Filing Income Tax [IT] returns by KishorKumar Balpalli, Tax Planning, Finance Article

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Filing Income Tax [IT] returns

	By : KishorKumar Balpalli , Bangalore, India 18.7.2012 Phone:(0) 9844090646 Fax:- Mail Now

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	July is the month for filing Income Tax [IT] returns. Filing IT returns is only compulsory for individuals earning more than Rs.5 lakh in the last financial year. For individuals earning more than Rs. 10 lakh, e-filing of returns is mandatory. Below is a set of do’s and don’ts while you file your IT returns. Do's& Don’ts 1) If your income is less than Rs. 5 lakh, filing IT return is not mandatory, provided you have only salary income and interest income not exceeding Rs. 10,000. If refund of tax is applicable one still need to file returns. So it is always better to file IT returns. 2) If your income is more than Rs. 5 lakh, filing IT return is mandatory. In case your income is more than Rs. 10 lakh e-filing return is compulsory. Also any resident Indian with assets overseas is mandatorily required to E-file returns. E-filing return is the most convenient option and you may do it at your convenience. 3) On Income Tax website (www.incometaxindiaefiling.gov.in), register yourself with PAN card details and then log in. 4) First check whether the tax, deducted /collected & paid on your behalf by your CA or employer is reflecting in the 26AS statement available on your account. 5) Now a form needs to be downloaded and filled. The following are different forms available. a. ITR-1(Sahaj) – For individuals having no income other than salary, pension and interest. b. ITR-2 – For individuals, having other income such as house, property or capital gains but no income from business/profession. c. ITR-3 – For individuals who are a partner with any partnership firms. d. ITR-4 – For individuals with income from business/profession. 6) Download the relevant ITR form. After filling it, you can upload the same to the website. You can use digital signature if you have and complete the e-filing of IT return. 7) If you do not have a digital signature, take the print out of acknowledgement form (ITR-V). Sign and send (speed post or ordinary post only) this to the central processing centre in Bangalore, so that they get this within 120 days. Your return will be legally considered as filed only after they receive ITR-V. 8) During the entire process ensure that you enter a valid email id which you access regularly, as all communication by the IT department is now through email. File your taxes much before the last date which is 31-July-2012. Filing returns after the due date will attract interest on the tax payable and there could be a penalty as well. Go and file your IT returns today itself!

TAGS: Filing Income Tax, IT returns, tax filing,

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