Filing of Returns 2011-12 · 2017-10-17 · Filing of Returns 2011-12 •Introduction •Objective...

Bombay Chartered Accountants’ Society

Filing of Returns of Income

Assessment Year 2011-12

22 June 2011

IMC

22 June 2011 CA. Mukesh Trivedi 1

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• "Sharing knowledge is not about giving people something, or getting something from them. That is only valid for information sharing. Sharing knowledge occurs when people are genuinely interested in helping one another develop new capacities for action; it is about creating learning processes.“


Filing of Returns 2011-12

• Introduction

• Objective

• Scope

• Act & Rules & Types of Forms

• Conclusion

• Questions



• Preparation before filing return

• Assessee ?

• Who should file the returns of Income & Wealth ?

• When?



• Person ?

• Residential status ?

• Types of Income

• Income Tax Act & Rules

• Wealth Tax Act & Rules

• CBDT Circulars, notifications


ITR 1 Sahaj

Person Income DateMode

Individual Salaries 31st July

Or one House Property E Filing

HUF Deductions, or

Exemptions Paper

Circular on Sahaj.


ITR 2

Person Types of Income DateMode

Individual Salaries

HUF House Properties 31st July

Capital Gain E filing or

Other Sources Paper

Deductions,Exempt


ITR 3

Person Income Date/Mode

Individual Salaries

& HUF House Property 31st July

Remuneration, Interest (Firm)

Or

Capital Gain 30th sept

Other Sources E Filing or

Deductions,exempt Paper


ITR 4

Person Types of Income Date/Mode

Individual &HUF

Salaries

House Property 31st July

Interest & Remuneration from Partnership Firm

Or 30th Sept

Business & Profession E filing or

Capital Gain Paper

Other Sources Digital Signature

Deductions, Exempt


ITR 4S SUGAM

Section Business DateMode

44AD Any eligible assessee and eligible business

31st July

44AE Plying, Hiring, leasing goods carriage

Paper orE Filing


ITR 5


Firm Any 31st July

AOP Or

BOI 30th Sept

Co Operative Society

Paper orE File

LLP Digital Signature


ITR 6


Company Any 30th September

Private or Publicnot the one for CharitablePurpose.

E Filing with digital Signature


ITR 7

Person Sections DateMode

Trust S.139(4A) 139(4A) 30th SeptOnly Paper

Political Parties 139(4B)

Research Institution 139(4C)

University, college 139(4D)


Important Information

• Select Correct Form

• Assessee – Name & Status

• Address including PIN & Email ID, PAN

• Date of Birth/Formation/Incorporation

• Male/Female ( In case of Individuals)

• Residential Status

• Nature of Business, Profession, sources of Income


Important Information contd..

• Return filed under which Section

• A.O Code

• Income on Presumptive Basis

• Bank including MICR

• Tax Audit & Auditor

• Method of Accounting


Income from Salaries

• Details of Employer Address

• Salaries

• Perquisites

• Allowances


House Property

• Details of Property

• Self occupied v/s Let out

• Annual letable value v/s Rent

• Municipal Taxes

• Details of Tenant

• Interest on Loan

• Other Deductions


Business & Profession

• Books of Accounts Maintained ?

• Profit & Loss / Income & Expenditure

• Balance Sheet

• Grouping of figures

• Gross Receipts, Turnover, G.P., N.P

• Fixed assets and depreciation u/s.32

• Tax Audit Information


Business & Profession contd..

• Details of Firm

• Remuneration, Interest, % share of profit

• Correct Computation of income

• Items of Allowances Dis allowances

• Tax audit & its effect on Computation


Business & Profession contd..

• Profit/ Loss from Normal Business

Speculation Business

• Revenue Vs Capital expenditure

• Expenditure with weighted deductions

• MAT


Capital Gain

• Types of Capital Assets

• House property Vs. Other Assets

• Shares, Securities :Date, Rate, quantity,

value, STT, paid or not on Sale/Purchase

• Gain: Short Term V/s Long Term


Capital Gain contd…

• Exemptions U/s. 54(1), 54F, 54 EC

• Deemed capital Gain U/s. 50 & 50C


Other Sources

• Taxable Dividend

• Interest

• Rent from Assets

• Winnings from lotteries

• Owning & Maintaining Race Horses

• Gifts


Losses, set off, carry forward

• Date of Filing return of Income

• Heads of Income

• Business loss v/s Depreciation

• Set off during the year

• Carry forward from earlier year

• Losses carried forward


Incomes Exempt

• Interest on PPF

• Share of Profit from the firm

• LTCG on shares

• Dividend

• Interest on Bonds


Incomes Exempt

• Other Items (Section 10 )

• Section 10A

• Section 10AA

• Institutions where entire income is

exempt


Deductions

Income Payments

80 IA 80C

80 IB 80CCC

80IC 80CCD

80ID 80D

80IE 80DD

80G/ 80 GG

80U


Incomes chargeable Special Rates

• Capital Gains

• Lotteries , Anonymous Donations

• Royalties & Fees for Technical Services

• Profits & Gains of Life Insurance

• Non Resident Sports Men


Tax Credit

• TDS :Matching with Form 26AS

• Tax: Advance

• Self Assessment


Technical Points

• Websitewww.incometaxindiaefiling.gov.in

• Registration, Log in & Pass word

• XML file and its validation

• Upload

• Digital Signature & Verification

• Acknowledgement ITR V to Bengaluru

• Time Limit, and mode of sending22 June 2011 CA. Mukesh Trivedi 30

Common Mistakes

• Inaccuracies

• PAN

• TAN

• Computation: P & L, Information

• XML Files

• Log in ID and pass word

• Update Master Records


Things to Do

• Provisions, Rules, Instructions

• Appropriate Selection of Forms

• Interface of Law, Rules, Procedures, Protocols, Technology

• Strong preparation

• Check


Conclusion

• Begin with end in Mind

• Accuracy, integrity and completeness

• Quality Productivity, Efficiency

• Opportunity

• "Today knowledge has power. It controls access to opportunity and advancement."

Peter Drucker


Thank [email protected]

[email protected]

9/65, Utkarsh,7th Road, TPS III, Santacruz East, Mumbai:400055. Phone:66935432,26129477


Filing of Returns 2011-12 · 2017-10-17 · Filing of Returns 2011-12 •Introduction •Objective...

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