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Monday, August 07, 2017

How to file Income Tax Return after due date

If you are likely to miss even the extended deadline for filing income tax returns this year then you must be worried as to what can be done about it now. 
Worry not. Here's the step by step guide on how you can file belated Income Tax Return (ITR). 
The steps to file belated ITR are same as how ITR is filed before the deadline - which for FY 2016-17 is August 5, 2017. 
The only difference is that instead of filing your ITR under section 139(1), you will be required to file ITR under section 139(4). 
However, before you start filing your belated tax returns you must remember to check: 
a) Which tax return form was applicable to you for the assessment year for which you want to file the belated return. The correct form for you depends on your sources of income. This is because income tax department has been notifying new ITR forms for every assessment year. 
b) The last date to file belated ITR is March 31, 2018. 
c) If there is any tax due (after deduction of advance tax and TDS), you will be required to pay a penal interest of 1% per month. If there is no tax due, no penal interest is required to be paid. Abhishek Soni, CEO, Tax2Win.in says, 'Even if you wish to file ITR after the due date, you can still avoid penal interest on the amount of tax payable by paying due amount before the due date.' 
There are two ways to file your ITR - either using completely online method or downloading excel or java utility, filling it with the necessary details and then uploading it on the website. 
Given below is the step wise guide to file your ITR completely online. This method can only be used by individual taxpayers who are eligible to file ITR using form 1 or 4 for AY 2017-18 (Form 1 and 4S up to AY 2016-17) 
Step 1: Visit the income tax e-filing website: www.incometaxindiaefiling.gov.in 
Step 2: Click on the 'Login Here' and you will be required to enter few details. Enter details such as - User ID (your PAN), password, Date of birth and captcha code. Once you click 'Submit', you will be successfully logged in your account. 
Step 3: Click on 'e-file' tab and select the 'Prepare and submit ITR online' option. 
Step 4: Since you're filing your ITR after the expiry of deadline, you should be careful while selecting the relevant form and assessment year. 
Step 5: Once you have entered above required details, you will be re-directed to the ITR form page. 
Step 6: While filing up the ITR form, remember to select the correct option for 'Return filed under section ….' otherwise the tax return won't be accepted. Select the option, 'After Due date 139(4)'. 
Step 7: It is advisable to check that all the information punched in by you is correct. You can check it by select 'Preview and Submit' option. 
Step 8: After the final submission, you must not forget to verify your ITR. Your ITR wouldn't be considered valid until it is verified by you. 
Step 9: There are 6 ways to verify your ITR. You can either e-verify your ITR using Aadhaar, Net-banking or OTP method. Alternatively, you can send the acknowledgement copy, commonly known as ITR-V, to CPC Bengaluru. 
Step 10: Once income tax department receives your verified ITR, they will start the processing of your ITR. Once ITR is processed, you will be notified about the same via SMS and E-mail.
Source : The Economic Times

Informal transfer of Divisional cadre officials to Circle / Regional Offices : DOP Order


Compilation of information about appointments made on the basis of fake / false caste certificates : DoPT


Employment News : 5 August to 11 August 2017


JOB HIGHLIGHTS

ALL INDIA INSTITUTE OF MEDICAL SCIENCES, BHUBANESHWAR
Name Of Post : Senior Residents
No.of Vacancies : 243
Last Date :30 days after publication

INDO-TIBETAN BORDER POLICE FOCE
Name Of Post : Constable (Tradesmen)
No.of Vacancies : 303
Last Date :07.09.2017

39 FIELD AMMUNITION DEPOT, C/O 56 APO
Name Of Post : Tradesman Mate and Fireman
No.of Vacancies : 323
Last Date :21 days after publication

ALL INDIA INSTITUTE OF MEDICAL SCIENCES, RISHIKESH
Name Of Post : Office Assistant, Technical Assistant Technician, Hospital Attendant Grade III
No.of Vacancies : 315
Last Date :06.09.2017

FOOD CORPORATION OF INDIA, HYDERABAD
Name Of Post : Watchman
No.of Vacancies : 271
Last Date :21.08.2017
Source : http://employmentnews.gov.in

Latest Orders issued by Department of Expenditure


  • Recommendations of the 7th CPC - bunching of stages in the revised pay structure under Central Civil Services (Revised Pay) Rules, 2016




  • Implementation of 7th CPC recommendations - Dress Allowance

  • Implementation of 7th CPC recommendations - Transport Allowance

Payment of interest and maturity value of Small Savings Instruments through Savings Account

F. No. 1/3/2017-NS
Ministry of Finance
Department of Economic Affairs
(Budget Division)
North Block, New Delhi
Dated: 03.08.2017
Office Memorandum
Subject: Payment of interest and maturity value of Small Savings Instruments through Savings Account.
The undersigned is directed to refer to DoP’s letter No. 113-02/2015-SB dated 7.6.2017 on the subject and to state that the matter has been examined in this  Department and the following decisions have been taken:
(i) Accounts for the purpose of crediting interest/maturity value of all accounts of all Small Savings Instruments [except existing Post Office Savings Account (POSA)] and Small Savings accounts already linked to POSAS as on 31.7.2017 shall be Opened automatically as Basic Savings Account (zero balance account) with Specific coding “Interest and maturity value of Small Savings Instruments”.
However, only one basic savings account shall be opened for one person and it shall be linked with CIF or/and Aadhaar. These are not normal POSA accounts, as these can be opened on zero balance for purposes such as MGNREGS etc. Interest on these accounts with this coding will be paid at POSA rates. Since some movement to Senior Citizens’ Welfare Fund (SCWF) could happen from these Basic Savings (Zero Balance) accounts with coding “Interest and maturity value of Small Savings Instruments”, DoP may make suitable electronic tracking of the maturity date of various instruments credited into this account, in order to move correct amounts to SCWF on appropriate dates.
(ii) The Department of Posts shall not open normal Post Office Savings Accounts only for the purpose of crediting interest/maturity value of Small Savings Instruments even if the customer is willing to do so.  Interest/maturity value has to be credited to a Basic Savings Account only.
(iii) No agency charges shall be paid by the Ministry of Finance for such Basic savings accounts “opened for crediting interest and maturity value of Small Savings instruments, as these are opened only for administrative ease.
(iv) The client may be kept informed of the movement of amounts into Basic Savings account at the time of maturity. These facilitate electronic transactions and discourage cash transactions. The client can withdraw the amount through ATM cards and need not approach the office for withdrawal.
(v) As soon as Reserve Bank of India permits NEFT and RTGS facility to DoP with other banks, Department of Posts shall credit interest and maturity value of instruments into ‘the savings account of the customer’s choice’ through these electronic modes, irrespective of whether that savings account is with DoP or any other bank. The need of opening Basic Savings Account would cease in those cases where the depositor has an existing saving account with a Bank.
2. This has the approval of Joint Secretary (Budget).
sd/-
(Padam Singh)
Sr. Regional Director (NS)

small-saving-interest-payment-om-by-dop-page1
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Source: http://dea.gov.in/sites/default/files/O%20M%202.pdf