Income tax file opening in april.17
This query is : Resolved
05 April 2017
How to open income tax file for a new assessee. And how many return may be filed. Earlier we can file only 2 year return .
05 April 2017
You Can file your income tax return after preparation of your Computation of income and filing income tax form and file on the income tax website.
You can file income return for the period 01.04.15 to 31.03.2016 and 01.04.16 to 31.03.17.
I.e Assessment years - 2016-17 & 2017-18.
05 April 2017
What point to ponder while filing return for A.Y. 16-17
05 April 2017
Cash trasection point and other aspect
05 April 2017
Any other income (if any)
You can also link your Adhaar no, since it will be mandatory for AY 17-18.
Any TDS appearing in 26 As and corresponding income should appear in the computation.
05 April 2017
What is intimation U/s 143(1)
05 April 2017
Is it issue in all the cases
31 July 2024
### How to Open an Income Tax File for a New Assessee
1. **Get a PAN (Permanent Account Number)**:
- Apply for a PAN through the Income Tax Department’s website or via authorized PAN service centers.
- Fill out Form 49A and submit necessary documents (proof of identity, address, and date of birth).
2. **Register on the Income Tax E-filing Portal**:
- Visit the Income Tax Department's e-filing portal: [Income Tax E-filing](https://www.incometax.gov.in/iec/foportal)
- Click on 'Register Yourself' and select 'Taxpayer' as the user type.
- Provide your PAN and follow the steps to create your account.
3. **Prepare and File Your Returns**:
- Gather all relevant documents such as Form 16, interest certificates, and details of deductions.
- Select the appropriate ITR form based on your income sources.
- Download and fill the ITR form or use the online utility provided on the e-filing portal.
- Validate the form and generate XML.
- Upload the XML file on the e-filing portal and verify using Aadhaar OTP, EVC, or by sending a signed physical copy of ITR-V to CPC, Bangalore.
### How Many Returns Can Be Filed
- **Current and Previous Years**: You can file returns for the current assessment year and the previous assessment year.
- **Belated Returns**: For AY 2016-17, belated returns could be filed up to one year from the end of the relevant assessment year, i.e., up to 31st March 2018. This period is over, so you cannot file a return for AY 2016-17 now.
### Points to Ponder While Filing Return for A.Y. 2016-17
1. **Accurate Income Reporting**:
- Ensure all sources of income are reported correctly.
- Double-check salary, interest income, capital gains, rental income, and other sources.
2. **Deductions and Exemptions**:
- Claim eligible deductions under sections like 80C (investments), 80D (medical insurance), 80G (donations), etc.
- Ensure exemptions such as HRA and LTA are claimed properly.
3. **Cash Transactions**:
- Report any significant cash transactions as required by the law.
- Be cautious of the demonetization period (Nov 2016) where large cash deposits might be scrutinized.
4. **Bank Account Details**:
- Provide accurate bank account details for refunds.
- Ensure the account is pre-validated on the e-filing portal.
### Intimation U/s 143(1)
- **Definition**: Intimation under Section 143(1) is a notice sent by the Income Tax Department after processing your income tax return. It includes details of any adjustments made, the tax payable or refundable.
- **Processing**: The return is processed to check for any arithmetic errors, incorrect claims, or discrepancies.
- **Issued to All**: Yes, it is generally issued to all assessees who file their returns.
### What to Do After Receiving Intimation U/s 143(1)
1. **Check the Details**:
- Compare the intimation with your filed return.
- Verify any discrepancies or adjustments made by the department.
2. **Respond to Discrepancies**:
- If you disagree with the intimation, respond to the notice by filing a rectification request online.
- Use the e-filing portal to file a rectification under Section 154.
3. **Pay Any Outstanding Tax**:
- If the intimation shows a tax demand, pay the amount due promptly.
4. **Claim Refund**:
- If the intimation shows a refund, ensure your bank account details are correct to receive the refund.
### Cash Transaction Points and Other Aspects
- **Reportable Transactions**: Any large cash deposits or withdrawals (typically above ₹2 lakhs in savings accounts) need to be reported.
- **Cash Transactions Limit**: Be aware of the ₹10,000 limit on business expenses paid in cash to a single person in a single day.
- **Proper Documentation**: Maintain records of all significant cash transactions and provide justification if required during assessments.
### Summary
- **New Assessee**: Get a PAN, register on the e-filing portal, prepare and file returns.
- **Returns Filing**: Current and previous year returns can be filed. Returns for AY 2016-17 cannot be filed now.
- **Filing Tips for AY 2016-17**: Report income accurately, claim deductions, be cautious of cash transactions, and provide correct bank details.
- **Intimation U/s 143(1)**: Sent after processing returns, compare with your return, respond to discrepancies, pay tax dues, and claim refunds correctly.
If you need further assistance or have specific queries, consider consulting a tax professional to ensure compliance and accuracy.
1. **Get a PAN (Permanent Account Number)**:
- Apply for a PAN through the Income Tax Department’s website or via authorized PAN service centers.
- Fill out Form 49A and submit necessary documents (proof of identity, address, and date of birth).
2. **Register on the Income Tax E-filing Portal**:
- Visit the Income Tax Department's e-filing portal: [Income Tax E-filing](https://www.incometax.gov.in/iec/foportal)
- Click on 'Register Yourself' and select 'Taxpayer' as the user type.
- Provide your PAN and follow the steps to create your account.
3. **Prepare and File Your Returns**:
- Gather all relevant documents such as Form 16, interest certificates, and details of deductions.
- Select the appropriate ITR form based on your income sources.
- Download and fill the ITR form or use the online utility provided on the e-filing portal.
- Validate the form and generate XML.
- Upload the XML file on the e-filing portal and verify using Aadhaar OTP, EVC, or by sending a signed physical copy of ITR-V to CPC, Bangalore.
### How Many Returns Can Be Filed
- **Current and Previous Years**: You can file returns for the current assessment year and the previous assessment year.
- **Belated Returns**: For AY 2016-17, belated returns could be filed up to one year from the end of the relevant assessment year, i.e., up to 31st March 2018. This period is over, so you cannot file a return for AY 2016-17 now.
### Points to Ponder While Filing Return for A.Y. 2016-17
1. **Accurate Income Reporting**:
- Ensure all sources of income are reported correctly.
- Double-check salary, interest income, capital gains, rental income, and other sources.
2. **Deductions and Exemptions**:
- Claim eligible deductions under sections like 80C (investments), 80D (medical insurance), 80G (donations), etc.
- Ensure exemptions such as HRA and LTA are claimed properly.
3. **Cash Transactions**:
- Report any significant cash transactions as required by the law.
- Be cautious of the demonetization period (Nov 2016) where large cash deposits might be scrutinized.
4. **Bank Account Details**:
- Provide accurate bank account details for refunds.
- Ensure the account is pre-validated on the e-filing portal.
### Intimation U/s 143(1)
- **Definition**: Intimation under Section 143(1) is a notice sent by the Income Tax Department after processing your income tax return. It includes details of any adjustments made, the tax payable or refundable.
- **Processing**: The return is processed to check for any arithmetic errors, incorrect claims, or discrepancies.
- **Issued to All**: Yes, it is generally issued to all assessees who file their returns.
### What to Do After Receiving Intimation U/s 143(1)
1. **Check the Details**:
- Compare the intimation with your filed return.
- Verify any discrepancies or adjustments made by the department.
2. **Respond to Discrepancies**:
- If you disagree with the intimation, respond to the notice by filing a rectification request online.
- Use the e-filing portal to file a rectification under Section 154.
3. **Pay Any Outstanding Tax**:
- If the intimation shows a tax demand, pay the amount due promptly.
4. **Claim Refund**:
- If the intimation shows a refund, ensure your bank account details are correct to receive the refund.
### Cash Transaction Points and Other Aspects
- **Reportable Transactions**: Any large cash deposits or withdrawals (typically above ₹2 lakhs in savings accounts) need to be reported.
- **Cash Transactions Limit**: Be aware of the ₹10,000 limit on business expenses paid in cash to a single person in a single day.
- **Proper Documentation**: Maintain records of all significant cash transactions and provide justification if required during assessments.
### Summary
- **New Assessee**: Get a PAN, register on the e-filing portal, prepare and file returns.
- **Returns Filing**: Current and previous year returns can be filed. Returns for AY 2016-17 cannot be filed now.
- **Filing Tips for AY 2016-17**: Report income accurately, claim deductions, be cautious of cash transactions, and provide correct bank details.
- **Intimation U/s 143(1)**: Sent after processing returns, compare with your return, respond to discrepancies, pay tax dues, and claim refunds correctly.
If you need further assistance or have specific queries, consider consulting a tax professional to ensure compliance and accuracy.
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