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Filing Tax Returns – What Tax Payers need to know

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THERE are certain requirements in the field of taxation that needs to be completed by the taxpayers. In recent times a lot of the additional requirements have arisen with respect to the online route used for filing tax returns as well as the manner in which the tax to be paid.

This is something that needs attention because of the fact that this can lead to a situation where you might not be ready to tackle the situation. Here are a couple of these requirements that will require a specific kind of action.

Payment of advance tax: There is a need to pay advance tax to the tax department when the advance tax payable in the year crosses the Rs 10,000 mark. This puts many people in a situation where they need to pay the advance tax and there are two ways in which this can actually be paid. The first is where the tax is paid in the bank by the use of a cheque while the second route involves payment of the tax online through an internet banking account. One of the requirements is that when there is a taxpayer who needs to get his accounts audited then the tax payment would have to be done online. This will require that they have the necessary system in place because if they do not have a net banking account then they would need to get this quickly.

Filing of returns: When it comes to the question of filing the income tax returns then there are two things that need to be followed.

The first relates to a situation where the individual is one who has to get his or her accounts audited.

When this is the case then the position is such that the individual will have to file their tax returns online.

Here the tax returns need not be filed with the income tax officer in the physical form but they should be filed online.

Since there is such a requirement this will need to be followed and this should not be a difficult thing because the chartered accountant who is doing the necessary process would complete the requirement and then complete the details. This will also mean that there is not much to worry about for the individual and this eases out the entire situation for them.

One of the advantages that arise when the returns are being filed online is that there does not have to be a lot of paperwork that is attached with the entire process. All the details about the tax deducted and other things have to be filled in the return itself and then this has to be filed. Under the old situation the details had to be accompanied by a copy of the documents and this often made the entire situation difficult. There was no common way in which this was accepted as some of the offices did not accept the documents while in other cases these were still called for and hence there was not uniformity in the entire situation.

There is another condition that has been introduced in this year's budget which is that if the income of the individual is more than Rs 10 lakh then the income tax return has to be filed online. This means that a lot more people would need to be ready to tackle the online situation.

This is the reason why the benefits of the online process should be utilised. 

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