All You Want to Know about Income Tax Returns for Assessment Year 2016-17

  Q 1. What are the modes of filing return of income? Return of income can be filed in paper mode or in e-filing mode. If return of inco...

 Q 1. What are the modes of filing return of income?
Return of income can be filed in paper mode or in e-filing mode. If return of income is filed through electronicnmode, then the assessee has following three options:
(1) E-filing using a Digital Signature
(2) E-filing without a Digital Signature
(3) E-filing under electronic verification code
If return of income is filed using a digital signature or under electronic verification code, then there is norequirement of sending the signed copy, ITR V (i.e., acknowledgement of return filed electronically) to Bangalore CPC. However, if the return is filed without using digital signature or without electronic verification code, the assessee shall send the signed copy of ITR V on the following address within 120 days of uploadingthe return either by ordinary post or by speed post only:

Income Tax Department - CPC, Post Bag No.-1, Electronic City Post Office, Bangalore -560100,
Karnataka

Q 2. When is it mandatory to file return of income?
It is mandatory for a company and a firm to file its return on income. However, for an individual, HUF, association of persons and body of individuals it is mandatory to file return of income if his/its gross total income (without giving effect to provisions of section 10(38) section 10A or section 10B or section 10BA or Chapter I-A deduction) exceeds the maximum exemption limit. The maximum exemption limit and the slab rates for Assessment Year 2016-17 are given in the following table:


Class of persons
Tax slab (Amount)
Tax rate
Resident senior citizen (aged 60 years and above but less than 80 years)
Up to Rs. 3,00,000


Rs. 3,00,000 to Rs. 5,00,000


Rs. 5,00,000 to Rs. 10,00,000



Above Rs. 10,00,000

NIL


10%


20%


30%
Resident super senior citizen (aged 80 years or above)
Upto Rs. 500000


Rs. 5,00,000 to Rs. 10,00,000



Above Rs. 10,00,000

NIL


20%



30%
Any other individual or HUF (i.e., other than above)
Upto Rs.250000


Rs.250000 to Rs. 500000


Rs. 5,00,000 to Rs. 10,00,000



Above Rs. 10,00,000

NIL


10%


20%



30%
Q 3. Is it mandatory to file return of income if I have a PAN?
No, it is not mandatory to file return of income if your income is less than maximum exemption limit, irrespective of the fact that you have been allotted a PAN.

Q 4. I am an Individual and resident of India. Do I need to file return if my income is below taxable
limit but I am having an account in a foreign bank?
Yes, it is mandatory for you to file the income-tax return. In view of newly inserted proviso
to section 139(1), it is mandatory to file income-tax return, if following conditions are satisfied:
(a) The assessee is resident and ordinarily resident in India;
(b) He has any of following:
(i) Signing authority in any account located abroad;
(ii) Any asset located abroad; or
(iii) Financial interest in any entity located abroad.
The assessee is required to provide requisite details of such account, assets or financial interest in the return of income.
The individual shall furnish details about the foreign assets and income from any source outside India in the income-tax return. If an individual (not being a citizen of India) is in India on a business, employment or on student visa and he acquires any asset outside India during the previous year in which he was a non-resident, such an asset shall not be required to be reported in return if no income has been derived from that asset during the current previous year.

Q 5. Which form should I opt to file my income-tax return for the assessment year 2016-17?

ITR1
Who can file return in ITR 1?
Return in ITR 1 can be filed by an individual, if his total income includes:
(a) Salary or pension
(b) Income from one house property (except brought forward loss under this head)
(c) Income from other sources (except winnings from lotteries or horse races or losses under this head)
Who can't file return in ITR 1?
Return in ITR 1 cannot be filed by an individual if he:
(a) Is resident and ordinarily resident and has an asset (including financial interest in any entity) located outside India or has signing authority outside India or income from any source outside India.
(b) Has claimed any relief under section 90 or 90A or section 91 (c) Has agricultural income which exceeds Rs. 5,000
(d) Has income from more than one house property
(e) Has income from winnings from lottery or race horses
 (f) Has income under the head Capital Gains or Business or profession
(g) Has losses under the head Income from other sources



ITR2
Who can file return in ITR 2?
Return in ITR 2 can be filed by an individual and HUF if his/its total income includes:
(a) Salary or pension
 (b) Income from one or multiple house properties (including losses)
(c) Income from capital gains
(d) Income from other sources (including winnings from lotteries or horse races or losses under this head)
Who can't file return in ITR 2?
Return in ITR 2 cannot be filed by an individual and HUF if he/it has income chargeable to tax under the head 'Profit or gains from business or profession'



ITR2A
Who can file return in ITR 2A?
Return in ITR 2A can be filed by an individual or a HUF if his/its total income includes:
(a) Salary or pension
(b) Income from house property
(c) Income from other sources (including winnings from lotteries and income from Race Horses)
Who can't file return in ITR 2A?
Return in ITR 2A cannot be filed by an individual or a HUF if he/it:
(a) Is resident and ordinarily resident and has an asset (including financial interest in any entity) located outside India or has signing authority outside India or has income from any source outside India
(b) Has claimed any relief under section 90 or 90A or section 91 (c) Has income under the head Capital Gains or Business or profession



ITR 3
Who can file return in ITR 3
Return in ITR 3 can be filed by an Individual or HUF who is a partner in a firm deriving income by way of any interest, salary, bonus, commission or remuneration from firm.

ITR 4
Who can file return in ITR 4
Return in ITR 4S can be filed by an Individual or HUF deriving income from proprietary business or profession.

ITR 4S
Who can file return in ITR 4S?
Return in ITR 4S can be filed by an individual of HUF or a Firm (other than a limited liability partnership firm) if his total income includes:
 (a) Presumptive Income computed as per the provisions ofsection 44AD and 44AE
(b) Salary or pension
(c) Income from one house property (except brought forward loss under this head)
(d) Income from other sources (except winnings from lotteries or horse races or losses under this head
Who can't file return in ITR 4S?
Return in ITR 4S cannot be filed by a person who:
(a) Is resident and ordinarily resident and has an asset (including financial interest in any entity) located outside India or has signing authority outside India or income from any source outside India.
(b) Has claimed any relief under section 90 or 90A or section 91
(c) Has agricultural which exceeds Rs. 5,000
 (d) Has income from more than one house property
 (e) Has income from winnings from lottery or race horses
(f) Has income under the head Capital Gains
(g) Has income from speculative business and other specified business
 (h) Has income from agency business or commission or brokerage
 (i) Has losses under the head 'Income from other sources'
(j) Has income from profession as referred to in section 44AA(1) In above circumstances, the return of income shall be filed in Form ITR 4.



 Q 6. What are the due dates for filing of income-tax returns for the year ending March 31, 2016?
Assessee
Due Date
Where assessee is a company
September 30, 2016
Where assessee is required to furnish transfer pricing report in Form No. 3CEB
November 30, 2016
Where accounts are required to be audited
September 30, 2016
Co-operative society
September 30, 2016
Other cases
July 31, 2016
Q 7. Do I need to furnish details of my assets and liabilities in ITR 1?
The new ITR forms introduce a new Schedule requiring individuals/HUFs to declare the value of assets and liabilities if their total income exceeds Rs. 50 lakhs.'

Assets include immovable assets and movable assets. Under the heading immovable assets, taxpayers have to disclose cost of land and building. Under the heading movable assets cost ofJewellery, bullion, vehicles, Yachts, boats, aircraft and cash in hand should be disclosed. Further, such taxpayers need to disclose all liabilities in relation to such assets.
Note: Individuals and HUFs with income exceeding 25 lakhs, filing ITR-3 and ITR-4 were already required to furnish information of their assets and liabilities. Now such threshold limit of 25 lakhs has been increased to 50 lakhs in new ITR-3 and ITR-4 for disclosure of details of assets and liabilities.

Q8. I am 30 years old, salaried person and my income for assessment year 2016-17 is Rs. 6,00,000.
Whether I can file return of my income in paper mode, i.e., physically?
It is mandatory to file return of income electronically for a person [other than person, being an individual of the age of 80 years or more] whose total income exceeds Rs. 5 Lakh during the previous year 2015-16. Thus, you are required to file return of income electronically.

Q 9. My total income is Rs. 4,00,000 and I want to claim income-tax refund. Whether I can file my return of income in paper mode?
You cannot file return of income in paper mode as e-filing of return is mandatory for claiming any income-tax refund.

Q 10. I am 82 years old and my income is Rs. 8,00,000. Do I need to file return of income electronically?
You have an option of filing return of income in paper mode as super senior citizens (i.e., individuals of age of 80 years or more) are exempted from requirement of filing return of income in electronic mode.

Q 11. I am 85 years old and I want to claim income-tax refund. Do I need to file return of income electronically?
Super senior citizens are exempted from requirement of filing return of income in electronic mode even for claiming tax refunds. Thus, you can file your return of income in paper mode as well.

Q 12. I am 65 years old senior citizen and my total income is Rs 6,50,000. Can I file my return of income in paper mode?
You are required to file your return of income electronically as your income exceeds Rs 5,00,000. An option has been given to file return of income in paper mode only for person, being an individual of the age of 80 years or more.

Q 13. I am a resident individual and have income from any source outside India. Whether I can file my income-tax return in paper mode?
E-filing of return of income is mandatory for every resident and ordinarily resident individual and HUF having income from any sources outside India.

Q14. I am a resident individual having signing authority in an account located abroad and own assets located abroad. Whether e-filing of return of income is mandatory?
Yes e-filing of return is mandatory in your case as e-filing of return is mandatory for every resident and ordinarily resident individual and HUF, if he/it has any of following:
(i) Signing authority in any account located abroad; or
(ii) Any asset located abroad; or
(iii) Financial interest in any entity located abroad; or
(iv) Income from any source outside India.

Q 15. How to file return electronically?
Income-tax return can be filed electronically with the help of following instructions:
(a) Visit https://incometaxindiaefiling.gov.in;
(b) Choose the appropriate ITR form suitable for your status and source of income (Refer to FAQ No. 5) and download excel utility or java utility from the aforementioned website;
Assessees, who are required to file ITR-1 or ITR-4S, may alternatively file through "Quick e-File ITR" link without downloading the excel or java utility after login at the incometaxindiaefiling.gov.in.

(c) Fill up the income-tax return in the excel utility or java utility and generate XML file. Java utility has an option to pre-fill the information on basis of PAN Card or previous year's return and submit return directly (without generating XML file) but for that one has to create his account at income-tax e-filing portal;

(d) Use the following link to create your account: https://incometaxindiaefiling.gov.in/eFiling/Registration/RegistrationHome.html;
(e) After creation of account, you need to login in and then click on "Upload Return" option;
(f) Select the 'assessment year' and 'form name';
(g) Click on Choose file to select the generated XML file and upload it;
(h) Java utility gives an option to submit return directly, i.e., without generating XML file. Thus, taxpayers who are required to file return in ITR 4, 5 or 7 or those taxpayers who opt to file ITR 1, 2, 2A 3 or 4S in Java utility shall not follow the instructions given above at points (e), (f) and (g).''

(i) On successfulsubmission of ITR form a pop-up menu will be displayed on the screen to e-verify uploaded
All You Want to Know about Income Tax Returns for Assessment Year 2016-17

Q16. What are the benefits ofe-filing of return viaEVC?
Taxpayer will get an option to e-verify the uploaded return by either entering Electronic Verification Code (EVC) or an Aadhaar based One Time Password (OTP).
This facility of e-verification has been initiated by the income tax department in order to reduce physical submission ofsigned copy of acknowledgement (i.e., ITR-V).

Q17. How to e-Verify Income tax return by generating EVC?
EVC can be generated via following options:
A. Net Banking -
i) Click on option "I do not have a EVC and I would like to generate EVC to e-verify my return"
ii) Then click on "EVC- Through Net Banking and click on Continue.
iii) Taxpayer will be logged out of e-filing portal and will be redirected to a page where he can select
the bank wherein he has Net Banking facility.
iv) Login to Net Banking website and search for option for login to e-Filing portal.
v) Go to e-file menu and select E-Verify return.
vi) Click on the e-Verify link against the return that has been uploaded.

B. Bank Account Number - EVC can be generated by Pre-validating Bank Account Details. Taxpayer need to validate his bank account number that is linked with his PAN.
C. Through Demat Account Number - EVC can be generated by Pre-validating Demat Account Details.
Taxpayer need to validate his Demat account number that is linked with his PAN.
D. Through Registered email ID and Mobile Number - EVC will generated and sent to taxpayer's email ID and Mobile Number registered with e-filing portal.

Q18. How to generate Aadhaar based OTP to e-verify return?
Income tax return can be e-Verified by generating Aadhaar based one-time password (OTP). Taxpayer will be required to link his Aadhaar Number with his PAN to use this facility. Aadhaar based OTP can be generated by following steps:
i) Go to e-file menu, select e-Verify return.
ii) Click on e-Verify link and select Option 3 – "I would like to generate Aadhaar OTP to e-Verify my return"
 iii) Taxpayer will get OTP on mobile number.
iv) Enter the OTP and click on "Submit Aadhaar OTP" button

Q19. I don't want to e-Verify my return, can I send the signed copy of acknowledgment?
E-verification of return is not mandatory, taxpayer can get the printout of ITR acknowledgement (i.e., ITR-V), get it signed and send it to "Income Tax Department - CPC, Post Bag No - 1, Electronic City Post Office, Bangalore - 560100, Karnataka" within 120 days of uploading the return either by ordinary post or by speed post only.'

If ITR-V is not submitted within stipulated period of 120 days, then it will be deemed that assessee has not filed the return of income.

If assessee is using digital signature ("DSC") for uploading the return, it is to be registered on the website beforehand. If return is filed through DSC, assessee would not be required to send the print-out of the acknowledgement to CPC.

Q. 20. Whether e-filing of return under electronic verification code will do away the need of sending physical copies of ITRV to CPC, Bengaluru?
Now income-tax returns can be filed online via electronic verification code. Any taxpayer who is filing return through this mode will no longer required to send the singed copies of ITRV to CPC, Bengaluru.

Q. 21. How can I login at https://incometaxindiaefiling.gov.in through Net Banking facility?
E-filing portal of Income tax department have provided a new facility for login. Taxpayer can now use the NetmBanking facility to login at e-Filing Portal. This option is provided at the bottom of login page.

When user use the net banking facility to log-in, he shall get an OTP (one time password) in his registered mobile number, which can be used to log-in. User shall not be required to enter the password (created at e-filingwebsite) and the Captcha code. This facility shall be useful for the users who have forgot their password and unable to reset it.

Q 22. Whether all taxpayers who are earning income only from salary can choose ITR-1 for filing
income-tax returns?
Yes, all taxpayers who are earning income only from salary can choose ITR-1 for filing tax returns. However, they cannot choose ITR-1 if they are claiming exemption of agriculture income in excess of Rs. 5000 (As per amended Rule 12 of income-tax rules).

Q 23. I failed to submit rent receipt and proof of tax saving investment to my employer due to which HRA exemption and certain other deductions were not given to me. How can I claim refund of such excess tax, as the tax deducted from my salary income is higher than my actual tax liability?
Even if exemption of House Rent Allowance under section 10(13A) and deductions under Chapter VI-A are not considered by the employer in Form 16, yet they can be claimed in the income-tax return. Accordingly, the excess tax deducted by employer can be claimed as refund.

Q 24. Whether a firm can file ITR-4S for presumptive income?
Under the existing provisions of Rule 12, firms were required to file ITR 5 even for presumptive income. The amended Rule 12 would now allow firms to file ITR 4S for presumptive income. Accordingly, a separate row is provided for in ITR 4S to claim deduction of interest and salary paid by the firms to the partners.

Q 25. I want to opt for presumptive tax scheme under Section 44AD and I have income from more
than one house property. Can I file return in ITR-4S?
No, you cannot file ITR-4S. Any person earning income from more than one house property cannot file return in ITR 4S. You can report your presumptive income in ITR 4.

Q 26. I want to opt for presumptive tax scheme under Section 44AD and I have income from capital
gains as well. Can I file return in ITR-4S?
No, you cannot file ITR-4S. Any person earning capital gains cannot file return in ITR 4S. You can report your presumptive income in ITR 4.

Q 27. Can I claim deduction of interest on housing loan under section 80C?
Repayment of only principal portion of housing loan will be allowed as deduction under section 80C within the overall limit of Rs. 1,50,000. However, such deduction is available if housing loan is borrowed by assessee from:
(a) Central Government or any State Government
(b) Banks, including a co-operative bank
(c) LIC
(d) National Housing Bank
(e) Domestic Public company providing long-term finance for construction or purchase of houses in India
(f) Assessee's employer, being an authority or a board or a corporation or any other body established or constituted under Central or State Act
(g) Assessee's employer, being a public company or a public sector company or a university or a university established by law or a college affiliated to such university or a local authority or a co-operative society.
However, interest on housing loan is deductible under section 24(b) while computing income chargeable to tax under the head "Income from house property".

Q 28. Can I claim benefit of tax deducted in advance on income which is taxable in subsequent years?
Certain provisions of TDS (including TCS) require deduction of tax at source at the time of payment or at the time of credit, whichever occurs earlier. Advance payments are also subjected to TDS. Old ITR form did not have any mechanism to carry forward the excess TDS, thus, taxpayers were required to show the entire TDS as a deduction and claim refund of excess TDS. To overcome the issues, the Schedule of TDS/TCS in the ITR forms introduced following two new columns:
(a) Unclaimed TDS/TCS brought forward
(i) Financial Year in which deducted/collected
(ii) Amount brought forward
(b)
You cannot claim credit of TDS pertaining to income which is taxable in subsequent year. Thus, such TDS credit can be carried forward to subsequent year and can be claimed in the year in which income is offered to tax.

Q 29. What will be the consequences if return of income is filed without making payment of self assessment tax?
To discourage the practice of filing of return of income without payment ofself-assessment tax, the Finance Act, 2013 has amended section 139(9) to provide that the return of income shall be deemed as defective return if tax including interest thereon, if any, payable has not been paid on or before the date of furnishing of the return.

Q30. I am a salaried person, drawing House Rent Allowance ('HRA') of Rs. 2900 per monthneed to furnish rent receipt to employer for claiming exemption of HRA?
Though actual expenditure on payment of rent is a pre-requisite for claiming deduction of HRA, yet as an administrative measure salaried employees drawing HRA of upto Rs.3,000 per month are exempted from production of rent receipt to employer.'

Q. 31. My House Rent Allowance is Rs. 3,000 per month. Can I claim exemption of HRA even if I have not incurred any expenditure on payment of rent?
Exemption under Section 10(13A) in respect of house rent allowance is allowed to enable employees to pay rent for his residential house. No deduction shall be allowed if employee does not incur anything on his house rent. As an administrative measure salaried employees drawing house rent allowance upto Rs.3,000 per month are exempted from production of rent receipt. However, this concession is only for the purpose of tax-deduction at source and in the regular assessment of the employee, the Assessing Officer will be free to make such enquiry as he deems fit for the purpose ofsatisfying himself that the employee has incurred actual expenditure on payment of rent.

Q 32. Whether it is mandatory to furnish PAN of the landlord to employer for claiming exemption of house rent allowance ('HRA')?
If annual rent paid by the employee exceeds Rs. 1,00,000 per annum, it is mandatory for the employee to report PAN of the landlord to the employer. In case the landlord does not have a PAN, a declaration to this effect from the landlord along with the name and address of the landlord should be filed by the employee.

Q 33. Is there any restriction on number of returns that can be filed using same email-ID or same mobile number?
Only 10 returns can be filed using same email-id or same mobile number. This is to ensure that family members and related business concerns (not exceeding 10 separate users) not having personal email or mobile number can be covered under a common email or mobile number, but in general taxpayers should have their own unique emailID and Mobile number registered with the Department.

Q 34. I have filed my return of income electronically but in refund/demand status it is mentioned as "refund not determined". What does this status indicate?
This status depicts that your return is not processed. You will get status of tax-refund after your return is processed by the income-tax department.

Q 35. I have claimed tax refund by filing income-tax return but my refund claim failed as I have mentioned incorrect account number. How can I submit correct account number to claim tax refund?
You can submit your correct bank account number after selecting option of refund reissue. Procedure to apply for refund reissue is outlined hereunder:
(a) Login to https://incometaxindiaefiling.gov.in
(b) Go to 'My Account' and select 'Refund Re-issue Request'.
(c) Update bank account details.
 (d) Click on submit.

Q 36. I received advance salary (for the month of April, 2016) in the month of March 2016. Whether the same will be taxable in A.Y 2016-17?
Salary is taxable on due or receipt basis, whichever is earlier, so it will be taxable in the assessment year 2016- 17. Once salary is included in income of assessment year 2016-17 on receipt basis it will not be included again on due basis in assessment year 2017-18.

Q 37. I have received payment for overtime for extra work from my employer. Is it taxable?
Salary also includes overtime payment received from the employer. Hence, it will be taxable under the head income from salary.

Q 38. I am getting monthly pension from government. Is my pension taxable?
Monthly pension received from any employer, either Government or non-government would be taxable in hands of employee under the head Salaries.

Q 39. I am having rental income from sub-letting of my property. Whether it is taxable as income from house property?
It will be taxable under the head "Income from other sources" and not under the head income from house property.

Q 40. My employer did not deduct tax from my salary income. Whether in such case I am liable to pay tax on my salary income?
TDS is only a mode of early collection of tax. The ultimate liability of paying taxes is on the person earning income and, hence, if the employer fails to deduct tax, then it is the liability of the employee to pay the tax on the same. Further, if the employer has deducted less tax, then it is the liability of the employee to pay the balance tax.

Q 41. I am getting parking charges from my plot of land. Whether this income is taxable under the
head income from house property?
Parking Charges will form part of your taxable income and same shall be taxable under the head "Income from other sources", because rental income from land is not taxable under the head income from house property.

Q 42. I am a part time employee and am also running a provision store. I suffered loss in business.
Can I adjust the business loss against my salary income?
Loss from business/profession cannot be adjusted with salary income. Hence, you cannot adjust the business loss against your salary income.

Q43. I sold gold after holding it for 13 months and suffered loss thereon. Can I adjust this loss against
my salary income?
Loss on sale of capital asset is termed as capital loss and capital loss can be adjusted against capital gains only.
Hence, loss on sale of gold cannot be adjusted against salary income.

Q 44. I have forgotten the login details of https://incometaxindiaefiling.gov.in. How can I get a new
password from the Income-tax Department?
(a) Click on forget password or on the following link https://incometaxindiaefiling/gov.in/eFiling/UserLogin/LoginHome.html;
(b) Enter your user ID (i.e., your PAN) and the captcha (i.e., the security random code) and click on
continue;
(c) In the password reset page, one of the following options can be selected:
Answer the secret question; or
 Upload the digitalsignature certificate; or
Using OTP (PINs); or
Using Aadhaar OTP
Login through your net-banking account.
(d) Enter new password twice and click on 'Reset Password' to generate new password;
(e) If you are unable to retrieve your password, send an emailrequest from registered email-id to
validate@incometaxindia.gov.in with following details:
PAN:
Name of the assessee appearing on the PAN card;
Date of Birth/Date of incorporation;
Name of father appearing on the PAN card;
Registered PAN Address;
New password will be communicated to you by the income-tax department via email.

Q 45. If the last date to file income-tax return is a public holiday, whether the next day would be
treated as "last date of filing"?
Normally, income-tax department continues its operation during the last days of filing of income-tax return even if the last day eventually falls on Sundays or on holidays. However, if department is closed on the last due date, then the immediately next working day of the department would be considered as the last date of filing of income-tax return.

Q 46. How can I find my jurisdictional Assessing Officer?
Either click on Services>Know your Jurisdiction given on the home page of incometax indiaefiling.gov.in or use the link https://incometaxindiaefiling.gov.in/e-Filing/Services/KnowYourJurisdictionLink.html to know your jurisdictional officer.

Q 47. How to know TAN of my deductor?
It can be found either on Form 16/16A or in 26AS tax credit statement available on
https://www.tdscpc.gov.in/app/login.xhtml TRACES (TDS Reconciliation and Correction Enabling System) website.

Q 48. How to know whether my e-return has been processed at CPC Bangalore?
Log on to e-filing website and select CPC processing status to check the status of return.

Q 49. I e-filed my return and identified 'mistake apparent from record'. Can I rectify it with CPC in paper form?
No, the CPC doesn't accept any manual correspondence. You have two options to rectify this mistake. You can either file revised return or file rectification request via incometaxindiaefiling.gov.in.

Q 50. How best to proceed in case of TDS mismatch?
Even if the credit for TDS as claimed in the return matches with the balance appearing in the Form 26AS, Assessing Officer may raise a demand for payment of differential amount due to TDS mismatch. The reasons for such difference could be as under:
(1) TAN of deductor was wrongly mentioned
(2) Name of deductor was not spelt out correctly
(3) Tax deducted by one deductor was wrongly included in the amount of tax deducted by another deductor

In case ofsuch TDS mismatch, an assessee can file a rectification request in the following manner:
Steps to file the rectification request:
(a) Login to your account in https://incometaxindiaefiling.gov.in
(b) Go to My Account > Rectification request
(c) You need to fill up the following details:
(i) PAN
(ii) Assessment Year
(iii) Latest Communication Reference Number (it starts with CPC/Assessment Year/)
(iv) Latest CPC Order date
(d) Click on Validate to go to next step
(e) On the next screen, choose 'Taxpayer is correcting data for Tax Credit Mismatch Only' from the drop down  
box of 'Rectification Request 'Type'
(f) Check from the following relevant boxes for which item rectification is sought for:
(i) TDS on salary income details
(ii) TDS on other than salary income details

(g) Fill in all the relevant details, including details of tax deducted and reported in the return of income filed earlier
(h) Click on the button 'Submit' to submit the rectification request.

The TDS mismatch may also be due to error in TDS return filed by deductor. In such a situation you should intimate the deductor about such error and tell him to rectify the TDS return.

In Press Note No. 402/92/2006, dated April 17, 2014 CBDT had noted that many taxpayers commit mistakes while furnishing details of tax credit in the return of income. Such mistakes include:
(a) Invalid/incorrect TAN of deductor;
(b) Furnishing same TAN for more than one deductor;
(c) Filing information in wrong TDS Schedules in the Return Form;
(d) Furnishing wrong challan particulars in respect of Advance tax, Self-assessment tax, etc.

Consequently, the tax credit could not be allowed to the taxpayers while processing returns despite the tax credit being available in Form 26AS statement. The CBDT, therefore, has directed the taxpayers to verify if the demand raised on them is due to tax credit mismatch on account of such incorrect particulars and submit rectification requests with correct particulars of TDS/tax claims for correction of these demands. The rectification requests have to be submitted to the jurisdictional Assessing Officer in case the return was processed by such officer, or the taxpayer is informed by CPC, Bangalore that such rectification is to be carried out by Jurisdictional Assessing Officer. In all other cases of processing by CPC, Bangalore, an online rectification request can be
made (as defined above).

Q 51. I have filed my return electronically and furnished the signed copy of acknowledgement to the CPC. However, I have received a letter from CPC that said copy of acknowledgement had not been received. Since time-limit to resend the acknowledgement has already expired, whether it will be deemed that I have not filed the return?
The issue has been dealt with by the Bombay High Court in the case of Crawford Bayley & Co. v. Union of India [2011] 16 taxmann.com 323 (Bom.), wherein the Court, despite expiry of the time-limit to send the acknowledgement, allowed additional time to assessee to resend the same, since the assessee had furnished adequate material before the Court in support of its contention that having filed return electronically, it had also submitted ITR-V Form by ordinary post.

Based on the above, if you have already submitted the ITR-V to the CPC then you can resend the acknowledgement, even though the time-limit for filing ITR-V has already expired, provided you have sufficient evidences to substantiate the fact that you had sent the acknowledgement earlier within 120 days of uploading the return either by ordinary post or by speed post only.

Q 52. Can I file the return even if the due date to file the same has expired?
Yes, you can file return of income belatedly within a period of one year from the end of relevant assessment year or before the completion of assessment, whichever is earlier.

Q 53. What are the consequences of filing a belated return?
If return is filed after the end of relevant assessment year, in that case penalty of five thousand rupees can be levied under section 271F.
If the return of income is not filed within the due date specified under section 139(1), loss incurred during the year under the heads 'Profits and gains of business and professions', Loss from specified business referred to in Section 35AD and 'Capital gains' cannot be carried forward to the next year. Further, interest under section 234A can also be levied.

Q 54. Can I file return of income even if my income is below taxable limits?
Yes, you can file return of income voluntarily even if your income is less than the maximum exemption limit.

Q 55. I have filed my return of income; however, I omitted to claim benefit of section 80C deduction. What should I do?
The benefit of an omitted claim can be availed only by filing a revised return. But in that case you have to ensure that your original return has been filed within the due date, as return can be revised only if it has been filed originally within the specified due date (Refer to FAQ 6). An income-tax return can be revised within one year from the end of the relevant assessment year or before completion of assessment, whichever is earlier.

Q 56. I am a salaried person. My taxable salary is Rs. 5,40,000 on which tax has duly been deducted under section 192. During finalization of return, I found that my bank has given me a credit of Rs. 1,24,500 towards interest. Please guide me what should I do now?
In this situation you have to pay the balance taxes on the interest income (or any other income) before filing of return. Balance taxes should be paid along with interest under sections 234B and 234C. The tax and interest can be paid in any authorized bank through Challan No. ITNS 280. Alternatively, it can be paid through online bank portal through following link https://onlineservices.tin.nsdl.com/etaxnew/tdsnontds.jsp.

Q 57. What documents are to be enclosed along with the return of income?
Income-tax returns are annexure less. Hence, there is no need to enclose any document(s) along with the return of income. Thus, documents like TDS certificate, balance sheet, Profit & Loss A/c, Capital A/c, proof of investments, etc., are not to be attached along with the return of income. However, these documents should be retained and may have to be produced before the Assessing Officer whenever he requires you to do so.

Q 58. My employer has deducted tax without allowing relief of section 89. Can I claim the relief while filing the return of income?
If the employer fails to provide relief under section 89 and deducts excess tax, then you can claim such relief in your return of income and claim refund of excess tax deducted.

Q 59. How to claim deduction of donation given to an organization registered under section 80G?
If you have given donation to an organization registered under section 80G you can claim deduction by filing the return of income wherein you are required to provide following details:
 (a) Name of donee;
(b) PAN of donee;
(c) Address of donee; and
(d) Amount of donation.

Q 60. I have Fixed Deposit ('FD') of Rs. 1,50,000 in bank and my total income (including interest income that would accrue on FD) is below the taxable limit. How to avoid deduction of tax on interest income?
You can file a self-declaration to the bank in Form 15H if you are a senior citizen. Otherwise, you can file selfdeclaration in Form 15G.

Q 61. How to avoid deduction of tax, if my interest income on saving deposits exceeds Rs. 10,000 and my total income including such interest income would be below the taxable limit?
Only interest income on time deposits which exceeds Rs. 10,000 would attract tax deduction at source. Thus, interest accrued on saving deposits would not attract TDS.

Q 62. My Return has been processed and it shows 'Outstanding Tax Demand'. What should I do now?
Now a facility has been made available to taxpayers on the E-filing website (i.e.,
www.incometaxindiaefiling.gov.in) to provide online responses to such demands. The actions required to be performed by the taxpayer are prescribed as under:

i. Login to https://incometaxindiaefiling.gov.in, then go to e-file menu and click on 'Response to Outstanding Tax Demand".
ii. Select one option out of the following:
Demand is correct
Demand is partially correct
Disagree with demand
iii. If option of "Demand is correct" is selected then a pop up is displayed as "If you confirm "Demand is correct" then you cannot 'Disagree with the demand'. If any refund is due to assessee then outstanding demand alongwith interest will be adjusted against refund. If no refund is due to assessee then taxpayer has to immediately pay the demand.

iv. If an option of "Demand is partially correct" is selected then taxpayer is required to enter the "Amount which is correct" and "Amount which is incorrect". After selecting amount which is incorrect taxpayer should mandatorily fill up reasons from the specified list.

v. If an option of "Disagree with demand" is selected then taxpayer is required to furnish the details of disagreement with demand along with the reasons from the specified list.

vi. After the taxpayer submits the response the success screen would be displayed along with the Transaction ID.

COMMENTS

Follow by Email

Name

.csi,1,1.9 rpu,1,3g,1,5.4 fvu download,1,6th pay scale,1,7th pay scale,8,80c deduction,3,aadhar card,4,ACT,1,adjustments of advance tax,1,advance tax,4,advance tax adjustments,1,advance tax calculator,3,advance tax dates,1,ALL ABOUT,15,all about health policy,3,all about hindu undivided family,2,all about huf,6,all about iec number,1,all about insurance policy,4,all about mutual fund,2,all about permanent account number,2,all about public provident fund,23,all about section 80c,2,ALL ABOUT SERVICE TAX,4,ALL ABOUT TDS,7,all india banking officer association,1,alp,2,alternate minimum tax,2,alumunium circles,1,amendments in 80g of income tax act,3,amendments rules vat,2,american taxes,1,anti dumping duty,21,apa,2,application for online tan,3,assam vat,1,ATM,8,audit,4,BAD DEBTS,1,bank india,3,bank rate,1,banking,204,Banking officer association,1,banks in india,2,base year 2001-02 ltcg,1,BJP,1,black money,2,BROKERS,1,bsnl,2,BUDGET,4,budget 2014,5,budget 2015,6,budget 2017,3,business,2,CANDIDATES,1,capital gains,25,case laws,2,cash reserve ratio,1,cbdt clarification on garib kalyan yojana,1,cbdt press release,3,cc account,1,central excise,57,central excise duty calculation,1,central excise notification,16,CESS,2,cii,5,circular,1,citixw=en chaeter draft,1,clarification about 80 CCD of income tax,1,clarification on garib kalyan yojana,1,company,11,composition scheme,1,composition scheme in gst,1,contribute pension scheme,2,COPYRIGHT,1,cost inflation index,5,cotton yarn,1,credit card,17,credit rating,2,CRICKET,6,crr,2,ctt,1,custom,172,custom notification,57,dearness allowance,6,deduction u/s 16,1,deduction u/s 80c,1,deduction u/s 80ddb ay 2017-18,1,deduction u/s 80ddb fy 2016-17,1,delhi,4,delhi vat rate changes,2,delhi vat rates,11,demat account,1,deny service tax on restuarants,1,department emails,1,depreciation,8,details of paid refund of tax,1,dgft,26,diesel prices rise,1,different bank rtgs rates,3,din number,1,discussion paper on dtc,1,DIWALI,1,DOLLAR,1,double taxation avoidance agreement,21,download fvu 5.4,1,download rpu 1.9,1,dtaa between india and finland,20,DTC,6,DTC coming to india,3,duty drawback scheme,1,e filing of cenral excise return,1,e wallet for mutual fund,1,e-file income tax return,1,e-filing of service tax return,1,E-STAMP DUTY,1,e-tds intermediary,5,E-TDS SOFTWARE,2,earn money online,1,EBIZ,1,economic growth,1,economic growth model of tourism,1,economy,2,education cess,1,ELECRICITY,2,ELECTIONS,5,ELECTIONS 2014,1,epcg terminal excise duty,1,epf,24,epf interest rate 2016-17,1,esi limit increased,3,ESI notification,2,ETDS SOFTWARE,7,excel based salary calculator,1,EXCEL CALCULATOR,75,EXCISE,9,EXCISE CIRCULAR,3,excise classification,1,excise duty,1,excise duty detail,1,excise duty in india,1,excise exemption,1,excise notification,26,excise notification no 20,1,excise notification no 21,1,excise notification no 22,1,excise tax exemption,1,exempted salary income,1,EXPENSES,1,faded note,1,FBT,1,fdi,3,fdr,1,file extension fvu,7,FINANCE,3,finance act 2013,1,finance bill,8,FINANCIAL CRISES,1,fixed deposit,8,foreign exchange rates,1,FOREIGN TRADE,2,FORM 10-IB INCOME TAX,1,FORM 10IB,1,FORM 16,6,form 16-16a fuv software,16,form 16a,5,form 26as income tax,2,form 26as india,2,form 26as online,2,form 26as registration,2,form 26as utn,1,form 49a,3,form 61a income tax,1,form 61a registration procedure,1,form26as status,1,fraud emails,1,FREE EDUCATION IN INDIA,1,FREE ETDS SOFTWARE,4,frequent dishonour of cheques,1,fringe benefit adjustments,1,fvu,42,fvu 5.4,1,fvu 5.4 version download,1,fvu for quarterly returns,2,fvu version 5.4,1,fvu3.2,1,g,1,gaar,2,garib kalyan yojana 2016,1,gas cylinder prices rise,1,gift and income tax,5,gold scheme,10,goods and service tax in india,2,gratuity calculator,1,GRATUITY LIMIT,2,GST,3,GST AND EXCISE,1,gst coming to india,18,gst composition scheme,1,gst genuine concerns,4,gst in india,23,gst item exception,1,gst rate,3,gst registration,5,gst return rules,1,gst sailent features,10,gst tax,11,gst tax in india,9,guideline for online registration of tan,2,HARYANA,4,haryana vat,4,HIMACHAL PACKAGE,1,HINDU,2,HOME LOAN,18,home loan rate,2,hotels service tax notification,1,house rent allowance,10,housing loan,8,HOW TO,19,how to create huf,3,how to e-file excise return,1,how to file returnin gst,1,how to know tax credit online,1,how to protect data online,1,how to register for form 61a,1,how to watch tax credit online,1,HRA,4,HUMOR,3,iec number in india,1,immort and export goods by air,1,import export,11,import export code number,7,income declaration scheme,19,income exempted from income tax,1,INCOME TAX,418,income tax 80c deduction,1,income tax access,1,income tax act,10,income tax advance tax dates,1,income tax amendments,1,income tax calculator,1,income tax calculator ay 2018-19,1,income tax calculator financial year 2010-11,1,income tax calculator for analysis year 2018-19,1,income tax calculator for fy 2017-18,1,income tax calculator xls,1,income tax cases,2,income tax circular,1,income tax compliance scheme,2,income tax deduction,37,income tax deduction 80c ay 2017-18,1,income tax deduction 80c fy 2016-17,1,income tax deduction for medical treatment,1,income tax deduction u/s 16,1,income tax deduction u/s 16 ay 2017-18,1,income tax deduction u/s 80c,1,income tax deduction u/s 80ddb,1,income tax deductions under 80c,2,income tax defaulters,1,income tax demand,1,income tax department emails,2,income tax dispute resolution panel rules,1,income tax education,1,income tax education programme,1,INCOME TAX EXAMS,1,income tax exempted income,1,income tax exemption,13,INCOME TAX FORM 10IB,1,income tax form 15g,7,income tax form 15h,2,income tax form 61a,1,income tax forms,95,income tax is sending emails,1,INCOME TAX NOTIFICATION,20,income tax office and banks,1,income tax on educational and medical institution,1,income tax on property,1,income tax on salary,2,INCOME TAX ON SECOND HOUSE PROPERTY,3,income tax provisions,1,income tax rates,1,income tax rates in new tax code,1,income tax refund,12,income tax refund statusincome tax refund loans,1,income tax remittances,1,income tax return,49,income tax return 2015-16,2,income tax return for nri,2,income tax rules,10,income tax scrutiny,7,INCOME TAX SECTION,44,income tax slabs,8,income tax slabs 2016-17,1,income tax slabs ay 2016-17,1,income tax slabs ay 2017-18,1,income tax slabs fy 2016-17,1,income tax slabs fy 2017-18,1,income tax transport rules,1,INDIA,8,india income tax,1,INDIA NOMINATION SYSTEM,2,INDIA POST,2,india share market,1,indian bank,1,indian currency,1,indian government,2,indian income tax on fixed deposits nricomputation of total income for nri,1,INDIAN POST,2,indra gandhi national old age pension scheme,1,INDUSTRIAL POLICY,7,inflation rate,1,INSURANCE PLANS,6,interest rate on epf,1,INTEREST RATES,4,intermediary,1,INTERNET,3,introduction of dtc,2,IPL,1,ipo,5,ipo irregularty,1,ipo process reduced,3,ipo time,1,irda,1,IT 2015-16,1,it calculator 2017-18,1,it deduction 80c 2016-17,1,ITO RESULTS,1,itr 2 for financial year 2017-18,1,itr 2 in excel 2017-18,1,ITR 2013-14,17,itr 2014-15,12,ITR 2015-16,15,itr 2016-17,11,itr 2017-18,10,itr 3 in excel 2017-18,1,itr 3 in excel fy 2017-18,1,itr 3 in java fy 2017-18,1,itr 4s ay 2017-18,1,itr 5 ay 2018-19,1,itr 5 for ay 2018-19,1,itr 5 for fy 2017-18,1,itr 5 fy 2017-18,1,itr 5 in java 2017-18,1,itr 6 2017-18,1,itr 6 fy 2017-18,1,itr 7 2017-18,1,itr 7 2018-19,1,itr 7 for financial year 2017-18,1,itr 7 for fy 2017-18,1,itr forms 2017-18itr ay 2017-18,1,itr in java 2017-18,1,itr income tax reurn preparation software,2,itr1 ay 2017-18,1,itr2 for fy 2017-18,1,itr5,1,itr7 17-18,1,itr7 18-19,1,itr7 2017-18,1,jammu and kashmir,1,KANDHAR,1,KASHMIR,3,kisan vikas patra,2,kyc,4,last date for advance tax,1,latest fvu,1,latest fvu 5.4 free download,1,latest fvu version 5.4,1,latest rpu 1.9,1,latest rpu version 1.9,1,liquor,1,LLP,1,loan,3,long term capital gain,1,long term capital gain calculation after base year 2001-02,1,long term capital gain calculator,1,long term infrastructure bonds,1,ltc,1,ltcg base year 2001,1,mat,4,MDU,1,mediclaim policy,5,microsoft windows 7,1,MOBILE,2,mobile banking in india,2,mobile vs. atm,1,monetary policy,3,Money laundering act,1,MUSIC NOTATION,1,MUTUAL FUND,6,mutual fund in e wallet,1,new amendment to employee family pension scheme in india,5,new circular for section 195,1,new cpc,1,new ipo,1,new ipo of small companies,2,new method for refund income tax,1,new pension scheme,6,new provision of tds,1,NEW RETURN PREPARATION SOFTWARE,7,new rule on perquisites,1,new saral 2 for income tax return,1,new service tax st3 version,1,new st3 1.9,1,new tds rates,3,new version st3,1,NOMINATION SYSTEM,2,notificaton no. 66(e),1,nps,1,nri income tax,1,nri income tax 2008-2009,1,ongc looking for restoration,1,ONLINE,1,online insurance,5,online register for general excise tax numbersales tax online registration,1,online registration for pan,1,online registration for viewing 26as,1,online service tax paymentservice tax payment online,1,online view tax credit,1,OPINION POLL,2,PAN,32,PAN FOR Tds,1,PAN registration for form 26AS,1,paper excise duty exemption,1,PARTNERSHIP LAW,4,pay commission,1,pay excise tax online,1,pension,5,permanent account number pan holder registration for online view of form 26as,1,perquisite valuation,1,perquisites 2016-17,1,perquisites taxation,1,perquisites valuation,1,petrol prices rise,1,pick up and drop rule to income tax,1,plastic excise duty exemption,1,pmgky,5,pmvvy,1,POLITICS,3,polypropylene excise duty excemption,1,post office,2,ppf,30,pradhan mantri garib kalyan yojana 2016,1,PRE FBT NORMS,1,pre paid payment instruments,1,pre payment penalty,1,protection of data,1,public provident fund,30,qualification for intermediary,1,railways,4,rate of foreign currencies,1,rate of interest,2,rate of interest epf 2016-17,1,rbi,111,rbi circular on cheques,10,rbi circular on mobile banking,1,rbi circular on rtgs,1,rbi hikes crr,1,rd,3,reduction in ipo process,1,refund of tds,1,refund of tds to deductor,2,refuse to pay service tax,1,registration prodecure for form 61a,1,remittances to non resident under section 195,1,repo rate,1,reserve bank of india,8,Residential Status of Returning Indians.,2,RESULTS,2,RETURNS,1,revised dtaa,14,ROHTAK,1,royalty,1,rpu,36,rpu 1.9 download,1,RPU 2.0 FOE ETDS,6,rpu version 1.9,1,rpu version 1.9 free download,1,rtgs commission,1,rtgs in india,5,rtgs procedure in india,2,rtgs rates in india,3,rti,3,rules of dispute for income tax,1,RUPEE,1,safeguard duty,2,salary,22,salary allowances,9,salary deduction under section 16,1,salary income exempted,1,salary income tax,2,salary income which is exempted from income tax,1,salary tax experts,1,salary under section 192,1,sale against f form,1,saving,1,saving account,16,sbi,7,schedule,2,scribbled notes,1,sebi,23,sebi circular,17,sebi new guideline,9,SECOND HOME INCOME TAX IMPLICATION,1,second home tax,1,section 194a,1,section 194c for tds,1,section 195 of income tax,1,section 40 A3,2,section 80 CCD of income tax,1,section 80c of income tax,2,SECTION 80DDB,1,section 80g,1,section 80g of income tax,1,senior citizen scheme,3,SERVICE TAX,116,service tax circular,6,service tax deny on hotels,1,SERVICE TAX EXEMPTIONS,1,service tax form,1,service tax notification,10,service tax on restuarants,1,SERVICE TAX RATES,1,service tax return,1,SERVICE TAX.,2,SEZ,6,SHARE MARKET,3,share market india,1,share market live on internet india,1,shayari,2,SMS,1,SOME POINTS TO KNOW,3,SRINAGAR,1,st3,2,st3 1.9,1,st3 ver 1.9,1,st3 version 1.9,1,stainless steel patti,1,state bank of india,1,state income tax refund,1,steel excise duty exemption,1,sukanya samriddhi account,2,swacch bharat cess,1,tamilnadu contribute pension scheme,1,tan,6,tan online application,4,tan registration online,5,tax,1,tax credit refund status,1,TAX DEDUCTION AT SOURCE,1,tax defaulters,1,tax planning,4,taxation of perquisites,1,TAXES ON PREQISITES,2,tcs email,3,TDS,160,tds amendments,1,tds circular for job work,2,tds conference,1,tds emails,1,tds job,1,tds limit,1,tds new circular,4,tds new provision,1,tds new provision from 1st april 2010,1,tds new rates,1,TDS NEW RULES,1,tds notification,1,tds on interest,1,tds on job work,1,tds on property,1,tds on salary,7,tds on salary calculator,3,tds on transport contract,2,tds on transport contract if pan provided,1,tds rates for financial year 2009-10,1,tds refund,1,tds refund status,1,tds work,1,tds.tcs,3,tds/tcs rules 2010,3,TENDERS,1,time in ipo process,1,timing of market indiaindia share market analysis,1,timings of share market india,1,TRACES,36,TRADE POLICY,2,transporter celing,1,transporter payment increased,1,transporter payment limit,1,TRAVEL,2,tuition fees deduction of income tax,1,types of excise duty,1,UAN NO.,1,unique payment interface,1,USEFULNESS,158,vacancy,2,VAT,14,vat forms,1,vat rules,2,view tax credit online,1,watch 26as form on net banking,1,watch detaiils of refund of tax,1,wealth tax,2,WHAT IS,7,window 7,1,windows 7 download,1,windows 7 in india,1,windows 7 pirated,1,wish,1,WITHDRAWL MONEY FROM ATM,3,woman,1,written with pen on note,1,yarnwaste,1,
ltr
item
Taxalertindia: All You Want to Know about Income Tax Returns for Assessment Year 2016-17
All You Want to Know about Income Tax Returns for Assessment Year 2016-17
https://2.bp.blogspot.com/-PdEvXgg5BKg/V474Qn5dTpI/AAAAAAAAB6A/JIzxBzdK0KElW_3qEnCSqi7EVdB-HtJPACLcB/s400/tax.jpg
https://2.bp.blogspot.com/-PdEvXgg5BKg/V474Qn5dTpI/AAAAAAAAB6A/JIzxBzdK0KElW_3qEnCSqi7EVdB-HtJPACLcB/s72-c/tax.jpg
Taxalertindia
http://www.taxalertindia.com/2016/07/all-you-want-to-know-about-income-tax.html
http://www.taxalertindia.com/
http://www.taxalertindia.com/
http://www.taxalertindia.com/2016/07/all-you-want-to-know-about-income-tax.html
false
4958114534680130554
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy