Filing form 10-IF

Which ITR you want to file?

ITR 3/4?

Or ITR 1/2?

 

ITR-5

The new tax regime is available for individuals and HUFs with lower tax rates ............ not for other entities...

As per this section, the Co-operative Society have an option to opt for new tax regime under the act; so are you filing ITR for Co op soc.?

Whether ITR 5 or ITR 7 is applicable in your case?

After login to e-filing site, select tab "Income Tax Forms' Under "e-File"

Select 'File Income Tax Forms'...... select the category applicable to you......... ....

1.As per section 115BAD, new tax regime is applicable to co-operative societies as well.
2.Yes, I am filing ITR-5 for co-operative housing society.
3.Already checked number of times, but form 10-IF is not seen in any option (This form is not available even on incometaxindia.gov.in). And one cannot exercise new regime without filing this form.

 

File Complaint under Grievances, for availability of form...

As this is one time option available to CHS, I think the option should be linked with form ITR 5 itself (The way assessee filing  ITR 1 & ITR 2 are not required to file form 10IE separately.)

So, check the ITR for its option (in Questioner), & try to file ITR directly, without filing form separately.....

Ok, will try both. But I guess, the firm is not linked with ITR. It is surprising that there is no clarity on many issues from authorities concerned. Every thing is messed up. Thanks for your reply.

I also have a query about advance tax and interest for default in paying advance tax. Interest is charged for default in due instalments of advance tax. Don't you think it is injustice with tax payers? Tax payer ends up paying interest for default for the quarter in which he may not have earned income. The taxable income is averaged through out the year and default is calculated under current provisions. This needs to be amended.

Here we can say that there are two types of income, first regular income like salary, & second occasional like capital gains, lottery winning etc. 

So, the averaging is only for income of regular ones; & not of second type.

So, overall it has been tried to justify the tax liability with interest calculation; but if anyone has better solution, it can be suggested.

For regular income earners the current system is workable but for businesses or house property income earners who earner income irregularly on lumpsum basis, this is not workable. Sometimes business do not earn any income or suffer loss in first few months and thus miss advance tax instalment but in later part of the year they make profit and still have to pay interest for default in advance tax. This needs to be given a thorough thought. Business condition does not remain same through out the year and so penalising for such defaults is not justifiable in my view.

A quarterly financial report should be taken into account for determining advance tax default and not yearly. But the problem is hiw to integrate it while preparing computation of tax and put it on record. Far most important, how the bell the cat for this?

Considering the fact, there was no advance tax installment in June, & Sept installment was just 25%.

Yes, PGBP income should be asked to be given the facility like occasional income, & not regular income.

Good...... 

Thanks sir. PGBP? Am not good at abbreviations.