Skip to main content

Now breath easy with New Saral form to file tax returns

 

 

   The Central Board of Direct Taxes (CBDT) has come out with a new income tax Form - Saral-II. The new form aims at making the process of filing tax returns easier for individual taxpayers. The form is to be used to file the income tax returns for the financial year 2009-10 (assessment year 2010-11).


   The Saral-II is a two-page form. It was mentioned by the Finance Minister in his budget speech for 2010-11. This form will enable individuals to enter relevant details in a simple format in only two pages. The form can be downloaded from the Income Tax Department's website (www.incometaxindia.gov.in).

It has to be noted that:


• ITR-1 has been renamed Saral - II

• E-filing will be also available along the lines of last year ITR-1

• New addition to the format of ITR-1 is that an assessee can show 'Income from House Property'. The house property income can be from one property only. If more, use ITR-2. An assessee can show loss from house property (interest paid) as a negative figure here. This should be deducted to obtain 'total income'.
The distinct features of Saral-II are that it is to be used by individual taxpayers having salary or pension income, income from one house (excluding brought forward loss from previous years) as well as income from other sources (excluding winnings from lottery). The introduction of the Form Saral-II aims at making filing of income tax returns easier for individual taxpayers, primarily having salary income and one house property.


'Income from House Property' has now been included in the new form, which was not the case earlier. Also, all incomes under the head 'Other Sources' have been covered vis-a-vis only interest income and family pension covered in the previous form.


   The new income tax returns form also seeks to gather information on TDS paid on salary and interest. Besides the usual columns to elicit details of income chargeable under the head salaries and pension, house property and other sources for calculating gross income, the form also includes columns to furnish details of advance tax and self-assessment tax payments, and transactions reported through the Annual Information Return.


   As the process has been centralised, filing of IT returns can be done anywhere in the country, at IT offices and even post offices. If a person has relocated, just the change of address needs to be intimated and the filing can be done at the new location. You can also file returns electronically. Individuals can file returns through authorised intermediaries who digitise the data and send it to the IT Department. It is, however, mandatory, for all those filing income tax returns, to apply and get a PAN.


   The last date for filing returns is July 31.


   The simplified form will make tax compliance easy for individual taxpayers. It is easy to comprehend and submit the requisite information, without sending too much time on collecting the information. The coverage and compliance are expected to increase with this move.

 


Popular posts from this blog

National Savings Certificate

National Savings Certificate Here's everything you need to know about the 5-year savings scheme offered by the Government This is a 5-year small savings scheme of the government. From 1 July 2016, a National Savings Certificate (NSC) can be held in the electronic mode too. Physical pre-printed NSC certificates have been discontinued and replaced with Public Provident Fund-like passbooks. What's on offer The minimum amount you can invest in them is Rs100 and there is no upper limit. Under this scheme, all deposits up to Rs1.5 lakh qualify for deduction under section 80C of the Income-tax Act, 1961. The interest earned is taxable. You can invest in multiples of Rs 100. These certificates can be owned individually, jointly and also on behalf of minors. The interest rates for all small savings schemes are released on a quarterly basis. The effective rate for NSC from 1 October to 31 December is 8%. The interest is calculated on an annual compounding basis and is given along w...

Am you Required to E-file Tax Return?

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300   Am I Required to 'E-file' My Return? Yes, under the law you are required to e-file your return if your income for the year is Rs. 500,000 or more. Even if you are not required to e-file your return, it is advisable to do so for the following benefits: i) E-filing is environment friendly. ii) E-filing ensures certain validations before the return is filed. Therefore, e-returns are more accurate than the paper returns. iii) E-returns are processed faster than the paper returns. iv) E-filing can be done from the comfort of home/office and you do not have to stand in queue to e-file. v) E-returns can be accessed anytime from the tax department's e-filing portal. For further information contact Prajna Capit...

Mutual Fund Review: HDFC Index Sensex Plus

  In terms of size, HDFC Index Sensex Plus may be one of the smallest offerings from the HDFC stable. But that has not dampened its show, which has beaten the Sensex by a mile in overall returns   HDFC Index Sensex Plus is a passively managed diversified equity scheme with Sensex as its benchmark index. The fund also invests a small proportion of its equity portfolio in non-Sensex scrips. The scheme cannot boast of an impressive size and is one of the smallest in the HDFC basket with assets under management (AUM) of less than 60 crore. PERFORMANCE: Being passively managed and portfolio aligned to that of the benchmark, the performance of the index fund is expected to follow that of the benchmark and in this respect, it has not disappointed investors. Since its launch in July 2002, the fund has outperformed Sensex in overall returns by good margins.    While every 1,000 invested in HDFC Index Sensex Plus in July 2002 is worth 6,130 now, a similar amount invested in Sensex then wo...

Different types of Mutual Funds

You may not be comfortable investing in the stock market. It might not seem like your cup of tea. But you can start by investing in Mutual Funds. Many first-time investors invest in Mutual Funds. This is because they do not know how to invest in individual securities. Basic information on Mutual Funds People invest their money in stocks, bonds, and other securities through Mutual Funds. Each Fund has different schemes with specific objectives. Professional Fund Managers look after these schemes. Your Fund Manager could help you invest in a scheme that suits your financial goal. Functioning of Mutual Funds You could make money through Mutual Funds in different ways. A single Mutual Fund could hold many different stocks, bonds, and debentures. This minimizes the risk by spreading out your investment. You could earn dividends from stocks and interest from bonds. You could also earn capital by selling securities when their price increases. Usually, you could choose to sell your share any t...

IDFC - Long term infrastructure bonds - Tranche 2

IDFC - Long term infrastructure bonds What are infrastructure bonds? In 2010, the government introduced a new section 80CCF under the Income Tax Act, 1961 (" Income Tax Act ") to provide for income tax deductions for subscription to long-term infrastructure bonds and pursuant to that the Central Board of Direct Taxes passed Notification No. 48/2010/F.No.149/84/2010-SO(TPL) dated July 9, 2010. These long term infrastructure bonds offer an additional window of tax deduction of investments up to Rs. 20,000 for the financial year 2010-11. This deduction is over and above the Rs 1 lakh deduction available under sections 80C, 80CCC and 80CCD read with section 80CCE of the Income Tax Act. Infrastructure bonds help in intermediating the retail investor's savings into infrastructure sector directly. Long term infrastructure Bonds by IDFC IDFC issued an earlier tranche of these long term infrastructure bonds on November 12, 2010. This is the second public issue of long-te...
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