Income Tax Forms With Purpose – FY 2017-18

ITR

Description

ITR 1

For Individuals having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh

ITR 2

For Individuals and HUFs not carrying out business or profession under any proprietorship

ITR 3

For individuals and HUFs having income from a proprietary business or profession

ITR 4 (SUGAM)

For presumptive income from Business & Profession

ITR 5

For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7

ITR 6

For Companies other than companies claiming exemption under section 11

ITR 7

For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)

CHECKLIST OF DOCUMENTS AND PRE-REQUISITES

  • A copy of last year’s tax return
  • Bank Statement
  • TDS certificates
  • Savings certificates/Deductions
  • Interest statement showing interest paid to you throughout the year.
  • Balance Sheet, P&L Account Statement and other Audit Reports wherever applicable.

Central Government exempts certain Individuals from Quoting Aadhaar Number or Enrolment ID from 1st July, 2017

MINISTRY OF FINANCE (Department of Revenue)

NOTIFICATION

New Delhi, the 11th May, 2017

S.O. 1513 (E). – In exercise of the powers conferred by sub-section (3) of section 139AA of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that the provisions of section 139AA shall not apply to an individual who does not possess the Aadhaar number or the Enrolment ID and is:-

(i) residing in the States of Assam, Jammu and Kashmir and Meghalaya;

(ii) a non-resident as per the Income-tax Act, 1961;

(iii) of the age of eighty years or more at any time during the previous year;

(iv) not a citizen of India.

2. This notification shall come into force with effect from the 1st day of July, 2017.

[Notification No. 37/2017, F. No. 370133/6/2017-TPL]

ABHISHEK GAUTAM, Under Secy

MCA Updats – 09.05.2017

  • MCA – Due to urgent maintenance the following document related services will not be available on Tuesday, 9th May 2017 – View Public Documents, Download of form 49A/49B, Download form for Resubmission, and Documents in Track Payment Status / Track SRN status / Enquire DIN status services. Stakeholders are requested to plan accordingly.
  • Form DIR-3C and RD-1 are likely to be revised on MCA21 Company Forms Download page w.e.f 11th May 2017. Stakeholders are advised to check the latest version before filing.
  • Forms CHG-1, CHG-4, CHG-9 and STK-2 were recently revised on MCA21 Company Forms Download page. Stakeholders are advised to check the latest version before filing.

Jan to Dec. is new financial year – Madhya Pradesh

Image result for Change financial yearThe Cabinet of the Government of Madhya Pradesh has approved the proposal to change the financial year. After this decision, Madhya Pradesh has become the first state in the country, where the financial year has been changed.

After this decision, now Madhya Pradesh’s financial year will be from January to December, which lasted from April to March. After this, the Madhya Pradesh government will present its budget in December. Let me tell you that the proposal to change the fiscal year was first put by the Prime Minister of India Narendra Modi. At the same time the Cabinet of Madhya Pradesh has also approved the proposal to give Narmada river status to live heritage.

8-9 Lakh Registered Companies Not Filing Returns

Close to 9 lakh registered companies are not filing annual returns with the Ministry of Corporate Affairs (MCA) and are a potential source of money laundering, Revenue Secretary Hasmukh Adhia said today.

Image result for ministry of corporate affairsThe MCA has sent notices to nearly 3 lakh unlisted companies asking them to deregister themselves and issuance of notices to the remaining is under way. Speaking at the Enforcement Day event here, Adhia said out of the 15 lakh companies, only 6 lakh are filing their returns, including annual audited report, with the MCA. “How can we have in this country almost 8-9 lakh companies which are not filing any return to the government and they have become a potential threat, a potential source of money laundering. So, the task force has taken it up in right earnest,” he said.

Image result for Income TaxIn a major crackdown on domestic shell companies, the government in February had decided to take “harsh punitive” action, including freezing of their bank accounts used to launder money or evade taxes. The task force set up with members from regulatory ministries and enforcement agencies held its meeting this week. “After registering (with the MCA), if companies do not file their return to the MCA, then there is no reason for us to let such companies operate in India. They become a potential threat. That is one strategy that we are working on,” Adhia said.

The top official said all of the 9 lakh companies which do not file return with the MCA might not be shell companies and just be idle ones not transacting any business. As per the income tax department records, out of the 15 lakh companies registered in India, only 6 lakh file returns. Out of these 6 lakh, about 3 lakh show nil income.

Source – ET | 29.04.2017

LIST OF PAN – BANKS

To claim tax exemption on home loan tax payers now need to quote PAN number of the bank or institution from where they have taken loan. The loan providers have now modified their home loan payment certificate which quotes their PAN Number. But in case you are not able to find it, here is a list of banks / NBFCs with their PAN Numbers.

Bank/Home Loan Providers PAN Number
Allahabad Bank AACCA8464F
Andhra Bank AABCA7375C
Axis Bank Limited AAACU2414K
Bank of Baroda (BoB) AAACB1534F
Bank of India (BoI) AAACB0472C
Bank of Maharashtra (BoM) AACCB0774B
BMW India Financial Services AADCB8986G
Canara Bank AAACC6106G
Canfin Homes Limited AAACC7241A
Central Bank of India AAACC2498P
CITI Bank AAACC0462F
City Union Bank Limited AAACC1287E
Corporation Bank AAACC7245E
Dahod Urban Co.op. Bank Ltd. AAAAT2915L
DCB Bank Limited AAACD1461F
Deutsche Bank AAACD1390F
DHFL AAACD1977A
FEDERAL BANK AABCT0020H
GIC Housing Finance Limited AAACG2755R
GRUH FINANCE LTD. AAACG7010K
HDFC AAACH0997E
HDFC Bank Limited AAACH2702H
Housing & Urban Development Corporation Ltd. AAACH0632A
HSBC AAACT2786P
ICICI Bank Limited AAACI1195H
ICICI Home Finance Company Ltd AAACI6285N
IDBI Bank Limited AABCI8842G
India bulls AABCI3612A
Indian Bank AAACI1607G
Indian Overseas Bank (IOB) AAACI1223J
Indusind Bank Limited AAACI1314G
ING Vysya AABCT0529M
Kotak Mahindra Bank Limited AAACK4409J
L&T FinCorp Limited AAACI4598Q
L&T Infrastructure Finance Company AABCL2283L
LIC Housing Finance Limited AAACL1799C
Oriental Bank of Commerce AAACO0191M
PNB Housing Finance Limited AAACP3682N
Power Finance Corporation Limited AAACP1570H
Punjab & Sind Bank AAACP1206G
Punjab National Bank (PNB) AAACP0165G
Ratnakar / RBL Bank Ltd AABCT3335M
Reliance Home Loan Finance Limited AAECR0305E
Saraswat Co-Op. Bank Ltd AABAT4497Q
sardar bhiladwala pardi peoples co.op.bank ltd AABAS4480Q
Standard Chartered Bank AABCS4681D
State Bank of Bikaner and Jaipur (SBJJ) AADCS4750R
State Bank of Hyderabad (SBH) AADCS4009H
State Bank of India (SBI) AAACS8577K
State Bank of Mysore (SBM) AACCS0155P
State Bank of Patiala AACCS0143D
State Bank of Travancore AAGCS9120G
Syndicate Bank AACCS4699E
TATA Capital Housing Finance Ltd AADCT0491L
TATA Capital Ltd AADCP9147P
TATA Motors Finance Limited AACCT4644A
The Karnatka Bank Limited AABCT5589K
The South Indian Bank Limited AABCT0022F
UCO Bank AAACU3561B
Union Bank of India AAACU0564G
United Bank of India AAACU5624P
Vijaya Bank AAACV4791J
YES Bank Limited AAACY2068D

You can cross check posted PAN with following link.

ITR 1 and ITR 4 for AY 2017-18 are now available for e-Filing. Other ITRs will be available shortly.

 

PRESS RELEASE

CBDT notifies new Income Tax Return Forms for AY 2017-18

The Central Board of Direct Taxes has notified Income-tax Return Forms (ITR Forms) for the Assessment Year 2017-18. One of the major reforms made in the notified ITR Forms is the designing of a one page simplified ITR Form-1(Sahaj). This ITR Form- 1(Sahaj) can be filed by an individual having income upto Rs.50 lakh and who is receiving income from salary one house property / other income (interest etc.) . Various parts of ITR Form-1 (Sahaj) viz. parts relating to tax computation and deductions have been rationalised and simplified for easy compliance. This will reduce the compliance burden to a significant extent on the individual tax payer. This initiative will benefit more than two crore tax-payers who will be eligible to file their return of income in this simplified Form.

Simultaneously, the number of ITR Forms have been reduced from the existing nine to seven forms. The existing ITR Forms ITR-2, ITR-2A and ITR-3 have been rationalized and a single ITR-2 has been notified in place of these three forms. Consequently, ITR-4 and ITR-4S (Sugam) have been renumbered as ITR-3 and ITR-4 (Sugam) respectively.

There is no change in the manner of filing of ITR Forms as compared to last year. All these ITR Forms are to be filed electronically. However, where return is furnished in ITR- 1 (Sahaj) or ITR-4 (Sugam), the following persons have an option to file return in paper form:-

(i) an individual of the age of 80 years or more at any time during the previous year; or (ii) an individual or HUF whose income does not exceed five lakh rupees and who has not claimed any refund in the return of income, The notified ITR Forms are available on the department’s official website http://www.incometaxindia.gov.in

(Meenakshi J Goswami)

Commissioner of Income Tax (Media and Technical Policy) Official Spokesperson, CBDT.

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