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How to Generate Form 10IE how it should link on ITR 3 / ITR 4 Published on:06/09/2021
Please Refer Attachment
     
 
How to do Speculation Business Data Entry Published on:03/09/2021
Step 1>> Enter Business/Profession>>Balance Sheet>>Click on Profit and Loss Account. Step 2>> Enter details in Sr No 64/65 of Profit and Loss account
     
 
Where to enter details of split? Published on:03/09/2021
There is no specific provision in Taxbase as well as notified ITRs for the same. User needs to enter it in Capital gain>>Shares/Units in the same manner as he enters other transactions.
     
 
What will be fair market value of share in case there is a stock split after 31-01-2018 and thereafter share is sold? Published on:03/09/2021
CBDT has not clarified this matter yet. We recommend to split the fair market rate in the same proportion of split.
     
 
How to remove bank accounts mistakenly added on portal Published on:30/08/2021
Please Refer Attachment
     
 
How to enter interest expenditure for dividend income Published on:30/08/2021
Please Refer Attachment
     
 
Why family pension deduction is not fetched automatically in deduction u/s 57? (New regime case) Published on:30/08/2021
Please Refer Attachment
     
 
Why dividend breakup is required for AY 2021-22 Published on:30/08/2021
Please Refer Attachment
     
 
Where to enter dividend US 2 22 e Published on:30/08/2021
Please Refer Attachment
     
 
How to opt for new tax regime for co-operative societies Published on:30/08/2021
Please Refer Attachment
     
 
Why dividend break up does not match with dividend entered in Other sources Published on:30/08/2021
Please Refer Attachment
     
 
Where to enter dividend income credited to P&L, but to be considered separately Published on:30/08/2021
Please Refer Attachment
     
 
How to pre-validate bank account from taxbase Published on:30/08/2021
Please Refer Attachment
     
 
Common issues on New Income Tax portal Published on:28/08/2021
Please Refer Attached File
     
 
What are the New Features of Taxbase APP Published on:20/08/2021
Please Refer Attachment
     
 
What is section 206AB & 206CCA of Income Tax & how it works in Taxbase Software? Published on:18/08/2021
Please Refer Attachment
     
 
How do I Activate New Tax Regime for Tax Computation Published on:15/07/2021
First you do the Tax Computation
     
 
Which are the new Features of Taxbase APP Published on:21/06/2021
Please Refer Attached File
     
 
How to import P & L in Part B 40 of Form 3CD Published on:03/06/2021
Open Form 3CD Part B 40- Accounting ratios with calculations Tick on “Pick from ITR” tickbox
     
 
What are the surcharge rates of Individuals for A. Y. 2021 - 2022 Published on:02/06/2021
Please Refer Attachment
     
 
What are the changes in ITR 7 for A. Y. 2021 - 2022 Published on:28/05/2021
Please Refer Attachment
     
 
What are the changes in ITR 6 for A. Y. 2021 - 2022 Published on:28/05/2021
Please Refer Attachment
     
 
What are the changes in ITR 5 for A. Y. 2021 - 2022 Published on:28/05/2021
Please Refer Attachment
     
 
What are the changes in ITR 4 for A. Y. 2021 - 2022 Published on:28/05/2021
Please Refer Attachment
     
 
What are the changes in ITR 3 for A. Y. 2021 - 2022 Published on:28/05/2021
Please Refer Attachment
     
 
What are the changes in ITR 2 for A. Y. 2021 - 2022 Published on:28/05/2021
Please Refer Attachment
     
 
What are the changes in ITR 1 for A. Y. 2021 - 2022 Published on:28/05/2021
Please Refer Attachment
     
 
What are the due dates for Income Tax Return Filing for A. Y. 2021 - 2022 Published on:27/05/2021
Please refer attachment.
     
 
How to import 27EQ data from Excel to Software Published on:22/05/2021
Go To TDS / TCS Data Entry -> Form 27EQ
     
 
How to import 27Q data from Excel to Software Published on:22/05/2021
Go to TDS / TCS Data Entry -> Form 27Q
     
 
How to import 26Q data from Excel to Software Published on:22/05/2021
Go to TDS / TCS Data Entry -> Form 26Q
     
 
How to import 24Q data from Excel to Software Published on:22/05/2021
Go to TDS / TCS Data Entry -> Form 24Q -> Monthly Data Entry
     
 
Movement of Shares Report Published on:08/05/2021
Step 1: Go to Movement of Shares and do your regular data entry of Shares Opening, Purchase & Sales, based on this you will get closing stock script wise as below.
     
 
How to update refund status Published on:24/03/2021
Go to Online Services >> click on refund status >>Select A.Y. >>it will divert you to Income Tax Website, ID & password will be auto fetch, enter captcha code click on login it will pick up the details and update refund status
     
 
How to download e-Nivaran Published on:24/03/2021
Go to Online Services >> click on e-Nivaran >>Select A.Y. >>it will divert you to Income Tax Website, ID & password will be auto fetch, enter captcha code click on login it will pick up the details and update d-Nivaran
     
 
How to download e-Intimation & see in the software Published on:24/03/2021
Go to Online Services >> click on e-Intimation >>Select A.Y. >>it will divert you to Income Tax Website, ID & password will be auto fetch, enter captcha code click on login it will pick up the details and update d-Intimation
     
 
How to Change Tax Calculation as per New or Old Regime Published on:20/03/2021
Step 1 : Fill up Data Entry
     
 
CRM Module Activation process & Mobile App features Published on:04/03/2021
Application -> Customer relation -> CRM Module Mgmt to Open Dashboard. Activate Tax payer & share Mobile App URL and Login information to Tax Payer.
     
 
How to show TCS on advance received in 27EQ? OR Which quarter is to be taken for 27EQ if date of invoice and date of collection fall in different quarters in case of TCS on sale of goods? Published on:10/02/2021
Following are some conditions given by NSDL for filling data in 27EQ: •Date of collection should not be less than start of relevant quarter. For example, if we are filing 27EQ for Q3 of FY 2020-21, then date of collection should be 01/10/2020 and onwards. •Date of debit/ receipt should be from start date Financial year in which relevant quarter falls till end of relevant quarter. For example, if we are filing 27EQ for Q3 of FY 2020-21, then date of debit/receipt should fall within 01/04/2020 to 31/12/2020.
     
 
How to register for Taxbase Cloud & Start working Published on:09/01/2021
Click on login screen and select backend at CloudMySQL
     
 
How do I register my software License Published on:09/01/2021
Download Latest version from sinewave.co.in
     
 
ITR 3 Changes for A. Y. 2020 - 2021 Published on:09/01/2021
Please refer attachment
     
 
How do I Restore my Data back into Software? Published on:01/01/2021
Go to Miscellaneous -> Import Data (Full Data)
     
 
How do I take Backup of my Data ? Published on:01/01/2021
Go to Miscellaneous -> Take Daily Backup Go to Exit -> Exit
     
 
While Starting Software shows Database Connection Failed Published on:24/12/2020
Please refer attached file
     
 
How to show Capital Gain of Agriculture Land which is Exempt? Published on:24/12/2020
Step 1: Go to Income Tax >> Income Details >> Click on Exempt Income Step 2: After click on Exempt income, following window will display. Here click on Income claimed exempt u/s 10/Others/Gift.
     
 
How-to pick-up TDS Data from TDS software to Form 3CD? Published on:24/12/2020
Step 1: Go to Application -> TDS Step 2: Then go to TDS / TCS Data entry -> and check whether your data entry of TDS is exist in the TDS module as below.
     
 
How do I Share Form 26Q through Cloud from Software? Published on:19/12/2020
Step 1: Select Assessee from TDS Home Screen then Go to TDS/TCS Data Entry -> Form 26Q Step 2: Click on Taxbase Cloud ->
     
 
What are tax rates for Companies for AY 2020-21? Published on:19/12/2020
Please refer attached File
     
 
How to see Audit Trail Report from Taxbase Published on:12/12/2020
Step 1 : Go to Reports -> Audit Trail Report Step 2: Select option as Userwise Report or Assesseewise Report
     
 
How do I send various reminders to my customers through Email from Taxbase Published on:12/12/2020
Step 1 : Go to Miscellaneous -> User Parameters / Options -> Email Configuration Step 2 : Then go to Static information
     
 
How to download Notices received from Income Tax Department. Published on:12/12/2020
Step 1: In Taxbase go to Management >> Select Notice Management Step 2: Here click on Configure option to configure E-Mail Account >> Then click on Add Account
     
 
How do I import my Residential or Land Capital Data through Excel? Published on:30/11/2020
Step 1: Go to Income Details -> Capital Gain. Step 2: Select Blank Sheet for Data Entry and click on Export.
     
 
How to pick up data of Capital Gain from Movement of Shares Published on:30/11/2020
Step 1: Go to Application -> Movement of Shares you will get below screen. Step 2: click on the opening tab
     
 
How do I send SMS of various reminders to Customers from Taxbase Software Published on:23/11/2020
Step 1 : Go to Miscellaneous -> User Parameters / Options -> SMS Management
     
 
What are the changes in Form 3CD for A. Y. 2020 - 2021 Published on:04/11/2020
Please see the attachment.
     
 
How do I merge Form 16 Part A & Part B from Software? Published on:17/10/2020
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
     
 
How do I digitally sign Form 16 Or Form 16A from Software? Published on:17/10/2020
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:15/10/2020
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 can I find out TDS mismatch in Software and TDS consolidated (.TDS) file? Published on:10/10/2020
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 to enter SFT Details Published on:09/10/2020
Step 1: Go to Income Details Screen at the bottom you will see SFT button click on this
     
 
How can i import XML file into Govt Utility Published on:09/10/2020
Step 1: On Income Details Screen you can enter your details as below. Step 2: Click on Return of Income & select your ITR form Step 3: Create XML file as below.
     
 
How to update TDS Dashboard for return filing details from the software Published on:06/10/2020
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 to Generate TDS Payment Report of Employee in TDSPRO Software? Published on:05/10/2020
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 Generate TDS Payment Register in TDSPRO Software? Published on:05/10/2020
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 Entry Register in TDSPRO Software? Published on:05/10/2020
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 Salary TDS Estimation Report of Employee in TDSPRO Software? Published on:05/10/2020
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 Salary TDS Deduction Report of Employee in TDSPro Software? Published on:05/10/2020
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 Computation Sheet of Employee in TDSPRO Software? Published on:05/10/2020
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 enter form 27EQ Data Entry? Published on:05/10/2020
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 do Data Entry of Form 27Q? Published on:05/10/2020
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 do Data Entry of Form 27Q Published on:05/10/2020
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 do I enter Capital Gains bulk data into software? Published on:30/09/2020
Step 1 : Go to Income Details -> Capital Gain -> Click on export excel given at the bottom Step 2 : Open Excel and fill your data as shown below Step 3 : Save the excel file and come back to Capital Gain option to import the file as shown below & click on import Step 4 : It will give you message as below you have to decide the option
     
 
When I am filing return for A.Y 2020 – 2021 and entering Salary Arrears for last four years then in Previous A.Y. 2019 – 2020 it shows difference in Salary of Rs. 40,000/- Published on:25/09/2020
1. While entering arrears in Salary if you have selected on Accrued basis and entered details as below 2. But while entering you have to select on Receipt Basis as below.
     
 
How to fill details of 44AD in ITR 3 Published on:09/09/2020
Step 1: Go on Business/Profession>>Balance Sheet>>Profit and Loss Account>>Expenditure side>>Sr No. 61/62>>Fill details and save. Step 2: Tick on no account case. Fill Asset and Liabilities details and save. Step 3: Save and Close Balance Sheet details and come to Business screen. Pick up profit.
     
 
I am filing return of A.Y. 2019-20 on 26-10-2019 when the due date is 31-10-2019 (audit case). However, software is calculating interest u/s 234A. Why? Published on:09/09/2020
As per F No. 225/157/2019/ITA.II of CBDT dated 27-09-2019, due date of filing returns of audit cases is extended from 30-09-2019 to 31-10-2019. However, interest u/s 234A is to be calculated as if due date is 30-09-2019. Hence, interest u/s 234A is calculated.
     
 
Can Non-Residents file ITR 3 for Income u/s 44AD/44ADA? Published on:09/09/2020
As section 44AD/44ADA is not applicable to non-residents, non-residents cant file ITR 3 if they fill data in 44AD/44ADA.
     
 
Can Non-Resident file ITR 4? Published on:09/09/2020
No. ITR 4 can only be filed by residents.
     
 
What is turnover limit for audit u/s 44AB for A.Y. 2020-21? Published on:09/09/2020
As per amendment in section 44AB, turnover limit of audit for business u/s 44AB(a) is Rs. 5 Crores if it fulfils following conditions: (i) aggregate of all amounts received including amount received for sales, turnover or gross receipts during the previous year, in cash, does not exceed five per cent of the said amount (ii) aggregate of all payments made including amount incurred for expenditure, in cash, during the previous year does not exceed five per cent of the said payment However, if any of the above conditions are not met, limit of turnover is Rs. 1 Crore only. Note that turnover limit for professions is Rs. 50 Lakhs and above conditions are not applicable to professionals.
     
 
I have ticked on ITR 4 and I want to enter details of Joint owner with 50% ownership. But Ownership details are not editable. Why? Published on:09/09/2020
As per ITR 4 utility, there are no fields to enter other owner’s details and our % of ownership. Hence, if you have such details, please file ITR 3 or 5, as applicable.
     
 
TDS rates as per dropdown 194J(a) and 194J(b) are not correct as per sub-sections of section 194J. Why? Published on:09/09/2020
As per file format provided by tin.nsdl website, section 194J is divided in two sub-parts (a) and (b). These sub-parts only represent serial numbers and not related to sub section f section 194J. As per file format screenshot below, sections are correctly incorporated in TDSPro.
     
 
I am filing ITR of A.Y. 2020-21 before 30-11-2020. But Software calculated interest u/s 234A. Why? OR How to calculate interest u/s 234A for A.Y. 2020-21? Published on:09/09/2020
As per Notification no. 35/2020 of Income Tax, due date has been extended from 31st July 2020 to 30th November 2020. However, if tax on total income after reducing TDS/TCS and advance tax exceeds Rs. 1 Lakh rupees, interest u/s 234A will be calculated as if due date is 31st July 2020. For example, if tax payable is Rs.1,40,000/-, TDS Rs. 20,000/-, Advance Tax is Rs. 10,000/-, then 234A will be calculated as 140000-20000-10000= 110000 exceeds Rs. 1 Lakh. For calculating interest, challans paid on or before 31st July 2020 are deducted from tax. However, whose tax does not exceed Rs. 1 Lakh can pay taxes till 30th November 2020 and no interest u/s 234A will be levied till 30th November 2020.
     
 
ITR 3 Changes for A.Y. 2020 - 2021 Published on:09/09/2020
Please see the attached File
     
 
Where to enter Income related to manufacture of rubber, tea or coffee? (Rule 7,7A, etc) Published on:03/09/2020
From A.Y.2020-21, there is specific data entry for such income. Go to Income Details>>Business/Profession>>Profit and Gains 3>>Enter details>>
     
 
Can we make multiple entries for same rate and block of depreciation? Published on:03/09/2020
: No. You should not enter multiple entries for same rate and block of depreciation. You should enter all details of same block and rate in one entry only to avoid wrong calculation, uploading errors and notices. Taxbase shows error message if you makes such data entry.
     
 
How to select 45% depreciation rate in A.Y. 2020-21? Published on:03/09/2020
Go to Business/Profession>>Details>>Allowable>>Depreciation button>>Click on any user>> Select Block as Machinery and Plant>>Select rate as 45%.
     
 
Where to enter negative interest to partners in return of partner (interest paid by partners on excess drawings) ? Published on:03/09/2020
Negative interest amount can’t be entered in Income from firms as it is not allowed as per utility. Hence, make following data entry:
     
 
Where to show remuneration paid to partners in case of 44AD/44ADA? Published on:03/09/2020
On Income details screen, go to Partners and enter remuneration details therein. Note that this has no effect on calculation of total income and this is only disclosure.
     
 
Why allowable remuneration is freezed in case of 44AD/44ADA? Published on:03/09/2020
As per Section 44AD, no deduction further to 8%/6% shall be allowed u/s 30 to 38 shall be allowed if the assesse is opting for presumptive taxation. Proviso allowing deduction of interest and remuneration is omitted from A.Y. 2017-18. Hence, allowable remuneration is not calculated in that case.
     
 
Error message appears as ‘only one original ITR can be filed u/s 139’ while uploading the return. Published on:27/08/2020
As the original return can be uploaded only once in the IT e-filing website, this message will appear while uploading the Original return for the second time. If you are uploading revised return, please select section 139(5) and ITR as revised in Other form data.
     
 
Assessee received intimation u/s 143(1) from CPC. An error was intimated and it needs to be corrected. Whether Revised return is to be filed or Rectification has to be done? Published on:27/08/2020
Assessee has to file rectification return. Assessee has to first raise rectification request u/s 154 on e-filing portal. Then, he needs to tick appropriate reason for rectification from the tick box table. If required under such option, assesse has to upload rectified xml and also write reason for rectification if “others” is selected in the reasons.
     
 
How to send Advance Tax Reminder? Published on:27/08/2020
Step 1: In Taxbase go to Advance Tax >> Select Advance Tax Reminders Step 2: Then select Print GroupWise / Print AssesseeWise >> Enter Details and enter Message and select Date of Reminders and select Determine Advance Tax Liability based on >> Then select Group / Assessee Step 3: Then at bottom click on Message button and type your message to customer. Step 4: Then click on Mail to send the mail to customer or click on print to print Advance Tax Reminder
     
 
How to send Advance Tax Circular? Published on:27/08/2020
Step 1: In Taxbase go to Advance Tax >> Select Circular Letters Step 2: Then select Print GroupWise / Print Assessee Wise >> Enter Details and enter Message and select Date of Circular >> Then select Group / Assessee and click on Print or Send by Mail. Step 3: Then at bottom click on Message button and type your message in the message box Step 4: Click on Mail button below. The mail will be automatically sent to the clients on their mail IDs in static information
     
 
How to Compute Advance Tax on Estimated Income Published on:27/08/2020
In Advance tax >> click on Compute Advance Tax from Income Estimate >> Click on Edit >> Select instalment number >> Enter all income heads & you will get an Advance tax payable amount from Income estimate >> After that click on Save & close.
     
 
Where to enter the Short term capital loss to be ignored u/s 94(7)/(8) in case of shares/units? Published on:27/08/2020
Step 1: Go to Income Tax >> Click on Income Details >> Go to Capital Gain
     
 
Where to enter foreign assets details? Published on:27/08/2020
Step 1: In Taxbase go to Income Details >> Then click on Other Form Data Step 2: Here click on Foreign Assets option Step 3: Enter details and save
     
 
How to use Update Dashboard? Published on:27/08/2020
Step 1: In Taxbase, go to Online Services
     
 
How to use Return Record Register? Published on:27/08/2020
Step 1: In Taxbase go to Management >> Select Return Record Register Step 2: Here you will get Information about allotment and status of Return Step 3: You can enter pending documents and documents received in the table
     
 
How to use Post Filing Information? Published on:27/08/2020
Step 1: In Taxbase go to Management >> Select Post File Information
     
 
How to file rectification return? Published on:27/08/2020
Step 1: Go to income details>>other form data Step 2: Select “Rectification” in Return options Step 3: After clicking on rectification tab>>new tab will open for notice number & notice date. Step 4: click on hide>>Save the return and upload xml in rectification tab. To file rectification return>>Go to online services and click on rectification.
     
 
How to enter data entry for National Savings Certificate Published on:27/08/2020
In Income Tax >> Income details >> Click on Other Sources >>Click on National Savings Certificate >>
     
 
How to import Capital Gain Data from Excel. Published on:12/08/2020
Export Blank excel from capital gain window, fill your Capital Gain Data then save file, go to software, open Capital Gain option, and click on import from excel.
     
 
How to show TDS deducted in assessee’s hands, but claimed by spouse/ other person u/rule 37BA? Published on:06/08/2020
Go to Tax Deduction at Source on Income details screen. Tick on “Section 5A/other person as per rule Rule 37BA(2) Select “Self” in TDS relating to (1st column). Enter other details as usual. Enter TDS deducted and claimed Enter Income on which TDS is claimed by spouse/other person and TDS claimed by other person. Enter PAN/ Aadhar of spouse/ other person in whose return such TDS is claimed Enter Gross amount and head of Income as normal
     
 
How to enter TDS to be carried forward to next year? Published on:06/08/2020
Go to Tax Deduction at Source on Income details screen. Enter TDS deducted in current financial year. Enter the amount which you want to claim in current year out of TDS deducted in Amount of TDS claimed in current fin. Year column. Remaining amount will be displayed in TDS Credit being carried forward column.
     
 
How to claim brought forward TDS in current year? Published on:06/08/2020
Go to Tax Deduction at Source on Income details screen. Enter Financial year in which unclaimed TDS (B/F) deducted. Enter amount of b/f TDS in next column TDS deducted in current year should be zero in this entry. Enter your claim in TDS claimed in current financial year column. This should not be greater that TDS b/f. Enter Gross amount and select Head of Income.
     
 
How to claim TDS deducted in hands of other person (spouse/minor child/Rule 37BA) in the return of assessee? Published on:06/08/2020
Go to Tax Deduction at Source on Income details screen. Tick on “Section 5A/other person as per rule Rule 37BA(2) Select “Other” in TDS relating to (1st column). Enter PAN/ Aadhar whose TDS is to be claimed in our hand. Enter other details as usual data entry Enter TDS in TDS deducted in hands of spouse/other person and enter income in hands of spouse/other person Enter TDS to be claimed in our hands in Amount of TDS claimed in current fin. Year. Also enter gross amount and head of income.
     
 
What is ‘ISIN code’ in case of LTCG u/s 112A? Why it is picked up automatically for some securities and not for others? Published on:06/08/2020
ISIN is International Securities Identification Number of share/unit. If you select name of scrip from our dropdown list, ISIN is picked up automatically. If you enter scrip name which is not there is the list, you have to enter ISIN manually. To know the ISIN of scrip, visit https://www.nsdl.co.in/list-codes.php
     
 
I have capital gain from sale of shares on which STT is not paid. Out of this capital gain, some amount is taxed @ 20% and some amount is taxed @ 10%. Why? Published on:06/08/2020
As per proviso to Section 112(1), tax on capital gain from sale of listed securities/zero coupon bond/unit of Mutual fund should be minimum of following: a. 20% of capital gain if acquisition cost is indexed b. 10% of capital gain if acquisition cost is not indexed
     
 
Capital Gain summary is showing wrong figures than the data entered in Capital Gain detailed. Published on:06/08/2020
Capital gain Summary shows figures after adjusting current year intra-head losses as well as setting off brought forward losses. Therefore, you need to check whether you have current year or brought forward losses in the head “Capital Gain” and “Losses set off” table.
     
 
Where to show Capital Gain from depreciable asset? Published on:01/08/2020
In Income Tax >> Income Details >> Go to Profit & Gains from Business / Profession >> Business/Profession >> Click on New
     
 
Where to enter Long Term Capital Gain of Agriculture Land which is Exempt Published on:01/08/2020
In Income Tax >> Income Details >> Exempt Income >> Income Claimed Exempt under Sec 10 >> Enter the details here and save.
     
 
Where to enter the details for Short Term Capital Gain entries where STT has been paid and same are Taxable @ 15%? Published on:01/08/2020
In Income Tax >> Income Details >> Click on Capital Gains >> Click on New >> Select Type of Assets as Shares/Units >
     
 
How to enter Capital gain from sale of listed shares Published on:01/08/2020
While entering income or loss from Capital Gain from Shares / Units, select name of scrip from the drop down list. (In case your scrip name is not there in the list, you can enter it manually. In that case, fair market value and ISIN should be entered manually.)
     
 
How to sign the PDF documents digitally form the Software Published on:01/08/2020
In Taxbase go to Miscellaneous >> Select PDF Signer >> Here you can go to settings and do changes for location, image, page setting, position >> Then select Certificate (USB Token) >> Then you can select Files or Folder to be signed on and click on Sign Button.
     
 
How to enter Relief u/s 89 Calculation in TaxbaseLAN PRO? Published on:01/08/2020
In Taxbase go to Income Details >> Salary Head >> Enter Salary Details >> Then click on Arrears/Gratuity/Compensation Received (Receipt Basis) Details button
     
 
How to enter Foreign Asset Income? Published on:01/08/2020
In Taxbase go to Income Details >> Then click on Other Form Data >> Here click on Foreign Assets option >> Then foreign assets window will open enter details in it.
     
 
How to do E-File of Form 3CEB Published on:01/08/2020
In taxbase >> Go to forms>>form 3CEB >> click on efile >> save it on desktop >> file is created on desktop >> then upload it
     
 
How to do Data Entry in Form 3CD Point 18 Published on:01/08/2020
In Taxbase go to income details >> profit/gains from business profession >> business profession >> click on new >> enter depreciation details >> then in forms select form 3CD >> go to point no 13 part B (18 )>> click on copy depreciation from business income.
     
 
How to do Agricultural income data entry Published on:01/08/2020
Go to Income Tax >> Income details >> Click on Agricultural Income
     
 
How to enter exempt income treated separately in Business/Profession? Published on:01/08/2020
In treated separately screen, tick on income claimed exempt:
     
 
How to do data entry of Income under other heads treated separately in Business/Profession? Published on:01/08/2020
In Business/Profession screen, click on details button:
     
 
Assessee is having more than one Self-occupied House property. How to disclose them in IT return? OR How to show a HP as ‘Deemed let out’, when there are more than two Self-occupied House proper Published on:01/08/2020
Till AY 2019-20, if assessee was having more than one self-occupied House property, only one House property could be considered as ‘Self-occupied’ in IT return. But from AY 2020-21, two self-occupied properties can be disclosed in return. A vacant house property can be shown as self- occupied house property from AY 2020-21 onwards.
     
 
Under ‘80G-Donations’ details, whether the PAN of the Donee is compulsory? Published on:01/08/2020
Yes. PAN of the Donee is mandatory for generating return as per CBDT. Note: If donee funds are setup by Government, enter the PAN as “GGGGG0000G”.
     
 
What are the new surcharge rates for A.Y. 2020-21 for Individuals/ HUF? Published on:01/08/2020
Following are the changes in surcharge rates for Individual/HUF:
     
 
What is Schedule DI? How to make data entry of deductions for AY 2020-21? Published on:29/07/2020
Schedule DI is newly inserted for A.Y. 2020-21. This schedule is to be filled only if assessee has invested amounts for claiming deduction under Ch. VI-A, deduction u/s 54 to 54GB.
     
 
How to generate Form 10 E & do E-file Published on:29/07/2020
Go to Income Details >> Salary >> enter details in Arrears / Gratuity / Compensation >> save it >> Go to Forms >> select Form 10 E >> it will auto populated >> click on E-File
     
 
How to do LIC commission Entry in the software Published on:29/07/2020
Go to Income Details >> Business Profession >> LIC Commission >> enter details >> pick up the profit >> enter same in the P & L Credit side >> pick up in the Business
     
 
ITR 1 Changes for A. Y. 2020 - 2021 Published on:29/07/2020
Do your data entry of all the Income Heads, save it, click on Return of Income, Select ITR 1 and print.
     
 
ITR 4 Changes for A. Y. 2020 - 2021 Published on:29/07/2020
Select ITR 4 on Income Details Screen, do your data entry, after all data entry is over save it, then click on ITR 4 and print
     
 
Section 115JC is not applicable to the assessee. Why validation of "Enter correct amount in Book Profit u/s 115JC" is shown while generating ITR Published on:29/07/2020
Even if Section 115JC is not applicable to the assesse since not claiming any deductions u/s 10AA, u/s 35AD or Schedule VI-A under heading C; Schedule AMT (u/s 115JC) is compulsorily to be filled for filing ITR as per CPC. It is filled only to the extent of total income and no other calculation is changed due to this. Hence, this validation is shown while generating ITR.
     
 
How to download & see Notices received from Income Tax Department Published on:29/07/2020
Go to Online Services >> click on e-Proceeding >>Select A.Y. >>it will divert you to Income Tax Website, ID & password will be auto fetch, enter captcha code click on login it will pick up the details and update E-Proceeding
     
 
In the Minor's IT return, where to show the minor child’s income clubbed with that of his parents? Published on:25/07/2020
In the IT return of minor, only that income which is not clubbed in the hands of parents is to be shown.
     
 
How to enter interest on housing loan on rented property? What is maximum amount of interest allowed as deduction? Published on:25/07/2020
There is no limit on deduction of interest on housing loan of rented property. However, net loss of income from house property that can be set off against other heads of income is limited to Rs.2,00,000/-. Excess loss is carried forward upto 8 assessment years. For entering interest on housing loan of rented property, go to House property>>Select property type as “Rented” and enter interest.
     
 
Where to enter loss due to vacancy in House property? Published on:25/07/2020
Gross Annual value is the reasonably expected rent or actual rent received /receivable, whichever is higher. However, if property is vacant for a part of the year, and due to such vacancy, actual rent is less than the reasonable rent, such loss due to vacancy is to be reduced for computing Gross Annual Value. For example, if Gross Annual value of a property is Rs.3,00,000/-, but property was vacant and therefore assesse had loss of rent of Rs.25,000/-. Then, Gross Annual value will be Rs.2,75,000/- (3,00,000-25,000) However, no specific provision has been made in ITR for disclosure of such loss and hence, we should directly enter gross annual value as reduced by loss due to vacancy.
     
 
Is Aadhar number of tenant mandatory for filing return? Published on:25/07/2020
No. Aadhar number is not mandatory field.
     
 
Can ITR 1 be filed if one wants to carry forward House Property loss? Published on:25/07/2020
No. In case the assessee wants to carry forward loss in the head “Income from House property”, he needs to file ITR 2.
     
 
How to enter data for Gratuity? Published on:25/07/2020
In Taxbase go to Income Details >> Salary Head >> Here in Arrears/Gratuity/Compensation Received click on Details >> Here You can enter in Receipt Basis OR Accrued Basis. Then in next window Taxable Gratuity option will be disable. To enter that, need to enter Number of service years with employer (It must be 5 years or more). Then enter amount of gratuity & click on Taxable Gratuity Button. After it will auto breakup the details as per entered amount. Here If you want to enter Rebate & Relief amount, you need to enter it manually.
     
 
Where do I enter details for PreConstruction period interest? Published on:25/07/2020
In Income Tax >> Income Details >> Select Respective type of assets >> Tick on Personal Assets Converted into Stock in Trade >> Enter Details like Date of Sale/ Purchase, Sale Price, Purchase Price, Improvements if Any >> Save the entry >> Indexation will be calculated on the basis of Tick >> Save the entry >> Capital Gain Break Up will be Auto Updated
     
 
Family Pension Income in Other Sources Published on:25/07/2020
If assessee has a Family Pension Income in Other Sources as shown below,Then only this income will be considered automatically in deduction U/S 57
     
 
Where to enter expenses of exempt income inadmissible u/s 14A? Published on:25/07/2020
Enter Business/Profession>> Click on Details>>Select “Disallowed”>>Select option “ Expenses debited to P&L A/c related to exempt income”>> Enter amount.
     
 
Where to enter intra day share trading transactions (speculation), if books are not maintained? Published on:25/07/2020
Step 1>> Enter Business/Profession>>Balance Sheet>>Click on Profit and Loss Account. Step 2>> Enter details in Sr No 65 of Profit and Loss account.
     
 
How to enter standard deduction u/s 16(ia) in Schedule Salary? Published on:25/07/2020
Standard deduction u/s 16(ia) is not be entered. It is taken automatically by Taxbase and shown in Salary window
     
 
Is late fee u/s 234F applicable for revised return? Published on:25/07/2020
No. Late fee u/s 234F is applicable only if original return is filed after due date.
     
 
Can we file revised return using different ITR form? Published on:25/07/2020
Yes. ITR can be revised using different ITR form. For example, assessee having only 44AD income, who has originally filed ITR 3, can revise return using ITR 4.
     
 
Where to enter remuneration of partners if firm is filing ITR 4? Published on:25/07/2020
Partner’s remuneration is not be entered if firm is filing ITR 4 as there is no such provision in ITR from. It should be directly entered in Partner’s returns.
     
 
Can a partnership firm file ITR 4? Published on:25/07/2020
Yes. Partnership Firms can file ITR 4, if their total income does not exceed Rs. 50 Lakhs and they want opt for presumptive taxation. However, if firm has income or loss from capital gains, ITR 4 can’t be filed.
     
 
How surcharge is calculated under marginal relief? Published on:25/07/2020
Marginal relief is applicable when surcharge at applicable rates is more than additional net income earned. For example, In case of Individual for A.Y. 2020-21, if total income at normal rates is Rs.50,50,000/-, Surcharge @ 10% on tax is Rs.1,32,750/-. However, if he would have earned Rs.50 Lakhs, there would have been no surcharge. Additional income in excess of surcharge threshold limit is Rs.50,000/- (50,50,000 – 50,00,000), which net of tax is Rs. 35,000/- (50,000 – 30% of 50,000). Hence, surcharge will be lower of net additional income i.e. Rs.35,000/- or surcharge at applicable rates i.e. Rs.1,32,750/-; therefore final surcharge amount will limit to Rs.35,000/-. (This calculation is shown on computation sheet also.) Extract of computation sheet for calculation of surcharge: