As the last date of filing IT returns nears, how do you go about doing it to ensure a smooth and hassle-free process? What are the documents needed and how can you avoid the last-minute rush? Anil Rego, personal finance expert and CEO and founder of Right Horizon joined IBNLive readers for an interaction on the matter.
Q. In case of failure to file the returns for a Financial year, what is the maximum penalty, when no tax has been avoided? Asked by: sundar1950in
A. Penalty is applicable if one crosses the next financial year i.e. March 31st 2014 for Financial year 2102-13.
Q. When PAN was sought an address is given. Due to job when people shift to various places, is it needed to get the address change incorporated? If yes how to get it done? Asked by: sundar1950in
A. Yes. One needs to submit a change of address application for PAN. This can be done online. Submission of documents would then need to be done to the address provided.
Q. I have failed to file my returns for the last 4 years. Is there a provision to file the returns? There is no tax liability? Asked by: Benhur
A. You can file within 2 years from the end of the financial year. Prior to that keeping it would not be accepted. However, keep a record for such years and if there is any tax to be paid, you can do so.
Q. What is the last date for filing returns of individual who has retired and has no pension or other income. Only bank deposits are the income. Asked by: sundar1950in
A. The last date for filing your returns is July 31
Q. Not yet received the Refund for 2012-13, should I file it again this year along with 2013-14 income tax returns (ITR)? Asked by: Vikas
A. No. You cannot file it again. You can go to the income tax website and they a provision to check the status of your return.
Q. We pay rent for our office, Rs 11,000 per month. Do we need to deduct Tax Deducted at Source (TDS) on this amount? Asked by: Sachin
A. TDS is applicable if rent is above Rs 1,80,000 per annum.
Q. Till what time does one need to retain records of past returns filed? Asked by: Gopal
A. You need to keep records for 6 years
Q. On my form the address change is not done yet...do I need to go to IT office to get it done or can I do it online before filing returns? Asked by: Rajiv Soni
A. You can change it online and then also submit proofs to the address mentioned.
Q. Is it necessary to fill my income tax return even if I expect no money return. Asked by: Ankur
A. You need to file your returns if your total income without allowing deductions (eg. Section 80C etc) exceeds the basic exemption limit. Salaried employees have an exemption if Total Income after deductions (eg Section 80C etc) is up to Rs. 5,00,000 and Income other than Salary should be only from Saving Bank Interest up to Rs 10,000. If you have any other source of income then you need to file your returns.
Q. If the returns are not filed due to non availability of TDS forms from the nationalised banks who will be penalised the bank or the individual? Asked by: sundar1950in
A. It is an obligation of the assessee to file your returns. You can check the TDS online nowadays for your PAN and accordingly file your returns.
Q. Which form I need to fill. I am a salaried person plus I have sold one property this year with no loss no profit. And in the form what should I mention for my property sale? Do I need to add my bank details with it? Asked by: Vivek
A. You need to fill ITR2. The form will require bank details.
Q. If I invest full amount of FDR including interest earned after the due date and or I renew my FDR with same amount (including interest). In this case do I need to mention the amount of interest earned in the FY, ITR? Asked by: Sachin
A. You need to pay tax on interest even if you reinvest the whole proceeds. You need to mention the interest your ITR.
Q. Income tax raid is conducted on huge income from business or it can be conducted on salaried class or on capital gain tax as well. What is the amount on which an income tax raid is conducted? Asked by: Sunil
A. It can be conducted for any income level and for any assessee if there is a reason to believe that there is concealment of income.
Q. I stay in a rented accommodation and have not got my pan address changed for a couple of years, will this cause any problem in the future? Is it mandatory to have your Pan address changed? Asked by: Gopal
A. Yes. It is better to have your PAN address changed so that you get any communication from the department.
Q. My wife earns Rs 50000.00 from agriculture annually. Will any tax be levied upon this amount? Asked by: Sachin
A. It is tax free as the source of income is from agriculture.
Q. Many of my friends do not add FDR/ SB interest / dividend income to the salary and pay additional tax beyond salary TDS, they say it is not required to do so and also the IT dept will newer find it. Is it correct to do so? Asked by: SRINIVASS
A. You need to add all other income in your returns. Dividend income is tax free, but is better to be declared. Other incomes are taxable and would be subject to penalties if it comes to the attention of the department. Today whenever there is TDS done, the same data is available with the tax authorities. In fact, you can check this yourself online (26AS account).
Q. What is an order u/s 143 (1 ) from the IT dept? Asked by: sundar1950in
A. This is intimation that they have confirmed/accepted the returns. It intimates the tax payer of any tax and interest payable or if the assessee is eligible for a refund.
Q. If I purchase a house in Noida above 30 Lacs. Does income tax office get info about it through the Noida authority? How the income tax offices get info about sale and purchase on property in India? Asked by: anurag
A. Yes, the information will be passed on to the IT Department through the Annual Information Report filed by the Registrar of Property.
Q. How to e-file income tax return? Is it easy and convenient? Asked by: Biswas, Mumbai
A. It is easy. You can go to the IT website or many other portals. If it is a complicated return then you can approach a chartered accountant.
Q. I had paid self assessment tax for interest earned from fixed deposits. Inadvertently the self assessment tax paid by me has been wrongly filed under (Major Head - 024 interest tax, and minor Head - 300, self assessment tax.) 024 pertains to interest tax. The tax should have been paid by me under 021 which pertain to income tax. How do I make the correction? I was advised by income tax authorities to approach the bank but the bank through which I paid the self assessment tax has not been helpful in rectifying the mistake. Asked by: Anil K
A. Firstly you try and approach the bank to rectify the same, else you need to file your return and in case any discrepancies are pointed out, you would need to represent the same to the department.
Q. I have filed tax return online through ITR2 but forgot to include interest on housing loan. As a result my tax liability increased by 6000. How do I correct and file revised correct IT return on line. Asked by: Ramesh
A. You can file a revised return correcting the same.
Q. If I sale an old house which comes under long term category & buy a house from the full amount in different locality after one or one and a half year and meanwhile I keep the amount in bank fixed deposit through normal saving account. Will I get capital gain exemption? What ways I can save tax on long term capital gains in this situation? Asked by: Harry
A. You can re-invest your long term capital gain (provided you have not more than one house) into another house in whatever location within a period of 2 years from the date of sale. Before the due date of your return you need to park the same in a capital gain account. You cannot keep it in your s/b or fixed deposit account.
Q. Is TDS certificate number required for filing income tax return? Asked by: hi
A. TAN number of the person/entity deducting tax is required.
Q. Hello, I earn my salary in Hong Kong. I deposit this in my NRE account in India and subsequently transfer the money to my parents SBI account. Do I need to file any returns for this? Also, I have an income of 2 Lpa in India which is under the exemption limit. Do I need to file any returns? Thanks. Asked by: kartheek
A. You need not file the returns if your income is below the exemption limit. The money you have transferred to your parents is not an income to them. If it gifted to them, then you need to create supporting documentation even though there is no gift tax between direct relatives.
Q. Hello Sir, My father got retired from BSNL in Nov, 2009. However, the pension was settled in the financial year, 2012-2013 and the pension from Nov, 2009 got released in this year. Therefore, there was some tax deducted. I would like to know how he can file the returns to claim the TDS. Asked by: Abhiram
A. Section 89 of IT Act read along with Rule 21 A of IT Rules allows exemption for Arrears of Pay in the form of allowing to distribute arrears to previous years in which it was actually due. You can accordingly claim a refund, if applicable.
Q. How can we apply for TIN no. for opening a firm? Asked by: Harry
A. You can apply for a TIN (Traders Identification Number) by approaching the nearest VAT office. It can also be applied online.