- What are the forms that should be used for e-Filing?
Answer: The Forms that are currently available for e-Filing for A.Y. 2007-08 are ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, & ITR-8. For A.Y. 2006-07 For A.Y. 2006-07, the e- return could be filed for FORM NO. 1.2.2F,3 & 3B. Taxpayers can avail the facilities provided in the website to e-File their returns. ITS Form 2D is available for e-filing through e-return intermediary.
- Who should use which form for A.Y. 2007-08?
Answer: Following table may be used for selecting the right type of form. The type of FORM depends on the status of the assessee and his source of income
Source of Income ITR 1 2 3 4 5 6 7 8 Individual Firms, AOP,
BOI, LACompany Trust Only FBT & HUF Income from salary and pension • • • • Income from other sources (only interest income or family pension) • • • • Income / loss from other sources • • • • • • Income / loss from house property • • • • • • Capital gain / on sale of property / investment • • • • • • Partner in a partnership firm • • Income from proprietary business/ profession • Income/ loss from business • • • FBT • • • • - Is it mandatory for certain classes of assessees to submit the Income tax returns electronically for AY 07-08?
Answer: Yes, it is mandatory for Companies and the Firms who have to get their accounts audited u/s 44 AB of the Act to file their return electronically for A.Y. 2007-08.
- What is the Return of Fringe Benefits?
Answer: An employer who has paid or made provision for payment of fringe benefits to his employees during the previous year is required to furnish a return of fringe benefits in the prescribed form and manner to the Assessing Officer before the due date. In the case of a company or an employer other than a company whose accounts are required to be audited, the due date is the 31st of October of the assessment year.
- In the case of any other employer, the due date for filing the return of fringe benefits is the 31st of July of the assessment year.
- After the due date, the Assessing officer may issue a notice to the assessee requiring him to furnish a return in the prescribed form and manner within a period of thirty days.
- Whether the address given in the PAN card is to be quoted or the current address which may be different from the PAN card address can also be quoted?
Answer: The assessee has to quote the current address on the returns forms.
- Which form of return would be applicable to the persons who are carrying on proprietorship business and also partnership business?
Answer: The relevant form would be ITR-4.
- What will be the status of audit report under section 44AB as now it is not required to be furnished along with the return of income?
Answer: This issue has already been clarified by Circular no. 9 dated 10.10.2006 issue by CBDT. As clarified therein, the new annexure less forms are not to be attached with any documents.
- In ITR-4, there is no separate requirement for mentioning the trade name of the proprietary firm; disclosure of trade name is essential as most of the proprietors carry their businesses in the proprietorships firm name only.
Answer: Under the heading “Nature of Business” in “Part A General”, column has been provided to disclose the trade name of the proprietorship.
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Answer: This is already been clarified by Circular no. 9 of the Board.
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Answer: For earlier years, paper returns could be submitted except for corporate. For the companies, filing of e-return is mandatory for A.Y. 2006-07 onwards. The facility to e- file returns for A.Y. 2006-07 in FORM No. 1, 2, 3, 2F & 3B is available.
- Can the stand-alone form on Fringe Benefits be used by companies and firms as well?
Answer: If they are not required to file return of income tax.
- If an individual has loss from house property, can he use ITR-1?
Answer: No, he has to use form no. ITR-2.
- What is purpose and implication of ITR-V?
Answer: This is to simplify the filing of return electronically without digital signature. Last year, the taxpayer was required to take a printout of e- return and submit it in the Income Tax office after verification. To further simplify this procedure ITR-V form has been introduced. This is a single page acknowledgement cum verification form. The assessee has to put his signature and submit it in I.T.office. The requirement of submitting a copy of the return has been dispensed with.
- What form of return should be filled by a salaried class person having housing loan also?
Answer: ITR-2
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Answer: We would be offering this facility shortly through web. The assessee would be able to view this under the head ‘MY ACCOUNT’.
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Answer: Every person carrying on the business or profession has to prepare a consolidated balance sheet and profit and loss account. This is a legal requirement under income tax act. The assessee may minimize his efforts by choosing to file the return electronically.
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Answer: The deemed house property income is to be disclosed in schedule HP in column in 3(b) which deals with arrears of rent receipt u/s 25 B of the income tax act.
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Answer: No, it is not correct. In Part A – BS, under the column 1 (b) (iii), statutory reserves could be disclosed.
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Answer: The assessee may provide the figures as per his understanding.
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Are the details required under Annual Information Report mandatory to be filled in by all assessee?
Answer: As provided in the Instructions for filling the forms that these are applicable who fulfill the criterion.
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Which return form has to be used by a person who has only exempt share income from a firm?
Answer: FORM NO. ITR-3. For the assistance of taxpayer, a functionality is in the web site to select the appropriate type of form.
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If an individual has loss from house property, can he use ITR-1?
Answer: No.
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Answer: If they are not required to file return of income tax.
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What forms have to be used to file returns of A.Y.2006-07?
Answer: Returns for A.Y. 2006-07 will continue to be filed in old forms as were applicable last year.
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What is the Status of Form 2F introduced last year, which included cash flow statement?
Answer: It is no more applicable for a.y.2007-08.
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Is it necessary to file these returns in duplicate for getting acknowledgement?
Answer: As explained above , if it is filed electronically without digital signature , only ITR- V form is to be submitted. If the return is filed with digital signature , nothing needs to be submitted , not even form ITR-V.
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Answer: He may use ITR-1 form.
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Answer: This is for the convenience of small taxpayer.
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Answer: This issue has been clarified in circular no. 9 dt 10/10/2006. The will have this opportunity if the case is selected under scrutiny. At the processing stage, the A.O. is not supposed to look into these matter. The selection of cases is an internal matter which is objective and risk based.
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Answer: The taxpayer has to provide consolidated balance sheet / profit and loss account.
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If a person wants to file the personal balance sheet where can he do so.
Answer: It is not required under the Act. In ITR – 4, the Assessee has to give the of his proprietory business and not of his personal assets and liabilities.
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Answer: He may not fill these columns.
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Answer: He has to give these figures from primary records.
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Answer: Yes.
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Answer: He may use ITR forms notified for A.Y. 2007-08.
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Answer: It is to be shown on proportionate basis.
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Answer: It should be mentioned in schedule in HP and set off up of the loss from the current years income should be carried out in schedule CYLA.
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Answer: This is a legal requirement. One has to fill up the details in the balance sheet which may be worked out from the bank account or from other records maintained by the Assessee.
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Answer: It is provided in the instructions that in such situations one can show the purchases inclusive of duties and taxes.
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Answer: This issue has been clarified by the Board in its Circular no. 5/2007 dtd 26-07-2007 and Circular no. 9 dtd 10.10.2006. As stated therein , one can make such disclosures in scrutiny assessment after the receipt of notice u/s 143(2) of the Act.
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Answer: The balance sheet and profit and loss account are trade independent. These are the part of accounting systems. One has to follow these system which are standardized. Some amount of re-casting/re-framing may be required.
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Answer: For earlier years one has to use old forms. For A.Y. 2006-07. facility to e- file exists for Form no1 , Form no2F. Form no. 3 and Form no. 3B.
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Answer: This is mandatory requirement for those to whom it is applicable. Please read instructions given with the return in this regard.
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Can the stand-alone form on Fringe Benefits be used by companies and firms as well?.
Answer: Form no. 8 is only for those assessees who are not supposed to file I.T. ve to file return of FBT.
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If an individual has loss from house property, can he use ITR-1?.
Answer: No, he has to used to ITR-2 form.
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Answer: It is the requirement of filing the return of income which would decide the issue and not the amount of taxable income. ITR-8 is to be used if the taxpayer is not required by the law to file income tax return but has FBT liability.
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What form of return should be filled by a salaried class person having housing loan also?.
Answer: Form no. ITR-2.
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Answer: At the processing stage no verification is required under the Act. The cases which are picked up under scrutiny could be verified during scrutiny proceedings.
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Answer: The form has been designed keeping in view the provision in the Act. The interpretation given above is not borne out by the Act. The details in schedule DPM are in conformity with section 50.
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Answer: The Act has been amended and in view of S139C, 139D ,amended Rule12 and Circular no. 5/2007 dtd 26-07-2007, the requirement of documents with the return has been dispensed with.
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Answer: ITR-4 would be the applicable form. Personal accounts or assets/ liabilities are not required to be shown. Only business assets/ liabilities are to be mentioned.
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Answer: They are to be shown in column 3b(i) of schedule PartA-BS.
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In case of salaries how to incorporate details of more than one employer.
Answer: In the software facility exists to use dynamic rows to take care of more than one employer.
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Answer: No. Paper return is not to be submitted in the office in case of e- filing. This has been once again clarified by the CBDT in its Circular no. 5/2007 dtd 26-07-2007. If an e- return is filed with digital signature , the tax payer gets an instant acknowledgement and he does not have to file any further document any where. In case the return is filed without digital signature, the taxpayer gets an instant ITR-V form which is an acknowledgement cum verification form. A copy of this is to filed with in 15 days of e- filing with the income tax office. Instructions have been issued by the CBDT to receive ITR-V forms centrally in the I.T. office. In case of any inconvenience in this regard, please contact local CCIT/CIT.
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Answer: NO, this has to be shown as income from other sources.
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Answer: This matter has been clarified by CBDT vide its Circular No. 5/2007 dt 26-07-2007. Pl download the circular from the website for reference.
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Answer: No. For earlier years , one has to use old forms.
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Answer: If the assessee does not maintain books of accounts , he has to fill in column no. 52 of Part A- P&L. The business profit is to shown as per column 52d of schedule P&L. It is provided in schedule BP also in the same manner.
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Answer: It is provided in Part A-BS 1 (b) iii.
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Answer: The audit is a mandatory requirement of the law. What has been relaxed is only its non submission at the time of filing of return. Therefore , the details are required as a check against misuse.
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Answer: Personal balance sheet is not called for in the return. Only business details are required.
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Is circular 9/2006 still valid for AY 2007-2008?
Answer: Yes, its provisions have been reiterated in the recent Circular no. 5/2007 dtd 26-07-2007 of the Board.
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Answer: Form no ITR-2. Exemption of income is not the criterion.
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Answer: This limit is the aggregate value for all transactions except property value where it is the value of a single transaction.
Tuesday, July 7, 2009
FORMS OF E RETURN
Steps of filling e returns
GENERAL QUESTIONS
Answer: This website has been set up as part of the e-governance action plan of the Income Tax Department. The following services are now web-enabled:
- E-filing of Income tax and Fringe Benefit tax returns;
- KNOW YOUR PAN : A tax payer can now ascertain his PAN online;
- BULK PAN QUERY : Allows registered institutions to query their PANs in a batch mode;
- Registration of e-return intermediaries;
- Ascertain various return related information under YOUR ACCOUNT sub menu.
Answer: Filing of Income Tax returns is a legal obligation of every person whose total income for the previous year has exceeded the maximum amount that is not chargeable for income tax under the provisions of the I.T Act, 1961. Income Tax Department has introduced a convenient way to file these returns online using the Internet. The process of electronically filing your Income tax returns through the Internet is known as e-filing of returns.
Answer: E- filing offers convenience of time and place to tax payers. This facility is available round the clock and returns could be filed from any place in the world . It also eliminates/ reduces interface between assessee and tax officials. The procedure of e- filing is explained on the home page of the website.
Answer: Any individual or organization that files returns using the general method can take advantage of this facility. The pre-requisite for filing online is that you must have a valid PAN number. Direct E-filing is available for FORM NOs. ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-8.
Answer: Yes.
6. What are the steps in brief to upload the tax returns on this website?
Answer:
- Select appropriate type of Return Form.
- Fill your return offline and generate a XML file.
- Register and create a user id/password .
- Login and click on relevant form on left panel and select "Submit Return".
- Browse to select XML file and click on "Upload" button .
- On successful upload acknowledgement details would be displayed. Click on "Print" to generate printout of acknowledgement /ITR-V Form.
- Incase the return is digitally signed , on generation of "Acknowledgement" the Return Filing process gets completed. Assessee may take a printout of the Acknowledgement for his record.
- Incase the return is not digitally signed , on successful uploading of e-Return, the ITR-V Form would be generated which needs to be printed by the tax payers. This is an acknowledgement cum verification form. The tax payer has to fill-up the verification part and verify the same. A duly verified ITR-V form should be mailed to “Income Tax Department – CPC, Post Bag No - 1, Electronic City Post Office, Bangalore - 560100, Karnataka” within 30 days after the date of transmitting the data electronically. The Post Box shall deliver all the Form ITR-V to the Centralized Processing Centre (CPC) of the Income-tax Department in Bangalore. Upon receipt of the Form ITR-V, the CPC shall send an e-mail acknowledging the receipt of Form ITR-V. The e-mail shall be sent in due course to the e-mail address furnished by the tax-payers in his return. No Form ITR-V shall be received in any other office of the Income-tax Department or in any other manner. This completes the Return filing process for non-digitally signed Returns.