20 October 2013
Hi, i previously worked for reputed companies and submitted my returns regularly with the support of Form-16. But since last 4-5 years I am working with individual business men helping them in their admin n accounts and my income is more than the taxable limit. I am getting all my income by CASH only. Kindly advise me the procedure to submit my previous returns incl current year. Regards
1. Compile all your income details from all the sources. The cash received by you shall be considered as receipts from business/profession. In addition to this, compute income earned in form of interest, capital gains (like from share trading etc)
2. Compile details of expenses incurred in relation to earn the above income. This should normally be backed by evidences such as invoices etc
3. Compute the tax payable, if any. including interest under 234A, 234B and 234C, if applicable.
4. Deposit the tax as self assessment tax using Challan No 280 (Type of Payment 300)
5. After the tax is paid, kindly download ITR4 from income tax website http://incometaxindiaefiling.gov.in/
6. Fill the required details and submit the return online. If you don't have the onlne account, kindly create one. You PAN shall be your id. You the link provided in point 5 for opening income tax account.
7. After filing the return, download the ITRV, take a print, sign it and send it to income tax department at
Income tax department CPC, Post Bag No 1, Electronic City Post Office, Benguluru, 560100.
21 October 2013
Yes,you can file returns for A.Y.2012-13 and A.Y.2013-14 but
. . i dont recommend you to file return for A.Y.2012-13 because AO may impose Rs.5000 penalty for delay filing on you vide Section 271F of incometax act . however you can file belated return for A.Y.2013-14
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