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Old 27th July 2016, 19:05   #946
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Can someone please tell me what is "return with audit"?

I was thinking of filing someone's taxes this year with zero income, but I wonder if it would lead to further complications.
Certain categories of assessees need to get their IT returns audited by a qualified chartered accountant before filing. Among individuals, these are typically self-employed people - doctors, lawyers, consultants, accountants, architects etc., or people running businesses - partnerships, sole proprietorships etc. There are also gross receipt thresholds (50L I think) for mandatory audits.
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Old 27th July 2016, 19:16   #947
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Originally Posted by binand View Post
Certain categories of assessees need to get their IT returns audited by a qualified chartered accountant before filing. Among individuals, these are typically self-employed people - doctors, lawyers, consultants, accountants, architects etc., or people running businesses - partnerships, sole proprietorships etc. There are also gross receipt thresholds (50L I think) for mandatory audits.
1 crore if it is a business of sale of goods and 50 lakhs if it is a profession.
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Old 27th July 2016, 21:11   #948
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Certain categories of assessees need to get their IT returns audited by a qualified chartered accountant before filing. Among individuals, these are typically self-employed people - doctors, lawyers, consultants, accountants, architects etc., or people running businesses - partnerships, sole proprietorships etc.
Thanks for the explanation, but I am confused why @sgiitk's wife (Nil return) and son (perhaps Nil return) need to get their returns audited.

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This must be some sort of a record. I filed the return on my wife (Nil return) online, on the 19th and have got the assessment order today. I must say I am astonished.
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@NPV; My sone who is required to submit his return with audit (same as last year) has also received the notification. For his the last date is 30/9 (or is it 31/10) what is the system up to?
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Old 27th July 2016, 22:31   #949
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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@NPV; My sone who is required to submit his return with audit (same as last year) has also received the notification. For his the last date is 30/9 (or is it 31/10) what is the system up to?
I only received some generic emails for submitting returns and details about the voluntary income disclosure scheme which seem to be sent to existing taxpayers (like spam). Nothing specific about my past returns.

Last edited by NPV : 27th July 2016 at 22:32.
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Old 27th July 2016, 23:22   #950
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I am confused why @sgiitk's [...] son (perhaps Nil return) need to get their returns audited.
Assumptions, assumptions... why wouldn't the gent in question have income at the level where such audits are required?
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Old 28th July 2016, 10:46   #951
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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1. Can someone please tell me what is "return with audit"?

2.I was thinking of filing someone's taxes this year with zero income, but I wonder if it would lead to further complications.
1. If you are a professional with an annual income/turnover of over 25l then your books have to be audited and the return filed under a digital signature. These are mostly ITR4 cases. Next year they are relaxing this, if your income is under 50L and deductions less than 50% then you need not have an audit.

2. My wife has no taxable income but has to file since she has Sec10 income over 1L. I filed and got the order within ten days.
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Old 28th July 2016, 19:18   #952
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by sgiitk View Post
1. If you are a professional with an annual income/turnover of over 25l then your books have to be audited and the return filed under a digital signature. These are mostly ITR4 cases. Next year they are relaxing this, if your income is under 50L and deductions less than 50% then you need not have an audit.

2. My wife has no taxable income but has to file since she has Sec10 income over 1L. I filed and got the order within ten days.
Now I understand, Thanks!

I was concerned whether filing a Nil return for someone who has No Income will lead to headaches later.
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Old 28th July 2016, 20:06   #953
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Can anyone tell me where exactly on the ITR-1 Form one has to enter the EPF amount withdrawn after 5 continuous years of service?
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Old 28th July 2016, 20:14   #954
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Can anyone tell me where exactly on the ITR-1 Form one has to enter the EPF amount withdrawn after 5 continuous years of service?
There's a single column D20 at the very end where you can disclose exempt income in ITR-1.
http://www.incometaxindia.gov.in/for...6/itr12016.pdf

ITR-2 fill schedule EI.
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Old 28th July 2016, 23:20   #955
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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There's a single column D20 at the very end where you can disclose exempt income in ITR-1.
http://www.incometaxindia.gov.in/for...6/itr12016.pdf

ITR-2 fill schedule EI.
Thanks a lot, @hserus! I googled before I asked, but I couldn't find it anywhere.

Finally my taxes are filed and I am relieved.
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Old 29th July 2016, 10:02   #956
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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Originally Posted by hserus View Post
There's a single column D20 at the very end where you can disclose exempt income in ITR-1.
http://www.incometaxindia.gov.in/for...6/itr12016.pdf

ITR-2 fill schedule EI.
In the ITR 1 excel utility its the 'taxes paid and verification' tab item number 27 just under the taxes paid details
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Old 29th July 2016, 23:37   #957
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I was hoping I'd finish this tonight, but...

This Schedule AL ("Details of Asset and Liability at the end of the year") is new in ITR2 this time, looks like. Does anyone have any detailed guidelines on how to fill this?
  • For property purchased in built-up state (flats, villas etc.), do we have to fill in land value and structure value separately?
  • What about under-construction apartments?
  • Where do mutual funds, share investments etc. figure in? Under cash in hand?
  • Should one include the assets already declared in Schedule FA once again?
  • Jewellery - since gold price has shot up, original purchase value or value on 31/3/16?

Some basic Google search suggests that we need to put only cost of acquisition in, not depreciated value. Thank $deity for that.

Last edited by binand : 29th July 2016 at 23:40.
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Old 29th July 2016, 23:43   #958
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Quote:
Originally Posted by binand View Post
I was hoping I'd finish this tonight, but...

This Schedule AL ("Details of Asset and Liability at the end of the year") is new in ITR2 this time, looks like. Does anyone have any detailed guidelines on how to fill this?
  • For property purchased in built-up state (flats, villas etc.), do we have to fill in land value and structure value separately?
  • What about under-construction apartments?
  • Where do mutual funds, share investments etc. figure in? Under cash in hand?
  • Should one include the assets already declared in Schedule FA once again?
  • Jewellery - since gold price has shot up, original purchase value or value on 31/3/16?
Some basic Google search suggests that we need to put only cost of acquisition in, not depreciated value. Thank $deity for that.
Thanks. I had the same question. My worry is what about jointly owned flats? Should one straight away pro-rate it? (seems so but its worth getting it correct!).
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Old 30th July 2016, 01:24   #959
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

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[*] Should one include the assets already declared in Schedule FA once again?
This article suggests NO to this question:

http://www.livemint.com/Money/J5rCTh...urn-forms.html

"Since foreign assets and income are separately reported in Schedule FA, it appears that Schedule AL will capture details of those assets that are not captured under Schedule FA, i.e., India assets."
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Old 30th July 2016, 12:12   #960
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Default Re: All Income Tax Queries (refunds, disputes, rates etc...)

Dear friends,

I came to know I have some amount of tax to be paid from previous years. As I am not well aware of taxation being a salary earner, I didn't keep track of this. I want to pay this amount immediately to IT dept. as otherwise it will keep accumulating interest. I want to know from experts how I can know the final amount to be paid and where and how can I remit this amount.

Thank you.
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