Skip to main content

IT returns Filling Procedures for individuals this year


   It is time to file your income tax returns. Filing of tax returns is compulsory for everyone whose gross total income exceeds the basic exemption limit, which is Rs 1.90 lakhs for women below 65 years of age, Rs 2.40 lakhs for senior citizens and Rs 1.60 lakhs for any other individual, for the financial year 2009-10 (for income earned between April 2009 and March 2010).


   The due date for filing the tax returns for financial year 2009-10 in case of individual tax payers is July 31, 2010. The current tax returns don't require any documents to be annexed.


   The income and tax details need to be sourced from:

Form 16    

This is a certificate issued by the employer and helps the individual arrive at his salary income for the year and tax deducted by the employer.

Form 16A    

This is a certificate issued by banks, companies and other parties providing a summary of interest, rent, commission, professional fees etc, paid to an individual during the year.

Property details    

These include copies of lease deed, details of rent received and receipts of municipal tax paid during year.
   In case of a home loan, a certificate from the lending bank specifying the principal and interest payment made during the year.

Other documents    

Contract notes for shares purchased or sold, receipts for donations made, receipts for education fees paid, details of savings such as PPF, PF, insurance, mutual funds etc.

Annual information returns

In addition, one also needs to fill in details related to the annual information returns.

These include:


• Cash deposits aggregating to Rs 10 lakhs or more in a year

• Credit card payments aggregating to Rs 2 lakhs or more

• Payment of Rs 2 lakhs or more for purchase of units of mutual funds

• Purchase or sale of any property valued at Rs 30 lakhs or more

• Payment of Rs 5 lakhs or more to acquire bonds or debentures issued by a domestic company

• Payment of Rs 1 lakh or more to acquire shares issued by a domestic company through a public or rights issue

• Purchase of Reserve Bank of India bonds for Rs 5 lakhs or more

Heads of income


Income has to be computed under these heads:

• Income from salary

• Income or loss from house property

• Capital gains or loss from sale of capital assets

• Income or loss from business or profession

• Income from other sources


   Loss, if any, incurred during the year can be set off against income earned during the year subject to specified provisions. Also, some losses incurred in the previous year can also be set off against the income of the current year.


   The total income is to be computed under the mentioned heads and tax computed at the prevailing rates. One then needs to adjust the tax deducted and advance tax, if any, paid during the year. The balance tax liability has to be deposited as 'self assessment tax' along with interest.

Individuals can file returns in these forms, depending on the applicability:

ITR I: For individuals with income from salary and interest only
ITR II: For individuals with income from salary, house, capital gains and other sources 
ITR III: For individuals with income as partner of a partnership firm 
ITR IV: For individuals with income from business or profession

E-filing returns    

The returns can either be filed physically with the tax officer or electronically by logging on to the site www.incometaxindiaefiling.gov.in. In case of electronic filing, an electronic acknowledgment is generated once the tax returns is filed. This acknowledgement is required to be printed and a signed copy needs to be sent to the Central Processing Unit in Bangalore.

 

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

What is price deflator?

What is price deflator? A defaltor is used to restate data measured over time to prices prevailing at a particular period or time to make it comparable. Essentially, a deflator removes the effect of inflation from the data. What is the role of price deflator in GDP calculations? Prices are continuously in a state of flux, but generally trend upwards over time. Therefore, even without an increase in the quantity of goods and services produced by an economy, price increase can give the impression of an increase in the gross domestic product, or GDP, the benchmark indicator of economic activity. Therefore, the impact of prices has to be removed at arrive at a true measure of the value of goods and services produced, or real economic growth. A deflator is used to reduce output estimates at current prices to what they would be if calculated with reference to prices in a particular year. Why is GDP deflator considered a good measure of inflation? The ratio between the GDP at current p

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
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