income tax return filing rules 2015-16

 

 

 

 

NOTE : DUE DATE for income tax return filing for Assessment Year 2015-16 (financial year 2014-15) has been EXTENDED to 7th September 2015 Read.Special rules may apply if youre in the military or live outside the U.S Need more time to prepare your federal tax. Let us explore the rules of income tax return due date.In 2015, you can file the income tax return till August 31, 2015 for the income of FY 2014-15. Normally, extension is given after the rush on the last date. KARACHI: The Federal Board of Revenue (FBR) has finally launched the income tax return form for Tax Year 2015 to be filed electronically by all salaried taxpayers having taxable income or above Rs400,000 by August 31, 2015.Week ended Feb 16. TRP (Tax Return Preparer) is trained professional from Income Tax Department.They will be trained by NIIT in filing tax return and rules. What are duties of TRPs?September 8, 2015 at 2:02 PM. I have form 16 Part only dont have salary details i. e. Part B of form 16,What shall i do? Lastly, this measure does not alter the tax assessment rules. Taxpayers will still be required to file income tax returns in year Y1 for income received in year Y.16 13.1 for social security contributions and 1 for income tax. SMALL BUSINESS INCOME TAX OFFSET From 201516 an individual is entitled to a tax offset on amounts withheld because you did not quote your tax file number or Australian business number to theFranking credits If you dont need to lodge a tax return for 2015 16, you can claim a refund of Shortly income tax return filing will commence for AY 2015-16, returns will be filed for income earned in the financial year that started on 1st April 2014 and ended on 31st March 2015. For Resident Individuals. Heres the thumb rule Income Tax Return is the form in which an assessee files information about his Income and tax thereon to Income Tax Department.

Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. When you file a belated return, you are not allowed to carry forward certain losses. Existing Rule (till AY 2015-16) you need to file your income tax return if your gross taxable income (without any tax saving deduction) is more than the basic tax limit applicable for you. You are obliged to file your income tax returns under the Income Tax Act 1961 and the Income Tax Rules, 1962, with the government (the Income TaxForm 16 is normally given to the employee on or before May 31, immediately after the financial year for which you are filing your returns. From the Assessment Year 2015-16, an option is given to the taxpayer to verify their return of income via Electronic Verification Code (EVC).26.

What if tax deducted i.e TDS is more than the actual tax liability? Refund can be claimed only by filing the income tax return timely. File Corporation Income Tax e-File eForms Instruction Booklets Form 760, 760PY, 763, Amending Your Return. Last Updated 04/08/2015 16:10. FAQs. Income Tax Return Filing Instructions 2015-16. (Please see Rule 12 of the Income-tax Rules,1962 Date of Birth/Formation Form No.:ITR-3. Likewise the deductions and income tax filing rules vary for senior and very senior citizens with respect to their taxable limits.That means you can file your income tax returns for AY 2015-16 by 31st March 2017. From Assessment year 2015-16 e filing is mandatory in most of the cases with or without digital signature and there are only few cases where return can be filed on paper form. We have summarized the provisions of new Income tax rules and divided them under three categories. Income Tax >. Info of IT Act / Rules >.From the assessment year 2015-16 onwards any assessee filing ITR 1/2/2A (other than an individual of the age of 80 years or more at anytime during the previous year) having a refund claim in the return or having total income of more than 5,00,000 is required File Income Tax Returns online with taxring.com. taxring is fast, safe and very easy to use. Save money. taxring handles all cases of Income from Salary, Interest Income, Capital Gains, House Property, Business and Profession The rules say that an individual has to file his tax return if the gross taxable income is above the basic exemption limit.But he still has to file his tax return because his gross total income is above Rs 2.5 lakh.So, the returns for the financial year 2014-15 (assessment year 2015-16) could be filed till 31 Income Tax Return Filing: 5 important things you must keep in mind - Продолжительность: 1:58 Firstpost 1 567 просмотров.11 Changes in Tax Return Forms for Asst Yr 2015-16 - Продолжительность: 2:52 Prashant Thakur 11 166 просмотров. If return for the year 2015-16 is not filed before 31st March 2018 then the taxpayer cannot file his return afterwards. Arjuna: Krishna, What was the time limit for filing Income Tax Return for the year 2016-17? Part II - Payments and Refundable Credits. 12 2014 overpayment credited to 2015. 13 2015 estimated tax payments. 14 2015 refund applied for on Form 4466.Application for Automatic Extension of Time To File Certain. Business Income Tax, Information, and Other Returns. We cover all the aspects of Income Tax rules regulations in respect to Salaried or Non Salaried.So, if you want to file a return now, you can only file for F.Y. 2014-15 and F.Y. 2015-16. How long does an efile tax refund take to deposit? Income tax return. Starting FY 2015-16,the rules for filing late returns have changed. As per old rule In any one financial year,a taxpayer can file returns for previous two financial years.Therefore in FY 2016-17,a taxpayer can file returns for FY 2014-15 and 2015-16. Hence any return which For the current AY (2015-16), last date of filing the tax returns has been extended from 31 July to 31 August.However, as per income tax rules, an individual assessee can file physical returns only if her annual income was less than Rs.5 lakh in the previous year and there is no refund claim. Slowly, income tax is moving towards total e-filing of income tax returns .This Return Form CAN be used by an individual whose total income for the assessment year 2015-16 includes:- Income from Salary/ Pension or. Why should NRIs file their taxes? There are few conditions when one must file a return. For ex: you must file a return if you want to claim refund orArchit Gupta, Founder and CEO, cleartax.com says- "As a thumb rule you must file an IT Return in India for FY 2015-16 if your gross income is more 2015 Oklahoma Resident Fiduciary Income Tax Forms and Instructions.In case an extension for filing the return is requested, an esti-mate of the tax due must be filed and theDue to electronic banking rules, the OTC will not allow direct deposits to or through foreign financial insti-tutions. This Website contains information about Indian Income Tax Efiling Updates,Procedure and rules.Saturday, September 20, 2014. Due date for filing service tax return and refund for fy 2014-15 ay 2015-16. Under the Income Tax Act, company tax return filing falls under two categories, namely domestic company or foreign company.For companies having a turnover of more than Rs.50 crores in the year 2015-16, income tax rate of 30 is applicable. By TaxGuru | September 20, 2015. 16 Comments. Usually salary income is chargeable to tax either on due basisTaxGuru Post author August 29, 2016. You can claim this by filing the revised return.Income Declaration Scheme Rules, 2016. Due Date Extension for E-filing of CIT appeals to 15th Jun. Tax returns and compliance Tax rates Residence rules Termination of residence Economic employer approach Types of taxable compensation Tax-exempt income ExpatriateThis payment cycle is best illustrated with an example: The tax return filing deadline is 31 January 2017 for the 2015/16 tax year. But do not wait till the last week of August to file your AY 2015-16 Income Tax Return.First of thank you very much for running this website and detailed explanation on Indian tax and rules. I have one quick query regarding my under construction house as below. File Salary Income Tax Return for AY 2017 18 (FY 2016 17). For Salary Employees with Form 16, ITR1 Filing. Accurate,simple process for Tax Return filing.We are approved e-return intermediary registered with income tax department. Do It Yourself (DIY) return filing Rs. How much Income Tax you pay in each tax year depends onClaim a tax refund. 3 more. Self Assessment tax returns, National Insurance, and National Insurance and tax after State Pension age. Components of Income Tax Form 16. The employees personal details like name PAN number, etc.Financial Assessment Year. From. 01-04-2015. To.How to get Income Tax Return Form? Guide to File ITR and All the Links You Need. All about Income Tax Returns (ITR) updated for Financial Year 2014-15 (Assessment Year 2015-16) and Frequently Asked Questions relating to filing ofForm 26AS is an annual statement maintained under Rule 31AB of the Income -tax Rules disclosing the details of tax credit in his account as per income tax audit date extended from 30th sept to 17th oct for F.Y. 2015- 16.I Wnat to know dtae of income date return filing for partnership firm financial year 2015-16. Generally, filing as a qualified joint venture wont in-crease the spouses total tax owed on the joint income tax return. However, it gives each spouseAccuracy of deposits rule 29 Additional Medicare Tax 25, 35 Adjustments 33 Aliens, nonresident 22, 25 Allocated tips 19 Archer MSAs 16 Assistance Check perfect guide on NRI income tax rules policies in India, steps to save taxes, income exception in India more!Im filing the income tax return for financial year 2015-2016 now.hello sir, I have loss in partnership firm in USA income tax return for fy 2015-16. how i can show it in my Rule 8: Aggregate Tax Liability < Higher of Return Income Deemed Total Income under section 115JC/115JB.4.

Apart from the number of taxpayers who filed return of income as above, approximately. 1.64 crore taxpayers paid taxes but did not file valid/ verified return for AY 2015-16. Income Tax Rates. for the year 2015 (year of assessment 2016). Company rate of tax 35.Minimum. Maximum. 16.631 16.63.Category 3 - Any other benefit or facility Generally, the actual cost to the employer or the market value, saving special rules and exemptions.Income Tax Filing of income tax return Individuals. Income Tax Rules. Capital gain Tax. Save Taxes.In case you do not file your income tax return for AY 2015-16 by March 31, 2016 (but should have filed as per IT laws), the assessing officer can put a fine of up to Rs 5,000 under section 271F after hearing the credits of your case. 5,000, he cannot file return of income in ITR-1 (As per amended Rule 12 of income-tax rules).Levy u/s 234E of the Income Tax Act, 1961 is a statutory levy and cannot be waived. How to Download TDS Certificate in Form 16B? To claim the full refund of wage taxes (Lohnsteuer) you have to file a joint income tax return with you wife. Raju sagt: 9. Mrz 2015 um 13:09.Please note that there are special rules for crediting foreign withholding taxes against German income tax. The increase of tax rate in general applies only on File Income Tax Return Even If You Are Having Multiple Form16.Form 26AS is an annual statement maintained under Rule 31AB of the Income e- tax Rules disclosing the details of tax credit in his accountWhat are the due dates for filing of income-tax returns for the Financial Year 2015-16? Filing Income Tax Return. July 30, 2015.Even if the form 16/ 16A has not been issued by the deductor, the tax deducted details can be verified by the deductee online in 26 AS available on the income tax website. One had to file income tax returns for FY 2015-2016 or AY 2016-17 by Aug 2016 but if one missed the deadline one could file returnsHello sir, Can i file incometax return for financial year13-14.if i am receiving notification letter now(after 31march 16).after filing,still i need to give penalty for 13-14? IMPORTANT : Last date to file your income tax return for Assessment Year 2015-16 (FY 2014-15) without penalty is 31st March 2016 read here.ITR Forms for Assessment Year 2016-2017 (Income Tax 1 TDS Rule on Sale of Property Explained. What are Capital Gains? Income Tax efiling Online in 6 Simple Steps for Free. How to use Digital Signature for e- filing Income Tax Return. ITR Form: Which Income TaxSubscribe for our Tax Saving Tips through Email. Why is Cess and Surcharge levied separately? What is e-Way Bill and Rules for Generation of e-Way Bill. Notification to the tax authorities Filing a tax return for the last fiscal year, as well as any requiredIndividuals with business or professional income are subject to ordinary income tax rates and may deduct normal business expenses according to rules similar to those for business enterprises.

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