2019-07-13_Corporate_Professional_Today

(Jacob Rumans) #1

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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:


  1. With a Digital Signature (DSC)

  2. With EVC

  3. Aadhaar Based OTP

  4. 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:


  1. 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.

  2. 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.

  3. 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-
Free download pdf