Thursday, July 21, 2016

FAQs on Income-tax Returns for Assessment Year 2016-17

The deadline for filing Income-tax return for financial year 2015-16 is around the corner. It marks the beginning of worries among taxpayers as various doubts arise in their minds. The CBDT has issued various notifications, circulars and instructions to bring clarity among taxpayers so as to achieve maximum filing of income-tax returns. FAQs may help you to clear all your confusions and file returns timely to avoid last minute hassles.
Few FAQs are listed hereunder:
1. Do I need to furnish details of my assets and liabilities in ITR 1?
2. Whether a firm can file ITR-4S for presumptive income?
3. I am an Individual and resident of India. Do I need to file return if my income is below taxable limit but I am having an account in a foreign bank?
4. I am a resident individual and have income from any source outside India. Whether I can file my income-tax return in paper mode?