STUDY CIRCLE MEETING 02-07-2016 Income Tax Bar Association Precaution in filing ITRs for A.Y. 2016-17 & filing online TDS Returns F.Y. 2016-17 STUDY CIRCLE MEETING 02-07-2016 Income Tax Bar Association CA. Darshak M. Thakkar Rajkot

Uploading ITR Procedural Changes

Send physically signed acknowledgement to CPC Without digital signature Download the acknowledgement With digital signature Using EVC

Digitally sign XML file Download & fill up ITR Generate XML file Go online and Login Digitally sign XML file Upload digitally signed XML & generate acknowledgement

Digitally sign XML file Download & fill up ITR Generate XML file Go online and Login Digitally sign XML file Upload digitally signed XML & generate acknowledgement

E Verify ITR

ITR filed by taxpayer is not treated as valid until it is verified by the taxpayer. In the existing process, taxpayer can verify the return using Digitally Signed Certificate or by sending signed ITR-V to CPC. As per Rule 12 vide Notification No. 41/2015, IT Dept has introduced e-Verification of returns as an alternate for ITR-V. Taxpayers who are NOT mandated to use DSC are eligible for e-Verification.

NON E VERIFIED ITR E VERIFIED ITR 1 AND 2 LINK

Modes of generation of EVC Notification No. 2/2015 - 13.07.2015 EVC generated and sent to registered e mail and mobile Verifier logs in to e-filing website through Net-Banking Aadhaar authentication using Aadhaar OTP EVC through ATM Notification No. 1/2016 - 19.01.2016 Giving bank details to e-filing website Demat a/c authentication using Demat details registered with CDSL/ NSDL

EVC

AY 2016-17 I C D S 139(9) ITR 4 ITR 5 ITR 6

139(9)

139(9)

Computation of Income of a Partnership firm Net Profit as per P & L A/c + Depreciation Disallowed + Interest and remuneration to Partners + Other Disallowances + Effect of ICDS - Depreciation Allowable - Interest and remuneration to Partners - ICDS Allowances Gross Total Income

139(9)

DEFECTIVE RETURN - 139(9) ?

AY 2016-17 SCHEDULE AL 139(9) ITR 1 2 3 4 4S

Schedule AL

DEFECTIVE RETURN - 139(9) ?

PRESUMPTIVE BUSINESS INCOME FOR FIRMS OTHER THAN LLP

WHETHER TP AUDIT APPLICABLE ITR 3 AND 4 FOR PARTNERS WHETHER TP AUDIT APPLICABLE

ITR 5 AND 6 - LIABLE TO AUDIT UNDER OTHER ACT

ITR 7 Option u/s 11 Clause 2 of Expl to Sec 11(1) Form 9A Sec 11(2) Section 11 and Rule 17(1) furnished before expiry of time allowed U/S 139(1) furnished electronically either under digital signature or electronic verification code

DEFECTIVE RETURN

New Form 35 for e-filing of Appeal with CIT (A) Notification No. 11/2016 1st March, 2016

The Income Declaration Scheme Rules, 2016 Notification No. 33/2016 Dated 19-05-2016

FORM 1

TDS RETURN FILING ON ITD WEB SITE

Sumit Devendra Rajani vs. ACIT (Gujarat High Court) 271 CTR 89 (Guj) Upon issue of Form 16A TDS certificate, TDS credit has to be given to the payee even if there is Form 26AS mismatch or deductor is at fault for non-deposit of TDS with Govt.