The Central Board of Direct Taxes (CBDT) notified tax acknowledgment forms for the Cyberbanking Year (FY) 2016-17 on March 31, 2017.
The government additionally allowable commendation of Aadhaar number/ Aadhaar enrolment cardinal while filing the tax acknowledgment if the aforementioned is filed on or afterwards July 1, 2017.
As per a contempo notification anachronous May 11, 2017, abatement from accepting Aadhaar has been provided to beneath taxpayers:
* Aborigine residing in the states of Assam, Jammu and Kashmir and Meghalaya;
* A Non-resident aborigine as per Income-tax Act, 1961;
* A aborigine of the age of eighty years or added at any time during the antecedent year;
* A aborigine who is not a aborigine of India.
1. Beneath is a abrupt abridgment of the tax acknowledgment forms applicative to an alone aborigine for filing assets tax acknowledgment for the FY 2016-17:
It is actual important to book the actual tax acknowledgment form, as filing of incorrect tax acknowledgment anatomy may accomplish the tax acknowledgment defective.
Below is a table to advice you aces the appropriate form
Applicability of the altered ITR forms* For ITR-1 Form, alone the assets which is acceptable to be appear in ITR-1 can be clubbed with the assets of the taxpayer.For example, if apron of the alone aborigine has assets alone from added sources which needs to be clubbed, Anatomy ITR-1 can be acclimated to abode such income. However, if the apron has becoming assets from basic gains, again the alone aborigine will accept to book ITR-2.
2. Major changes from aftermost year:
A abstracted cavalcade has been amid in all forms to acknowledge accumulated banknote deposited in antithesis of INR 2 lakh during the demonetisation aeon i.e. 9 November 2016 to 30 December 2016.
A. ITR-1 form
* The anatomy has been simplified and bargain to one pager;
* ‘Asset and Liability’ agenda has been done abroad with in ITR-1 anatomy back it is appropriate to be abounding alone back the absolute assets of the aborigine is added than INR 50 lakh.
B. ITR-2 form
* Old ITR-2, 2A and 3 accept been alloyed into the new anatomy ITR-2;
* ‘Asset and Liability’ agenda (applicable to individuals accepting absolute assets added than INR 50 lakh) now requires advertisement of added advice with annual to coffer antithesis (including deposits) as on 31 March 2017, description and abode of adamant assets, bulk of shares and antithesis as on 31 March 2017, allowance policies, loans and advances given, absorption captivated in assets of a close or affiliation of bodies (AOP) as a accomplice or affiliate etc.;
* ‘Schedule IF (i.e. advice apropos affiliation firms in which the aborigine is a partner) has been amid to abode capacity of the affiliation close in case the aborigine is a accomplice in one;
*’Schedule BP (i.e. capacity of assets from firms in which the aborigine is a partner)’ has been amid to abode capacity of assets in the attributes of salary, bonus, agency or accomplishment accustomed from affiliation firms;
* Under the ‘Schedule OS (i.e. Added Sources)’, added advice is approved with annual to banknote credits, alien investments, alien money, alien expenditure, bulk adopted or repaid on hundi, allotment assets from Indian companies in antithesis of INR 10 lakh, ability assets from patents etc.
C. ITR-3 form
* Under the ‘Schedule OS’, added advice is approved with annual to banknote credits, alien investments, alien money, alien expenditure, bulk adopted or repaid on hundi, allotment assets from Indian companies in antithesis of INR 10 lakh, ability assets from patents etc.
3. General advice on bushing and appointment the tax acknowledgment forms:
* The name abounding in the ITR anatomy should be as per the Permanent Annual Cardinal (PAN) card;
*The aborigine should ensure that e-mail address, buzz cardinal and postal abode are accurately declared in the tax acknowledgment back the aforementioned are acclimated by Income-tax Department for approaching accord with the taxpayer. Commendation of PIN cipher is mandatory;
* Quote Aadhaar/ Aadhaar enrolment cardinal (if applicable) if filing the tax acknowledgment afterwards 30 June 2017;
* ITR-1 anatomy can be filed in cardboard anatomy alone by:a) An alone of the age of 80 years or added at any time during the cyberbanking year for which the acknowledgment is actuality filed ; or
b) An alone or HUF whose assets does not beat INR 5 lakh and no acquittance is claimed in the acknowledgment of income.
* In case the acknowledgment is filed in cardboard form, no affidavit (including TDS certificate) should be absorbed to the return;
* While bushing ITR-1 in cardboard form, ITR-V should be appropriately filled;
*All added acknowledgment forms accept to be filed electronically;
* Check Anatomy 26AS for assets and taxes appear by the deductor so that there is no conflict with the assets and acclaim of taxes claimed in the tax acknowledgment vis-à-vis Anatomy 26AS;
* Ensure that outstanding taxes are paid afore filing the tax acknowledgment and use actual challan to abstain mismatch;
*Report all coffer accounts captivated in India at any time during FY 2016-17 provided they accept been operated in aftermost three years. This includes advertisement of collective accounts in which the aborigine is the primary holder;
* Coffer antithesis (including deposits) and banknote in duke as on 31 March needs to be appear in ‘Asset and Liability’ schedule. While a accepted man may not apperceive exact bulk of banknote captivated physically on 31 March 2017, it should be ensured that the bulk declared in the tax acknowledgment can be analytic justified in case of analysis by the Income-tax Department;
* Adopted Asset agenda requires advertisement of assets captivated alfresco India at any time during the accordant year alone by a aborigine condoning as Citizen and Ordinarily Citizen of India. Back the Black Money Act 2015 imposes a acrimonious amends of INR 10 lakh for non-disclosure of adopted assets and income, it is recommended to booty advice from a accountable amount able to abstain non-compliance in agreement of blazon of asset to be appear and the amount at which the asset should be reported;
* As per the CBDT notification on adopted tax acclaim rules, a citizen aborigine claiming acclaim of taxes paid alfresco India on doubly burdened assets should book Anatomy 67 forth with defined affidavit or annual on or afore the due date of filing the tax return. The abode to book Anatomy 67 and affidavit or annual is yet to be assigned by the CBDT;
* Advertisement and acknowledgment claim in ITR-3 anatomy has been added to ensure acquiescence by the taxpayers. However, a believer may not accept complete capacity of requisite advice approved in the tax acknowledgment anatomy and appropriately gluttonous advice of a tax able may be advisable;
* Taxpayers should ensure that the tax allotment they book are verified, either manually or electronically, aural 120 canicule of filing to abstain abatement of the tax return;
* In case the aborigine wishes to manually verify the ITR-V anatomy by sending a active adamantine archetype to CPC Bangalore, he should ensure that ITR-V is printed on A4 admeasurement cardboard and active with dejected ink alone afore sending to CPC Bangalore;
* ITR-V can be e-verified by breeding cyberbanking analysis cipher application Aadhaar, net banking, coffer annual number, demat annual or registered e-mail abode and adaptable cardinal etc. of the taxpayer;
* Instructions for bushing the tax acknowledgment forms issued by CBDT and annexed to the accordant ITR anatomy should be referred to afore filing the tax return.
Disclaimer: The facts and opinions accounting in this cavalcade are those of the columnist and do not reflect the angle of economictimes.com
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