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What is Annual Information Statement (AIS)? Published on:13/02/2025
Annual Information Statement (AIS) is comprehensive view of information for a taxpayer displayed in Form 26AS. Taxpayer can provide feedback on information displayed in AIS. AIS shows both reported value and modified value (i.e. value after considering taxpayer feedback) under each section (i.e. TDS, SFT, Other information). The objectives of AIS are: • Displays complete information to the taxpayer with a facility to capture online feedback • Promotes voluntary compliance and enable seamless prefilling of return • Deters non-compliance
     
 
Budget changes 2025- Income Tax Published on:05/02/2025
Budget changes 2025- Income Tax
     
 
What are the surcharge rates for AY 2025-26 for Individuals/HUF/AOP/BOI? Published on:29/01/2025
     
 
What are the tax rates of new regime u/s 115BAC for AY 2025-26? Published on:29/01/2025
     
 
What are the tax rates for AY 2025-26 for Individuals/HUF/AOP/BOI? Published on:29/01/2025
     
 
What are some of the common errors that make a return defective? Published on:17/01/2025
Some of the common errors that make a return defective are as follows:
     
 
What are the notices can I respond to under e-Proceedings? Published on:17/01/2025
All notices / intimations / letters issued by the Income Tax Department and CPC are made available under e-Proceedings
     
 
Is it mandatory for me to respond to the Seek for Clarification communication issued to me? If yes, then what is the time limit within which I should submit my response? Published on:17/01/2025
You should submit / provide your response as per the due date mentioned in the communication issued to you. In case the due date has passed and no response has been provided, CPC will process the return with the information available with them.
     
 
I have filed a revised return. Do I still need to respond to the Seek for Clarification communication issued to me? Published on:17/01/2025
No, it will not be allowed to submit a response in case you have already filed a revised return for the same assessment year. A message stating 'Revised Return has been filed against this notice; no further action is required' will be displayed.
     
 
Can I add two Authorized Representatives to respond to the notice issued to me? Published on:17/01/2025
No, you can only have one Authorized Representative active at a time for a proceeding.
     
 
Can I remove an already added / existing Authorized Representative? Published on:17/01/2025
Yes, you can remove or withdraw the representative authorized by you.
     
 
Can somebody else respond on my behalf using the e-Proceedings service to the notices issued to me by the Income Tax Authority ? Published on:17/01/2025
Yes, you can add an Authorized Representative to respond to a notice on your behalf using the e-Proceedings service.
     
 
Can I respond to a Seek for Clarification Notice without logging on to the e-Filing portal? Published on:17/01/2025
No, you will be required to log in to respond to a Seek for Clarification communication. You will not be able to either view the notice or submit the response to the notice issued to you.
     
 
Do I need to e-Verify the response / submission made? Published on:17/01/2025
No, you are not required to e-Verify the response submitted by you.
     
 
Do I need to log in to e-Filing portal to view and submit response using e-Proceedings service? Published on:17/01/2025
Yes, you will be required to log in to the e-Filing portal to view and submit response using e-Proceedings service.
     
 
What is Seek for Clarification communication? Published on:17/01/2025
Seek for Clarification communication is sent to the taxpayer, if there are instances where the information provided under a schedule or annexures of the return is insufficient or inadequate and clarification is required on certain claims made by the taxpayer.
     
 
I have been notified about defective returns u/s 139(9). Can I file the return as fresh return for that Assessment Year? Published on:17/01/2025
Yes, you can either file the return as a fresh / revised return incase the time provided for filing the return in a particular Assessment Year has not lapsed or alternatively you can also choose to respond to Notice u/s139. However, once the time provided for filing the return for a particular Assessment Year has lapsed, you will not be able file the return as a fresh / revised return and you will have to respond to Notice u/s 139(9). If you are unable to respond to the notice, the return will be treated as invalid or not filed for that Assessment Year.
     
 
What if I don't respond to a Defective Notice? Published on:17/01/2025
If you fail to respond to the defective notice within stipulated period then your return may be treated as invalid and therefore consequences such as penalty, interest, non-carry forward of losses, loss of specific exemptions may occur, as the case may be in accordance with the Income Tax Act.
     
 
What is the time limit within which I can respond to a Defective Notice sent by Income Tax Department? Published on:17/01/2025
If your return is found defective, you will get 15 days of time from the date of receiving the notice or as the time duration specified in the notice to rectify the defect in the return filed by you. However, you may Seek Adjournment and request for an extension.
     
 
Can I correct the defect in the ITR Form online? Published on:17/01/2025
Yes, you can submit the response by online correcting the defect in the ITR Form.
     
 
Can I authorize another person to respond to my Defective Notice? Published on:17/01/2025
Yes, you can authorize another person to respond to the defective notice u/s 139(9).
     
 
Can I update or withdraw my response after submitting the response on the e-Filing portal? Published on:17/01/2025
No, you cannot update or withdraw your response once submitted on the e-Filing portal.
     
 
How do I know if my return is defective? Published on:17/01/2025
If your return is found defective, the Income Tax Department will send you a defective notice u/s 139(9) of the Income Tax Act via email on your registered email ID and the same can be viewed by logging in to the e-Filing portal.
     
 
What is a Defective Return? Published on:17/01/2025
A return may be treated as defective on account of incomplete or inconsistent information in the return or in the schedules or for any other reason.
     
 
The number/size of attachments is more than the permitted limit under the submit response functionality, what should I do? Published on:17/01/2025
The maximum size permitted of a single attachment is 5 MB. In case you have more than 1 document to upload, you can select number of attachmeent upto 10. The maximum size of all attachments should not be more than 50 MB. If the size of the single document exceeds the permitted limit, you can optimize the document by reducing the file size.
     
 
Can I edit my response after responding to a notice on the e-Filing portal? Published on:17/01/2025
No, you cannot edit your response once submitted on the e-Filing portal.
     
 
Why my submit response button is inactive? Published on:17/01/2025
Submit response button can be inactive due to below reasons For CPC notices - If the response due date has been lapsed. For ITBA notices - If the proceedings status has been closed/blocked by Income Tax Authority.
     
 
Where can I see if any query has been raised against my response given on Adjustment u/s 143(1)(a) issued to me? Published on:17/01/2025
You can view the queries raised by the Income Tax Department under e-Proceedings.
     
 
Can I view my response once I have submitted my response to the notice issued to me? Published on:17/01/2025
Yes, you can view the response submitted by you or by your Authorized Representative.
     
 
What are the benefits of e-Proceedings? Published on:17/01/2025
e-Proceedings is a simple way to respond electronically to all notices / intimation / letters issued by Income Tax Department. It reduces the compliance burden of the taxpayer as there is no need to visit the Income Tax Office. Further, it is easy to keep track of the submissions and record keeping for future reference.
     
 
What is e-Proceedings? Published on:17/01/2025
e-Proceedings is an electronic platform for conducting proceedings in an end to end manner using the e-Filing portal. Using this service, any registered user (or his Authorized Representative) can view and submit response to any notice / intimation / letter issued by the Income Tax Department.
     
 
The assessee is an Electoral Trust claimed exemption u/s 13B in the return of income filed. However, the exemption claimed was not allowed while processing the return. Please suggest what action is re Published on:13/01/2025
The assessee is required to provide the registration details in Part A General
     
 
The assessee is a political party and claimed exemption u/s 13A in the return of income filed. However, the exemption claimed was not allowed while processing the return. Please suggest what action is Published on:13/01/2025
The assessee is required to fulfill all the conditions laid down in Section 13A and accordingly assessee is required fill Schedule LA of the return.
     
 
The assessee is eligible to claim exemption u/s 10(23D) and has filed return of income claiming exemption u/s 10(23D). Published on:13/01/2025
While filing the return of income, the assessee is required to claim the exemption
     
 
As per the provisions of the Act, exemption claimed u/s 10(23C)(iiiab) / (iiiac) Published on:13/01/2025
As per the provisions of the Act, the exemption u/s 10(23C)(iiiad) / 10(23C)(iiiae) is allowable only if the amount of Aggregate annual receipts does not exceed Rs.5 crore
     
 
The aggregate annual receipt of the trust or institution for the previous year is Rupees two crore out of which Rs. 75 lakh is Government Grants Published on:13/01/2025
As per the provisions of the Act, exemption claimed u/s 10(23C)(iiiab) / (iiiac)
     
 
What are the points to be considered while claiming exemption u/s 11 and u/s 12 or u/s 10(23C)(iv)/(v)(vi)(via) in the return of income? Published on:13/01/2025
Registration/approval details should be filled in Schedule Part A General • Please ensure that section under which exemption claimed in Part A General and Part BTI are same.
     
 
What are the precautions assessee is required to take while claiming revenue and capital application in the return of income? Published on:13/01/2025
Please enter the details of revenue and capital application in Schedule A and as well in Sl. No. 6(i) of Part B1
     
 
Is there any restriction with regard to claim of cost of new asset for claim of exemption u/s 11(1A) of the Act. Published on:13/01/2025
If Exemption u/s 11(1A) claimed in Schedule A under column “Capital” exceeds the net consideration disclosed in Schedule AI then exemption will be allowed to the extent of net consideration shown in Schedule AI.
     
 
During the year, objects of the trust is changed and fresh registration has not been obtained and the same details are entered in Part A General. Whether the trust is eligible to claim exemption? Published on:13/01/2025
If the objects of the trust are changed during the year and fresh registration is not obtained exemption claimed in the return will not be allowed.
     
 
If the purpose of the trust is advancement of any other object of General Public Utility Published on:13/01/2025
If percentage of receipts from such activities is not exceeding 20%
     
 
The trust has made a claim for accumulation of income and filed Form 10 but there is a inconsistency in the amount of accumulation claimed Published on:13/01/2025
If the revised Form 10 is filed within the due date for filing return u/s 139(4) The assessee may request for rectification
     
 
The trust has made a claim for accumulation of income and was required to file Form 10 within the due date Published on:13/01/2025
If delay is up to 365 days - Assessee may file application before the jurisdictional CIT(Exemption) for condonation of delay.
     
 
The trust has made a claim for deemed application of income under clause (2) of Explanation 1 of sub-section (1) of Section 11 Published on:13/01/2025
The assessee may file revised Form 9A or return as applicable. If the revised Form 9A is filed within the due date for filing return u/s 139(4)
     
 
The trust in the return of income filed has made a claim for deemed application of income under clause (2) of Explanation 1 of sub-section (1) of Section 11. Published on:13/01/2025
Where assessee has filed Form 9A belatedly,
     
 
The trust total income which exceeds the maximum amount which is not chargeable to income tax Published on:13/01/2025
Where assessee has filed Form 10B/10BB belatedly,
     
 
The trust or institution was registered u/s 12A/12AA or approved 10(23C) for claim of exemption in the old regime Published on:13/01/2025
If the fresh registration/approval is obtained within the extended period,
     
 
The demand was raised for the AYs prior to 2020-21 Published on:13/01/2025
Rectification application to be filed giving the correct registration details
     
 
Why can’t I find rate selection option i.e. 12.5% or 20% option in capital gains for AY 2025-26? Published on:06/01/2025
If Land/Residential is acquired before 23rd July 2024 and sold on or after 23rd July 2024 then only user can select 12.5% or 20%, otherwise the option is not available in any other case
     
 
What is the amount of standard deduction u/s 16(ia) from salary for old regime for AY 2025-26? Published on:06/01/2025
The amount of standard deduction
     
 
I received intimation order u/s 143(1)/154 but it does not give the amount of carry forward losses reported by me in my return of income in form ITR-2. Published on:06/01/2025
In order to be able to carry forward current year losses, the taxpayer must ensure that the income tax return
     
 
I paid advance tax/self-assessment tax but the credit for such tax payment has not been allowed in intimation order u/s 143(1)/154 issued by the Income-tax Department. Published on:06/01/2025
Taxpayers must ensure that tax payment details in respect of self-assessment tax must be accurately reported in the Sch IT of the ITR-2 form.
     
 
Why is there a mismatch in respect of taxes deducted at source in my intimation order u/s 143(1)/154? Published on:06/01/2025
Taxpayers are requested to ensure that TDS details mentioned in Sch TDS1 and Sch TDS2 of the ITR-2
     
 
Why have I been charged fee u/s 234F? Published on:06/01/2025
Fee u/s 234F will be charged if taxpayer defaults in furnishing return of income within the
     
 
Why have I been charged interest u/s 234B and/or 234C? Published on:06/01/2025
Interest u/s 234B will be charged if taxpayer fails to pay at least 90% of the total tax liability after relief as advance tax.
     
 
Why have I been charged interest u/s 234A? Published on:06/01/2025
If the taxpayer files her return of income after the due date prescribed u/s 139(1) or the extended
     
 
I submitted my return of income claiming lower tax rates per the rates DTAA between my resident jurisdiction and India. However, my claim of lower tax rates was not accepted. Published on:06/01/2025
Non-resident taxpayer claiming benefit of lower tax rates under the relevant DTAA, you are requested
     
 
I paid taxes in a foreign country and claimed the tax credit for the same in income tax return filed in India. But my claim was not granted. Published on:06/01/2025
A taxpayer who is tax resident in India may claim credit of taxes paid in a foreign country
     
 
Why is there a difference in the amount of my total tax liability computed by the income tax Department vis-a-vis the amount reported by me in my return of income? Published on:06/01/2025
Computation of total tax liability is a step by step process. Basic tax liability is computed based
     
 
Why has my claim of relief u/s 89 relating to arrears or advance of any sum in the nature of salary not been granted by the income tax Department Published on:06/01/2025
Relief under section 89 is available to a resident individual if he has received:
     
 
I claimed deductions under Chapter VI-A which were not allowed by the Income-tax Department at the time of processing my return of income in ITR-2. Published on:06/01/2025
The deductions under Chapter VI-A are allowable only if the taxpayer is eligible
     
 
I submitted my return with old tax regime but my taxes have been computed as per new tax regime as per intimation order u/s 143(1)/154 issued by the Income-tax Department. Published on:06/01/2025
It may be appreciated that the new tax regime is the default regime from AY 2024-25 onwards
     
 
In the intimation order u/s 143(1)/154, the Income tax Department has set off my losses in a manner different than that reported by me in my return of income in form ITR-2. Published on:06/01/2025
In respect of losses of the current assessment year, the Income tax Act, 1961 provides that the taxpayer shall be entitled to set off of losses
     
 
Tax calculation on Sovereign Gold Bonds Published on:27/12/2024
For AY 2025-26, In asset type Debentures- Sovereign Gold Bond Ticked, if securities are sold before 23rd July 2024, then tax will be calculated @10% without indexation or 20% with indexation whichever is beneficial to the user
     
 
Tax Calculation on listed debentures Published on:27/12/2024
For AY 2025-26, In asset type Debentures- Listed Debenture Ticked, if securities are sold before 23rd July 2024, then taxbase will calculate tax @10%.
     
 
How taxbase calculates tax on long term capital gains from sale of debentures (For AY 2025-26)? Published on:27/12/2024
We can understand this by referring to below cases
     
 
How taxbase calculates tax on long term capital gains from sale of shares on which STT is not paid (For AY 2025-26)? Published on:27/12/2024
We can understand this by referring to below cases
     
 
How to enter long term capital gains u/s 112A chargeable to 12.5% tax (for AY 2025-26)? Published on:16/12/2024
Please use following steps to enter LTCG u/s 112A:
     
 
How to enter long term capital gains (other than112A and Land & Building) chargeable to 12.5% tax (for AY 2025-26)? Published on:16/12/2024
To enter LTCG other than 112A please follow below steps
     
 
How to enter short term capital gains u/s 111A chargeable to 20% tax (for AY 2025-26) Published on:16/12/2024
Please use following steps to enter STCG u/s 111A:
     
 
How to enter long term capital gain from sale of land or building for AY 2025-26 Published on:16/12/2024
We can understand this using below cases:
     
 
How do I operate Taxbase Software with Short Cut Keys Published on:12/12/2024
For your convenience Sinewave has introduced shortcut keys for easy operation of our Taxbase Software
     
 
How taxbase calculates deduction u/s 80JJAA Published on:07/12/2024
Deduction u/s 80JJAA is received in respect of employment of new employees. It is available in both, old as well as new tax regime.
     
 
How taxbase calculates deduction u/s 54F in capital gains Published on:07/12/2024
Section 54F deduction can be claimed in full if the whole sales consideration is invested in new residential house property. Otherwise, the deduction is calculated in proportion to the sales consideration
     
 
Where to enter deemed income u/s 43CA? Published on:23/11/2024
Go to Business / Profession>>Open “Profit and Gains (2)”>>Enter amount in 43CA:
     
 
Where to enter deemed income u/s 41? Published on:23/11/2024
Use following steps: • Go to Other Form Data>>General Information II>>Sr No 16>>Enter the amount of deemed income u/s 41:
     
 
Where to enter depreciation allowable under section 32(1)(i) in case of assets of an undertaking engaged in generation or generation and distribution of power? Published on:23/11/2024
Go to Business / Profession>>Details>>Allowable>>Select “Depreciation allowable under section 32(1)(i)”:
     
 
How to enter MSME Interest disallowance u/s 23 in ITR? Published on:15/11/2024
To enter MSME Interest disallowance u/s 23 in ITR, use following steps:
     
 
How to enter disallowance u/s 43B in ITR Published on:04/11/2024
To enter disallowance u/s 43B in ITR, use following steps: Go to Other Form Data>>General Information II>>Sr No 13 hyperlink>> enter amount in the relevant head:
     
 
How to enter disallowance u/s 37 in ITR Published on:04/11/2024
To enter disallowance u/s 37 in ITR, use following steps: Go to Other Form Data>>General Information II>>Sr No 9>> enter amount in the relevant head
     
 
How to enter disallowance u/s 40A in ITR Published on:04/11/2024
To enter disallowance u/s 40A in ITR, use following steps: Go to Other Form Data>>General Information II>>Sr No 11 hyperlink>> enter amount in the relevant head:
     
 
How to enter disallowance u/s 40 in ITR Published on:04/11/2024
To enter disallowance u/s 40 in ITR, use following steps: Go to Other Form Data>>General Information II>>Sr No 10A hyperlink>> enter amount in the relevant head:
     
 
How to enter disallowance u/s 36 in ITR Published on:04/11/2024
To enter disallowance u/s 36 in ITR, use following steps: Go to Other Form Data>>General Information II>>Sr No 8 hyperlink>> enter amount in the relevant head:
     
 
FAQ's on Form 10B & 10BB Published on:17/10/2024
Please see the list of FAQ's from Government
     
 
How to import TDS challans in Application TDS? Published on:17/10/2024
To import TDS challans in Application TDS, use following steps: • Go to Challan and select Form in which you want to import the challans. • Select Quarter and click “Import from portal” button:
     
 
How to calculate MAT credit to be carried forwarded and its utilization in future years? Published on:14/10/2024
You should use following steps to calculate MAT Credit of current year to be carried forwarded to future years:
     
 
How to enter capital gains of personal / capital asset converted into stock in trade? Published on:14/10/2024
To enter capital gains of personal / capital asset converted into stock in trade, use following steps: • Go to Income details>>Capital gains. • Select asset type. • Tick “Personal asset converted into stock in trade”:
     
 
How can I see all Summary details of GSTPro on Home screen Grid? Published on:07/10/2024
In Taxbase GSTPro given new summary home screen. For open home screen double click on GSTPro >> Taxpayer row.
     
 
What are the New Changes in GSTR 1. Published on:07/10/2024
GSTR 1 summary screen. A) Added count on invoice. Number of invoice inside GSTR 1 table display in summary screen. B) New buttons are provided under Import Data, Get Data & Upload JSON as below.
     
 
Clarification on sections of ITR 7 return filing: Published on:14/09/2024
Please see attached document for Sections.
     
 
Where to enter interest disallowed u/s 23 of MSMED Act in Form 3CD? Published on:13/09/2024
You should enter interest disallowed u/s 23 of MSMED Act in Form 3CD Part B22 23>>22:
     
 
Where to enter disallowance u/s 43B(h) i.e. payment to MSMEs after due date under MSMED Act in Form 3CD? Published on:13/09/2024
You should enter disallowance u/s 43B(h) i.e. payment to MSMEs after due date under MSMED Act in Form 3CD Part B22 23>>22:
     
 
Where to enter disallowance u/s 43B(h) i.e. payment to MSMEs after due date under MSMED Act in ITR? Published on:13/09/2024
To enter disallowance u/s 43B(h) i.e. payment to MSMEs after due date under MSMED Act, use following steps:
     
 
How to claim TDS deducted in hands of other person (spouse/minor child/Rule 37BA) in the return of assessee? Published on:03/09/2024
i)Go to Tax Deduction at Source on Income details screen.
     
 
What is form 26AS? Published on:31/08/2024
It is a consolidated Annual Information Statement for a particular Financial Year (FY). It contains the details of the following:
     
 
My Self-Assessment / Advance Tax in my Annual Tax Credit Statement (26AS) do not reflect the amounts deposited by me. What do I need to do now? Published on:31/08/2024
You need to validate the Challan number and your PAN in such cases.
     
 
What can I do if there is a tax-credit mismatch in one of my filed Income Tax Return? Published on:31/08/2024
If there is a mismatch in TDS :
     
 
How will I know if there is a tax credit mismatch? Published on:31/08/2024
In the Tax Credit Mismatch page, after you enter your details, check for any mismatch between respective TDS / TCS / any other challan amounts
     
 
How to import UDIN Details in TaxbasePro? Published on:31/08/2024
To import UDIN data in taxbase, use following steps: • Go to Master data>>Auditor Information and enter login details of UDIN website:
     
 
If a Company is declaring business income other than presumptive income, then is it mandatory to fill manufacturing account / trading account / profit and loss account / balance sheet? Published on:19/08/2024
Yes, if a Company is declaring business income other than presumptive income, then it is mandatory
     
 
If a foreign company is selecting to offer income only under section 44AE/44B/44BB/44BBA/44BBB/44D, is it mandatory to fill Sl. No. 62 of profit & loss account? Published on:19/08/2024
Yes, if a foreign company is selecting to offer income only under 44AE/44B/44BB/44BBA/44BBB/44D it is mandatory
     
 
I have offered income of "Chapter- XII-G (tonnage)" in Schedule BP. While calculating the tax MAT is getting calculated on the same, but provisions of MAT are not applicable in this case. How to discl Published on:19/08/2024
While calculating MAT, any incomes on which MAT is not applicable needs to be reported at
     
 
In earlier years either me or persons known to me have received notice of 37BA proposing to restrict credit for TDS. What precautions to be taken at the time of filing of return to avoid the same? Published on:19/08/2024
It should be ensured to disclose the gross receipts shown in Form 26AS on which credit for TDS has been claimed,
     
 
Whether ITR 1 or ITR 4 can be filed if taxpayer wants to disclose the special rate incomes in the ITR? Published on:19/08/2024
If Taxpayer has received any special rate income like Income from lottery, Income from transfer of property,
     
 
How to disclose Income by way of winnings from online games in the ITR? Published on:19/08/2024
In case taxpayer has received any income by way of winnings from online games then he is required
     
 
How to disclose Income from the activity of owning and maintaining racehorses in the ITR? Published on:19/08/2024
In case taxpayer has received any income from the activity of owning and maintaining race horses
     
 
How to disclose income received from Virtual Digital Assets (VDA) in the ITR? Published on:19/08/2024
In case taxpayer has earned any income from sale of virtual digital assets then he is required to disclose
     
 
Whether deduction u/s. 80DD or 80U can be claimed without filing the form 10IA? Published on:19/08/2024
Taxpayer is required to e-file the form 10IA to claim the deduction u/s. 80DD or 80U.
     
 
How to enter quarterly breakup in schedule CG? Published on:19/08/2024
In Schedule CG quarterly breakup to be entered on the basis of applicable tax rate.
     
 
Whether current year losses can be carried forwarded to next year without adjusting the same against the current year income? Published on:19/08/2024
In Schedule CYLA, current year losses will not be allowed to be carried forward to the next year to the extent of incomes available for set off.
     
 
In Part A – Other Information, why the entry at Sl. No. 10(h) "Any sum payable to a micro or small enterprise beyond the time limit specified in the Section 15 of the Micro, Small and Medium Enterpris Published on:19/08/2024
Since the provisions of disallowance are applicable from the AY 2024-25,
     
 
How to disclose income received from winning from lottery, crossword puzzles, races, card games etc. in the ITR? Published on:19/08/2024
In case taxpayer has received any income from winning from lottery, crossword puzzles, races, card games etc. then
     
 
Can I adjust brought forward business loss or brought forward depreciation against the presumptive income declared u/s. 44BB or 44BBB? Published on:19/08/2024
No. Taxpayer cannot setoff the amount of brought forward business loss or
     
 
What precautions to be taken to claim TDS/TCS deducted/collected in the hands of others? Published on:19/08/2024
Before claiming credit of TDS/TCS from other PANs, please ensure that the other assessee has provided
     
 
If the return for previous years were filed after due date, then brought forwarded loss from those years can be adjusted from current year income? Published on:19/08/2024
If the return for any year was filed after due date, then the loss is not allowed to be carry forwarded
     
 
I was trying to file return after due date by claiming loss from Business & profession which is on account of "Unabsorbed depreciation". Can the said losses be carried forward to next year? Published on:19/08/2024
If the return is filed after due date, then Business loss cannot be carried forward to next year as per the Act.
     
 
Can Income chargeable to tax at special rate be shown only in Part-B- TI, without giving the details of the same in the relevant schedules? Published on:19/08/2024
Income chargeable to tax at special rate needs to be shown in the relevant income schedules along with Part B-TI.
     
 
What is the structure of the ITR-7 Form? Published on:19/08/2024
The ITR-7 form has been divided into Part A, Part B and Schedules.
     
 
What is the manner of filing of ITR-7? Published on:19/08/2024
ITR-7 can be filed with the Income-tax Department electronically on the e- filing web portal
     
 
1. Are trusts liable for audit under the Income-Tax Act? 2. What are the details of auditor required to be furnished? Published on:19/08/2024
Yes. Where the total income of the assessee as computed without giving effect to the provisions of Section 11 and 12
     
 
What are the details to be provided for claim of Exemption u/s 10(23C)(iv)/(v)/(vi)/(via) of the Act? Published on:19/08/2024
Following are the details to be provided for claim of Exemption u/s 10(23C)(iv)/(v)/(vi)/(via) of the Act :
     
 
Who can verify the income tax return in the case of the company, local authority, political party or AOP? Published on:19/08/2024
The persons who can verify the income tax return in the following cases are:
     
 
What are the details to be provided for claim of Exemption u/s 13A Or u/s 13B? Published on:19/08/2024
Following are the details to be provided for claim of Exemption u/s
     
 
What are the details to be provided for claim of Exemption u/s 11 of the Act? Published on:19/08/2024
Following Are the details to be provided for claim of Exemption u/s 11 of the Act :
     
 
FAQs On ITR7 1. What are the dropdowns to be selected for the field "Section under which registered/provisionally registered or approved/notified"? 2. Section under which return can be filed? Published on:19/08/2024
Enter the section under which registered/provisionally registered or approved/notified under the Income Tax Act.
     
 
What are the schedules which mandatorily are required to be filled for claiming exemption in ITR-7? Published on:19/08/2024
Certain schedules of this return form are mandatorily required to be filled up by assessees claiming exemption under specific provisions. The details are as under :-
     
 
Which information is required to be filled in PART A General of ITR-7? Published on:19/08/2024
In part A General, furnish the information relating to identity of assessee,
     
 
1. Is there any requirement to furnish information regarding any project/ institution run by the assessee? 2. Do I need to furnish the details of registration/Provisional registration or approval obt Published on:19/08/2024
Yes, Name, Nature of activity, classification along with details of registration/ provisional registration
     
 
What are the various acts in which assessee is required to get their books of account audited other than income tax act? Published on:19/08/2024
In case your accounts are required to be audited under any other law (other than Income-tax Act),
     
 
FAQs On ITR7 1. Do I need to mention the Residential Status in ITR-7? 2. Can a representative assessee file ITR-7? 3.Do I need to mention income included in total income for which claim under sect Published on:19/08/2024
Yes. Please specify the residential status in India whether it is Resident or Non-Resident.
     
 
What information is required to be furnished in Schedule VDA, Schedule SI, Schedule 115JD? Published on:19/08/2024
Please fill up the details of the income from transfer of virtual digital assets.
     
 
What information is required to be furnished in Schedule VC, Schedule AI, Schedule A, Schedule OA ? Published on:19/08/2024
Voluntary Contributions [to be mandatorily filled by all persons of filing ITR-7]
     
 
Is it mandatory to furnish "Details of all the Author (s)/ Founder (s)/ Settlor (s)/Trustee (s)/ Members of society/Members of the Governing Council/Director (s)/ shareholders holding 5% or more of sh Published on:19/08/2024
Yes. This information is mandatorily required to be filled in Part A-General mentioning the
     
 
What information is required to be furnished in Schedule R, Schedule IA, Schedule DA? Published on:19/08/2024
Please fill up schedule R for reconciling the Corpus of Schedule J with Schedule Balance sheet.
     
 
FAQs On ITR 7 1.In previous year, I was a partner in a firm. Do I need to furnish this information in ITR-7? 2. What information is required to be furnished if trust held unlisted equity shares at a Published on:17/08/2024
If you were a partner in a firm at any time during the previous year, please furnish the Name & PAN of the firm.
     
 
Can ITR-7 be filed in response to notice/order? Published on:17/08/2024
Yes. In case the return is being filed in response to a statutory notice
     
 
When will a Trust/institutions be eligible for exemption under Section 10(23C)(iiiab), 10(23C)(iiiac), 10(23C)(iiiae) or 10(23C)(iiiad)? Published on:17/08/2024
Trust/institutions are eligible for exemption under Section 10(23C)(iiiab) or 10(23C)(iiiac) only if the Government grants received is more than 50% of the total receipts including voluntary contribution. The below details to be mentioned in Schedule IE-3:
     
 
FAQs On ITR 7 1. What are the details required to be filled to claim Exemption u/s 10(21), 10(21) r.w.s. 35, 10(23AAA), 10(23B), 10(23D), 10(23DA), 10(23EC), 10(23ED), 10(23EE), 10(23FB), 10(29A), 1 Published on:17/08/2024
Details required to be filled to claim Exemption:
     
 
FAQs On ITR 7 1. What is the due date of furnishing the Audit Report? 2. Who are required to file audit report in Form 10B? 3. Who are required to file audit report in Form 10BB? Published on:17/08/2024
Form 10B or Form 10BB or Form 3CEB (in case of international transactions and specified domestic transactions) shall be filed at least one month prior to the due date for filing return of income u/s 139(1).
     
 
What kind of activities in which Institution can be involved? Published on:17/08/2024
Following are the types of activities in which institution can be involved
     
 
How to select tax rate for companies in Taxbase? Published on:17/08/2024
To select tax rate for companies, click on “Determinate Tax Rate” hyperlink on Income details screen as shown below:
     
 
How to select 22% tax rate u/s 115BAA for companies in taxbase? Published on:17/08/2024
To select 22% tax rate u/s 115BAA for companies, use following steps:
     
 
How to select 25% tax rate u/s 115BA for companies in Taxbase Published on:17/08/2024
To select 25% tax rate u/s 115BA for companies, use following steps:
     
 
How to select 15% tax rate u/s 115BAB for companies in taxbase? Published on:17/08/2024
To select 15% tax rate u/s 115BAB for companies, use following steps:
     
 
How to enter details of short-term capital gains / long term capital gains of listed shares/ mutual funds for Non-residents in taxbase? Published on:17/08/2024
There is no separate provision for non-residents to enter capital gains of listed shares/ mutual funds. You should use following steps:
     
 
How to enter details of capital gains from sale of Virtual Digital Assets (e.g. crypto) in Taxbase? Published on:17/08/2024
To enter details of capital gains from sale of Virtual Digital Assets (e.g. crypto), use following steps:
     
 
How to enter business income from sale of Virtual Digital Assets (e.g. crypto) in Taxbase? Published on:17/08/2024
To enter business income from sale of Virtual Digital Assets (e.g. crypto), use following steps:
     
 
How to know which return is to be filed with DSC and when DSC is expiring from Taxbase Software? Published on:12/08/2024
In Assessee Static Information provided new provision to enter whether return is to be filed with DSC & its expiry date as below then save it.
     
 
Why I am getting defective notice after filing return for A Y 24 -25 Published on:12/08/2024
Here are some reasons for Defective Notices for A. Y. 24 - 25
     
 
How to track dividend from TaxbasePro Movement of Shares Module Published on:06/08/2024
From Application go to Movement of Shares Module, it will show you your Investments (Shares) data entry as below.
     
 
How to import Securities data directly from AIS to Capital Gain Published on:06/08/2024
First you need to download AIS / TIS from the income tax portal in the software as below
     
 
How to import Broker Excel in Capital Gain of TaxbasePro Software Published on:01/08/2024
Go to the Income Details Screen as below. Then go to Capital Gain option of Income Details as below.
     
 
How to import other Brokers Capital Gain Excel into TaxbasePro Published on:01/08/2024
Go to the Income Details screen as below. Then go to Capital Gain option of Income Details as below
     
 
How to import broker’s capital gain statement in Taxbase Published on:16/07/2024
To import broker’s capital gain statement in Taxbase, follow below mentioned steps: • Go to Income details>>Capital gains.
     
 
How to import all online details in one click Published on:16/07/2024
To import entire online data in Taxbase, click “Import from portal” button on the upper left corner of Income details screen
     
 
I am trying to generate ITR 1/2/3/4/5 for AY 2024-25. Error is shown “Please select option in General Information Published on:16/07/2024
This error is shown due to mismatch of selection of tax regime on Income details and answer to 115BAC question in other form data>>General Information I.
     
 
How to check Comparison of Old & New Regime from Taxbase for your Assessee Published on:03/05/2024
You need to go to Reports option on the top >> then select Income Tax >> Compare Old / New Tax Regime. In this report you can compare tax computation of current year over previous years income, or you can compare tax computation for same Assessment year.
     
 
How to Activate your assessee for My Taxbase APP Published on:25/04/2024
Make sure your asseessee has his mobile number and email id entered in the software then go to applicaiton >> My Taxbase
     
 
FAQ's on ITR U Published on:28/03/2024
How does taxbase picks up option in ITR U- A7: period of filing updated return?
     
 
What are new changes for ITR 4 A Y 24 - 25 Published on:28/03/2024
Tax rate changes for new regime u/s 115BAC New regime is default regime
     
 
FAQ's on My Taxbase APP Published on:05/03/2024
Why company needs tax declaration? Which deductions under chapter VI-A can I show in my tax declaration?
     
 
What are new changes for ITR 3 A Y 24 - 25 Published on:29/02/2024
1) Tax rate changes for new regime u/s 115BAC 2) New regime is default regime
     
 
What are the new changes in ITR 2 for A Y 24 - 25 Published on:29/02/2024
1) Tax rate changes for new regime u/s 115BAC 2) New regime is default regime
     
 
What are the changes for ITR 1 A Y 24 - 25 Published on:23/02/2024
Below are the changes for ITR 1 A Y 24 - 25
     
 
How do I reset my Taxbase Software’s User Id’s Password Published on:25/01/2024
Clock on Taxbase Icon on Desktop you will get login screen as below. You will see Forgot Password option on the login screen previous to Login button shown in red color, click on this option you will get below screen
     
 
Who can file ITR-5 Form Published on:25/01/2024
Firm & Limited Liability Partnership (LLP)
     
 
What are the Pre-requisites for filing ITR-5 Published on:25/01/2024
Registered user on e-filing portal with Active PAN
     
 
What are the Pre-requisites for filing ITR-6 Published on:25/01/2024
Registered user on e-filing portal with Active PAN
     
 
FAQ's on ITR 6 Filing Is it mandatory to file form 10IB/10IC/10ID within due date to claim the benefit of New Tax Regime under section 115BA/ 115BAA/ 115BAB respectively? Published on:25/01/2024
Taxpayer is required to file the form 10IB/10IC/10ID within due date
     
 
FAQ;s on ITR 5 Filing Is taxpayer required to file Form 10IF every year for claiming the new Tax Regime? Published on:25/01/2024
No. Taxpayer is not expected to file the form 10IF every year.
     
 
How to calculate 87A rebate for AY 2024-25 onwards for new regime Published on:25/01/2024
For new regime, 87A rebate for AY 2024-25 will be calculated as 100% of tax amount or Rs.25,000/- whichever is lower. Full rebate is available only if total income of the assessee is upto Rs.7,00,000/-.
     
 
How to work with Movement of Shares in TaxbasePro Published on:15/01/2024
Go to Application >> Select Movement of Shares >> It will display list of Assessee
     
 
How to see ITR filing status on the Taxbase Home Screen? Published on:11/01/2024
First select assessee then go to Online Services >> Tick on API Mode >> Click on ITR Dashboard >> then it will display you option to select A. Y. from the list.
     
 
How to see Aadhar PAN Link status on the Taxbase Home Screen Published on:11/01/2024
Go to Miscellaneous >> Taxbase Home >> Select your Group or Assessee in the Group and click on update button it will display list of assessee’s or assessee as below.
     
 
Check Inoperative PANs- Process in Taxbase Published on:05/01/2024
Following is the process to check the PAN status on the basis of Aadhaar linking in Application TDSPro. PAN status (operative or inoperative) will be fetched in 26Q data entry while entering deduction details and TDS rate will be changed to 20% in case of inoperative PAN.
     
 
ITR 7 Related some more FAQ's for AY 23-24 Published on:21/11/2023
For Details download the file.
     
 
Who can verify the income tax return in the case of the company, local authority, political party or AOP? Published on:21/11/2023
The persons who can verify the income tax return in the following cases are:
     
 
Who can file ITR-7? Published on:21/11/2023
ITR-7 Form can be used by persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D).
     
 
What is the structure of the ITR-7 Form? Published on:21/11/2023
The ITR-7 form has been divided into Part A, Part B and Schedules
     
 
What is the manner of filing of ITR-7? Published on:21/11/2023
ITR-7 can be filed with the Income-tax Department electronically
     
 
What is applicability to file Form 10B? Published on:21/11/2023
Form 10B is required to file where, -
     
 
What are the details of auditor required to be furnished? Published on:21/11/2023
Furnish the following details of auditor:
     
 
What are the various acts in which assessee is required to get their books of account audited other than income tax act? Published on:21/11/2023
In case your accounts are required to be audited under any other law
     
 
What information is required to be furnished if trust held unlisted equity shares at any time during the previous year? Published on:21/11/2023
If you have held investment in any unlisted equity shares at any time
     
 
What information is required to be furnished in Schedule 115TD? Published on:21/11/2023
This Schedule should be filled out by the "Specified Person",
     
 
What information is required to be furnished in Part B3 (Part B TI)? Published on:21/11/2023
This Schedule can be filled by ONLY assessee claiming exemption
     
 
What are the incomes that need to be reported in Income & Expenditure Statement if you are claiming exemption under section 10(23A) or 10(24)? Published on:21/11/2023
In Schedule IE-2: In Part A In Part B
     
 
Do I need to mention income included in total income for which claim under section 90/90A/91 has been made? Published on:21/11/2023
Yes, indicate whether any foreign source income is included in total income
     
 
Do I need to furnish the details of registration/Provisional registration or approval obtained? Published on:21/11/2023
Please fill in the complete and correct details relating to registration/provisional
     
 
Is there any requirement to furnish information regarding any project/ institution run by the assessee? Published on:21/11/2023
Yes, Name, Nature of activity, classification along with details
     
 
When will a Trust/institutions be eligible for exemption under Section 10(23C)(iiiab) or 10(23C)(iiiac)? Published on:21/11/2023
Trust/institutions are eligible for exemption under Section 10(23C)(iiiab) or 10(23C)(iiiac)
     
 
What are the dropdowns to be selected for the field "Section under which registered/provisionally registered or approved/notified"? Published on:21/11/2023
Enter the section under which registered/provisionally registered or approved/notified under the IncomeTax Act
     
 
Do I need to mention the Residential Status in ITR-7? Published on:21/11/2023
Yes, please specify the residential status in India whether it is Resident or Non-Resident.
     
 
What are the details to be provided for claim of Exemption u/s 13B? Published on:21/11/2023
Registration details u/s 13B should be mentioned in Schedule Part A General
     
 
What are the details to be provided for claim of Exemption u/s 11 of the Act? Published on:21/11/2023
Registration/approval details u/s 12A/12AB should be filled in Schedule Part A General
     
 
What are the details to be provided for claim of Exemption u/s 10(23C)(iv)/(v)/(vi)/(via) of the Act? Published on:21/11/2023
Registration/approval details u/s 10(23C)(iv)/(v)/(vi)/(via) should be filled in Schedule Part A General
     
 
What are the details to be provided for claim of Exemption u/s 13A? Published on:21/11/2023
Section under which exemption claimed should be mentioned as Section 13A in Schedule Part A General
     
 
Section under which return can be filed? Published on:21/11/2023
Section under which the ITR-7 return can be filed
     
 
What are the schedules which mandatorily are required to be filled for claiming exemption in ITR-7? Published on:21/11/2023
Certain schedules to this return form are mandatorily required to be filled
     
 
In previous year, I was a partner in a firm do I need to furnish this information in ITR-7? Published on:21/11/2023
If you were partner in a firm at any time during the previous year, please furnish the Name & PAN of the firm.
     
 
Which information is required to be filled in PART A General of ITR-7? Published on:21/11/2023
In part A General, furnish the information relating to identity of assessee
     
 
What is the kind of activities in which Institution can be involved? Published on:21/11/2023
Following are the types of activities in which institution can be involved: Charitable & religious:
     
 
Can ITR-7 be filed in response to notice/order? Published on:21/11/2023
Yes, In case the return is being filed in response to a statutory notice,
     
 
How to import AIS / TIS with API Published on:20/10/2023
Go to Income Details, then go to AIS TIS View Tab click on API Mode
     
 
How to make TDS Offline Payment from TaxbasePro Published on:09/10/2023
Go to Challan, select 24Q, 26Q, 27Q or 27EQ
     
 
How to make TDS Online Payment from TaxbasePro Published on:09/10/2023
Go to Challans select 24Q, 26Q, 27Q or 27EQ
     
 
How to File Form 10IE From TaxbasePro Published on:29/09/2023
Select Assessee, then go to Income Details, Fill Business or Profession Income then click on Form 10IE
     
 
How to Update Outstanding Demand From I T Portal Published on:29/09/2023
Select Assessee, then go to Online Services, tick on API Mode
     
 
How to Prepared & Upload Form 15H Published on:22/09/2023
Go to Application TDS >> E-file >> E-file Form 15G/15H
     
 
How to Prepared & Upload Form 15G Published on:22/09/2023
Go to application TDS >> E File >> E file Form 15G/15H
     
 
How to Import A Tax & S Tax from AIS Published on:14/09/2023
Go to Income Details screen click on view button
     
 
How to Import Capital Gain Entries from AIS Published on:14/09/2023
Go to Income Details Screen click on View
     
 
How to update Activity Center with API Published on:08/09/2023
Go to Online Services click on API mode, then go to Activity Center
     
 
How to download Intimations with API from IT Portal Published on:08/09/2023
Select Assessee, then go to Online Services click on API Mode
     
 
How to update Refund Status from TaxbasePro Published on:29/08/2023
Select Assessee, then go to Online Services, Tick on API Mode
     
 
How to File Form 10E From TaxbasePro Published on:29/08/2023
Go to Income Details Screen, Select Salary, enter details of Arrears, Gratuity or Compensation
     
 
How to download AIS & TIS and transfer data to relevant heads. Published on:16/08/2023
Select Assessee name, then select A Y then go to Income Details,
     
 
How to validate TDS challan with API Published on:16/08/2023
Go to Challans select section like 24Q, 26Q & other
     
 
How to prefill assessee details with API Published on:10/08/2023
Go to Online services select API at bottom
     
 
How to Update ITR Dashboard with API Published on:05/08/2023
Go to Online Services Select API Mode then go to ITR Dashboard
     
 
How to do Data Entry of Form 27Q? Published on:25/04/2023
Step 1: Click On Form 27Q in TDS Pro Home Window. Step 2: After clicking On Form 27Q Below Screen is shown enter all the details. Step 3: For Preparing the challan Click on Prepare Challan On TDS Data entry window
     
 
How to enter form 27EQ Data Entry? Published on:25/04/2023
Step 1: After Clicking On Form 27EQ below screen is shown and Enter all the details. Step 2: Select entry and click on prepare challan button given at the bottom. Step 3: Fill all the details in the payment challan Step 4: Click on Online Payment button
     
 
How to Generate Computation Sheet of Employee in TDSPRO Software? Published on:25/04/2023
Step 1: On TDSPro Home >> Select Group & Deductor Name & Click on Update button Step 2: Then go to Reports >> Salary >> Select Computation Sheet option Step 3: Then select Employee and click on OK Step 4: It will print Computation Sheet of that particular Employee
     
 
How to Generate Salary TDS Deduction Report of Employee in TDSPro Software? Published on:25/04/2023
Step 1: On TDSPro Home >> Select Group & Deductor Name & Click on Update button Step 2: Then go to Reports >> Salary >> Select TDS Deduction Report option Step 3: Then select Employee and click on Report option Step 4: It will print TDS Deduction Report of that particular Employee
     
 
How to Generate Salary TDS Estimation Report of Employee in TDSPRO Software? Published on:25/04/2023
Step 1: On TDSPro Home >> Select Group & Deductor Name & Click on Update button Step 2: Then go to Reports >> Salary >> Select TDS Estimation Report option Step 3: Then select Employee and click on Print option Step 4: It will print TDS Estimation Report of that particular Employee
     
 
How to Generate TDS Entry Register in TDSPRO Software? Published on:25/04/2023
Step 1: On TDSPro Home >> Select Group & Deductor Name & Click on Update button Step 2: Then go to Reports >> TDS Entry Register
     
 
How to Generate TDS Payment Register in TDSPRO Software? Published on:25/04/2023
Step 1: On TDSPro Home >> Select Group & Deductor Name & Click on Update button Step 2: Then go to Reports >> TDS Payment Register Step 3: Then select Type of Payee and click on Print Step 4: It will print TDS Payment Register
     
 
How to Generate TDS Payment Report of Employee in TDSPRO Software? Published on:25/04/2023
Step 1: On TDSPro Home >> Select Group & Deductor Name & Click on Update button Step 2: Then go to Reports >> Salary >> Select TDS Payment Report option Step 3: Then select Furnishing Period & Click on Print Step 4: It will print TDS Deduction Report of that particular Employee
     
 
How to update TDS Dashboard for return filing details from the software Published on:25/04/2023
Please make sure you have entered your Login id & Password for Traces in the Software, then Go to Management >> TDS Dashboard you will get below screen.
     
 
How can I find out TDS mismatch in Software and TDS consolidated (.TDS) file? Published on:25/04/2023
Step 1: Go to TDS/TCS Data Entry -> TDS Reconciliation -> Select Form 26 Step 2: When you will select respective quarter, it will show you TDS consolidated section wise entries in the left-hand side of the screen Step 3: Then click on Import From .TDS Conso file button given at bottom.
     
 
How do I digitally sign Form 16 Or Form 16A from Software? Published on:25/04/2023
Step 1: Go to Online Services -> TDS Online Services -> Form 16, you have already generated merged Form 16 Part A & Part B now for digitally sign click on Digital Sign Step 2: After this it will display all the Form 16 generated in the PDF format
     
 
How do I download & generate Form 16 Part A & Part B From software? Published on:25/04/2023
Step 1: Go to TDSPro Home Window and select your Dealer form the list Step 2: Go to Online Services and Select From 16
     
 
How do I merge Form 16 Part A & Part B from Software? Published on:25/04/2023
Step 1: Go to Online Services -> TDS Online Services in this go to Form 16 Step 2: We have already created Part A & Part B of Form 16 from software so click on Merge Part A & Part B option, it will open new window with employee’s name