Steps to file Income Tax Return without using any software

After incorporating the new facilities on income tax e-filing portal, one can file his/her income tax returns directly on the department website without using any software. 

Steps to file Income Tax Returns without using software: 

1. Log on to http://www.incometaxindiaefiling.gov.in

2. Click on login option.

3. Once you click the login option, you will be asked to provide User ID, password and Date of Birth for login into your account. 

4. Once you login into your acount, you will find an option called “e-File” on the menu. 

5. Under the “e-file” menu, select the option called “Prepare and Submit online ITR”. 

6. Once you select the above option, the following details will be displayed on the screen; 

 i.  PAN No. 

ii.  ITR form name: Here you need to select the ITR form applicable to you, as of now two ITR forms are available for efiling (ITR 1 and ITR 4S). 

iii. Assessment year: Here you need to select the Assessment year for which you are filing the return. 

iv. Address: Here you need to select one of the option out of 3 options( 1. Address from PAN Database, 2. Address from previous year return and 3. New address). 

v.  Digital Signature: Select “YES” if you want to file your return with digital signature otherwise “NO”. 

vi.  After filling the above details, then click on SUBMIT button. 

vii.  After clicking the SUBMIT button, the system will take you to ITR form. 

7. Once the ITR form got opened then you need to enter your details in the ITR form. 

8. Once all the details in the ITR form are filled then you need to click on “SUBMIT” option for filing the return. 

Note: 

 1. While filling the details in the ITR, please DON’T click on BACK button or   BACKSPACE . If you click on BACK Space or BACK button, then you will be logged out. 

  2.  After entering the data in each screen of ITR form, please click on “Save’ button to save the data.

Now Banks issued Acknowledgement of Form-15H/15G.

RBI has been issued a notification No. RBI/2012-13/516, DBOD.No.Leg.BC.100/09.07.005/2012-13 dated 31.05.2013 for issuingacknowledgement of Form No. 15H/15G to customers who did not want TDS Certificate against interest Income.  Read the followingnotification.

Acknowledgement by banks at the time of submission of Form 15-G / 15-H

As you are aware banks are not required to deduct TDS from depositors who submit declaration in Form 15-G/15-H under Income Tax Rules, 1962. However, it has been brought to our notice that despite submission of Form 15-G/15-H by customers, banks are deducting tax at source, at times, causing inconvenience to customers resulting in a number of complaints.  Such instances arise because either the forms are misplaced or a track is not kept of forms received in the branches.

2. The matter has been examined by us in consultation with Indian Banks’ Association (IBA). With a view to protect interest of the depositors and for rendering better customer service, banks are advised to give an acknowledgment at the time of receipt of Form 15-G/15-H. This will help in building a system of accountability and customers will not be put to inconvenience due to any omission on part of the banks.

Read more detailed information to issue Acknowledgment of Form 15h or 15G.

 

TDS on Property – FAQ and Points to Remember

As per Finance Bill of 2013, TDS is applicable on sale of immovable property wherein the sale consideration of the property exceeds or is equal to Rs 50,00,000 (Rupees Fifty Lakhs). Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% should be deducted by the purchaser of the property at the time of making payment of sale consideration. Tax so deducted should be deposited to the Government Account through any of the authorised bank branches.

Points to be remembered by the Purchaser of the Property:

  1. Deduct tax @ 1% from the sale consideration.
  2. Collect the Permanent Account Number (PAN) of the Seller and verify the same with the Original PAN card.
  3. PAN of seller as well as Purchaser should be mandatorily furnished in the online Form for furnishing information regarding the sale transaction.
  4. Do not commit any error in quoting the PAN or other details in the online Form as there is no online mechanism for rectification of errors. For the purpose of rectification you are required to contact Income Tax Department.

Points to be remembered by the Seller of the Property:

  1. Provide your PAN to the Purchaser for furnishing information regarding TDS to the Income Tax Department.
  2. Verify deposit of taxes deducted by the Purchaser in your Form 26AS Annual Tax Statement.

Frequently Asked questions (FAQ)

What is TDS on property?

The Finance Bill 2013 has proposed that purchaser of an immovable property (other than rural agricultural land) worth Rs 50 lakh or more is required to pay withholding tax at the rate of 1% from the consideration payable to a resident transferor

Who is responsible to deduct the TDS on sale of Property?

According to rules in respect of tax deducted at source, buyer of the property would have to deduct the TDS and deposit the same in Government treasury.

I am Buyer, do I required to procure TAN to report the TDS on sale of Property?

Buyer or Purchaser of the property is not required to procure Tax Deduction Account Number (TAN). The Buyer is required quote his or her PAN and sellers PAN.

What if I don’t have the PAN of the seller is it Mandatory?

PAN of the seller is mandatory. The same may be acquired from the Seller before effecting the transaction.

How can I use this facility to pay TDS on sale of Property?

The Buyer of the property (deductor of tax) has to furnish information regarding the transaction online on the TIN website. After successfully providing details of transaction deductor can:

  • Either make the payment online (through e-tax payment option) immediately;
  • Or make the payment subsequently through e-tax payment option (net-banking account) or by visiting any of the authorized Bank branches. However, such bank branches will make e-payment without digitization of any challan. The bank will get the challan details from the online form filled on http://www.tin-nsdl.com

If I encounter any error on NSDL site while entering the online form details what should I do?

If any problem is encountered at the NSDL website while entering details in the online form then contact the TIN Call Center at 020 – 27218080 or email at tininfo@nsdl.co.in (Please indicate the subject of the mail as Online Payment of Direct Tax).

TDS/TCS Rates Chart for A.Y. 2014-15 or F.Y. 2013-14

A. TDS Rate Chart for A Y 2014-15 on Payments other than Salary and Wages

 Section
No.

Nature of Payment

Threshold
Total Payment
During the Year

Payment to

Individual
or HUF

Others

193

Interest on Debentures

Rs. 5000/-

10%

10%

194

Deemed Dividend

10%

10%

194 A

Interest by banks (Other than interest on securities)

Rs. 10000/-

10%

10%

194 A

Interest by Others (Other than interest on securities)

Rs. 5000/-

10%

10%

194 B

Winnings from Lotteries / Puzzle / Game

Rs. 10000/-

30%

30%

194 BB

Winnings from Horse Race

Rs. 5000/-

30%

30%

194 C (1)

Payment to Contractors

Rs. 30000/-

1%

2%

194 C (2)

Payment to Sub-Contractors / for Advertisements

Rs. 30000/-

1%

2%

194 D

Payment of Insurance Commission

Rs. 20000/-

10%

10%

194 EE

Out of deposits under NSS

Rs. 2500/-

20%

NA

194 G

Commission on Sale of Lottery tickets

Rs. 1000/-

10%

10%

194 H

Commission or Brokerage

Rs. 5000/-

10%

10%

194 I

Rent of Land, Building or Furniture

Rs. 180000/-

10%

10%

194 I

Rent of Plant & Machinery

Rs. 180000/-

2%

2%

194 J

Professional / technical services, royalty

Rs. 30000/-

10%

10%

194 J
(1)

Remuneration / commission to director of the company

10%

10%

194 J (ba) w.e.f. 01 .07.2012, Any remuneration / fees / commission to a director of a company, other than those on which tax is deductible under section 192.

10%

10%

194 LA

Compensation on acquisition of certain immovable property

Rs. 2,00,000/-

10%

10%

194 IA

Compensation on transfer of certain immovable property other than agricultural land (w.e.f. 01 .06.2013)

Consideration is
Rs. 50 lakh or
more.

1%

1%

194LD

Interest on certain bonds & Govt. securities (w.e.f. 01 .06.2013)  

5%

5%

 B. The Tax Collection at Source Rates for the Financial Year 2013-14 is tabulated below:

Sl. No.

Nature of Goods

Rates in %

1

Alcoholic liquor for human Consumption

1

2

Tendu leaves

5

3

Timber obtained under forest lease

2.5

4

Timber obtained by any mode other than a forest lease

2.5

5

Any other forest produce not being timber or tendu leaves

2.5

6

Scrap

1

7

Parking lot

2

8

Toll plaza

2

9

Mining & Quarrying

2

10

Minerals, being coal or lignite or iron ore

1

11

Bullion or jewellery (if the sale consideration is paid in cash  exceeding INR 2 lakhs)  

New TDS Form-16B & Return Form No.26QB for TDS Deduction u/s. 194-IA w.e.f. 01.06.13.

Income Tax Department has been issued a notification (5th Amendment) regarding issue of TDS Certificate andReturn Form i.e. Form-16B and Form-26QB (New) w.e.f. 01.01.2013 for TDS Deduction u/s. 194-IA.  Any sum deducted under section 194-IA shall be paid to the credit of the Central Government within a period of seven days from the end of the month in which the deduction is made and shall be accompanied by a challan-cum-statement in Form No.26QB.  The fullNotification with Form-16B and Return Form-26QB are as under:

 

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (ii)]

 

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
(CENTRAL BOARD OF DIRECT TAXES)

New Delhi, the 31st May, 2013

NOTIFICATION
INCOME-TAX

 

S.O.1404(E) .— In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the  following rules further to amend the Income-tax Rules, 1962, namely:—
1. (1) These rules may be called the Income-tax (Fifth Amendment) Rules, 2013.
   (2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Income-tax Rules, 1962, (hereinafter referred to as the said rules) in rule 30,–
   (a) after sub-rule (2), the following sub-rule shall be inserted, namely:—
       “(2A) Notwithstanding anything contained in sub-rule (1) or sub-rule (2), any sum deducted under section 194-IA shall be paid to the credit of the Central Government within a period of seven days from the end of the month in which the deduction is made and shall be accompanied by a challan-cum-statement in Form No.26QB.”;
   (b) after sub-rule (6), the following sub-rule shall be inserted, namely:—
       “(6A) Where tax deducted is to be deposited accompanied by a challan-cum-statement in Form No.26QB, the amount of tax so deducted shall be deposited to the credit of the Central Government by remitting it electronically within the time specified in sub-rule (2A) into the Reserve Bank of India or the State Bank of India or any authorised bank.”;
   (c) after sub-rule (7), the following sub-rules shall be inserted, namely:–
       “(7A) The Director General of Income-tax (Systems) shall specify the procedure, formats and standards for the purposes of remitting the amount electronically to the Reserve Bank of India or the State Bank of India or any authorised bank and shall be responsible for the day-to-day administration in relation to the remitting of the amount electronically in the manner so specified.”;

3. In rule 31 of the said rules,–
   (a) after sub-rule (3), the following sub-rule shall be inserted, namely:—
       “(3A) Notwithstanding anything contained in sub-rule (1) or sub-rule (2) or sub-rule (3), every person responsible for deduction of tax under section 194-IA shall furnish the certificate of deduction of tax at source in Form No.16B to the payee within fifteen days from the due date for furnishing the challan-cum-statement in Form No.26QB under rule 31A after generating and downloading the same from the web portal specified by the Director General of Income-tax (System) or the person authorised by him.”;
   (b) after sub-rule (6), the following sub-rule shall be inserted, namely:—
       “(6A) The Director General of Income-tax (Systems) shall specify the procedure, formats and standards for the purposes of generation and download of certificates and shall be responsible for the day-to-day administration in relation to the generation and download of certificates from theweb portal specified by him or the person authorised by him.”;

4. In rule 31A of the said rules, after sub-rule (4), the following sub-rule shall be inserted, namely:—
   “(4A) Notwithstanding anything contained in sub-rule (1) or sub-rule (2) or sub-rule (3) or subrule (4), every person responsible for deduction of tax under section 194-IA shall furnish to the Director General of Income-tax (System) or the person authorised by the Director General of Income-tax (System) a challan-cum-statement in Form No.26QB electronically in accordance with the procedures, formats and standards specified under sub-rule (5) within seven days from the end of the month in which the deduction is made.”;

5. In Appendix-II of the said rules,—
   (a) after Form No.16AA, the following Form shall be inserted, namely:—

(Download) Form-16B

 

Free Download (Form-26QB)

TDS on transfer of immovable properties w.e.f 01.06.2013

From June 1st 2013, transfer by a resident of immovable property (other than agricultural land) where consideration exceeds Rs 50 lakhs would attract TDS @ 1% u/s 194 IA. The person is required to deduct tax and would not be required to obtain a Tax Deduction Account Number.

The Central Board of Direct Taxes (CBDT) has come out with an online form for making TDS payment on property transactions.

This form requires mandatory quoting of PAN which is verified with the IT Department’s website. It also asks for address of the transferor and transferee along with the address of the property transaction.

Following details has been asked in the form :
1. PAN details of the Transferee
2. PAN details of transferor
3. Complete address details of Transferee
4. Complete address details of transferor
5. Address of property involved in transaction
6. Amount payable
7. Tax 1 % amount deductible /deducted
The new form is available on TIN-NSDL and field with * sign is only mandatory.

To fill the form online, Click on the link below:
e-payment of TDS on Sale of  Property