Tax status

ITR Filing 912 views 3 replies

Kajal Rai

Commerce

61 Points Posted on 09 July 2012

A.Y. : 2012-2013 / Status : Individual (M)

I'm filing an return wherein one assessee has paid Rs.200 as S.A.Tax & other has Nil tax payment and both are filing ITR-1.

In ITR it asks for 'Tax Status' (line no.32) with 3 alternatives i.e. Tax Payable / Tax Refundable / Nil Tax Balance.

So, my question is :-

The 1st assessee with S.A. Tax will select 'Tax Payable' ? And 2nd assessee with no tax payment will select 'Nil Tax Balance' ?

Also, there is dividend income on units, where should I show this exempt income?

Should I disclose it in Point No.26 ? But isn't it only for agricltural income which is exempt !?!

Replies (3)

vkbothra

Learning

690 Points Posted on 12 July 2012

If S.A.Tax is already made and there is no Refund amount, it will be NIL Tax Balance.

Tax payable in that case if your tax is raised and yet to be paid.. (If tax is more than 200 and after Adjustement of S.A.Tax it is still due.)

Tax Refundable if Tax is less than S.A. Tax is made :)

MAHESH GARG

AUDIT EXECUTIVE

334 Points Posted on 12 July 2012

You will have to use ITR 2 to show exempted dividend income..

because ITR 1 is used to show income from other sources only for Interest Income and family Pension.

Regards

Guest

use itr2 for exempted dividend disclosure.

in tax status when SA tax is payable then TAX PAYABLE should be selected. if its a case of refund then TAX REFUNDABLE and in case of no taxable income, NIL TAX should be selected.