FILLING OF RETURN OF INCOME A.Y.2010-2011

FILLING OF RETURN OF INCOME A.Y.2010-2011

Filing of Regular Return u/s. Section 139(1)

• Every Company and every firm is compulsorily required to file income-tax returns every year. Even if the Company or Firm is suffering loss it has to file the return.
• Any other person, like an individual, HUF, association of persons, body of individual, trust, or any artificial judicial person; are required to file income tax return if their total income or total income of any other person include in in total (without giving effect to provisions of Sec. 10A or Sec. 10B or Sec 10BA or Chapter VIA) the exceeds the threshold limit exempted form payment of income-tax without giving effect
• These law of filing return is applicable to all persons, whether they are resident or non-resident.
• However a Non-Resident India has an option not file return if :
  • His total income during the previous year includes only investment income and/or long term capital gains and
  • Income tax has been deducted at source as per provision of income tax law
  • NRI can use the option selectively for each year. If he prefers not to use option for any year he may file the return for that year and state that he will not take benefit of the option for that year.

For threshold limit for AY 2010-11 see rates of tax

Due dates for filing regular return are as given below:

Persons	Time Limit
A Company	30th September of the A.Y.
A Person other then company whose accounts are required to be audited working partner of a firm covered under audit	30th September of the A.Y.
All other cases	31st July of the A.Y.

Section 139(3)- Return of loss to be filed before due date.

• Any person who has Business loss, loss under capital gain, and wants to carry forward and set-off the loss against the income of subsequent year; according to the provisions of I-Tax Act, must file his return of income before due date as set out against due date for filing regular return. If a person fails to file loss return in time, he shall not be entitled to carry forward such losses.
• Unabsorbed depreciation can be c/f even in case where return is filled belatedly.
• Assesses can revise the loss return- Deemed to be returned filled u/s. 139(1)

Section 139(4)- belated return

• If return is not furnished within the time allowed under section 139(1) or within the time allowed under notice issued under section 142(1), the person may furnish the return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of assessment whichever is earlier

Consequences of late submission-if return is submitted after the due date of submission of return of income.

• The assessee may liable for penal interest u\s 234A
• A penalty of Rs.5000 may be imposed u\s 271F if return submitted after the end of assessment year.
• Return of loss is submitted after due date a few loss can not be carried forward
• If return is submitted belated, deduction under section 10A,10B, 80-IA,80-IB,80-IC,80-ID ,80IE will not be available

Section 139(5)- Revised return

• If person file return u\s 139(1) or in notice issued u\s 142(1), discover any omission or any wrong statement he may furnish a revised return within one year from the relevant assessment year or before the assessment is made which ever is earlier.
• A return under section 139(4) i.e. belated return can not be revised.

Form to be used for filing return:

Form	Persons applicable to :	Source of Income
ITR-1	Individual	Salary and Income from Other Source
ITR-2	Individual & HUF	Not having income form business or profession
ITR-3	Individual & HUF	Having income being profit from firm, but no income from proprietary business and profession
ITR-4	Individual & HUF	All Income
ITR-5	Firms	All Income and eligible for FBT
ITR-6	Company	All Income and eligible for FBT
ITR-7	Trust	All Income and eligible for FBT
ITR-8	Only FBT	Only liable to pay FBT

Annual Tax Statement of Income-Tax for PAN holders

 

update 22nd June, 2010.

Annual Tax Statement 26AS can now be viewed by loging in ereturn filing website, www.incometaxindiaefiling.gov.in free of charges.

 

Annual Tax Statement (Form-26 AS) is issued by the Income Tax Department through NSDL; under under Section 203AA and Section 206C(5) of the Income Tax Act.

Form 26AS is a consolidated tax statement under Rule 31AB of Income Tax Rules, to PAN holders. This statement, with respect to a financial year, includes details of:
a) tax deducted at source (TDS);
b) tax collected at source (TCS); and
c) advance tax/self assessment tax/regular assessment tax etc., deposited in the bank by the taxpayers (PAN holders).

See> Format Annual Tax Statement

Form 26AS is available only with respect to Financial Year 05-06 onwards.

Tax Information Network (TIN) managed by National Securities Depository Limited (NSDL) on behalf of Income Tax Department, facilitates a PAN holder to view its Annual Tax Statement (Form 26AS) online. Form 26AS contains

• Details of tax deducted on behalf of the taxpayer by deductors
• Details of tax collected on behalf of the taxpayer by collectors
• Advance tax/self assessment tax/regular assessment tax, etc. deposited by the taxpayers (PAN holders)

To view Form 26AS or say Annual Tax Credit Statement, the PAN Holder has to register himself online at the following link

 https://onlineservices.tin.nsdl.com/TIN/PanRegistration.do

Online Registration is a one time activity wherein, a PAN holder has to fill in & submit a Registration form online through this website. The detailed procedure is as mentioned below:

1. Select 'registration' option from online services menu.
2. After entering all the details (PAN, User ID, Password, Contact details if any etc), click on 'Submit'.
3. On successful registration, an acknowledgement receipt will be displayed on screen.
4. Save and print this acknowledgement receipt.

This registration request has to be authorised by a TIN-FC (TIN Facilitation Centre). Authorisation means verification of Identity of a PAN Holder for the purpose of viewing Annual Tax Statement.

Procedure for getting registration request authorised by a TIN FC, PAN holder may choose either to

1. Personally visit the TIN FC of his choice or
2. Select a TIN FC to visit the PAN Holder for personal verification.
   • In this case, select any TIN-FC from a list of TIN-FCs who offer this facility in the city provided in contact address.
   • Facility of selecting a TIN FC to visit can be availed of only in those locations where a TIN-FC is present.
   • In this option, the PAN holder will be prompted to enter his contact details in the fields provided on the online registration form.

The Authorisation must be done within 15 calendar days of registration, otherwise, the registration will cease to exist and PAN holder will have to register online again.

When a PAN holder personally visits a TIN-FC of his choice for authorisation

1. He must present a print out of acknowledgement receipt generated onscreen at the time of registration of PAN, along with relevant proofs of identification as follows:

Type of PAN Holder Documents required for verification of identity Individual Original PAN card along with a photocopy Hindu Undivided Family (HUF)* 1. Original PAN card of HUF along with a photocopy and 2. Original Photo Identity Proof of Karta of HUF along with a photocopy. Company Artificial Juridical Person Body of Individuals Association of Persons (Trust) Association of Persons Firm Local Authority 1. Original PAN card of PAN holder along with a photocopy, 2. Authority letter from PAN holder authorising an individual to register PAN on its behalf (letter should contain specimen signature of authorised individual) 3. Original PAN card of authorised individual along with a photocopy.

1. *If PAN holder is a HUF, Karta of the HUF should visit TIN-FC in person and submit acknowledgement receipt.
2. After identity of PAN holder is verified, he should sign in the space provided for signature of PAN holder in acknowledgement, in presence of the TIN-FC.
3. TIN-FC will visually verify signature with signature on PAN card and thereafter, authorise the registration request online.
   • PAN holder can also view the status of his registration on this website.

After three working days of authorization by TIN-FC, the PAN holder can login to the TIN central system and view Form 26AS. There is no charge for viewing Tax Credit online

Link to  List of TIN Facilation Center

Registration Fee

a) TIN-FC will charge Rs.17 (i.e. Rs.15 + service tax) for authorisation of registration request, when PAN holder personally visits the TIN-FC.
b) TIN-FC will charge Rs.110 (i.e. Rs.100 + service tax) for authorisation of registration request in case where PAN holder opts for TIN-FC to visit him.
c) Above charges are also applicable for authorizing Reset Registration.

KVP Accrued Interest Chart

 

Table of Calculation of Interest and Value of KISSAN VIKAS PATRA (KVP) of the period completed.

Maturity Value/ Cumulative Value of KISSAN VIKAS PATRA (KVP) for Every Rs.1000/-

Period from Date of Certificate to date of encashment	Purchased form 1-3-2001 to 28-2-2002		Purchased form 1-3-2002 to 28-2-2003		Purchased form 1-3-2003
	Rate of Interest	Maturity Value Rs.	Rate of Interest	Maturity Value Rs.	Rate of Interest	Maturity Value Rs.
1 Year	7.75	1,079.00	7.25	1,074.00	6.40	1,065.02
2 Year	7.75	1,164.00	7.25	1,153.00	6.40	1,134.28
2 Year 6 Months	7.75	1,209.00	7.25	1,195.00	6.40	1,170.51
3 Year	8.25	1,274.00	7.75	1,256.00	6.40	1,207.95
3 Year 6 Months	8.25	1,327.00	7.75	1,305.00	6.88	1,267.95
4 Year	8.75	1,409.00	8.25	1,382.00	6.88	1,310.80
4 Year 6 Months	8.75	1,470.00	8.25	1,439.00	6.88	1,355.90
5 Year	9.25	1,572.00	8.75	1,534.00	7.36	1,435.63
5 Year 6 Months	9.25	1,644.00	8.75	1,602.00	7.36	1,488.49
6 Year	9.75	1,770.00	8.75	1,672.00	7.36	1,543.3
6 Year 6 Months	9.75	1,857.00	9.25	1,800.00	7.85	1,649.13
7 Year	-	N.A	9.25	1,883.00	7.85	1,713.82
7 Year 3 Months	-	2,000.00	-	N.A.		N.A.
7 Year 6 Months		--		2,000.00	7.85	1,781.06
8 Year		--			7.85	1,850.93
8 Year 6 Months		--				2,000.00

KVP Interest Calculator, KVP Maturity Chart

NSC Accrued Interest Chart

Revised interest rate and maturity value of National Saving Certificate issued after 1st December, 2011

Table for calculation of interest and value of National Savings Certificate at end of every year completed.

The year for which interest accrues	Amount of interest (Rs.) accruing on the certificates of Rs. 100 denominations purchased between
	If NSC (VIII Issue) is purchased on or after March 1, 2002 but before March 1, 2003	Cumulative value of National Saving Certificate at end of period	If NSC (VIII Issue) is purchased on or after March 1, 2003	Cumulative value of National Saving Certificate at end of period
Face Value	100	100	100	100
First Year	9.20	109.20	8.16	108.16
Second Year	10.05	119.25	8.83	116.99
Third Year	10.97	130.22	9.55	126.54
Fourth Year	11.98	142.20	10.33	136.87
Fifth Year	13.09	155.29	11.17	148.04
Sixth Year	14.29	169.58	12.08	160.12
Total Interest	69.58	--	60.12	--
Maturity Value	169.58	--	160.12	--

Pre-mature encashment of National Saving Certificate is not allowed. Value are calculated for purpose of calculating Income Tax and indicating Value of National Saving Certificate in the Accounts of the Holder.
The values are as per notification issued by the Government