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Filing ITRs to become easy as CBDT notifies new Form 26AS | Trutax

Now your form 26AS will not just have information about total income tax paid or refund received, but also about pending and completed proceedings under Income Tax Act. The Central Board of Direct Taxes (CBDT) has notified the new version of forms. The new form will come into effect from June 1, 2020.

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MCA extends Period for Filing of Names for Companies and Re-Submission of Forms

The Ministry of Corporate Affairs (MCA) has extended the period for filing of names for companies and resubmission of forms. For names reserved for 20 days for new company incorporation, SPICe+ Part B needs to be filed within 20 days of name reservation.

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Why You Should Link Your Aadhar Card to e-file Income Tax Returns | Trutax

The government placed crucial arguments in favour of linking PAN and Aadhaar – citing duplicity of PAN numbers as a reason for tax evasion and therefore the importance of fixing the identity of taxpayers via Aadhaar to stop misreporting of monetary transactions undertaken.

This section was added via the Finance Act and made effective from July 1, 2017. Although this wasn’t a part of the Budget documents of 2017, it found an area within the amendments to the Finance Act 2017, placed before the Parliament for approval. The deadline was extended in several instances to permit taxpayers more time.

Let us understand the law behind this newly introduced section 139AA. Section 139AA of the tax act lays down two basic rules, firstly, Aadhaar must be quoted altogether PAN applications, secondly, Aadhaar must be quoted in tax returns. It says that every one that is eligible to get Aadhaar as per the Aadhaar Act, 2016, must mention Aadhaar while filing tax returns.

The Aadhaar Act further says that only a resident individual can obtain Aadhaar. The term ‘Resident’ has different meanings as per the Income Tax Act, FEMA, and therefore the Aadhaar Act. Since Resident for this purpose here shall be as per the Aadhaar Act; it means a person who has resided in India for a period of 182 days or more within the 12 months immediately before the date of application for enrolment of Aadhaar.

To Know More Click Here.

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Guide on How to File Income Tax Returns Online | Trutax

There are exactly ten documents you need for this purpose which are mentioned as follows.

Form-16– It is the certificate issued under section 203 of the Income tax Act for tax deducted at source (TDS) from income under the head ‘salary’. It is issued on deduction of tax by the employer from an employee’s salary and deposit of the same with the government. The certificate provides a detailed summary of the amount paid or credited to the employee and the TDS on the same.

Salary Slips– A salary slip is a document issued by an employer to an employee. It contains a detailed description of the employee’s salary components like HRA, LTA, Bonus paid etc and deductions for a specified time period, usually a month. It may be issued on paper or mailed to the employee.

Interest certificates from banks and post office– This is an annual summary of interest credited or debited, which we send out at the end of the tax year. Usually, the interest income received is taxable in the hands of an individual.

Form-16A/Form-16B/Form-16C– An individual can have income from sources other than his/her salary, such as returns on investments on fixed deposits, mutual funds, gold bonds, and other capital gains, that is taxed under 16A. Form 16B certifies that the tax has been deducted at source on the income earned from the sale of immovable property.

Form 26AS– This form is an annual consolidated tax statement that can be accessed from the income-tax website by all taxpayers using their Permanent Account Number (PAN).

Tax-saving investment proofs– All the tax-saving investments made by you and the expenditures incurred by you eligible for deduction under section 80C, 80CCC and 80CCD(1) during FY2018-19 can help you lower your tax liability.

Deductions under section 80D to 80U– There are certain expenses on which you can claim deductions under different sections of the Income-tax Act. For instance, health insurance premium.

Home loan statement from bank/NBFC– This statement is needed both as proof and as a source of information for filling your income tax return. Interest paid on the home loan can lower your tax liability under section 24.

Capital Gains– If you have earned some capital gains from the sale of property and/ or mutual funds/ equity shares, then you will be required to report these gains in your ITR.

Aadhar Card– Providing Aadhaar details is mandatory to successfully file your ITR.

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5 Simple Steps To File Your Taxes | Trutax

ITR1 Sahaj Form is the one that has to be filed by salaried people for Income Tax Return. Any individual with an annual salary of less than Rs. 50 Lakhs can fill this form. In this blog, we will discuss the ITR1 Sahaj Form in detail. There are several other taxpayers group which need to fill another form to file for return but for salaried individuals, its ITR1 Sahaj Form.

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How to E-File Income Tax Return Uploading Form 16 | Trutax

Form 16 is a vital part of income tax filing. There are basically Form 16, Form 16A & Form 16B which are to be selected as a TDS certificate for various sorts of incomes.

This Form is for Salaried employees and as per the new rule if you’re under Rs. 2.5 Lakhs annually then you don’t got to file Form 16, Form 16A and Form 16B, however, are different.

Form 16- It’s A TDS Certificate To Certify Your Salary From The Employer

Employers are required to issue the Form 16 on or before 15 June of the year which is immediately after the financial year ends.

Form 16 is split into two components – Part A and Part B. If you lose your Form 16, you’ll be able to request a replica from your employer.

Form 16A- For Income From Other Source- TDS Certificate for Income aside from Salary

Salary may or may not be the sole source of income for the individual but in any case the taxpayer got to mention all the other sources of income aside from the salary in addition in this form.

Form 16B- The TDS Certificate For Sale Of Property

If the other sources of income for the taxpayer includes income from the sale of a property then the individual will need to mention that in this separate form because the income from the sale of property is subjected to tax deduction.

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Income Tax Relaxation In Covid-19 Relief Packages | Trutax

The tax department would have the number of applications under Section 197 of the income tax law to allow lower retaining, On the off chance that benefit of an organization is relied upon to stay low, the general sum that is payable in a type of tax will likewise be lower, thus assessees would’ve mentioned the income office for a lower retaining rate.

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Revised Dates For Filing Income Tax and GST Return

The date for making investment and installments for asserting finding under Section 80C (LIC, PPF, NSC and so on.), 80D (Mediclaim), 80G (Donations), revised to June 30th, 2020 for FINANCIAL YEAR 2019-20.

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All You Need To Know About Form 16 And how to fill it | Trutax

Understand Form 16

Form 16 is a certificate (issued under section 203 of the Income Tax Deducted at Source (TDS) by the employer and submitted by them to the Income Tax Department (IT Department). It has details of how much tax did the employer subtracted and when was it submitted to the IT department.

In case you have changed jobs during the year and moved on to another job, or have worked with different employers at the same time, and tax has been subtracted in all places, you will have to get different Form 16 from all of them.

However, if your employer(s) did not subtract any tax from your salary, considering your income for the year is below the tax-exemption limit, they may not issue ITR Form 16.

Following points will help you Understand Form 16

Form 16 has two different parts which are Part A and Part B, which replicates most of the details divided into parts. These features of Form 16 are very important when filing IT returns.

Part A of Form 16: This form includes the basic detail of the employee and the employer, it also consists of details of how much tax was deducted and the dates, that when was it deposited.

Part B of Form 16: This form has the division of how the tax was computed considering declaration which is made at the beginning of the financial year.

Benefits of Form 16: Form 16 works as a proof for you that your employer has deposited the TDS amount and has not conducted any fraud.

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Revised Dates For Filing Income Tax and GST Return

Income Tax

The due date for filing Income Tax Return for Financial Year 2018-19 is revised to 30th Jun 2020 from 31st Mar 2020.

The due date for filing Income Tax Return for Financial Year 2019-20 is revised to 30th Nov 2020 from 31st Jul 2020 *.

The TDS rate on installments for contract, proficient charge, lease, Commission, profit, financier, and so on will be decreased by 25% of existing rates *.

The due date for Linking PAN and Aadhar is also revised which is 30th Jun 2020 from 31st Mar 2020.

The date for making investment and installments for asserting finding under Section 80C (LIC, PPF, NSC and so on.), 80D (Mediclaim), 80G (Donations), revised to June 30th, 2020 for FINANCIAL YEAR 2019-20.

GST

The due dates for filing Feb, March, and April GST returns have been revised till the most recent seven day stretch of 30/06/2020 for those whose turnover is underneath 5 Crores.

No* intrigue or interest, Late expense, and punishment will be accuses for the organizations of turnover not as much as Rs 5 crores for the above period.

Interest will be charged at a decreased pace of 9% p.a rather than 18% p.a for the organizations with turnover more than Rs 5 crores. No Late Fee and Penalty will be charged whenever went along before June 30th, 2020.

The due date for documenting the Annual return for FINANCIAL YEAR 2018-19 is revised to 30/06/2020 from 31/03/2020.

The due date for documenting CMP 08 for Composition citizens has been revised to 30/06/2020 from 18/04/2020.

The due date for selecting into structure conspire has been reached out to 30/06/2020 from 31/03/2020.

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Advance Tax in GST and Income Tax | Trutax

Advance Tax refers to the income tax that should be paid in advance instead of a lump sum amount of payment at the end of the year.

It also refers to the pay as you earn tax. Such payments have to be made in an installment as per due dates provided by the income tax department.

An advance tax is paid by any salaried, freelancers and businesses which means if your total tax liability is in an amount of Rs 10,000 or more in a financial year that you have to pay advance tax.

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Importance Of TDS And Self-Assessment Tax To File Your Income Tax Return

An individual earns money from various sources- From Salary, Property, Side Business, etc. While TDS accounts for the tax to be paid from the salary which is deducted at the source, for the remainder of income, the individual has got to self-assess and pay taxes accordingly.