Tag: income tax

How to file rectification request under income tax act?

  Hi, I hope you complete work of income tax return filling in july. Still if you find the mistake, you can file revised return up to 31st March, 2016. But remember that belated return can’t be revised. Belated return is return which has been filed after due date of return filling. It is 31st july for non audited party and non company assessee. So what to do when you have filed belated return and found mistake in it and received CPC demand order? The answer is file rectification request to income tax department.   Rectification request can be filed in two ways. First: File online rectification request: You have to file online rectification request if you file online income tax return. Second: File rectification request manually: If you file income tax return manually, file rectification request manually. What mistakes can you correct from rectification? Rectification request is limited to error in arithmetic calculation or mistake apparent from record. Mistake apparent from record can be mistake of law or fact but not be debatable issue of interpretations. Rectification request can be filled only to amend intimation or deemed intimation u/s 143(1). Time Limit: Time limit for filling rectification request is 4 years from the end of financial year in which the order was passed. It means that if order is passed in july 2014, you can file rectification up...

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Form 26AS – detailed analysis

Form 26AS is introduced by income tax department and tdscpcl. It is a really useful tool which not only gives you annual  tax related information, but also saves you from income tax notices.In this part, we will analysis each part of form 26AS. Form 26AS is divided in six parts: PART A: Here, we can see information about total TDS deducted by deductor during the year. Sections means in which income tax section your tds was deducted. Transaction date means when an amount was deposited or credited to your account. To get the tax credit, the status of booking...

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How to register on traces website as taxpayer

Registration procedure on traces site is bit long. Learn from this article about how to register on traces website as tax payer. Although the procedure is long,  once you are registered you can avail many facility provided by traces. You can view TDS/TCS credit, verify form 16, view refund status etc. In this article, we will see the steps to register on traces website. How to register on traces website as taxpayer: Step 1: Go to traces site. Click on register as new user< tax payer. You have to fill validation details under step 1. For it, enter your PAN number, date of birth and surname (as per pan). You have two options for entering tax deduction details. Option 1: Enter tan of deductor, type of deduction -whether it is TDS on salary, TDS on non salary or TCS. Enter the amount and month and year of deduction. You can use form 16/16A/26AS for filling details. option 2: ( easy option) I show you easy path. Make Rs. 10 payment -advance tax through https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp – challan no. 280 and make payment through net banking. enter details of it in option 2 – challan details of tax deposited by taxpayer. ( Remember that you need to register 2 or 3 days later on traces after making payment so that your challan details are updated in tin. )  Enter A.Y. of...

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E filling of ITR income tax return in 7 steps

Last  date for filling income tax return  is 31st July. If you have not filled return, you may be searching for tax consultant for help. You don’t need to search now. Because here I will provide you detailed guidelines for filling ITR online. For choosing return utility, read my post which return is applicable to me?   Step 1: Download ITR  utility from Income Tax Site You may also Download ITR  utility from download section of tax masala. The utility can run on windows 7 or above and Java runtime environment version 7 update 13 or above should be installed.You can google and search Java for installation of java version. Also download file – How to use ITR utility?   Step 2: Unzip the file. Open ITR utility.Read instruction. Yes You have to. 😛 Now go to personal information and fill the details.   Step 3: Filling the right details in Utility. Personal details: Fill your personal information as per PAN CARD. For details of income tax ward circle, go to income Tax Website and click know my jurisdiction. You can get details by entering your pan number. Fill your address details. Enter your mobile number and email address. It is mandatory. Fill right data because all the communications will be sent on them. Fill your tax computation information.Don’t forget to fill TDS information, bank a/c number correctly. Your refund...

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6 things should be kept in mind while clubbing of income

  Income earned on income shall not be clubbed: seems confusing right? Don’t worry, I will make it easy. If Mr. A transfers house to Mrs. A and Mrs. A has rented it and earned income. Mrs. A, further, invests this rent income in FD and receives interest. In this case, rent income shall be clubbed with income of Mr. A but Interest income on FD shall not be clubbed with income of Mr. A as it is income earned on income.   Income on accretion of asset shall not be clubbed: Mr. A transfers shares to Mrs. A, Mrs. A receives dividend income. This income will be clubbed in the hands of Mr. A. Now Mrs. A receives bonus shares for shares held by her. Dividend income on those bonus shares shall not be clubbed with income of Mr. A but shall be taxable in the hands of Mrs. A.     Clubbing provision for interconnected transactions: Some taxpayers are smart and they transfer assets not to relatives but to relatives of friends or third party. In that case also, clubbing provision will apply. Taking one example, Mr.A gifts Rs. 20 lacks to Mrs. P. without consideration and Mr. P gifts Rs. 20 lacks to Mrs. A without consideration. Technically clubbing provision will not apply here but as per judgment of the case of CIT vs Keshavji Morarji...

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