Income Tax: No provisions in I-T Act for revision in Form 15H, 15G
August, 22nd 2018
The different types of ITR forms released are based on various sources of income earned.
I submitted Form 15H in the bank in April 2018 by mistake. The bank is saying it is unable to reverse/delete Form 15H from my account. How can I rectify the mistake?
No provisions have been specified in the I-T Act for revision or cancellation of Form 15H. As a way forward, you can pay the advance tax on the estimated income within the due dates to avoid any adverse implications.
* I do intra-day and delivery-based share trading. The I-T department has asked me to furnish information in the prescribed manner under Rule 14 of IT Rule 162 and explain why the share transactions be not treated as business transactions. What should I do?
From the facts mentioned above, it appears that income from share trading is not reported in the income-tax return filed by you. Therefore, at the outset, you must furnish a revised income tax computation before income tax authorities, disclosing such income/ loss. You may choose to classify such income as ‘business income/ loss’ or ‘capital gain/ loss’ depending on frequency and amount of such transactions along with the other income reported in the ITR. For classification of such income, guidance may be taken through a circular issued by the Central Board of Direct Taxes (Circular no. 6/2016 dated February 29, 2016) and principles laid down by various courts in similar cases. It may be advisable to seek professional help of tax advisor for correct classification of such income and filing appropriate reply to the tax authorities.
* I am an advocate. Please advise which ITR form should I use.
The different types of ITR forms released are based on various sources of income earned (salary, capital gains, business & profession, house property, other sources). If you are practising as an advocate, and your total gross receipts does not exceed `50 lakh, you may file ITR on presumptive basis applying Section 44ADA in Form ITR-4. In case presumptive income scheme is not opted/ applicable, ITR 3 can be used to report net taxable income from profession and corresponding income tax liability. However, if you are working as an employee in a law firm or any other firm, then, you may have to select either ITR 1 or ITR 2 to report your salary income, depending on the nature of other income (apart from salary) earned by you.