Filed ITR 5 online :- Basic Guide to filed income tax return - ITR 5 online
INDIAN INCOME TAX RETURN
[For individuals and HUFs having income from a proprietary
business or profession]
(Please see Rule 12 of the Income
Tax-Rules,1962)
(Also see attached Instructions)
(Also see attached Instructions)
You are reading Income Tax Act,1961. You are reading the Brief Description with Short and Simple method of Prepared Income tax Return Form ITR-5. You are reading the Income tax Return form ITR-5 in this all column and details available to fill up Online Income tax return. You are also Prepared Income tax Return by Self of taxpayer.All assesses or taxpayer want to
guide about ITR Return online filed. Now a day, very simple and easy step with
instruction to prepared ITR 5 excel utility software and generated XML file and
upload ITR return in income tax webpage. All people want to know about ITR
return. Here we are provide to some basic instruction to help for an assesses
and taxpayer. as under guide to introduce the ITR 5 excel utility file or PDF file.
First taxpayer wants to file ITR online by self. Give a some basic details. like,
PAN Card, Bank Statement or Passbook, Profit & Loss, Balance Sheet of
Business as on Date Learn How to Prepare Balance Sheet and Profit & loss Account.
Income From house property – House rent register, Annual rent income, Income
from other sources – Bank Interest, F.D. Interest, Share Dividend Income, Bank
Share Dividend Income, Commission ,Brokerage, etc.. ..Plant Machinery Rent
Income, Factory Shed Rent Income, Vehicle Rent Income, etc.... called a Income
from other sources. ITR online e filing return process start here, Basic Knowledge of Profit & Loss A/c .here
we are try to understand all assesses to Prepared Profit & Loss A/c as
under Format of For Example any Manufacturing Company Carry on Business to Guides a Filed a ITR Return.
Assessment Year for which this Return Form is applicable
This Return Form is applicable for assessment year 2017-18 only, i.e., it relates to income earned in Financial Year 2016-17.
This Return Form is applicable for assessment year 2017-18 only, i.e., it relates to income earned in Financial Year 2016-17.
Who is filed ITR 5 Return Form :-
Any assesses or taxpayer earn Business Income Like Proprietorship Business or
Partnership Firm Business But ITR 5 is filed by only Partnership Firm filed ITR 5 form. Partnership Firm earn Profit and share Partnership Remuneration,Partner Interest, Income-Tax Provision, Expenses Provision after less amount is called Net Profit. This Net profit is liable to pay Income-Tax rate is Flat 30.90%. This type assesses or taxpayer liable to filed ITR 5 online return. Let’s start Know what is ITR 5 and how to fill up and
filed ITR 5 online.
First Download ITR 5 Excel utility
software Click Here to Download excel file. ITR 5 Download- Excel Utility Software The open the
excel file. You need Microsoft word in 2007 for filed ITR return. Open the file
you see the above in under title bar is Option, Click to option box and you see
the two option, click on second option and Press Click on OK. Then you see the
one label in excel utility file. This process Completed after active income tax
software. Total 32 schedule in excel utility file. All assesses or taxpayer not
compulsory fill up all schedule. But must be fill-up necessary schedule. All
schedule as per under with description.
Full name of Partnership Firm - As Per PAN Card.
If you have any changes in Partnership Firm Name - If any changes in Partnership Firm For Example, New Partner Joining or Old Partner Leave a Business.Any Changes Update your Changes As Per New Partnership Deed.
PAN No. - Write here PAN Number. As Per PAN Card Allotted by Income-Tax Department.
Limited Liability Partnership Identification Number - If ITR Company registered in MCA to Provided to Identification Number.
Limited Liability Partnership Identification Number - If ITR Company registered in MCA to Provided to Identification Number.
Date of Incorporation :- As Per PAN Card.
Full
address :- As Per Partnership Firm Deed or As Per Rent Agreement. Update your Corporate or Official Office Address.
City:- City Name
District :- District Name
State :- State Name
Country :- India.
Pin Code :- Pin Code of City.
Registered email
address :- Give a Registered E-mail Address in Income-Tax website.
Registered mobile No.:- Give a Registered Mobile Number in Registered Income-Tax website.
Status :- Choose a Status of Company. As Per List.
1.Firm
2.Local Authority
3.Cooperative Bank
4.Cooperative Society
5.Limited Liability Partnership
6.Any Other AOI - BOI
7.Private Discretionary
8.AJP
Income
tax ward/circle/Jurisdiction :- Click here to Know Your Jurisdiction
Residential Status :- if you have citizen of India, Choose India. But you are a citizen of any other country, choose NRI -Non-Resident.
all are fill up by assesses. if you have not understand Please choose Option NO. Filed
Return which section Always select this section- 11-on or before Deducted 139(1).
 |
| Part A General Information |
whether
original or revise return?- If you filed this return in this year one time so
please select original, if you filed return is second time in this same year
please select Revised. if you select revised option to give Original return Acknowledgment
no. and Filed Date.
Notice No.(whether the original return filed was defective and a notice is issued to the assesses to file a fresh return sec.139(9). Give a details if you have received any Notice send by Income-Tax department.
If Filed, in response to a notice u/s 139(9)/142(1)/148/153A/153C/ enter Date of such notice,or u/s 92CD enter date of Advance Pricing agreement. :- Received a notice to give a date of issuing notice.
Whether any Transaction has been made with a Person located in a Jurisdiction notified u/s 94A of the act ? :- Yes or No
In case of Non-resident,is there a permanent Establishment (PE) in India ? :- Yes or No.
Whether You are an FII/FPI ? :- Yes or No.
if Yes, Please Provide SEBI Regd.No.
Whether liable to maintain accounts as per section 44AA ? :- Yes or No.
after completed fill up this schedule to click on validate.
If your Business Liable to Audited to Compulsory Choose a Option. Are you liable
to for audit under section 44AB? if not
applicable to Audit. Then Select -No.,
If Choose Yes to Give a Details of
Auditor.
Like Date of Audit Furnishing of the Audit Report.
Name of the auditor
signing the tax audit Report. :- Auditors Name
Membership no. Of the
auditor :- C.A. Membership No.
Name of the auditor Proprietorship/firm. :- Auditors Name.
PAN of the
Proprietorship/firm. PAN of Auditor.
Date of Audit Report. :- Date of Audit.
Schedule of Part A General -2. Partners/Members Information: - Give a Partnership Firms Partner Details. As Per Partnership Deed. or Give a Members or Directors Details. As Per Memorandum. as per below format.
1. Name of the Partner/Members :-
2.Admitted/Retired :- Give a Detail any partner not active in Business so select Retired otherwise select a Admitted.
3.Date of Admission :- Give a Partnership Deed Date. but any changes in Partners in any year to New partners admission date is Changes Partners ship Deed. if no changes in partner in every year. so provide a Partnership Deed Date.
4. Percentage of Shares :- Give a details of Percentage of Share in Business. As Per Partnership Deed or Company Memorandum.
 |
| Part A General Information 2 |
If yes, Mention the Percentage of share of the foreign Company in the AOI-BOI.
Particulars of person who were Partners/Members in the Firm/AOP/BOI/ Settler/Trustee/Beneficiary in the trust on 31st day of March.:- Give a Details of Partners as below format.
Name :- Name of Partner/Members
Address:- Address of Partner/Members.
City:- Name of City stay in Partner/Members.
State:- Name of State stay in Partner/Members.
Pin Code :- Provide a Such Pin Code of Partner/Members City.
Percentage of Share :- As Per Partnership Deed or Memorandum to Provide a Such Percentage of Share each Partners/Members.
PAN :- Provide a PAN No. Each Partners/Members.
Designated :- Provide a Partners Working Designation.
Partner Identification No. in Case Partner in LLP :- if Partnership Firm is under registered as a LLP in Ministry of Corporate Affairs to Provide a Partner Identification No.
Status Code :- As Per Below choose status Code of Partner.
1. Individual.
2.HUF
3.LLP
4.Domestic Company
5.Foreign Company
6.Co Operative Society
7.Local Authority
8.Trust
9.AOP-BOI
10.Any other AJP
11.Principal Officer
12.Settler
13.Trustee
14.Beneficiary
Rate of Interest :- Partnership Firm or Company Paid a Interest in Partner.Give a Rate of Interest. Mostly Income-Tax Act 12% Per Year is standard rate of Paid Interest. if any changes in Partner Interest rate. Give a Details.
Remuneration paid/Payable :- Give a Details of Paid of Remuneration in each Partners/Members. As Per Profit and Loss A/c or Partnership remuneration/Salary Account.
Nature of Business:-
Choose a Code of Nature
of Business to treat your business in this as below format like
Code :-
Trade name of the
Proprietorship Firm/Local Authority/Domestic Company/Co Operative Society etc.., if any.
What is Code :- Income tax Department Generated a all type of
business to convert a code like as under see the all code of business. Taxpayer
choose your business code.
Manufacturing Business
0101-Agro Based
Industries
0102- Automobiles and
Auto Parts
0103-Cement
0104-Diamond Cutting
0105-Drug and
Pharmaceuticals
0106-Electronics
including Computer hardware
0107-Engineering Goods
0108-Fertilizers,Chemicals,Paints
0109-Flour and rice mills
0110-Food Processing
Units
0111-Marble and Granite
0112-Paper
0113-Petroleum and
Petrochemicals
0114-Power and Energy
0115-Printing and
Publishing
0116-Rubber
0117-Steel
0118-Sugar
0119-Tea,Coffee
0120-Textiles,Hand loom,Power looms
0121-Tobaco
0122-Tyre
0123-Vanaspati and Edible
Oils
0124-Manufacturing Industries-Others
Trading Business Agents Business
0201- Chain Stores 0301-General
Commission Agents
0202-Retailers 0401-Buiders
0203-Wholesalers 0402-Estate Agents
0204-Trading-Others 0403-Property Developers
0404-Builder’s
–Others
Contractors Business Professionals Business
0501-Civil Contractors 0601-Chartered Accountants
0502-Excise Contractors 0602-Fashion Designers
0503-Forest Contractors 0603-Legal Professionals
0504-Mining Contractors 0604-Medical Professionals
0505-Contractores-Others 0605-Nurshing Homes
0606-Speciality
Hospitals
0607-Professionals-Others
Agencies or Services Business
0701- Advertisement
Agencies
0702-Beauty Parlor
0703-Consultancy Services
0704-Courier Agencies
0705-Computer
training/Educational and Coaching Institutes
0706-Forex Dealers
0708-Hotels
0709-I.T.Enabled
services,BPO services Providers
0710-Security Agencies
0711-Software Development
Agencies
0712-Transporters
0713-Travel Agents, tour operators
0714-Service sectors-others
Financial Services Business Entertainment
Industries
0801-Banking Companies 0901-Cable T.V
Productions
0802-Chit Funds 0902-Film
Distribution
0803-FinancialInstitutes 0903-Film
Laboratories
0804-Financial Service
Providers 0904-Motion
Pictures Products
0805-Leasing Companies 0905-Television
Channels
0806-Money Lenders 0906-Entertainment Industries-others
0807-Non banking
Financial Company
0808-Share Brokers,
Sub-Brokers etc..
0809-Financial Service Sectors-others
01001- Other Sectors
Schedule of Balance Sheet :- This Schedule is very imported to all taxpayer
or assesses because this schedule is know the Balance of 31st March,
Closing Balance in Include In partners Capital, Loan,Liability,Unsecured
Loan,Secured Loan,Sundry Creditors, Unpaid Tax,Tax liability,Provision of Tax,
Provision of Expenses,Deferred tax liability, etc... shown the about company.
Fixed
Assets,Investment,Movable Property, Immovable Property, Land
Investment,Securities Investment,Share Investment,Fixed Deposits,Sundry Debtors,Loan & Advances, Advance Payment,Cash on hand,Bank Balance, Raw
material, Fished Goods,etc.. in shown the about Company Closing Balance as on 31st March. This Balance
sheet prepared by Accountant or Owner of Partnership or Firm. As below show the
Form of Balance Sheet.
M/s. Demo Company Co./LLP
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66/B,Mahadev Nagar Road,Ahmedabad
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PAN No.:AAAAA4560A
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Balance Sheet
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From 01/04/2015
To 31/03/2016
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Particulars
|
Liability
|
Asset
|
Source Of Funds
|
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Capital Account
|
||
PARTNER NUMBER 1
|
78113.00
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PARTNER NUMBER 2
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56113.00
|
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144226.00
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Duties & Taxes
|
||
TDS (Jobwork) A/c.
|
267.80
|
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TDS A/c.
|
212.18
|
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Vat Payable A/c
|
36766.54
|
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37246.52
|
||
Unsecured Loans
|
||
FRIENDS LOAN A/C
|
35000.00
|
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RELATIVES LOAN A/C
|
80000.00
|
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OTHER PERSON LOAN A/C
|
60000.00
|
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175000.00
|
||
Sundry Creditors
|
189340.72
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Sundry Debtors
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614.00
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Net Profit :
|
128091.72
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122251.72:Current Net Profit NP:7.64 %
5840.00:Previous Net Profit |
||
Application Of Fund
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Fixed Assets
|
||
Computer Asset A/c.
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15000.00
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Furniture Assets A/c.
|
25000.00
|
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Vehicle Asset A/c.
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28000.00
|
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68000.00
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||
Sundry Creditors
|
1404.21
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Sundry Debtors
|
220560.00
|
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Bank Accounts (Banks)
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B. O. B. A/c.
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75899.00
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S. B. S. A/c.
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26830.00
|
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102729.00
|
||
Cash-in-hand
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Cash Account
|
157825.75
|
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57825.75
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Stock-in-hand
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Stock In Hand
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124000.00
|
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124000.00
|
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674518.96
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674518.96
|
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As below Introducing a word of use in Balance Sheet.
Balance sheet :- Now we are
Introducing a Main Part of Business. This Schedule is compulsory fill up by assesses or taxpayer. This schedule is Called Balance Sheet. Definition of Balance sheet. This is a one type of Report to shown Companies Prestige and
Goodwill. This report shown a Companies Strength. Balance sheet is shown
Partner’s Capital,Loan,Creditors,Liability of Tax or Government. This is
Liability of Companies. then opposite side shown Assets,
Investment,Advances,Cash Balance,Bank Balance,Revenue received from Government,Debtors. This is Assets or Companies. If More than assets is shown
reality of companies Strength. As below Introducing various words in use of
Balance Sheet.
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| Balance Sheet |
Proprietors/Partner’s/Members
Capital :- This word is shown a
Companies Capital or Partners Details. when start a company, how many rupees
invest in business. and now which position of Capital Balance.
Reserve and Surplus :- This word is
shown a Companies Goodwill or Reserve amount like Company decided to Some
Percentage in Net Profit of Companies. This type Reserve Fund use of Benefit of
Employees, Other expenses for Companies Capital Expenses.
Loan & Funds :- This word is shown a Companies Liability like
when company started a some capital but required business growth to Give a Loan
From Bank,Relatives,Other Finance Company etc.. received a amount in loan.Two
types of Loan :- 1. Secured Loans. 2.Unsecured Loans.
First Learn Secured Loans. Secured
loan give a Banks or Finance Company or friends or relatives for growth of
business carry on. but this type loan borrower take a against assets or shares
or securities. Like Bank give a loan against property. Companies paid yearly or
monthly interest in standard Rate of interest.
2. Unsecured Loans :- Unsecured loan
give a Banks or Finance Company or Friends or relatives for growth of business
carry on. but this type loan not mortgage against property.stock,securities.
this type of loan is not secured.
Deferred Tax Liability :- This word is shown a Companies Unpaid Tax or
Provision of Tax. Like Unpaid Advocate Fees,
Income-Tax,Sales-Tax,Service-Tax,etc... provision of Unpaid Tax. or other
provision like Unpaid Electricity Bill, Telephone Bill, Unpaid Labor Charges.
This is a Journal entry pass in end of 31st March.
Fixed Assets :- This
world is shown a Fixed assets of Companies. Like a Land,Shops,Building, Two
types of Fixed Assets. 1. Movable Fixed Asset. 2. Movable Fixed Assets.
1. Immovable Fixed Assets :-
This type of Immovable fixed asset like Building, Land,House,Shed. This assets
is not movable and when want to sale not received on the post money. so this
type of assets is called immovable Fixed Assets.
Gross Block means Gross Value as on
31st March. This value is Gross Block value.
Depreciation means when use of
assets in Business to Income-Tax Act under as per standard Rate of
Depreciation.( Click here to know Depreciation Rate) exempt in Profit of
Business.
Investment :- When company started,
all are Partners invest in long term or Short term invest in Foreign Company,
Share company,other invest. here we are Introducing a Type of Investment.
- Long Term Investment. :- First Advise is Invest in Property. then Invest in Equity Shares in Listed or Non-Listed Company.Preference Share Purchase in any Reputed Company.Invest in Government or Trust Securities. Purchase Debenture or Bond in Listed or Non-Listed Company.Mutual Funds. Other way to Invest for long term or Short term Business.
2. Short Term Investment. :- First Advise is short term Invest in Equity
Shares in Listed or Non-Listed Company.Preference Share Purchase in any Reputed
Company.Invest in Government or Trust Securities. Purchase Debenture or Bond in
Listed or Non-Listed Company.Mutual Funds. Other way to Invest for long term or
Short term Business.
Current Assets Loan And
Advances :- Company invest in Current Assets like Paid money in short term
period for interest. Other than company deducted a T.D.S. on Income.etc...
Advance or Outstanding Revenue is called Current Assets.
Company Stock like Raw
Material Stock,Work In Progress, Finished Goods,Stock in trade in respect of
Goods acquired for Trading,Stores/Consumables Including Packing Material. This
word is Stock in definition is very large.
Sundry Debtors :-
Company sales a good in merchant or other company so receivable amount in party
called sundry debtors.
Cash Balance :- This is
very important for start a business.
Bank Balance :- This is
very important For remember to receivable amount against sales.
Other Current Assets :- This
word is etc... current assets like T.D.S. Receivable, Interest Receivable,
Advance Tax paid,etc.. is called Other Current Assets.
Click here to Know How to Prepared Balance Sheet.
Schedule of Profit & Loss This Schedule is very important to
return e filing for this schedule give a details of 1st April to 31st
March Business Details. like Gross Turnover, Purchase, Direct Expenses, Direct
Income,Sales Tax, Excise Tax, Other Operating Tax, Opening Stock,Closing
Stock,Indirect Expenses, Indirect Income, all are Business relevant details
Provide her.See as below to learn what is Profit And Loss Account and Trading
Account.
This is Trading Account.
Demo Compan Co./LLP
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66/B, Mahadev Nagar Road,
Ahmedabad
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PAN No.:AAAAA4560A
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Trading Account
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From 01/04/2015
To 31/03/2016
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Particulars
|
Liability
|
Asset
|
Source Of Funds
|
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Job-work (Trading)
|
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Job-work Income A/c.
|
94000.00
|
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94000.00
|
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Sales Account
|
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Sales A/c. (12.5%)
|
1050742.40
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Sales A/c. (CST)
|
273960.00
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Sales A/c. (Vat 4%)
|
275370.00
|
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1600072.40
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Income
|
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Packing & Forwarding A/c.
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1200.00
|
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1200.00
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Closing Stock(Trading)
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Closing Stock
|
124000.00
|
|
124000.00
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Application Of Fund
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Job-work (Trading)
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Job-work Exp. A/c.
|
26000.00
|
|
26000.00
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Opening Stock(Trading)
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Opening Stock
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60250.00
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60250.00
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Purchase Account
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Purchase (CST 3%)
|
378117.64
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|
Purchase (Vat 12.5%)
|
850924.00
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Purchase (Vat 4%)
|
279306.10
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1508347.74
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Expenses
|
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Octroi Exp. A/c.
|
4115.00
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|
Truck Rent A/c.
|
4590.00
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8705.00
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Gross Profit
|
||
Gross Profit
|
215969.66
|
|
215969.66
|
||
1819272.40
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1819272.40
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This is Profit and Loss Account.
Demo Company Co./LLP
|
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66/B,Mahadev Nagar Road,Ahmedabad
|
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PAN No.:AAAAA4560A
|
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Profit & Loss Account
|
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From 01/04/2015
To 31/03/2016
|
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Particulars
|
Income
|
Expense
|
Income
|
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Gross Profit GP:13.50 % :
|
215969.66
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Income (Other Then Sales)
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Repairing Charge A/c.
|
6350.00
|
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6350.00
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Expense
|
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Expense Account
|
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Advertisement Exp. A/c.
|
23250.00
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Kasar A/c.
|
170.23
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|
Light Bill (GEB) A/c.
|
7393.00
|
|
Office Exp. A/c.
|
4728.00
|
|
Paper & Mag. Exp. A/c.
|
550.00
|
|
Petrol Exp. A/c.
|
2200.00
|
|
Salary A/c.
|
48000.00
|
|
Stationary Exp. A/c.
|
666.00
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Telephone A/c.
|
9230.00
|
|
Traveling Exp.
|
3880.71
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100067.94
|
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Net Profit NP:7.64 % :
|
122251.72
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222319.66
|
222319.66
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As below Introducing word of use in Profit & Loss A/c.
First we are learn to what is Profit & Loss A/c. Profit and Loss account is one type of report to shown a Companies Turnover,Closing Stock,and Gross Profit and Net Profit. Profit And Loss account is shown a actually position of Companies. like Companies Revenue From Operation means which type of Income earn from sales Income,Gross receipts of Business,Sale of Services, Other Operating Revenue. The Company earn any type of Legal Business Income. as below shown a
[A] Revenue from Operations/Income/Receipt.
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| Profit & Loss A/c |
2.Sale of Goods
3.Sale of Services.
4.Other Operating Revenue. ( Please Specified Name of Earn Income)
[B] Duties,Taxes and Cess, Received or Receivable in respect of Goods and Services sold or Supplied. :- Give a Details of any tax received in Sales or Gross Receipt to Received or Paid a Tax like Sales Tax,Vat Tax,Union Tax,Service Tax,any other tax or Duty paid.
Other Income:- This Column is give a Other income earn company by any way like Rent Income, Commission Income,Dividend Income,Interest Income,Profit Earn to Sale of Fixed Assets or Machinery or Vehicle, Profit on sale of other investment,Profit on Account of currency fluctuation or any other operative income.
Closing Stock :- This column is give a Details of Closing Stock as on 31st March. Raw material Stock, Work in Progress. Stock in Stores or Consumable.
Opening Stock :- This column shown old stock opening balance.as per your profit and loss a/c.
Purchase :- This column give a Purchase like Purchase of 4+1%, 12.50+2.50%,Retail Purchase, Purchase Return,Debit Note,Credit Note etc.. in definition involve in Purchase.
As below Expense give a Details in this Column. As per Your Profit & Loss A/c.
Duties and taxes Paid on Payable in respect of Goods and Services Purchase.
1.Custom Duty
2.Counter Veiling Duty.
3.Special additional Duty.
4.Union Excise Duty.
5.Service Tax.
6.Vat/Sales Tax
7.Any other tax paid or Payable
Freight
Consumption of stores and spare parts
Power and Fuel
Rents
Repairers to Building
Repairers to Machinery
Compensation to employees :- Salaries and wages
Bonus
reimbursement of Medical expenses
Leave encasement
Leave travel benefits.
Contribution to approved superannuation fund
Contribution to recognized Provident Fund
Contribution to recognized gratuity fund
Contribution to any other fund
any other benefit to employees in respect of which and expenditure has been incurred.
whether any compensation, Inclued in 14xi, Paid to Non-resident.
If yes,amount paid to non-residents.
Insurance :-
Medical Insurance
Life insurance
Key man's Insurance
Other Insurance including factory,office,car,goods etc.
Workmen and staff welfare expenses
entertainment
Hospitality
Conference
Sales Promotion Including Publicity
Advertisement.
Commission :-
Paid Outside India, or Paid in India to a non-resident other than a company or a foreign company
To others
Royalty
Paid Outside India, or Paid in India to a non-resident other than a company or a foreign company
To others
Professional/Consultancy fees/ fee for technical services.
Paid Outside India, or Paid in India to a non-resident other than a company or a foreign company
To others
Hotel,Boarding and Lodging.
Traveling Expenses other than on foreign traveling
foreign traveling expenses
conveyance expenses
Telephone/Mobile Expenses
Guest House Expenses
Club expenses
festival Celebration expenses
Scholarship
Gift
Donation
Rates and taxes ,Paid or Payable
1.Union excise duty
2.Service tax
3.Vat/Sales tax
4.Any other rate,tax duty or cess.
Audit Fee
Any other expenses
Bad debts,
Provision for bad and doubtful debts
other provisions
Interest - Paid to outside India,or Paid in India.
1.To Partners
2.To Others
Paid in India or Paid in a Resident
To Partners
To Others
Depreciation and amortization
Provision for current tax
Provision for deferred tax and deferred liability
Balance brought forward from previous year
Transferred to reserve and surplus.
or
In Cash Where regular books of account of Business or Profession are not maintained furnish the following information for previous year 2014-15 in respect of business or profession.
1.Gross Receipt/Sales/Income
1.Gross Profit
2.Expenses
If any taxpayer maintained Cashbook, Day book,Bank Book, Every day sales amount, Purchase details,Expenses Details etc...
This is very Imported to
Calculate Income tax.
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| Part- AO-I |
1.Method of accounting employed in the previous year ? This question asked for accountant, which method use in account like cash or mercantile. Mostly select a mercantile method use in account.
2.Is there change in method of accounting ?
This question asked for if you have change in your accounting method. select in yes or No.
3.Method of valuation of closing stock employed in the previous year. ? This question asked for if you have maintain quantity or stock. which method use of stock valuation in your account.
As Per Raw material valuation. Finished Goods Valuation.
4.Is there change in stock valuation method ? This question asked for any changes in stock valuation method.
5.Effect on the profit and loss because of deviation,if any, from the method of valuation prescribed u/s 145A. ? If any changes in stock valuation method. which date of effect in valuation method in account Book or stock maintained book.
Quantity Details :- This
Schedule is shown the fill up the Closing Stock. Here we are learn to 3 types of stock calculation system.
1.In Case of company carry on business in Trading concern. Give a as under details fill up the schedule.
Item Name :- if you have maintained account with quantity. write here item name like clustered, mustered, Tobacco, Dal,etc...
Unit :- Company maintained account with quantity in which unit. like Grams,Kilograms,Liter,Kiloliter,meter,kilometer,numbers,Quintal,Ton,Pound,
milligrams,carat,k watt,m watt,Inch,Feet,Sq-ft,acre,cubic-ft,sq-meter,cubic-meter,residual. only choose one unit related your business.
Opening Stock :- Give a details of opening stock of quantity as per your last year account.
Purchase During the Previous/Current Year :- Give a details of Purchase the during current or previous year quantity.
Sales During the Previous /current year :- Give a details of Sales the during current or previous year quantity.
Closing Stock :- Give a details of Closing stock in quantity.
Shortage or Excess If any :-
For Example :- you see the image of Illustration of Quantity. you see the Computer hardware and software company carrying on but sometimes some stock excess and some stock shortage shown in accounting inventory.
In Case of Manufacturing Concern :-
Give a as under details fill up the schedule.
Item Name :- if you have maintained account with quantity. write here item name like clustered, mustered, Tobacco, Dal,etc... in manufacturing of some other products like some company purchase a Chana in lot of quantity and after manufacture sale of Besan, in use of Gujarati Foods.
Unit :- Company maintained account with quantity in which unit. like Grams,Kilograms,Liter,Kiloliter,meter,kilometer,numbers,Quintal,Ton,Pound,
milligrams,carat,k watt,m watt,Inch,Feet,Sq-ft,acre,cubic-ft,sq-meter,cubic-meter,residual. only choose one unit related your business.
Opening Stock :- Give a details of opening stock of quantity as per your last year account.
Purchase During the Previous/Current Year :- Give a details of Purchase the during current or previous year quantity.
Sales During the Previous /current year :- Give a details of Sales the during current or previous year quantity.
Consumption during the previous year :- we are learn to how to process and calculation to consumption in stock.
1.In Case of company carry on business in Trading concern. Give a as under details fill up the schedule.
Item Name :- if you have maintained account with quantity. write here item name like clustered, mustered, Tobacco, Dal,etc...
Unit :- Company maintained account with quantity in which unit. like Grams,Kilograms,Liter,Kiloliter,meter,kilometer,numbers,Quintal,Ton,Pound,
milligrams,carat,k watt,m watt,Inch,Feet,Sq-ft,acre,cubic-ft,sq-meter,cubic-meter,residual. only choose one unit related your business.
Opening Stock :- Give a details of opening stock of quantity as per your last year account.
Purchase During the Previous/Current Year :- Give a details of Purchase the during current or previous year quantity.
Sales During the Previous /current year :- Give a details of Sales the during current or previous year quantity.
Closing Stock :- Give a details of Closing stock in quantity.
Shortage or Excess If any :-
 |
| Trading Concern |
In Case of Manufacturing Concern :-
Give a as under details fill up the schedule.
 |
| Manufacturing Concern |
Unit :- Company maintained account with quantity in which unit. like Grams,Kilograms,Liter,Kiloliter,meter,kilometer,numbers,Quintal,Ton,Pound,
milligrams,carat,k watt,m watt,Inch,Feet,Sq-ft,acre,cubic-ft,sq-meter,cubic-meter,residual. only choose one unit related your business.
Opening Stock :- Give a details of opening stock of quantity as per your last year account.
Purchase During the Previous/Current Year :- Give a details of Purchase the during current or previous year quantity.
Sales During the Previous /current year :- Give a details of Sales the during current or previous year quantity.
Consumption during the previous year :- we are learn to how to process and calculation to consumption in stock.
If any taxpayer or
assesses not maintained Books of Account to As per under fill up details like
Amount of Total Sundry Debtors,Amount of Total Sundry Creditors,Amount of
Total Stock-in-Hand,Amount of Total Cash in hand.
 |
| Computation of Income |
Part B-TI-TTI :- This schedule is compulsory provide
details by assesses because this schedule generated your acknowledgement after uploaded return. we are try to know here Computation of Income. after assesses Provide a Valid All Bank accounts Name, No. of Bank Accounts, Banks IFSC Code,Account Type like Savings,Current. here mostly current open for business purpose. No.of Account, Main Partner/Director's name Father Name, Main Director /Partner name, Which city head office of company provide a place,Date,PAN No. of Partner/Director. This schedule is very imported by Print
of acknowledgment receipt. after completed fill up this schedule to click on
validate.See the Image for know how to treated or Shown Computation of Income.
| Name of Assessee /Company:- | Incometaxonlineguides | |||||||||||||
| PAN NO. | AAAAA2255A | |||||||||||||
| Residential /Company Address | 3rd Floor, Nr.Tower, | |||||||||||||
| Opp. Temple,Banglore. | ||||||||||||||
| India | ||||||||||||||
Status |
Individual/Company/HUF/AOI/BOI/Coopcredit Society/Co op Bank/Firm/Company/ |
|||||||||||||
Ward/Circle/Jurisdiction |
WARD-2/CITY NAME Know More visite here :-www.incometaxguides.in |
|||||||||||||
Sex |
Male/Female | Assessment Year | 2016-2017 | |||||||||||
| Residential Status | Resident /Non-Resident | Financial Year | 2015-2016 | |||||||||||
| Name of Bank | As Per Your Current/Savings Banks Name | Date of Birth/Date of Incorporation | 22/12/2015 | |||||||||||
| IFSC Code | BARB0INDMEH | |||||||||||||
| Account No. | 212652545213251 | |||||||||||||
| Return | Original/Revised | |||||||||||||
| COMPUTATION OF INCOME | ||||||||||||||
| Income From Business or Profession | 2522160 | |||||||||||||
| Net Profit - As Per Profit & Loss Account | 2512450 | |||||||||||||
| Add | Depreciation | 325460 | ||||||||||||
| Partner's Remuneration | 855250 | |||||||||||||
| Partner's Interes | 395730 | 1576440 | ||||||||||||
| 4088890 | ||||||||||||||
| Less | Depreciation | 325750 | ||||||||||||
| Partner's Remuneration | 855250 | |||||||||||||
| Partner's Interest | 385730 | 1566730 | ||||||||||||
| 2522160 | ||||||||||||||
| Gross Total Income | 2522160 | |||||||||||||
| Calculation of Income Tax | ||||||||||||||
| Tax on Total Income | 2522160 | |||||||||||||
| Income From Tax Payable | 2522160 | |||||||||||||
| Income Tax | 756648 | |||||||||||||
| Add :- | Education Cess | 151330 | ||||||||||||
| Surcharge | 75665 | 983642 | ||||||||||||
| Tax Deducted at Sources/Self-Assesment Tax | ||||||||||||||
| Advance Tax | 250000 | |||||||||||||
| Tax deducted at sources | 450000 | |||||||||||||
| Tax Collected at Sources | 0 | |||||||||||||
| Self-Assessment Tax | 283642 | 983642 | ||||||||||||
| Income Tax Payable / Refundable | NIL | |||||||||||||
 |
| Information of Tax |
 |
| TDS/TCS/Immovable Property Tax |
TCS :- This schedule is
provided details of Tax collection at sources. this schedule is not necessary
for common or simple return.avoid this. after completed fill up this schedule
to click on validate.
Details of Immovable Property Tax :-if any assesses or taxpayer buy or sell immovable property in current year or previous year, attention to i am inform you, Central Government change in rules of Sale or Buy a Property to compulsory tax deducted at buy or sales amount and credited to Bank Deposit. fill up details in income-tax return form in schedule of Information of Tax deducted. PAN No. of Buyer, Name of Buyer, TDS of the current year, claimed amount of TDS.
 |
| House Preperty |
How to Calculation of Income From House Property or Rent Income.
Any company received a Yearly rent 35,00,000/-
Deduction Standard Rate 30%= 10,50,000/-
Taxable Rent Income 24,50,000/-
Less :- Municipality Tax
Interest from Home Loan
Other Expenses like Property Tax
Note :- if any taxpayer or assesses received a rent income above 1,20,000/- to must be deducted a tax on rent income. but now, 1-Apr-2016 to announce Mr.Finance Minister Arun Jetly rent income limitation increase of 1,20,000/- to 1,80,000/-.
 |
| Business Income |
How to Calculate Real Business Income :-
First fill up details Net Profit
then Less :- Partner's Remuneration
Partner's Interest
Profit from partnership Firm
Other Income :-
Bank Interest
Other Interest
Commission Income (without Business)
Brokerage Income
The less Net income is treated a Net Business Income.
 |
| Depreciation Calculation |
Accounting
knowledge For Journal Entry in Accounting Books to
Dr. Depreciation
Account
Cr. Fixed Assets Account
How
to Calculation Depreciation in Fixed Assets.
For
Example :- One Company Purchase a Computer for Business use in Rs.40000/- By
Chaque Date of Purchase 12/05/2015.
Computer
Value is 40,000/-
Depreciation
Rate is 60% (40,000 x60 /100)
Depreciation
Amount is 24,000/-
Entry
Passed in Books of Account.
Depreciation
Account is Debited Rs.24,000/-
Computer
Account is Credited Rs.24,000/-
Rate
of Depreciation
Types of Assets Rate of Depreciation
A - House :-
Residential House/Home 5%.
No residential House/Home 10%
Water Supply,Treatment
Plant service of Home 100%
Wooden use of Construction
in House/Home 100%
B-Furniture And Fittings
Furniture Fitting [with
Electric Fittings ] 10%
Machinery and Plant 15%
Airplane Air Engines 40%
Truck,Buses,Taxi use of
Business 30%
Air Pollution,Water Pollution,
Solid West Controls Equipment, 100%
Business
Machinery
Energy Savings Devices, Renewal Energy Devices 80%
Computers [with Software] 60%
Mold in use of Plastic
and Rubber Factory 30%
Medical Equipment of Life
Savings 40%
Plastic Container in use
of Refile 50%
Gas
Cylinders,Valve,Regulators 60%
Books in use of Business
or Professional 60%
or 100%
Library in use of
Business in Books 100%
Vehicles
Vehicle
use in sea, Speed Boat, 20%
Any
type of Commercial Vehicle in
Purchase of 1-1-09 to 30-9-09 50%
Intangible Assets
Copyright,Trademark,License,Franchise,Know
How,Patent,
Etc.. Use in business rights 25%
Note :- If any assets in use of less
than 180 days or 6month to depreciation rate is liable to provision of deduction
in 50%.
DEP_DCG
:- This schedule not Fill because this schedule is automatically generated rate
of depreciation. just see the right value shown this schedule..
ESR
:- This schedule is give a details of Deduction expenses in Under Section 35. More Details Visit Here.
CG [Capital Gain] :- This
schedule is get details of Capital Gains.we clarification about Two type of
Capital Gains.1.Short term Capital Gains.2.Long term Capital Gains. any
assesses or taxpayer join with business of Sales or purchase of share Securities,Bond,Govt.Bond,Debenture,Land
and Building,House,Factory Shed,immovable properties treated all are in Fixed
assets.here we are deeply clarification to how to calculated Capital Gains.Must
be required documents of computation of Capital Gains. Purchase Date, Purchase
Amount,Expenses details with date and year, Sales Date, Sales Amount, Buyers
Name,PAN No. if Assets amount more than 6 Lakhs,Full address, As per Agreement.
As per details required to computation of Short term or Long term capital
gains.India’s Finance minister declare Index in budget. Index help to guide
capital gains. This schedule get details of as per under.
Short term Capital
Gains.: More details Visit here.
Long term Capital Gains
:- More details Visit here.
 |
| Capital Gain |
Long term Capital Gains :- Any
assesses or taxpayer purchase or sale or invest any type of movable or immovable assets,investment in securities, share purchase or sales , mutual
funds unit, Gold, Silver, Govt.Bond,etc... investment in more than three year
any type of fixed assets so this type transaction treated Long term Capital
Gains.
As under shown Index for Calculation
of Log Term Capital Gains.
As Per Rules, As per criteria
apply to calculate the Capital Gains.required a information to calculate the
capital gains. Like, Purchase Date, Purchase Amount.Addition Expenses ( Date
wise), Sales Date, Sales Amount, as per government announced a Index to correct
system to calculate the Capital Gains. Government announced a Index is as under
:
1981-82
|
100
|
1999-2000
|
389
|
1982-83
|
109
|
2000-01
|
406
|
1983-84
|
116
|
2001-02
|
426
|
1984-85
|
125
|
2002-03
|
447
|
1985-86
|
133
|
2003-04
|
463
|
1986-87
|
140
|
2004-05
|
480
|
1987-88
|
150
|
2005-06
|
497
|
1988-89
|
172
|
2006-07
|
519
|
1989-90
|
182
|
2007-08
|
551
|
1990-91
|
199
|
2008-09
|
582
|
1991-92
|
223
|
2009-10
|
632
|
1992-93
|
244
|
2010-11
|
711
|
1993-94
|
259
|
2011-12
|
785
|
1994-95
|
281
|
2012-13
|
852
|
1995-96
|
305
|
2013-14
|
939
|
1996-97
|
331
|
2014-15
|
1024
|
1997-98
|
351
|
2015-16
|
1081
|
Short term Capital Gains Calculation
as under :- Any assesses or taxpayer buy or sale or any type of fixed assets or
movable or immovable property, Securities, Trading of Share, Gold
Ornament,Silver,Gold, Mutual Fund Units,etc...buy and sale same year. this type
transaction treated short term capital gains or short term Profit. This type
earn Short term Profit in income tax Flat rate is 15%. other deduction not
allowed to short term profit.
Long Term Capital Gains
Calculation as under :- Any assesses or taxpayer buy or sale or any type of
fixed assets or movable or immovable property, Securities, Trading of Share,
Gold Ornament,Silver,Gold, Mutual Fund Units,etc...buy this year and sale after
three year. this type transaction treated Long
term capital gains or Long term
Profit. This type earn Long term Profit in income tax Flat rate is 20%. other
deduction not allowed to short term profit.But Income tax department announced scheme in when assesses or taxpayer sales of movable or immovable property and
then invest in other property to get benefit of investment amount in capital
gains. after completed fill up this schedule to click on validate.
Know Agricultural Land Rules is Click here :-
 |
| Income From other Sources |
]
Schedule CYLA-BFLA :-
This schedule is introduce to any taxpayer or assesses earn income but
sometimes assesses received a loss in
business or other fixed assets to this type of loss carried forward to next
year because next year deduction in earn total income. this type of loss
received to add year. after completed fill up this schedule to click on
validate.
 |
| Current Year Loss Brought Forward |
Current Year Loss carried Forward to next year to get benefit of this loss in next year for saving Income-tax. if you have company loss in this year to last date of submit return is 31st July.
Schedule CFL :-any assesses or taxpayer or Partnership Firm, Proprietary Firm received a loss in past any year please write here year and amount. after completed fill up this schedule to click on validate.
 |
| Current Year loss Set-off |
See the As Opposite Image :-
 |
| Depreciation Chart |
Assessment year
Amount of brought forward unabsorbed
Depreciation
Amount of depreciation set off
against the current year income
Balance carried forward to the next
year
Amount of brought forward unabsorbed
allowances
Amount allowance set off against the
current year income
Balance carried forward to the next
year.
See the Opposite side image.
 |
| ICDS |
 |
| 10A |
Section – 80-IA or IB or IC or IE
80-IA
Deduction in respect of profit of an
undertaking referred to in section 80-IA(4)(ii)Telecommunication Services,
Industrial Park and SEZs, Power, Revival of power generating plant,
80-IB
 |
| U/s 80 |
Deduction in respect of Industrial
undertaking located in Industrial Backward States specified in eighth
schedules.
Deduction in respect of Industrial
undertaking located Backward District.
Deduction in respect of Industrial
undertaking located in Multiplex theater.
Deduction in respect of Industrial
undertaking located convention center.
Deduction in respect of Industrial
undertaking located in commercial production or refining or mineral oil.
Deduction in respect of Industrial
undertaking located in developing and building housing projects.
Deduction in respect of Industrial
undertaking located cold chain facility.
Deduction in respect of Industrial
undertaking located in processing, Preservation and packaging of fruits and
vegetables.
Deduction in respect of Industrial
undertaking located in integrated business of landing,storage and
transportation of food grains.
Deduction in respect of Industrial
undertaking located in operating and maintaining a rural hospital.
Deduction in respect of Industrial
undertaking located in operating and maintaining a rural hospital in any
area,other than excluded area.
80-IC-
IE
Deduction in respect of industrial
Undertaking located in Sikkim,
himachal pradesh,Uttaranchal ,North-East – Assam,Arunachal Pradesh,Manipur,
Mizoram,Megalaya,Nagalan,Tripura.
 |
| 80-G |
More Details Deduction - 80-G
 |
| Deduction Under Chapte VI-A |
 |
| SI |
 |
| Expenses Details |
 |
| U/s 115U 115B |
 |
| FSI |
 |
| TRA_FA |
Details of Tax relief claimed
Details of foreign assets and income
from any sources outside in India.
Details of financial interest in any
entity held at any time during the previous year.
Details of immovable property held
at any time during the previous year.
Details of any other Capital held
assets at any time during the previous year.
Details of accounts in which you
have signing authority held at any time during the previous year.
Details of trust,create under the
laws of a country outside in India
in which you are a trustee beneficiary or settler.
Details of any other income derived
from any source outside India.which is not include in item, Income under the
head business or profession.
 |
| AL |
Schedule SCH5A :- any assesses or
taxpayer not compulsory this schedule if this schedule is Portuguese civil code
in spouse income in governed.
after completed fill up
this schedule to click on validate.
all are process completed after know
how to Calculate Income tax.
How to Calculate income tax in Excel Utility Software :- All assesses or taxpayer fill up Excel utility
software in all schedule then most of question how to process to Calculate the
income tax and How to Generated XML File. now, we are started lean calculate
income tax. first assesses come to Schedule of
PART A-General and see the right side 9 types button. See the Calculate
button on click the process start to calculate income tax.
Income tax calculate if payable income tax to Download Income-tax Challan, if not payable to income tax to start
Generated XML file Process. any assesses or taxpayer learn to how to generated
XML file in excel utility software.we are started learn to Generated XML
file.First Come to Schedule of PART-A
General and see the right side 9 types button. see the Generated XML button on
Click the process start to Generated XML file.
where is Generated XML file in Computer/Laptop :- all assesses
or taxpayer create a if generated XML file so where is XML file in computer or laptop. First you
think all assesses or taxpayer to where
is download excel utility file in computer or laptop. then there is same place
generated XML file in name of your PAN No. Like File name is AAAAA0987A.XML.
This is your XML file.
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