Year: 2012

As 31-July is last date of filing Income tax returns, most of the people faced difficulties in the past week due to major power outage in North India. CBDT has extended the ‘due date’ of filing of returns of income for the Assessment Year 2012-13 to 31 August 2012. Due to collapse of Northern Grid, there was a massive power outage in Northern India affecting more than 300 million people. Services like metro, trains, airlines were also affected. CBDT has issued a  notification to extend the last date of filing returns to 31 August 2012.  The Notification said "On consideration of the reports of disturbance of general life caused due to failure of power, the CBDT in exercise of powers conferred under section 119 of the Income Tax Act, 1961, hereby extends the ‘due date’ of filing of returns...

Are you an Indian professional who has worked abroad on assignment and opened a bank account outside India ?  Even if you have $1 in that bank account,  it is now mandatory to file Income Tax return online. Latest Income Tax circular has made it mandatory to file Income tax return online, if  an individual or a Hindu Undivided Family (HUF), being a resident, having assets (including financial interest in any entity) located outside India or signing authority in any account located outside India. All resident people with bank account, financial interest in any entity, immovable property, any other asset and singing authority of any account outside India need to file Income tax return. They are required to furnish the return in Form ITR-2 or ITR-3 or ITR-4. You will need to file return onli...

Whether your income for the Financial Year 2011-12 i.e for period of April 2011 - March 2012 (Assessment Year 2012-13)  is more than Rs 10 lakhs ??? If yes, You need to compulsorily file the Income tax return electronically. E-filing of Income tax returns has been made compulsory for the person who is an individual or a Hindu Undivided Family, if his or its total income exceeds Rs 10 lakhs. E-filing for such individuals was optional till 2010-11. For filing the return online, having Digital Signature is NOT Compulsory. Returns can be filed with or without digital signature. In case the returns are filed with digital signature, no further action is required. In case returns are filed without using a digital signature, tax payer needs to send ITR-V (Acknowledgement) to the Income Tax depart...