Skip to main content

Filing IT returns

Here are some channels available to help you file your returns conveniently

The financial year 2008-09 has come to an end and it is the time to start filing the income tax returns relevant to the assessment year 2009-10. The income may be from any one or more sources including salary, income from property, business and profession, capital gains, and income from any other source. In case the income from are required to file the tax returns.

Tax is payable on the amount of income that exceeds the basic exemption limit. The requirements for filing of annual income tax returns are contained under Section 139 of the Income Tax Act. According to these provisions, every person having income in excess of the amount not chargeable to tax is required to file the returns.

The returns need to be filed by July 31. Now it is compulsory to obtain and quote your Permanent all these sources during the financial year exceeds the basic exemption limit, you Account Number (PAN) in the returns. PAN is available from the IT department and its authorised agencies. So, before filing the returns an assessee must obtain his PAN.

The returns should be signed by the individual himself or in case he cannot do so for any reasons, by a person duly authorised by him, with a valid power of attorney. The income in respect of which the returns is to be filed may be either his own total income or the total income of any other person in respect of which he is assessable under the Act.

In case an individual has incurred a loss, it is mandatory for him to furnish the returns of income in case he wishes to carry forward the loss. The returns should be filed in the prescribed form.

The returns can be submitted to the Income Tax Department:


In paper form
Electronically under digital signature

Electronically and thereafter submitting the verification of the returns in Form ITR-V. Here, the assessee needs to print out two copies of Form ITR-V. Both copies should be verified by the assessee and submitted to the Income Tax Department. The receiving official will return one copy after affixing a stamp and seal

Through a bar-coded paper form The returns has to be filed before the due date in the prescribed form and duly verified in the prescribed manner. Under the Act the assessing officers do not have any power to extend the date for filing of the returns. Failure to file the returns of income on or before the due date entails a penalty.

  • July 31 is the last date to file the IT returns for individuals.
  • Compute taxes properly and pay off any outstanding dues before the date of filing of the returns
  • The Permanent Account Number (PAN) is required to file IT returns
  • Major expenses eligible for deduction under Section 80C – life insurance, contribution to Provident Fund or any approved superannuation fund, tuition fees of children and home loan repayments
  • The aggregate amount of Section 80C deduction cannot exceed Rs 1 lakh
  • The aggregate amount of Section 80C deduction cannot exceed Rs 1 lakh
  • Section 80 E/G covers interest on higher education loan, donations to certain funds and charitable institutions etc
  • IT returns can be filed online on http://incometaxindiaefiling.gov.in
  • Unique Transaction Number (UTN) and Challan Identification Number (CIN) have been introduced to enable the matching of information relating to prepaid taxes furnished by taxpayers

Also you can refer to our archives for more derails:


Step by step Guide for IT Returns filling:
http://prajnacapital.blogspot.com/2008/07/filing-tax-return-step-by-step-guide.html

Tax Filling details for NRIs:
http://prajnacapital.blogspot.com/2008/07/nri-corner-part-i-filing-income-tax.html

E-filling of Tax Returns:
http://prajnacapital.blogspot.com/2008/07/e-filing-it-returns-india.htmlhttp://prajnacapital.blogspot.com/2008/07/time-to-file-tax-returns.html

Income Tax and Donations
http://prajnacapital.blogspot.com/2008/09/income-tax-deduction-on-donations.htm

Income Tax and Housing loan
http://prajnacapital.blogspot.com/2008/12/income-tax-benefits-of-housing-loan-emi.html

Income Tax Refunds
http://prajnacapital.blogspot.com/2009/02/income-tax-refunds-faster-now.html

Income Tax planning for next year
http://prajnacapital.blogspot.com/2008/12/tax-planning-plan-tax-savings-well-in.html

Income tax and Mutual Funds (ELSS)
http://prajnacapital.blogspot.com/2009/01/elss-to-save-on-tax.html

Income tax and HRA
http://prajnacapital.blogspot.com/2008/12/hra-and-income-tax-deduction-relation.html

Income tax and Property
http://prajnacapital.blogspot.com/2008/12/loss-from-property-can-reduce-taxable.html

Popular posts from this blog

Post Office Deposits Interest Rates

Best SIP Funds to Invest Online   SIPs are Best Investments when Stock Market is high volatile. Invest in Best Mutual Fund SIPs and get good returns over a period of time. Know Top SIP Funds to Invest Save Tax Get Rich For further information on Top SIP Mutual Funds contact  Save Tax Get Rich on 94 8300 8300 OR You can write to us at Invest [at] SaveTaxGetRich [dot] Com

LIC Leave Encashment Plan

LIC Leave Encashment Plan       Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015 1. ICICI Prudential Tax Plan 2. Reliance Tax Saver (ELSS) Fund 3. HDFC TaxSaver 4. DSP BlackRock Tax Saver Fund 5. Religare Tax Plan 6. Franklin India TaxShield 7. Canara Robeco Equity Tax Saver 8. IDFC Tax Advantage (ELSS) Fund 9. Axis Tax Saver Fund 10. BNP Paribas Long Term Equity Fund You can invest Rs 1,50,000 and Save Tax under Section 80C by investing in Mutual Funds Invest in Tax Saver Mutual Funds Online - Invest Online Download Application Forms For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call --------------------------------------------- Leave your comment with mail ID and we will answer them OR You can write to us at PrajnaCapital [at] Gmail [dot] Com OR Leave a missed Call on 94 8300 8300 --------------------------------------------- Invest Mutual Funds Online Invest Any Mutual Fund Online Download Mutual Fund Application Forms fro

Tax Slabs 2012

Slab 1 Upto Rs 1.6 Lacs Tax Rate NIL for Men; Upto Rs 1.9 Lacs Tax Rate NIL for Women; Upto Rs 2.4 Lacs Tax Rate NIL for Senior Citizen; Slab 2 Rs 1.6 Lacs to Rs 5 Lacs Tax Rate 10% Slab 3 Rs 5 Lacs to Rs 8 Lacs Tax Rate 20% Slab 4 Rs 8 Lacs onwards Tax Rate 30%   --------------------------------------------- Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.   Invest Tax Saving Mutual Funds Online Tax Saving Mutual Funds Online These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)   Download Tax Saving Mutual Fund Application Forms from all AMCs Download Tax Saving Mutual Fund Applications   These Application Forms can be used for buying regular mutual funds also   Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds ) HDFC TaxSaver ICICI Prudential Tax Plan DSP BlackRock Tax Saver Fund Birla Sun Life Tax Relief '96 R

How Tax Deducted at Source (TDS) works?

    THE tax season is here. And if you are an employee you can't blame your employer for deducting large chunks of money from your salary towards tax deducted at source ( TDS ), which he is legally obliged to do. Your bank will also deduct some percentage from your FD interest of Rs 10,000 or more towards TDS! So what is this TDS all about? How is it computed? Are there any changes this year? Read on... What is TDS? TDS reduces your taxable income and could even provide tax relief! The TDS collections account for 40 percent of the total taxes collected in the country. As the name suggests TDS is the amount of tax that is deducted at source in certain types of income . The TDS thus collected is deposited in the Government treasury within a specified time. How is it computed? Some of the types of income where TDS is applicable include salary, interest, rental fee, interest on securities, insurance commission, dividends from shares and UTI/Mutual Funds, commission and brokerage

Modern day balanced mutual fund approach

Buy Gold Mutual Funds Invest Mutual Funds Online Download Tax Saving Mutual Fund Application Forms Call 0 94 8300 8300 (India)   In reality, most balanced funds have a strong tilt towards equity instead of a mix of equity and debt THERE are various types of mutual funds available to investors with specific features. Often investors have a particular idea about a specific type of funds in terms of their features and risks, but that is not what is actually available. Therefore, it is necessary for an investor to understand the actual position before picking up a fund. This requires some work on the part of the investor. One example can be the situation with balanced funds. Name is not representative: One of the first things that an investor has to understand is that the name of the fund is often not representative of its investment pattern. The name often represents only the aim of the fund, and not what it actually is.
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now