946 (Income tax) Why taxpayer is required to fill the personal information details in tax return? Narration - By Amlan Dutta Video Link - https://youtube/watch?v=SOCQzKEPm9E So commonly done , people often never understand the significance of the personal details tab in the tax return Let us go about it using the harvard case model for imparting education You see for the department , taxpayer can be a individual / HUF /firm/company /society /trust etc i.e It can be amlan filing return for himself , his dutta HUF as a karta or his firm as partner or company as a director etc etc Now , smallest thing like return selection itself will vary upon the person type .Not only this from application of tax rate to deductions under section 80 (chapter VI A ), every small thing varies Very clearly income head will mostly be business /profession for a firm /company but can be salary /House property /CG etc for a individual For a individual deductions can be 80 C to 80 u but for a company 80 IA/IB/Ic gets added Lets proceed , the date of birth helps me tell the department that i am a non senior citizen ...this is important because if i am senior and if i am resident , then i get threshold benefit of the slabs Note that if i am senior citizen but not resident for the specefic assessment year , i will get no slab benefit the date of birth helps the retun utility give benefit of slabs to senior and non senior resident individuals Then there is the PAN number ...note that the identification of the tax payer with the department for direct taxes - Income and wealth is the permanent account number (the taxpayer - in this case ,.me ) identify with the department with the PAN ...for indirect taxes for my own case -taxes from sale , manufacturing etc , i dentify myself with CST /VAT number (sales ), ST registration (service) likewise The communication address is kept so that the taxpayer can be communicated with using that address for the cited assessment year ..here i must say that if someone has a transferable job , it is better to give permanent address so that department can uniquely correspond with the taxpayer for return of income for the assessment year .It can be different for different years . Then resident status is kept which plays a key role for determining the scope of total income . For a resident indian , every income ( non exempt ) earnt globally and in india is taxable For non resident , only the income whose receipts are first in india is taxable When resident is subject to double taxes on account of this resident and source rule , there are provisions in act which helps the taxpayer take double relief under section 90 /91 A using DTAA agreement or section 91 in absence Then the entire package containing all taxpayer details with respect to first his status (individual ), seniority (senior/non senior ), gender , and then the income details , savings done , total income and taxes due and taxes paid is submitted through a SECTION if this are submitted before due date then it can be revised again under section 139(5) If submitted after due date (belated ), t5hen cannot be revised and intimation can be only rectified .In belated return , other than house property loss and unabsorbed business depreciation , no other loss can be shown The sections can also be effectively used to file returns in response to defective notice under section 139(9) If you dont select resident , then you will not qualify for rebate under section 87 A as well Then we have Portuguese civil code wherein under section 5a , if taxpayer has domiclle for Goa/DIU/DAMA /Nagar Haveli , then all income other than salary head will have to be shared with wife and each will file return showing only his /her share This and much more in the video ! Enjoy the show ! I did my education so that people can benefit , not because i wanted to sell it opening classes and shops !
Posted on: Sat, 13 Sep 2014 08:33:34 +0000
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