Is it mandatory to give the details of all bank accounts while furnishing Incomw Tax Return

 Is it mandatory to give the details of all bank accounts while furnishing Incomw Tax Return

Yes, You must disclose your all bank accounts details in your Income Tax Return.

Usually, the bank account that is frequently used for transactions is the primary bank account. The bank account used for the transaction with the Income Tax Department is the primary bank account.

In case, you closed your bank account during the financial year, you are required to disclose it in your ITR.

House Rent Allowance - A tool of Tax planning for employees

House Rent Allowance (HRA) is second component which is found in each pay slip after basic salary.  This is the major contributor in tax relief for the employee who reside in rented house during his/her employment.

As announced in budget 2020, taxpayers who wish to opt for the New Income Tax Regime from AY 2021-2022 cannot claim the exemption of House Rent Allowance.

Generally employee submits Rent receipt and rent deed to his employer to claim exemption of tax on account of HRA but there are so many doubts & questions arise while calculating & claiming exemption of tax from HRA which I am trying to summaries here in “question-answer form”. your input in form of suggestion or query is solicited and most welcome :-

Do I need to pay tax on income earned on gift amount?

I have received Rs.15 lakhs from my father who is filing his income tax Return (ITR) regularly and paying tax on his income. Money so received was invested somewhere and earned an interest income around Rs.2,25,000/-.

Do I have to show such amount (i.e. Rs.15 lakhs) in my ITR?

Do I need to discloses & file my ITR for interest if don't have any other income except interest, I understand that  income up to Rs.2,50,000/- is not taxable. 

New Requirement in Tax Audit Report and in ITR 6

New Tax regime i.e. "propagated as concessional tax rate" has been introduced in Finance Act which provide options to taxpayer to adopt any one of the two options and pay tax accordingly. A lot of deductions/allowance which were availed earlier by the tax payer shall be forgone. 

Section 115BAA and section 115BAB are introduced for company assessee and section 115BAC and Section 115BAD have been brought for assessee, being an Individual, HUF and Co-operative society. so that tax payer can opt for concessional tax rate regime subject to fulfillment of various conditions given in these sections.

 Do you need to file ITR even your total income did not exceed the basic exemption limits? 

Yes, From Assessment Year 2020-21 it mandatory to file ITR for an assessee  who is not a company or a firm but who otherwise is not liable to file Income Tax Return of Income, if he or she satisfy any of the condition during the previous year:-

Part-6- change applicable in Capital gain-Know Important changes in Income Tax Act -Before Filing ITR for Assessment Year 2020-21

Now Time has come to be ready to file income Tax return for the Assessment Year 2020-21, however there are lot of changes have been made by the Government.

Some changes are more important to know because Income tax Return cannot be filed correctly if are ignorant of these.

I am just making an effort to cover such amendments/changes in a series like what would be Tax Rate for the Assessment year , changes in particular source of income i.e.salary, house property, Business or profession, capital etc.

So far I have covered the changes which are made in exempt income, salary income, house property income and income from business or profession, now going to explain the changes which are applicable in "Capital Gain".i.e. profit or loss which arise when someone sale any capital asset.

Part-5- Before Filing ITR for Assessment Year 2020-21, Know Important changes in Income Tax Act-PGBP

Now Time has come to be ready to file income Tax return for the Assessment Year 2020-21, however there are lot of changes have been made by the Government.

Some changes are more important to know because Income tax Return cannot be filed correctly if are ignorant of these.

I am just making an effort to cover such amendments/changes in a series like what would be Tax Rate for the Assessment year , changes in particular source of income i.e.salary, house property, Business or profession, capital etc.

In earlier parts, we have included 

            (1 ) Rate of Income Tax for the Assessment year 2020-21                        (Read Part -1 here)

            (2)"Exempt income" i.e. Income which do not part of Total Income  (Read Part -2 here) 

            (3) Changes in the head "Income from Salary"                                     (Read Part -3 here)

            (4) Changes in "Income from House Property"                                (Read Part-4 here ) 

Now we will cover the changes made or brought in the head "Profit or gains from Business or profession "  which are specifically applicable for the Assessment year 2020-21 :- 

Profit or gains from Business or profession

Before Filing ITR for Assessment Year 2020-21, Know Important changes in Income Tax Act

 Now Time has come to be ready to file income Tax return for the Assessment Year 2020-21, however there are lot of changes have been made by the Government.

Some changes are more important to know because Income tax Return cannot be filed correctly if are ignorant of these.

I am just making an effort to cover such amendments/changes in a series like what would be Tax Rate for the Assessment year , changes in particular source of income i.e.salary, house property, Business or profession, capital etc.

First part is on the rate of  tax applicable for the Assessment year 2020-21:-