E-filing of ITRs

Rajeev KhandelwalFCA,

DISA(ICAI)

rajeev@webtel.in

Filing of ITR

Mandatory to file ITR

�Compan

y. �Firm

. (AY 2006-07)

�LLP.

Others Assessees

�Inco

me > Exe

mption Amount.

�Inco

me BEFORE Chapter VIA Deductions

> Exe

mption Amount.

No exemption to Salaried with Income upto5 lacs.

SEMIN

AR O

N ITR

23/07/2015

Due Dates

Assessee

Due Date

•Company.

•Person subject to audit under IT Act or any other law.

•Working Partner of firm subject to audit under IT Act or

any other law.

30th Sep.

Others

31st Aug.

SEMIN

AR O

N ITR

Note : If office is closed on last date for filing ITR, it can be filed

on nex

t working day. C

ircu

lar 639 of 13-11-92.

Person required to furnish Transfer Pricing Report

u/s 92E (including Domestic Transfer Pricing ) in

Form

3CE.

30th Nov.

23/07/2015

Applicable Forms : Indi/HUF

Na

ture

of

inco

me

ITR

1

(Sa

ha

j)

ITR

2A

ITR

2IT

R

3

ITR

4

ITR

4S

(Su

ga

m)

Inco

me

fro

m S

ala

ry/

Pe

nsi

on

Yes

Yes

Yes

Yes

Yes

Yes

Inco

me

(n

ot

loss

) fr

om

1 h

ou

se p

rop

ert

yYe

sYe

sYe

sYe

sYe

sYe

s

Inco

me

or

loss

fro

m m

ore

th

an

1 h

ou

se p

rop

ert

y-

Yes

Yes

Yes

Yes

-

Ag

ricu

ltu

ral In

com

e >

Rs.

5,0

00

-Ye

sYe

sYe

sYe

s-

Win

nin

gs

fro

m l

ott

ery

& r

ace

ho

rse

s-

Yes

Yes

Yes

Yes

-

Loss

fro

m O

the

r S

ou

rce

s

(oth

er

tha

n w

inn

ing

s fr

om

lo

tte

ry &

ra

ce h

ors

es

-Ye

sYe

sYe

sYe

sYe

s

Ca

pit

al G

ain

s/Lo

ss

--

Yes

Yes

Yes

-

Sh

are

of

Pro

fit

fro

m P

art

ne

rsh

ip F

irm

--

-Ye

sYe

s-

Inco

me

fro

m p

rop

rie

tary

bu

sin

ess

/ p

rofe

ssio

n-

--

-Ye

s-

Pre

sum

pti

ve I

nco

me

fro

m

bu

sin

ess

--

--

-Ye

s

Fore

ign

Ass

ets

& S

ign

ato

ry i

n B

an

k A

/c a

bro

ad

--

Yes

Yes

Yes

-

Re

lie

f o

f ta

x u

/s 9

0,

90

A o

r 9

1-

-Ye

sYe

sYe

s-

SEMIN

AR O

N ITR

23/07/2015

Applicable Forms : Others

Ass

ess

ee

ITR

5IT

R 6

ITR

7

Fir

m,

LLP

Yes

--

Pri

vate

Dis

cre

tio

na

ryTr

ust

Yes

Ass

oci

ati

on

of

pe

rso

ns

(AO

P)

Yes

--

Bo

dy

of

Ind

ivid

ua

ls (

BO

I)Ye

s-

-

Co

mp

an

ies

(oth

er

tha

n t

ho

se c

laim

ing

exe

mp

tio

n u

/s 1

1)

-Ye

s-

Tru

sts,

Po

liti

cal

Pa

rtie

s e

tc.

--

Yes

SEMIN

AR O

N ITR

Single form

in future?

23/07/2015

Modes of E-filing

�Digital Signature.

�Su

bmitting ve

rific

ation of ITR in Form

ITR-V.

�Electronic Verification Code (EVC).

23/07/2015

SEMIN

AR O

N ITR

EVC

Electronic Verification of person e-

furnishing :

�ITR

�Audit R

eport

�Fo

rm 10 (Notice

of accu

mulation of

inco

me)

23/07/2015

SEMIN

AR O

N ITR

EVC Features

�Applicab

le for AY 2015-16.

�Applicab

le for AY 2013-14 &

2014-15 also if

filed

during 2014-15.

�Ord

er of 20-7-15.(Tim

e lim

it extended

till

31.10.15).

�No relation to AY.

�Can

not be used for ITRs where DSC

man

datory.

�10 digit alpha -numeric number. E

.g.

2UJXSNZXU3

�Unique for AssesseePA

N.

23/07/2015

SEMIN

AR O

N ITR

EVC Generation

Different Modes based

on :

�Risk catego

ry of A

ssessee.

�Method of acce

ssing E -filing web

site.

�Interface with Third Party Authen

ticating

Entity.

23/07/2015

SEMIN

AR O

N ITR

Net Banking

�Sp

ecified

ban

ks reg

istered w

ith IT

Dep

artm

ent.

�Ban

k acco

unt w

ith a validated

PAN of

Primary Account Holder.

�Logs in to N

et ban

king.

�Existing internet bankinguser id, login

password & transaction password.

�Red

irec

tion to E -filing web

site.

�Gen

erate EVC on w

ebsite.

�EVC also sen

t to

validated

Mobile

No.

registered withITD.

23/07/2015

SEMIN

AR O

N ITR

AADHAAR

�ITD reg

istered w

ith U

IDAI for Aad

haarau

then

tication.

�Pro

vide Aad

haarNo. for lin

king on e–filing web

site.

�Verified

on the basis of :

◦Nam

e

◦Date of Birth

◦Gen

der

�Matching of PAN & Aadhaardata.

�If succ

essful, Aad

haarlin

ked to PAN.

�OTP sen

t by U

IDAI to

mobile

number registered

with UIDAIis EVC.

�Valid for 10 minutes only.

23/07/2015

SEMIN

AR O

N ITR

Bank ATM

�ATM C

ard linke

d to PAN Validated

Ban

k A/c.

�Access Ban

k ATM w

ith D

ebit/C

redit C

ard.

�Authentication by using ATM PIN.

�Gen

erate EVC

�EVC gen

erated

& sen

t to

Assessee’smobile

no. registered with E –Filing website

.

�Ban

k to

co

mmunicate this req

uest to

E -

Filin

g web

site.

23/07/2015

SEMIN

AR O

N ITR

E-filing Website

�Total income as per ITR <=5 lakhs

�No Refund Claim.

�More restrictions in future

.

�Gen

erate EVC on the E -filing web

site.

�Se

nt to

Reg

istered Email ID &

Mobile

No. registered with E-filing Website

.

23/07/2015

SEMIN

AR O

N ITR

Changes/

Important

Points

in ITRs

SEMIN

AR O

N ITR

23/07/2015

SahajIndividualITR 1

Not Applicable

�Business Inco

me.

�Inco

me from m

ultiple H

ouse Pro

per

ties.

�Cap

ital G

ains.

�Lo

tter

y or Race Horses Inco

me.

�Lo

ss fro

m O

ther Sources.

�AgriculturalInco

me > 5000/-.

�Relief u/s 90, 9

0A or Ta

x ded

uction u/s 91.

�Fo

r R&OR

◦Fo

reign Assets/ Inco

me.

◦Cheq

uesign

ing au

thority of Ban

k A/c abro

ad.

SEMIN

AR O

N ITR

23/07/2015

SugamITR 4S

Not Applicable

�Inco

me from Spec

ulative

, Age

ncy, C

ommission Business.

�Pro

fessional Inco

me

�Inco

me from m

ultiple H

ouse Pro

per

ties.

�Cap

ital G

ains.

�Lotter

y or Race Horses Inco

me.

�Loss fro

m O

ther Sources.

�AgriculturalInco

me > 5000/-.

�Relief u/s 90, 9

0A or Ta

x ded

uction u/s 91.

�Fo

r R&OR

◦Fo

reign Assets/ Inco

me.

◦Cheq

uesign

ing au

thority of Ban

k A/c abro

ad.

SEMIN

AR O

N ITR

23/07/2015

Form 2A

�Inco

me from Salary/Pe

nsion.

�Inco

me from H

ouse Pro

per

ty.

�Inco

me from O

ther

Sources.

�Agricultural Inco

me > 5,000/-?

�Inco

me from Business or Pro

fession.

�Inco

me from C

apital G

ains.

�Fo

reign Assets/Fo

reign Inco

me.

�Relief/Ded

uction u/s 90, 9

0A or 91.

23/07/2015

SEMIN

AR O

N ITR

General

Changes

ITRs

SEMIN

AR O

N ITR

23/07/2015

New Features

�Page numbering of ITR form

s.�Part A –

Gen

eral inform

ation.

�Part B –

Computation of Total Inco

me & Tax

Liability on Total Inco

me.

�Verification.

�Details of T

ax paid/T

DS etc. (Not sched

ules)

�Sc

hed

ules –As ap

plicab

le.

�Instru

ctions not updated

. (Bar coded

return

s).

�Exe

mpt Inco

me upto

any am

ount in 1 &

4S

(Non-agricu

ltural). 2

3/07/2015

SEMIN

AR O

N ITR

Return filed as per CBDT Order

�If ITR is filed

pursuan

t to

an ord

er of

CBDT u/s 119(2)(b), tick

ch

eck-box

23/07/2015

SEMIN

AR O

N ITR

Passport No.

�Not to

be give

n in

ITR 1 &

4S.

�Fo

r other

s, give if available.

�Details of foreign trave

lling not be

reported

.

23/07/2015

SEMIN

AR O

N ITR

Banks’ Details

�No. &

Details of A

LL Ban

k acco

unts held

in India.

�Not of Dorm

ant Ban

k acco

unts.

�Ban

k Acc

ount No. (9 digit C

BS).

�IFS Code 11 characters.

◦First 4 characters : alphab

ets,

◦5th character : Z

ero (0)

◦Rem

aining 6 characters : Numeric or

alphab

ets.

◦E.g. ICIC

0000007

23/07/2015

SEMIN

AR O

N ITR

Banks’ Details

�Ty

pe of A

ccount.

�Savings, C

urren

t.

�Cash C

redit added

in U

tility for 4S.

�Name of Bank.

�Balan

ce in

Acc

ount on 31stMarch

.

�Nam

e of Joint holder

(s).

�Minor’s Ban

k acco

unt?

23/07/2015

SEMIN

AR O

N ITR

Schedule HP

23/07/2015

SEMIN

AR O

N ITR

•Dee

med

to be Let O

ut.

•Multiple Ten

ants.

Schedule CG

�Ratew

iseSu

mmary of Cap

ital G

ains in TI.

�Value of Property as per stamp

valuation authority > Zero.

23/07/2015

SEMIN

AR O

N ITR

Deemed LTCG/STCG

23/07/2015

SEMIN

AR O

N ITR

LTCG/STCG for Non-residents

Shown under Schedule CG but not

chargeable to tax in India as per DTAA

�Sl.

�Country nam

e, code.

�Article of DTAA.

�W

hether Tax

Residen

cy C

ertific

ate

obtained

?

�Item

in LTCG/STCG in w

hich included

.

�Amount of LT

CG/STCG.

23/07/2015

SEMIN

AR O

N ITR

Schedule OS

Income chargeable to be taxed under DTAA

(For Non-Residents)

�Sl.

�Country Code

�Article of DTAA

�Rate of tax under D

TAA

�W

hether TRC obtained

?�

Corresponding section of A

ct w

hich prescribes rate

�Amount of inco

me

�Total amount of income chargeable to tax

under DTAA

�Show in Schedule SI.

23/07/2015

SEMIN

AR O

N ITR

Schedule EI

Net Agricultural income for the year

�Gro

ss Agricultural rec

eipts (other

than

inco

me from m

anufacture of tea, coffee

or

rubber

).

�Expen

diture in

curred

on agriculture.

�Unab

sorb

ed agricultural loss of previous

8AYs.

23/07/2015

SEMIN

AR O

N ITR

Schedule 80G

�Not in ITR 1 &

4S but in X

ML.

�Cau

tion : 80G D

isallowed

.

�Donation thro

ugh

Employe

r. C

ircu

lar

2/2005.

�PA

N M

andatory.

�Can

chec

k whether

eligible.

◦PM N

ational R

elief Fu

nd : AACTP4637Q.

◦Donee

funds set by Govt

(80G(2)) :

GGGGG0000G.

SEMIN

AR O

N ITR

23/07/2015

Schedule FA

�Residen

t Assesse only.

�Hold, any

foreign asset (including fin

ancial

interest in

any

entity).

�have sign

ing au

thority in

any

acc

ount

located outside India.

�have income from any source

outside India.

�Sc

hed

ule FA to be filled.

23/07/2015

SEMIN

AR O

N ITR

Foreign Assets

�Fo

reign Ban

k Acc

ounts.

�Finan

cial Interest in any

Entity.

�Im

movable Pro

per

ty held.

�Any

other

Cap

ital Asset.

�Acc

ount(s) in w

hich signatory.

�Fo

reign Tru

sts.

23/07/2015

SEMIN

AR O

N ITR

Any Other Foreign Income

Details of ANY OTHER

Inco

me der

ived

from any

source outside India which is

not included in :

�Details of Fo

reign Ban

k A/cs, Tru

sts etc.

�Inco

me under

the hea

d Business or

Pro

fession.

23/07/2015

SEMIN

AR O

N ITR

E-filing of Wealth Tax Returns

�Abolished from AY 2016-17.

�Pro

vision for e-filing in Finan

ce Act 2013.

�Upto

AY 2013-14 –

Form

BA.

�From AY 2014-15 –

Form

BB.

�E-filing Man

datory fro

m AY 2014-15.

�Digital Signature for e-filing.

SEMIN

AR O

N ITR

23/07/2015

WTR : AY 2014-15

Mandatory E-filing

�Compan

ies

�Individuals su

bject to Tax

Audit

�HUFs subject to Tax

Audit

Paper Filing for AY 2014-15

�Individuals NOT subject to Tax

Audit

�HUF NOT subject to Tax

Audit

SEMIN

AR O

N ITR

23/07/2015

MANDATORY

E-FILIN

G

WITH D

SC

BY ALL.

23/07/2015

SEMIN

AR O

N ITR

WTR : AY 2015-16

ITR Validation Rules

23/07/2015

SEMIN

AR O

N ITR

ITR Validation Rules

23/07/2015

SEMIN

AR O

N ITR

ITR Validation Rules

23/07/2015

SEMIN

AR O

N ITR

Tips

�Chec

k that rec

ent am

endmen

ts applic

able

to clie

nt take

n into

acc

ount.

�Prepare ch

ecklist for Clie

nt.

�Compare data with Previous Ye

ar R

eturn

.

�Chec

k spec

ific item

s of cu

rren

t ye

ar.

�Rev

iew Per

sonal Ban

k Acc

ounts, C

r Card

Statem

ents etc.

�Rec

oncile entries with Form

26AS.

SEMIN

AR O

N ITR

23/07/2015

Tips (contd.)

�B/flosses tak

en into

acc

ount co

rrec

tly.

�Mak

er, Chec

ker Conce

pt.

�Reo

rgan

iseW

ork

ing pap

ers file.

�Chec

k Man

datory e-filing fie

lds.

�File is Valid.

�e-filing cases : expec

ted Inco

me > 5 lacs.

�Mark for e-filing other

cases.

�Man

agem

ent of ITR w

ithout DSC

.

SEMIN

AR O

N ITR

23/07/2015

Press R

elea

se dated

1-7-15

�Electro

nic

Filin

gofInco

me

Tax

Return

sfor

2015-16Commen

ces;

�ITR

1-Sah

aj,2

and

2A

can

be

Used

by

IndividualsorHUFW

hose

Inco

meDoes

not

IncludeInco

mefrom

Business;

�ITR

4S

-SU

GAM

can

be

Used

by

anIndividual

or

anHUF

Whose

Inco

me

Includes

Business

Inco

me

Assessable

on

Presu

mptive

Basis;

�TaxpayersRequestedtoE-FileTheir

ReturnsEarlytoAvoidtheRushCloser

totheLastDateofFiling.

23/07/2015

SEMIN

AR O

N ITR

RajeevKhandelwal

FCA,DISA(ICAI)

rajeev@webtel.in

SEMIN

AR O

N ITR

23/07/2015