News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
« New Forms »
 Before you file your tax return, note the key changes in Form 16
 5 Things to know about Form 16
 Form 16 will now have more details of your income and deductions
 Amendment of Form No. 16 and Form No. 24Q
 What are Form 15G, Form 15H?
  Post Qualification Course in International Taxation - Assessment Test (INTT-AT) - May, 2019 Application Form
 Form 60 can help you Don’t have PAN and need to do these important transactions?
 Income Tax: No provisions in I-T Act for revision in Form 15H, 15G
 Penalty on late filing of ITR and other tax changes effective from Apr 1
 How to view, download your Form 26AS and why it is important
 E-Way Bill Mandatory From 01.02.2018
 Form GSTR-3B of GST - Boon or Curse
  Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 117 of the Central Goods and Services Tax Rules, 2017
 Form 64E is enabled in e-Filing to furnish the statement of income distributed by a securitisation trust

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?

–Dolly Moga

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.

—S Dash

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.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Outsourcing Test Solutions Software Testing Software Bug Testing Software Issues Tracking Software Issue Fix Software Code Optimization Database Design Optimization

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions