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July 13 To July 19, 2019 u Taxmann’s Corporate Professionals Today u Vol. 45 u 13Q 21. How to change the details of bank
account furnished in return?
If you want to change any detail furnished
in the ITR, you can do so by filing a revised
return. As an alternative way, e-filing portal
allows a taxpayer to change the following
personal details in the return without filing
of revised return:
- Address
- Mobile number
- email-Id
- Bank account details
However, any change in personal details can
be made before processing of return by CPC.
To change personal details, you have to raise
a new request from ‘Service Request’ page
at e-filing job.
Q 22. Is it mandatory to furnish ITR if a
financial transaction entered into by a per-
son is reported in Statement of Financial
Transaction (SFT)?
Filing of return of Income is governed by
section 139 only. A person isn’t required to
file return of income if his case does not
fall under any of the criteria mentioned in
section 139. There is no such requirement
that furnishing of return is mandatory in
case a person has entered into a financial
transaction that has been reported in SFT.
Q 23. My return became invalid as I failed
to respond to notice issued for defective
return. Is there any option to correct that
invalid return?
In case a return has been declared as invalid,
it shall be deemed as if no return has been
filed by the taxpayer. In such case, a new
return can be furnished if the time limit for
furnishing the original/belated return has not
yet expired. If the time limit for furnishing
the return has expired, then you cannot file
the return for such assessment year. In that
situation, the Assessing Officer can proceed
to make best judgment assessment under
Section 144. Alternatively, you may approach
the CBDT for condonation of delay in filing
of return.
Q 24. I have agricultural income of `4 lakhs
and income from other sources amounting
to `1 lakh. Do I need to file ITR?
The agricultural income is exempt from tax
under Section 10(1) but it is included in the
total income for rate purpose. The object
of aggregating the net agricultural income
with non-agricultural income is to tax the
non-agricultural income at higher rates. Since
agriculture income is exempt from tax and
your non-agriculture income is below taxable
limit, you are not required to file the return.
Q 25. I am getting pre-filled information in
respect of my income and deductions, etc.,
while filing Income-tax return in ITR-1. How
tax department is pre-filling such details
and what is the source of that information?
With a view to ease the process of income-tax
return filing process and to cross check the
information filled therein by a taxpayer with
information reported under TDS return (i.e.,
Form 24Q or Form 26Q) or tax pass book
(i.e., Form 26AS), the tax department has
started the process of auto-populating certain
information in ITR forms.
Currently, the pre-filled informations are
available only in respect of persons filing
return in ITR-1 or ITR-4. If a person choos-
es to file the said returns online through
e-filing website then all information shall
be automatically pre-filled in the relevant
ITR Form. However, if a person chooses to
file the return through Java utility of the
department then he can download the pre-
filled xml from e-filing website and import
it in java utility.
The department is using following sources of
informations for pre-filled ITR forms:FAQs ON INCOME-TAX RETURNS FOR ASSESSMENT YEAR 2019-