SEMINAR ON E-FILING OF INCOME TAX RETURNS

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22 N D JULY’14HELD AT

ICAI BHAWAN ,KOLKATA

BY – CA. RUNIT HARLALKA

SEMINAR ON E-FILING OF INCOME TAX

RETURNS

O.P. Harlalka & Co. , 12 BBD BAGH (East) , Kolkata -700001

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WHO ARE REQUIRED TO E-FILE ITR


Individual whose total income is more than

Rs. 5 Lakhs [Notification No. 34/2013]

All Tax Audit cases u/s

44AB, 92E or 115JB of the IT Act, 1961

All Corporate Assessees & Partnership Firms , LLP

Trust having Income

exceeding Rs 5Lakhs or

whose Audit Report is

filed

Persons claiming

relief under Section 90, 90A or 91 of

the Act

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The various services available for users in e-filing


Mobile services can be availed using the url :-http://incometaxindiaefiling.gov.in/mobile/

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WHICH ITR TO BE FILED FOR AY 2014-15


• Salary Income• One House Property Income (No

B/f Loss)• Other Income (except horse race

&lottery)• Exempted income below Rs.

5000.

ITR-1 (with or without digital Signature for Individuals )

• Salary Income• House Property Income;• Capital Gains;• Other Income• Assets or SA located out of

India,Claimed relief or EI >5000

ITR-2 (with or without digital Signature for Individuals/

HUF)

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WHICH ITR TO BE FILED FOR A.Y. 2014-15


• Salary Income;• House Property;• Capital Gains;• Share of Profit from Firm/AOP

etc• Other Income

ITR-3 (with orwithout digitalSignature for

Individuals/HUF )

• Salary Income;• House Property;• Capital Gains;• Profits & Gains of Business• Other Income

ITR-4 (Mandatory

digital signature in

case of TA u/s44AB for

Individuals/HUF)

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WHICH ITR TO BE FILED FOR A.Y.2014-15


• To be filed by Partnership Firm, LLP, AOP & Local Authority, irrespective of Income

ITR-5 (Mandatory

digital signature in

case of TA u/s44AB)

• To be filed by Companies

ITR-6 (To be filed

only digital withsignature)

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WHICH ITR TO BE FILED FOR A.Y. 2014-15


• For Individuals , HUF having income from presumptive business

ITR 4S

• Trust / AOP /BOI

• Person required to file ITR u/s 139(4A),139(4B), 139(4C),139(4D)

ITR 7

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The Interface


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How to E-File ?


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Instructions from the Department


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Configuration Requirements


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A valid Email ID and Mobile Number to be Registered/Updated on the E-Filing Website of the Income Tax Department

A valid Email ID and Mobile Number has to be registered/updated on the e-filing website of the Income Tax Department so that direct communication with taxpayer can be possible. For details, taxpayers can log on to:

https://incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/Update_Contact_Details.pdf

The Department will send separate One Time Passwords (OTP) also referred as PIN on the mobile and email provided by the taxpayer. The OTPs have to be entered by the taxpayer after logging into their e-

filing account to authenticate the same. The OTPs will remain valid for 24 hours within which the taxpayer has to complete the process. For ‘Foreign/ NRI’ taxpayers, the OTP validation of the email ID

would be sufficient.

Validation of email and mobile numbers has been introduced to facilitate taxpayers as in many cases incorrect emails and mobile numbers have been provided and taxpayers did not receive important communication from the Department. Further, it has been observed that in many cases taxpayers are not able to reset their password since the new temporary password from the Department may be sent to their registered email which may be

different from the taxpayer’s personal email, e.g. email of their intermediary.

This is a one-time process to validate the mobile number and email ID. However, whenever the taxpayer changes the Mobile Number or email ID in their Profile, the process will be repeated to ensure that the particulars provided are correct. Further, this validation will ensure that Department can

send an OTP for resetting the password used for Login in case the taxpayer has forgotten the password.

One mobile number or email ID can be used for a maximum of 10 user accounts as the Primary Contact- Mobile Number and Email ID in e-Filing. This is to ensure that family members and related business

concerns (not exceeding 10 separate users) not having personal email or mobile can be covered under a common email or mobile, but in general taxpayers should have their own unique email ID and Mobile

registered with the Department.


https://incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/Update_Contact_Details.pdf

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For new users


Provide the correct Mobile Number and EmailID during the Registration in the e-Filing portal

Activation link would be sent to the registeredE-mail ID and A One Time Password (OTP also called PIN) is

sent to the registered Mobile Number

User needs to Click on the Link provided inthe E-mail and enter the OTP received in the

mobile number for Successful activation

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Exisiting users need to update their contact details


After theuser log in

•They are requested to update the current PERSONAL Mobile number and PERSONAL E-mail ID .

•The contacts will be used for all future communications including reset of password .

Uponsubmittingthe details

•Department would immediately send OTPs (PIN1 & PIN2) to new mobile number and Email ID.

•PIN 1 AND PIN 2should be entered by them in the respective input fields to authenticate that the email ID and mobile are correct

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ITR’s available in the portal


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Forms Other than ITR available in the portal


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E-filing of Tax Audit Report


Go to https://incometaxindiaefiling.gov

.in/

Registration of CA and

Assessee by Clicking ‘Register Yourself’

Add CA by Assessee

Approval by Assessee

CA will upload the form along with BS & PL a/c in PDF

Download and Fill the form

Otherwise Assessee can

Reject the Uploaded form supported by a

reason

On rejection, CA will rectify the form and

upload it

Finally , Assessee needs

to check ‘WORKLIST’

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Mandatorily requirement of DSC


Individual,HUF and Firms also to whom Audit provision u/s 44AB is applicable

Companies

Trust

• (Notification 37/2011 dated 01.07.2011)

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List of Services Tax calculator


List of Services

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Service – Epayment of Tax


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Recent Changes


From this year while claiming TDS in Income Tax return facility has been given to carry forward the TDS of previous year and brought forward TDS to next year.

As per newly inserted Section 87A if annual income of the taxpayer is up to Rs. 5,00,000/- then Tax relief of maximum of Rs. 2,000/- is given. For claiming this relief separate space has been inserted in the return.

Now onwards IT Refund will be issued directly in the bank a/c of the taxpayer through ECS only, cheques are discontinued. Therefore at most care should be taken while mentioning Bank Account Number and IFSC Code in the income tax returns.

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Changes in ITR


As per newly inserted Section 80EE if taxpayer has purchased house up to Rs. 40 Lakh and taken housing loan of Rs. 25 Lakh then taxpayer can claim deduction of interest up to Rs. 1 Lakh. For claiming this deduction separate space has been inserted in the return.

Corporate or LLP assessee will have to mention CIN or LLP Identification Number.

Further Director or DPIN will have to be mentioned.

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Changes in ITR


Breakup of Incomes chargeable to Income tax at Special rates .Details of Income from Outside India and Tax reliefSummary of tax releif claimed for taxes paid outside India Separate schedule for TDS deducted on sale of Immovable

Property u/s 194IA . (Sch TDS3)Now TDS can be carried forward or brought forward TDS can be

adjusted in the current year .Bifurcation of TDS claimed in own hands and in the hands of

spouse If section 5A is applicable. Information regarding apportionment of income between spouses

governed by Portuguese Civil Code.

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Changes in Income from Salaries


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Changes under the head House Property


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No Account Case


Balance Sheet

Profit And Loss A/c

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Audit Information


Maintenance of Accounts by certain persons carrying on Profession or Business (Section 44AA)If his total income from Business or Profession exceeds Rs. 120,000 or his total turnover in the Business or gross receipts in Profession exceeds Rs. 10,00,000 in any one of the 3yrs immediately preceding the P.Y. , shall keep and maintain such books of accounts and other documents as may enable the AO to compute his total income .

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Quantitative Details


Now assessee are required to furnish their stock details under seperate heads like >Raw Materials >Finished Products/By-Products

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Schedule IF


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Schedule unabsorbed Depreciation


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Long Term Capital Gain Short Term Capital Gain


LTCG @ 10% , 20% are separately shown

On sale of land or building, value of property as per stamp valuation authority is required

LTCG of Resident and Non Resident assessee are segregated .

STCG @ 15% , 30% or at Applicable Rate are separately shown

On sale of land or building, value of property as per stamp valuation authority is required

STCG on which STT is paid u/s 111A and otherwise are segregated .

STCG of Non- Residents and Residents are segregated .

Changes in the ITR under the head Capital Gain

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Bifurcation of C.Y. Losses under CG


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SchTDS 3 for sec 194IA


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Deduction under CG


Pan No. Required for deduction u/s 54GB

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Bifurcation Of Sch- Chpt VIA


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Bifurcation Of Sch- Chpt VIA


Schedule of deduction under chapter VIA is sub-divided in respect of income and payment

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Schedule 80G


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Income Chargeable at Special Rates


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Schedule For BFLA


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Schedule AL


Applicable in a case where total income exceeds Rs. 25 Lakh

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Tax Holiday


Income under each Undertaking shall be mentioned separately

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Summary of Tax Relief Claimed Outside India


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Details of Income From Outside India


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Schedule FA


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ITR 7


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ITR 7


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Portuguese Civil Code


5A. Apportionment of income between spouses governed by Portuguese Civil Code

Where the husband and wife are governed by the system of community of property (known under the Portuguese Civil Code of 1860 as" COMMUNIAO DOS BENS") in force in the State of Goa and in the Union territories of Dadra and Nagar Haveli and Daman and Diu, the income of the husband and of the wife under any head of income shall not be assessed as that of such community of property (whether treated as an association of persons or a body of individuals), but such income of the husband and of the wife under each head of income (other than under the head" Salaries") shall be apportioned equally between the husband and the wife and the income so apportioned shall be included separately in the total income of the husband and of the wife respectively, and the remaining provisions of this Act shall apply accordingly.

Where the husband or, as the case may be, the wife governed by the aforesaid system of community of property has any income under the head

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CONSEQUENCES OF LATE FILING


Penalty of Rs. 5000/- underSection 271F;

Penal Interest @ 1% per monthunder Section 234A;

Losses cannot be carried forward except Losses from House proprerty and unabsorbed depreciation .

Deductions under Section 10A,10B, 80-IA, 80-IB etc. are not allowed


THANK YOU

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SEMINAR ON E-FILING OF INCOME TAX RETURNS

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Transcript of SEMINAR ON E-FILING OF INCOME TAX RETURNS