Dear All,
Obligations of Filing Tax Returns
It is a legal obligation for every individual to file a return of income if their taxable income during the year has exceeded the exemption limit of Rs 100,000 (Rs 1,80,000 for Females, Rs 2,25,000 for senior citizens, and Rs 1,50,000 for others).
Apart from the legal requirement, filing returns can be beneficial for obtaining visas and when applying for loans since banks often request income tax returns. So, it is usually to your advantage to file returns.
The last date for filing the return of income for the year ended on March 31, 2009, is July 31, 2009.
Filing Late
Consequences of filing returns late:
1. If Sanjana fails to file before March 31, 2010, she will be liable for a penalty of Rs 5,000.
2. If Sanjana owes taxes, she will incur interest at 1 percent per month.
Documents to Preserve
As taxpayers are not required to submit additional documents with the return of income, it is advisable to retain all documents needed to support the filed return. Some essential documents include:
- Detailed calculation of taxable income and tax payable/refundable.
- Form No. 16/16A (original).
- Counterfoil of all tax payments made.
- Copies of documents related to the sale of investments and properties.
- Bank statements.
- Proof for all deductions and exemptions claimed.
Common Mistakes People Make While Filing Tax Returns
The most common mistakes include:
- Assuming that because tax is already deducted from their salary, there is no need to file income tax returns. Filing is compulsory even if tax has been deducted.
- Not declaring interest earned on savings accounts, which is taxable.
- Omitting income received by a minor child, which should be included in the parents' tax returns.
Please refer to the attached information for additional knowledge:
- eFiling.ppt: Information on how to file tax returns online.
- Form ITR-1: For individuals with income from salary/pension/family pension and interest (available in English and Hindi).
- Instructions ITR-1: Guidance on filling out the form.
- Acknowledgement receipt: For acknowledgment purposes.
- TRPS LIST: Information on Tax Return Preparers appointed by the Income Tax Department.
Regards,
Surendra
From India, Mumbai
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2Obligations of Filing Tax Returns
It is a legal obligation for every individual to file a return of income if their taxable income during the year has exceeded the exemption limit of Rs 100,000 (Rs 1,80,000 for Females, Rs 2,25,000 for senior citizens, and Rs 1,50,000 for others).
Apart from the legal requirement, filing returns can be beneficial for obtaining visas and when applying for loans since banks often request income tax returns. So, it is usually to your advantage to file returns.
The last date for filing the return of income for the year ended on March 31, 2009, is July 31, 2009.
Filing Late
Consequences of filing returns late:
1. If Sanjana fails to file before March 31, 2010, she will be liable for a penalty of Rs 5,000.
2. If Sanjana owes taxes, she will incur interest at 1 percent per month.
Documents to Preserve
As taxpayers are not required to submit additional documents with the return of income, it is advisable to retain all documents needed to support the filed return. Some essential documents include:
- Detailed calculation of taxable income and tax payable/refundable.
- Form No. 16/16A (original).
- Counterfoil of all tax payments made.
- Copies of documents related to the sale of investments and properties.
- Bank statements.
- Proof for all deductions and exemptions claimed.
Common Mistakes People Make While Filing Tax Returns
The most common mistakes include:
- Assuming that because tax is already deducted from their salary, there is no need to file income tax returns. Filing is compulsory even if tax has been deducted.
- Not declaring interest earned on savings accounts, which is taxable.
- Omitting income received by a minor child, which should be included in the parents' tax returns.
Please refer to the attached information for additional knowledge:
- eFiling.ppt: Information on how to file tax returns online.
- Form ITR-1: For individuals with income from salary/pension/family pension and interest (available in English and Hindi).
- Instructions ITR-1: Guidance on filling out the form.
- Acknowledgement receipt: For acknowledgment purposes.
- TRPS LIST: Information on Tax Return Preparers appointed by the Income Tax Department.
Regards,
Surendra
From India, Mumbai
Acknowledge(0)Amend(0)
Dear All,
Obligations of Filing Tax Returns
It is a legal obligation for every individual to file a return of income if their taxable income during the year has exceeded the exemption limit of Rs 100,000 (Rs 1,80,000 for Females, Rs 2,25,000 for senior citizens, and Rs. 1,50,000 for others).
Apart from the fact that it is legally binding and may be needed for your visa, returns come in handy when you want to take a loan. Banks usually require you to submit income tax returns. So, it is usually for your benefit that you file returns.
The last date for filing the return of income for the year ended March 31, 2009, is July 31, 2009.
Filing Late
These are the consequences of filing your returns late:
1. In case Sanjana doesn't file before March 31, 2010, she will be liable for a penalty of Rs 5,000.
2. In case Sanjana owes taxes to the exchequer, she will have to pay interest at 1 percent per month.
Documents to Preserve
Since the taxpayer is not required to submit any additional documents along with the return of income, the documents may be called for at a later stage by the Income Tax Officer to check the correctness of the claim made. Hence, it is advised that the individual preserves all the documents required to substantiate the return of income filed. Some of the documents are enumerated below:
- Detailed calculation of taxable income and the amount of tax payable/refundable.
- Form No. 16/16A (original).
- Counterfoil of all the tax payments made during the year.
- Copy of documents concerning the sale of investments and properties.
- Copy of bank statements.
- Copy of proof for all the deductions and exemptions claimed in the return of income.
Common Mistakes People Make While Filing Tax Returns
The most common notion among salaried employees is that since tax has already been deducted from their salary, there is no need to file their income tax returns. This is not true or legal. Even though tax has been deducted and there is no further liability to pay tax, an employee has to compulsorily file his/her income tax return. Form No. 16 received from the employer is not their income tax return.
Employees often do not include the interest that they receive on their savings bank account. The entire interest earned on your savings bank account is taxable.
Omission of income received by a minor child. A minor child is not required to file a separate return of income. However, this income has to be included in the hands of either of the parents, although it might be a small amount of bank interest.
Refer attached information for additional knowledge.
eFiling.ppt: Information about how to file returns online and the procedure.
Form ITR-1: For individuals having Income from Salary/Pension/family pension and Interest (Form available in English as well as in Hindi Languages)
Instructions ITR -1: Information about ITR for how to fill up the information.
Acknowledgement Receipt: For acknowledgment purposes.
TRPS LIST: TRPs are appointed by the Income Tax Department to prepare and furnish the return of income to the Assessing Officer and hand over the acknowledgment of having furnished the return to the concerned eligible person. They charge approximately Rs. 250 per return.
Regards,
Surendra
From India, Mumbai
Acknowledge(0)Amend(0)
Obligations of Filing Tax Returns
It is a legal obligation for every individual to file a return of income if their taxable income during the year has exceeded the exemption limit of Rs 100,000 (Rs 1,80,000 for Females, Rs 2,25,000 for senior citizens, and Rs. 1,50,000 for others).
Apart from the fact that it is legally binding and may be needed for your visa, returns come in handy when you want to take a loan. Banks usually require you to submit income tax returns. So, it is usually for your benefit that you file returns.
The last date for filing the return of income for the year ended March 31, 2009, is July 31, 2009.
Filing Late
These are the consequences of filing your returns late:
1. In case Sanjana doesn't file before March 31, 2010, she will be liable for a penalty of Rs 5,000.
2. In case Sanjana owes taxes to the exchequer, she will have to pay interest at 1 percent per month.
Documents to Preserve
Since the taxpayer is not required to submit any additional documents along with the return of income, the documents may be called for at a later stage by the Income Tax Officer to check the correctness of the claim made. Hence, it is advised that the individual preserves all the documents required to substantiate the return of income filed. Some of the documents are enumerated below:
- Detailed calculation of taxable income and the amount of tax payable/refundable.
- Form No. 16/16A (original).
- Counterfoil of all the tax payments made during the year.
- Copy of documents concerning the sale of investments and properties.
- Copy of bank statements.
- Copy of proof for all the deductions and exemptions claimed in the return of income.
Common Mistakes People Make While Filing Tax Returns
The most common notion among salaried employees is that since tax has already been deducted from their salary, there is no need to file their income tax returns. This is not true or legal. Even though tax has been deducted and there is no further liability to pay tax, an employee has to compulsorily file his/her income tax return. Form No. 16 received from the employer is not their income tax return.
Employees often do not include the interest that they receive on their savings bank account. The entire interest earned on your savings bank account is taxable.
Omission of income received by a minor child. A minor child is not required to file a separate return of income. However, this income has to be included in the hands of either of the parents, although it might be a small amount of bank interest.
Refer attached information for additional knowledge.
eFiling.ppt: Information about how to file returns online and the procedure.
Form ITR-1: For individuals having Income from Salary/Pension/family pension and Interest (Form available in English as well as in Hindi Languages)
Instructions ITR -1: Information about ITR for how to fill up the information.
Acknowledgement Receipt: For acknowledgment purposes.
TRPS LIST: TRPs are appointed by the Income Tax Department to prepare and furnish the return of income to the Assessing Officer and hand over the acknowledgment of having furnished the return to the concerned eligible person. They charge approximately Rs. 250 per return.
Regards,
Surendra
From India, Mumbai
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