New Delhi: Aimed at making life easier for tax payers, the Income Tax department today said it simplified the process of online rectification of incorrect details of tax deducted at source (TDS) filed in the income tax return (ITR).

Earlier, taxpayers were required to fill in complete details of the entire TDS schedule while applying for rectification on the e-filing portal of the I-T Department.

To avoid this, the finance ministry said a new facility has been provided for pre-fillin ..

To avoid this, the finance ministry said a new facility has been provided for pre-filling of TDS schedule while submitting online rectification request on the e-filing portal to facilitate easy correction or up-dating of TDS details.

“This is expected to considerably ease the burden of compliance on the taxpayers seeking rectification due to TDS mismatch,” an official statement said.

Errors due to incomplete TDS details in rectification applications were leading to delays in processing of such applications, thereby causing hardships to taxpayers, it added.

PTI

The post Income Tax Department simplifies online rectification of TDS in ITR appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

New Delhi, Jun 24 (PTI) Taxpayers wanting to file online I-T returns for assessment year 2015-16, using the newly notified ITR-2 or ITR-2A forms, will have to wait for few more days as the tax department is in the process of launching the facility on its official website.

While two other ITRs, ITR-1 and ITR-4S, are ready to be filed and submitted at the official e-filing website– https://incometaxindiaefiling.gov.in– proper links for the two forms used by a majority of taxpayers will be enabled shortly.

Officials said the links for the rest of the ITRs will be available very soon.

The department notified the new set of ITR forms early this week, including a three-page simplified form.

The e-filing of ITR can be done upto till August 31, the new deadline set in this regard by the government after it had dropped the earlier forms which had attracted criticism for seeking numerous additional details like that of filers’ foreign travel and about dormant bank accounts.

The most simplified form, ITR-2A, to be filled by those individuals and HUFs who do not have income from either business, profession or by way of capital gains and do not hold foreign assets, only asks for the passport number of the tax-filer, with the words “if available”.

The ITR-2 is meant for individuals and HUFs having income from business or profession.

Beginning this season, it is expected, that online filers will be given a One-Time Password (OTP) on their mobile phones to validate their returns in order to end the system of sending a paper acknowledgment (ITR-V) of the filed return.

For the same reason, the I-T department has asked taxpayers to provide their Aadhaar number in the ITR so that it can do a back-end validation of the same and successfully process the returns.

PTI

The post Income Tax: E-filing of newly notified ITRs to begin soon appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

A Ready Reckoner for Late Income Tax Return filing:

Important tax return filing dates for the Assessment Year 2013-14 (Financial Year 2012-13)

• July 31: Due date for filing tax returns
• August 5: Extended due date
• March 31, 2014: Last date for filing returns without the penalty of Rs. 5000.  However penal interest of 1% per month of delay will be levied on taxes due, if any.
• March 31, 2015: Last date for filing with penalty of upto Rs.5,000

If you have missed the August 5 deadline for filing tax returns, you can still do so.  However, bear following implications in mind:

• If you owe any taxes at the time of filing return, you will be charged a panel interest of 1% for every month of delay;
• While tax return for the financial year 2012-13 can be filed up to March 31, 2015, you will have to pay a penalty of upto Rs.5,000 if it is filed after March 31, 2014.
• You will not be able to file a revised return in case you have committed mistake while filing the original one.
• You will not be allowed to carry forward any losses incurred under the head Capital Gains and ‘Business Losses’ (other than depreciation loss).
• If you are entitled to interest on tax refund, if any, you may have to forgo the interest for the period of delay.

Source: http://karnmk.blogspot.in/2013/08/ready-reckoner-for-late-income-tax.html

The post Ready Reckoner for late IT Return filling appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

Press Information Bureau
Government of India
Ministry of Finance

30-July-2013 20:05 IST

Overwhelming Response for e-filing from Every Corner of the Country; More than 82 Lakh Returns E-Filed till 29th July, 2013 which is More than 40% of the Returns e-filed during the Same Period Last Year; Record Peak of more than 85,000 Returns Per Hour Achieved

The due date for filing of Income Tax Return for individuals and non-auditable cases is 31st July, 2013. There has been an overwhelming response for e-filing from every corner of the country. More than 82 lakh returns have been e-filed till 29th July, 2013 which is more than 40% of the returns e-filed during the same period last year.

On 30th July, 2013, 6.23 lakh returns were e-filed till 6:00 PM. Record peak of more than 85,000 returns per hour has been achieved.

Due to overwhelming response, some taxpayers have reported problems in accessing e-filing portal which is primarily due to network constrains of the local internet service providers. The e-filing portal has been running without any interruptions and is being continuously monitored by a dedicated team of income tax officials in Bangalore. The situation will again be reviewed by the CBDT tomorrow morning.

*****
Source: PIB
(Release ID :97490)

The post More than 82 Lakh Returns E-Filed till 29.07.2013 appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.