I had switched job in sept.06, thus both my Previous as well as current employer have deducted taxes and provided me with separate form 16 ( based on income generated from that company only ) for the same. Yet after combining both the income for the year there is an additioanl tax liability to be paid for the year. But since the amount is big, and due to other committment i could not pay the tax liability by the 31st july ,07. Please let me know if i can pay the tax in August , o7, along with the interest charge on tax liability.
i have been trying for the last 48 hours to file a simple e-IT return. But the system is not allowing me to do it. the message says okay when i click "check form" and subsequently i press convert to xml. thereafter i tried to login with my user id and password. but it throws me out saying some error or hte other. i have checked everything possible. can anyone confirm that they have successfully filed the e-return and tell me how to validate the returns for its correctness.
I am working with a PSU as well as a visiting faculty with a Management Institute.I have received Form 16 from my company and Form 16A from the Institute. Now how do I file the return for the income from the Institute? Do I have to fill ITR1 or some other form? Pl. clarify. Thanks to you in advance. NABONITA GHOSH
RE:it query
by jainendra kumar on Jul 30, 2007 10:37 PM
If you have any tax dues, you can file with interest u/s 234A which is @ 1% per month on taxes due. There is no penalty other than interest.
I was having two properites (Flats) in my name but I declared only one .This Financial year I sold both the property & purchased one . There was no capital Gains on both the property sold. What do u advise? Should I file the undisclosed property in the prior financial year & pay income tax.
RE:income/investment not considered in form-16
by jainendra kumar on Jul 28, 2007 01:48 PM
Yes, you can claim any additional legitimate claim which is not in form 16, while filing your IT Return.
1. Can I submit my return (hard copy) in designated Post offices?
2.Short -term capital gains : if within the limit of tax-free income, capital gain tax is payable?
3. If IT reurn is made electronically, is the digital receipt to be kept in file for future reference or a print to be submitted to IT office later on ?
RE:3 questions
by jainendra kumar on Jul 28, 2007 12:07 AM
1. You file it with I T Office. 2. No, within taxable limit, no tax on STGC is payable. 3. In case of efiling with digital signature, keep copy of acknowledgement with you. There is no need to file it with ITO. In case of efiling without digital signature, a copy of generated ITR-V is to be filed with ITO within 15 days and one copy is to be kept with you.
