Due date for filing IT Returns extended till 31st Aug 2015

The Income-tax Department vide Order under Section 119 of the Income-tax act,1961 dtd 10th June 2015 (F.No.225/154/2015/ITA.II) has extended the due date for filing the return of income in respect of assessees whose accounts are not required to be audited (including assessees having only salaried income). As per the said order, the last date of filing the return of income in respect of these assessees has been extended from 31st July 2015 to 31st August 2015 in respect of the year 2014-15 (Assessment year 2015-16).

The relevant order of the Income-tax department is reproduced below :-

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Income-tax return filing is a Statutory obligation to be carried out by the Income-tax assessees every year. There are many myths/misconceptions with regard to Income-tax return filing. This article lists top 10 myths & facts about the Income-tax return filing.

1My Income is below Rs. 5 Lakhs, I need not pay any income tax & need not file my Income-tax return.The Exemption is given for asssessees whose Income from Salaries & Savings Bank Interest upto 10000/-. The exemption is only in respect of filing of Income-tax return when the necessary tax is deducted on the same. Hence the Income-tax on Rs. 5 Lakhs needs to be paid. Moreover, if you have income/loss from other sources such as House Property, Capital Gains, Business,etc., you have to file your income-tax returns.
2I am a salaried employee and my Income-tax is deducted at Source by my employer. Hence I need not separately file my return of Income.No. The employer deducts the taxes only in respect of Salaries paid by him. It is the obligation of all the assessees to declare their other sources of income (House Property, Capital Gains, Interest Income,etc.,) and pay necessary tax on the same and then file the Income-tax along with the complete details of the Assessee’s Income.
3Income-tax department does not know information about my high value transactions , only when I declare the same , the Income-tax Department will have access to the information.No. Due to the advent of the Information technology, the Income-tax department is in possession of all the high value transactions such as Cash Deposits, Shares Purchase/Sales, Purchase/Sale of Immovable Property, Forex Purchase, High Credit Card Spends, etc ., Hence it is better to declare , pay necessary taxes if any than evading the same and getting into bigger trouble.
4I lost my PAN card, so I can get another PAN Number (different from the earlier one) and start filing my Income-tax returns.No. Having more than one PAN by a same person is illegal. It is a punishable offence. You need to surrender one PAN and should continue to use only one PAN Card. A duplicate PAN Card with the earlier PAN Number shall be obtained if the original PAN Card is lost.
5Once I file return of Income and pay taxes, every year I need to pay Income-tax.No. When your Taxable Income is below taxable limits you need not pay income-tax on the same irrespective of the fact of paying income-tax in the previous year(s).
6The Surplus money in my account can be transferred to my Spouse account who does not have any income and I can invest in my spouse’s name and claim the income-tax Exemption on the Investment Income (Bank FD Interest , Bank Interest, etc.)No. When you transfer any asset (including cash) to your spouse without consideration, the Income from such assets will be clubbed to the Transferor’s Income and the tax shall be payable on the same by Transferor only.
7Once I miss the due date for filing the Income-tax return, I cannot file my Income-tax return after the due date.The due date (ie) 31st July (in respect of Salaried Assessees) is applicable to file the returns with out any Interest/Penalty. The Return of Income can be filed within 1 year from the end of the Assessment year. For Example, for the year ended 31st March 2012, the Return of Income can be filed upto 31st of March 2014. The only difference being, you need to pay penal Interest till the date of filing, on your Tax dues , if any. In case of Refund, your Interest on refund will be calculated only from the date of filing. When you file the returns within due date, you need not pay any Interest for late filing and you will earn Interest on your refund due from the day one till the refund is paid.
8I got a refund of my Income-tax along with Interest on the same. I need not declare the same in my return of Income.No. Interest on Income-tax Refund is chargeable to Income tax under “Income from other sources”. Hence you need to necessarily pay tax on the same.
9All PAN holders have to compulsorily file Income-tax return.No. Only when your income is above taxable limits, you are compulsorily required to file your Income-tax return. Optionally, for various other purposes such as continuity, Bank Loan documentation, etc., you can continue to file your income-tax returns even though your income is below taxable limits.
10I need digital signature to e-file my returns (electronic filing of returns).No. Obtaining Digital Signature is not Mandatory for e-filing. You can file your returns electronically , without the digital signatures also.

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Assessee with Income more than 5 Lakhs shall mandatorily e-file the IT Returns from A.Y.2013-14

The Income-tax Department has issued a new Notification No 34/2013 dtd 01/05/2013.

As per this notification,

1) Every assessee whose Total Income is exceeding Rs. 5 Lakhs shall necessary e-file his/her return of Income from the A.Y.2013-14 onwards.

2) The reports under sections 44AB (Tax Audit), 92E (Transfer Pricing) & 115JB (Minimum Alternative Tax) shall file the respective reports electronically.

The relevant notification is reproduced below :-

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Tax Calculator for 2010-11 (A.Y.2011-12)

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Return forms for filing Income-tax returns for the year 2010-11

S.No Assessee Type Individual Individual, HUF
Source of Income ß ITR-1 ITR-2 ITR-3 ITR-4 ITR-4S
1 Income from Salary/Pension  
2 Income from Other Sources (only Interest Income or Family Pension)  
3 Income/Loss from Other Sources    
4 Income/Loss from House Property    
5 Capital Gains/Loss on sale of investments/property    
6 Partner in a Partnership Firm      
7 Income from Proprietary Business/Profession        
8 Income from Presumptive Business        

For Firms – ITR 5

For Companies – ITR 6

For Trusts/charitable Institutions etc., – ITR 7

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Due date for filing Income-tax returns

The due dates for filing Income-tax returns for the F.Y.2010-11 (A.Y.2011-12) is as follows :-

In case of assessees not covered by Audit  – 31st July 2011

(Salaries employees,Business with Less than 60 Lakhs turnover, Assessees with Incomes such as Rent,Capital Gain)

In case of assessees covered by Audit – 30th September 2011

(Business with turnover of above 60 Lakhs, Business who have disclosed profit less than 8% of the turnover & Companies)