Points to be beared in mind whilst filing return this year ie whilst filing return for AY 12-13 (FY 11-12). These points are few issues which have brought to life by the budget of 2012. Though the budget primarily deals with compliances to be made for the following Assessment year - here are some issues which affect us with immediate effect.
1. As per existing rules, if a person has Gross Income which is below the basic taxable limit then he is not required to file his income tax returns. Now as per the amended rules, if such a person has any asset or any financial interest or any signing authority in any company/entity/bank account outside India, then such even though he has income below the basic exemption limit, will have to compulsorily file returns form AY 12-13 onwards. Due date as we all know is 31st July 2012.
2. All of us have been very pleased at the speed at which we all received our refunds without any verification or questions from the department. Well, the department now has now been empowered with effect from July 1st 2012, to hold back refunds in case there is an intention to verify the documents/proofs in relation to the amounts claimed in the IT return. Thus where there is an intention to issue a notice for scrutiny, the department though may process your refund but it will not be compulsorily for them to pay the refund to you until they have issued you a scrutiny notice and scrutinized your case as per section 143(3).
5. E-filing now mandatory for an individual/HUF if Total Income exceeds 10 lakhs.
1. As per existing rules, if a person has Gross Income which is below the basic taxable limit then he is not required to file his income tax returns. Now as per the amended rules, if such a person has any asset or any financial interest or any signing authority in any company/entity/bank account outside India, then such even though he has income below the basic exemption limit, will have to compulsorily file returns form AY 12-13 onwards. Due date as we all know is 31st July 2012.
2. All of us have been very pleased at the speed at which we all received our refunds without any verification or questions from the department. Well, the department now has now been empowered with effect from July 1st 2012, to hold back refunds in case there is an intention to verify the documents/proofs in relation to the amounts claimed in the IT return. Thus where there is an intention to issue a notice for scrutiny, the department though may process your refund but it will not be compulsorily for them to pay the refund to you until they have issued you a scrutiny notice and scrutinized your case as per section 143(3).
3. Though it may sound unjust it is as provided in the budget: that if the person from whom you receive your income is suppose to deduct TDS and if he does not do so, then it is your liability to pay the tax or advance tax as necessary and if not done so then it will the deductee's liability to pay the penal interest too on such non/short deduction of TDS.
4. If you are planning to sell your property DO THIS BEFORE 1st Oct 2012.Since if the value of the property is more than 50/20 Lacs then the purchaser will have to deduct 1% of the amount, pay this to the government and then pay the balance to you. For the 1% deducted and paid, the buyer will issue you a certificate. The Registration officer will not register this sale unless you produce this certificate from the buyer.
5. E-filing now mandatory for an individual/HUF if Total Income exceeds 10 lakhs.
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