Tax Returns FAQs

These FAQ’s are related to filing of returns

Q. From where do we obtain return forms?
A. The returns and other forms are available with Income Tax Office or the Public Relations Officer of the Commissioner of Income Tax, or selected Post Offices, Super Bazaars/Kendriya Bhandars. They can also be obtained on cost from M/s. Jaina Book Agency (Sales), C-5, Connaught Place, New Delhi-110 001 & M/s. Jain Book Agency (South End), 1 Aurobindo Place, Hauz Khas, New Delhi.

Q. What are the contents of the return forms?
A. The contents include
* Acknowledgement Slip which contains name, address, Permanent Account Number, gross total income, deductions, total income and tax paid, acknowledgement no., date of receipt, ward/circle, and range.
* Return Form 3 (New):
Part A: General information requiring identification and other data
Part B: Outline of the total income and tax computation, verification and certificate of transmitting the return electronically.

  Schedule 1: Salaries
  Schedule 2: Capital Gains
  Schedule 3: Income from House Property
  Schedule 4: Income from Other Sources
  Schedule 5: Statement of total income after set off of the current year's losses
  Schedule 6: Statement of total income after set off of brought forward unabsorbed loss and allowances
  Schedule 7: Statement of Gross Total Income
  Schedule 8: Statement of Deductions under Chapter VIA
  Schedule 9: Statement of other persons' income clubbed in total income
  Schedule 10: Income chargeable at special rates
  Schedule 11: Exempt incomes
  Schedule 12: Cash flow statement (optional)
  Schedule 13: Advance tax
  Schedule 14: Self-assessment tax
  Schedule 15: TDS on salary
  Schedule 16: TDS on income other than salary

Q. What are the precautions to be taken while filling the form?
A. Write neatly and preferably in block letters. Write in ink preferably blue. Losses may be highlighted in red ink. All parts of the return and verification should be filled in neatly and pro¬perly, so that the form is not rejected by the department. Alterations/cuttings, if any, should be duly authenticated. Write Nil/Not Applicable (N.A.), wher¬ever necessary and not any mark or symbol. Pay all 'taxes due' before furnishing the return.

Q. How to fill the New Challan Forms?
A. Firstly, choose the right challan form and fill in properly, legibly and com¬pletely. Fill name and address of the tax payer in block letters. Remember to quote the 10-digit alpha numeric PAN. Indicate the relevant Major Head of Tax. In case of TDS Challan (No. 281), quote the Tax Deduction Account No. (TAN), indicate whether tax deducted from companies or non-com¬panies and use separate challan for each, mention the code for the nature of payment on which tax was deducted (given on reverse of challan).

Q. Who is a Tax Return Preparer and what are his duties?
A. Any individual (except a chartered accountant, a lawyer or an employee of a bank where the assessee maintains an account) having prescribed qualifications and training may apply for an authorization to act as a Tax Return Preparer. The TRP shall assist the asses¬see in the specified manner, in furnishing the return of income and shall also affix his signature on the return.

Q. Where do we file the returns?
A. The return should be filed with the Assessing Officer who assessed tax-payer in the preceding assessment year or to whom the records have since been transferred. The new assessees should file return to the Assessing Officer, who has territorial jurisdiction over the residence or the principal place of business of the assessee or with the Assessing Officer having special jurisdiction over specific assessees or classes of assessees or classes of income.

Q. Can I file my income tax return on Internet?
A. Yes. An individual having PAN and who has income from 'Salaries' but does not have income from 'Profit and gains of business or profession' and who is assessed in any of the specified city may, at his option, furnish his income tax return on internet.

Q. How to file E-Returns?
A. New return forms 1, 2 and 3 can be filed electronically, with/ without digital signature .In case the assessee opts to submit e-return without digital signature, he shall transmit the details of the return and schedules electronically to http://incometaxindiaefiling.gov.in, and file a paper return mentioning the date of electronic transmission and acknowledgement number given electronically by the department, within 15 days of filing e-return. In case the e-return is furnished under the digital signature, it will not be necessary to furnish the paper return.

Q. Is it compulsory for the Company’s to furnish returns electronically?
A. Yes.