Income Tax Calculator AY 2015-2016

As the Dates for filing Income Tax returns for Financial Year 2014-2015 (AY 2015-2016) is coming close, all the taxpayers are visiting offices of their Tax Consultants to get your Tax calculated. The reason being, to pay the due taxes in time and to avoid unnecessary Interest charges. Tax Calculation is a integral part before Efiling or Manually filing of Income Tax returns. Tax Professionals are having resources of Act, Rules, Income Tax Softwares which cost thousands of rupees. A normal person will not buy such items due to cost and also these are of no use to them after one use (Since Tax rules are amended every year).

Efiling of Income Tax Return for AY 2015-16

Income Tax Department has launched the Efiling Utility and schema of ITR 1 and ITR 4S. The schema for ITR 2 and 2A will be made available shortly. The dates for Non Audit case has already been increased from 31st July to 31st August.


To download the schema, visit the below mentioned link:

https://incometaxindiaefiling.gov.in/e-Filing/Services/DownloadSchemas.html

Below is the communication from Income Tax Department regarding new Income Tax Efiling Schema:

New ITR Forms notified by Income Tax Departement for AY 2015-2016

Income Tax Department via Notification No. 49/2015/ F.No.142/1/2015-TPL has notified new ITR Forms Sahaj ITR 1, ITR-2, ITR-2A and Sugam ITR-4S.

The forms can be downloaded from:

http://www.incometaxindia.gov.in/Pages/downloads/income-tax-return.aspx

Full Notification from the Department is given below for the reference:

Tax Amendments in Union Budget 2015-2016 (A summarised list)

Honorable Finance Minster Shri Arun Jately Ji, has given his Union Budgetary speech today for the budget of the year 2015-2016. You can get full Summarised updates from following link:
http://www.ngoandtaxconsultant.in/2015/02/unionbudget2015-2016.html


We are giving a comprehensive list of Amendments in Direct and Indirect Taxes proposed for the year 2015-2016.

DIRECT TAX

1. No Changes in Tax Slabs for Individual Assesses. Maximum no taxable income will be Rs. 444,200.00

2. Wealth Tax to be abolished.

3. To make up for loss due to removal of Wealth Tax. A special surcharge of 2 % on Super Rich is to be levied (Income above Rs. 1 crore).

4. Assets to be specified in Wealth Tax Return, is now to be specified in Income Tax return.

5. Corporate Tax to be reduced to 25% from earlier 30%. All the exemptions to be rationalized and removed in phase manner.

6. Exemption on Transport Allowances for Salaried class to be increased from Rs. 800 to Rs. 1600.

7. Deduction for health premium under section 80D to be increased from Rs. 15000 to Rs. 25000 and for senior citizen to Rs. 30000. For Super Senior Citizen the expenses upto Rs. 30000 will be allowed as deduction on medical expenses

8. Pension fund and New Pension fund deduction to be increased from Rs. 1.00 lakhs to Rs. 1.50 lakhs.

9. In case of serious diseases, the deduction of Rs. 60000 is raised to Rs. 80000

10. Income tax on Royalty for Technical Services reduced to 10%

11. 100% deduction on contirbution to Swach Bharat Abhiyaan and Clean Ganga Mission

12. Quoting of PAN number made necessary for purchase above Rs. 1.00 lakhs

13. Cash disallowance for purchase above Rs. 20000 of immovable property.

14. Rs. 50000 deduction under section 80CCD

15.Yoga to be charitable activity under Income Tax Act.

16. No DTC as Income Tax Act, has been modified to include most of the provision of DTC

17. GAAR will be defered by 2 years.

18. Manager of Off Shore Fund can open offices in India and laws will be ammended to provide them exemption as if they are not working from India.

19. Deduction under section 80U to be increased.

20. New Law on Black money to be intoduced. To have prosecution and penalty provision for Tax evasion.

INDIRECT TAX

1. Service Tax now increased to 14% instead of 12.36%

2. GST to be applied next year.

3. Service Tax exemption to Cold Storage for certain fruits.

4. Custom Duty to be reduced on 22 goods, to encourage Make in India mission.

5. Excise duty will be reduced to 6% on leather shoes

6. Excise duty rates to be reduced

7. Excise registration will now be online and will be provided in 2days. Excise return and docs to be filled digitally.

How to Know Pemanent Account Number (PAN)

There have been a lot of queries received by us from various New Tax Payers and young consultants about PAN. Though PAN has been from various years now but still there are questions in the mind of people. In this article we are going to discuss a major topic i.e. "HOW TO KNOW MY PAN".

The topic will solve following queries:

1. What is my PAN

2. How to Know my PAN

3. Has my PAN already been alloted

4. Steps to view my PAN online

New Version of TDS FVU

Source- TIN_RETURNS@nsdl.co.in

It is proposed to release new version of NSDL Return Preparation Utility (RPU) and File Validation Utility (FVU) incorporating the below features:

Income Tax Department Starts New Online Services

Income Tax Department has started some new Tax Payer Friendly services. These services were made effective from the Date 11.12.2014. The List of Services Include:

1. Password Reset through Net Banking
 
2. Respond to Outstanding Demand 

3. CPC Grievance

To Know more about the services click on the Services.

Income Tax- Outstanding Demand Response

Income Tax Department has recently started a new mechanism through which Outstanding demand showed in Assessee PAN can be cleared by giving a response to the Outstanding Demand. There are three response available:

1. Demand is correct
2. Demand is partially correct
3. Disagree with Demand

1. Demand in Correct

By clicking on this option, the Taxpayer accepts the demand and will have to pay the amount of demand to the Department.

2. Demand in Partially Correct

In this option the Taxpayer will have to tell the amount by which the amount of demand should be less.

3. Disagree with Demand

It contains following 7 options:

• Demand Paid
• Demand already reduced by rectification/revision
• Demand already reduced by Appellate Order but appeal effect to be given
• Appeal has been filled
• Rectification/Revised return filed at CPC
• Rectification filed with AO
• Other

Income Tax- CPC Grievance Redressal

The Income Tax Department has started a taxpayer Friendly Grievance redressal mechanism, through which Tax payers can solve there grievance related to ITR, Refund, Rectification, Communication etc. directly from CPC.

Below is the full list of Query which can be asked from CPC.


Source- https://incometaxindiaefiling.gov.in/

The facility to provide Grievance relating to the CPC is made available to the assessee in the e-Filing portal. After Login, select Helpdesk --> Submit Grievance--> CPC then from the drop down select Assessment Year, category and sub category of the grievance. 

 The Grievance Category Includes:

Income Tax Password Reset Thourgh Net Banking

Source- https://incometaxindiaefiling.gov.in/

If you have forgotten your e-Filing login password and you are unsuccessful with the other options of resetting password, then you can use the new facility to get direct access to your Income Tax Department e-Filing account using the net-banking facility of your bank.
At this time the facility of direct e-Filing Login through Net banking is available through the following banks:

• Corporation Bank-Retail Banking: https://www.corpretail.com/RetailBank
• Corporation Bank-Corporate Banking: https://www.corpbank.biz/CorpBank/
• Union Bank of India: https://www.unionbankonline.co.in/
• Oriental Bank of Commerce: https://www.obconline.co.in/
• City Union Bank Ltd: https://www.onlinecub.net/
• Bank of India: http://www.bankofindia.co.in/english/home.aspx
• Kotak Mahindra Bank: https://www.kotak.com/
• Punjab National Bank: https://netbanking.netpnb.com/

HC puts stay on 234A interest for returns filed due to date extended to 30th November. 2014

Another great relief came from the Madras High Court by putting an interim stay on penal interest under section 234A on assessee required to file their Audited Accounts and Income Tax return till the extended due date of 30th November, 2014.

Finally CBDT extends Due date for ITR till 30th November, 2014.

After a long wait CBDT has finally extended the due date to file ITR for assessee who are liable to get their accounts audited. Gujarat High Courts and Other High Courts has already directed CBDT to extend the dates. The dates are extended but with a clause that 234A interest will be chargeable.

Income Tax Return Date Extended for Jammu & Kashmir to 30th November

CBDT on 16th of September via its order no. F.No. 225/268/2014/ITA.II has extended the date for filing the ITR of  the assessees of Jammu and Kashmir by 2 months and now the due date is 30th November, 2014.

Good News From TDS-CPC Regarding Multiple Challans

TDS-CPC on 10th of September,2014 has issued a communication to the Deductors regarding payment of TDS through multiple challans. The communication has made the TDS and its return process a bit simpler and has also cleared the difficulty of Deductors who have paid extra TDS during a year.

Revised 3CA-3CD & 3CB-3CD Utility Now Availiable at Income Tax Website

After a long wait Income Tax has finally launched the 3CA-3CD & 3CB-3CD schema. More than lakhs of Auditors were waiting for past 1 month for the new schema and extension of date of its filing. Income Tax Department has done both by extending the date to 30th November and also launching the new schema.

Tax Audit Date Extended to 30th November 2013

After a continuous efforts of ICAI and its members, the last date for filing the Tax Audit Report under section 44AB has been extended from 30th September, 2014 to 30th November, 2014. The above extention was extremely necessary taking in regards to the new Audit report format and also the delay in launching of its Schema by Income Tax Department.

Also, Income Tax Department has relaxed those assessees who have already got there accounts audited on or before 24th July, 2014 from re-filing the Tax Audit Report.

Please find the notification here below:

New Login Facility to Income Tax E-filing Account

Income Tax Department on 13th August, 2014 has announced the direct login Facility to E-filing Account from Net banking account of users of Union Bank of India, Oriental Bank of Commerce and Corporation Bank. Facility from Other Banks are expected to follow soon.

Message from: https://incometaxindiaefiling.gov.in/


"Income Tax Department is happy to announce the facility of Direct Login from Corporation Bank, Union Bank of India and Oriental Bank of Commerce - Net banking account to the taxpayer's E-filing Account. Other banks are expected to follow."

Representation made by ICAI on new Tax Audit Report Format

SOURCE- www.icai.in

 

Representation made by ICAI with respect to new formats of Form No.3CA/3CB and 3CD. - (11-08-2014)

---

The new formats of tax audit reports namely Form No.3CA, 3CB and 3CD have been notified through Notification no. 33/2014 on 25/7/2014 with immediate effect. With regard to the same, certain genuine concerns were raised by the members, which, ICAI has, through a representation dated 07.08.2014, brought to the notice of the Hon’ble Finance Minister, Revenue Secretary, and Chairman CBDT for appropriate action at their end. Also, certain preliminary observations on the new forms have been shared with them.

Solution to Problem In Income Tax Efiling Website

Trouble Shooting Guide for Problems in Accessing incometaxindiaefiling.gov.in

 

1. Internet service from ISP (internet service provider) is not available or failing intermittently.

The call centre of ISP needs to be contacted for resolving this issue.

2. The internet connection is working, other websites are opening properly.

You may try the following fixes:

New Tax Audit Report Format for A.Y. 2014-15 Onwards

The Income Tax Department on 25th July. 2014 with its Notification No. 33/2014, F.No.133/1/2014-TPL] has revamped the Tax Audit Report form 3CA, 3CB and 3CD. The new Tax Audit Report will be Applicable for filing done from A.Y. 2014-15 and onwards.

A lot of new points has been added to the new Audit report and many reporting has been changes. The relevant notification and the New report is attached here below for your reference: