If you missed the deadline of filling your income tax return then don’t be panic. You can still file your IT return before 31st march of the assessment year. That means, if you are filling your ITR for the income earned in the year of 2012-2013 (i.e. from 1st April 2012 to 31st march 2013) then the last date of filling your ITR is 31st March 2014. But you have to be ready … [Read more...] about What if I Missed the due date of filling income tax return
Income tax
Consequences of filling Income tax return after the due date
Due date of filling income tax return or ITR has been specified by the IT department. If it has not been submitted within such time allowed then it will be treated as a belated return. Such belated return will have following consequences; You will be liable for a penal interest @1% per month under section 234A of IT actIf you have submitted the belated return after the … [Read more...] about Consequences of filling Income tax return after the due date
How to raise a Rectification Request for your Income Tax Return Online
Any person who has filled his income tax return online can rectify it within the rules and regulations of IT act, 1961. If there is any mistake in the income tax return which is apparent and the perosn or assessee has received an order under section 143 (1) of IT act 1961 then the changes to the mistake can be done online. Rectification of your ITR means, correcting the … [Read more...] about How to raise a Rectification Request for your Income Tax Return Online
5 things to remember while efilling your income tax returns
It’s a general tendency of human beings to wait till the last minute to file their IT return. Due to the recent changes, an individual having taxable income exceeding INR 5 Lakhs have to compulsorily file their IT returns online. This will result in a significant increase to the number of online fillings. Here are some of the points that you should remember for a error free … [Read more...] about 5 things to remember while efilling your income tax returns
Assessment year and previous year – How Income tax is charged to tax
Income is taxable on the net income that is earned during the previous year (PY). It is assessed in the immediately succeeding financial year which is known as assessment year (AY). All taxpayers are required to follow a uniform Previous Year. As per present tax laws, Assessment Year means the period 12 months commencing on the first day of April. That means it’s the … [Read more...] about Assessment year and previous year – How Income tax is charged to tax
Statement of deduction of tax under subsection (3) of section 200
Every person responsible for deduction of tax under Chapter XVII‐B, shall, in accordance with the provisions of sub‐section (3) of section 200, deliver, or cause to be delivered, the following quarterly statements to the Director General of Income‐tax (Systems) or the person authorised by the Director General of Income‐tax (Systems), namely:‐ Statement of deduction of tax … [Read more...] about Statement of deduction of tax under subsection (3) of section 200
Statement of collection of tax (TCS) – Form 27EQ under Section 206C (3)
Every collector, shall, in accordance with the provisions of the proviso to subsection (3) of section 206C, deliver, or cause to be delivered, to the Director General of Income‐tax (Systems) or the person authorised by the Director General of Income‐tax (Systems), a quarterly statement in Form No. 27EQ Statements referred to above for the quarter of the financial year ending … [Read more...] about Statement of collection of tax (TCS) – Form 27EQ under Section 206C (3)
What is TDS Certificate -Form 16 or 16A
TDS certificate is to be issued by each deductor who is deducting income tax and to be furnished to the person from whose income / payment the Income tax has been deducted. The TDS certificate should specify the amount of tax deducted and the rate at which it has been deducted. Its significance to the government lies in the fact that it propones the collection of tax, ensures a … [Read more...] about What is TDS Certificate -Form 16 or 16A
Income tax at lower rate or no deduction of tax certificate
Where the Assessing Officer, on an application made by a person under sub-rule (1) of rule 28 is satisfied that existing and estimated inome tax (IT) liability of a person justifies the deduction of income tax at lower rate or no deduction of tax, as the case may be, the Assessing Officer shall issue a certificate in accordance with the provisions of sub-section (1) of section … [Read more...] about Income tax at lower rate or no deduction of tax certificate
Application for allotment of TAN – Tax deduction and collection account number
An application under sub-section (1) of section 203A for the allotment of a tax deduction and collection account number (TAN) shall be made in duplicate in Form No. 49B. An application for TAN shall be made,— In cases where the function of allotment of tax deduction and collection account number (TAN) under section 203A has been assigned by the Chief Commissioner or … [Read more...] about Application for allotment of TAN – Tax deduction and collection account number