Who Needs To File Income Tax Return India

Who Needs To File Income Tax Return India' title='Who Needs To File Income Tax Return India' />Income Tax, Service Tax, Wealth tax, Excise duties, Professional Tax in India. What documents are needed to correctly assesses and file your income tax return While no documents see Checklist for filing tax return need to be attached when. Get a quick income tax calculator to calculate the income tax rates in India for different income groups as levied by the Indian government for individuals, body of. Like every year, income tax return filing is going to be little different this year as well. So, before you begin filing your income tax return, lets see what has. Income Tax Returns form made simpler from 1st April Check steps for e filing ITR in Financial Year 2. Filing income tax returns has always been a struggle for Indians. From filing out the lengthy paper work to understanding the basic documentation required to file income tax return, ITR has been a huge problem for many Indians. However, the Indian government has simplified this process as well and starting April 1 the new form for E filing of ITR or income tax returns will be introduced. The Income Taxdepartment has reduced the length three page form for the salaried employees into a single page form which is easier to understand. The tax assessment for the financial year 2. IT returns to form. The IT department also plans to introduce its own online tax calculator to check the tax liability and calculate the tax to be paid. How to file advance tax in India Steps to file Income tax online, eligibility criteria last date of filing returns. There are currently 1. The various sub sections of Section 8. LIC, PPFs as well as repayment of housing loan and payment of medical insurance premium. Section 8. 0C of the IT Act allows a deduction of up to Rs 1. LIC and PPF and repayment of housing loan. Section 8. 0D allows tax payers to receive a tax deduction for medical insurance payments. The first step to filing income tax returns is to register on the income tax departments tax filing website, incometaxindiaefiling. It is necessary to have a PAN card to register, and as per the new law, Aadhar number will also become mandatory for registering. After logging in to the website, you can either download the form ITR 1 for salaried taxpayers and pensioners, fill it up and upload the completed form online or chose to fill the form online by selecting the quick e file option. Battle For Middle Earth Lan Crack. Once the ITR form has been filled upload or submit the form with the required documents. Salaried taxpayers need to attach Form 1. If the form has been filled offline, a XML version of the document needs to be uploaded online. Once the. xml file is ready click on the upload XML tab and files, the IT returns. On submitting the, IT returns to form an acknowledgement receipt is generated. If a digital signature is used, then this number needs to be preserved. When a digital signature is not used, an IRT V is directly generated and sent on mail. This is the final step which validates the tax filing process. E filing facility for ITR 1 will be enabled from April 1 and ITR can be filed until July 3. The forms for filing ITR also differ for different people. While salaried taxpayers, pensioners and HUFs Hindu Undivided Families without any family business can file ITR 1 SAHAJ, 2 and 2. A, ITR 4. S SUGAM can be used by an individual or HUF whose income includes business income. From April 1 the 3 page form of ITR will be shortened down to one single page, and various mandatory sections like disclosure of foreign trips and dormant bank accounts have been removed. The main aim of this simplification is to motivate more people to file income tax returns and give a boost to the number of taxpayers. Currently, around six crore people from the total 2. PAN holders file for income tax returns and this latest effort hopes to increase this number exponentially. Inputs from PTI. Non filing of Income Tax Return notice received from Compliance Management Cell. Income tax department has started sending notices to non filers for the assessment year 2. The income tax department has been capturing information on financial transactions activities relating to you through Non filers Monitoring System NMS. This year NMS has identified 5. Cycle 4 2. 01. 5 with potential tax liabilities for AY 2. The number of non filers with potential tax liabilities identified in various NMS cycles is as under i NMS cycle 1 2. NMS Cycle 2 2. 01. NMS Cycle 3 2. 01. NMS Cycle 4 2. 01. As a result of 1st and 2nd cycle, 3. Lakh returns have been filed and self assessment tax of Rs. Before going through how to handle notice received for non filing of income tax return, let us understand what is all about compliance management cell and how non filing monitoring system works. Centralised Processing Cell Compliance Management CPC CMTo identify tax evaders, the Income Tax Department has set up a major data centre Centralised Processing Cell Compliance Management CPC CM which is in line with existing two such centres Central Processing Centre CPC, Bangalore and TDS Centralised Processing Cell CPC TDS which will have dedicated workforce, drawn from the department. The CPC CM is an ambitious project of the Central Board of Direct Taxes CBDT aimed at enabling the I T department to use technical data to check cases of non compliance and non filers of taxes. The CPC CM will have the entire database of the Permanent Account Number PAN, reports generated by financial snoop agencies and the full assortment of letters and notices issued to non compliant taxpayers, their replies and the final action in the new centre. Tax officials have issued polite letters to erring taxpayers as and when they obtain information in this regard and hence to streamline this process the CPC will act as an important tool. The department had initiated the business intelligence project in February 2. PAN holders who have not filed their returns and about whom specific information was available in its databases like the Annual Information Return AIR, Central Information Branch CIB data or TDSTCS returns. Below are some of the informations collected by compliance management cell through AIR, CIB and TDS return for which notice is being served to non filer. Annual Information ReturnAIRAIR 0. Cash deposits aggregating to Rs. AIR 0. 02 Paid Rs. AIR 0. 03 Investment of Rs. Mutual Fund. AIR 0. Investment of Rs. Bonds or Debenture. AIR 0. 05 Investment of Rs. AIR 0. 06 Purchase of Immovable Property valued at Rs. AIR 0. 07 Investment in RBI Bond of Rs. Central Information Branch CIBCIB 9. Sale of Motor Vehicle. CIB 1. 51 Transfer of immovable property. CIB 1. 54 Transfer of capital assets where value declared for the purpose of stamp duty is more than sale value. CIB 1. 57 Purchase of Immovable property valued at Rs. CIB 1. 83 Time deposit of Rs 1,0. CIB 1. 85 Purchase of Bank Draft of more than Rs. CIB 3. 21 Share Transactions more than Rs. CIB 4. 03 Investment in Fixed DepositTime Deposit exceeding Rs. CIB 4. 06 Payment made against Credit Card more than Rs 2,0. CIB 4. 10 Cash deposit aggregating of Rs 2. CIB 5. 02 Contract of Rs. Commodities Exchange. CIB 5. 14 Interest paid by co operative credit Society. CIB Payment in connection with foreign travel amount exceeding Rs. CIB Payment to Hotel and Restaurants exceeding Rs. TDS return. TDS 9. A TDS Return   Interest other than interest on security section 1. ATDS 9. 2B TDS Return   Salary to Employees section 1. TDS 1. 95  TDS Return     Payment to Non residents Section 1. TDS 1. 96. A TDS Return Income in repspect of Units of Non residents Sectio 1. ANote Details o transactions in TDSTCS can be views in income tax website under menu  view Credit Statement Form 2. AS in My Account4. Stock Broker. STT 0. Purchase of equity share in a recognised stock exchange. STT 0. 2 Sale of equity Share settled by actual delivery or transfer in a recognised stock exchange. STT 0. 3 Sale of equity Share settled by otherwise than by the actual delivery or transfer in a recognised stock exchange. STT 0. 4 Sale of option in securities derivative in a recognised stock exchange. STT 0. 5 Sale of Futures derivative in a recognised stock exchange. Others EXC 0. 01 Cash transactions exceeding Rs. EXC 0. 02 Turnover from services reported in Service Tax Return. Non filers Monitoring System NMS The Non filers Monitoring System NMS under Compliance Management Cell, New Delhi, was implemented as a pilot project to prioritize action on non filers with potential tax liabilities. Data analysis was being carried out to identify non filers about whom specific information was available in AIR, CIB data and TDSTCS Returns. How are non fliers Monitoring System Works The Non filers Monitoring System NMS was implemented to identify non filers with potential tax liabilities. Salient features of this initiative are Data analysis was conducted to identify PAN holders who had not filed Income tax returns despite conducting high value transaction as reported in AIR, CIB data and TDSTCS Returns. Bulk Data matching exercise was carried out with the Financial Intelligence Unit FIU to include non filers who had conducted high value cash transactions. Rule based algorithms were applied to classify the cases as P1, P2, P3, P4 and P5 priority ratings P1 being the highest priority for graded monitoring. Compliance Management Cell CMC sends letters to PAN holders communicating the information summary and seeking to know the submission details of Income tax return. Compliance module on the e filing portal and information related to non filers is made available to the specific PAN holder and capturing responses from the non filers. SMS and email are also being sent to the target segment asking them to access e filing portal. The PAN holder is able to provide details electronically and keep a printout of the submitted response for record purposes. Online monitoring system will ensure further follow up action and track return filing and tax payment of the target segment. An online monitoring system will also ensure that information related to non filers is effectively used by the field formation. How to deal with notice received for Non Filing of Income Tax Return If you get a notice for non filing of income tax return from compliance management cell, first you need to understand why you have received notice. After logging into your account on the e filing portal at http incometaxindiaefiling. ITD. The taxpayer can choose one of the following response options i. ITR has been filedii. ITR has not been filed. If the taxpayer chooses the option that ITR has been filed then it need to provide the mode of filing the ITR paper or e file, date of filing the ITR and the acknowledgement number. In case the ITR is e filed, the status will be automatically updated. If the taxpayer chooses the option that it has not filed the ITR then it needs to choose one of the following options i. Tech Stream Crack. Return under preparationii. Business has been closediii. No taxable incomeiv. Others. In case if the taxpayer chooses the option others then he has to mandatorily submit the remarks. If you are not registered with the e filing portal, use the registered yourself link to register your PAN.