20 FAQ FOR FILING INCOME TAX RETURN BY SALARIED PERSONS

[PRITAM DASS SHARMA]

Ques-9: What is IFSC code ?From where I can check this ?

IFSC code is a 11 digit alphanumeric code of your bank branch , you will get it from First page of Your passbook as well as as from cheque book .If not found then you may confirm from your bank branch or Google search is also a option.

 Ques-10 : Is Bank account mandatory, if no refund due ?

Yes, Details of all Saving and current accounts held on your name during last financial year  is required to be filled even there is no Income tax refund is due in your account .

However accounts not used since last three years are not required to be given

 

[PRITAM DASS SHARMA]

Que-12: What is Interest under section 234A,234B,234C?How it can be calculated?

Ans : Fill your all income details in Income tax return online form ,interest if any will be calculated automatically .Senior citizen are not required to deposit interest under section 234B and 234C .

Interest 234A :1% per month  or part thereof on Balance Tax due after due date of return filing ,for salaried person due date is 31.07.2016 .so if you pay your taxes before 31.07.16 then no interest is payable under this section.

Interest 234B :1% per month  or part thereof on  Balance Tax due from 01.04.16 till date of deposit.

Interest 234C :1% per month for shortfall in deposit of advance tax

 

[PRITAM DASS SHARMA]

Ques-13:What is the due date to file income tax return for financial year 2015-16 assessment year 2016-17 salaried persons ?

Ans : Due date is 31.07.2016

 

[PRITAM DASS SHARMA]

Ques-14. What  if  I am not able to file return by due date 31.07.2016 ,what is the penalty.

Ans :If you have already paid your balance tax ,or you have nil tax due to tds deducted by your employer or other deductor Like bank etc then there is no other penalty on late filing of Income tax return as such.

However late return can not be revised .Further there are other things linked with due date of Income Tax return .

 

[PRITAM DASS SHARMA]

Ques-15: I have purchased a house few years ago through Home loan .I have paid 30000/- EMI this year out of which 18000 is interest and 12000 is principal .Where I can show these amounts? House is self occupied .

Ans : You should calculate the House loan as under .Further if amount is negative as in your case put minus sign against the amount. (read related Link of Income from House property). Principal amount paid for House loan is covered under section 80C Limit.


 

[PRITAM DASS SHARMA]

Ques-16 :What is new system of Electronic verification of return /Code (EVC) ? Whether ITR-V is to be send to CPC Banglore or not ?

Ans :EVC is a 10 digit alphanumeric code ,which will be send to you through SMS/Email or generated and filed automatically be used to verify the Income tax return and may  be used within 72 hours from generation time.

After verification through EVC , no need to send ITR-V to CPC, Bangalore ,however this scheme is optional and if you are not able to generate the EVC for any reason ,you have option of sending ITR-V through post to CPC, Bangalore.

Method available to generate EVC are
Generate EVC Directly through E filing site in one click ,(However this method can be used only by persons having Income up to Five lakh and having no refund due.)
Generate OTP  after Linking Aadhaar card at e filing site.
Generate EVC through Net banking
Generate EVC through ATM  (SBI has started this facility)

 

[PRITAM DASS SHARMA]

Ques-17 :Which Income Tax return Form should I Use?

Most of the Salaried person may file ITR-1 .The exemption Limit of Rs 5000 placed up to last year.Now You may use ITR-1 even if you have exempted income more than Rs 5000 without any upper ceiling .If you have more than one house then ITR-2A is correct .However if you have Income from capital gain also then ITR-2 is to be used.
 

[PRITAM DASS SHARMA]

Ques-18 : My Income from Salary is 6,00,000 and Saving under 80C is 1,50,000 so net taxable limit is 450000,whether I can file Income tax return on Paper.

Ans: Yes , if Taxable Income is up to Rs 500000  then you may file Income Tax return on Paper also, However if Income tax refund is due to you then e filing is mandatory

 

[PRITAM DASS SHARMA]

Ques-19:  Following message is shown as"Income details/Part BTI" is less than 90% of Salary reported in Schedule TDS1",what should I do ?

Ans : The above message shown when Taxable salary shown under the head salary is less than 90% of Salary paid reported in schedule TDS-1 (as shown in Part A of Form 16 ).First we have to understand why there is difference is salary paid shown in schedule TDS-1 and Taxable salary.

Reason is simple ,In salary paid few allowance which are not taxable/exempted are also included which are not included in Taxable salary.

Suppose :You total salary is 500000 and Hra exemption is 30000 then salary paid is shown as 500000 and taxable salary shown as 470000.

Further if in above example if HRA exemption is 60000 then net taxable salary will be 440000 ,which is less than 90% of salary paid .In this case the above message is shown.However this message is shown as a warning message so that you can check everything again and verify your figures.Do not change figures due to this message only ,change only if figures was entered incorrectly.

If all things are ok then ignore this message and proceed further.

 

[PRITAM DASS SHARMA]

Ques 20:In TDS SCH TDS2(TDS other than salary) column deducted year 2016 is not an option. Pls suggest, What is to do.

Ans : If tax has been deducted in year 2015-16 then "2015" is to be filled not "2015"