How to do data entry in form 3cd point 18?
In taxbase go to income details>>profit/gains from business profession>>business profession>>click on new>>enter depreciation details>>then in forms select form 3CD>>go to point no 13 part B (18)>>click on copy depreciation from business income.
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How to do data entry of form 3CEB?
In taxbase>>Go to forms>>form 3CEB>>click on efile>>save it on desktop>>file is created on desktop>>then upload it
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How to do efile of form 10E?
In taxbase go to income details>>salary>>enter arrears there>>then in form select form 10E>>click on efile>>xml file will create
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I am resident and have sold land and building situated outside India. Whether I need to report the details of property and identity of buyer in Schedule CG?
The details of property and name of buyer should invariably be mentioned. However, quoting of PAN of buyer is mandatory only if tax is deducted under section 194-IA or is mentioned in the documents.
Whether it is mandatory to provide ISIN details and scrip-wise computation of Long Term Capital Gains (LTCG) arising on sale of Shares/Mutual Funds units on which STT has been paid?
The tools for computation of LTCG under sections 112A and 115AD have been provided in the departmental utility for the convenience of taxpayers. These are optional tools designed for computation of the final figures of LTCG, which is then populated in the respective items in Schedule CG. Alternatively, the taxpayers can themselves compute the aggregate long term gain or loss manually, and input the same directly in the respective items in Schedule CG.
An unlisted company is required to furnish details of assets and liabilities in the Schedule AL-1 of ITR-6? Please clarify whether details of assets held as stock-in-trade of business are also required to be reported therein.
In case jewellery/motor vehicle etc. is held as stock-in-trade of business, the drop-down value “stock-in-trade” should be selected against the field “purpose for which used”, while filling up details in the relevant table (table „I‟ or table „H‟). In such cases, only the aggregate values are required to be filled up, and the particular details of each asset held as stock-in-trade is not required to be reported.
I hold foreign assets during the previous year which have been duly reported in the Schedule FA. Whether I am required to report such foreign asset again in the Schedule AL (if applicable)?
Yes.
An unlisted company is required to furnish details of shareholding as at the end of previous year in the Schedule SH-1 of ITR-6. Please clarify whether these details are required to be furnished in case of an unlisted foreign company.
Not required.
An unlisted company is required to furnish details of assets and liabilities in the Schedule AL-1 of ITR-6. Please clarify whether these details are required to be furnished in case of an unlisted foreign company.
Not required
Please clarify whether a farmer producer company as defined in section 581A of Companies Act, 1956 is required to furnish details of shareholding in the Schedule SH-1 of ITR-6?
No. However, please ensure to tick the option „Yes‟ against the item “whether the company is a producer company as defined in section 581A of Companies Act, 1956?” in Part-A General.
I am a non-resident. The Taxpayer Identification Number (TIN) is not allotted in my jurisdiction of residence. How do I report the same in the column on “residential status”?
In case TIN has not been allotted in the jurisdiction of residence, the passport number should be mentioned instead of TIN. Name of the country in which the passport was issued should be mentioned in the column “jurisdiction of residence”.
A company is required to disclose break-up of all payments and receipts during the year, in foreign currency, as per Schedule FD of ITR-6 (if it is not required to get the accounts audited u/s 44AB). Please clarify whether only the receipts/payments related to business operations in India are required to be reported in Schedule FD?
Yes. In Schedule FD, the break-up of receipts and payments in foreign currency is required to be reported only in respect of business operations in India.
In schedule TDS, one is required to enter the head under which corresponding receipt has been offered. In some cases, TDS is deducted by the payer in current year, but corresponding income is to be offered in future years. How to fill up Schedule TDS in such cases?
In such cases, no TDS credit should be claimed under the column in own hands for the current year. If this is done, the column “Corresponding receipt offered” is greyed-off and is not required to be filled up.
I am a director in a foreign company which does not have PAN. How do I report the same against the column “Whether you were Director in a company at any time during the previous year?
You should choose “foreign company” in the drop-down provided for “type of company”. In such case, PAN is not mandatory. However, PAN should be mentioned, if such foreign company has been allotted a PAN.
Whether an individual who is a non-resident, or resident but not ordinary resident (RoNR) is also required to disclose details of his directorship in a foreign company which does not have any income accruing or arising in India?
Yes.
I have held shares of a company during the previous year, which are listed in a recognized stock exchange outside India. Whether I am required to report the requisite details against the column “Whether you have held unlisted equity shares at any time during the previous year?
No
I have held equity shares of a company which were previously listed in a recognised stock exchange, but delisted subsequently, and became unlisted. How do I report PAN of company in the column “whether you have held unlisted equity shares at any time during the previous year”?
In such cases, PAN of the company may be furnished if it is available. In case PAN of delisted company cannot be obtained, you may enter a default value in place of PAN, as “NNNNN0000N”.
In case unlisted equity shares are acquired or transferred by way of gift, will, amalgamation, merger, demerger, or bonus issue etc., how to report the “cost of acquisition” and “sale consideration” in the relevant column?
You may enter zero or the appropriate value against “cost of acquisition” or “sale consideration” in such cases. Please note that the details of unlisted equity shares held during the year are required only for the purpose of reporting. The quantitative details entered in this column are not relevant for the purpose of computation of total income or tax liability.
I hold shares in an unlisted foreign company which has been duly reported in the Schedule FA. Whether I am required to report the same again in the column “Whether you have held unlisted equity shares at any time during the previous year?”
Yes
I have held unlisted equity shares as stock-in-trade of business during the previous year. Whether I have to report the same in the column “Whether you have held unlisted equity shares at any time during the previous year?”
Yes
Please clarify whether holding of equity shares of a Co-operative Bank or Credit Societies, which are unlisted, are required to be reported?
The details of equity shareholding in any entity which is registered under the Companies Act, and is not listed on any recognised stock exchange, is only required to be reported.
I have sold land and building to a non-resident. Whether I need to report the PAN of buyer in the table A1/B1 in Schedule CG?
As mentioned in ITR form, quoting of PAN of buyer is mandatory only if tax is deducted under section 194-IA or is mentioned in the documents.
How to enter Assets & Liabilities?
In Taxbase go to Income Details >> Here click on Other Form Data >> Then click on Assets & Liabilities >> Here you can enter details when your income exceeds 50 Lakh.
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How to enter Foreign Asset Income?
In Taxbase go to Income Details >> Then click on Other Form Data >> Here click on Foreign Assets option >> Then foreign assets window will open enter details in it.
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Where to enter the details for Short Term Capital Gain entries where STT has been paid and same are Taxable 15 ?
In Income Tax >> Income Details >> Click on Capital Gains >> Click on New >> Select Type of Assets as Shares/Units >> Select Description of Assets from drop down list >> Enter Sale Date, Selling Price, Acquisition date, Acquisition Cost. & to treat tax as a special rate for short term capital gain, please tick on Security Transaction Tax paid. >> After entering all required details, click on Save, & it will show Capital gain breakup in 15% block. >> Click on above window & message will display that Capital gain break up saved successfully.
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Where to enter Long Term Capital Gain of Agriculture Land which is Exempt?
In Income Tax >> Income Details >> Exempt Income >> Income Claimed Exempt under Sec 10 >> Enter the details here and save.
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Where to show Capital Gain from depreciable asset?
In Income Tax >> Income Details >> Go to Profit & Gains from Business / Profession >> Business/Profession >> Click on New >> Enter Business Name & Click on Details button >> Click on New & Tick on Allowable & Then click on Deprecation Button > Enter the data into respective block along with Selection of Block Deleted as YES & select Quarter in which block is deleted >> After save Business/ Profession window >> go to Income details >> Capital Gains >> Capital gain or Loss On depreciable asset will be automatically picked into respective field.
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Where to enter Capital Gains from sale of Land?
In Income Tax >> Income Details >>Click on Capital Gains >> Click on New >> Select Type of asset Land >> Enter details such as Purchase Date, Sale Date, Stamp Valuation, Sale Consideration, Improvement Costs, Selling Exp along with exemptions if any >> Click on Save & Close.
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Where to enter Capital Gains from sale of Residential House?
In Income Tax >> Income Details >> Click on Capital Gains >> Click on New >> Select Type of Asset Residential >> Enter details such as Purchase Date, Sale Date, Stamp Valuation, Sale Consideration, Improvement Costs, Selling Exp. along with exemptions if any >> Click on Save & Close the data entry window.
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Where to enter Capital Gains from Long Term Shares / Units listed on Stock Exchange which is exempt?
In Income Tax >> Income Details >> Go to Capital Gain >> Click on New >> Select Type of Assets Share & Units >> Click on Add Details Such as Description, Sale Date, Purchase Date, Quantity, Rate etc. >> Tick for STT Paid. & it will treat as exempt Long term capital gain on shares/Units.
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Where to enter Capital Gains from Long Term Shares / Units not listed taxable at 10 percent or 20 percent?
To make following effect go to Miscellaneous >> User Parameters/Options >> Go to Taxbase >> Capital Gain >> untick on option Auto Determine 10% or 20% on long term capital gain on shares >> then save & Close >> After that go to Income Tax >> Click on Income Details >> Go to Capital Gain >> Click on New >> Select Type of asset Shares & Units >> Add details Such as Description, Sale Date, Purchase Date, Quantity, Rate etc. >> You can manually choose the option you want by selecting respective radio box with respect to rate.
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Where to enter Deemed Capital Gain ?
In Income Tax >> In Income Details >> Capital Gain >> Select Type of assets Deemed CG >> Click on Details of Unutilized Amount of Capital Gain Accounts Scheme >> click on Yes for applicable >> then Select section whether Short Term or Long Term >> enter appropriate data entry fields & save the entry >> Same effect will update in Capital Gain Break Up.
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Where to enter Exemptions under group of sections under 54?
In Income Tax >> Income Details >> Capital Gain >> Select Appropriate Asset Class >> Do the Data entry into required fields >> Click on Exemptions >> Select Require Sections and do the data entry to claim exemptions.
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Where to enter the Short term capital loss to be ignored u/s 947 / 8 in case of the assets not covered u/s 111A?
In Income Tax >> Income Details > Capital Gain > Shares/Units > Enter Sale Date/Purchase Date (Diff to be less than 3 months) > In case of Loss entry It will give window to enter loss to be disallowed > Select the Section > Enter the Loss > Save the entry > Appropriate loss will be taken to Loss Adjustment.
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Where to show amount deposited under Capital Gain Accounts Scheme?
In Income Tax >> Income Details >> Select Respective type of assets >> Tick on Personal Assets Converted into Stock in Trade” >> Enter Details like Date of Sale/ Purchase, Sale Price, Purchase Price, Improvements if Any >> Save the entry >> Indexation will be calculated on the basis of Tick >> Save the entry >> Capital Gain Break Up will be Auto Updated.
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Where to do the data entry for Personal/Capital assets converted into Stock in Trade?
In Income Tax >> Income Details >> Select Respective type of assets >> Tick on Personal Assets Converted into Stock in Trade >> Enter Details like Date of Sale/ Purchase, Sale Price, Purchase Price, Improvements if Any >> Save the entry >> Indexation will be calculated on the basis of Tick >> Save the entry >> Capital Gain Break Up will be Auto Updated.
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Where do I enter details for PreConstruction period interest?
In Income Tax >> Income Details >> Select Respective type of assets >> Tick on Personal Assets Converted into Stock in Trade >> Enter Details like Date of Sale/ Purchase, Sale Price, Purchase Price, Improvements if Any >> Save the entry >> Indexation will be calculated on the basis of Tick >> Save the entry >> Capital Gain Break Up will be Auto Updated.
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Where do I enter details for co owners and their ownership percentages?
In Income Tax >> Income Details >> House Property >> Click on New >> Enter Self Ownership Details >> Click on ... To enter details of Co-Owners >> E.g. Name, PAN, % of Co Ownership.
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Where do I enter details for Tenant?
In Income Tax >> Go to Income Details >> House Property >> Click on New >> Select Rented Property >> Click on Tenant Details >> You can enter details for Name and PAN of Tenant (s).
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