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  • #67676
    Anonymous
    Inactive

    My annual income is below Rs. 5,00,000, interest from bank within 2000/-, should i have to submit my return/sahaj for year 2012-13?
    I came to know that persons’ income below 5,00,000 not required to submit their return

    #73187
    Anonymous
    Inactive
    #73192
    Anonymous
    Inactive

    Thax Nemo for re-confirmation abt the govt.notification.
    I told my H.M. last year that i’d not submit any return, she informed the related person who takes care of all tax related cases. I’ve argued with the person over the phone but he did not support me despite the circular, moreover he came to my school nd tried to took upper hand on me. He explained that every one should submit their returns to avoid further harassment in near future, we’ve to give penalties for that etc. etc. I was just confused nd signed the paper.
    But for this year i am not going to submit any return except form 16 nd let c what happen to me
    1. Now my query is what will b the other persons do who r below 500000/- , want to adjust/save taxes under 10E/80DD/other sections?
    2. Tax consultant saves taxes, anyone knows that but can it b done with form16 solely?
    Thank you again

    #73193
    Anonymous
    Inactive

    1. What will the other persons do who r below 500000/- , want to adjust/save taxes under 10E/80DD/other sections?

    Not mandatory to file I.Tax return. They should save the relivant documents and Calculation sheets of the examption for future. The employeer should issue form -16 after proper verification of the documents and calculation sheets.

    Tax consultant saves taxes,anyone knows that but can it b done with form16 solely?

    sorry, your query is not clear to me

    #73200
    Anonymous
    Inactive

    Confused person creates only confusions
    AND i am confused,i want to ask that sometime we r told that tax consultant calculates taxes,adjusts nd can reduces tax amount ,is it true nd can it b done with form16 only or someone has to fill up ITR-1?
    Is it employers’ responsibility to adjust/calculate taxes of an employee?
    What abt the financial year 12-13/assessment year 13-14,is there any circular published yet?
    thank you Som for your patience

    #73201
    Anonymous
    Inactive

    tax consultant calculates taxes,adjusts nd can reduces tax amount ,is it true nd can it b done with form16 only or someone has to fill up ITR-1?

    Actually, if you want to save tax, You should make a plan at the begining of the Financial year or as early as possible. The exemptions are very handy for saving tax. Most of us are not aware of all the sections for exemptions thats why we knock the door of consultants. There is no relation of tax exemption with filling ITR-1.

    Is it employers’ responsibility to adjust/calculate taxes of an employee?

    Not at all. The employeer should only check the documents for which the employee claiming exemptions.

    What abt the financial year 12-13/assessment year 13-14,is there any circular published yet?

    Many circulars published. You may have consolidated instructions in the link below:
    Budget 2012 updates: Income tax

    #74006
    Anonymous
    Inactive

    Is it employers’ responsibility to adjust/calculate taxes of an employee?

    Not at all. The employeer should only check the documents for which the employee claiming exemptions.
    Sorry my dear Bro! It’s not fully correct!
    If the DDO makes wrong computation of tax on the basis of the valid documents/data made available to him he is liable to be charged by the I/Tax deptt. Even if the FORM-16 is issued to an employee after due date the deductor may be charged to fine @Rs100 (min) – @ Rs200(max) for per day of delay.
    Once the TDS certificate(s) is/are issued by the deductor(s) it’s the sole responsibility of the assessee to file ITR by furnishing the correct data, if submission of return is necessary under existing IT rules.
    If in the subsequent event in the currency of A.Y. any irregularities in the taxation is detected by the I/Tax deptt. a notice shall be initially served on the assessee, asking him/her to attend hearing with the documents.
    So, it’s the accountability of the both. Neither the deductor nor the deductee can go scot free if there is anything objectionable! Of the two, deductee always succumbs to fatal injury!

    #74022
    Anonymous
    Inactive

    Sabitadi,
    You may go through the documents from the following link:
    TDS Information

    #74099
    Anonymous
    Inactive

    Assessment of Dr. Majumdar is very correct as far as I/Tax is concerned. Employer has a very vital role for deduction of tax from the salary of an employee and deposit the same to the Central Govt. A/c. Then comes the role of the employee (assessee) who , if required, should furnish the correct information to ITO. If there is any mistake in the ITR (example: wrong entry of PAN, or any other data, mismatch of tax shown in ITR with tax actually deposited by the employer etc.) the assessee is summoned at the hearing. So, both employer and employee have important roles but at different stages of taxation process.

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