I filed electronically and my tax return was rejected. What do I do now?

The following were the reasons for the rejection of the tax return,

1. Return not filed in the prescribed form
2. Proofs of the Tax are not attached with the return
3. Reports u/s 44AB not submitted
4. Further, if details mentioned in the return are incorrect
5. N0t responded to the notices in the prescribed time to the Assessing Officer.

We need to find the reason for rejection, then only further action can be taken.

Contact any CA or Tax Consultant nearby in your city.

Otherwise, drop a mail or contact us at the below-mentioned details,

Thanks & Regards

Team GST Mithra

Can you suggest some books or any online source to people from non-accounting backgrounds which would help them in filing their own ITR?

The online submission is available for only a few forms. i.e ITR 1, ITR 2 & ITR 4.

ITR 4 cannot be submitted directly online.

The process for filing is as follows.

1. Just log in to www.incometaxindiaefiling.com
2. Log in with your username (PAN number ) and password ( as given by you )
3. If you're a new user, please select the new user option and get initial registration with the Income-tax website.
4. After successful login, we can find a DashBoard in the top left corner.
5. Click on filing it returns and select the applicable ITR form for you. This depends on your nature of income, I.e whether we shall file ITR 1/2/3.
6. After that ITR form will come in online.
7. This can fill it and keep it as a draft.
8. Whenever you are filing the return, we can edit and submit such a draft.
9. Most of the general information will auto-populate to your ITR form
10. Check everything and submit it carefully.
11. Whatever the submit Mode, ITR acknowledges shall be either e-verified or sent a signed copy to CPC Bangalore.

Hope this is helpful to you.

Happy Reading

How tax on professional income in India be computed if the gross receipts exceed 50 lakhs?

Dear Srinivasan Subramanian,

Thanks for asking the question.

Applicable Income Tax provisions and Procedures for Tax computations if gross receipts exceed Rs.50/- lakhs are as follows :

1. If the gross receipts exceed Rs.50/- lakhs then, we will lose the presumptive taxation benefit under section 44AD of the Income Tax Act.
2. Further such assessee requires to maintain the books of accounts under section 44AA ( subject to conditions )
1. if fails to maintain the books of accounts penalty of up to Rs.25000/-may attracted under section 271 A.
3. Further such assessee requires to get the books of accounts audit under section 44AB ( subject to conditions ) and file the return before 30th September of the assessment year.
1. if fails to audit the books of accounts then he is liable for Penalty u/s 271 B
1. .5% of T/O or Gross Receipts
2. Rs.150000/-, whichever is lower.
4. The applicable Tax slab rates for resident individuals to compute the tax:
1. up to 250000 net total income - NIL
2. > 250000 up to 500000 - 5%
3. > 500000 up to 1000000 - 20%
4. > 1000000 - 30%
5. Surcharge to be calculated
1. @ 10% of tax if NTI > Rs.50 lakhs but up to 1 Crore
2. 15% of tax if NTI > Rs. 1 Crore.
6. Further, if the Total Income exceeds Rs.20 Lakhs, then the provision relating to Alternative Minimum Tax shall apply under section 115JC.
7. Interest for the delay in Return filing, Interest for non-payment/short payment of Tax advance tax, and Interest for deferment of advance tax under the sections 234A, 234B, and 234C shall be considered if violated the same.

What are your views on the income tax 30.67 crore notice on Arvind Kejriwal's AAP for illegal donations?

Let me share my own views about these. In India, every political party survives with donations from Corporate Companies. No party is an exception for this.

When the New companies act bill was passed by the Congress government in the year 2013, the political contributions from the companies were restricted to 7% of the previous 3 years' average profit. The further company requires the member's approval and compliance in addition to the above.

But the Modi government lifted all the restrictions from 30.03.2017, and now directors can pass resolutions independently.

Sincerely I need a clarification regarding,

Whether such relaxation to corporATE companies will help Swachh Bharath or Make in India on Demonetization? Why it has happened on 30.03.2017 Only. ? Why don't they make it after 2 years i.e post 2019 elections.

How they will donate the shareholder's money to political parties. Where they are going to invest this money?

Finally learned that we are trapped in an Indian Circus company. At least we need to realize how long we are going to continue this Circus performance.

Jai Hind.

I have 2 form16 in the same year, so how can I file my incometax?

Dear sir,

You might have 2 Form 16 because you're working in 2 different companies in the same assessment year.

You must disclose both incomes in your income tax return.

In the IT return form, we can find the TDS deductors sheet. The multiple numbers of Tax deductor details can be filled one by one. Fill in both the deductor and deducted amount details in such a sheet.

Can a government salary employee carry a proprietary business? Which ITR form should he fill out?

Hi sir,

There is a restriction on government employees to carry proprietary business. I will suggest you start your business under any other person's name.
Further, the ITR return form shall be ITR 3 for FY 2016–17. Which is required for business or professional incomes along with salary incomes. If you have only salary income, file it in ITR-1

Hope it is useful.

What is the full form of u/s w.r.t. income tax in India?

That means “ Under Section “,

We use the same in the context of referring a particular provision to the respective section number.

For eg. in U/S 44 AB of the Income Tax Act, a tax audit is compulsory. ….

Thanks & Regards

Team - GST Mithra

How many times can we reset our income tax e-filing password?

Hi Sir,

There is no limit for reset the income tax filing.

Any number of times we can reset the password

Thanks & Regards

Team GST Mithra

My salary is 28K, what is the TDS?

You have not mentioned, the break up of your pay scale details.

I will present you the Tax computation in the following 2 interpretations

Interpretation: 1 Tax for FY 2016–17 

Consider the total salary amount as a Taxable amount. Then total Salary is  Rs. 28000*12=336000. Assuming you have the age of fewer than 60 years. 

Tax will comes to =(336000–250000)*10%=8600 |

Rebate of Rs. 5000/-will come under Sec 87A 

Net Tax Payable is Rs. 3600/-.and 

Education Cess secondary education Cess will be 3% on Tax payable. 

I. e 3600*3%=108.

Hence your total tax payable is ₹3600+₹108=₹3708/-

Interpretation:2 Tax for FY 2017–18 

Consider the total salary amount as a Taxable amount. Then total Salary is Rs. 28000*12=336000. Assuming you have an age of fewer than 60 years. 

Tax will comes to =(336000–250000)*5%=4300  

Rebate of Rs. 2500/-will come under Sec 87A Net Tax Payable is Rs. 1800/-.and 

Education Cess secondary education Cess will be 3% on Tax payable. I. e 1800*3%=54.

Hence your total tax payable is ₹1800+₹54=₹1854/-

Note: Here I am assuming that taxable income is after deduction of deductions available under Income Tax Provisions. I.e PF deduction ₹1800/-pm and Conveyance allowance and HRA allowance etc.

Hope this helpful to you

Thanks and Regards

Team - GST Mithra

How can I apply income tax returns with 26AS form?

Hi sir,
Assuming the clarification required for Salaried Employee. Find the Step by Step procedure for filing online IT return submission.

1. Get the Statement of 26 AS. From that statement, consider the Amounts available in the Total Amount Paid / Credited as your Income portion,  and the Respective Total Tds Deposited amount figure is your TDS amount by the deductor.
2. Now log in to the below Income Tax website. Login
3. Go to DashBoard → Filing of Returns → Select the Assessment Year & Submission Mode, ITR Form, etc. It will ask for the verification mode - Just select as convenient for you.
4. Fill in the Basic details in the PART A ( Genera Information )
5. Income details mention your total income, along with 26 AS figures if any other Interest Income
6. In the Tax Details sheet, the details will be auto-populated from the 26 AS. Cross-check the same.
7. Once everything is done click the submit button
8. Make sure that, ITR V shall be e verified online or shall be sent an attested copy to CPC Bangalore

Thanks and Regards

Thanks and Regards

Team GST Mithra

Disclaimer: The above answer is given based on the information available in question and for providing basic knowledge.
If any queries drop a message

How can one get a duplicate Income Tax Return (ITR) acknowledgement, if the original the one is lost?

Dear sir,

Follow the below steps to download the ITR ack.

Go to the below website

https://www.google.co.in/url?sa=...

==> Log in with User ID as your PAN.

==> If a password is don't know click forget password and reset the same.

==> After login, go to dashboard

==> Select my returns

There you will find the year-wise ITR returns forms and respective Ack.

Hope the above post is useful

Thanks and Regards

Team - GST Mithra

How do you track your income tax refund status filed in FY 2017-18?

Dear Sir,

Just choose following either of the options to track the status.

Log in to your Income Tax portal, with your User ID credentials. Select the refund status as shown in the pic.

Option 2:

Just go to the following website link and fill in the required details. You may get the refund status.

Online Refund Status

Thanks & Regards

Team - GST Mithra

Is it necessary to fill ITR?

Hi sir,

ITR Returns filing is compulsory for persons covered under section 139 of the Income Tax Act. As per section 139-

1. For companies and Partnership, firms are ITR return filing is compulsory irrespective of the Income or loss
2. For individuals, it depends on the amount of Gross total income. Gross total income means, income before claiming deductions under chapter VI a deduction. (i.e deductions like insurance, PF. Investment and savings related deductions)
3. Further, the Gross total income shall be computed before reducing exemption from long-term capital gains.
4. For the financial year 2016–17, the Gross total income slabs are categorized as follows

Income Tax Slab for Individual below the age of 60 years, HUF, AOP, BOI, artificial juridical person -Rs.250000/-

Income Tax Slab for Senior Citizens ( 60 years or more but less than 80 years) - Rs.300000/-

Income Tax Slab for Super Senior Citizens (age eighty years or more) - Rs.500000/-

Hence filing of income tax returns is compulsory if Gross Total income exceeds above mentioned limits.

Hope it is useful..!!

Thanks & Regards

Team GST Mithra

How do I make intrastate sale of goods to customers who don't have GST number?

Let me share provisons for registration under GST.

1. Section 24 mandates the compulsory registration in certain cases.(Not withstanding the provisions of Section 22.)
2. If persons making interstate Taxable Supply he shall obtain the registration , even for Rs 10/- of supply .
3. On 13th oct CBEC issued a notification , by giving exemption to the interstate supply service from registration. e.g Service providers like auditors need not requires to get seperate registration. This is an exception to the point 2.
4. If your a one time interstate goods supplier, then registration required under Casual Taxable Person. This considers , whether you have Fixed Place of Business or not. If you don't have , register under CTP category .
5. If you are made Supply to other state , IGST (Integrated Goods and Service Tax) shall be collected instead of CGST and SGST.
6. Consequences due to Above Registration :
1. We Might be the person covered under the 20 lakhs slab previously .
2. Due to registration you shall collect the taxes on both Interstate and Intra state supplies.

Thanks & Regards

Team Standin Professionals

Can I register for the GST with my personal PAN number if I am new and don't have a business? I want the GST for the purpose of selling on online stores.

Hi,

Yes , you can do with your own PAN number .PAN number is compulsory fo GST registration. Along with PAN following documents also required for registration.

>> Check list for list of Documents for GST Registration - Proprietor

1 .PAN copy of the applicant

2.Proof of the Business Registrtion and Incorporation certificate Business License copy / Any registrtion certificate issued under the Law in force

3.Identity & Address Proofs PAN Card / Passport / Driving License / Aadhar / Voter ID

4.Address proof of the Place of Business

Own Premises: PropertyTax Receipt / Muncipal Khata Copy / EB Bill

Rent : Rental Agreement with PropertyTax Receipt / Muncipal Khata Copy / EB Bill as Supporting

5.Passport size Photo

6.Bank Statement showing Name ,Address and Transactions

7.Mobile Number

8.Email ID

Happy Reading..

Thanks & Regards

Team - Standin Professionals

How do I retrieve income tax user id and password?

Dear sir,

Your username will be always your PAN number. It will come as default username for every Assessee.

Password can be reset through by opting FORGOT password in incometaxefiling.gov.in.

Follow step by step procedure. For any queries contact.

Thank s and Regards

Standin Professionals

What is the full form of a PAN card?

Dear sir,

Note the following.

PAN means Permanent Account Number. It contains 5 letters and 4 numbers and followed by again one letter . Total digits shall be 10. E.g AAAAA1234A

Further if we extend our discussion,

How to find the staus of assessee through the PAN number ?

You can identify the right status by collecting the PAN [Permanent Account Number] from Assessee and refer the fourth Character in PAN from below table.

Hope this article helpful.

Thank s and Regards

Team - Standin Professionals

Do I need to do anything else after the e-verification of ITR?

Nothing required. Once you done successful e verification, everything is fine from our end.

Let's Income Tax department verify and process the same.Just download ITR V acknowledgement and keep it for future reference.

What happens if we pay income tax in India but do not file a return?

Filing of Income Tax return is compulsory for assessees other than company and partnership firm's having GTI more than basic exemption limit. ( Before giving effect of Sec 10(38).

If IT return not filed / Delay in filing following implications will attract.

✓ For returns of FY 2017-18 and onwards, penalty of Rs 5,000 will be charged for returns filed after due date but before 31stDecember. If returns are filed after 31stDecember, a penalty of Rs 10,000 shall apply. However, penalty will be Rs 1,000 for those with income upto Rs 5Lakhs.

✓ Losses incurred (other than house property loss) are not allowed to carried forward to subsequent years for set off against the future gains.

✓ Interest for delay in Return filing under section 234 A of the income tax act .

Sincere advice is to file with in due date, as a Healthy practice.

Thanks & Regards

Team - Standin Profesionals

Do housewives whose fixed deposits' interest income is less than 2.5 LPA have to file an income tax return?

Opinion : Not required to file Income Tax Return for house wives .

Basis and Analysis : As per Income Tax provisions applicable for FY 2016–17 (AY 2017–18) Tax slabs are as follows.

Hope the above post useful

Thanks and Regards

Team - Standin Professionals