt of the payment made to the Tax Return Preparer and produce the same before the Resource Centre or Assessing Officer, if required,

Incentive to Tax Return Preparers:
The Tax Return Preparer shall charge a fee of two hundred and fifty rupees for any assessment year from the eligible person for preparing and furnishing his return of income for that assessment year:

Provided that he will charge no fees for preparing and furnishing the return for any eligible assessment year if the amount disbursable to him as per the scheme notified by the government for that eligible assessment year exceeds two hundred and fifty rupees. If the amount disbursable is less than two hundred and fifty rupees, we can charge the difference between rupees two hundred fifty and the amount disbursable.

Verification:
The verification must be signed by the authorized person before furnishing the return and the name and designation of the person signing the return should also be written. Any person making false statement is liable to be prosecuted under section 277 of the Act.

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