Thursday, 11 July 2013

Income Tax | Returns Filing - Step 2 [b] : Filling-up Form ITR-2, for Individual / HUF with Additional Income [other than TDS1 & TDS2]

ITR-2 is for Individual / HUF with additional source of Income, other than the standard deductibles under TDS1 [Salary] & TDS2 [Renumerated].
  • Who CAN use this Return Form?
    • This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2013-14 includes:-
      • (a) Income from Salary / Pension; or
      • (b) Income from House Property; or
      • (c) Income from Capital Gains; or
      • (d) Income from Other Sources (including Winning from Lottery and Income from Race Horses). Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories.
  • Who CANNOT use this Return Form?
    • This Return Form should not be used by an individual whose total income for the assessment year 2013-14 includes Income from Business or Profession.
This is much more complicated than the ITR-1, it is advisable to be left to the professionals or to be filed under professional guidance. For complete help click here, and for professional help, click here.

    Wednesday, 10 July 2013

    Income Tax | Returns Filing - Step 2 [a] : Filling-up Form ITR-1, For Salaried Employee [under TDS1 or TDS2]

    For Individuals / HUF having Income from Salary / Pension / Income from One House Property [excluding loss brought forward from previous years] / Income from Other Sources [Excluding Winning from Lottery and Income from Race Horses]

    ITR-1 is for salaried individual or HUF  [with TDS1 accumulation], with no other income sources other than salary or renumeration contract employee [with TDS2 accumulation] or both.

    It is also one of the most simple Income-Tax Returns-Filing, with very few fields, with just 4 pages to fill up. Lets do it in the traditional step by step process.
    1. Income Details: In the First page, it is the basic information [like, name, DoB, PAN, IT Ward & Section, Annual Salary/Pension, Income from One House,  etc].
    2. TDS: In the Second page, the TDS details from Form 16, Form 16A & any Advance Tax Paid or Self Assessment Tax paid/payable details are to be filled.
    3. Taxes Paid and Verification
    4. Section 80G Deductions: [Refer article Section 80] There are 4 different sub sections under 80G, which are explained in the before said page-link.
    If you are still unsure and need professional help, feel free to contact us for our extended [payable] services.

      Thursday, 30 May 2013

      Income Tax | Returns Filing - Step 1 : Selecting ITR Form

      A Guide to Choosing the 'Correct' ITR Form for an Assessee.
      • This page helps to identify the right ITR form for an Assessee.
      • To choose the right ITR Form, first identify the 'Status of Assessee'.
      • If you are not able to Identify the correct 'Assessee Status', visit Know Your PAN page..
      After Identifying the Status, Select the Form referring the table below:

      Sr #
      Status of Assessee
      ITR Form(s)
      1.
      Individuals
      ITR-1, ITR-2, ITR-3 or ITR-4
      2.
      Hindu Undivided Family
      ITR-1, ITR-2, ITR-3 or ITR-4
      3.
      Firms
      ITR-5
      4.
      Association of Person
      ITR-5
      5.
      Body Of Individuals
      ITR-5
      6.
      Company
      ITR-6
      7.
      Trusts  
      ITR-7

      Now, you must be wondering why there are 4 ITR forms for Individuals and HUF. Visit "Why Four ITR Forms for Individuals / HUF?" Page for more details.

      If you know your correct ITR form, then download the latest from the official site [here] and proceed to Step 2.

      Thursday, 16 May 2013

      Income Tax | Filing Returns - Why Four ITR Forms for Individuals / HUF?

      The 4 forms are designed on a hierarchical order and the forms should be referred as below. The 'Assessee' with lower form relevance should not go for higher one.

      Case #Income from Salaries and Interest under head
      “Other Sources”
      Any income
      other than “Partnership”,
      and/or
      “Proprietorship”
      Income from Partnership in businessIncome from Proprietorship businessITR Form
      Case 1.  Yes X X X ITR - 1
      Case 2. Yes / No Yes X X  ITR - 2 
      Case 3. Yes / No Yes / No Yes X  ITR - 3 
      Case 4. Yes / No Yes / No Yes / No Yes  ITR - 4 


       

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