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Income Tax

income tax forms-applicability

posted 18 Jul 2014, 22:31 by CA Kunjan Shah‎(www.nsc.in)‎

CA Chirag Chauhan

Income Tax Department has released FORM ITR-3, ITR-4, ITR-5, ITR-6, ITR-7 for A.Y. 2014-15 vide its Income-tax Notification No. 28/2014, Dated- 30th day of May, 2014 and SAHAJ (ITR-1), ITR-2, SUGAM (ITR-4S) , ITR-V FOR A.Y. 2014-15 vide its Income-tax Notification No. 24/2014, Dated: April 1, 2014.

The Income Tax Department has come out with all Return Form applicable for AY 2014-15. The below table will give you details of usage of forms by Assessee.

FormsWho can use this Return FormWho cannot use this Return Form
ITR-1SAHAJ Indian Individual Income Tax Return

This Return Form is to be used by an individual whose total income for the assessment year 2012-13 includes:-

(a) Income from Salary/Pension; or
(b) Income from One House Property (excluding cases where loss is brought forward from previous years); or
(c) Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)

Further in case of income of another person like spouse, minor child, etc is to be clubbed with the Assessee, this return form can be used only if income being clubbed falls into above form category

This return form should not be used by individual whose total income includes:

a)Income from more than one house property

b) Income from winning lottery or income from race horses

c) Income under head capital gains

d) Income from Agriculture / Exempt income of more than Rs 5000/- .

e) Income from Business orProfession

f) Loss under income from Other Sources

g) Person Claiming relief under Section 90 ot 91

f) any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India.

ITR-2
For Individuals and HUFs not having Income from Business or Profession

This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2014-15 includes:

a) Income from Salary / Pension;

b) Income from House Property

c) Income from Capital Gains

d) Income from Other Sources

(including Winning from Lottery and Income from Race Horses)

Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories

This Return Form should not be used by an individual whose total income for the assessment year 2014-15 includes Income from Business or Profession.

 

NOTE:

A resident assessee having any assets (including financial interest in any entity) located outside India or signing authority in any account located outside India, shall fill outschedule FA and furnish the return in returnelectronically under digital signature or transmit data electronically and submit ITR V

ITR-3This Return Form is to be used by an individual or an Hindu Undivided Family who is a partner in a firm and where income chargeable to income-tax under the head “Profits or gains of business or profession” does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm. In case a partner in the firm does not have any income from the firm by way of interest, salary, etc. and has only exempt income by way of share in the profit of the firm, he shall use this form only and not Form ITR-2.This Return Form should not be used by an individual whose total income for the assessment year 2013-14 includes Income from Business or Profession under any proprietorship.
ITR-4S SUGAM

This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2014-15 includes:

a) Business income were income is computed in accordance with the special provision under section 44AD and 44AE

b) Income from Salary / Pension

c) Income from other source(Excluding Income from Lottery and income from race horse )

Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories

 

This return form should not be used to file following incomes

a)Income from more than one house property

b) Income from winning lottery or income from race horses

c) Income under head capital gains

d) Income from Agriculture / Exempt income of more than Rs 5000/- .

e) Income from Speculative Business

f) Income from Profession

g) Person Claiming relief under Section 90 ot 91

f) any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India

ITR-4

This Return Form is to be used by an individual or a Hindu Undivided Family who is carrying out a proprietary business or profession.

NA
ITR-5

This Form can be used a person being a firm, LLPs, AOP, BOI, artificial juridical person referred to in section

2(31)(vii), cooperative society and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form.

This return form should not be used by individual and HUF and Companies
ITR -6This Form can be used by a company, other than a company claiming exemption under section 11.This return form should not be used by person other than Companies
ITR- 7This Form 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).This return form should not be used by person other than Companies

 Manner of filing the return form:

a)      By furnishing the return in paper form

b)      By furnishing return electronically with digital signature

c)       By transmitting the data in the return electronically and there after submitting ITR V to be send by speed post to Bengaluru.

A resident assessee having any assets (including financial interest in any entity) located outside India or signing authority in any account located outside India, shall fill out schedule FA and furnish the return in the manner provided at either B) or c) above.

From the assessment year 2013-14 onwards all the assessees having total income more than 5 lakh rupees are required to furnish the return in the manner provided at B) or c) Also in case of an assessee claiming relief under section 90, 90A or 91 to whom Schedule FSI and Schedule TR apply, he has to furnish the return in the manner provided at either B) or c)

From assessment year 2014-15 onwards in case an assessee who is required to furnish a report of audit under section10(23C)(iv), section 10(23C)(v), section 10(23C)(vi), section 10(23C)(via), section 10A, section 10AA, section 12A(1)(b), section 44AB, section 44DA, section 50B, section 80-IA, section 80-IB, section 80-IC, section 80-ID, section 80JJAA, section 80LA, section 92E,  section 115JB or section 115VW he shall file the report electronically on or before the date of filing the return of income. Further, the assessee who is liable to file the above reports electronically shall file the return of income in the manner provided at either B) or c).

Where the Return Form is furnished in the manner mentioned at c), the assessee should print out two copies of Form ITR-V. One copy of ITR-V, duly signed by the assessee, has to be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bangaluru–560100 (Karnataka). The other copy may be retained by the assessee for his record.



Credit for this articles goes to taxguru.in


TDS-A.Y.2015-16-PRE-BUDGET-

posted 7 Jul 2014, 22:14 by CA Kunjan Shah‎(www.nsc.in)‎

BELOW ARE TDS RATES (SUBJECT TO POSSIBLE CHANGES TO BE ANNOUNCED IN JULY 2014 BUDGET) FOR FIN.YEAR 2014-15 (I.E. ACCOUNTING 2014-2015)

Sl. No.
Section Of Act
Nature of Payment in brief
Cut Off Amount
Rate %
HUF/IND
Others
1
192
Salaries
Average Rate
2
193
Interest on debentures
5000
10
10
3
194
Deemed dividend
-
10
10
4
194A
Interest other than Int on securities (by Bank)
10000
10
10
4A
194A
Interest other than Int. on securities (By others)
5000
10
10
5
194B
Lottery / Cross Word Puzzle
10000
30
30
6
194BB
Winnings from Horse Race
5000
30
30
7
194C(1)
Contracts
30000
1
2
8
194C(2)
Sub-contracts/ Advertisements
30000
1
2
9
194D
Insurance Commission
20000
10
10
10
194EE
Paymentsout of deposits under NSS
2500
20
-
11
194F
Repurchase of units by MF/UTI
1000
20
20
12
194G
Commission on sale of lottery tickets
1000
10
10
13
194H
Commission or Brokerage
5000
10
10
14
194I
Rent (Land & building)
180000
10
10
Rent (P & M , Equipment, furniture & fittings)
180000
2
2
15
194J
Professional/Technical charges/Royalty & Non-compete fees
30000
10
10
16
194J(1)(ba)
Any remuneration or commission paid to director of the company(Effective from 1 July 2012)
NIL
10
10
17
194LA
Compensation on acquisition of immovable property
200000
10
10
18
194IA
Payment on transfer of certain immovable property other than agricultural land(applicable only if amount exceeds : (a) Value exceeds INR 50) (Effective from 1 June 2013)
1
1

 

 

TCS RATES FOR THE FY 2014-15

The Tax Collection at Source Rates for the Financial Year 2014-15 is tabulated below:

 

Sl.No.
Nature of Goods
Rates in %
1.
Alcoholic liquor for human Consumption
1
2.
Tendu leaves
5
3.
Timber obtained under forest lease
2.5
4.
Timber obtained by any mode other than a forest lease
2.5
5.
Any other forest produce not being timber or tendu leaves
2.5
6.
Scrap
1
7.
Parking lot
2
8.
Toll plaza
2
9.
Mining & Quarrying
2
10
Minerals, being coal or lignite or iron ore
1
11
Bullion or jewellery (if the sale consideration is paid in cash exceeding INR 2 lakhs)
1

 


No Education Cess on payment made to resident-Education Cess is not deductible/collectible at source in case of resident Individual/HUF /Firm/ AOP/ BOI/ Domestic Company in respect of payment of income other than salary.
Education Cess @ 2% plus secondary & Higher Education Cess @ 1% is deductible at source in case of non-residents and foreign company.
Surcharge on Income-tax - Surcharge on Income-tax is not deductible/collectible at source in case of individual/ HUF /Firm/ AOP / BOI/Domestic Company in respect of payment of income other than salary.
Due date for furnishing TDS return for the last quarter of the financial year has been modified to 15th May (from earlier 15th June). The revised due dates for furnishing TDS return are

 

Sl. No.
Date of ending of the quarter of the financial year
Due date
1.
30th June
15th July of the financial year
2.
30th September
15th October of the financial year
3.
31st December
15th January of the financial year
4.
31st March
15th May of the financial year immediately following the financial year in which deduction is made

 


Due date for furnishing TDS certificate to the employee or deductee or payee is revised as under :

 

Sl. No.
Category
Periodicity of furnishing TDS certificate
Due date
1.
Salary (Form No.16)
Annual
By 31st day of May of the financial year immediately following the financial year in which the income was paid and tax deducted
2.
Non-Salary(Form No.16A)
Quarterly
Within fifteen days from the due date for furnishing the ‘statement of TDS’

 


Due Date for Payment of March 2014 -The time limit for deposit of TDS for the entire month of March is rationalized to 30 April instead of two separate time limits viz. 7 April for TDS up to 30 March and 31 May for TDS as of 31 March.

income tax slab a.y.2014-2015

posted 7 Jul 2014, 22:09 by CA Kunjan Shah‎(www.nsc.in)‎

AS ON JULY 2014, (I.E. BEFORE BUDGET OF JULY 2014) BELOW ARE TAX SLAB RATES:




  1. Individual resident aged below 60 years (i.e. born on or after 1st April 1954) or any NRI / HUF / AOP / BOI / AJP*

    Income Tax :Calculate Tax Liability for AY 2014-15

    Income SlabsTax Rates
    i.Where the total income does not exceed Rs. 2,00,000/-.NIL
    ii.Where the total income exceeds Rs. 2,00,000/- but does not exceed Rs. 5,00,000/-.10% of amount by which the total income exceeds Rs. 2,00,000/-. 
    Less : Tax Credit - 10% of taxable income upto a maximum of Rs. 2000/-.
    iii.Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.Rs. 30,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-.
    iv.Where the total income exceeds Rs. 10,00,000/-.Rs. 130,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.

    Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

    Education Cess : 3% of the total of Income Tax and Surcharge.

    Abbreviations used : 
       NRI - Non Resident Individual; HUF - Hindu Undivided Family; AOP - Association of Persons; BOI - Body of Individuals; AJP - Artificial Judicial Person

  2. Individual resident who is of the age of 60 years or more but below the age of 80 years at any time during the previous year (i.e. born on or after 1st April 1934 but before 1st April 1954)

    Income Tax :Calculate Tax Liability for AY 2014-15

    Income SlabsTax Rates
    i.Where the total income does not exceed Rs. 2,50,000/-.NIL
    ii.Where the total income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-10% of the amount by which the total income exceeds Rs. 2,50,000/-.
    Less : Tax Credit - 10% of taxable income upto a maximum of Rs. 2000/-.
    iii.Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-Rs. 25,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-.
    iv.Where the total income exceeds Rs. 10,00,000/-Rs. 125,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.

    Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

    Education Cess : 3% of the total of Income Tax and Surcharge.

  3. Individual resident who is of the age of 80 years or more at any time during the previous year (i.e. born before 1st April 1934)

    Income Tax :Calculate Tax Liability for AY 2014-15

    Income SlabsTax Rates
    i.Where the total income does not exceed Rs. 5,00,000/-.NIL
    ii.Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-20% of the amount by which the total income exceeds Rs. 5,00,000/-.
    iii.Where the total income exceeds Rs. 10,00,000/-Rs. 100,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.

    Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

    Education Cess : 3% of the total of Income Tax and Surcharge.

  4. Co-operative Society

    Income Tax :Calculate Tax Liability for AY 2014-15

    Income SlabsTax Rates
    i.Where the total income does not exceed Rs. 10,000/-.10% of the income.
    ii.Where the total income exceeds Rs. 10,000/- but does not exceed Rs. 20,000/-.Rs. 1,000/- + 20% of income in excess of Rs. 10,000/-.
    iii.Where the total income exceeds Rs. 20,000/-Rs. 3.000/- + 30% of the amount by which the total income exceeds Rs. 20,000/-.

    Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

    Education Cess : 3% of the total of Income Tax and Surcharge.

  5. Firm

    Income Tax : 30% of total income.Calculate Tax Liability for AY 2014-15

    Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

    Education Cess : 3% of the total of Income Tax and Surcharge.

  6. Local Authority

    Income Tax : 30% of total income.Calculate Tax Liability for AY 2014-15

    Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

    Education Cess : 3% of the total of Income Tax and Surcharge.

  7. Domestic Company

    Income Tax : 30% of total income.Calculate Tax Liability for AY 2014-15

    Surcharge : The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge

    • At the rate of 5% of such income tax, provided that the total income exceeds Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
    • At the rate of 10% of such income tax, provided that the total income exceeds Rs. 10 crores.

    Education Cess : 3% of the total of Income Tax and Surcharge.

  8. Company other than a Domestic Company

    Income Tax :Calculate Tax Liability for AY 2014-15

    • @ 50% of on so much of the total income as consist of (a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or (b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government.
    • @ 40% of the balance

    Surcharge :

    The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge as under

    • At the rate of 2% of such income tax, provided that the total income exceeds Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
    • At the rate of 5% of such income tax, provided that the total income exceeds Rs. 10 crores.

    Education Cess : 3% of the total of Income Tax and Surcharge.

Marginal Relief : When an assessee's taxable income exceeds Rs. 1 crore, he is liable to pay Surcharge at prescribed rates mentioned above on Income Tax payable by him. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.

Example :

In case of an individual assesseee (< 60 years) having taxable income of Rs. 1,00,01,000/-

1.Income TaxRs. 28,30,300
2.Surcharge @10% of Income TaxRs. 2,83,030
3.Income Tax on income of Rs. 1 croreRs. 28,30,000
4.Maximum Surcharge payable
(Income over Rs. 1 crore less income tax on income over Rs. 1 crore)
Rs. 700/- (1000 - 300)
5.Income Tax + Surcharge payableRs. 28,31,000
6.Marginal Relief in SurchargeRs. 2,82,330/- (2,83,030 - 700)

No change in existing Tax Rates (as shown above) has been proposed in the Interim Budget for the Fiscal Year 2014-15.

Corrigendum to Order No. 237 of 2013.

posted 13 Jun 2014, 02:55 by Unknown user

see attached pdf file below

Login problems due to changed environment of Data Centre.

posted 13 Jun 2014, 02:48 by Unknown user

see attached pdf file below

Duration of Examination of Papers 2,3 & 4 of ITI.

posted 13 Jun 2014, 02:41 by Unknown user

see attached pdf file below

Sharing of Asset Details as per Return of Wealth with Pubilc Sector Banks.

posted 13 Jun 2014, 00:59 by Unknown user

see attached pdf file below

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