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July 13 To July 19, 2019 u Taxmann’s Corporate Professionals Today u Vol. 45 u 16
Q 33. I have earned long-term capital gain
of ` 10 lakhs which is taxable at 10%
under Section 112A. I have made eligible
investment of `1 lakh for Section 80C de-
ductions. How much tax do I need to pay
on such income?
The benefit of maximum exemption limit
shall be available from long-term capital
gains taxable under Section 112A. However,
assessee cannot take the benefit of deduction
available under Chapter VI-A. The taxable
income and tax liability thereon shall be
calculated as under:
Particulars Amount (`)
Total Income 10,00,
Less: maximum amount not chargeable
to tax
2,50,
Gross total income 7,50,
Tax rate under Section 112A 10%
Tax payable (after cess) 78,
Verification of Returns
Q 34. How to verify the Income-tax return?
After filling of income tax return, the next
step is to verify it. If a return is filled but
not verified within permitted time, it shall
be deemed as invalid return. The Income-tax
Department starts processing of return only
if it is verified. The Income-tax return can
be verified in any of the following mode:
- With a Digital Signature (DSC)
- With EVC
- Aadhaar Based OTP
- Paper Filing of Signed copy of ITR-V.
Q 35. What are the benefits of e-filing of
return via EVC?
Among other options available to verify an
Income-tax return, the assessee can verify
the return with Electronic Verification Code
(EVC). This facility of e-verification has
been initiated by the income tax department
in order to reduce physical submission of
signed copy of acknowledgement (i.e., ITR-V).
Through this mode, you can ensure that the
Income-tax return is verified immediately and
you don’t need to track it if signed copy
of ITR-V has been delivered successfully to
CPC, Bengaluru.
Q 36. How to e-Verify Income tax return
by generating EVC?
EVC can be generated via following options:
- Through Net Banking
(a) Click on option “I do not have a EVC
and I would like to generate EVC to
e-verify my return”.
(b) Then click on “EVC- Through Net Banking
and click on Continue.
(c) Taxpayer will be logged out of e-filing
portal and will be directed to a page
where he can select the bank wherein
he has Net Banking facility.
(d) Login to Net Banking website and search
for option for login to e-Filing portal.
(e) Go to e-file menu and select E-Verify
return.
(f) Click on the e-Verify link against the
return that has been uploaded. - Bank Account Number
EVC can be generated by Pre-validating Bank
Account Details. Taxpayer needs to validate
his bank account number that is linked with
his PAN. - Demat Account Number
EVC can be generated by Pre-validating
Demat Account Details. Taxpayer needs to
validate his Demat account number that is
linked with his PAN.
Q 37. I don’t want to e-Verify my return. Can
I send the signed copy of acknowledgement?
E-verification of return is not mandatory.
Taxpayer can get the printout of ITR ac-
knowledgement (i.e., ITR-V), get it signed
and send it to “Income Tax Department -
FAQs ON INCOME-TAX RETURNS FOR ASSESSMENT YEAR 2019-