IT DEPARTMENT PRE-FILLS YOUR ITR1 / ITR4 NOW

Indian Military Veterans

IT DEPARTMENT PRE-FILLS YOUR  ITR1  / ITR4  NOW  

Dated 28.06.2019 :  Income Tax Department has  now introduced  a facility  in their e-filing site     wherein  ITR1 / ITR4  forms are pre-filled by them based on the   information available with them through 26AS .   This facility will be a boon for   a salaried person / pensioner earning  interest on deposits also. The following details will be pre-filled by the Income Tax Department . 

1.  PAN Number , Name and date of Birth 

2. Address . AAdhaar number , Mobile Number and e-mail address 

3. Tax Paid , TDS and TCS  Details  ( From FORM 26AS ) 

4. Salary Income , Allowance and Deductions ( From Form 24Q ) 

5. House Property Details  ( From ITR of Previous Year ) 

6.  Interest Income &  TDS (  From 26AS ) 

7.  Tax relief under Sec 89  

8. Bank account Details  ( From  ITR of previous year  ) 

9 . verification Details  .   

However    IT  Department advises  you to  verify the pre-filled data carefully and add any other taxable income which is not pre-filled.  . Further  Last date for filing of TDS statement and issue of TDS certificate by Deductor is 30th June, 2019 and 10th July, 2019 respectively. In case the TDS data  or any other data is yet to be submitted by the Deductor , taxpayers are expected to fill these details themselves.   

How to Get Pre-filled  Forms ? 

1. Login in  to the website https://www.incometaxindiaefiling.gov.in/home  

2. Go to   Dropdown Meny of "' MY ACCOUNT "

3. Chose " Download Pre-filled XML " 

4. Select Assessment year 2019-20 and   Form no ITR1 / ITR4  

5. Once you press continue button ,  you will get DOWNLOAD XML . 

BEFORE SUBMITTING , CHECK YOURSELF WHETHER YOU ARE ELIGIBLE  TO SUBMIT  ITR1 / ITR 4 AND WHETHER  THE DETAILS FILLED ARE CORRECT AS PER  THE RECORDS YOU ARE HAVING  . IN CASE OF ANY DISCREPANCY ,  TAKE UP WITH YOUR  TAX DEDUCTOR FOR CORRECTION AND  RECTIFY ALREADY FILLED UP FORM  AND ADD ANY MISSING ITEM BEFORE SUBMISSION.

Dated 26.06.2019 :  Income Tax Department has since revised IT Return forms ITR 2 , ITR 3 and ITR 5 for FY 2018-19 in order to accommodate entries arising out of Long term Capital gains (LTCG) .

In case of long term capital gains (LTCG) arising on sale of equity shares or unit of equity oriented fund or unit of business trust on which STT is paid, separate computation of capital gains should be made for each scrip or units of mutual fund sold during the year and aggregated amount should be provided in the returns  . Hence  item No. B4 (ITR 2)/B5( ITR 3)/  B5(ITR 5) (in case of residents) or item No. B7 (ITR 2)/B8(ITR3) /. B8(ITR5)   (in case of non-residents)  have been introduced by IT Department . The Utility  available  in IT   Department's website  has been updated and relevant validation rules are relaxed .

 CLARIFICATIONS ON   ISSUE OF  FORM 16 BY EMPLOYER : 

Employer  is obliged to issue to its employees Form 16  (Certificate for tax deducted at source for salary) before  15th June    of the assessment year   so that  employee can file his Income tax return before the due date For FY 2018-19 ( AY 2019-20  )  . DUE  DATE  TO SUBMIT IT RETURN IS 31.07.2019 .     (Employers  are since given extended time up to 10th, July 2019  for issuing revised Form 16  by the IT  Department) 

Please obtain following information from the employer if you have  perquisites exempted from Income Tax : 

1. Death–cum-retirement gratuity   received  

2. Commuted value of pension  received  

3. Earned leave encashment on  retirement  

4. Amount received/receivable on  voluntary retirement or termination of service

5. Leave Travel concession/assistance  

6. Tax paid by employer on non-monetary perquisite  

7.House rent allowance . 

8. Prescribed allowances or   benefits specifically granted to meet expenses

incurred in performance of duties of office or employment  . 

9. Prescribed allowances or   benefits granted to meet personal expenses in

performance of duties of office or employment  or to compensate for increased cost of living.  

10 .Allowances or perquisites paid or  allowed as such outside India by the

Government to a citizen of India for rendering  services outside India  .

11. Remuneration received as an  official, by whatever name called, of an

Embassy, High Commission etc 

12 .  Any other allowance received 

ISSUE OF  TDS CERTIFICATE IN   FORM 16A BY  BANKS  : 

Banks / Financial institutions   are  obliged to issue to  their deposit holders  employees Form 16A.

For detailed illustrations issued by IT Department:

WHO IS OBLIGED TO FILE IT RETURNS ? 

Every individual or Hindu Undivided Family ( HUF )  is obliged to submit  Income Tax returns if they meet following criterion  . 

1. Income exceeding Rs 2,50,000  in case of individuals below 60 years 

2. Income exceeding Rs 3,00,000  in case of individuals  above 60 years and below 80 years 

3. Income exceeding Rs 5,00,000  in case of individuals above 80 years  

Note : Income means  total income  in the financial year 2018-19 before allowing deductions under chapter VI -A of Income tax act . 

Submission of IT Return is not complete without  verifying the same .  For various ways of verification.

ITR 1  , ITR 2 , ITR 3  and ITR 4  can be  e-filed on Incometaxefiling site .   

As per amended  section 270A  of Income Tax act ,  mis-reporting of income may be fined 50  % of tax upto 200%

                                                                                                                                                                                                                                                                                Due  Date for filing IT Returns for individuals for FY 2018-19 is   31st , July 2019 .

a. You require following documents before  starting to fill up IT Returns  . As some time is required to collect from the relevant issuers  ,  you may contact them  at the earliest  if you have not obtained so far . If you don't have AADHAR , APPLY NOW AND OBTAIN ENROLLMENT ID OF AADHAR APPLICATION 

1. Your AADHAR NUMBER / CARD 

2.Salary certificate / Form 16 issued by employer  in the new format ,

 3.Interest certificates ,

4. Life Insurance premium certificates , health Insurance premium  paid certificates , 

5. Bank account statements  for housing loans and savings bank accounts etc 

6. TDS Certificates  from employers / Deposit holders 

7. Form 26 AS   which shows the tax  amount already credited to your account

8. Capital gain certificates / statements from your stock brokers  

9. Copy of last year return submitted  .

10. Your bank name , account number  and IFSC code of the bank branch 

11 . Any other relevant documents if you have any other income 

b. Link your Aadhar number to  income tax e-filing website 

c. Verify  Taxes paid  already   in Form 26AS    and confirm that all tax deducted     for you  by  your employer /  bank as given   in   Form 16 or Salary receipt   is credited to your account with income tax department .   You can view   26 AS   ( Tax  Credit )   in the income tax department's website   by logging in  . 

​d.  Tax returns are made simple now . If you are eligible to file IT Returns  ITR 1  (SAHAJ ) , you can now prepare and submit on line itself on the income tax e-filing website  You may yourself file on line or use or utilise the service of  Tax Return  Preparers ( TRPS )  authorised by Income  Tax Department ., if you are  not  confident of using the on -line services .   Otherwise you may use your chartered accounts for the job . 

The benefits of filing  tax returns early is 

1. You will have sufficient time to collect relevant documents ,  prepare , cross check and then submit . You can reduce errors . 

2. As the income tax servers would be relatively free , last minute slowdown of computers   due to heavy rush for submissions . 

3. Processing of your returns by IT department would be faster and you will get refunds faster . 

4. You will   be avoiding penalties , interest etc levied on belated submission .

So take steps now to  have advantages of filing IT Returns early.

__._,_.___

---

Posted by: BHARAT BHUSHAN GHAI <bharatbhushan.ghai@yahoo.com>

SPONSORED LINKS

.

__,_._,___