e-filing Income Tax Return :- Sources to recover Forget Password

      It is known by everyone that new website has already been launched for e-filing of Income Tax Returns.  In the last financial year 2011-12, only assessee having income 10 Lakh or more than 10 lakh are bounded to submit online return. But not from the financial year 2012-13, the limit of income  has been decreased from 10 lakh to 5 lakh.  It means that Now e-filing of income tax return is mandatory for those persons who have income 5 lakh or more than 5 lakh.   In this way,  Data punching of Assessee data is in the hand of Assessee. 

       Now, it is a great problem that in a year User id and Password for e-filing of income tax return were generated but now forget at the time of submission of income tax return.   Below are the solutions for recovery  of password:-

Answer Secret Question :-  In case you have remember answer of hint  question which have been filed by you at the time of registration. 

Upload Digital Signature :- It is chargeable to by digital signature. 

Enter e-filed Acknowledgement Number and Bank Account Number :-  Copy to last online  submitted Income Tax ITR-V is required for getting acknowledgement number along with your bank account number entered in your last income tax return available with income tax department for confirmation. 

Toll Free Number :-  Toll Free Number to resolve this issue is 1800 4250 0025. 

Email Addreess:- if you're not able to reset the password with any of the above options, please send an email to  - validate@incometaxindia.gov.in with the following details. 

• Pan
• Pan Holder's Name
• Date of Birth / Date of Incorporation
• Father's Name
• Registered PAN address

Click on above picture to Reset your e-filing Password.

Income Tax :- Awareness regarding e-filing of Income Tax Return

                       We are again at the tax filing time of the year and the due date of July 31 is just a few days away. It is mandatory for individuals to file the return electronically if the taxable income exceeds Rs 500,000. It is important to furnish the information accurately for speedy and error-free processing. As most of us tend to file the return at the last minute, there are greater chances of minor errors while filing the returns electronically. Some of the important considerations for error-free tax filings are outlined below.

To begin, select the appropriate return form, based on the streams of income. For instance, ITR-1 (Sahaj) is applicable for individuals with salary income, income from other sources and income/loss from one house property. ITR-2 is applicable if you have capital gains/loss, income from more than one house property, foreign assets, brought forward losses, exempt income of more than Rs 5,000 etc.

Furnish the personal information accurately like PAN, address, e-mail ID, mobile number, residential status, bank account details, etc. Providing accurate details like bank account information and address would ensure timely refund.

Disclosure of correct and accurate income is mandatory. The income disclosed in the total income schedule should match with the income in various schedules like salary, house property, capital gains, other sources, etc. Also, the losses should be appropriately disclosed in the respective schedules to ensure carry-forward to subsequent years.

Ensure all taxes paid/deducted at source have been properly claimed in the return. As a good practice, taxes paid should be verified with Form 26AS to avoid any future demand/short payment of refunds. Also, the details of self-assessment tax and advance tax should be reported at the appropriate place.

Disclosure of foreign assets, bank accounts and foreign trusts are mandatory for individuals qualifying as Resident and Ordinarily Resident in India. Also, declare the exempt income such as dividend income, interest income exempt from tax,etc, though this is not taxable.

In addition, it is important to maintain the back-up documents like Form 16, lease agreements, bank statements or other income details which might be required if the returns are selected for scrutiny by the tax office.

The time spent before filing of a tax return is important and works like the 'Stitch in time saves nine' reminder.

The author is tax partner, EY. This is the first of a three-part series on how to file tax returns

Income Tax :- Increasing e-filing of Income Tax Return

Electronic filing of income tax returns is likely to jump sharply this year as the government has brought down the mandatory limit of online filing to income above Rs.5 lakh from the earlier Rs.10 lakh.

"A large number of people come under Rs.5 lakh to Rs.10 lakh category. The lowering of income limit for mandatory e-filing will give a boost to online filing of returns," Vineet Agarwal, a director at KPMG India, told IANS.

He said online filing was becoming increasingly popular and it has helped in reducing cost and time required for processing the returns.

"It is good for both the taxpayers as well as the government. It is cost effective, takes less time and the processing is faster," Agarwal said.

The government has made electronic filing mandatory for all those taxpayers whose taxable income exceeded Rs.5 lakh in the financial year 2012-13 or assessment year 2013-14. The assessment year is always one year ahead of the financial year.

Until financial year 2011-12, this mandatory limit was for the taxable income exceeding Rs.10 lakh.

Ankur Sharma, co-founder and chief executive officer of TaxSpanner.com, a leading e-return intermediary, said the number of electronic filing of returns is estimated to jump by almost 50 percent this year.

"Last year, nearly 50 percent of tax returns were filed electronically. This year, with the mandatory online filing for individuals earning more than Rs.5 lakh, the penetration of e-filing is expected to be more than 75 percent," Sharma told IANS.

He said the increase in penetration of e-filing in India has been far more sharper than even the countries like the US.

"It took more than two decades for e-filing penetration to reach this level in the US. India has achieved this remarkable feat in just over 5 years," he said.

"Of the e-returns filed, nearly 73 percent have been filed voluntarily by taxpayers indicating the broader acceptance of the convenience of e-filing," Sharma added.

As always, the deadline for filing income tax return is July 31. There is usually a huge rush among the taxpayers in July to file the returns.

Sharma said although there is no procedural changes introduced by the government, e-filing portals have taken several steps to make the process simpler. The new features include e-filing by email, automatic Form 26AS matching and automatic return preparation from digital brokerage statements.

Taxpayers can either file the returns themselves by logging on to the Income Tax Department website incometaxindiaefiling.gov.in, or through e-return intermediaries.

Filing of return through the department's website is free of cost, while e-return intermediaries charge a fee of around Rs.250 to Rs.1,000, depending on the kind of services.

The popular e-return intermediaries are TaxSpanner.com, Taxsmile.com, myITreturn.com, Taxyogi.com, and taxshax.com.

On estimated growth in income tax mop-up, Agarwal said the revenue from the income tax would rise sharply despite a sluggish economic growth, as the government is taking measures to tap tax evaders.

"Revenue will be higher from tax despite sluggish 5-6 percent GDP growth. It will depend more on how the tax evaders and black money is being brought into the tax net," Agarwal said.

Nearly 34 million or just around three percent of the 1.2 billion people in India filed tax returns in 2012-13.

In the union budget, Finance Minister P. Chidambaram has set a direct tax collection target of Rs.6,68,109 crore for the financial year 2013-14, 19.69 percent higher than the last year's figure.

Direct taxes include personal income tax, corporate taxes and Securities Transaction Tax. Income tax contributes more than half of the total direct tax collections.

Source :- http://in.finance.yahoo.com/news

Electronic E-Filing of Income Tax Return Mandatory if Income Exceeds Rs. 5 Lakhs

Electronic E-Filing of Income Tax Return Mandatory if Income Exceeds Rs. 5 Lakhs

Upto last year, e-filing was mandatory for those whose income exceeds rs. 10 Lakhs.  But from the financial year 2012-13 or Assessment Year 2013-14 it is mandatory to file electronic income tax return if income exceeds Rs. 5 Lakhs. Income Tax department has already issued Notification No. 34 / 2013 dated 01-05-2013

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

DEPARTMENT OF REVENUE

[CENTRAL BOARD OF DIRECT TAXES]

NOTIFICATION

New Delhi, the 1st day of May, 2013

Income-tax

S.O. 1111 (E).─ In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-

1. (1) These rules may be called the Income-tax (3rd Amendment) Rules, 2013.

    (2) They shall be deemed to have come into force with effect from the 1st day of April, 2013.

2. In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 12,─

       (a) in sub-rule (1),-

                  (A) for the figures “2012”, the figures “2013” shall be substituted;

                  (B) in item (a),─

(i) in sub-item (iii), after the words “income from race horses”, the words “and does not have any loss under the head” shall be inserted; (ii) for the proviso, the following proviso shall be substituted, namely:-

“Provided that the provisions of this clause shall not apply to a person who,-

(I) is a resident, other than not ordinarily resident in India within the

meaning of sub-section (6) of section 6 and has,─

(i) assets (including financial interest in any entity) located outside India; or
(ii) signing authority in any account located outside India;

(II) has claimed any relief of tax under sections 90 or 90A or

deduction of tax under section 91; or

(III) has income not chargeable to tax, exceeding five thousand

rupees.”;

(C) in clause (ca), for the proviso, the following proviso shall be substituted, namely:-

“Provided that the provisions of this clause shall not apply to a person who,-

(I) is a resident, other than not ordinarily resident in India within the

meaning of sub-section (6) of section 6 and has,─

(i) assets (including financial interest in any entity) located outside India; or
(ii) signing authority in any account located outside India;

(II) has claimed any relief of tax under sections 90 or 90A or deduction of tax under section 91; or

(III) has income not chargeable to tax, exceeding five thousand rupees.”;

(b) in sub-rule(2), the following proviso shall be inserted, namely:-

“Provided that where an assessee is required to furnish a report of audit under sections 44AB, 92E or 115JB of the Act, he shall furnish the same electronically.”;

         (c) in sub-rule (3), in the proviso,-

(A) in clause (a),─

(i) for the words “an individual or a hindu undivided family”, the words “a person, other than a company and a person required to furnish the return in Form ITR-7” shall be substituted;

(ii) for the words “ten lakh rupees” the words “five lakh rupees” shall be substituted;

(iii) for the figures “2012-13”, the figures “2013-14” shall be substituted;

         (B) after clause (aaa), the following clause shall be inserted, namely:- 

“(aab) a person claiming any relief of tax under section 90 or 90A or deduction of tax under section 91 of the Act, shall furnish the return for assessment year 2013-14 and subsequent assessment years in the manner specified in clause (ii) or clause (iii);”

(C) in clause (b), after the words, brackets and figure “in clause (i)”, the words, brackets and figures “or clause (ii) or clause (iii)” shall be inserted. 

 (d) in sub-rule 4, after the words, brackets and figures “of sub-rule(3)”, the words and figures “and the report of audit in the manner specified in  proviso to sub-rule (2)” shall be inserted.

           (e) in sub-rule (5), for the figures “2011”, the fig

3. In the said rules, in Appendix-II, for “Forms SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4S), ITR-4 and ITR-V”, the “Forms SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4S), ITR-4 and ITR-V” shall be substituted.

[Notification No. 34 /2013/ F.No.142/5/2013-TPL]

(Gaurav Kanaujia)

Deputy Secretary to the Government of India

Note.- The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii) vide notification number S.O.969(E), dated the 26th March, 1962 and last amended by Income-tax (2nd Amendment) Rules, 2013 vide notification S.O.No.410 (E) dated 19th February, 2013.

Income Tax:-Mandatory e-filing having income over 5 Lakh

  Presently, e-filing is mandatory for assessees having income more than 10 lakh for the assessment year 2012-13.   In the next assessment year 2013-14,  taxpayers having an annual income of over Rs 5 lakh will be required to file their returns in electronic form, a senior Finance Ministry official said on  lastTuesday. Besides, the Finance Ministry is also making provisions for e-filing of Wealth Tax returns.

“Income tax returns for the group above Rs 5 lakh, all such returns will be e-filed. This is a move towards using technology so that the interface between Assessing Officer and assessee is minimised,” Revenue Secretary Sumit Bose said at a Ficci event here.

The government had last year introduced the system of e-filing of Income tax returns for assessees with annual income of Rs 10 lakh and above.

Section 14 of the Wealth-tax Act provides for furnishing of return of net wealth as on the valuation date in the prescribed form.

At present, certain documents and reports are required to be furnished along with the return of net wealth under the provisions of Wealth-tax Act read with the provisions of Wealth-tax Rules.

Sections 139C and 139D of the I-T Act contain provisions for facilitating filing of return of income in electronic form by certain class of income-tax assessees.

“In order to facilitate electronic filing of annexure- less return of net wealth, it is proposed to insert new sections 14A and 14B in the Wealth-tax Act on similar lines… The amendments will take effect from June 1, 2013,” said the Memorandum to the Finance Bill 2013.

Mandatory e-filing for Individual and HUF

Friends,

                 e-filing of Income Tax Return is mandatory for individual and Huf whose total income exceeds Rs. 10 Lakh w.e.f. Assessment Year 2012-13.   This notification was issued on 28th March, 2012.  For more detail regarding notification, detailed notification is given as under :-

GOVERNMENT OF INDIA 

MINISTRY OF FINANCE 

DEPARTMENT OF REVENUE 

[CENTRAL BOARD OF DIRECT TAXES] 

NOTIFICATION 

New Delhi, the 28th  day of March, 2012 

Income-tax 

S.O. 626 (E).-   In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby  makes the following rules further to amend the Income-tax Rules, 1962,  namely:- 

1. (1)  These rules may be called the Income-tax  (3rd Amendment) Rules,  2012. 

    (2) They shall come into force on the 1st day of April, 2012.  

2. In the Income-tax Rules, 1962,-

(A) in rule 12,–

      (i) in sub-rule (1),-

           (a) for the figures “2011”, the figures “2012” shall be  substituted;

           (b) after clause (a), the following proviso shall be inserted, namely:-

               “Provided that the provisions of this clause shall not apply to a person
                 being an individual, who is a resident and has
                (i) assets (including financial interest in any entity) located outside India; or  

                (ii) signing authority in any account located outside India.”;                        

          (c)    after clause (ca), the following proviso shall be inserted, namely:-

                                  “Provided that the provisions of this clause shall not
                                  apply to a person being an individual or Hindu undivided
                                  family, who is a resident and has

                   (i) assets (including financial interest in any entity) located outside India; or

                   (ii)  signing authority in any account located outside   India.”

        (ii) in sub-rule(3), in the proviso, clause (a) shall be renumbered clause (aaa) and before
              clause (a), as so renumbered the following clauses shall be inserted, namely:-  

           “ (a)  an individual or a Hindu undivided family, if his or its total income, or the total income in respect of which he is or it is assessable under the Act during the previous year, exceeds ten lakh rupees, shall furnish the return for the assessment year 2012-13 and subsequent assessment years in the manner specified in clause(ii) or clause(iii); 

           (aa)    an individual or a Hindu undivided family, being a resident, having assets (including financial interest in any entity) located outside India or signing authority in any account located outside India and required to furnish the return in Form ITR-2 or ITR-3 or ITR-4, as the case may be, shall furnish the return for assessment year 2012-13 and subsequent assessment years in the manner specified in clause (ii) or clause (iii);”  

            (iii) in sub-rule (5),  for the figures “2010”, the figures “2011” shall be substituted; 

(B) in Appendix-II, for “Forms SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4S), 

ITR-4 and ITR-V”, the “Forms SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4S), 

ITR-4 and ITR-V” shall be substituted.  

[Notification No.14 /2012/ F.No.142/31/2011 -TPL] 

 (Ashis Chandra Mohanty) 

Under Secretary to the Government of India 

Note.-  The principal rules were published in the Gazette of India,  Extraordinary, Part-II, Section 3,  Sub-section (ii) vide notification  number.S.O.969(E), dated the 26th  March, 1962 and last amended by Incometax ( 2nd  Amendment) Rules, 2012 vide notification S.O. No 227(E) dated  6/2/2012. 

e-TDS:-Mandatory Pan 70%/85%/90%/95%/100% in 24Q or 26Q

No.402/92/2006-MC (10 of 2008)

Government of India / Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

***

New Delhi dated the 12th February 2008

PRESS RELEASE

All tax deductors / collectors are required to file the TDS/TCS returns in Form No.24Q (for salaries), Form No.26Q (for payments other than salaries) or Form No.27EQ (for TCS). These forms require details of all tax deductions with name and permanent account number (PAN) of parties from whom tax was deducted. It had earlier been decided that Form No.24Q with less than 90% of PAN data and Form No.26Q & Form No.27EQ with less than 70% of PAN data will not be accepted for the quarter ending on 30.09.2007 and thereafter.

The said decision has since been reviewed. It has now been decided to enhance the threshold limit for PAN quoting without which TDS/TCS returns will not be accepted. The limit has been enhanced to 95% from 90% in case of Form 24Q and to 85% from 70% in case of Forms 26Q and 27EQ. The enhanced limits will be applicable for and from the quarter ending 31.03.2008. These threshold limits will also apply to all those TDS/TCS returns, which are filed for any of the earlier quarters on or after 01/04/2008.

Tax deductors and tax collectors are, therefore, advised to obtain correct PAN of all deductees and quote the same in their TDS / TCS returns. Deductees are also advised to furnish their correct PAN with their deductors, failing which they will not only have difficulty in getting credit of TDS/TCS in their income tax assessments but will also face penal proceedings under the Income Tax Act.

XXX

To know 100% PAN Mandatory in TDS return Read complete 

Circular No 41 Dated 31.05.10 (Click Here )