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Aug 5, 2012

Revised Return & Rectification Request in case of e-filed I-T Return

FAQ related to E-Filing Process of Income Tax Return

Posted: 05 Aug 2012 08:40 PM PDT

I don't understand the process of e-filing. What should I do? 2. What information do I need, to register myself in the ITD e-filing website? 3. Should Registration be made in the name of the Company or can a director register in his name and file the returns of the company from his user id? 4. Can...

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FAQ related to Central Processing Center (CPC)

Posted: 05 Aug 2012 08:11 PM PDT

1. I am not receiving any communication from ITD CPC regarding receipt of ITR-V, Intimation u/s 143(1) or other communications. What should I do? 2. If the Original e-return is invalid because of non-receipt of ITR-V, can I file Original return once again? 3. The Demand entries communicated by ITD...

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Revised Return & Rectification Request in case of e-filed I-T Return

Posted: 05 Aug 2012 07:46 PM PDT

Article deals with FAQ related to Revised Return & Rectification in case of return filed online. The article explains about how to file Rectification request, what if you get error in filing rectification u/s 154, what if wrong assessment year entered, How many time return can be revised,...

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Inconsistencies in ITR which need to be avoided for accurate processing of I-T Return

Posted: 05 Aug 2012 07:29 PM PDT

Data Inconsistency issues which need to be avoided for accurate processing. 1. Set off of brought forward loss claimed, but Schedules BFLA / CFL not filled ....... Year of loss not indicated in CFL. 2. Profit before tax (at serial No. 43 of Sch. P & L Account) differs from Profit from business...

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Frequently asked Questions on ITR -V

Posted: 05 Aug 2012 07:25 PM PDT

In this Article we have dealth with Some of the FAQ related to ITR -V i.e. 1. What date should be provided in case 'Ancestral Date' is written on PAN Card ? 2. Can I send the ITR-V to CPC by Registered Post? 3. What are other formalities to be done after I print ITR-V? 4. I have not received a...

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Income Tax Refund,Demand, No refund No demand – FAQ

Posted: 05 Aug 2012 07:02 PM PDT

[r 1] In this Article we have dealt with Question related to income Tax Refund i.e. 1) Necessary data necessities required in order to get the Refund through Cheque 2) Basic data required all the validations to get the Refund through ECS? 3) What should I do, if my Refund is failed due to change...

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How to recover / reset password for TAN Account

Posted: 05 Aug 2012 06:23 PM PDT

There may be cases when User forget Password for his TAN account which he already registered on https://www.tin-nsdl.com/ . In such cases user can recover the new password for his TAN account by following any of the two methods given below

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Common Errors while Filling, validating or uploading ITR

Posted: 05 Aug 2012 05:40 PM PDT

Why do I get an error message at the time of submission/uploading of return ? What is to be done if taxpayer get NULL error, while uploading the xml file ? I have saved the xml file in my computer but while uploading system is giving the error "Cannot read the xml file? What should I do ? What to...

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Re-issue of Income tax Refund for change in Address & Bank Account Details

Posted: 05 Aug 2012 05:19 PM PDT

What should I do, if my Refund is failed due to change in my Communication Address? For the change in Address and all address related issues. Taxpayer has to Login to http://incometaxindiaefiling.gov.in. a. Login to the above website, where in the login id will be the PAN Number and Password is...

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Digital Signature – How to attach with Return, Problem in Registration, Error Solution

Posted: 05 Aug 2012 05:12 PM PDT

If an individual does't have a Digital Signature, does this mean he/she cannot file the return online? Do I need a fresh digital signature, in case I already have one? How much does a DSC cost? How can a DSC be attached with the return while uploading ? The Web site accepts DSC in the .pfx format....

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e-Filing of Returns – FAQ – Process, Password, Registration, Due Date, ITR Applicable

Posted: 05 Aug 2012 04:58 PM PDT

What are the steps in brief to upload the tax returns on this website? I have forgotten my password. What is to be done to retrieve it ? What to do if there is an INTERNAL ERROR at the time of registration? In case, taxpayer has entered the wrong email-id during registration and taxpayer is not...

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How to register TAN online & Request for Consolidated TDS/TCS file

Posted: 05 Aug 2012 08:03 AM PDT

eTutorial - Online TAN Registration and Request for Consolidated TDS/TCS file from TIN - Download Step by step guideline on how to register your TAN and How to Request for Consolidated TDS/TCS file from TIN in power Point Presentation Format

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PMS fees is deductible against capital gains

Posted: 05 Aug 2012 07:08 AM PDT

Decision of the Mumbai Bench of the Tribunal in the case of Homi K. Bhabha Vs. ITO was brought to our notice by the learned DR wherein it was held that Portfolio Management Scheme fees is not deductible against capital gains. The decision of the Pune Bench of the Tribunal in the case of KRA Holding...

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In calculation of allowable remuneration Profit means profit as per P/L a/c

Posted: 05 Aug 2012 06:48 AM PDT

The said chapter nowhere provides that method of accounting for the purpose of ascertaining net profit should be the only income from business alone and not from other sources. Section 29 provides how the income from profits and gains of business or profession should be computed and this has to be...

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Notice issued through speed post is valid notice

Posted: 05 Aug 2012 05:43 AM PDT

The Speed Post is a new mode of sending post, and therefore, this new postal mode if is not mentioned in Statute specifically, even then because of above reason that service by Speed Post is included in generic word Post or Registered Post.

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Beneficial ownership not prevails over legal ownership to tax gain on sale of shares -AAR

Posted: 05 Aug 2012 05:38 AM PDT

Learned counsel for the Revenue argued that the beneficial ownership of the shares vested with Copal Jersey and that ownership should determine the applicatory law. India did not have a treaty with Jersey and hence on the application of the Income-tax Act, the capital gains are taxable in India. He...

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Six Rules to distinguish share gains as LTCG/STCG vs. business profits

Posted: 04 Aug 2012 09:30 PM PDT

[a] The first test is whether the initial acquisition of the subject matter of transaction was with the intention of dealing in the item, or with a view to finding an investment. If the transaction, since the inception, appears to be impressed with the character of a commercial transaction entered...

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Transfer pricing – Current year data can be used for comparability of international & uncontrolled transactions

Posted: 04 Aug 2012 09:25 PM PDT

It can be observed from the earlier parts of the TPO's order that he confined himself only to IT/ITES for the purposes of bench marking. In such a case, there could have been no question of the TPO embarking upon the figures in relation to non-IT/ITES segments of some of the comparable cases as...

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