Know more about Income tax Q1. What is Assessment year and financial year? Q2.

How and where income tax has to be paid? Q3. Who is liable to pay Income-tax? Q . What is !ermanent Acco"nt #"mber $!A#%? Is it comp"lsory to obtain and &"ote !A#? Q'. (ax has already been paid $by way of tax ded"cted at so"rce or ad)ance tax% on the total income and there is also no interest payable or ref"nd d"e. In s"ch a case* is it necessary to file a ret"rn of income? Q+. Is it comp"lsory to file a ret"rn of income when there is loss? Q,. What are the d"e dates for filin- of ret"rns of income.loss? Q/. 0an a ret"rn of income be filed after the d"e date? Q1. Where sho"ld the ret"rn of income be filed? Q12 Who is an Assessin- 3fficer $A.3.%? Q11. Are the incomes of all members of the family to be cl"bbed to-ether for char-in- to Income-tax? Q12. Is it comp"lsory to maintain boo4s of acco"nts? Q13. Is it comp"lsory to -et the boo4s a"dited? Q1 . If I ha)e some information on e)asion of tax * to whom sho"ld I -i)e this information? Q1. What is Assessment year and financial year? Ans 5 6inancial year starts from 1st April and ends on 31st 7arch $wherein there is income pertainin- to the whole year or part of the year%. Assessment year is the year immediately followin- the financial year wherein the income of the 6.8. is assessed. Q2. How and where income tax has to be paid? Ans 5 (ax can be paid by way of cash* che&"e or draft in any a"thorised national ban4s* in the prescribed challan. (he challan can be obtained from Income tax 3ffices. Q3. Who is liable to pay Income-tax? Ans 5 9)ery :person: who has taxble income d"rin- the pre)io"s year shall be liable to pay income tax. :!erson: is defined in the Income-tax Act to incl"de $i% an indi)id"al* $ii% a Hind" "ndi)ided family* $iii% a company* $i)% a firm* $)% an association of persons or a body of indi)id"als* whether incorporated or not* $)i% a local a"thority $)ii% e)ery artificial ;"ridical person* not fallin- within any of the precedin- items.

Q . What is !ermanent Acco"nt #"mber $!A#%? Is it comp"lsory to obtain and &"ote !A#? Ans 5 !ermanent Acco"nt #"mber is a ten character "ni&"e n"mber allotted to a person by the Income tax <epartment. It is comp"lsory for the followin- persons to apply for the allotment of !A# if he has not already been allotted one 5 $i% 9)ery person who has taxable income d"rin- any pre)io"s year $financial year%. $ii% 9)ery person carryin- on any b"siness or profession whose total sales* t"rno)er or -ross receipts are or is li4ely to exceed =s.' la4hs in any pre)io"s year. It is comp"lsory to &"ote !A# in all ret"rns of income and e)ery correspondence with Income-tax a"thorities and in all challans "sed for the payment of tax. As per recent notification iss"ed by <irector >eneral of 6orei-n (rade and 0entral 9xcise <epartment* !A# is re&"ired to be &"oted by all holders of Import.9xport 0ode $I90% and all 0entral 9xcise assessees. !A# is also to be &"oted in all doc"ments pertaininto the below mentioned transactions 5$a% ?ale or p"rchase of any immo)able property )al"ed at =s.' la4hs or more@ $b% sale or p"rchase of a motor )ehicle which re&"ires re-istration by a =e-isterinA"thority other than 2 wheelers@ $c% a time deposit exceedin- =s.'2*222 with a ban4in- company@ $d% a deposit exceedin- =s.'2*222 in any acco"nt with !ost 3ffice ?a)in-s Aan4@ $e% a contract of a )al"e exceedin- =s.12 la4h for sale or p"rchase of sec"rities@ $f% openin- an acco"nt with a ban4in- company@ $-% ma4in- an application for a telephone connection incl"din- a cell"lar telephone connection@ $h% payment to hotels and resta"rants a-ainst their bills for an amo"nt exceedin- =s.2'*222 at any one time. $i% !ayment in cash for p"rchase of ban4 drafts or pay orders or ban4ers che&"es from a ban4in- company to which the Aan4in- =e-"lation Act* 11 1$12 of 11 1%* applies $incl"din- any ban4 or ban4in- instit"tion referred to in section '1 of the Act% for an amo"nt a--re-atinfifty tho"sand r"pees or more d"rin- any one day. $;% <eposit in cash a--re-atin- fifty tho"sand r"pees or more* with a ban4incompany to which the Aan4in- re-"lation Act* 11 1$12 of 11 1%* applies $incl"dinany ban4 or ban4in- instit"tion referred to in section '1 of that Act% d"rin- any one day. $4% !ayment in cash in connection with tra)el to any forei-n co"ntry of an amo"nt exceedin- twenty fi)e tho"sand r"pees at any one time. 9xplanation - for the p"rposes of this cla"se*$a% Bpayment in cash in connection with tra)elB incl"des payment in cash towards fare* or to a tra)el a-ent or a to"r operator* or for the p"rchase of forei-n c"rrency@

$b% the expression Btra)el to any forei-n co"ntryB does not incl"de tra)el to the nei-hbo"rin- co"ntries or to s"ch places of pil-rima-e as may be specified by the Aoard "nder 9xplanation 3 of s"b-section $1% of section 131

Q'. (ax has already been paid $by way of tax ded"cted at so"rce or ad)ance tax% on the total income and there is also no interest payable or ref"nd d"e. In s"ch a case* is it necessary to file a ret"rn of income? Ans 5 8es* e)ery person whose total income d"rin- the pre)io"s year exceeded the maxim"m amo"nt which is not char-eable to Income-tax sho"ld file his ret"rn of income in the prescribed form irrespecti)e of whether any tax or interest is payable or ref"nd is d"e. 3n his fail"re to f"rnish a ret"rn before the end of the rele)ant assessment year* he shall be liable to pay a penalty of =s.'222.-. Q+. Is it comp"lsory to file a ret"rn of income when there is loss? Ans 5 If a person has s"stained a loss in the pre)io"s year and wishes to carry forward the loss to the s"bse&"ent year he sho"ld f"rnish a ret"rn of loss in the prescribed form before the d"e date. Q,. What are the d"e dates for filin- of ret"rns of income.loss? Ans 5 (he d"e dates shall be as "nder 5$a% Where the assessee is a company* the 32th day of ?eptember of the assessment year@ $b% Where the assessee is a person other than a company. $c% if the acco"nts are re&"ired to be a"dited* the 32st day of ?eptember of the assessment year@ $d% where the total income incl"des any income from b"siness or profession and where the acco"nts are not re&"ired to be a"dited* the 31st day of C"ly of the assessment year@ $e% in any other case the 31th day of C"ly of the assessment year. Q/. 0an a ret"rn of income be filed after the d"e date? Ans 5 8es* a person who has not f"rnished a ret"rn before the d"e date may f"rnish the same at any time before the expiry of one year from the end of the rele)ant assessment year or before the completion of the assessment whiche)er is earlier. Q1. Where sho"ld the ret"rn of income be filed?

Ans 5 (he ret"rn of income sho"ld be file with the Assessin- 3fficer ha)in- ;"risdiction o)er the person. (o 4now yo"r ;"risdiction )ist https://incometaxindiaefiling.gov.in/eFiling/Services/KnowYourJurisdictionLink.html

Q12. Who is an Assessin- 3fficer $A.3.%? Ans 5 An Assessin- 3fficer is a Coint 0ommissioner or Coint <irector or <ep"ty 0ommissioner or Assistant 0ommissioner or <ep"ty <irector or Assistant <irector or Income-tax 3fficer who has the rele)ant ;"risdiction.

Q11. Are the incomes of all members of the family to be cl"bbed to-ether for char-in- to Income-tax? Ans 5 #o* each member of the family will be char-ed separately on his or her income. (here are* howe)er* certain exceptions as stated in ?ection + of the Income-tax Act. ?ome of these are mentioned below 5(i) (he income arisin- to the spo"se of an indi)id"al directly or indirectly from assets transferred directly or indirectly to the spo"se by s"ch an indi)id"al otherwise than for ade&"ate consideration or in connection with an a-reement to li)e apart shall be incl"ded in the income of the indi)id"al. $ii% All incomes of a minor child in excess of =s.1'22 $other than income accr"in- to him on acco"nt of any man"al wor4 done by him or from any acti)ity in)ol)inapplication of his s4ill* talent or specialiDed 4nowled-e and experience% shall be incl"ded in the income of that parent of the minor child whose total income excl"dinthe minor:s income is -reater. (he income of Hind" Endi)ided 6amily $HE6% is taxed separately in the hands of the HE6 and income recei)ed by the members from o"t of the income of the HE6 will not be char-ed to tax in their hands. Q12. Is it comp"lsory to maintain boo4s of acco"nts? Ans 5 9)ery person carryin- on le-al* medical* en-ineerin- or architect"ral profession or the profession of acco"ntancy or technical cons"ltancy or interior decoration or any other profession as notified by the 0entral Aoard of <irect (axes shall 4eep and maintain boo4s of acco"nts. Also* e)ery person carryin- on b"siness or profession $other than professions mentioned earlier% shall maintain boo4s of acco"nts if the income from b"siness or profession exceeds =s.1*22*222.- or the total sales* t"rno)er or -ross receipts in the b"siness or profession exceeds =s.12 la4hs in any one of the three years immediately precedin- the pre)io"s year. Q13. Is it comp"lsory to -et the boo4s a"dited? Ans 5 $i% 9)ery person carryin- on b"siness shall -et his acco"nts a"dited if the total sales* t"rno)er or -ross receipts in b"siness exceed =s.122 la4hs in the pre)io"s year.

$ii% 9)ery person carryin- on profession shall -et his acco"nts a"dited if his -ross receipts exceed =s.2' la4hs in the pre)io"s year. Q1 . If I ha)e some information on e)asion of tax information? to whom sho"ld I -i)e this

Ans 5 (his information sho"ld only be -i)en to the Addl.<I( $I#F% and s"ch information will be 4ept confidentional.