Tax

canikhil

Well-Known Member
#2
non-equity mutual fund schemes attract higher tax rates. Long term capital gains is not exempt..and the lower rate on short term capital gains is not available.

For LTCG, the tax saving sections such as 54F, 54EC are available. For STCG, nothing much
 

rangarajan

Well-Known Member
#4
Filing of IT return

Dear Canikhil,,

I am under the impression that if One's income is Less than Exempted limit, He/She has the option of Not filing the return.

But, of late, a few of my friends have received letters from ITO asking them to file returns from the time of their last return.

These people had stopped filing as their income were less than Exempted limit.
The income under their last return was also below exempted limit.
They had been given ten days time.

Pl educate me :

Whether they can do On line E-File.
The letter says to file their return in the respective offices & furnish copy of acknowledgement .
Which IT Form they should use for the previous years ( Asst.year2011-12 To 2014-15 ) & for Current Financial year.( asst.yr 2016-17)
Can they file in Compliance mode.
Or, can they send a Simple letter to ITO informing that their Total income is Less than exempted.
Any other points to be taken into consideration.

Thanks for your time
 

canikhil

Well-Known Member
#5
Re: Filing of IT return

Dear Canikhil,,

I am under the impression that if One's income is Less than Exempted limit, He/She has the option of Not filing the return.

But, of late, a few of my friends have received letters from ITO asking them to file returns from the time of their last return.

These people had stopped filing as their income were less than Exempted limit.
The income under their last return was also below exempted limit.
They had been given ten days time.

Pl educate me :

Whether they can do On line E-File.
The letter says to file their return in the respective offices & furnish copy of acknowledgement .
Which IT Form they should use for the previous years ( Asst.year2011-12 To 2014-15 ) & for Current Financial year.( asst.yr 2016-17)
Can they file in Compliance mode.
Or, can they send a Simple letter to ITO informing that their Total income is Less than exempted.
Any other points to be taken into consideration.

Thanks for your time


As long as income before providing for deductions under 80C etc is below exempted limit, you don't have to file the return. In the compliance module there is a option to state that income was below exempted limit. So select the option and respond in the module itself
 

rangarajan

Well-Known Member
#6
Re: Filing of IT return

As long as income before providing for deductions under 80C etc is below exempted limit, you don't have to file the return. In the compliance module there is a option to state that income was below exempted limit. So select the option and respond in the module itself
canikhil

Many Thanks for yr Prompt reply.

Before submitting in Compliance Mode, i am reproducing the exact word ot the letter recd"
' You are required to file the Return of income with the office of the undersigned & furnish copy of Acknowledgement for having filed , within 10 days ---"

Since it states specifically to file the Return with the office of the undersigned, is it OK, if the return is filed in Compliance mode.

Or after e-filing, is it enough, if they post the acknowledgement to the concerned officer by post ( ordy/Regd/courier}

Will the compliance mode have provisions to reply for 2011-2012 TO 2014-15 years.
 

rangarajan

Well-Known Member
#9
Re: Filing of IT return

As long as income before providing for deductions under 80C etc is below exempted limit, you don't have to file the return. In the compliance module there is a option to state that income was below exempted limit. So select the option and respond in the module itself
canikhil

When compliance mode is selected, for all my friends( 3 nos ) who had recd the notice, to reply under compliance mode is not enabled.

view & submit compliance when selected, the display shown is ' No compliance recording to filling of return has been generated in your case. '

How to proceed now?
 

canikhil

Well-Known Member
#10
Re: Filing of IT return

canikhil

When compliance mode is selected, for all my friends( 3 nos ) who had recd the notice, to reply under compliance mode is not enabled.

view & submit compliance when selected, the display shown is ' No compliance recording to filling of return has been generated in your case. '

How to proceed now?
normally it should not happen. But assuming it is like this, ask them to respond to the notice stating that the income was below the exempted limit and hence return has not been filed.
 

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