Skip to main content

Tax Queries - Use ITR-2 to Show Salary and Capital Gains Income

Image
By
Tax Queries - Use ITR-2 to Show Salary and Capital Gains Income
Which I-T form will be used for a salaried person if there is income from capital gains. Can we efile the ITR? Checking google, I gathered I should file ITR 2. But on choosing e-filing option, it shows ITR 1 and ITR 4. --HARSH An assessee having income under the heads income from salary and capital gains is required to file his return of income in ITR-2 for AY 2017-18. You will be required to prepare your return of income offline using ITR-2 utility (JavaExcel) available on the eFiling portal of income-tax department; generate xml file and upload it. Only the ITR 1 and 4 can be prepared and submitted online.

I retired from a PSU on November 30, 2015, and final settlement of my dues was done in May 2017. I have received a tax notice on July 24, 2017, asking about deductions claimed under section 80C, 80D, 80GG and 80TTA. If I do not reply and upload necessary documents in support of my claims, the amount will be taxed. For FY16-17, I have given details of tuition fees and NSC (80C), rent (80GG), mediclaim (80D) and savings from saving bank ac (80TTA). How do I upload the documents? According to the department. I should choose the e-assessmentproceeding menu but it says “No Record Found“. What should I do? --SWARUP DAS

The notice dated July 24, 2017, apparently related to AY 2016-17. You have submitted the details for FY 2016-17 ie.relevant to AY 2017-18. As a part of egovernance initiative to facilitate conduct of assessment proceedings electronically, the income-tax department has launched the “e-proceeding“ facility wherein assessee will be able to submit the response along with the attachments by uploading the same on the e-filing por tal. However, in cases where the assessee has received the notice asking him to elec tronically file the response, the e-proceedings menu is not activated on the e-filing portal, it is advisable that the assessee shall approach the assessing officer with the response and the supporting documents for AY 2016-17 to avoid non-compliance on the date of hearing. The assessee may also electronically file his response once the e-proceedings menu is activated.

The Economics Times,New Delhi, 23rd August 2017

Comments

Post a Comment

Popular posts from this blog

RBI rushes in to prop up falling rupee

By
RBI rushes in to prop up falling rupee India’s central bank reportedly intervened in the currency markets on Monday to prevent a further slide in the local unit, which breached the 67 mark to a dollar for the first time in 15 months amid a widening trade gap and runaway import bills fuelled by high crude-oil prices. Some state-owned banks were seen selling dollars aggressively, interventions that market dealers attributed to the central bank’s strategy to stem the decline of the Indian rupee against the US currency. The rupee is the worst performing among a dozen Asian monetary units in the past three months. It lost 4.25 per cent to the dollar during the period, show data from Bloomberg. On Monday, the Reserve Bank of India (RBI) is said to have sold about Rs 800 million collectively on the spot and exchange traded futures markets, dealers said. An email sent to RBI remained unanswered until the publication of this report. The currency market has seen such a strong central bank interven…
Post a Comment
Read more

GST Refund of Rs 20,000 Cr Pending: Exporters’ Body

By
GST Refund of Rs  20,000 Cr Pending: Exporters’ Body Refund of over Rs 20,000 crore on account of Goods and Services Tax (GST) is pending with the government with more than half the amount stuck as input tax credit, Federation of Indian Export Organisations said on Tuesday. While claims over Rs7,000 crore were cleared in March, the amount was Rs 1,000 crore in April.However, after exporters’ request, the GST council and tax department are organizing a second phase of Special Refund Fortnight starting May 31, which will enable exporters to draw their refunds at a speedy pace. Many exporters have been unable to file the refund of input tax credit due to technical glitches, exports and claim happened in different months. The major challenge lies on ITC refund especially because the process is partly electronic and partly manual which is cumbersome and add to the transaction cost, the exporters’ body said. On IGST, refunds are getting delayed due to airline and shipping companies not submitt…
2 comments
Read more

Shrinking footprints of foreign banks in India

By
Shrinking footprints of foreign banks in India Foreign banks are increasingly shrinking their presence in India and are also becoming more conservative than private and public sector counterparts. While many of them have sold some of their businesses in India as part of their global strategy, some are trying to keep their core expertise intact. Others are branching out to newer areas to continue business momentum.For example, HSBC and Barclays Bank in India have got out of the retail business, whereas corporate-focused Standard Chartered Bank is now trying to increase its focus on retail “Building a retail franchise is a huge exercise and takes a long time. You cannot afford to lose it,” said Shashank Joshi, Bank of Tokyo-Mitsubishi UFJ’s India head.According to the Reserve Bank of India (RBI) data, foreign banks’ combined loan book shrunk nearly 10 per cent from Rs 3.78 trillion in fiscal 2015-16 to Rs 3.42 trillion last financial year. The banking industry, which includes foreign banks…
Post a Comment
Read more