Tuesday, September 27, 2016

Procedure & Form for making Declaration under IDS 2016

For making a declaration under IDS 2016, a declarant has to fill the following Forms:

         FORM 1:  For making a declaration under IDS, 2016.
         FORM 2: Acknowledgement of valid declaration   issued by Jurisdictional Commissioner to the declarant.
         FORM  3 :  For furnishing proof  of  payment of  tax,  surcharge ,  penalty, TDS credit   availed to  the  Jurisdictional  Commissioner after receiving  Form   2
         FORM  4:  Certificate  to be   issued by  Jurisdictional Commissioner  after submission of  Form  3
For  Uploading  a  declaration of income in Form 1,  a   declarant  should have a   valid  PAN &  should be  registered  on E-filing portal.
        A valid XML file should be generated using the JAVA Utility available under downloads. The JAVA utility of Form 1 can be downloaded from the path Downloads Forms (Other than ITR) Form 1.
Form 1 (Income Declaration Scheme, 2016) can be uploaded using either DSC or EVC.
 If the user opts to use the DSC facility, a valid DSC should be registered in e-Filing portal for uploading Form 1 and Form 3
1. For preparing & submitting online Form 1, user shall login to E-Filing portal<< IDS << Prepare & Submit Online Form 1 <<.
2.   Then user shall be directed to a page where user can select the option to whom to submit form 1. (Principal CIT or CIT Bengalore)  

Declaration to CIT can be made by using either DSC /EVC but declaration to CIT Bengalore can be made by using DSC only.
3. After above selection user can continue to open FORM 1. User shall fill all mandatory fields    & click on submit.
OPTION 1: Submission of FORM 1 using EVC  ( where DSC is not used)
EVC Verification has three   options:
(a)   I already have an EVC to verify FORM 1:    Click on   the option, enter the Electronic Verification Code (EVC) and click on “Submit”
(b) I do not have EVC and I would like to generate EVC to e-verify my Form:  Click  on the  option & options  to  generate EVC through  Net  Banking, Bank Account  No., DEMAT Account no. appears  & EVC can be generated by using any  of  them.
(c) I would like to generate Aadhaar OTP to e-Verify the Form: Click on the option & generate OTP for E-verification.
OPTION 2:  Submission of FORM 1 using DSC:
  (a)  If a declarant   has a  DSC registered with E-filing portal,  then on submission ,  a  screen appears  that displays the  link  to  download  DSC utility of  Income  Tax Deptt .
   (b)  The declarant shall generate  the DSC file,   Upload the signature file generated using DSC Management Utility for the uploaded XML file..
   (c)  On Successful submission a success message will be displayed on the screen..

 Login to e Filing, Go to IDS   << View Forms << Receipt   No. 
The uploaded file can also be downloaded from the same location.

Contributed by : Tanveer Alam CA Finalist