Legal Service India - New Procedure for Filling Tax Return?
law  in India

New Procedure for Filling Tax Return?

The Income-tax Department has introduced a simplified system for payment of taxes called Online Tax Accounting System (OLTAS). The salient features of the new system.
click here for LIVE help-desk
Income-Tax | Legal Advice | Find a lawyer | Constitutional law | Judgments | forms | PIL | family law | Cyber Law | Law Forum | Consumer laws | Company laws
Search On:Tax laws in IndiaLawyers Search

Copyright Online in India
Right from your Desktop - Ph no: 9891244487

Home \ Tax Law

The Income-tax Department has introduced a simplified system for payment of taxes called Online Tax Accounting System (OLTAS).

The salient features of the new system are:
(a) Four copy challans have been replaced by single copy challans as under:
Challan No. 280 - For payment of Income Tax (advance tax/ self­ assessment tax/tax on regular assessment) by all categories of tax payers.

Challan No. 281 - For Tax Deducted at Source

Challan No. 282 - For other Direct Taxes (including Wealth tax and Securities Transaction Tax)

Challan No. 283 - For Banking Cash Transaction Tax and Fringe Benefit Tax.

Were to File Return?

The return should be filed with the Assessing Officer who assessed tax-payer in the preceding assessment year or to whom the records have since been transferred. The new assessees should file return to the Assessing Officer, who has territorial jurisdiction over the residence or the principal place of business of the assessee or with the assessing Officer having special jurisdiction over specific assessees or classes of assessees or classes of income. For example, assessees having income from contract business, should file their Income Tax -returns with the Assessing Officer having jurisdiction over the contractor's circle. A doctor or lawyer or chartered accountant should file is return in the respective professional circle. [Sec. 124]

The return in the prescribed form duly stapled with acknowledgement slip should be delivered in person or through a messenger at counter against a receipted copy of the acknowledgement slip. In special circumstances, the return may be sent by registered post.

Filing of Returns on Computer Readable Medium

A salaried tax-payer may, at his option, furnish his return of income to his employer, in accordance with the scheme for bulk filing of returns'. The employer shall furnish all such returns received by him on or before the due date, on a floppy, diskette, magnetic cartridge, tape, CD-ROM or any other computer readable media, in the prescribed manner. [Sec. 139(1 A) & (1 B)]

How to file your income tax return online

Before you start the process, keep your bank statements, Form 16 issued by your employer and a copy of last year's return at hand. Next, log on to www.incometaxindiaefiling Follow these steps:

Firstly: Register yourself on the website. Your Permanent Account Number (PAN) will be your user ID.

Secondly:View your tax credit statement - Form 26AS- for the financial year 2014-15 . The statement will reflect the taxes deducted by your employer actually deposited with the I-T department. The TDS as per your Form 16 must tally with the figures in Form 26AS. If you file the return despite discrepancies, if any, you could get a notice from the I-T department later.

Thirdly: Under the Download menu, click on Income Tax Return Forms and choose AY 2014-15 (for financial year 2013-14 ). Download the Income Tax Return (ITR) form applicable to you. If your exempt income exceeds Rs 5,000, the appropriate form will be ITR-2 . If the applicable form is ITR-1 or ITR 4S, you can complete the process on the portal itself, by using the Quick e-file ITR link.

Fourthly: Open the downloaded Return Preparation Software (excel utility) and complete the form by entering all the details , using your Form 16.

Fifthly: Ascertain the tax payable by clicking the Calculate Tax tab. Pay tax (if applicable) and enter the challan details in the tax return.
Important Tax Articles
Royalty - Taxability Under Vat Laws
Application of Income
Household Savings
Pre-requisite of Taxes
Odious Debt
International Tax
How SEBI Should Deal With Disgorged Money
Special Economic Zone
D.E.P.B., Its Taxability - Issues Therein
Leave Encashment
Salary Tax
Canons of Taxation
Tax on Works Contract
Foreign Currency Convertible Bonds
Valuation of excisable Goods for the purpose of charging excise Duty
Analysis of value added chain (Value Added Tax)
Fiscal Federalism In India

Lawyers Search

• Find a lawyer
• Know your legal options
• Information about your legal issues

File Mutual Consent Divorce

Right Away
Call us at Ph no: 9650499965
Copyright Registration Online Right from your Desktop...
*Call us at Ph no: 9891244487

Copyright Registration of Books, Videos, Songs, Film Script, paintings, Photograph, Software in India

    Your Name                Your E-mail

Legal Service India

lawyers in Delhi
lawyers in Chandigarh
lawyers in Allahabad
lawyers in Lucknow
lawyers in Jodhpur
lawyers in Jaipur
lawyers in New Delhi
lawyers in Nashik
Contract laws
Protect your website
Army law
lawyers in Mumbai
lawyers in Pune
lawyers in Nagpur
lawyers in Ahmedabad
lawyers in Surat
Faridabad lawyers
Noida lawyers
lawyers in Dimapur
Trademark Registration in India
Woman issues
Famous Trials
lawyers in Kolkata
lawyers in Janjgir
lawyers in Rajkot
lawyers in Indore
Gurgaon lawyers
Ghaziabad lawyers
lawyers in Guwahati
Protect your website
Law Colleges
Legal Profession
Transfer of Petition
Lawyers in India - Search by City legal Service India
lawyers in Chennai
lawyers in Bangalore
lawyers in Hyderabad
lawyers in Cochin
lawyers in Agra
lawyers in Siliguri
Lawyers in Auckland
Cause Lists
Immigration Law
Medico Legal
lawyers in Dhaka
lawyers in Dubai
lawyers in London
lawyers in New York
lawyers in Toronto
lawyers in Sydney
lawyers in Los Angeles
Cheque bounce laws
Lok Adalat, legal Aid and PIL

About Us | Privacy | Terms of use | Juvenile Laws | Divorce by mutual consent | Lawyers | Submit article | Lawyers Registration | Sitemap | Contact Us

legal Service is Copyrighted under the Registrar of Copyright Act ( Govt of India) © 2000-2018
ISBN No: 978-81-928510-0-6