Skip to main content

Filing Tax Returns – What Tax Payers need to know

Buy Gold Mutual Funds

Invest Mutual Funds Online

Download Mutual Fund Application Forms

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. 

--------------------------------------------

Invest Mutual Funds Online

Transact Mutual Fund Online

Download Mutual Fund Application Forms from all AMCs

Download Mutual Fund Application Forms

Best Performing Mutual Funds

    1. Largecap Funds        Invest Online
      1. DSP BlackRock Top 100 Fund
      2. ICICI Prudential Focused Blue Chip Fund
      3. Birla Sun Life Front Line Equity Fund
    2. Large and Midcap Funds     Invest Online
      1. ICICI Prudential Dynamic Plan
      2. HDFC Top 200 Fund
      3. UTI Dividend Yield Fund
    1. Mid and SmallCap Funds    Invest Online
      1. Reliance Equity Opportunities Fund
      2. DSP BlackRock Small & Midcap Fund
      3. Sundaram Select Midcap
      4. IDFC Premier Equity Fund
    1. Small and MicroCap Funds             Invest Online
      1. DSP BlackRock MicroCap Fund
    1. Sector Funds              Invest Online
      1. Reliance Banking Fund
      2. Reliance Banking Fund
    1. Gold Mutual Funds             Invest Online
      1. Relaince Gold Savings Fund
      2. ICICI Prudential Regular Gold Savings Fund
      3. HDFC Gold Fund

 
 

Popular posts from this blog

Guide to pension plans in the form of Insurance

  Pension plans ensure that you are financially secure during your golden years. Take a look at the important aspects that you must keep in mind while opting for one...      Gone are the days when a leading criterion for choosing an employer was the type of pension plan that came with your salary package. Today, more important issues like matching of skill sets to job requirements, scope for personal and financial growth, etc. have come to the forefront. However, this has left individuals with the responsibility of financially planning for their golden years. And it's all for the best as there are a variety of pension plans available in the market to suit different individuals and their specific needs. WHAT ARE PENSION PLANS?     In a pension plan, you are required to pay premiums for a certain number of years and once you reach the retirement age, the insurer returns a lump sum amount that can be then used to purchase an annuity or stream of income for the rest of your life....
Read more

All about "Derivatives"

What are derivatives? Derivatives are financial instruments, which as the name suggests, derive their value from another asset — called the underlying. What are the typical underlying assets? Any asset, whose price is dynamic, probably has a derivative contract today. The most popular ones being stocks, indices, precious metals, commodities, agro products, currencies, etc. Why were they invented? In an increasingly dynamic world, prices of virtually all assets keep changing, thereby exposing participants to price risks. Hence, derivatives were invented to negate these price fluctuations. For example, a wheat farmer expects to sell his crop at the current price of Rs 10/kg and make profits of Rs 2/kg. But, by the time his crop is ready, the price of wheat may have gone down to Rs 5/kg, making him sell his crop at a loss of Rs 3/kg. In order to avoid this, he may enter into a forward contract, agreeing to sell wheat at Rs 10/ kg, right at the outset. So, even if the price of wheat falls ...
Read more

ICICI Prudential Balanced Fund

 ICICI Prudential Balanced Fund scheme seeks to generate long-term capital appreciation and current income by investing in a portfolio that is investing in equities and related securities as well as fixed income and money market securities. The approximate allocation to equity would be in the range of 60-80 per cent with a minimum of 51 per cent, and the approximate debt allocation is 40-49 per cent, with a minimum of 20 per cent. An impressive show in the last couple of years has propelled this fund from a three-star to a four-star rating. The fund has traditionally featured a high equity allocation, hovering at well over 70 per cent, which is higher than the allocations of the peers. But in the last one year, the allocation has been moderated from 78-79 per cent levels to 66-67 per cent of the portfolio. ICICI Prudential Balanced Fund appears to practise some degree of tactical allocation based on market valuations. Within equities, well over two-thirds of the allocation is parked i...
Read more

Ways to invest in Gold - Which is best option?

Tax Saving Mutual Funds Online Current open Infra Bond Application form In recent years gold has delivered exceptional returns. In a span of about 6 years — from 2006 to 2011 — gold has given an average return of an "incredible" 29% per annum. Therefore, it is but natural to be attracted towards gold. But let's not forget history. In 1980, gold prices jumped from 300 $/oz to 600 $/oz due to Gulf crisis. But soon thereafter fell to about 450 $/oz in 1981 and then NEVER crossed the $450 mark until 2006. In other words, gold gave ZERO returns over a period of nearly 25 years. The question, therefore, arises — are we going to witness something similar once this worldwide financial crisis is over? Is this a bubble that will burst? The answer, unfortunately, will be known in the future only. Therefore, caution is advised, if you intend to invest in gold — especially now when it is trading at historic levels of 1600-1800 $/oz. However, ...
Read more

More on Mutual Funds

What Is a Mutual Fund ? A Mutual Fund is a trust that pools the savings of a number of investors who share a common financial goal. Anybody with an investable surplus of as little as a few thousand rupees can invest in Mutual Funds. These investors buy units of a particular Mutual Fund scheme that has a defined investment objective and strategy The money thus collected is then invested by the fund manager in different types of securities. These could range from shares to debentures to money market instruments, depending upon the scheme's stated objectives. The income earned through these investments and the capital appreciation realized by the scheme are shared by its unit holders in proportion to the number of units owned by them. Thus a Mutual Fund is the most suitable investment for the common man as it offers an opportunity to invest in a diversified, professionally managed basket of securities at a relatively low cost.   What Are The Types of Mutual Fund Scheme...
Read more
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