No Extension of Date for filing of Tax Audit Report and Returns Due by 30th September 2015

Central Board of Direct Taxes has issued the press release and clarified the doubts relating to the extension of time for filing of Tax Audit Report and E-Return filing by the Companies and the Tax Payer required to file return on or before 30th Sept 2015. CBDT has accepted that there was delay in issue of return by 4 months but considering no major changes in the ITR and TAR no extension is required and suggested that tax payer should be file ITR before due date to avoid last minute rush.

Income-tax returns for Assessment Year 2015-16 for certain categories of assessees viz companies, and firms, individuals engaged in proprietary business/profession etc whose accounts are required to be audited, are to be filed by 30th September, 2015. The audit report is also required to be filed by the said date. The Government has received representations from various stakeholders seeking extension of date for filing of returns and tax audit reports beyond 30th September 2015. The reasons cited are delay in notifying the returns and related delay in availability of forms on the e-filing website. The matter has been considered. Income-tax returns forms 3,4,5,6 and 7 which are used by the above mentioned categories of assessees were notified for Assessment Year 2015-16 on 29.07.2015. The forms were e-enabled and were available on the e-filing website of the Department from 7th August 2015 giving enough time for compliance. The changes made to these forms are not extensive as compared to the earlier years. Further taxpayers entering into either international transactions or specified domestic transactions are required to file their returns by 30th November 2015 only. After consideration of all facts, it has been decided that the last date for filing of returns due by 30th September 2015 will not be extended. Taxpayers are advised to file their returns well in time to avoid last minute rush.

DUE DATE FOR FILLING INCOME TAX RETURN FOR FY 2014-15 i.e. AY 2015-16 is 31st August 2015

CBDT has extended the due date for filing income tax return for FY 2014-15 i.e. AY 2015-2016 from 31st July 2015 to 31st August 2015. Due date is for all the assessee whose accounts are not required to be audited under this Act or under any other law for the time being in force. Again Same has been extended to 7th Sept for tax payers required to efile the return

Section 139: Income Tax Return 

(1) Every person,—

(a)  being a company or a firm; or

(b)  being a person other than a company or a firm, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax,

shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed :

In this sub-section, “due date” means,—

(a) where the assessee other than an assessee referred to in clause (aa) is—

 (i)  a company; or

(ii)  a person (other than a company) whose accounts are required to be audited under this Act or under any other law for the time being in force; or

 (iii) a working partner of a firm whose accounts are required to be audited under this Act or under any other law for the time being in force,

the 30th day of September of the assessment year;

(aa) in the case of an assessee who is required to furnish a report referred to in section 92E, the 30th day of November of the assessment year;

(b) in the case of a person other than a company, referred to in the first proviso to this sub-section, the 31st day of October of the assessment year;

(c) in the case of any other assessee, the 31st day of July of the assessment year.

F.No.225/154/201511TA.II
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
North Block, !TAM Division

New Delhi, the 10m June, 2015.

Order under section 119 of the Income-tax Act 1961

Subject:- Extension of due date of filing return of income for Assessment Year 2015-16 — regarding.
The Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income-tax Act, 1961, hereby extends the ‘due-date’ for filing Returns of Income, in terms of clause (c) of Explanation 2 to sub-section (1) of section 139 of the Income-tax Act, 1961, for Assessment Year 2015-16 from 31 July, 2015 to 31 August, 2015 in respect of income tax assessees concerned.

(Richa Rastogi)
Under secretary to the Government of India Copy to:-
1. PS to F.M. / OSD to FM / PS to MOS(R) / OSD to MOS(R).
2. PS to Secretary (Revenue).
3. Chairperson (DT), All Members, Central Board of Direct Taxes
4. All PCCsIT / PDGsIT
5. All Joint Secretaries / CsIT, CBDT
6. Directors / Deputy Secretaries / Under Secretaries of Central Board of
Direct Taxes.
7. DIT (RSP&PR) / Systems, New Delhi, for appropriate publicity by
putting it on departmental website.
8. The C&AG of India (30 copies).
9. The JS & Legal Advisor, Ministry of Law & Justice, New Delhi
10. The DG, NADT, Nagpur
11. The Institute of Chartered Accountants of India, IP Estate, New Delhi-
110003
12. All Chambers of Commerce
13. CIT(OSD) Official Spokesperson of CBDT
1/4….,14( Addl. CIT, Data Base Cell for putting it on irsofficersonline.govin

 

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New ITR Released For A.Y. 2015-16

New ITR Form ITR-1, ITR-2, ITR-4S for A.Y. 2015-16 (Financial Year 2014-15) has been released by the Income Tax Department for physical filing i.e. submitting ITR to Income Tax Department Office

The Income Tax Department releases the updated ITR every year for income tax return filing for Physical & E-filing of ITR. Income tax department has released new Income Tax Return Form vide notification 41/2015 dated 15/04/2015, while all ITR utility for E-filling  is still pending .i.e. ITR 1 ITR 2 & ITR 4S are released for physical filing but ITR 3, ITR 4 , ITR 5 , ITR 6 & ITR 7 are pending.

There are few differences in old and new ITR forms (AY 2014-15 Vs  AY 2015-16). Some new features includes uploading the ITR utility itself as compared to previous ITR excel utilities wherein the taxpayer was required to first prepare the xml file from the ITR utility and than manually upload on the income tax website. The new ITR java utility has the option for both manual as well as automatic upload of the Income Tax Return on the income tax website.

Further changes like: Compulsory e-filing, if refund is claimed by Assessee; No need to send ITR V to Bengaluru if you are using  Electronic Verification Code system, which has been implemented by Income Tax Department from AY 2015-16.

Details of changes in New ITR as launched on 15/04/2015 

ITR-1:

Introduction of furnishing AADHAR CARD Number in Income Tax Return, which will be used for EVC system. Introduction of EVC for verification of return of income filed as an option to send ITR V to CPC, Bangalore.

Bank Account Details in Income Tax Return

ITR-2:

Details of Foreign Travel made if any includes Passport No., Issued at, Name of Country, No. of Times Traveled and Expenditure. In Schedule FA- Foreign Assets Disclosure: Foreign Bank Account Details are further requirement. For Non-resident, income from other sources, if any income chargeable to tax at special rate provided in DTAA, it is now required to provide details. Details of utilization of amount deposited in Capital Gain Account Scheme for years preceding to last two Assessment Years.

ITR FOREIGN TRIP CONSENT AND DETAILS FOR INCOME TAX RETURN

ITR-4S:

Details of all Bank Accounts with Bank Name, IFSC Code, Name of Joint Holder (if any), Account Number, Account Balance as on 31.03.2015 mandatory to be provided. Even those accounts which are closed during the year.

 

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How to Update Mobile number & E-mail ID of Tax payers on e-Filing Portal of Income Tax India Website

The process of updating and authenticating the contact details Mobile number & E-mail ID of Tax payers on e-Filing Portal of Income Tax India Website.

Updating Contact Details for FIRST TIME USER (NEW TAX PAYER) 

Provide the correct Mobile Number and Email ID during the Registration in the e-Filing portal, Activation link would be sent to the registered E-mail ID and a One Time Password (OTP also called PIN) is sent to the registered  Mobile Number. User needs to Click on the Link provided in the E-mail and  enter the OTP received in the mobile number for Successful activation of the  registered user in e-Filing portal.

Updating Contact Details for OLD USER (ALREADY REGISTERED TAX PAYER OR USERS) 

After the user logs in to the e-filing account, there will be a pop-up requesting the user to update the current Mobile number and E-mail ID. The user should update their personal Mobile number and Email so that the updated contact particulars are registered with the Department or confirm that the Mobile number and email ID already registered is their valid personal contacts.
Upon submitting the details, Department would immediately send OTPs  (PIN1 & PIN2) to new mobile number and Email ID. The respective PINs- PIN1 and PIN2 received through Mobile number and E-mail ID should be entered by them in the respective input fields to authenticate that the email ID and mobile are correct. Upon successful validation the Mobile number and email ID would be updated in the taxpayer’s profile and the process
would be complete.
The PIN1 and PIN2 would be valid only for the session – so taxpayers are advised not to close the webpage till PINs are entered and validated. In case of any difficulty or delay, the taxpayer can log in again and follow the same process to update the current contact details.

Sivasuriyaperuman Temple, Suriyanarkoil, Thriuvaidaimarudur Taluk, Thanjavur

Central Board of Direct Taxes has issued the notification which hereby notifies that Sivasuriyaperuman Temple, Suriyanarkoil, Thriuvaidaimarudur Taluk, Thanjavur District, Tamil Nadu”, to be a place of public worship of renown throughout the State of Tamil Nadu

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 3rd June, 2014
Income-tax

S.O. 1434(E).—In exercise of the powers conferred by clause (b) of sub-section (2) of Section 80G of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies “Sivasuriyaperuman Temple, Suriyanarkoil, Thriuvaidaimarudur Taluk, Thanjavur District, Tamil Nadu”, to be a place of public worship of renown throughout the State of Tamil Nadu for the purposes of the said section. [Notification No. 29/2014/F. No. 176/05/2011-ITA.-I]

COST OF INFLATION INDEX FOR CAPITAL GAIN CALCULATION YEAR 2014-15 : CII 1024

Central Government has issued the Notification for Cost of Inflation Index for capital gain calculation for financial year 2014-15 is 1024.

Notification No. 31/2014/F.No.142/3/2014-TPL: S.O. 1498(E)- In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (42 of 1961), the Central Government hereby  makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes published in the Gazette of India, Extraordinary, vide number S.O. 709(E), dated the 20th August, 1998, namely:-

2. In the said notification, in the Table, after serial number 33 and the entries relating thereto, the following serial number and entries shall be inserted, namely:-

S.NoFinancial YearCost Inflation Index
342014-151024

Haffkine Institute for Training Research & Testing, Mumbai Approved for IT Deduction for Research Activities

M/s Haffkine Institute for Training Research & Testing, Mumbai, (PAN – AAATH1654B) has been approved by the Central Government under section 35 of the Income-tax Act, 1961 in the category of “University, College or Other Institution”, engaged in research activities.

NOTIFICATION NO.81/2013 [F. NO. 203/32/2012-ITA-II] Dated 22-10-2013

It is hereby notified for general information that the organization M/s Haffkine Institute for Training Research & Testing, Mumbai, (PAN – AAATH1654B) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from assessment year 2013-2014 and onwards in the category of “University, College or Other Institution”, engaged in research activities subject to the following conditions, namely:—

(i) The sums paid to the approved organization shall be utilized for scientific research;

(ii) The approved organization shall carry out scientific research through its faculty members or its enrolled students;

(iii) The approved organization shall maintain separate books of account in respect of the sums received by it for scientific research, reflect therein the amounts used for carrying out research, get such books audited by an accountant as defined in the Explanation to sub-section (2) of section 288 of the said Act and furnish the report of such audit duly signed and verified by such accountant to the Commissioner of Income-tax or the Director of Income-tax having jurisdiction over the case, by the due date of furnishing the return of income under sub-section (1) of section 139 of the said Act;

(iv) The approved organization shall maintain a separate statement of donations received and amounts applied for scientific research and a copy of such statement duly certified by the auditor shall accompany the report of audit referred to above.

2. The Central Government shall withdraw the approval if the approved organization:—

(a) fails to maintain separate books of accounts referred to in sub-paragraph (iii) of paragraph 1; or

(b) fails to furnish its audit report referred to in sub-paragraph (iii) of paragraph 1; or

(c) fails to furnish its statement of the donations received and sums applied for scientific research referred to in sub-paragraph (iv) of paragraph 1; or

(d) ceases to carry on its research activities or its research activities are not found to be genuine; or

(e) ceases to conform to and comply with the provisions of clause (ii) of sub-section (1) of section 35 of the said Act read with rules 5C and 5E of the said Rules

Indian Plywood Industries Research & Training Institute, Bangalore

Indian Plywood Industries Research & Training Institute, Bangalore, (PAN-AAAAI0707P) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from 1-4-2012 onwards, assessment year 2012-2013 and onwards in the category of “University College and other Institution”, engaged in research activities (approved organization shall be utilized for scientific research) subject to the following conditions, namely

NOTIFICATION NO.80/2013 [F. NO. 203/45/2012-ITA-II] Dated 22-10-2013

It is hereby notified for general information that the organization Indian Plywood Industries Research & Training Institute, Bangalore, (PAN-AAAAI0707P) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from 1-4-2012 onwards, assessment year 2012-2013 and onwards in the category of “University College and other Institution”, engaged in research activities subject to the following conditions, namely:—

(i) The sums paid to the approved organization shall be utilized for scientific research;

(ii) The approved organization shall carry out scientific research through its faculty members or its enrolled students;

(iii) The approved organization shall maintain separate books of account in respect of the sums received by it for scientific research, reflect therein the amounts used for carrying out research, get such books audited by an accountant as defined in the Explanation to sub-section (2) of section 288 of the said Act and furnish the report of such audit duly signed and verified by such accountant to the Commissioner of Income-tax or the Director of Income-tax having jurisdiction over the case, by the due date of furnishing the return of income under sub-section (1) of section 139 of the said Act;

(iv) The approved organization shall maintain a separate statement of donations received and amounts applied for scientific research and a copy of such statement duly certified by the auditor shall accompany the report of audit referred to above.

2. The Central Government shall withdraw the approval if the approved organization:—

(a) fails to maintain separate books of account referred to in sub-paragraph (iii) of paragraph 1; or

(b) fails to furnish its audit report referred to in sub-paragraph (iii) of paragraph 1; or

(c) fails to furnish its statement of the donations received and sums applied for scientific research referred to in sub-paragraph (iv) of paragraph 1: or

(d) ceases to carry on its research activities or its research activities are not found to be genuine; or

(e) ceases to conform to and comply with the provisions of clause (ii) of sub-section (1) of section 35 of the said Act read with rules 5C and 5E of the said Rules

Complete Income Tax Guide for Salaried Individual for Financial Year 2013-14 by Income Tax Department

Income Tax Department has issued the Circular No.08/2013 [F.No.275/192/2013-It(B)], Dated 10-10-2013 Giving Complete Details Of Tax Slab Rates, Different Deductions, Method Of Tax Calculation, Salary From More Than One Employer, Relief When Salary Paid In Arrear Or Advance, Computation Of Income Under The Head “ Income From House Property, Persons Responsible For Deducting Tax And Their Duties, Mandatory Quoting Of Pan And Tan, Compulsory Requirement To Furnish Pan By Employee (Section 206AA), Statement Of Deduction Of Tax Under Section 200(3) [Quarterly Statement Of TDS], Matters Pertaining To The TDS Made In Case Of Non Resident, Computation Of Income Under The Head “Salaries, Income Chargeable Under The Head “Salaries (5.1), Definition Of “Salary”, “Perquisite” And “Profit In Lieu Of Salary” (Section 17), Rebate Of Rs. 2000 For Individuals Having Total Income upto Rs. 5 Lakh [Section 87a], TDS On Payment Of Accumulated Balance Under Recognized Provident Fund And Contribution From Approved Superannuation Fund, The Drawing And Disbursing Officers (DDOS) To Satisfy Themselves About The Genuineness Of Claim, Calculation Of Income-Tax To Be Deducted, Example For Income Tax Calculations

Download Comlplete Income Tax Guide for Salaried Individual