FILING OF INCOME TAX RETURNS Assessment Year 2016 - 2017

83 Pages·2016·1.59 MB·English

FILING OF INCOME TAX RETURNS
Assessment Year 2016 - 2017
corresponding to
Financial Year 2015 - 2016
Presented by:
CA Bhadresh Doshi & CA Siddharth Banwat
P S
RESENTATION NAPSHOT
 I
NTRODUCTION
 M ITR
ANDATORY FILING OF
 S ITR F
ELECTION OF ORM
 F ITR F
ILLING UP ORMS
 D – F A /B
ISCLOSURE REQUIREMENTS OREIGN SSETS ANK
A
CCOUNTS
 P
ROCEDURE OF FILING RETURNS ONLINE
 D D
UE ATES
 S A F A , 2015
ELECT MENDMENTS MADE BY INANCE CT
F F
RUSTRATING ACTS
 Analysis of Individual Tax Payers –
 Effective assessees (filing ITR or faced with tax deduction)
 less than 5 cr (about 4% of population)
 Analysis of returns filed for AY 12-13
Individuals filing returns  2.88 cr – only about 65% of
effective assessees
Zero Tax Returns  1.62 cr (56%)
Paying tax < ` 1,50,000  1.11 cr (39%)
Only about 14 lakhs individuals paying yearly tax of more
than ` 1,50,000
Avg. Income per Return  ` 3.76 lakhs
Avg. Tax per Return  ` 40,000
M S
ONITORING YSTEM
 Non-Filer Monitoring System
79.08 lakhs cases identified
30.68 lakhs returns were filed subsequent to notice
` 4733.61 crores additional taxes collected
 Sending e-mails & SMS to PAN holders having
registration with different other departments
 Black Money Act
 Income Declaration Scheme 2016
W
HO IS REQUIRED TO FILE
?
RETURN
S 139
ECTION
M ITR
ANDATORY FILING OF
 Company
 Partnership Firm or LLP
 Other persons –
If total income before considering
deductions under Chapter VI-A exceeds maximum
amount not chargeable to tax
 Specified entities covered by Sec. 139(4A) to
139(4F) –
 Trusts, Political Parties, Investment Funds etc.
 New Additions by FA, 2015 - University or Educational
Inst. referred to in Sec. 10(23C)(iiiab) and Hospital or
Medical Inst. referred to in Sec. 10(23C)(iiiac) –
wholly or substantially financed by the Government
M F ITR
ANDATORY ILING OF
 Resident person (not being NOR) who is (at any time
during PY)
 Holding any asset located outside India
As a beneficial owner or otherwise
Including any financial interest in any entity
 Having signing authority in any account located outside
India
 A Beneficiary of any asset (including financial interest)
located outside India
S
ELECTION OF FORMS
R 12
ULE
HC’ D CBDT
S IRECTIONS TO
 Avinash Gupta vs. UOI (Del)
“the respondents are directed to, with effect from the
next assessment year, at least ensure that the forms
etc. which are to be prescribed for the Audit Report and
for filing the ITR are available as on 1st April of the
assessment year unless there is a valid reason
therefor”
 Vishal Garg vs. UOI (P & H) – similar directions
 Forms were notified on 30-3-2016
 Notification No. 24/2016
S ITR F – I /HUF
ELECTION OF ORM NDIVIDUAL
Sahaj#
[ITR-1]
ITR-4 ITR-2
Individual /
HUF
Sugam
ITR-2A
[ITR-
4S]
ITR-3
# ITR-1 is available only for individual