Dear All,
Obligations of filing tax returns
It is a legal obligation for every individual to file a return of income, whose taxable income during the year has exceeded the exemption limit of Rs 100,000 (Rs 1,80,000 for Female, in case of senior citizens Rs 2, 25,000 and for others Rs.1,50,000/-)
Apart from the fact that it is legally binding on you and you might need it for your visa, returns come 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 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 31 March, 2010, she will 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 per cent per month.
Documents to preserve
Since the tax-payer is not required to submit any additional documents along with the return of income, the documents may be called at the later stage by the Income Tax Officer to check the correctness of the claim made. Hence, it is advised that the individual preserve all the documents required to substantiate the return of income filed. Some of the documents are enumerated below:
eFiling.ppt: information about how to return online file and 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 purpose.
TRPS LIST: TRPs are appointed by Income tax department for prepare and furnish the return of income to the Assessing Officer and hand over the acknowledgement of having furnished the return to the concerned eligible person. They charge for per return approximately amount Rs.250/-
Regards,
Surendra
From India, Mumbai
2Obligations of filing tax returns
It is a legal obligation for every individual to file a return of income, whose taxable income during the year has exceeded the exemption limit of Rs 100,000 (Rs 1,80,000 for Female, in case of senior citizens Rs 2, 25,000 and for others Rs.1,50,000/-)
Apart from the fact that it is legally binding on you and you might need it for your visa, returns come 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 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 31 March, 2010, she will 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 per cent per month.
Documents to preserve
Since the tax-payer is not required to submit any additional documents along with the return of income, the documents may be called at the later stage by the Income Tax Officer to check the correctness of the claim made. Hence, it is advised that the individual preserve all the documents required to substantiate the return of income filed. Some of the documents are enumerated below:
- <LI class=MsoNormal style="COLOR: #252525; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l3 level1 lfo3">Detailed calculation of taxable income and amount of tax payable / refundable. <LI class=MsoNormal style="COLOR: #252525; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l3 level1 lfo3">Form No. 16 / 16A (original). <LI class=MsoNormal style="COLOR: #252525; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l3 level1 lfo3">Counterfoil of all the tax payments made during the year. <LI class=MsoNormal style="COLOR: #252525; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l3 level1 lfo3">Copy of documents concerning sale of investments and properties. <LI class=MsoNormal style="COLOR: #252525; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l3 level1 lfo3">Copy of bank statements.
- Copy of proof for all the deductions and exemptions claimed in the return of income.
- <LI class=MsoNormal style="COLOR: #252525; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l2 level1 lfo6">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 at all 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 employer is not their income tax return. <LI class=MsoNormal style="COLOR: #252525; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l2 level1 lfo6">Employees 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.
eFiling.ppt: information about how to return online file and 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 purpose.
TRPS LIST: TRPs are appointed by Income tax department for prepare and furnish the return of income to the Assessing Officer and hand over the acknowledgement of having furnished the return to the concerned eligible person. They charge for per return approximately amount Rs.250/-
Regards,
Surendra
From India, Mumbai
Dear All,
Obligations of filing tax returns
It is a legal obligation for every individual to file a return of income, whose taxable income during the year has exceeded the exemption limit of Rs 100,000 (Rs 1,80,000 for Female, in case of senior citizens Rs 2, 25,000 and for others Rs.1,50,000/-)
Apart from the fact that it is legally binding on you and you might need it for your visa, returns come 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 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 31 March, 2010, she will 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 per cent per month.
Documents to preserve
Since the tax-payer is not required to submit any additional documents along with the return of income, the documents may be called at the later stage by the Income Tax Officer to check the correctness of the claim made. Hence, it is advised that the individual preserve all the documents required to substantiate the return of income filed. Some of the documents are enumerated below:
eFiling.ppt: information about how to return online file and 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 purpose.
TRPS LIST: TRPs are appointed by Income tax department for prepare and furnish the return of income to the Assessing Officer and hand over the acknowledgement of having furnished the return to the concerned eligible person. They charge for per return approximately amount Rs.250/-
Regards,
Surendra
From India, Mumbai
Obligations of filing tax returns
It is a legal obligation for every individual to file a return of income, whose taxable income during the year has exceeded the exemption limit of Rs 100,000 (Rs 1,80,000 for Female, in case of senior citizens Rs 2, 25,000 and for others Rs.1,50,000/-)
Apart from the fact that it is legally binding on you and you might need it for your visa, returns come 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 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 31 March, 2010, she will 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 per cent per month.
Documents to preserve
Since the tax-payer is not required to submit any additional documents along with the return of income, the documents may be called at the later stage by the Income Tax Officer to check the correctness of the claim made. Hence, it is advised that the individual preserve all the documents required to substantiate the return of income filed. Some of the documents are enumerated below:
- <LI class=MsoNormal style="COLOR: #252525; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l3 level1 lfo3">Detailed calculation of taxable income and amount of tax payable / refundable. <LI class=MsoNormal style="COLOR: #252525; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l3 level1 lfo3">Form No. 16 / 16A (original). <LI class=MsoNormal style="COLOR: #252525; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l3 level1 lfo3">Counterfoil of all the tax payments made during the year. <LI class=MsoNormal style="COLOR: #252525; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l3 level1 lfo3">Copy of documents concerning sale of investments and properties. <LI class=MsoNormal style="COLOR: #252525; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l3 level1 lfo3">Copy of bank statements.
- Copy of proof for all the deductions and exemptions claimed in the return of income.
- <LI class=MsoNormal style="COLOR: #252525; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l2 level1 lfo6">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 at all 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 employer is not their income tax return. <LI class=MsoNormal style="COLOR: #252525; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l2 level1 lfo6">Employees 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.
eFiling.ppt: information about how to return online file and 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 purpose.
TRPS LIST: TRPs are appointed by Income tax department for prepare and furnish the return of income to the Assessing Officer and hand over the acknowledgement of having furnished the return to the concerned eligible person. They charge for per return approximately amount Rs.250/-
Regards,
Surendra
From India, Mumbai
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