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

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