Author Topic: Income Tax Returns  (Read 2466 times)

SkS

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Income Tax Returns
« on: February 21, 2013, 08:19:44 PM »
Dear All
You must have submitted your form no2. But check it once again.

For the Receipt of pay and allowances pertain to previous years as arrears,  Income tax Act provides for a relief under Section 89(1) of the IT Act.
The income tax on arrears (6 th pay commision)  of our previous years salary can give us some relief.
 I am attaching a file with this post. check it.
You can revise your form no 2 again.

[blink]It works as follows.[/blink]

Spread the arrears that you have received to the respective years.  For example, if you have received arrears for the last four financial years and the current year break it into three (i.e) for the year 2006-07, 2007-08, 2008-09, 2009-10, 2010-11.

Calculation 1

Calculate income tax for the taxable income without including arrears for 2006-07 and 2007-08 seperately based on tax structure applicable during these years.  Then add apportioned arrears to the respective year’s taxable income and again find the tax.  Find the difference in tax on account of addition of arrears portion.   this difference has to be calculated for 2006-07 and 2007-08 seperately.  Then these two difference tax amounts have to be added to find out the total difference in tax on account of arrears portion added to the taxable income in the relevant years.  This is the resultant amount calculated in “Calculation 1″

Calculation 2

Then  find out the  income tax for the current year without including the arrears.  Then find out the income tax for current year after including the total arrears received which relates to current year and also the previous years.  Difference of these two tax amounts  is the additional tax we have to pay  on account of receipt the arrears for the current year and the previous years.  This is the resultant amount calculated in “Calculation 2″

Now, subtract the resultant amount as per “Calculation 1″ from the resultant amount as per “Calculation 2″.  This gives your income tax relief under Section 89 (1).  Obviously, if resultant amount as per “Calculation 1″  is not less, relief is Nil.

This calculation gains significance as all of us have received the 6CPC arrears during this year which may add to our tax liability.

Since this calculation is little bit complex if not difficult, GConnect has come up with an application to calculate Income tax relief under Section 89(1)
« Last Edit: February 21, 2013, 08:33:13 PM by SkS »

sikri1971

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Re: Income Tax Returns
« Reply #1 on: May 29, 2013, 04:14:09 PM »
HELLO FRIENDS!
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                                                                                                                                                                                i.e                          FORM NO. 16 PART A TO BE DOWNLOADED FROM WWW.TDSCPC.GOV.IN   SITE 
    & ISSUED UPTO 31/05/2013
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ps

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Re: Income Tax Returns
« Reply #2 on: May 29, 2013, 09:16:36 PM »
yes, they can even without any paper work

deep96

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Re: Income Tax Returns
« Reply #3 on: July 25, 2013, 03:06:44 PM »
jehar kise kol form 16 da performa excel vich hai tan please es te paste kar deo ji ,main ek performa income tax sight tu download kita hai per oh open nahi ho reha ,please help..

vicky dhudike

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Re: Income Tax Returns
« Reply #4 on: July 25, 2013, 04:33:04 PM »
j kise kol income tax return da form ha tn plz upload

ssgill79

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Re: Income Tax Returns
« Reply #5 on: July 25, 2013, 05:04:27 PM »

deep96

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Re: Income Tax Returns
« Reply #6 on: July 25, 2013, 06:03:55 PM »
bhai sahib ji form 16 excel vich chahida hai jo tusi sight dassi hai us vich pdf file hai jis type nahi kita ja sakda

ssgill79

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Re: Income Tax Returns
« Reply #7 on: July 28, 2013, 07:11:15 PM »
PDF TO EXCEL CONVERTOR USE KARO...... PAKKI PAKAYI KHEER LABB DE HO??


VAISE LINK 'RETURN FORM' LAYI DITTA SI
« Last Edit: July 28, 2013, 07:12:46 PM by ssgill79 »

Harpal

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Re: Income Tax Returns
« Reply #8 on: July 29, 2013, 09:51:11 AM »
y g mail id bhejo

Baljit NABHA

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Re: Income Tax Returns
« Reply #9 on: July 29, 2013, 05:07:58 PM »
If Principal does not issue 16 form , how can Income Tax return be submitted

 

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