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853 Important "Tax Returns Filing” Questions and its Answers

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I have sold house property in Gujrat and the buyer has taken bank loan.Bank has given two cheques one for sale deed value and other for extra work in house. How it will be shown in ITR?

The total amount of both cheques will be considered as your sale consideration.LTCG will be calculated as:Sale consideration - Indexed value of purchase cost.The profit will be taxed at 20%.But if you…

I'm a returning NRI. Will be Resident but Not Ordinary Resident (RNOR). My company asked me to work as an independent consultant (not employee, they don't have Indian entity). What is the best payment method available and also the tax implications?

As a returning NRI who will be classified as Resident but Not Ordinary Resident (RNOR), if you are working as an independent consultant in India, you may be eligible to file your taxes under the presumptive…

I work for a UK company in UK (British citizen with OCI card). I am moving to India now. I want to keep receiving salary & pay tax in UK. My employer is Ok with it. Since I'll become Indian resident, how to claim DTAA? Any additional taxes in India?

As per Article 1 of DTAA, the benefit of a DTAA agreement will be applicable only for a resident. Thus a Non-Resident cannot claim relief under Sections 90, 90A and 91. Therefore, a non-resident should…

What are the ways for the rich to not pay taxes in India without going to Dubai?

Very complex question. But there are many way outs. One of the solution is investment in equity for long term investment. Taxability arise only when you sell the holdings. Tax rate is also as low…

How to file a late ITR? I missed filing for assessment year 2021-22, the final deadline for which was Mar 31 2022. I need to file as an individual. I had tax outstanding which I paid but did not file after paying.

You can file an updated return using ITR form U. you have to pay additional tax amount.

I live and earn income in India. Will I be liable to tax on Indian income if I procure Canada PR but haven't moved to Canada nor earn any foreign income?

Why would you get PR if you dont plan to move to Canada. The answer is no you will not be responsible for it. Unless you landed and keep the PR.

How can business owners save tax in India?

There are many options with wonderful tax planning. from the base level of routing of expenses and to splitting of business / investment. it all depends on the size of your business.

Can we raise commercial society maintenance invoice in a name of tenant for saving other taxes or it must be in a name of owner only?

Maintenance charges should be in the name of the Owner/Owner's Firm only!

How to file TDS on the Sale of Property?

TDS stands for Tax Deducted at Source. At the time of purchasing property, the buyer is liable to deduct TDS from buying price and pay TDS to Income Tax Department. Who Pays TDS: As per the…

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How can I pay TDS online for property purchase?

TDS stands for Tax Deducted at Source. At the time of purchasing property, the buyer is liable to deduct TDS from buying price and pay TDS to Income Tax Department. Who Pays TDS: As…

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What is TDS? How to pay TDS on purchase of property?

TDS stands for Tax Deducted at Source. At the time of purchasing property, the buyer is liable to deduct TDS from buying price and pay TDS to Income Tax Department. Who Pays TDS: As per the…

How an NRI does repatriation of funds?

For repatriation of funds mostly you have to file 15CA/CB forms through a CA, if your income is taxable in India. Else you can file a form 15CA part D through Income tax login, and submit these forms…

My name in the pan card, aadhar card and the bank account are same. But my name in the itr does not match.So i am unable to refund TDS. What to do?

Has your bank account prevalidated?Did you recently applied for a change of name in Pan Card?Need to check some other details also.You can contact Income Tax Call Centre (Number available on the Income…

What is Foreign Tax Credit? And Foreign Tax Credit Rules

Sections 90 and 91 of the Income-tax Act deal with the idea of FTC under India’s tax regulations. Section 90 deals with claiming FTC (Foreign Tax Credit) in situations where India has entered into…

What is Cost Audit?, Features of Cost Audit, Cost Audit Applicability, and Types of Cost Audit

A cost audit entails verifying cost accounts and ensuring that the cost accounting plan is followed. Cost audits check the correctness of cost accounting records to make sure they are in line with cost…

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Who can file an Updated Income Tax Return in form ITR U?

Any taxpayer who is eligible to update returns for Financial Year 2019-20 and following assessment years as per the provisions mentioned in the Income Tax Act can file the updated Income Tax Return via…

What is the Form ITR U?

The new ITR Form U, is a form to file an Updated Income Tax Return, wherein a taxpayer can update his/her previously filed Income Tax Return within 2 years by paying additional taxes.

What is the Provision of Section 35AD of the Income Tax Act?

The deduction is granted under section 35AD for any capital expenditure incurred solely and exclusively for carrying out a specified business. Notably, the section 35AD deduction does not apply to expenses…

Can a firm claim a deduction under section 80HH if it receives a deduction under section 35AD?

A specified business that has received a deduction under Section 35AD of the Internal Revenue Code cannot claim a deduction under Chapter VIA. This means it is not eligible for a deduction under Sections…

What is Section 35AD of the Income Tax Act?

An assessee shall be permitted a deduction in respect of the whole of any capital expenditure incurred, entirely and exclusively, for the purposes of any specified business carried on by him during the…

Is AO approval not reqd if amount in cg acct. is less than 5 lakhs (interest only ) while closing it?

Required if you are not utllising for the concerned purpose.

How to generate TRACES login using registered TAN?

Procedure on “How to generate TRACES login using registered TAN?”Step 1 – Login to TDS – CPC portal. Step 2 – Enter login ID & Password. Step 3 – Click on the profile menu. Step 4 –…

What is the Password for TDS Form 16?

What is form 16?Form 16 is a kind of an acknowledgment receipt that states that the tax that has been deducted from your salary and the same has been deposited with the Income Tax Department.Form 16 is…

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I update my 2021-22 itr. But updation error was mismatch gross turnover by bank. What is the solution?

Well, while filing an ITR, we need to be very careful and not make any mistakes. However, many times we unwillingly make errors in filing ITR. Now the Current Income Tax Laws allow filing a revised Income…

How do I file my ELSS return in ITR?

Login to the new ITR Portal.Use your PAN card to access the portal.Double-check your bank information if it is already saved in the gateway, or enter it if it is the first time.Select the File Return…

Can I update the GST invoice?

Yes, you can if the change is within the same month!If the month has changed, it is better to raise debit/credit notes to effect the change.Hope this helps!Regards,Feel free to contact for any doubt:…

What is the income tax on a salary of Rs.15 lakhs per annum?

Nearly 2.62 lakhs as per old regime.

If my salary is paid in crypto, how can I report this tax filing in India since the price of crypto fluctuates?

You can consider the value of crypto on the date of receipt.

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How do I report cryptocurrencies on my tax returns?

If cryptocurrencies are held as an investment, you have to show it under the head of Capital Gains. Gains from which are chargeable @ 15% if held for less than 36 months.If you are regularly trading in…

What kind of taxes are cryptocurrencies subjected to in India?

Income Tax

Is it necessary that I file taxes for my cryptocurrency?

Yes, you have to file an Income Tax Return if your total income from all sources is more than Rs. 2.5 Lakhs. While filing your Income Tax Return, you have to disclose all your income.Hope this helps!Do…

I am owning a flat under the Panchayat limit in Bangalore and have been paying the property tax every year to Panchayat Office. What will happen when my area is moved from the Panchayat limit to the BBMP limit? Do I need to pay property tax again to BBMP since the beginning (since my flat was registered to me), or producing the property tax receipt from the Panchayat office is enough? What is the process on this?

Need not to pay property tax again to BBMP since the property registration. Continue to pay property tax to BBMP from the time property converted from panchayat to BBMP. ---------Apply for new property…

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I have sold my plot of 500 sq yds in April 2021 for Rs 37.50 lakhs and I am a senior citizen. Do I have to pay income tax as I have no income except from GST sales in business as manufacturers?

To know your tax liability more details about your property is required, viz date of purchase, amount of purchase etc. If your capital gain and business income for the FY 2021-22 is more than Rs.2.50…

Do you have to pay income tax on CSIS subsidy of education loan?

How much subsidy you receive in a financial year ?More than Rs.2.50 lakhs ?

For an NRI, what are the documents required to apply for PAN card ? Can it be done online ?

You can do it with the copies of your Passport. It can be done online.

While transferring money from NRE to savings account online, will the recipient have to pay tax ?

There is no tax liability for transferring fund from NRE to local account.

I worked in UK from Feb 1st 2020 till Jan 30th 2021, moved back to India on 31st Jan 2021. After moving to India my employer deducted the taxes for whole year again in India. Which means I have paid taxes in UK and even though I'm not in India, taxes were deducted. Would like to know whether I claim refund on tax deducted in India while filing?

Whether your employer in India & UK is same person ?Even though keeping the NRI status you will be taxed in India from Feb & March 2021.If extra Tax deducted; you can claim as refund.

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Is it possible to start a branch office of a company abroad to expand business operations in India?

Yes. It is possible to set up a branch office in India of a Company abroad. One must meet the eligibility criteria for setting up the office and then comply with the procedural requirements laid down…

The new tax preparation software by income tax shows incorrect date of birth less by one day as per prefill data. How do i correct it?

Date of birth and other profile details reflect on the Income Tax Portal as per your PAN Card.Do cross-check with your PAN Card. IF DoB, as shown on the portal, is not as per the PAN card, then there…

Do we get cheque book or atm card with capital gain account type A. How we transfer money to contractor? Do we need bills for that?

Most probably cheque book/ATM will not be available with Capital Gain Account Schemes. Your bank manager will transfer fund to contractor upon verifying the authenticity of transactions. A contract agreement…

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What is GST?

Goods & Service Tax is a tax on supply of goods/services by one person to another. It is the major Indirect Tax Revenue of India.

ഞാൻ എൻടെ NRI അക്കൌണ്ടിൽ നിന്നും ഭാര്യയുടെ SB അക്കൌണ്ടിൽ ചിലവിനായി മാസംതോറും ട്രാൻഫർ ചെയ്യുന്ന amount വർഷത്തിൽ 5 ലക്ഷത്തിൽ കൂടുതല് ആയാൽ ഭാര്യ യുടെ വരുമാനത്തിൽ പെടുമോ അതിന് ഭാര്യ നികുതി കോടുക്കേണ്ടതുണ്ടോ?

No tax on such transactions, since it is not her income.

Can anybody with capital gains use ITR-4 Sugam?

Not possible. Have to use ITR 3. And can claim presumptive income slab at ITR 3.

Teacher and doing share market Intraday trading which form should be used?

ITR 3.Please check this video to see the points to be taken care while filing Income Tax Return in case of share trading transactions.

Which ITR can be used for self employed Tile setter?

If self employed, ITR 3.Please check this video to see the points to be taken care while filing Income Tax Return in case of share trading transactions.

I’m an NRI, do I need to apply for ITR? I am using my wife’s saving account for trading, how to file ITR in her name? If my wife PF is in loss, still I should file ITR?

From the very limited information you had given, i think it is better to file IT Return in your wife's name. You will get the benefit of carry forward loss, if you file return in time.

An NRE investors total short term gain from debt Mutual funds is around Rs.60000. Mutual fund company deducted tax @30%. The NRE investor has no other domestic income. If he file his IT return, will he able to get back TDS amount?

Sure. He will get refund.Please check this video to check whether an NRI is liable to file Income Tax Return.

Bank loan ullavar incometax return cheyyendi varuo?

Ningalude income 2.50 lakhs nu mukalil anenkil Return file cheyyanam. Loan undenkil polum.Please check this video to check whether an NRI is liable to file Income Tax Return.

What is the Difference between Nre & Nro A/c?

In NRE account one can only make remittance from outside India. NRO is just like a normal savings account; can make remittance from inside India too.Please check this video to check whether an NRI is…

I am non resident living abroad want to sale my property valued less than ₹50 lakhs to another NRI.Is there any need for me to pay TDS& what is it's percentage of tax?

For NRIs normally 20% TDS will apply on sale amount.Please check this video to check whether an NRI is liable to file Income Tax Return.

Njan foreign companykku vendi work from home vazhi job cheyyunnund. Avarude oru officeum India il illa. Avar enikk avide tax adakkadheyanu ente payment tharunnadhu. Appol njan india yil tax adakkano?. Njan edhuvare India yude purathu pooyittumilla.

Salary above 2.50 lakhs per annum anenkil indiayil tax return file cheyyanamPlease check this video to check whether an NRI is liable to file Income Tax Return.

Ksfe പ്രവാസി ചിട്ടി fd ആയി ഇട്ടപ്പോൾ tds decleration കൊടുക്കാൻ പറഞ്ഞു .30 percent kanikkunnu.അതിനു ഇൻകം ടടാക്സ് റിട്ടേൺ ഫയൽ ചെയ്യണോ?

Return file cheythal TDS thirichu kittan possibility undu.Please check this video to check whether an NRI is liable to file Income Tax Return.

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എന്റെ NRO FD യിൽ നിന്നും TDS പിടിച്ചു. അത് refund കിട്ടാൻ ഏതു ITR no. ഫോം ആണ് ഫയൽ ചെയ്യണ്ടത് ?

NRI anenkil ITR 2 form aanu use cheyyendathu.Please check this video to check whether an NRI is liable to file Income Tax Return.

I have Indian resident pancard but now I am working in UAE. How can I change my pancard to non resident or Can I register my old pancard in efiling website ?

Not necessary to change the pan card to non resident. You can show your non residence status while filing return.Please check this video to check whether an NRI is liable to file Income Tax Return.

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Where to enter for the Rs.15 lakh gift given by the father to his daughter?

In exempted income.Please check this video to know how Gift Tax is applicable in practical life situations.

Wedding nu 50000 above cash aayi kittiyal taxable ano ?

No.Please check this video to know how Gift Tax is applicable in practical life situations.

1.To execute gift deed, is there any charges, including the tax, lets say if i need to give 10lakh gift to my wife. I assume there won't be any tax, but during gift deed, is there any tax i would need to pay? 2. If i take loan (say 10 laksh from ) my brother in law, and later i would pack him monthly or termly like 1 laksh after every 6 month, is there any chance to get caught by income tax?

1. No tax for executing gift deed.2. Borrow and repay loan only through banking channel; not by cash. Then no need to worry about income tax department.Please check this video to know how Gift Tax is…

അങ്കിൾന്റെ കൈയിൽ നിന്ന് 20 ലക്ഷത്തിനു മുകളിൽ ഉള്ള കുടുംബസ്വത്തു cheque ayi കിട്ടിയാൽ അത് എങ്ങിനെ മാനേജ് ചെയ്യാം?

Cheque received as family partition amount is not taxable.Please check this video to know how Gift Tax is applicable in practical life situations.

As a part of our family property partition..I am not claiming anything from my mother's (passed away) family property..In compensation to this my mother's sister will give me some amount.Say 8 lakhs.Can it be considered as a gift.If so a gift deed is to be made?

This is simply family settlement amount. Not a gift. Please check this video to know how Gift Tax is applicable in practical life situations.

ഞാൻ എന്റെ അമ്മക്ക് bank vazhi gift ആയി പണം കൊടുത്താൽ എനിക്ക് അത് എന്റെ income ൽ നിന്ന് കുറക്കാമോ ?

No. Not possible.Gift from specified relatives are exempt. Please check this video to know how Gift Tax is applicable in practical life situations.

ഞാനൊരു NRI ആകുന്നു നാട്ടിൽ wifeറെ അക്കൗണ്ടിലാണ് Long time and short time trade ചെയ്യാറുള്ളത് അതുകൊണ്ട് അവരുടെ ITR 2 fill ചെയ്യുമ്പോൾ ഞാൻ കൊടുത്ത ഗിഫ്റ്റ് മണി ITR mention ചെയ്യേണ്ടതുണ്ടോ?

ചെയ്യേണ്ടതില്ല. ITR 2 മാത്രം ഫയൽ ചെയ്താൽ മതി. Please check this video to see the points to be taken care while filing Income Tax Return in case of share trading transactions.

Govt employee ആയ ആളുകൾക്ക് share marketil trade ചെയ്യാൻ പറ്റുമോ? intraday യിൽ നഷ്ടം ഉണ്ടായിട്ടുണ്ട് എങ്കിൽ ഇത് എങ്ങനെ ഫയൽ ചെയ്യാം ?

Govt employees can invest in shares in long term or short term. But speculative transactions are not allowed.Have to file ITR3.Please check this video to see the points to be taken care while filing…

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Gov.employ aanu njan. Margin edukkathe delivery eduthu trade cheythu,annu thanne vittal intraday aayi koottumo... Enthenkilum problem undo?

Same day vittal athu intraday thanne aanu. Not a big issue. Don't file ITR 1 since you have trading profit/loss. You may call me if need assistance.Please check this video to see the points to be…

What all expense we can deduct from Capital gain and from intraday profit?

In capital gain, you can deduct all trading related expenses viz brokerage, stt, other changes .... In case of intraday apart from above you can deduct your expenses related to intraday business such…

ഒരു intraday and f&o trading ചെയ്യുന്ന ആൾക്ക് 1 കോടി turnover ഇല്ല പക്ഷെ loss ആണ് അപ്പോൾ tax audit ഇല്ലാതെ എങ്ങനെ റിട്ടേൺ file ചെയ്യുക ? ഈ ലോസ് ക്യാരി ഫോർവേഡ് ചെയ്യാൻ സാധിക്കുമോ?

Tax audit ആവശ്യമില്ല. ITR 3 ആണ് ഫയൽ ചെയ്യേണ്ടത്. Carry forward benefit കിട്ടും.Please check this video to see the points to be taken care while filing Income Tax Return in case of share trading…

മേടിച്ചു വച്ച സ്റ്റോക്ക് one year കഴിഞ്ഞു സെൽ ചെയ്തിട്ട് കിട്ടിയ profit ഒരു ലക്ഷത്തിൽ താഴേ അണങ്കിൽ,ITR file ചെയ്യണമോ?

മറ്റു വരുമാനം കൂടി കൂട്ടിയാൽ രണ്ടര ലക്ഷത്തിൽ താഴെ ആണെങ്കിൽ വേണ്ടPlease check this video to see the points to be taken care while filing Income Tax Return in case of share trading transactions.

Is it required to file an ITR if total income is less than 2.5 Lakhs where the whole income is from share market(both intraday and delivery only) or is it have exemption till 5 Lakhs no need to file ITR?

Above 2.50 lakhs income you have to file. Not 5 lakhsPlease check this video to see the points to be taken care while filing Income Tax Return in case of share trading transactions.

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Itr4 file cheyaamo? I am a medical professional but trades in stock market.

If you do trading, have to file ITR 3. You can avail 50% benefit of your professional income in ITR 3 also as in the case of ITR 4Please check this video to see the points to be taken care while…

Nammakku short term gain kittiyal aa tax aa quarter il thanne pay cheyyano adhine legal vasam engine anu. Short term gain undu but ente total salary income 5L below anu ee 20-21 financial yearil as per my salary. Short term gain kittiyadha 10000 roopa anu. Appo njan tax adakkyano adhu eppo adakyanam onnu paranju tharamo?

20-21 tax liability on share trading can be determined only after March 2021. You can pay tax on filing return of FY 20-21 return, which is normally due on July 2021.Please check this video to see the…

NRO അക്കൗണ്ട് ഉപയോഗിച്ച് സ്വിങ് ട്രെഡിങ് ചെയ്‌യുന്നത് എന്തെങ്കിലും പ്രശ്നം ഉണ്ടോ? NRE നിന്നും NRO അക്കൗണ്ടിലേക്ക് ക്യാഷ് അഴിക്കുന്നതിന് ടാക്സ് ഉണ്ടോ?

No issue for swing trading, since you are taking delivery of shares. No tax for NRE to NRO transactions.Please check this video to see the points to be taken care while filing Income Tax Return…

കഴിഞ്ഞ സാമ്പത്തിക വർഷം ഞാൻ രണ്ടു തവണ intraday & F&O trading cheythu.ബാക്കി എല്ലാം ഡെലിവറി ട്രേഡിങ്ങ് ആയിരുന്നു. പക്ഷെ total profit 2.5 lakh കവിഞ്ഞില്ല. ഞാൻ ITR FILE ചെയ്യണോ. ആണേൽ ITR2 or 3?

If profit below two lakhs no need to file. If you would like to file, it is ITR 3Please check this video to see the points to be taken care while filing Income Tax Return in case of share trading…

Can a goverment employee participate in trading?If it is possible, can you mention the type of trading? Can a goverment employee do swing trading?

Generally there is no restriction for a govt employee for share trading. But there might a technical restriction. Most of the govt employment contract restricts the employees from doing business.Day trading…

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ഞാൻ ഒരു NRI ആണ്. എൻ്റെ NRE A/C ൽ നിന്നും Mutual Fund ൽ invest ചെയ്തിട്ടുണ്ട്. ഈ funds ഒരു വർഷത്തിനു ശേഷം ഞാൻ withdrawal ചെയ്യുകയാണങ്കിൽ1. എനിയ്ക്ക് LTCG യ്ക്ക് അർഹത ഉണ്ടോ? 2. Fund ഞാൻ withdrawal ചെയ്യുമ്പോൾ 30% TDS പിടിയ്ക്കുമോ? 3. ഞാൻ ITR File ചെയ്താൽ ഈ TDS amount മടക്കി കിട്ടുമോ? 4. എനിയ്ക്ക് 1 ലക്ഷം രൂപ വരെ LTCG യ്ക്ക് അർഹത ഇല്ലേ?

1. NRI യ്‌കും LTCG eligibility ഉണ്ട്2. Yes3. ടാക്സ് കൂടുതൽ പിടിച്ചിട്ടുണ്ട് എങ്കിൽ തിരിച്ചു കിട്ടും.4. YesPlease check this video to see the points to be taken care while filing Income Tax…

Njan november 2020 muthal aanu trading thudagiyath.Ee varunna march 31 n munp 2.5 lakh profit ondakila.november 2021in ullil 2.5 lakh income ondayal tax file cheyano?

March nun munbu 2.50 lakhs income vannal file cheythal mathi. But if you are doing day trading, FNO pls.file without looking at profit or loss.Please check this video to see the points to be taken…

I am a salaried employee doing both Intraday & Short Term, Which ITR Form I have to file. ITR2 or ITR3?

ITR 3Please check this video to see the points to be taken care while filing Income Tax Return in case of share trading transactions.

I am a senior citizen was doing insurance business and rental income filed ITR 3 for few years. Last year no income from insurance, filed ITR1. This year participated in TCS buy back (IPO). I have to file ITR2?

ITR2 Please check this video to see the points to be taken care while filing Income Tax Return in case of share trading transactions.

Total profit( intraday,short term,long term) is less than 2.5 lakhs, is it compulsory to file return?

If you are doing intraday and FNO you may file return without considering profit so as to avoid income tax notice.Please check this video to see the points to be taken care while filing Income Tax…

I got a message"Attention XXXXX3087X, Your PAN has been flagged for not filing of ITR for A.Y-2020-21. Please file your ITR or submit online response under e-Campaign tab on Compliance Portal (CP). Access CP by logging into e-filing portal (My Account) - ITD. Shall I file the return?

Please see this video on PAN flagged for more information.

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ഒരു NRI ആയ എനിക്കു നാട്ടിൽ tax return file ചെയ്യുന്നതിന് ഞാൻ ജോലി ചെയ്യുന്ന രാജ്യത്തെ tax details കൊടുക്കണം എന്നുണ്ടോ ?

വിദേശത്തുള്ള ആളുടെ വിദേശത്തെ ഒരു ഐഡി നമ്പർ ഇൻകം ടാക്സ് റിട്ടേൺ ഫയൽ ചെയ്യാനായി ആവശ്യമുണ്ട് .

NRI ആണ് , TRACES രജിസ്ട്രേഷന്‍ FAIL ആകുന്നു ,KSFE യിലെ FD intrest മാത്രമാണ് ഇന്ത്യയിലെ വരുമാനം , അതില്‍ tds cut ചെയ്യുന്നുമുണ്ട് , traces reg ചെയ്യുമ്പോൾ option 1/2/3 ഏതാണ് select ചെയ്യേണ്ടത് ?

TDS credit കാണാൻ ആയി നാട്ടിലുള്ള ഏതെങ്കിലും relatives IT ലോഗിൻ details koduthal mathi. It is visible from India without loging to Traces. For login to traces you need the details of your tax deductors…

Traces il register cheyumbol TDS collect chytha bank nte TAN number chodikkund.Efiling web site il Bank inte TAN search cheyyumbol SBI ennu koduthitt eranakulam ulla oru branch inte details anu varunnath.Entea Branch Kottakkal anu.Bank account interest credit nu TDS eduthathinte details kodukamo?

Bank ningalku form 16A thannittundakum. Athil TAN undayirikkum. Pls use that TAN

Pan card il Father nte surname nte spelling mistake vannu...ith evideyengilum issue undakumo?

Not an issue. Anyhow you can correct the name by updating PAN details.

Insurance agent return file cheyyubol ethu headilanu kanikkedathu. (Business/Other source)?

Business. Insurance Agency is categorised under business/profession. So have to file ITR 3.

ഒരു തവണ TDS പിടിച്ച ഒരു amount നു വീണ്ടും ടാക്സ് കൊടുക്കേണ്ട കാര്യമുണ്ടോ? അതായത് ITR ഫൈൽ ചെയ്യുമ്പോൾ TDS പിടിച്ച amount കാണിക്കണം എന്ന് നിർബന്ധം ഉണ്ടോ പിടിച്ച TDS തുക തിരികെ വേണ്ട എങ്കിൽ?

In ITR filing you have to complete and correct details of all your income. So, TDS has to be shown. If no tax liability, you will get refund of TDS.

1 ലക്ഷത്തിൽ താഴെ ഒരു വർഷം എനിക്ക് ട്രെഷറി ഇൻട്രസ്റ് ലഭിക്കുന്നു എങ്കിൽ ഞാൻ tds അടക്കണോ ? എനിക്ക് മറ്റു വരുമാനങ്ങൾ ഒന്നുമില്ല അതുകൊണ്ട് എനിക്ക് tds ഒഴിവായി കിട്ടില്ലേ?

ഒഴിവാക്കി കിട്ടും. ഫോം 15G കൊടുത്താൽ മതി.

എൻ്റെ മകനും ഭാര്യയും വീട്ടിലെ ആവശ്യത്തിന് എൻ്റെ അക്കൗണ്ടിലേക്ക് പണം അയക്കാറുണ്ട്. ഈ പണത്തിന് ഞാൻ ടാക്‌സ് അടയ്ക്കണോ ? ഈ പണം 2.5lakhs മുകളിലുള്ളതായാൽ എൻ്റെ വരുമാനം ആയി കണക്കാക്കുമോ?

ഇല്ല

മുൻ വർഷങ്ങളിലെ ITR ഫയൽ ചെയ്യാൻ കഴിയുമോ? അങ്ങനെ ചെയ്താൽ എന്തേലും പ്രശനം ഉണ്ടോ?

ലോൺ ആവിശ്യത്തിന് 3 വർഷത്തെ ITR ഫയൽ ചെയ്ത കോപ്പി ആവിശ്യപ്പെടുന്നു. അതിനു വേണ്ടി ആണ്.Not possible to file pending ITRs. You can only file one year at a time.

Partnership firm turnover per year under 1 Cr anenkil compulsory audit vena. Managing partner salary interest audit cheyathe edukan patua ?

No compulsory audit if turnover below 1 crore. But minimum 8% turnover should be shown as profit. To withdraw salary, audit is not compulsory.

എന്റെ അക്കൗണ്ട് വഴി 10 ലക്ഷം രൂപയുടെ imps ട്രാൻസഷൻ നടന്നിട്ട് ഉണ്ട് .അതിന് tax അടക്കണോ ?

Borrowing/lending anenkil tax adakkenda. Ningalude varumanam anenkil tax adakkendi varum.

EPF I'll നിന്നും അഡ്വാൻസ് amount withdraw ചെയ്താൽ അത് taxable income ano tax exempted income ano? EPFൽ നിന്നും withdraw ചെയ്യുന്ന തുക (advance and full settlement) taxable ano അല്ലയോ എന്ന്. എങ്ങനെ ITR file ചെയുമ്പോൾ കാണിക്കണമെന്ന് ?

അഞ്ചു വർഷത്തിനുള്ളിൽ ആണ് പിൻവലിക്കുന്നതെങ്കിൽ അത് ടാക്സബിൾ വരുമാനത്തിന്റെ കൂടെ കൂട്ടേണ്ടി വരും.Detailed provision is below.where the PF amount is withdrawn before five years of continuous service, it…

എന്റ saving അക്കൗണ്ടിൽ 20 lakh above transaction നടന്നു. അച്ഛന്റ്റെ സഹോദരനെ സഹായിച്ചത് ആണ്. പുള്ളിക്ക് ലോൺ അടക്കാൻ വേണ്ടി ആണ്. അപ്പോ എനിക്ക് Income Tax Notice വരുമോ? വന്നാൽ എന്താണ് ചെയുക?

No problem if routed through banking channel, like NEFT, Cheque, online transfer etc. If cash deposit you will get notice.If you get any income tax notice,please check this video to find out the process…

എനിക്ക് income from bank interest , ഒരു വർഷം 4 lakh rupees ഉണ്ട് . വേറേ income ഒന്നും ഇല്ല. എനിക്കു 80 c ,80d deduction claim ചെയ്യാൻ പറ്റുമോ?

yes

Ee high value transaction ennu kond udesikunnath eakadesham etre amount verum?

Above ten lakhs.In case of cash deposit, aggregating Rs.10 lakhs and above. If you get any income tax notice,please check this video to find out the process to respond to Income Tax Notice.

Income Tax notice vannitund but bank details check chythappo 10 lakh nu mugalil onnum cash deposit ellaa. Efiling site log in chythitt e campaign check chythu.Ennttum transactions onnum kannunillla.Angane avumbol respond cheyyethatundo?

No need to respond.

Enikk oru online gameilude 5 lakhs win cheythu.tax onnum ozhivakkathe ulla amount annu,so ithu njan nerittu ente account ilekke transfer cheythal endhagillum problem undakummo ?

No problem. But IT file return file cheyyanam.

Itr file chethu kazhinjal pinne ethra dhivasam kazhinjakum avar reply tharunnath ?

Normally take 3-4 months to process.

ട്രേഡിംഗിൽ നിന്നുള്ള നേട്ടത്തിന് ആദായ നികുതി ബാധകമാണല്ലോ . നമുക്ക് ലഭിക്കുന്ന ലാഭം പിൻവലിക്കാതെ ട്രേഡിംഗ് അക്കൗണ്ടിൽ തന്നെ സൂക്ഷിച്ചാൽ അഥവാ ടി തുക ഉപയോഗിച്ച് ഷെയർ വാങ്ങിയാൽ നികുതി ബാധ്യത വരുമോ?

Yes

Intraday trading only in equities loss anekil, loss carryforward cheyyanda ennundenkil athu ITR il kanichilenki notice varan chance indo?

Undu. Income tax return nil nammude ellea varumanavum loss um kanikkanam. Kanichillengil varan sadhyatha undu. Especially it would be high value transactions.

Pension and gratuity kittiya amount 12 lakhs account l transfer cheythitund.Ee transaction nu IT department message vannu.enthanu cheyandath ennu paranju tharumo ?

Have to give a reply with supporting. You can also give details of return filed with these exempted incomes. Please check this video to find out the process to respond to Income Tax Notice.

I will be receiving 42 lakhs from the govt as part of land acquisition for the enlargement of highway road in Kannur. I am an NRI and will be receiving the amount in my NRO A/C by tomorrow or at most day after in full. Kindly tell me if I have to pay income tax on the amount that I will receive from the Govt. from the land acquisition.

Govt would already deduct TDS on transfer to your account. You can file IT return and adjust the tax liability towards TDS.

How to get AHL TIN for Digital Ration Card application?

AHL TIN stands for Abridged Household List- Transaction Identification Number. It is a unique number provided to each member of family in the ration card. Follow the below steps to get AHL TIN number.…

847

27603

What is the difference between TIN and PAN ?

Taxpayer Identification Number or TIN is the registration number assigned to business enterprises and organizations. It is a eleven digit number to be quoted in all tax and business related transactions…

547

1334

What is TAN Number ?

Tax Deduction and Collection Account Number (TAN) is a 10 digit number issued to persons who are required to deduct or collect tax on payments made by them under the Indian Income Tax Act, 1961

531

1130

How do I know that ITR has been filed successfully?

If you are filing on the last day, there might be delays as servers are overloaded. So, make sure that you have received an acknowledgement number from the tax department. This acknowledgement is sent…

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556

Which is the correct address to provide in ITR?

Better to give address of the place where you currently reside

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What to do if I have filed an erroneous return?

If you have not verified your ITR V yet, you can just refile. If you have discovered an error immediately after filing, it is advisable that you do not verify such a return as your tax processing starts…

446

560

What is Form 26AS ?

A taxpayer may pay tax in any of the following forms:(1) Tax Deducted at Source (TDS)(2) Tax Collected at Source (TCS)(3) Advance tax or Self-assessment Tax or Payment of tax on regular assessment.The…

446

681

Do I need to report all my bank accounts in ITR Forms?

It is not compulsory to provide details of accounts which are dormant. If you have a current or a savings bank account and have not done any transactions through it for more than 12 months, then…

444

744

What happens if I dont file income tax returns ?

Non-payment of tax attracts interests, penalty and prosecution. The prosecution can lead to rigorous imprisonment from 3 months to 2 years (when the tax sought to be evaded exceeds Rs. 25,00,000 the punishment…

438

633

What is difference between TIN and TAN ?

Tax Identification Number is the eleven digit unique code allotted to businesses, to track Value Added Tax transactions Tax Deduction Account Number is ten digit distinct code mainly for simplifying collection…

429

626

If I have paid excess tax, how will it be refunded to me ?

The excess tax can be claimed as refund by filing your Income-tax return. It will be refunded to you by crediting it in your bank account through ECS transfer. The department has been making efforts to…

420

593

If I fail to furnish my return within the due date, will I be fined or penalized ?

Yes, if you have not furnished the return within the due date, you will have to pay interest on tax due. If the return is not filed up to the end of the assessment year, in addition to interest, a penalty…

416

554

Why is a cheque in India returned with a return code 40 saying present with document?

Cheque gets returned due to a number of reasons such as insufficient funds, illegible signature, payment stopped by court order etc. Each of these cheque return reason is given a return code. Return code…

416

9831

Can a return be file after the due date ?

Yes, if one could not file the return of income on or before the prescribed due date, then he can file a belated return. A belated return can be filed at any time before the end of the relevant assessment…

415

691

I have made a mistake while filing IT Returns. Can I make corrections in it ?

Original return can be revised under section 139(5) within a period of one year from the end of the relevant assessment year or before completion of the assessment whichever is earlier if person furnished…

377

504

What should I select while uploading the ITR-3 regarding the section 119 (2) (b) question?

If you want to file income tax returns for a financial year, whose due date of filing income tax return and due date of filing belated income tax return has elapsed, you can file income tax return under…

377

437

Is TIN same as Tax Information Network ?

Taxpayer Identification Number (TIN) is to be distinguished from Tax Information Network, which have the same acronym. The IT Department of India, to systematically and smoothly run the collection and…

355

549

What is AHL TIN?

AHL TIN stands for Abridged Household List- Transaction Identification Number. It is a unique number provided to each member of family in the ration card. Benefits of knowing AHL TIN number Used for getting…

338

2070

How to apply for TAN Registration?

Follow the below steps to apply for TAN registration. Visit TIN website Select ‘TAN’ under the ‘Services’ dropdown Click on ‘Apply Online’ Select ‘New TAN’…

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How to make corrections in TAN ?

You can visit this link to make corrections in TAN. https://tin.tin.nsdl.com/tan/ChangeRequest.html

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What is difference between PAN and TAN card ?

Permanent Account Number (PAN) is the unique identification number to file IT returns, usually for the salaried people or any other person who receives taxable income. While TAN is the unique identification…

316

460

What should I select while uploading the ITR-3 regarding the section 119 (2) (b) question?

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How to lodge complain about Goods and Service Tax?

Follow the below steps to lodge a complaint Visit https://selfservice.gstsystem.in/ Click on "Report Issue/Complaint" In the "Type of Issue/Concern" box, enter your issue. The system will show a drop…

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I want to know my AHL TIN number. How to get it ?

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Where is AHL TIN Number on Ration Card ?

It cannot be find on Ration Card. Follow the below steps to get AHL TIN number. Search for “SECC List for Landless Manual Casual Labour Survey” in google. This is because the concerned department…

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2904

Who can use Return Form ITR - 2?

For A.Y 2019-20, Form ITR – 2 can be used by an individual and Hindu Undivided Family who is not eligible to file ITR-1 Sahaj and not having income from “profit and gains of business or profession”…

Can I use my income tax return copy as an income certificate for making an EWS certificate in Uttar Pradesh?

Income Tax returns copy or Payslips can be used as proof of your income for making EWS certificate in Uttar Pradesh.

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Who can use ITR - 1 (SAHAJ)?

Return Form ITR - 1 (SAHAJ) can be used by an individual whose total income includes:(1) Income from salary/pension; or(2) Income from one house property (excluding cases where loss is brought forward…

Where to get link for the AHL TIN number?

If you are from West Bengal, you can check from this link. SECC WB 2011

594

I have to submit Form 15G/ 15H to the bank to avoid higher TDS on the interest earned from a fixed deposit. Can I give my Aadhaar number instead of PAN to the bank?

Notification dated November 6, 2019 has amended Form15G (Individuals)/Form 15H (senior citizens) which allows quoting of either Aadhaar number or PAN to avoid higher TDS in Form 15G/Form 15G. Therefore,…

301

I am paying monthly rent exceeding Rs 50,000. I need to deduct TDS for the payments to my landlord. Can I use my landlord's Aadhaar number to deposit TDS with the government?

Yes, you can use your Aadhaar number to deposit the TDS to the government. You will be required to mention your landlord's Aadhaar number. The TDS will be deducted at the rate of 5 per cent. To deposit…

176

Who cannot use Return form ITR - 1 (SAHAJ)?

Return Form ITR - 1 (SAHAJ) cannot be used by an individual: • Who is a Non-resident or Not Ordinarily Resident • Who is a Director of a company …

I have recently joined a new job. I am supposed to give details of my income from my previous employer to the current one. Can I give this information using my Aadhaar number?

While joining a new job in the middle of the year, an individual is required to furnish income details of the previous employer to the current employer using Form 12B. The declaration helps the new employer…

242

What is Service tax? How to register for it ?

Service Tax Registration is a tax registration required for businesses providing services in India. Service tax registration is an indirect tax wherein the service provider pays the tax and recovers the…

555

I have bought a property during the financial year 2019-20 for Rs 60 lakh. While making a payment, I am supposed to deduct TDS at the rate of one per cent. Can I use Aadhaar number instead of PAN of the seller to quote in the TDS return Form 26QB?

As per income tax laws, it is mandatory for the buyer of the property to deduct TDS before making payment to the seller if the value of the property exceeds Rs 50 lakh. The tax has to be deducted at the…

180

Is an income tax payee farmer or his /her spouse eligible to get benefit under the Pradhan Mantri Kisan Samman Nidhi scheme?

No. if any member of the family is income tax payee in last assessment year, then the family is not eligible for benefit under the scheme.

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Should married female provide father’s name?

While providing the full name, applicant should provide father’s name and hence, married female should provide father’s name and not husband’s name.

515

Can income from assets transferred to son’s wife without adequate consideration be clubbed with the income of transferor, i.e., father-in-law/mother-in-law?

As per section 64(1)(vi), if an individual transfers (directly or indirectly) his/her asset to his/ her son's wife otherwise than for adequate consideration, then income from such asset will be clubbed…

117

Is minor child’s income clubbed with the income of parent?

As per section 64(1A) , income of minor child is clubbed with the income of his/her parent (*). Income of minor child earned on account of manual work or any activity involving application of his/her…

102

Can income from assets transferred to any person for the benefit of spouse or for the benefit of son’s wife without adequate consideration be clubbed with the income of transferor?

As per section 64(1)(vii), if an individual transfers (directly or indirectly) his/her asset otherwise than for adequate consideration to a person or an association of persons for the immediate or deferred…

How to link Aadhaar number with PAN using e-Filing portal?

Taxpayer is required to login on e-Filing portal using his registered username and password. After login, he will get the “link Aadhaar” option under his ‘Profile Settings’. Aadhaar…

108

How to link Aadhaar number with PAN?

Aadhaar number can be linked with PAN by any of the two ways: Using SMS facility Using facility on e-Filing portal Income Tax India website.

How PAN is formed and how it gets its unique identity?

PAN is a ten-digit unique alphanumeric number issued by the Income Tax Department. The formation of PAN is discussed below : Out of the first five characters, the first three characters represent the…

247

Who has to obtain PAN?

PAN is to be obtained by following persons: Every person if his total income or the total income of any other person in respect of which he is assessable during the previous year exceeds the maximum amount…

148

I am an NRI. I had sent INR 66 lakh to my sister 3 years ago. How can she repay me so that I don’t have to pay a tax on the amount received?

It appears that your sister is based out of India and is returning a loan she took from you. This payback is not a gift for the purpose of income tax. She may or may not be paying interest to you, depending…

Many US citizens living in India maintain some of their assets in the US itself. Are such citizens required to report their US investments in India? If yes, what’s the process of doing so?

As per the Income-tax Act, 1961, a person who is a resident in India and who meets the below criteria, is mandatorily required to file Income Tax Return (ITR) in India and report details of…

What is the utility of PAN?

PAN enables the department to link all transactions of the assessee with the department. These transactions include tax payments, TDS/TCS credits, returns of income, specified transactions, correspondence…

217

How to link Aadhaar number with PAN using SMS facility?

Taxpayer who wants to link their Aadhaar number with PAN is required to send SMS to 567678 or 56161 in following format: UIDPAN<space><12 digit Aadhaar><space><10 digit PAN> Example…

179

Are there any charges to be paid for obtaining the PAN?

The applicant has to pay a fee of Rs. 93 + GST as applicable, per PAN application. In case, the PAN card is to be dispatched outside India then the fee for processing PAN application is Rs. 864 (Rs. 93…

How does Income Tax Department ensure that PAN is quoted on transactions in which quoting of PAN is mandatory?

It is statutory responsibility of a person receiving document relating to economic or financial transactions notified by the Central Board of Direct Taxes (CBDT) to ensure that PAN has been duly quoted…

I am an NRI based in Dubai. My friend’s daughter is getting married and I want to lend him INR 5 lakh. What will be the tax liability for this?

I am assuming that you are a tax resident of UAE and your friend is a resident in India. Giving a loan to your friend who is resident in India may have certain implications for him and for you as well.…

In case duplicate TAN has been allotted, which TAN should be used?

In case duplicate TAN(s) have been allotted to a person, then the TAN which has been used regularly should be used. The other TAN(s) should be surrendered for cancellation by using "Form for Changes or…

Is there any TATKAL facility for allotment of PAN?

No.

What are the benefits of obtaining a Permanent Account Number [PAN] and PAN Card?

A Permanent Account Number has been made compulsory for every transaction with the Income-tax Department. It is also mandatory for numerous other financial transactions such as opening of bank accounts,…

115

What are the specified financial transactions in which quoting of PAN is mandatory?

As per rule 114B, following are the transactions in which quoting of PAN is mandatory by every person except the Central Government, the State Governments and the Consular Offices: Sale or purchase…

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How to e-Verify your Income Tax Returns?

You can check this video to find details on how to verify your Income Tax returns.

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Can branches of companies/banks have separate TANs?

Yes. In such a case, the name and location of branch or the designation of the person responsible for deducting/collecting tax, whichever is applicable, should be clearly given in the application for…

262

Can an application for TAN be made on a plain paper?

No. TAN Application can be made only on Form 49B. The application form can be downloaded from the website of the Income Tax Department Income Tax website or NSDL NSDL website …

Can I file my return of income without quoting PAN?

It is mandatory to quote PAN on the return of income. Apart from return of income, PAN is also to be quoted in all challans for making payment of tax, correspondence with the Income Tax Department, etc.…

I work with an MNC in India and I’ve been asked to move to abroad. How will my income be taxed and do I qualify as a non-resident Indian?

Whether you will have to pay taxes in India depends upon your residential status for the financial year in question. You can test your residential status in the following manner. Your residential…

100

I have sold land and building to a non-resident. Whether I need to report the PAN of buyer in the table A1/B1 in Schedule CG?

As mentioned in ITR form, quoting of PAN of buyer is mandatory only if tax is deducted under section 194-IA or is mentioned in the documents.

How to apply for PAN?

PAN application can be filled up in the following forms - Form 49A (for Indian Citizens) Form 49AA (for Foreign Citizens) PAN application can be made either online through NSDL website or UTIITSL…

Who will allot TAN?

TAN is allotted by the Income Tax Department on the basis of the application submitted to TIN Facilitation Centres (TIN-FC) managed by NSDL. NSDL will intimate the TAN which will be required to be mentioned…

Can form 49B be filled on a typewriter?

?Yes. But typing should be in capital letters with good impression.

Should Government deductors apply for TAN?

Yes.

How to apply for TAN?

There are two modes for applying for TAN: (1) Online mode and (ii) Offline mode, they are as follows: OFFLINE—An application for allotment of TAN is to be filed in Form 49B in duplicate and submitted…

What documents and information have to be submitted along with the PAN application in Form 49A/49AA?

The documents required to be submitted with the PAN application are specified in Rule 114 of the Income-tax Rules. The details of the documents required are also provided in the application…

If I fail to furnish my return within the due date, will I be fined or penalized?

Yes, if a person is required to furnish a return of income under section 139? and fails to do so within the time prescribed in sub-section (1), you will have to pay interest on tax due. W.e.f. the assessment…

Can an online application be made for allotment of TAN?

Yes. The application can be made online through https://www.tin-nsdl.com.

What is the fee for filing application for TAN?

Currently the fee for filing the TAN application is Rs.55/- + GST as applicable (the application fees may change from time to time).

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What is duplicate TAN?

Duplicate TAN is a TAN which has been inadvertently obtained by a same person who is responsible for deducting/collecting tax and who already has a TAN allotted to him earlier. In other words, more than…

Can a person hold more than one PAN?

A person cannot hold more than one PAN. If a PAN is allotted to a person, then he cannot apply for obtaining another PAN. A penalty of Rs. 10,000/- is liable to be imposed under Section 272B of the…

What do we have to do if we have been allotted a duplicate TAN by oversight?

In case duplicate TAN has been allotted, an application should be made for cancellation of the TAN which has not been used. Application for cancellation of TAN is to be made in the "Form for Changes or…

Can an application for PAN be made on plain paper?

Application for PAN cannot be made on plain paper. The application for PAN is to be made in the prescribed form i.e. Form No. 49A/Form No. 49AA as the case may be. Form No. 49A is to be used…

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What is the penalty for not complying with the provisions relating to PAN?

Section 272B provides for penalty in case of default by the taxpayer in complying with the provisions relating to PAN, i.e., not obtaining PAN, even though he is liable to obtain PAN or knowingly…

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How a person can claim a refund of excess amount deposited towards payment of tax on declared income?

There is no provisions to claim a refund of excess tax payment made under this scheme. However, the Central Government shall notify the class of persons to whom the excess amount paid towards the tax,…

Who cannot use ITR - 6?

Form ITR – 6 cannot be used by a company claiming exemption under section 11 (charitable/religious trust can claim an exemption under section 11).

What documents will serve as proof of identity in case of individuals not being a citizen of India?

Copy of following will serve as proof of identity in case of individuals not being a citizen of India : Copy of passport, or Copy of Person of Indian Origin (PIO) card issued by Government of India, or…

Please clarify whether holding of equity shares of a Co-operative Bank or Credit Societies, which are unlisted, are required to be reported?

The details of equity shareholding in any entity which is registered under the Companies Act, and is not listed on any recognised stock exchange, is only required to be reported.

I am resident and have sold land and building situated outside India. Whether I need to report the details of property and identity of buyer in Schedule CG?

The details of property and name of buyer should invariably be mentioned. However, quoting of PAN of buyer is mandatory only if tax is deducted under section 194-IA or is mentioned in the documents.…

Who can use Return Form ITR - 7?

Form ITR – 7 can be used by persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) (i.e., trusts, political…

What are the documents that need to accompany the TAN application?

No documents are required to be accompanied with Form 49Bi.e. the application for allotment of TAN. However, where the application is being made online, the acknowledgment which is generated…

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In case unlisted equity shares are acquired or transferred by way of gift, will, amalgamation, merger, demerger, or bonus issue etc., how to report the "cost of acquisition" and "sale consideration" in the relevant column?

You may enter zero or the appropriate value against "cost of acquisition" or "sale consideration" in such cases. Please note that the details of unlisted equity shares held during the year are required…

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Can a person against whom a search/ survey operation has been initiated file declaration under the Scheme?

(a) The person is not eligible to make a declaration under the Scheme if a search has been initiated and the time for issuance of notice under section 153A has not expired, even if such notice for…

Who cannot use Return Form ITR - 2?

For A.Y 2019-20, Form ITR - 2 cannot be used by an individual and HUF whose total income for the year includes income from profit and gains from business or profession and also having income in the nature…

Is it necessary to file a valuation report of an undisclosed income represented in the form of investment in assets along with the declaration under the Scheme?

It is not mandatory to file the valuation report of the undisclosed income represented in the form of investment in assets along with the declaration. However, the declarant should have a valuation report.…

Who cannot use Return Form ITR - 7?

Form ITR – 7 cannot be used by a person who is not required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) (i.e., trusts, political party,…

What are the benefits of e-filing the return of income?

E-filing can be done from any place at any time and it saves time and effort. It is simple, easy and faster. The e-filed returns are generally processed faster as compared to returns filed manually.

Is it necessary to file the return of income when I do not have any positive income?

If you have sustained a loss in the financial year, which you propose to carry forward to the subsequent year for adjustment against subsequent year(s) positive income, you must make a claim of loss by…

Why is it necessary to have TAN?

As per section 2?03A of the Income-tax Act, 1961, every person who deducts or collects tax at source has to apply for the allotment of TAN. Section 203A also makes it mandatory to…

What is the validity of PAN?

PAN obtained once is valid for life-time of the PAN-holder throughout India. It is not affected by change of address or change of Assessing Officer etc. However, any change in the PAN database (i.e. details…

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By mistake I have been using different PANs for different purposes like one for my demat account and another for filing my Income-tax return and payment of taxes. How do I set this right?

It is advisable to retain only one PAN, preferably the one used for Income-tax purpose and surrender the other number immediately. The institutions where the latter number has been quoted should be informed…

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What documents will serve as proof of address in case of individuals not being a citizen of India?

Copy of following will serve as proof of address in case of individuals not being a citizen of India Copy of Passport, or Copy of Person of Indian Origin (PIO) card issued by Government of India, or Copy…

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How can I know that the Government has received the amount deposited by me as taxes in the bank?

The NSDL website provides online services called as Challan Status Enquiry. You can also check your tax credit by viewing your Form 26AS from your e-filing account at income tax website.Form 26AS will…

What are the consequences if no declaration under the Scheme is made in respect of undisclosed income prior to the commencement of the Scheme?

As per section 197(c) of the Finance Act, 2016, where any income has accrued or arisen or received or any asset has been acquired out of such income prior to the commencement of the Scheme and no declaration…

Who can use Return form ITR - 3?

For A.Y 2019-20, Form ITR – 3 can be used by an individual or a Hindu Undivided Family who is having income from profits and gains of business or profession. ITR – 3 is also required to be…

Will I be put to any disadvantage by filing my return?

No, on the contrary by not filing your return in spite of having taxable income, you will be liable to the penalty and prosecution provisions under the Income-tax Act.

What are the benefits of filing my return of income?

Filing of return is your duty and earns for you the dignity of consciously contributing to the development of the nation. Apart from this, your income-tax returns validate your creditworthiness before…

How will the new TAN be intimated to the deductor?

NSDL will ensure intimation of new TAN at the address indicated by the applicant in Form 49B.

How to Apply for PAN Correction?

Any change in the PAN database (i.e. details provided at the time of obtaining PAN) should be intimated to the Income-tax Department by furnishing the details in the form for “Request For New PAN…

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