Some deductions you are eligible for to help you arrive at the right taxable income while filing returns. This time you don’t need to attach any documents to the form. The last date for individuals to file returns is July 31
The time to file the income tax returns is here. July 31 is the last date to file the IT returns for individuals. The returns has to be filed for the previous year - April 2008 to March 2009. So, the transactions should have taken place during that period only. Any subsequent transactions will be taken into account during the next year - 2009-10.
An assessee also needs to compute taxes properly and pay off any outstanding dues. This can be done before the date of filing of the returns.
It is of utmost importance that one uses the correct form, as is applicable to him. In a radical change from the past, no document (including TDS certificate) should be attached to this form. The officials receiving the returns have been instructed to detach all documents enclosed with the form and return them to the assessee.
In order to avoid interest and penalty, you also need to compute your interest liability for either non-payment of advance tax or late payment of instalments of advance tax. The interest rate is calculated at the rate of one percent per month on the specified tax amount. This interest can be paid along with the self-assessment tax.
Obligation to file returns
Every individual and Hindu Undivided Family (HUF) has to furnish the returns of income if the total income before allowing deductions under Chapter VI-A exceeds the maximum amount which is not chargeable to income tax.
Losses, if any, will not be allowed to be carried forward unless the returns has been filed on or before the due date. It is to be noted that the total deductions allowable is limited to the amount of gross total income. Deductions are available under Chapter VI-A.
Deductions
Details of deductions which are available to an individual and HUF not carrying out any business or profession are:
Section 80C
Some of the major expenses for deduction under this Section are amount paid towards life insurance, contribution to Provident Fund set up by the Government or recognised Provident Fund, contribution by the assessee to an approved superannuation fund, subscription to National Savings Certificates, tuition fees, and home loan repayments.
The aggregate amount of deduction cannot exceed Rs 1 lakh.
Section 80D and DD
This deduction is in respect of medical insurance premium. It also covers deduction in respect of maintenance including medical treatment of dependents.
Section 80E / G
This covers deduction in respect of interest on loan taken for higher education, donations to certain funds and charitable institutions etc.
Other related details:
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.html
http://prajnacapital.blogspot.com/2008/07/time-to-file-tax-returns.html
Tax and Donations
http://prajnacapital.blogspot.com/2008/09/income-tax-deduction-on-donations.html
The time to file the income tax returns is here. July 31 is the last date to file the IT returns for individuals. The returns has to be filed for the previous year - April 2008 to March 2009. So, the transactions should have taken place during that period only. Any subsequent transactions will be taken into account during the next year - 2009-10.
An assessee also needs to compute taxes properly and pay off any outstanding dues. This can be done before the date of filing of the returns.
It is of utmost importance that one uses the correct form, as is applicable to him. In a radical change from the past, no document (including TDS certificate) should be attached to this form. The officials receiving the returns have been instructed to detach all documents enclosed with the form and return them to the assessee.
In order to avoid interest and penalty, you also need to compute your interest liability for either non-payment of advance tax or late payment of instalments of advance tax. The interest rate is calculated at the rate of one percent per month on the specified tax amount. This interest can be paid along with the self-assessment tax.
Obligation to file returns
Every individual and Hindu Undivided Family (HUF) has to furnish the returns of income if the total income before allowing deductions under Chapter VI-A exceeds the maximum amount which is not chargeable to income tax.
Losses, if any, will not be allowed to be carried forward unless the returns has been filed on or before the due date. It is to be noted that the total deductions allowable is limited to the amount of gross total income. Deductions are available under Chapter VI-A.
Deductions
Details of deductions which are available to an individual and HUF not carrying out any business or profession are:
Section 80C
Some of the major expenses for deduction under this Section are amount paid towards life insurance, contribution to Provident Fund set up by the Government or recognised Provident Fund, contribution by the assessee to an approved superannuation fund, subscription to National Savings Certificates, tuition fees, and home loan repayments.
The aggregate amount of deduction cannot exceed Rs 1 lakh.
Section 80D and DD
This deduction is in respect of medical insurance premium. It also covers deduction in respect of maintenance including medical treatment of dependents.
Section 80E / G
This covers deduction in respect of interest on loan taken for higher education, donations to certain funds and charitable institutions etc.
Other related details:
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.html
http://prajnacapital.blogspot.com/2008/07/time-to-file-tax-returns.html
Tax and Donations
http://prajnacapital.blogspot.com/2008/09/income-tax-deduction-on-donations.html
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
