Skip to main content

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

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

Popular posts from this blog

At 18%, GST Rate to be Less Taxing for Most Goods

About 70% of all goods and some consumer durables likely to cost less

A number of goods such as cosmetics, shaving creams, shampoo, toothpaste, soap, plastics, paints and some consumer durables could become cheaper under the proposed goods and services tax (GST) regime as most items are likely to be subject to the rate of 18% rather than the higher one of 28%.

India is likely to rely on the effective tax rate currently applicable on a commodity to get a fix on the GST slab, said a government official, allowing most goods to make it to the lower bracket.

For instance, if an item comes within the 12% excise slab but the effective tax is 8% due to abatement, then the latter will be considered for GST fitment.

Going by this formulation, about 70% of all goods could fall in the 18% bracket.

The GST Council has finalised a four-tier tax structure of 5%, 12%, 18% and 28% but has left room for the highest slab to be pegged at 40%. A committee of officials will work out the fitment and the council…

Coffee-Toffee, the GST Debate Continues

Hundreds of crores of rupees in the form of taxes ride on the exact categorisation of products Is Parachute hair oil or edible oil? Is KitKat a chocolate or a biscuit? Is a Vicks tablet medicament or confectionery? For the taxpayer and the tax collector, this is much more than an exercise in semantics -hundreds of crores of rupees ride on the exact categorisation.
As the government moves closer to rolling out the goods and services tax (GST) on July 1, many such distinctions are being debated so that no ambiguity remains. Not just that, the government is revisiting old tax cases that were lost over product categorisation, according to people with knowledge of the matter, presumably with a view to making sure that revenue collections can be maximised. “In the past, several tax officers had challenged some of the product categorisations, including those in the retail segment, but lost out in court or at appellate level,“ said one of the persons. “Now we have a chance to go ahead with speci…

Deposit gush:-CA Institute Bats for Special Audit