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Tag: ITR Rules

  • Verification of ITR timeline lowered to 30 days from 120: I-T dept order

    The Income Tax division has lowered the time restrict for e-verification or onerous copy submission of the ITR-V, submit submitting of returns by taxpayers, from the present 120 days to 30 days, starting August 1.

    The division issued a notification on July 29 asserting the change within the timeline.

    E-verification of an ITR completes the return submitting course of and if it’s not carried out inside the stipulated time, an ITR is handled as invalid.

    “It has been decided that in respect of any electronic transmission of return data on or after the date of this notification comes into effect, the time-limit for e-verification or submission of ITR-V shall now be 30 days from the date of transmitting/uploading the data of return electronically,” the notification stated.

    It stated the order comes into impact from August 1.

    Till now, the time interval to e-verify the ITR or ship the ITR-V by way of submit, after submitting of an Income Tax Return (ITR), was 120 days from the date of the importing of the ITR.

    The notification clarified that in case the e-verification of the ITR or onerous copy ITR-V is distributed by way of submit past the time-limit of 30 days, the return shall be handled as late or past the due date.

    Those who want to ship the ITR-V in a tough copy can ship it by way of the standard deal with by way of “speed post only” to: Centralised Processing Centre, Income Tax Department, Bengaluru-560500, Karnataka.

    “The date of dispatch of speed post of duly verified ITR-V shall be considered for the purpose of determination of the 30 days period, from the date of transmitting the date of Income-tax return electronically,” it stated.

  • My brothers partitioned ancestral property. I acquired no share. Can I problem it?

    We are 4 brothers and one sister. My father who had handed away in 2002 had an ancestral land. My 4 brothers had partitioned the ancestral property in 2003 by a registered partition deed with out giving me any share in it. Can I problem the partition? 

    The Hindu Succession Act, 1956 was amended in 2005 making the daughter as coparcener within the joint household, having the identical rights as these of a son. So all of the daughters who have been alive on ninth September 2005 could be entitled to a share within the joint property. The modification additionally offered an exception to this and acknowledged that any disposition of the household property or partition by a registered partition deed or underneath court docket order, made earlier than 20-12-2004, is not going to be disturbed. Since the partition of your father’s ancestral land was completed by means of a registered partition deed, you won’t be able to problem it. 

    Before the modification of Section 6 of the Hindu Succession Act, 1956 the joint household property would devolve on the remaining coparcener by survivorship. However, there was an exception to the rule of a succession of the joint household property by survivorship to the dwelling coparcener in case the deceased had any feminine authorized heirs claiming by means of him. In such a case his share within the joint property wouldn’t go on by survivorship however will go on to his authorized heirs as if his share within the joint property was his separate property. In order to seek out out the share of the deceased within the joint household property it was to be assumed as if a notional partition of the joint household property was completed simply earlier than his dying. So although you can’t declare your share within the ancestral property as coparcener however you might be entitled to your share within the a part of the ancestral property which your father would have been allotted had there been a partition simply earlier than his dying. So on this floor alone, you possibly can problem the partition as you have been entitled to your share in fathers share within the ancestral joint property on the date your father handed away.

    Balwant Jain is a tax and funding professional and could be reached on [email protected] and @jainbalwant on Twitter.

     

     

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  • Tax implication for money present from a good friend in a single’s HUF

    I perceive that I can’t have any tax legal responsibility if my good friend offers a single money present of three lakh rupees to my HUF as a result of after preliminary exemption of fifty thousand rupees out there for items obtained, the taxable quantity remaining could be solely two lakhs and fifty thousand rupees upto which earnings of an HUF is exempt. Is my understanding appropriate?

    No, your understanding is just not appropriate. In case mixture worth of all items obtained through the yr doesn’t exceeds fifty thousand rupees, these items are totally tax free within the arms of the recipient however as soon as the combination of all items by a recipient crosses the edge of fifty thousand rupees entire of the quantity of the items obtained grow to be taxable with none exemption. 

    So there isn’t a preliminary exemption for items in case the edge is breached and the complete worth of three lakhs of the items can be handled as earnings of your HUF. After preliminary exemption of two.50 lakhs rupees, you’ll have to pay tax on steadiness fifty thousand rupees. Please notice that the earnings tax division can ask you to show the credentials of the individual like id, functionality of the giving the present to look at the genuineness of the transaction failing which the quantity of present can be taxed at flat charge of 60% along with surcharge and penalty and curiosity.

    Moreover, there’s extra to the transaction perceived by you. As per the earnings tax provisions an individual can not settle for money greater than two lakhs in respect of any transaction failing which a penalty equal to the quantity obtained in money will be levied by the tax officer. So trying on the above information, it’s advisable to not take the present in money even when the present is real and you might be keen to pay tax on the quantity past the exemption quantity.

    Balwant Jain is a tax and funding professional and will be reached on [email protected] and @jainbalwant on his Twitter deal with.

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