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22 ND JULY’14 HELD 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.

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Presentation on theme: "22 ND JULY’14 HELD 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."— Presentation transcript:

1 22 ND JULY’14 HELD 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

2 WHO ARE REQUIRED TO E-FILE ITR O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata

3 The various services available for users in e-filing O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata Mobile services can be availed using the url :- 3

4 WHICH ITR TO BE FILED FOR AY O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata

5 WHICH ITR TO BE FILED FOR A.Y O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata

6 WHICH ITR TO BE FILED FOR A.Y O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata

7 WHICH ITR TO BE FILED FOR A.Y O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata

8 The Interface O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata

9 How to E-File ? O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata

10 Instructions from the Department O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata

11 Configuration Requirements O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata

12 A valid ID and Mobile Number to be Registered/Updated on the E-Filing Website of the Income Tax Department A valid 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 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 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 ID would be sufficient. Validation of and mobile numbers has been introduced to facilitate taxpayers as in many cases incorrect s 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 which may be different from the taxpayer’s personal , e.g. of their intermediary. This is a one-time process to validate the mobile number and ID. However, whenever the taxpayer changes the Mobile Number or 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 ID can be used for a maximum of 10 user accounts as the Primary Contact- Mobile Number and ID in e-Filing. This is to ensure that family members and related business concerns (not exceeding 10 separate users) not having personal or mobile can be covered under a common or mobile, but in general taxpayers should have their own unique ID and Mobile registered with the Department. O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata

13 For new users O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata

14 Exisiting users need to update their contact details O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata

15 ITR’s available in the portal O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata

16 Forms Other than ITR available in the portal O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata

17 E-filing of Tax Audit Report O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata

18 Mandatorily requirement of DSC O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata

19 List of Services Tax calculator O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata List of Services 19

20 Service – Epayment of Tax O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata

21 Recent Changes O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata

22 Changes in ITR O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata 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. 22

23 Changes in ITR O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata Breakup of Incomes chargeable to Income tax at Special rates. Details of Income from Outside India and Tax relief Summary 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. 23

24 Changes in Income from Salaries O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata

25 Changes under the head House Property O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata

26 No Account Case O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata Balance Sheet Profit And Loss A/c 26

27 Audit Information O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata 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. 27

28 Quantitative Details O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata Now assessee are required to furnish their stock details under seperate heads like >Raw Materials >Finished Products/By-Products 28

29 Schedule IF O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata

30 Schedule unabsorbed Depreciation O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata

31 Long Term Capital Gain Short Term Capital Gain O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata %, 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. 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 31

32 Bifurcation of C.Y. Losses under CG O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata

33 SchTDS 3 for sec 194IA O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata

34 Deduction under CG O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata Pan No. Required for deduction u/s 54GB 34

35 Bifurcation Of Sch- Chpt VIA O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata

36 Bifurcation Of Sch- Chpt VIA O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata Schedule of deduction under chapter VIA is sub-divided in respect of income and payment 36

37 Schedule 80G O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata

38 Income Chargeable at Special Rates O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata

39 Schedule For BFLA O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata

40 Schedule AL O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata Applicable in a case where total income exceeds Rs. 25 Lakh 40

41 Tax Holiday O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata Income under each Undertaking shall be mentioned separately 41

42 Summary of Tax Relief Claimed Outside India O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata

43 Details of Income From Outside India O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata

44 Schedule FA O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata

45 ITR 7 O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata

46 ITR 7 O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata

47 Portuguese Civil Code O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata A. 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 47

48 CONSEQUENCES OF LATE FILING O.P. Harlalka & Co., 12 BBD BAGH (East), Kolkata

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


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