Income Tax Return filing FY 2012013 (AY 2013-14) - Important Articles to Refer

1. Things you must know for while filing your Income Tax Return for the first time:- The financial year is over, and we have to do ITR Filing for the year gone by. Salaried Individuals and other non-audit tax payers are required do Income Tax Return Filing compulsorily before 31st July for the year ended 31st March (i.e., for the year ended 31st March, 2013 due date is 31st July 2013). This article is for the individuals who are filing their income tax return for the first time. Who is required to file the IT returns? We see that many a salaried employees are under the impression that since their employer has already deducted income tax at source, they have discharged their liability, which is not the case. Payment of taxes and filing of income tax return are two separate obligations. To read the full article click here 2. New amendments and Changes in the ITR filing for the AY 2013-14 (FY 2012-13):- The following norms for the below mentioned ITR forms are as per new amendments and changes in the ITR filing for the AY 2013-14 (FY 2012-13) introduced by the Ministry of Finance. ITR-1 (SAHAJ) FORM:- The changes in the use of this form for the AY 13-14 as per the recent notification issued by the Central Board for Direct Taxes:- SAHAJ Return Form is to be used by an individual whose total income for the assessment year 2013-14 includes:- (a) Income from salary/pension; or (b) Income from One House Property (excluding cases where loss is brought forward from previous years); or (c) Income from Other Sources (excluding Winning from Lottery and Income from Race Horses) To read full article click here 3. Submission of ITR V is mandatory for e-filing IT Return FY 2012-13 (AY 2013-14):- Recently Ministry of Finance has proposed a new way of submitting income tax e-returns for those who file online income tax returns without any digital signature. The tax payers who do not have any digital signature they compulsorily need to submit their income tax e-filing acknowledgement i.e., ITR-V Form to CPC, Bangalore by post after signing the ITR-V Form. The new proposal is to eliminate this practice which many e-filers find troublesome. Ministry of Finance has proposed to introduce secret electronic PIN number for every e-filers who does not have digital signature. In the month of June 2013 this news has spread over so many news papers and TV channels which have created confusions in the minds of so many taxpayers that whether this procedure is applicable for this Assessment Year 2013-14 relating to the financial year 2012-13. To read the full article click here 4. IT Department Sets Procedure for Rectification under section 154 for timely disposal of rectification filed:- IT Department Sets Procedure for Rectification under section 154 for timely disposal of rectification filed If there  is one thing, common taxpayers always complained of was non-disposal or delayed action on rectification requests filed by an assessee. Rectification under section 154 is filed , when there is an apparent mistake on record, which the assessee wants to get it rectified post filing of tax return. To read the full article click here 5. CBDT says Do Not enforce demand if intimation undelivered for returns Processed prior to 31-3-2010:- CBDT says Do Not enforce demand if intimation undelivered for returns Processed prior to 31-3-2010 INSTRUCTION NO.4/2013 , DATED 5-7-2013 Hon’ble Delhi High Court vide judgment in case of Court On its Own Motion vs. UOI and j Ors- in W.P. (C) 2659/2012 dated 14.03.2013 has issued Seven Mandamus for necessary action by income-tax Department one of which is regarding non-enforcement of Demand where no intimation under section 143(1) of Income-tax Act,1961 was sent by field-authorities in refspect of returns which were processed prior to 31.03.2010. To read the full article click here 6. How to file income tax return with multiple Form 16:- We at Taxmantra do understand that within the same financial year an individual might be associated with multiple employers. Tax payers often get confused regarding how to file their income tax return with multiple form 16 . At the end of the year, a salaried employee needs to collect Form 16 from both the employers as that is the basis on which the employee would file his returns. When you join a new organisation, you should furnish your TDS details from the previous employer to your current employer. To read the full article click here 7. FAQ on Income Tax Return Filing and more:- I have changed my job during the Financial Year. What should I do? It is seen in most of the cases that when an individual switches a job, he/she forgets to mention income received from previous employment to the current employer. Each employer provides a Form 16 which contains the details of salary income received by the employee and tax deducted on it. Both current and previous employer prepares a Form 16 calculating taxable income in which it gives a maximum exemption limit of Rs. 200,000 (for FY 12-13 & FY 13-14). Thus it happens that one individual gets the benefit of exemption limit more than once. This often leads to less deduction of TDS due to which interest becomes applicable on remaining tax payable amount. You should always mention the below details to your current employer: To read the full article click here 8.  How to tackle the Notice u/s 139-9 Defective Return:- Nowadays it has been noticing that the IT department is sending Notices for defective returns u/s 139(9) to so many assesses. In this article we would guide you on the necessary steps to be taken if you have got a Notice u/s 139(9). All returns whether filed electronically or manually are now paperless returns. No document is required to be attached along with the return form and therefore section 139(9) is no more relevant. In this context, Section 139C has been introduced which is discussed as under- Paperless Returns:- It is mandatory for the companies and individuals, HUFs and partnership firms subject to tax audit under section 44AB to file return of income electronically i.e., E-return. To read the full article click here 9.  Income Tax Return for AY 2013-14 will be different:- Assessment Year 2013-2014 will be influenced by some very important amendments which have been made in the Income-tax Rules with reference to filing of Income-tax Return. This article is intended to elaborate the fact that Income Tax Return for AY 2013-14 will be different, and that too, in a considerable manner. Read how. 1. All individuals having salary income as also income from house property and income from other sources except income from lottery or from horse races was permitted to file income tax return in Form No. SAHAJ-ITR1 until last year. However, as a result of the new amendment the individual if he has got any loss under the head Income from Other Sources, then such person will not be able to file Income-tax Return in Form No. SAHAJ(ITR1). It is specifically mentioned in the new amendment that persons taking advantage of filing Income-tax Return in the SAHAJ Form should not have any loss under the head Income from Other Sources. To read the full article click here 10. File an error free Income Tax Return:- Now as we are entering to the season of Income Tax Return filings we need to look into some matters to make the return error free to abstain from facing any harassment in the future. Smart filing of Return keeps you away from getting a demand notice from the department and filing a rectification against it or doing a revise return. As we all want to file our return smartly, we need to note certain things: 1. Permanent Account Number (PAN) :- First of all you need to provide your PAN number accurately. If you do not provide your accurate PAN number then Income Tax Department will not be able to identify you as the real tax payer which would not be an easy thing for you to accept. So check your PAN card as many times as possible and enter the correct PAN number. To read the full article click here 11. Timely Receipts of Tax Refunds:- Tax refunds – only few of us get on time, while most of us may have to wait for a long time. There could be several reasons for delays in tax refunds: mismatch in the tax paid details, error in bank account details, technical problems at the department, growing number of tax payers, change in mailing address etc. Let us look into some basic things about tax refunds, the process and how you can ensure timely receipt of tax refunds: When are you eligible for tax refunds? Normally, employees declare their investments or the details of tax saving investments to their employers at the beginning of each Financial Year (FY). The employer deducts the tax based on the declaration provided by the employees. Failure to declare the investments leads to higher deduction of tax, which in turn results into tax refunds. To read the full article click here 12. Online Income Tax Return Filing if income above 5 Lakh:- If you are used to the old-fashioned pen on the paper form of filing annual tax returns, you are going to have a bit of a problem this year. Earlier this month, the Income Tax Department issued a notification making e-filing mandatory for those with a taxable income of over Rs 5 lakh. This means that if you are not IT-savvy , it’s time to brush up your technical skills. After all, July 31st the last date for filing the income tax return is not too far away. However, you don’t have to fret about it as the process is not as tedious as it is imagined to be. Once you follow a few simple steps and avoid the common mistakes , you could be through in a couple of hours. Also, you have some time on hand, as all the new forms are yet to be released. “Only ITR 1 (Form Sahaj) and ITR 4S (Form Sugam) have been released for e-filing ,” informs Vaibhav Sankla , director with tax consultancy firm H&R Block. To read the full article click here 13. File Your Tax Returns Before You Get Tax Notice:- File your tax returns before you get tax notice. The Income Tax Department, encouraged by the results of letters sent tonon-filers of income tax returns earlier, the finance ministry is in the process of sending 70,000 more letters to high-priority assessees who have not filed their returns, asking them to disclose their true income and pay tax in the current financial year. The letters, being sent in two batches, follow letters sent to 1,05,000 assessees earlier, seeking reasons for not filing the return and containing the summary of information of their financial transactions. The exercise has generated revenue of over Rs 600 crore from self assessment and advance tax from the targeted assessees, the finance ministry claims. To read the full article click here 14. Filing of Income Tax Return of Deceased Assessee:- It is said that the only sure things are death and taxes, but even death doesn’t save a person from having to pay taxes. Taxpayers are required to file an income tax return as per the law for any year in which a filing requirement exists. Return filing for all assesses is necessary but if in case assesssee dies unfortunately what action need to be taken for filing the return of the deceased individual. There are many questions which needs to be answered relating to this matter. Compulsory to file the tax return of deceased assessee Filing of Income tax return cannot be ignored as it is an ongoing process. Filing of Income Tax Return and liability to pay taxes on income of deceased is same as alive person. The only difference in two is that in case of alive assessee, he himself or through person authorised by him files Income Tax Return whereas in case of deceased assessee liability to file return and pay taxes is either on legal representative or executor. Deceased person is entitled to all the deductions and exemptions for the entire year, but however tax is levied on the income being earned till his/her death. The return of the deceased person would include income till the date of death of the assessee, hereafter the income would be taxable in the hands of the Legal Heir and included in his return of income. To read the full article click here 15. Tax Liability & Filing of Income Tax Return by NRI:-  Non-resident individual in general or a non-resident Indian (NRI) particularly, pays less income tax in India on his income as per the Income Tax Act, 1961, in comparison with a resident individual. Taking a job abroad or settling overseas may not absolve an individual from filing an income tax return in India. Filing of tax return depends upon the tax liability of income earned by the individual. This in turn depends on his/her residential status as per the domestic tax laws. A non-resident Indian can save a good deal of income tax in India by adopting the legally accepted methods of tax planning provided by Taxmantra.com. Tax Liability of Income received by NRI Income tax is payable by a tax payer whether a resident, non-resident or a non-resident taxpayer on the total income computed by the Assessing Officer under the provisions of the Income Tax Act,1961. As per Section 5(2) of the said Act a non-resident is liable to pay income tax on the total income of a particular year derived from whatever source, which: To read the full article click here We at Taxmantra.com is providing one-to-one personalized consulting service to help you in addressing your tax issues and also in filing of income tax returns at no extra cost. You can call up +918820820811 & Press (1)  to avail this service or send an email at –info@taxmantra.com. You can also visit out income tax return filing page to get started.