Knowledge Base @ Tax Management

Clarification by CBDT on certain Issues arising from Furnishing the Income Tax Returns [Vide Circular No. 312009, dated 21.05. 2009]
The CBDT Clarified following clarifications issued in respect of certain issues of arising from furnishing the returns they are—
Section-139(18): Filing of Income Tax Return of Income on Computer Readable Media
All assessees shall now have the option to furnish their return of income, in accordance with a specified scheme, in ways such as on a floppy, diskette, magnetic-cartridge tape, CD-ROM or any other computer readable media).
Section-139(1A) : Provision for Filing of Income Tax Return through Employer

An individual employee, resident in India has the option to furnish his return of income to his employer as specified under the scheme prescribed in this behalf. The scheme provides for the following conditions to be fulfilled by employee for filing of return through employer :

Section-139(1) : Provision for Voluntary Income Tax Return

Every person,—

(a)        being a company or a firm; (whether having income or loss) or

(b)       being a person other than a company or a firm if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax, shall file a return of his income in the prescribed form.
A Few Penalty Clause in Income Tax

Property Deals & TAX- Be Transparent

Bought or Sold a property? There is a good chance the I -T department will raise queries about it. While the possibilities of illegal transactions abound in such deals, the department’s scope for availing documentary evidence through registrars and builders is also quite high. Therefore, a mismatch in the information filed could give rise to your account being scrutinized.

10 Investments under the Taxman’s Scanner

 

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How to add a Co-Owner to Your Property?

If you have a property in your name, you are free to add either your spouse, children, relative or any other person as per your wish as a joint owner. When you join any of them they become the joint owner of the property by default. You can specify the portion of the property either 50% or any other percentage of portion of your choice to be the co-owner.
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Benefits of Filing Income Tax Returns

We have heard many a times that every individual whose total income exceeds the maximum exemption limit is obligated to furnish his/her Income Tax Return or ITR.
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Cash / Non-Cash Gifts

Under the existing provisions of section 56(2)(vii), any sum of money or any property in kind which is received without consideration or for inadequate consideration (in excess of the prescribed limit of Rs.50,000/-) by an individual or an HUF is chargeable to income tax in the hands of recipient under the head income from other sources’. However, receipts from relatives or on the occasion of marriage or under a WILL are outside the scope of this provision.
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