Please clarify filing of I-T return by individuals getting salary and income from other source like bank interest etc, for financial year 2010-11.

– Ritesh Kumar

The Central Board of Direct Taxes (CBDT) has notified new income tax return forms for assessment year 2011-12 known as ITR-I Sahaj. ITR-I Sahaj is the newly designed ITR-1 that replaces the Saral income tax return and is to be used by an individual whose total income for financial year 2010-11 includes income from salary/pension or income from one house property (excluding cases where loss is brought forward from previous years) or income from other sources (excluding lottery wins and income from race horses).

I have purchased a flat in Navi Mumbai and registration was also completed in financial year 2010-11. The total cost of flat including stamp duty and registration fees was R65 lakh. Do I have to disclose such financial transaction in the return of income?

– Pramod Shetty

The CBDT has notified new income tax return forms for assessment year 2011-12 relevant to financial year 2010-11. The CBDT has made significant changes by deleting the annual information return schedule, which captures the details of high-value transaction. Accordingly, in your case, while filing the return of income for assessment year 2011-12, there is no requirement to disclose such financial transactions.

Do I have to send the ITR-V to the Bangalore office as I have filed the return of income for the last assessment year 2010-11 electronically? Is there is any time limit?

– Rajesh Abraham

All taxpayers filing return of income electronically without digital signature are required to send the verified ITR-V to the Bangalore office compulsorily. Failing this, the return of income filed electronically will be deemed to be void and null and will be considered as no return of income filed for that respective year. Further, receipt of ITR-V by the Bangalore office will benefit all taxpayers in faster processing of return of income and issue of refund, if any. The time limit to send the ITR-V to the Bangalore office is 120 days.

I am engaged in business as a sub-contractor. I was told that I will be covered by presumptive taxation scheme. Please brief me about the provisions and form required.

– Harinder Singh

As per Section 44AD of the Income Tax Act, 1961, in the case of an assessee engaged in the business of civil construction or supply of labour for civil construction, a sum equal to 8% of the gross receipt in the previous year on account of such business shall be deemed to be profits of business chargeable to tax under the head income from business or profession unless gross receipts exceed an amount of R60 lakh. Further, the CBDT has notified new income tax return for assessment year 2011-12 relevant to financial year 2010-11 known as Sugam or ITR-4S.

* The writer is founder of RSM Astute Consulting Group

* Send your queries at fepersonalfinance@expressindia.com