Sunday, July 27, 2014

File your Income Tax Return before it is too late

The due date of filing Income Tax Return for assessees whose accounts are not needed to be audited is 31.07.2014. That means all individuals (other than a very high income professionals) including salaried taxpayers should file his return within the last day of July. 
Some frequently asked questions and simple answers.
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Who has to file return ?
All persons if his gross total income exceeds Rs 2 Lac (2.5 Lac in case of Sr citizens) in the last F.Y. (2013-14) has to file his return of income irrespective of any tax due or not. Gross Total Income means income from all sources and before allowing any deduction under Chapter VIA ( Popular tax saving instruments like LIC/ PPF u/s 80C or mediclaim premium u/s 80D).
Which Return Form ? (ITR 1 or ITR 2) ? 
You can file your return in ITR 1 if your exemption does not exceed Rs 5000. Otherwise you have to file in ITR 2.
How to file ? Manually of e-filing ?
If your total income (Total Income means Net Taxable Income. You can derive at Total Income after deducting Chapter VIA deductions from Gross Total Income) exceeds Rs 5 Lac, you have to efile your return. Yes it is mandatory in that case. Income below Rs  5 lac can file manual return or still can e file (optional).
Somebody told me that I can file return within 31st march next year, Is it true ?
Yes it can be filed within 31.03.2014 without any penalty but there will be interest charged for any tax due @2% per month. If you have no outstanding tax liability, It is OK. but remember if you make any error or emission in your late filed return, It can not be revised. Belated return can not be revised.
What is Self Assesment Tax ? 
Before filing your return of income you have to clear all outstanding tax liability for the year. This is called S.A. Tax. Unless you clear your dues and file return with "Tax Payable", it will be treated as a defective return.
My salary income is less than 5 Lac Rupees, whether I have to file return ?
Of course. The exemption from filing return if salary income below 5 Lac and savings bank interest upto Rs 10 thousand no longer exists. All persons if his gross total income exceeds Rs 2 Lac in the last F.Y. (2013-14) has to file his return of income irrespective of any tax due or not.

File your return electronically without any hassle or queue even if you are permitted to file it manually. Efiling with ITR 1 has been made more simple with "Quick File" option. E filing will ensure quick processing, faster refund without any human interference. After all who wants to visit the taxmen ?
Click here to efile your return

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