General Income Tax Queries

Hello!

Can someone ans these general queries:

1.) Can ITR for Professional/ Business for A.Y 2010-2011, be filled now in Old ITR IV (By making correction in the A.Y column by white ink)

2.) Loss Return for F.Y 2005-2006 filled before due date & is carried forward, but as there was no Income in F.Y ending on 31-3-2007, 31-03-2008, 31-3-2009 no return was filled. NOW there is Income in F.Y 2009-2010, can the said loss taken into account as it was carried forward in the last B/Sheets (Ofcourse the said loss is eligible to be carried forward for 8 years).

3.) F.Y 2009-2010 had already ended, My client has got T.D.S Certificates for the said year from all Banks, but some banks are saying that they will give T.D.S Certificate only after 30-06-2010. Is this Correct as per Law, what action can be taken, which provisions can be referred to?

4.) Gift from relatives are exempt, but do we need to declare it somewhere in the ITR's. Where can we declare the same?

5.) One property is purchased jointly by 3 assesses the value of which exceeds 30 lakhs, do we need to mention in each assesses Returns (In the A.I R column)

Thanks for you contributions in anticipation.

Dear Raj Sir,

1) No, you have to wait until Department comes up with the new forms or issues a notification in this respect. Having said that it wont surprize me if AO accepts ITR IV in old format....:)

But one thing is sure any tax payable should be deposited to safeguard from Interest u/s 234B.

2) I think loss will allowed to be set off in FY 2009-10 even if return was not filed for the intervening period because Sec 80 requires the filing of return only for the year of loss. However healthy compliance would be to file return for all those intervening years.

3) Bankers may be correct or may not be - pls see Rule 31 (2) reads as under -

The certificate referred to in sub-rule (1) shall be furnished to the deductee—

(a) within one week after the date on which the sum of tax deducted at source is paid to the credit of the Central Government if the payment in respect of which the tax so deducted is by way of crediting on the date upto which the accounts of the deductor are made;

(b) within one month from the end of the financial year in which the payment is made to the deductee if—

(i) the deduction of tax is made under sub-section (1) of section 192;

(ii) the certificate relates to payment of tax by the employer on behalf of the employee under sub-section (1A) of section 192;

(iii) the deduction of tax is made under section 194D; or

(iv) more than one certificate is required to be furnished to a deductee for deductions of income-tax made during a financial year and the deductee has requested for issue of a consolidated certificate in respect of such deductions;

(c) within fourteen days from the date of payment of income-tax if the payment is made quarterly under sub-rule (2) of rule 30;

(d) within one month from the end of the month in which the deduction of tax at source is made, in all other cases.

4) Gifts from relative - If Department comes up with the a new coloum in the ITR Form then it will be a different thing but otherwise I don't think it is to be disclosed unless specifically asked for either in the form of return or during assessments peroceedings.

5) Yes, if I go by logic - since a registrar needs to submit the information in respect of a property & not only when share of each owner exceeds 30 lacs....

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RAJ

Amir

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