Form Itr - 5 Indian Income Tax Return: Fill & Download for Free

My Dad works in a PSU Bank and this is what he suggests:The amount: 5 lakhNeed to worry: a big NO!!First there is no need for you to panic.Disclaimer: If others are thinking that by depositing cash in different PAN accounts, they can convert all their black to white then they are wrong!! I-T department is tracking every cash transaction (It is quite easy to monitor millions of accounts with simple algorithms to detect suspicious activity, ask any mathematician it has been achieved before). They will be caught sooner or later!!It is sad to see that some people are unwilling to pay income tax but they want their government to provide them metros, airports, world class infrastructure, 24x7 electricity and other comforts but they won’t pay income tax but still blame the government for even a pothole in their locality. Income Tax evaders are a disgrace to the nation, they have no authority to call themselves an Indian.Now the Solution:Requirements:Two different individual's Bank accounts with their PAN:It could be your account and your mom's. Or any of your family members whom you can trust (so that they should return your savings).If your Mother doesn’t have a Bank account or PAN, its the best shubh muhurat to apply for both. (Even an application number of PAN request form is accepted by the banks further detail in FAQ).Wait for few days for the rush at banks to reduce: (only if its possible, if not then you can go for exchange but expect long queues at banks)Since the window for exchange for currency is open till 30th December. So don't worry.Only the deposits above 2.5 lakh will be under scrutiny and housewives will not be questioned for the said amount: Make the best use of this option, divide your 5 lakh in to 2.5L and 2.5L and deposit in two different bank accounts along with the declaration form and PAN.Since each deposit does not exceed 2.5L limit: So no need to worry at all, get the new denomination of 2000Rs and 500Rs as per need and enjoy the beauty of Mangalyan and Lal Kila :).FAQs:Q. Can I deposit 2.5L and 2.5L in two different bank accounts of same individual?Ans. Big NO!! Since the individual is same, he/she will have the same PAN and I-T department will get to know about 5L in total deposits with same PAN, so the individual will be under I-T scrutiny.Q. My mother doesn’t have a bank account?Ans. Then please open a Savings bank account as early as possible by submitting the KYC (Know your Customer) documents at any bank of your choice. Your bank account should be operational within maximum two working days.(KYC: Passport, Driving Licence, Aadhar Card, Voter ID, NERAGA Card, PAN Card - Any one document towards proof of identity and proof of address (either permanent or current) - KYC Documents Individuals - SBI Corporate Website)Q. I don’t have PAN? If I apply now, will I get a PAN within 30th December deadline?Ans. Again no need to panic. Apply for new PAN at ( Online Application for New PAN (Form 49A) - Tax Information Network ).Q. What if I don't want to apply for PAN, but still want to deposit till 2.5L limit?Ans. As suggested, you can deposit any amount less than 50k (without PAN) per day. If the the total deposit exceeds 2.5L between 10th November to 30th December, it will be under I-T scrutiny.Q. What will happen if I deposit more than 2.5L?Ans. If you deposit more than 2.5L at once (for which PAN is mandatory) or more than 2.5L in total between 10th November to 30th December, with the help of your PAN the ITR (Income Tax Return) for the financial year 2015-16 filed by you will be verified with respect to your income declaration and deposit. If any wrong doing is found only then you will face a 200% penalty refer footnote [1]. If your income declaration in the ITR 2015-16 is in sync with your deposits then you need not worry.Q. What about large families with every member holding bank accounts? (as asked by Vishal Panchal)Ans. An individual can deposit up to 2.5L per PAN, so a family of four (4 bank accounts and PANs) can deposit up to 10L without I-T scrutiny (considering 2.5L deposit per person). Larger families will be able to deposit more overall but per person 2.5L safely will remain the same.Q. What about farmers, housewives and small shop owners who have no idea about PAN, how can they get PAN in such a short time?Ans. All the non-PAN card holder can fill Form 60 in place of PAN while depositing above 50k. All the farmers have to fill Form 61 (Form 61 is for agricultural land owners or agricultural income deposit). But even with Form 60/61 any deposit above 2.5L shall be under scrutiny of I-T department. Form 60/61 can be obtained from your bank, for more refer footnote [3].Q. What will happen if I get caught (unable to prove legitimate source of deposit exceeding 2.5L)?Ans. "This would be treated as a case of tax evasion and the tax amount plus a penalty of 200 per cent of the tax payable would be levied as per the Section 270(A) of the Income Tax Act," as said by Revenue Secretary Hasmukh Adhia. Refer footnote [1] for more.PAN card is mandatory for any Bank transaction of Rs. 50,000/- and above, footnote [2].When you complete all the application requirements of PAN, after you submit your application you will receive an Acknowledgement Number. You can show the PAN Acknowledgement Number to your bank while depositing the cash, they will accept it. And your 2.5L deposit will not be under I-T scrutiny.But mind you if the deposit is above 2.5L per PAN between 10th November to 30th December then be ready for 200% penalty, only if you are unable to prove legitimate source of the deposit. And banks won’t accept 2.5L without PAN. With the help of PAN, your entire financial history is known to the I-T department, so you can’t escape the Law.Note: If you have any other FAQ please comment, I will update.Please be a part of the biggest economic revolution of our times.Apologies for any errors.Edit 1: Removed PMJDY as the deposit limit is 1Lakh, which won’t solve the problem of OP as suggested by Anmol Vashisht and Max Ikon, Added more FAQ as suggested by User-9688952714430590054.Edit 2: Corrected wrong choice of word, all thanks to Anuj Kalbalia.The government gave black money hoarders time till 30th of September, 2016 to declare undisclosed income but they ignored it. They are nothing but a criminal in my view and a DISGRACE. Don’t worry they will pay for their Karma in one way or another.Footnotes:[1] Penalty on Mismatch: Deposits above Rs 2.5 lakh to face tax[2] Starting today, PAN card must for all transactions above[3] Form 60/ 61: Procedure for submitting this Form in place of PAN

Google ImagesMr Swami is right but the government has its own vested interests. No Indian politician wants to be seen as pro rich , they want to be seen as pro poor , socialist and so on .Recall “ Suit Boot Ki Sarkar ” jibe against PM Modi by Rahul Gandhi[1] , who himself was showing his torn Kurta pocket as a sign of poverty, though he owns declared and understated assets of Rs 8 Crores[2] .Late Arun Jaitley , the Finance Minister who presented 5 budgets had declared assets of Rs 110 Crores[3] , Current HM Amit Shah has declared assets of 30 crores[4] , arrested ex FM P. Chidambaram and his son’s assets are not known , they are so hidden to assess.And we expect these super rich politicians to do away with income tax . It is also a big tool for harassment of political or other kind of adversaries.So, despite its many advantages of scrapping income tax, they even avoid raising the income tax exemption limit.To engage public from this torture , government comes out with new promises . In 2011 , it came with a new direct tax code . It was made by same Income tax people who are known to complicate the things . They came with 400 page , 208 sections and 22 schedules as replacement of old 1961 Income Tax Act [5] . It was presented by Mr Pranab Mukherjee as FM in Loksabha in 2011 but then it went to dustbin because it was old wine in new bottle made by same people.Now this government has again came with a new Income Tax Code[6] for which a bulky report has been submitted few days back.I am sure , this will be again same thing in new garb , aimed at harassing the honest middle class tax payers , instead of simplifying the tax issues for growth of economy . As long as same bureaucrats are part of creating the Act , it can never be different.Actually our Constitution does not impose any restriction on amount of tax to be levied on public and also there is no limit for debts . So while government preaches savings to public , it itself believes in deficit budget, to impose more taxes on existing tax payers.Now when Government has tightened the tax noose around businesses by applying GST , old established industrialists and businessmen have slowed down their activities because they are accustomed to doing business without paying actual taxes .The goverments which never care for salaried people , becomes quite worried for investors industrialists and businessmen and immediately tax rates are cut , concessions, stimulus packages are announced[7] .I had written this earlier in March 2016 before GST implementation in July 2017[8] :In my view , if income tax is paid by only 4% population , it needs to be scrapped or exemption limit should be raised to Rs. 1 crore . It is injustice largely to service class , which suffers most because of TDS provisions while business class has all means to avoid it .In my 24 years service , I paid personal income tax , which if saved in equity / land , would have become more than 5 crores . My acquaintance and relatives who started 10 years later in business had all luxuries of life as they never had to pay any income tax and invested all surplus money in land and became crorepati in 10 years .So , this unfair tax needs to be stopped , if govt is failing since last 70 years to extract income tax from business class .There can be many ways to recoup the income tax earnings for govt.Assuming that 3 % people i.e. roughly 3.5 crore people pay 3.50 lakh crore income tax , it comes about Rs. 1 lakh per income tax payee . Out of that about 20% is spent in running Income tax department's salaries and other expenses . so net gains to government would be about Rs. 80000/- per year per person . Many economists and Mr. Subramaniam Swami has also advocated the scrapping of personal income tax or levying it only on super rich .Alternately , govt. can earn much more money by going for presumptive tax if one owns a house beyond certain floor area , car , gold , shares , agricultural or urban land beyond minimum threshold , govt. can get much more revenue because one cannot hide house , land , vehicles .A bank transaction tax of Rs 1 per transaction or entry to Malls , hotels , restaurants can give more money than the current revenue from income tax .But I think these suggestions are already implemented via service tax .See following data on service tax growth : Source Service TaxIt was more than 2,10,000 lakh crores last year and has yearly growth of more than 15% and Service tax has now become 18% in GST , so it is contributing more than 5 lakh crores now , growing at 15% per annum.Google Images​The only issue is that business persons are extracting service tax ( now GST) on each transaction but not paying it to government by showing turn over less than 10 lakh exemption limit .I have personally inquired and found that they pay a nominal presumptive fixed tax ( Composition Scheme in GST) while recovering GST from everyone on huge turnover and showing it on thermal paper receipt only .It is biggest scam in India by amount , done in connivance with tax officials , just like VAT in states . You can see the total number of establishments paying service tax as 17 lakh, which is way less than actual .Removing such ceiling on service tax turnover and strict compliance of service tax can give more than twice the current income tax revenue . All citizens should be given a Whatsapp number where they can upload receipts of restaurant payments indicating payment of service tax , so that all establishments pay the levied income tax to govt after turnover exemption is withdrawn .I think govt. can go for scraping income tax or raise ceiling of income tax to Rs. 1 crore and do away with income tax corruption, tax terrorism for everyone, which benefits only income tax department staff , CAs , lawyers and wastes millions of hours of middle class people, senior citizens in filing of return and getting refund of over deducted taxes .It will leave more money in hands of service class, who form majority in income tax payments because of TDS and that will spurt real growth in economy , so service tax collection increase will compensate the income tax revenue .Finally , I believe that most tax money is going down the drain if it is being used for fulfilling absurd political promises to win elections like free Laptop, TV , WiFi etc rather than developing roads , railways and power infrastructure . So , tax utilization is bigger issue than tax collection .If you read 1961 Income Tax Act, it has ridiculous , outdated provisions for tax filing and CBDT adds more salt to injury by naming IT return forms as Saral , Sugam , Sahaj etc while making the forms lengthier with each column writing section of IT Act , which you need to Google to understand or go to a CA.In current ITR 3 return form, anyone who earns a business income above Rs 250000 annually , needs to file detailed balance sheet , profit and loss account and keep 6 different registers for ledger , bill book , customers etc along with receipt of any expenses worth more than Rs 50 . These are to be preserved for next 6 years for inspection of IT officer. Obviously that will need services of an accountant. Does a peon in govt service drawing more than Rs 250000 annually require to do it ? These limits are not deliberately raised for 10 years while government salary gets doubled in same period.They cannot increase even this limit to a respectable limit say Rs 5 lakh , for small businesses , so economy will be doomed and people will be forced to transact in cash.With CGST alone mopping up more than Rs 50000 crores and excise on petrol of equal amount every month , there is no need to impose income tax on income above Rs 250000 per annum . Income Tax exemption limit should be made above 1 crore to save Indians from this paperwork drudgery and tax terrorism.Unfortunately , government controlled by politicians has unlimited appetite to spend tax and borrowed money for the ever growing list of useless scheme for vote grabbing , so it is not going to happen in future.We do not see the fact that most of the MPs are millionaire before joining politics and they join it to become billionaires and they do not care for people harassed by these taxes[9] :total of 475 members of the new Lok Sabha are 'crorepatis' with Madhya Pradesh Chief Minister Kamal Nath's son Nakul Nath topping the list, the Association of Democratic Reforms said Sunday.The ADR arrived at the figure of 'crorepati' MPs after analysing the affidavits on assets and liabilities of 539 new MPs.The ADR said it was unable to access affidavits of three of the 542 new MPs -- two of the BJP and one of the Congress. The BJP won 303 seats in the 17th Lok Sabha and the Congress 52.Elections were held for 542 of the 543 Lok Sabha seats. The election for Vellore Lok Sabha seat had been cancelled by the Election Commission of India, citing abuse of money power. A fresh date is yet to be announced. Two members of the 545-strong House are nominated.Out of the 301 new BJP MPs, whose affidavits were examined, 265 (88 per cent) were found crorepati, while all 18 winners of its NDA partner Shiv Sena had assets exceeding Rs one crore.In the Congress, 43 out of its 51 MPs (totalling 96 per cent) were fund to be 'crorepati'.Similarly, 22 (96 per cent) out of 23 DMK MPs, 20 (91 per cent) out of 22 of the Trinamool Congress MPs and 19 (86 per cent)out of 22 YSR Congress MPs had assets exceeding Rs one crore.The top three crorepatis MPs are from the Congress, the ADR said.Nath, who won from Chhindwara, Madhya Pradesh, has declared assets worth Rs 660 crore, followed by Vasanthakumar H from Kanniyakumari, Tamil Nadu (Rs 417 crore) and D K Suresh from Bengaluru Rural, Karnataka (Rs 338 crore).The average of assets per winner in the Lok Sabha elections is Rs 20.93 crore.There are 266 members in the new Lok Sabha whose assets are Rs 5 core or above.The number of crorepati MPs elected in 2009 Lok Sabha elections was 315 (58 per cent) and 443 (82 per cent) in the 2014.So, rest assured that Kashmir and Ram Janmabhoomi issue may get resolved finally but this is not going to happen anytime .You may see this answer also Yashas Shukla (यशस शुक्ल)'s answer to How long will the 2020 economic recession last? How will it affect the Indian economy?Yashas Shukla (यशस शुक्ल)'s answer to What would you have done if you were India’s finance minister to revive the economy amidst the slowdown in 2019?Footnotes[1] Rahul Gandhi tears into Modi's 'suit-boot ki sarkar' | India News - Times of India[2] Rahul Gandhi owns commercial property worth Rs 8.75 crore, agri land worth Rs 1.32 crore, Rs 40,000 cash in hand[3] Arun Jaitley declares assets worth Rs 110 crore that include luxury cars, bungalows[4] Amit Shah declares assets worth Rs 30.5 crore - Times of India[5] https://www.incometaxindia.gov.in/Documents/direct-tax-code-2010.pdf[6] Direct Tax Code: Government proposes to overhaul taxation system; here is how new rules will affect you - Firstpost[7] How will the stimulus package impact different sectors[8] Yashas Shukla (यशस शुक्ल)'s answer to Is it true that a taxpayer pays more than an evader even after the fine?[9] New Lok Sabha has 475 crorepati MPs: ADR

Hi!Section 87A under income tax provides a tax rebate. Tax rebate is a form of a tax incentive given by the government of India.To claim the rebate u/s 87A taxpayers should be:An Indian Resident for a particular financial yearThe net taxable income should be less than the threshold limit of:For AY 2019–20 is INR 3.5 LakhFor AY 2020–21 is INR 5 LakhThe total tax payable should be belowINR 2,500 for AY 2019–20INR 12,500 for AY 2020–21The taxpayer should file ITR before the due date. The due date to file ITR is usually 31st July of the assessment year.The following taxpayers are not eligible to claim a tax rebate u/s 87ANRI (Non-resident Indian)Taxpayers other than Individuals like- HUFs(Hindu Undivided Family), Firms, companies, etc. cannot claim tax rebate u/s 87AIndividuals having net taxable income above the threshold limit for that particular AY.The taxpayer eligible for the rebate u/s 87A can claim it before filing their ITR (Income tax return).You can e-file your ITR using Quicko