Tax Rate For Lowest Income Slab Slashed To 5% From 10%

8/8/2017 Tax rate for lowest income slab slashed to 5% from 10%, surcharge of 10% slapped on incomes over
e of 10% slapped on incomes over Rs 50 lakh

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Tax rate for lowest income slab slashed

to 5% from 10%, surcharge of 10%
slapped on incomes over Rs 50 lakh
ECONOMICTIMES.COM | Updated: Feb 02, 2017, 03.44 PM IST
RELATED VIDEO The finance minister has proposed to slash the

tax rate for individuals in the lowest income tax
slab Rs 2.5 lakh to Rs 5 lakh to 5% instead
82
of 10%. The existing rebate under Section 87A
(currently given to people with income up to Rs
82 5 lakh) is proposed to be reduced to Rs 2500
Comments
from the existing Rs 5000 for individuals
earning between Rs 2.5 lakh to Rs 3.5 lakh.
Tax rate reduced to 5% on income
between Rs 2.5 lakh and Rs 5 lakh
As a result of the combined effect of the new
Section 87A rebate and the reduction in the
lowest slab tax rate to 5% the tax burden for
those with income upto Rs 3 lakh would be zero
Buy & Track Mutual Funds
in Real Time and tax burden those in the Rs 3 lakh to Rs 3.5
Get a link to download app lakh bracket would be Rs 2500.
+91 Enter Phone No.
Those earning Rs 4.5 lakh can therefore reduce
SEND SMS
their tax liability to zero by fully utilising the tax
break under Section 80C combined with these
Related
new proposals.
All the investments, expenditures
you can claim as tax break under
Section 80C Those falling in the higher income tax slabs will
Look beyond Section 80C: Have also be eligible for this lower tax rate of 5% on
you missed out on any of these tax income between Rs 2.5 lakh and Rs 5 lakh.
breaks?
Therefore, those in the higher tax slabs will pay
Here's how you can save tax on lower tax by Rs 12500 per person.
health insurance premium
RELATED VIDEO
Looking to save tax on House Rent
Allowance? Here's all you need to
know
10 important things you need to

know about tax saving fixed
deposits
Tax rate for lowest income slab slashed to Who has to report foreign assets in Indian 11 lakh PAN have been deactivated: Tax Optimizer: NPS, rejigging salary,
1 5% from 10%, surcharge of 10% slapped 2 income tax return and how to do it 3 Here's how to check if your PAN is active 4 buying medical cover can help Rao save
on incomes over Rs 50 lakh or not more tax
http://economictimes.indiatimes.com/wealth/tax/latest-income-tax-slabs/articleshow/56201289.cms 1/31
8/8/2017 Tax rate for lowest income slab slashed to 5% from 10%, surcharge of 10% slapped on incomes over Rs 50 lakh
Tax rate reduced to 5% on income between Rs 2.5 lakh and Rs 5 lakh
Individuals earning between Rs 50 lakh and Rs 1 crore will have to pay a

surcharge of 10% on the total income tax payable by them. Currently there was
no such surcharge on this category. Only those with income above Rs 1 crore
were required to pay surcharge of 15% which continues.
Proposed income-tax slabs for FY 2017-2018 (assessment year 2018-19)

announced in Budget 2017
The tax an Indian pays every year is calculated on the basis of his/her gross
total income. The tax is calculated according to the income tax slabs
announced by the government every year in the Budget. The annual union
budget is normally announced in the month of February.
Says Sonu Iyer, Tax Partner & people advisory services leader, EY India: "Glad
fiscal prudence has prevailed over populism. Budget continues the agenda of
growth for all and focus on global and India realities. The FM recognised the
contribution of the salaried class to the tax revenues yet did not meet the
expectation of standard deduction of this class of taxpayers. However, a tax
saving for all is proposed by reducing the rate of tax from 10% to 5% for the
income slab of Rs 250,000 to Rs 500,000. So for income up to Rs 300,000, no
tax payable. Simplification of tax return forms for income up to Rs 500,000

provided no business income. LTCG period of land and building reduced to 2
years from 3 years. Fine print of the budget document will surely have more
details."
Income tax slab rates for the financial year 2016-17 (assessment year 2017-18)
are given below in the table:
1. Normal tax rates applicable to a resident individual below the age of 60

years, non-resident individual, resident/non-resident HUF, AOP, BOI, artificial
juridical person.
2. Normal tax rates applicable to a resident individual of the age of 60 years or

above at any time during the year but below the age of 80 years
Also Read: Turning 60! Get these benefits for yourself, parents
Also Read: 5 investment options for the retired
3. Normal tax rates applicable to a resident individual of the age of 80 years or

above at any time during the year
After taking the deductions under Section 80 (C) to 80 (U), the tax is payable
after adding the cess and surcharge, if applicable.
The education cess of 2% and secondary cess of 1% are calculated on the

amount of tax payable separately. Both the cess are then added to the tax
payable to arrive at the Gross tax payable amount.
The surcharge is levied @ 15% on the amount of income tax where net income
exceeds Rs 1 crore. In the case where the surcharge is levied, the cess will be
levied on the tax amount plus surcharge.
A resident individual can also avail rebate under Section 87(A) whose net
income is equal to or less than Rs 5 lakh. The amount of rebate under this
section is 100% of the income tax or Rs 5,000 whichever is less. It is deductible
before calculating the cess.
Also Read: Choose the best tax saving instrument for you
Also Read: 5 things one must consider before making fresh Section 80C
investment for FY 2016-17
How to file Income Tax Return for FY2016-17?
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READ MORE ON Tax Return Filing TDS Tax Return Tax Deduction ITR
Income Tax Slabs
Comments (82) Add Your Comments
Who has to report foreign assets in Indian income

tax return and how to do it
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Who has to report foreign assets in

Indian income tax return and how to do
it
ET CONTRIBUTORS | Aug 08, 2017, 09.48 AM IST
ET CONTRIBUTORS | Aug 08, 2017, 09.48 AM IST
By Shalini Jain, Tax Partner, People

Advisory Services, EY India
The requirement to report foreign assets in the

Indian tax return was introduced from financial
0 year 2011-12. The tax return form contains a
Comments
schedule - "Schedule FA" for reporting such
The assets need to be reported assets.
irrespective of value and the values are
to be reported in Indian Rupees.
Applicability and relaxation
The reporting requirement is applicable to
individuals qualifying as Resident and Ordinary
Residents (ROR) in India. Individuals who are
Non Residents (NR) or Not Ordinarily Residents
in Real Time
(NOR) in India are not required to report foreign
Get a link to download app
assets.
+91 Enter Phone No.
SEND SMS Even where an ROR does not have any taxable
income in India, a tax filing requirement arises if
Related the individual has any assets outside of India.
Here's what will happen if you miss
income tax return filing deadline
There is an exemption from reporting foreign
Filed your income tax returns? Tax
asset which was acquired while the foreign
notices that you may get and how
to deal with it national was an NR in India and from which no
income is earned during the financial year. The
exemption is applicable only to employment, business or student visa holders.
Details to be reported
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The assets to be reported include foreign bank accounts, financial interest,

immovable property, accounts in which individual has signing authority, trusts,
any other capital asset held by the individual outside India.
The assets need to be reported irrespective of value and the values are to be
reported in Indian Rupees. Jointly held assets are to be disclosed at their full
value by each of the joint owners to whom the reporting requirement is
applicable although income in relation to such assets may be offered to tax
based on the respective owner's share.
Apart from the value/ cost of assets, the income earned from the asset along
with nature of income and head of income under which such income has been
offered to tax in the return, needs to be reported in relation to each asset.
Bank accounts
The reporting requirement for bank accounts include name and address of the
bank, account number, name of the account holder, date of opening, peak
balance during the year and interest earned. Peak balance refers to the
maximum account balance during the year and not the balance at the end of
the year.
Details need to be reported for each bank account separately even if there are
multiple accounts held with the same bank.
Schedule FA also specifically requires reporting of details in relation to bank

accounts where the individual has a signing authority. The schedule provides a
separate table for the same.
Financial interest
Financial interest refers to any direct/ indirect ownership of shares/ voting
power in a corporation/ entity, partnership interest, mutual fund holdings, vested
stock options etc. It also includes any investment accounts held with banks
outside India.
In relation to financial interest, in addition to basic details such as name of

entity, nature of interest, date of investment etc, the amount to be disclosed is
the cost incurred to acquire such interest which are held on 31st March.
As with bank accounts, details for each investment and/ or investment account
needs to be reported separately.
Immovable properties
In relation to immovable properties, the details to be reported include address,
nature of ownership (direct/ beneficial), date of acquisition, total investment at
cost, income from the property and nature of income. Where the individual has
inherited property without incurring any cost, such property needs to be
reported at nil value.
Other reporting requirements

The foreign asset reporting requirement extends to trusts outside India where
the ROR is a trustee, a settlor or a beneficiary.
To cover any asset that does not fall under any of the above mentioned
categories, there is also a residual category of "any other capital asset".
Importance
While reporting requirements for foreign assets were initially introduced as
mere disclosure, starting from financial year 2015-16 onwards, the Black Money
(Undisclosed Foreign Income and Assets) Imposition of Tax Act (Black Money
Act) provides for increased tax and penal consequences.
Under the Black Money Act, undisclosed foreign income and asset will be taxed
at a flat rate of 30%. Further, there may be significant monetary penalties (up to
300% of the tax) along with the risk of criminal prosecution. Additionally, failure
to furnish any information or furnishing inaccurate information in the return with
respect to foreign income and foreign assets could also trigger a penalty of INR
10 lakhs.
Given the stringent penal consequences for not reporting or incorrect reporting,
it is advisable to correctly report all foreign income and assets in the India tax
return.
Reporting of Indian assets and liabilities

In addition to the reporting of foreign assets, individuals whose taxable income
is above INR 50 lakhs also need to provide details of the specified assets and
corresponding liabilities in India under "Schedule AL".
corresponding liabilities in India under "Schedule AL".
It is important that individuals duly comply with the asset reporting requirement
to avoid any questioning from the Indian Revenue Authorities at a later date.
(Views expressed are personal)
Disclaimer: The opinions expressed in this column are that of the writer. The
facts and opinions expressed here do not reflect the views of
www.economictimes.com.
READ MORE ON Tax Return Filing Scheule AL Schedule FA
Penalty On Undisclosed Foreign Income Foreign Asset Reporting
Black Money Act
Comments Add Your Comments
11 lakh PAN have been deactivated: Here's how to

check if your PAN is active or not
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11 lakh PAN have been deactivated:

Here's how to check if your PAN is
active or not
active or not
By Sunil Dhawan, ECONOMICTIMES.COM | Updated: Aug 08, 2017, 01.38 PM IST
RELATED VIDEO Recently, Minister of State for Finance Santosh

Kumar Gangwar in a written reply informed the
Rajya Sabha that as on July 27, 11,44,211
PANs have been identified and deleted or de-
activated in cases where multiple PANs were
19 found allotted to one person.
Comments
A person cannot hold more than one PAN. A

Watch: Govt deactivates more than 11
penalty of Rs. 10,000 is liable to be imposed
lakh PAN cards
under section 272B of the Income-tax Act, 1961
for having more than one PAN.
If a person has been allotted more than one

in Real Time PAN then he should immediately surrender the
Get a link to download app additional PAN card(s).
+91 Enter Phone No.
To check whether one's PAN is active or in an
SEND SMS
inactive stage, here's the process.
* Click here or access https://incometaxindiaefiling.gov.in/e-

Filing/Services/KnowYourPanLinkGS.html
* Enter surname, name, and date of birth etc along with mobile number
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* Receive the OTP on mobile
* Enter OTP
* Result page shows PAN and jurisdiction officer address and active/inactive
status
Step 1 - After clicking on the link above
Step 2 - Enter OTP
Result Page - Know your PAN and PAN status
Just in case, you have forgotten the PAN or want to locate the jurisdiction
officer address, the link above may help you in locating them.
The facility to delete or de-activate the PAN is available with the Assessing
Officer through application software.
During 2004 to 2007 also, an exercise for de-duplication of PAN was conducted
in the tax department to identify probable duplicate PANs.
Also Read
How to link PAN with Aadhaar
More than 11.44 lakh PANs deactivated
How to get PAN card details corrected
More than 11.44 lakh PANs deactivated
READ MORE ON Tax Return Filing Section 272B Pan OTP Jurisdiction
Tax Optimizer: NPS, rejigging salary, buying

medical cover can help Rao save more tax
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Tax Optimizer: NPS, rejigging salary,

buying medical cover can help Rao
save more tax
ET Bureau | Aug 07, 2017, 06.30 AM IST
Srinivasa Rao works for a media company in

Bengaluru. His pay structure is fairly tax
efficient and his tax outgo is only 6.1% of his
annual income.
2 However, Taxspanner estimates that this can be

Comments
pruned if Raos company rejigs his pay
Paying too much tax? Write to us and package, he saves more for retirement and
our experts will tell you how to reduce buys more medical insurance for his family. Rao
your tax by rejigging your pay and
should start by asking his company to offer him
investments.
NPS benefit.
INCOME FROM EMPLOYER

in Real Time
+91 Enter Phone No.
SEND SMS
SRINIVASA RAOS TAX
All figures are in Rs
Under Sec 80CCD(2d), if a company puts up to 10% of the basic in the NPS,
that amount is eligible for deduction. Raos tax can be cut by Rs 8,000 if he opts
for this benefit. Another Rs 10,000 can be saved if he invests Rs 50,000 in the
NPS under Sec 80CCD(1b). Rao pays a premium of Rs 72,000 a year for a
clutch of low-yield traditional insurance plans.
Taxspanner recommends that some of these plans can be surrendered or

turned into paid-up policies. Instead, Rao should invest in ELSS funds through
monthly SIPs. He should also buy a term insurance of Rs 1 crore. Though he
already has a health insurance plan, the low premium suggests that the policy
doesnt offer adequate coverage. Rao should buy additional health insurance.
This will cut his tax further by Rs 1,600.
Write to us for help

Paying too much tax? Write to us at etwealth@ timesgroup.com with Optimise
my tax as the subject. Our experts will tell you how to reduce your tax by
rejigging your pay and investments.
Also Read
NPS: Frequently asked questions
How to register NPS grievances
RBI allows large NBFCs to offer NPS
How to transfer money from Tier II to Tier I account of NPS
Best performing NPS funds for different asset allocations
READ MORE ON Tax Return Filing Tax Optimizer: Sec 80CCD(2D) Sec 80CCD(1b)
Retirement NPS Health Insurance ET Wealth
What is a belated income tax return and what are

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What is a belated income tax return

and what are its consequences
By Devansh Sharma, ECONOMICTIMES.COM | Aug 05, 2017, 04.02 PM IST
If you think you will miss the extended income

tax return filing deadline also, there's still a
chance for you to file your return. However,
there are certain points you need to understand
before you make up your mind to avail this last
chance. Returns filed after the due date are
8 referred to as 'Belated Returns'. Below is your
Comments
If an individual fails to file the income primer on filing belated tax returns:
tax return by the due date, then as per
section 139(4) of the income tax he
What is belated income tax return?
can file a belated return.
If an individual fails to file the income tax return
by the due date, then as per section 139(4) of
the income tax he can file a belated return.

in Real Time What is the deadline to file belated ITR?
Get a link to download app A belated return can be filed at any time before
the end of the relevant assessment year or
+91 Enter Phone No.
before completion of assessment, whichever is
SEND SMS
earlier. If you are filing a belated return for
FY16-17 then you need to fill the applicable
ITRs as notified for this FY only and not for any previous or later FY. The
relevant assessment year for a financial year is the immediately succeeding
financial year.
This means that you can file belated return for FY2016-17 by March 31, 2018
i.e. before the end of of the current assessment year (AY2017-18).
Can you revise belated tax returns?

Yes, I-T return for the FY 2016-17 and onwards filed under section 139(4),
which is belated tax return can be revised. However, belated returns filed for
previous financial years cannot be revised because the income tax law for this
was changed from FY 2016-17 onwards.
Is there a penalty?
No, the penalty for filing income tax return after due date is only applicable from
FY 2017-18. The government has introduced a maximum late fee of Rs 10,000
for delayed filing of income tax return by individuals in the last budget presented
in February this year. However, this fee is applicable with effect from April 1,
2018 and will not apply for returns filed for FY2016-17 for which the deadline as
of now is August 5, 2017.
If there's no penalty then what do I stand to lose if I file belated returns?

You stand to lose certain benefits for not adhering to the income tax filing
deadline
Cannot carry forward loss

If you file a belated return you cannot carry forward losses (except loss from
house property). Losses under the following heads of income: Income from
business and profession including speculation business, capital gains, and
income from other sources cannot be carried forward in case a belated return is
filed by the tax payer. The return filer will not be allowed to carry forward these
losses even if all taxes have been paid in time if the return is belated.
Levy of interest under section

If you have any unpaid tax liability, filing your return after the due date would
result in a levy of penal interest on the unpaid tax calculated from the due date
of filing the return till the actual date of filing. But if no tax is payable, the
taxpayer won't be liable to pay this interest on unpaid tax due to the belated
filing for FY16-17 only. However, if the income tax department on assessing
your return raises demand for additional tax payment then you would have to
pay penal interest on that tax as well as the additional tax.
Also Read
How to rectify income tax returns
Last day checklist to file income tax returns
Last minute checklist for filing income tax return
6 ways to verify your income tax return
Income Tax returns up 24% as more individuals declare income
READ MORE ON Tax Return Filing Tax Filing ITR Filing Deadline ITR Deadline
Income Tax Return Income Tax Belated Tax Filing
How to file income tax return after due date

Definitions
NEXT STORY
How to file income tax return after due

date
By Preeti Motiani, ECONOMICTIMES.COM | Updated: Aug 05, 2017, 04.21 PM IST
If you are likely to miss even the extended

deadline for filing income tax returns this year
then you must be worried as to what can be
done about it now.
Worry not. Here's the step by step guide on

3 how you can file belated Income Tax Return
Comments
This method can only be used by (ITR).
individual taxpayers who are eligible to
file ITR using form 1 or 4 for AY 2017-
The steps to file belated ITR are same as how
18.
ITR is filed before the deadline - which for FY
2016-17 is August 5, 2017.
The only difference is that instead of filing your

in Real Time ITR under section 139(1), you will be required
Get a link to download app to file ITR under section 139(4).
+91 Enter Phone No.

However, before you start filing your belated tax
SEND SMS
returns you must remember to check:
Related
a) Which tax return form was applicable to you
E-filing income tax return: How
for the assessment year for which you want to
individuals can upload any ITR
using excel utility file the belated return. The correct form for you
How to prepare and file ITR
depends on your sources of income. This is
completely online because income tax department has been
notifying new ITR forms for every assessment
year.
b) The last date to file belated ITR is March 31, 2018.
c) If there is any tax due (after deduction of advance tax and TDS), you will be
required to pay a penal interest of 1% per month. If there is no tax due, no
penal interest is required to be paid. Abhishek Soni, CEO, Tax2Win.in says,
'Even if you wish to file ITR after the due date, you can still avoid penal interest
'Even if you wish to file ITR after the due date, you can still avoid penal interest
on the amount of tax payable by paying due amount before the due date.'
There are two ways to file your ITR - either using completely online method or
downloading excel or java utility, filling it with the necessary details and then
uploading it on the website.
Given below is the step wise guide to file your ITR completely online. This
method can only be used by individual taxpayers who are eligible to file ITR
using form 1 or 4 for AY 2017-18 (Form 1 and 4S up to AY 2016-17)
Step 1: Visit the income tax e-filing website: www.incometaxindiaefiling.gov.in
Step 2: Click on the 'Login Here' and you will be required to enter few details.
Enter details such as - User ID (your PAN), password, Date of birth and captcha
code. Once you click 'Submit', you will be successfully logged in your account.
Step 3: Click on 'e-file' tab and select the 'Prepare and submit ITR online'
Step 3: Click on 'e-file' tab and select the 'Prepare and submit ITR online'
option.
Step 4: Since you're filing your ITR after the expiry of deadline, you should be
careful while selecting the relevant form and assessment year.
Step 5: Once you have entered above required details, you will be re-directed
to the ITR form page.
Step 6: While filing up the ITR form, remember to select the correct option for
'Return filed under section .' otherwise the tax return won't be accepted.
Select the option, 'After Due date 139(4)'.
Select the option, 'After Due date 139(4)'.
Step 7: It is advisable to check that all the information punched in by you is

correct. You can check it by select 'Preview and Submit' option.
Step 8: After the final submission, you must not forget to verify your ITR. Your
ITR wouldn't be considered valid until it is verified by you.
Step 9: There are 6 ways to verify your ITR. You can either e-verify your ITR
using Aadhaar, Net-banking or OTP method. Alternatively, you can send the
acknowledgement copy, commonly known as ITR-V, to CPC Bengaluru.
Step 10: Once income tax department receives your verified ITR, they will start
the processing of your ITR. Once ITR is processed, you will be notified about
the same via SMS and E-mail.
READ MORE ON Tax Return Filing Verification Of ITR Steps To File ITR After Due Date
Last Date To File Belated ITR Itr Filing Last Date ITR Filing
Income Tax Return Filing After Due Date Belated ITR Filing
Today is the last day to file your tax returns, use

this 8-point guide to cut the filing hassle


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Today is the last day to file your tax

returns, use this 8-point guide to cut
the filing hassle
ECONOMICTIMES.COM | Updated: Aug 05, 2017, 10.39 AM IST
You have only a few hours left to file your

income tax returns today. Field offices of tax
departments will remain open till midnight to
facilitate senior citizens and those with income
below Rs 5 lakh to file tax returns for 2016-17.
1
Comments
The last date for filing of Income Tax Returns
The last date for filing of Income Tax (ITRs) was extended from July 31 to August 5
Returns (ITRs) was extended from July in view of difficulties faced by taxpayers.
31 to August 5 in view of difficulties
faced by taxpayers.
E-filing of ITR is mandatory for all individuals
except those whose income is less than Rs 5
lakh per annum and who are above 80 years of
age.
in Real Time
Get a link to download app Individuals with age 80 years or more, an
individual or HUF whose income does not
+91 Enter Phone No.
exceed Rs 5 lakh and who has not claimed any
SEND SMS
refund in the return of income, have an option
to file ITR-1 (Sahaj) or ITR-4 (Sugam) in paper
form.
Here's an 8-point guide for last-minute filers
1. Get that Form 16 in place. If you have switched jobs, you will need Form 16
from your last employer too. To ascertain that TDS deducted by all of your
employers have been deposited with the government, you should download
'Form 26AS' from the TRACES website and match it with your Form 16.
2. If you spot a discrepancy between your Form 16 and Form 26AS, you should
enter the details which is correct as per your calculations. In addition to that,
you must keep the investment proof for your claim safely as the tax department
may ask you to justify the claim in future.
3. Form 16 will have all the information required for filing ITR such as total
income received in a year, deductions claimed under Sections 80C to 80U. If
you have more than one Form 16, then you must add incomes from both the
forms but do not add deductions from both as you will be claiming benefit twice
for a single tax saving.
for a single tax saving.
4. Form 26AS will also have details of TDS deposited in your name form other
deductees such as banks etc. This will save your last-minute rush to visit the
bank for collecting TDS certificates. Even if they are no deductions from the
bank, you are still required to report all the interest incomes earned from the
savings bank account etc.
5. The bank usually credits the interest on savings bank account on the last
working day of every quarter. You can check the interest earned by you for
every quarter from your bank passbook or by net-banking and checking the e-
statement.
6. If the total interest is less than Rs. 10,000 from all the savings bank accounts
held by you, then don't forget to claim it under section 80TTA.
7. Once you have successfully mentioned and uploaded all the details in the
ITR form as applicable to you, you will still have 120 days to verify your returns
from the date of uploading the ITR.
8. If you think that you have time to file ITR till March 31, 2018, you should not
wait for it as you will lose out on certain benefits - carrying forward of losses is
not allowed, losing out on interest on refund etc. You must file ITR on or before
July 31. Even if you might make a mistake, you will still have the option to
rectify or revise your ITR.
Also Read
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READ MORE ON Tax Return Filing Taxpayers Tax Returns ITR Income Tax Returns
Income Tax Return
Why you should not rely solely on your income tax

return filer, chartered accountant when filing ITR

Calculators

CALCULATOR
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Why you should not rely solely on your

income tax return filer, chartered
accountant when filing ITR
By Pragati Kapoor, ECONOMICTIMES.COM | Updated: Aug 04, 2017, 02.39 PM IST
Here's a checklist of basic precautions you

should take during and after filing your income
tax return.
1. Get acknowledgement of return filed

8 Ensure you have got the acknowledgement of
Comments
your return having been filed. If you have e-filed
Email ID and mobile number given in your return and verified it just after uploading
your return for communication purpose then you would get a one page 'Indian Income
should be the same as those
Tax Return Acknowledgement' on your
registered in your e-filing account.
registered email.
If you have chosen to verify your return later

then an ITRV or 'Indian Income Tax Return
in Real Time Verification Form' is send to the email ID
Get a link to download app registered in your e-filing account. Receiving
either of these confirms that you have
+91 Enter Phone No.
successfully filed your return. If you are filing
SEND SMS
through a chartered accountant ensure that you
get a copy of one of them from him.
Related
What you must check in your TDS
2. If you don't get acknowledgement email
certificates, Form26AS & why they
should match If you do not receive either one of the above
6 ways to verify your income tax
after filing the return you can also download
return them from your e-filing account on the income
tax e-filing website. Log-in to your account, click
on 'My Account' tab and click on option 'View e-filed returns and forms'.
This option is also available on your Dashboard. After this, a list of ITRs filed
you will be displayed and you can click on the 'Acknowledgement number'
which is hyperlinked and then download the acknowledgement and then the
ITR filed by you as recorded on the site.
3. Check ITRV before verifying return

If you have chosen to verify your return later and received an ITRV then check
this form carefully to ensure that it reflects the information you filled in your ITR
correctly. The ITRV is auto-generated from the return you file therefore most of
the information in ITRV is picked from the return you file.
Verify your return (E-verify your return later or sign the ITRV and send it
physically to CPC, Bengaluru) only after checking it for accuracy. When you
verify your return you are confirming to the IT department that the return is
actually filed by you and you verify it as correct.
This is particularly important for those who do not file their returns themselves
but via private tax-filing website and chartered accountant firms because legally
you are responsible for the information given in your return once you verify it.
4. Ideally, communication email ID and mobile number should be yours

Ideally, the email ID and mobile number given in your return for communication
purpose should be the same as those registered in your e-filing account.
Further, both these should be yours and not that of the chartered accountant.
This will help you keep track of these important communications and preserve
them in case you change your service providers.
If you are filing your return using these service providers then ensure that they
forward you all the communications -acknowledgements, notices etc-that they
receive from the income tax department in relation to your PAN/e-filing account.
5. File through a trustworthy organisation/individual

If you can't file your return yourself, choose a trustworthy organisation to file
your returns for you. Ensure that you have the password to your e-filing account
in case it has been created for you by your chartered accountant.
Remember, as you will have to give your chartered accountant complete

access to your e-filing account to file your return he will also have the ability to
change your password or file anything from your account.
6. Confirmatory mails you must get and keep

Confirmatory emails from the income tax department you must keep with you:
a. ITR acknowledgement or ITRV as mentioned above.
b. Confirmation of verification of your ITR in case you do not e-verify it
immediately after uploading and verify it later.
c. Confirmation that the tax department has received ITRV if you send it
physically.
Remember that this time the department will start processing your return only
after it is verified and also your PAN is linked to Aadhaar. Therefore their mail
confirming receipt of ITRV ensures that the return will be taken up for
processing once your PAN and Aadhaar are linked.
If you verify your return immediately after uploading it then the

acknowledgement generated is also confirmation of verification of the return so
you may not get a separate mail regarding this.
7. Form 26AS should show self-assessment tax paid too

If you pay any advance/self-assessment tax, check Form 26AS to ensure that
this payment also reflects there (although this may take a week or so to show
up in the form). The tax department when processing your return will give you
credit only for the taxes that reflect there including any taxes paid directly by
you (apart from TDS).
If you have paid your self-assessment tax just before filing your return your
Form 26AS may reflect the amount paid some days after you file the return.
Even so, you should check and verify that the amount paid shows in Form
26AS after you file the return.
Also Read
How to claim income tax refund
6 ways to verify your income tax return
READ MORE ON Tax Return Filing Verifying Your ITR ITR V Income Tax Return Filing
Income Tax Form 26AS
CBDT hikes deposit to 20% for getting I-T demand

stay

Definitions
NEXT STORY
CBDT hikes deposit to 20% for getting

I-T demand stay
By Lubna Kably, TNN | Updated: Aug 04, 2017, 10.41 AM IST
MUMBAI: Taxpayers who wish to file an appeal

against income tax demands raised against
them will have to shell out more to obtain a
stay, pending disposal of their appeal with the
Commissioner of I-T (Appeals). Corporate tax
payers and HNIs, who face heavier I-T
0 demands, will have to cough out more for
Comments
CBDT's internal memorandum, dated obtaining a stay . Approaching CIT (Appeals) is
July 31, points out that high-pitched
July 31, points out that high-pitched the first stage for obtaining redress, after which
assessments have been contained
the appeal process -if further li igated -moves to
over the years through several
measures.
the I-T appellate tribunals and courts.
In its recent office memorandum, the Central

Board of Direct Taxes (CBDT) has prescribed a
Buy & Track Mutual Funds deposit of 20% of he disputed I-T demand by
in Real Time axpayers for obtaining a stay pending disposal
Get a link to download app of the mat er by the CIT (Appeals). Earlier, the
+91 Enter Phone No. aggrieved taxpayer had o deposit only 15% of
the disputed I-T demand before approaching
SEND SMS
the CIT (Appeals).
CBDT's internal memorandum, dated July 31, points out that high-pitched
assessments have been contained over the years through several measures.
This has resulted n fairer and more reasonable assessment orders, thus the
standard rate of deposit of 15% of the disputed amount is found to be on the
lower side.Based on feedback received from the I-T officials (field authorities),
this rate stands revised to 20% of the disputed amount, where the demand is
contested by the taxpayer before the CIT (Appeals), states the memorandum.
As earlier, the I-T authorities can ask for a deposit higher than the standard
rate.This applies where addition to the taxpayers' income during assessment is
owing to issues confirmed by appellate authorities in earlier years, or where the
decision of the jurisdictional high court or Supreme Court is in favour of the I-T
authorities. A higher deposit can also be ordered where the I-T demand has
been raised based on credible evidence obtained in search and survey
operations. Given that the government is aiming at a nonadversarial regime,
this hike in deposit seems unwarranted, says Abhishek Goenka, leader
corporate and international tax at PwC -India.
Concurs, Girish Vanvari, national head of tax at KPMG India, Increase in the
standard rate of deposit from 15% to 20% will adversely impact the cash flow
situation of taxpayers, especially where it stems from demands which may not
be tenable at higher appellate levels.
(This article was originally published in The Times of India)
Also Read
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CBDT: GST not to be added for TDS computation
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CBDT notifies secondary adjustment rule in transfer pricing
CBDT hikes deposit to 20% for getting I-T demand stay
READ MORE ON Tax Return Filing Income Tax CBDT
How to prepare and file ITR completely online


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How to prepare and file ITR completely

online
By Preeti Motiani, ECONOMICTIMES.COM | Updated: Aug 03, 2017, 11.35 AM IST
You have time till Saturday to get all your tax

papers in order. People with salary income who
are eligible to use ITR 1 or ITR 4 form can file
their tax return completely online via the income
tax e-filing website without having to download
any form/software.
18
Comments
Once final submission is done, your Using this method, a person can fill the form
ITR will be uploaded and you will be online by entering the relevant information and
asked to verify your return using any of
finally submit it online as well.
the options available.
This step by step guide will help you do the

same.

in Real Time 1. Visit the e-filing website:
Get a link to download app https://incometaxindiaefiling.gov.in/
+91 Enter Phone No.

2. If you are a first time user or filing your
SEND SMS
returns for the first time then click on the 'New
Registration' tab and register yourself by
Related
providing relevant details and creating your
How to file ITR for FY 2016-17 and
profile and password. While creating your user
How to file ITR for FY 2016-17 and
profile and password. While creating your user
all the links you need
ID, you must ensure that you have an active e-
Which ITR form to fill for FY 2016-
17 and tips on how to fill it
mail id and mobile number and it is mentioned
correctly.
It is important as communication by the department will be sent on this.

Registration will be completed by clicking activation link sent via email and
providing one-time password (OTP) received on the mobile. Click on the
'Registered user' if you have already registered yourself on the website. For any
assistance, one can click on 'Customer care tab' to get the helpline number and
call the customer care centre.
3. Next click on login tab and enter the required details: your user ID i.e. your
PAN, password, date of birth (mentioned on the PAN card) and captcha code.
Click on log-in button at the bottom to sign in.
4. After signing in, your account dashboard will open up as shown in the picture
below. Click on the 'e-file' tab and select the 'Prepare and submit ITR online'
option.
5. Next, select the relevant form and assessment year for which the return has
to be filed. Here taxpayer can pick his address either from the PAN database,
from previously filed return or fill in new address. The department here asks you
whether you want to digitally sign your return. If selected 'Yes', you are required
to upload your signature which needs to be pre-registered at the income tax
website.
6. Click on the 'Submit' button and the website will redirect you to the page for
filling the form selected by you. Before starting to fill the ITR form, one should
read the 'General Instructions' given at the start of the form to know do's and
don'ts.
Click here for a step by step guide on how to prepare the ITR for FY 2016-
17
7. After that you will be asked to fill in required information in different tabs i.e.
General information, Income details, Tax details and taxes paid in the ITR form.
One should ensure that the Tax payable shown in the online form matches your
calculations.
8. Before making a final submission, it is advisable to save the data entered

and recheck it to avoid any mistakes. Once 'Preview and Submit' button is
clicked, your form will appear allowing you a preview of your ITR form before
final submission is made.
9. Once the 'Submit' button is clicked, your ITR will be uploaded and you will be
asked to verify your return using any of the options available.
10. If you have already registered your digital signature, you will be asked to
upload the same while submitting your ITR at the final step. Once it is uploaded
and submission has been made, process of ITR filing is completed and no
further verification is needed. You will not be required to send
acknowledgement/ITR V in physical to CPC, Bengaluru.
11. However, if you do not have/haven't uploaded the digital signature while
filing the return, then you can verify your return either electronically using
Aadhaar OTP or Electronic Verification Code method or by sending a signed
print out of the ITR V to CPC, Bengaluru within 120 days from the date of e-
filing.
12. An Acknowledgement/ ITR V will be simultaneously sent to you on your

registered email ID once your return is successfully uploaded. This
acknowledgement will also show up in your account on the e-filing website from
where you can download it if required.
13. The department will process your ITR once you verify it. After your ITR is
processed, you will be intimated about the same via mail and sms on your
registered mobile number.
READ MORE ON Tax Return Filing Online Tax Filing Income Tax Return Online Filing
Income Tax Return Filing Income Tax Return E Tax Filing
Tax queries: Which ITR form to use for Income

from salary, capital gains?

Calculators

CALCULATOR
NEXT STORY
Tax queries: Which ITR form to use for

Income from salary, capital gains?
Updated: Aug 02, 2017, 12.45 PM IST
Tax Queries from our readers answered by Dilip

Lakhani, Senior Chartered Accountant.
I acquired 1,000 shares of X Pvt Ltd in the

financial year 2014-15. X Pvt Ltd merged
with Y Ltd listed on the BSE. The scheme of
0 the merger was approved by the Bombay
Comments
Every week, an expert selected by ET High Court and the SEBI. I was allotted 200
answers queries from our readers on shares of Y Ltd against my holding of 1,000
income tax and other levies.
shares of X Pvt Ltd. My cost of acquisition
of 1,000 shares was Rs 10,000. I have sold
200 shares of Y Ltd on the exchange for Rs
2.5 lakh in the month of July 2017. I had not
in Real Time
paid STT on acquisition of my shares of X
Pvt Ltd. Whether I have to pay any capital
gains tax on sale of shares of 200 shares of
gains tax on sale of shares of 200 shares of
+91 Enter Phone No.
Y Ltd?
SEND SMS - Rohit Iyer, Chennai
Related You will not be liable to pay any capital gains

How to file ITR for FY 2016-17 and tax on sale of 200 shares of Y Ltd, because at
all the links you need
the time of selling the shares on the floor of the
Which ITR form to fill for FY 2016-
exchange, you have paid STT.If at the time of
17 and tips on how to fill it
purchase of the shares STT is not paid and the
shares are acquired after 1102004, then the benefit of exemption from long-
term capital gains as provided us.10(38) will not be available.However, the
government has issued notification and has given exemptions from compliance
of this condition if the shares are acquired under certain circumstances. It is
provided in the notification that if the shares are acquired with the permission of
the high court or in accordance with the SEBI regulations, then the exemption
us.10(38) will be granted even if STT was not paid at the time of purchase of
the shares.Your case falls within the exemption provided in the notification. The
tax authorities can ask you to produce the proof that you received 200 shares of
Y Ltd against your holding of 1,000 shares of X Pvt Ltd in the scheme of merger
which was approved by the Bombay High Court.
For a salaried person like me what form will be used (i.e.,ITR 234), if there
is income from capital gains.Can we e-file 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 assessment year 2017-
18. You will be required to prepare your return of income offline using ITR-2
utility (Java Excel) available on the eFiling portal of the income-tax department;
generate xml file and upload the same. Only the ITR 1 and 4 can be prepared
and submitted online.
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Tax queries: HRA wrongly calculated by employer? Here's how to rectify it
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Tax queries answered by Dilip Lakhani, Senior Chartered Accountant
READ MORE ON Tax Return Filing Tax Queries ITR Form ITR 2 ITR 1
Income Tax


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Tax Rate For Lowest Income Slab Slashed To 5% From 10%

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8/8/2017 Tax rate for lowest income slab slashed to 5% from 10%, surcharge of 10% slapped on incomes over

e of 10% slapped on incomes over Rs 50 lakh

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Tax rate for lowest income slab slashed

RELATED VIDEO The finance minister has proposed to slash the

10 important things you need to

Tax rate reduced to 5% on income between Rs 2.5 lakh and Rs 5 lakh

Individuals earning between Rs 50 lakh and Rs 1 crore will have to pay a

Proposed income-tax slabs for FY 2017-2018 (assessment year 2018-19)

tax payable. Simplification of tax return forms for income up to Rs 500,000

1. Normal tax rates applicable to a resident individual below the age of 60

2. Normal tax rates applicable to a resident individual of the age of 60 years or

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3. Normal tax rates applicable to a resident individual of the age of 80 years or

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