You are welcome. Pranam. Some people do not use word or pdf format but using google chrome take google word and excel to type or print or record. Some have only word basic So word doc of 13 etc may not open properly. So they can extract from the email what they need. Thank u. K. R. IRS 24622
On Fri, Jun 24, 2022, 10:45 AM SRIRAMAJAYAM <[email protected]> wrote: > Exhaustive and very useful information. > Thanks pl. > Worth sharing. > (for those who may not have word doc ??) > 🙏 > > On Fri, 24 Jun, 2022, 10:37 am Rajaram Krishnamurthy, < > [email protected]> wrote: > >> Pranam >> A brought details for IT filing, under col I ,II & IV, Cr and DR card >> changes wef 1/7/22 under III and ATM change under SBI col V for those who >> would like to know; appropriate pages can be dissected as required. k >> Rajaram IRS 24/6/22 >> >> *I How to file an income tax return?* >> To file income tax return, an individual is required to compute net >> taxable income, fill ITR form as applicable, pay taxes if any. Once all the >> required taxes have been paid and ITR has been submitted on the new income >> tax portal, ensure that the ITR filed is verified. Once the ITR is >> verified, then the tax department will take it up for processing. Once the >> ITR is processed, then an intimation notice will be sent on your registered >> email id informing about whether your income tax calculations matches or >> with that of income tax department’s calculations. If it matches, then the >> ITR filing process for a particular financial year is completed. If it does >> not match, then either you have income tax refund due or have income tax >> payment pending. If income tax refund is due to you, then it will be >> credited in your bank account, provided it is pre-validated on the new >> income tax portal. If the income tax payment is pending, then the income >> tax department will ask you to make payment along with interest, if any. >> >> >> *How to calculate total taxable income for ITR filing? *To know the >> income tax an individual is required to pay, one must first calculate the >> total taxable income. The total taxable income is divided into five >> categories: >> >> >> - Income from salaries >> - Income from house property >> - Income from capital gains >> - Income from business/profession >> - Income from other sources >> >> >> *Income from salaries:* The first head includes income from salaries and >> pension. Salary/pension received from employer is taxable under this head. >> The information related to salary/pension received by you during a >> particular financial year can be obtained either via Form 16 (TDS >> certificate) or salary/pension slips. There are certain tax-exemptions and >> deductions that an individual is eligible from the salary/pension income. >> The tax-exemptions are house rent allowance (HRA), leave travel allowance >> (LTA), etc. These tax-exemptions will be available provided they are paid >> by the employer. Further, salaried/ pensioner is also eligible for standard >> deduction for income from salary/pension. >> >> *Income from House Property:* Any rental income earned from house >> property is computed under the head ‘Income from house property’. To >> compute the taxable income under the head, ‘income from house property’, >> there is a concept of self-occupied, rent, deemed to be on rent. If the >> house is occupied by the taxpayer himself/herself, then house is >> self-occupied. If the house has been given on rent, then house is on rent. >> If a taxpayer has more than two house properties and they are not on rent, >> then the house is ‘deemed to be on rent’. If the house is on rent or deemed >> to be on rent, then the individual is eligible to claim a standard >> deduction at 30%, deduction of municipal taxes paid. An individual can also >> claim a deduction on the interest paid on the home loan. >> >> *Income From Capital Gains:* Capital gains are earned from the sale of >> land, house property, equity shares, mutual funds (equity and debt), gold >> jewellery etc. The capital gains computed can either be long-term or >> short-term. The capital gains are classified as short-term or long-term >> depending on how long the asset was held by the individual. Different asset >> classes have different holding periods. For instance, equity shares and >> equity-oriented mutual funds should be held for more than one year for >> gains to classify as long-term. Similarly, house property must be held for >> more than two years for capital gains to classify as long-term. Long-term >> and short-term capital gains have different income tax rates for the >> different asset classes. >> >> *Income From Business/Profession:* Individuals earning income from >> business or by working as freelance or consultant are required to report >> their income under the head, ‘Income from business/profession’. While >> filing their income tax return, an individual running a business can claim >> certain expenses to lower his taxable income and thereby his/her income tax. >> >> *Income From Other Sources:* The fifth category of income has all those >> incomes that are not reported in other categories. These include – income >> from interest incomes from fixed deposits, RBI taxable bonds, family >> pension, pension received from insurance company policies, dividends etc. >> >> *What are the different types of income tax regime for filing income tax >> return (ITR)?* >> Effective from FY 2020-21, individuals can choose between old, existing >> income tax regime and new income tax regime with lower, concessional income >> tax regime. If an individual continues with the old income tax regime, then >> the individual will continue to pay income tax on the existing tax rates. >> Further, individual will be eligible to claim tax-exemptions and deductions >> for which he/she is eligible for. >> If an individual opts for new income tax regime, then he/she will >> calculate income tax on the lower, concessional income tax rates. Do note >> that by opting for new income tax regime, individual forgoes to claim >> almost 70 tax-exemptions and deductions. >> >> *What are the documents required to file ITR?* >> The new income tax portal offers pre-filled ITR. However, it may happen >> that pre-filled ITR has errors. Hence, individuals must cross-check the >> information. One must collect the following documents to cross check the >> information: a) TDS certificates (Form 16, Form 16A), b) Interest >> certificates (savings accounts, fixed deposits etc.), repayment >> certificates (if you have home loan, education loan), Form 26AS, annual >> information statement (AIS), Aadhaar number, bank accounts. >> >> *Can I correct mistakes made at the time of filing ITR?* >> Yes, an individual has an option to correct mistakes at the time of >> filing ITR. To correct the mistakes made, an individual will be required to >> file ITR again under section 139(5) of the Income-tax Act, 1961 with >> correct information. The last date of filing revised ITR is December 31, >> unless extended by the government. >> >> *How to know which income tax return (ITR) filing form is applicable to >> me?* >> To know which ITR form is applicable to you, it is important to know the >> sources of your income. An individual can file income tax return using >> ITR-1 form if he/she has income from salaries, one house property and >> income from other sources. However, if his/her income sources include >> capital gains, then he/she cannot file income tax return using ITR-1. An >> individual will have to file income tax return using ITR-2, if the source >> of income includes capital gains. >> >> Xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx >> >> >> >> II *30 Changes in New ITR Forms for AY 2022-23* >> >> *– Authored by Taxmann’s Editorial Team* >> >> The CBDT has notified the Income-tax Return >> <https://www.taxmann.com/practice/search?searchData=Income-tax%20Return> >> (ITR) >> Forms (‘New ITR Forms’) for the Assessment Year 2022-23 *vide* Notification >> No. 21/2022, dated 30-03-2022 & Notification No. 23/2022, dated 01-04-2022. >> >> The new ITR forms do not tinker with the applicability of ITR forms to >> different taxpayers. No new condition has been added to squeeze the >> applicability of simple ITR forms (ITR 1 and ITR 4) to existing small >> taxpayers. The new ITR forms seek additional disclosures of the date of >> purchase and sale of land and building. An individual has to choose the >> suitable option in support of his selection of a residential status, i.e., >> an individual has to choose one out of four options if he is an ordinarily >> resident in India. Many changes in the ITR forms are consequential to the >> amendments made by the Finance Act 2021 and Taxation and Other Laws >> (Relaxation and Amendment of Certain Provisions) Act, 2020. >> >> We have done a thorough analysis of new ITR Forms (ITR 1 to 6) and >> highlighted all key changes and new requirements in current ITR forms >> viz-a-viz last year ITR Forms. These changes are explained below: >> >> *Table of Contents* >> >> 1. Form to be used by a taxpayer to file the Income-tax return for the >> assessment year 2022-23 >> <https://www.taxmann.com/post/blog/30-changes-in-new-itr-forms-for-ay-2022-23/#1111> >> >> 2. Schedule FA requires reporting of foreign assets held and foreign >> income earned during the calendar ending 31st December >> <https://www.taxmann.com/post/blog/30-changes-in-new-itr-forms-for-ay-2022-23/#2222> >> >> 3. Additional disclosures are required in the Schedule of Capital Gains >> <https://www.taxmann.com/post/blog/30-changes-in-new-itr-forms-for-ay-2022-23/#3333> >> >> 4. Deduction in respect of capital gains charged under Section 45(4) >> which is attributable to assets, remained with firm >> <https://www.taxmann.com/post/blog/30-changes-in-new-itr-forms-for-ay-2022-23/#4444> >> >> 5. Dividend income taxable as per section 2(22)(e) to be reported >> separately >> <https://www.taxmann.com/post/blog/30-changes-in-new-itr-forms-for-ay-2022-23/#5555> >> >> 6. Disclosures in respect of Significant Economic Presence >> <https://www.taxmann.com/post/blog/30-changes-in-new-itr-forms-for-ay-2022-23/#6666> >> >> 7. Reporting of interest accrued on Provident Fund to which no >> exemption is available >> <https://www.taxmann.com/post/blog/30-changes-in-new-itr-forms-for-ay-2022-23/#7777> >> >> 8. Adjustment of unabsorbed depreciation (pertaining to additional >> depreciation) from WDV of the block of assets as on 01-4-2020 >> <https://www.taxmann.com/post/blog/30-changes-in-new-itr-forms-for-ay-2022-23/#8888> >> >> 9. A New Schedule has been inserted for reporting of tax deferred on >> ESOP >> <https://www.taxmann.com/post/blog/30-changes-in-new-itr-forms-for-ay-2022-23/#9999> >> >> 10. Limiting the rate of surcharge on dividend income >> <https://www.taxmann.com/post/blog/30-changes-in-new-itr-forms-for-ay-2022-23/#101010> >> >> 11. Relief under Section 89A from taxation in income from >> retirement benefit account maintained in a notified country >> <https://www.taxmann.com/post/blog/30-changes-in-new-itr-forms-for-ay-2022-23/#111111> >> >> 12. Exclusion of ‘Dividend income’ from Schedule BP >> <https://www.taxmann.com/post/blog/30-changes-in-new-itr-forms-for-ay-2022-23/#121212> >> >> 13. Disclosure of interest income taxable at a >> concessional rate of 4% under Section 194LC >> <https://www.taxmann.com/post/blog/30-changes-in-new-itr-forms-for-ay-2022-23/#131313> >> >> 14. Disclosure of income of FII and specified fund >> chargeable under section 115AD >> <https://www.taxmann.com/post/blog/30-changes-in-new-itr-forms-for-ay-2022-23/#141414> >> >> 15. Separate disclosure of Income from Units located in >> IFSC in Schedule AMT >> <https://www.taxmann.com/post/blog/30-changes-in-new-itr-forms-for-ay-2022-23/#151515> >> >> 16. Separate disclosure of Income from Units located in >> IFSC in Schedule MAT >> <https://www.taxmann.com/post/blog/30-changes-in-new-itr-forms-for-ay-2022-23/#161616> >> >> 17. Schedule 80GGA has been inserted for the partners >> deriving only profit from firm >> <https://www.taxmann.com/post/blog/30-changes-in-new-itr-forms-for-ay-2022-23/#171717> >> >> 18. Consequential changes in Schedule 80-IA and 80-IB due >> to sun-set clause on the eligibility to claim the deduction >> <https://www.taxmann.com/post/blog/30-changes-in-new-itr-forms-for-ay-2022-23/#181818> >> >> 19. Total secondary adjustments made to be disclosed >> <https://www.taxmann.com/post/blog/30-changes-in-new-itr-forms-for-ay-2022-23/#191919> >> >> 20. Disclosure of interest paid to Deposit-taking NBFCs >> or Systemically Important Non-deposit Taking NBFCs >> <https://www.taxmann.com/post/blog/30-changes-in-new-itr-forms-for-ay-2022-23/#202020> >> >> 21. Additional disclosure required of income exempt under >> certain clauses of Section 10 >> <https://www.taxmann.com/post/blog/30-changes-in-new-itr-forms-for-ay-2022-23/#212121> >> >> 22. Separate disclosure is required of interest and >> dividend incomes taxable under Section 115AC >> <https://www.taxmann.com/post/blog/30-changes-in-new-itr-forms-for-ay-2022-23/#222222> >> >> 23. Removal of reference of Section 153A and 153C for the >> return filed in response to a notice >> <https://www.taxmann.com/post/blog/30-changes-in-new-itr-forms-for-ay-2022-23/#232323> >> >> 24. Nature of employment for pensioners is further >> categorised >> <https://www.taxmann.com/post/blog/30-changes-in-new-itr-forms-for-ay-2022-23/#242424> >> >> 25. Disclosure for alternative tax regime opted under >> Section 115BAC >> <https://www.taxmann.com/post/blog/30-changes-in-new-itr-forms-for-ay-2022-23/#252525> >> >> 26. Disclosure for alternative tax regime opted under >> Section 115BA/115BAA/115BAB >> <https://www.taxmann.com/post/blog/30-changes-in-new-itr-forms-for-ay-2022-23/#262626> >> >> 27. Disclosure for alternative tax regime opted under >> Section 115BAD >> <https://www.taxmann.com/post/blog/30-changes-in-new-itr-forms-for-ay-2022-23/#272727> >> >> 28. Additional information sought from the assessee not >> opting for the presumptive tax scheme >> <https://www.taxmann.com/post/blog/30-changes-in-new-itr-forms-for-ay-2022-23/#282828> >> >> 29. Mandatory to choose the suitable option in support of >> residential status in India >> <https://www.taxmann.com/post/blog/30-changes-in-new-itr-forms-for-ay-2022-23/#292929> >> >> 30. New Schedule IF inserted to seek the disclosure of >> investment made in unincorporated entity >> <https://www.taxmann.com/post/blog/30-changes-in-new-itr-forms-for-ay-2022-23/#303030> >> >> *1. Form to be used by a taxpayer to file the Income-tax return for the >> assessment year 2022-23* >> >> *Nature of income* >> >> *ITR 1** >> >> *ITR 2* >> >> *ITR 3* >> >> *ITR 4** ** >> >> *Salary Income* >> >> Income from salary/pension (for ordinarily resident person) >> >> ✓ >> >> ✓ >> >> ✓ >> >> ✓ >> >> Income from salary/pension (for not ordinarily resident and non-resident >> person) >> >> ✓ >> >> ✓ >> >> Any individual who is a Director in any company >> >> ✓ >> >> ✓ >> >> If payment of tax in respect of ESOPs allotted by an eligible start-up >> has been deferred >> >> ✓ >> >> ✓ >> >> *Income from House Property* >> >> Income or loss from one house property (excluding brought forward losses >> and losses to be carried forward) >> >> ✓ >> >> ✓ >> >> ✓ >> >> ✓ >> >> Individual has brought forward loss or losses to be carried forward under >> the head House Property >> >> ✓ >> >> ✓ >> >> Income or loss from more than one house property >> >> ✓ >> >> ✓ >> >> *Income from Business or Profession* >> >> Income from business or profession >> >> ✓ >> >> Income from presumptive business or profession covered under section >> 44AD, 44ADA and 44AE (for person resident in India) >> >> ✓ >> >> Income from presumptive business or profession covered under section >> 44AD, 44ADA and 44AE (for not ordinarily resident and non-resident person) >> >> ✓ >> >> Interest, salary, bonus, commission or share of profit received by a >> partner from a partnership firm >> >> ✓ >> >> *Capital Gains* >> >> Taxpayer has held unlisted equity shares at any time during the previous >> year >> >> ✓ >> >> ✓ >> >> Capital gains/loss on sale of investments/property >> >> ✓ >> >> ✓ >> >> *Income from Other Sources* >> >> Family Pension (for ordinarily resident person) >> >> ✓ >> >> ✓ >> >> ✓ >> >> ✓ >> >> Family Pension (for not ordinarily resident and non-resident person) >> >> ✓ >> >> ✓ >> >> Income from other sources (other than income chargeable to tax at special >> rates including winnings from lottery and race horses or losses under this >> head) >> >> ✓ >> >> ✓ >> >> ✓ >> >> ✓ >> >> Income from other sources (including income chargeable to tax at special >> rates including winnings from lottery and race horses or losses under this >> head) >> >> ✓ >> >> ✓ >> >> Dividend income exceeding Rs. 10 lakhs taxable under Section 115BBDA >> >> ✓ >> >> ✓ >> >> Unexplained income (i.e., cash credit, unexplained investment, etc.) >> taxable at 60% under Section 115BBE >> >> ✓ >> >> ✓ >> >> Person claiming deduction under Section 57 from income taxable under the >> head ‘Other Sources’ (other than deduction allowed from family pension) >> >> ✓ >> >> ✓ >> >> *Deductions* >> >> Person claiming deduction under Section 80QQB or 80RRB in respect of >> royalty from patent or books >> >> ✓ >> >> ✓ >> >> Person claiming deduction under section 10AA or Part-C of Chapter VI-A >> >> ✓ >> >> *Total Income* >> >> Agricultural income exceeding Rs. 5,000 >> >> ✓ >> >> ✓ >> >> Total income exceeding Rs. 50 lakhs >> >> ✓ >> >> ✓ >> >> Assessee has any brought forward losses or losses to be carried forward >> under any head of income >> >> ✓ >> >> ✓ >> >> *Computation of Tax liability* >> >> If an individual is taxable in respect of an income but TDS in respect of >> such income has been deducted in hands of any other person (i.e., clubbing >> of income, Portuguese Civil Code, etc.) >> >> ✓ >> >> ✓ >> >> Claiming relief of tax under sections 90, 90A or 91 >> >> ✓ >> >> ✓ >> >> *Others* >> >> Assessee has: >> >> - >> - Income from foreign sources >> - Foreign Assets including financial interest in any foreign entity >> - Signing authority in any account outside India >> >> ✓ >> >> ✓ >> >> Income has to be apportioned in accordance with Section 5A >> >> ✓ >> >> ✓ >> >> If the tax has been deducted on cash withdrawal under Section 194N >> >> ✓ >> >> -- You received this message because you are subscribed to the Google Groups "Thatha_Patty" group. 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