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Sunday, December 11, 2016

Reminder from Income Tax Department for Income Tax Return Filing

The income tax department has sent out emails to tax payers reminding them to e-file income tax returns for income earned in FY 2015-16 (assessment year AY 2016-17).

The due date for submission of tax returns for FY 2015-16 is 31st July 2016.

The following email has been sent-

Dear Taxpayer,

By this time last year, you may have had already electronically filed your Income Tax Return. This is a gentle reminder for you to file your Income Tax Return for Assessment Year 2016-17. E-filing is simple, easy and convenient as you would have experienced in the last year.

You are requested to login to https://incometaxindiaefiling.gov.in and download the free return preparation software with a host of new features to help you in preparing the Income Tax return and submit your return. You can also prepare and submit ITR1 and ITR4S online. Please take some time to browse through all the value -added services offered on the E-filing website that will help you prepare your return accurately and guide you in case of any prior pending items.

Electronic verification facility (e-Verify using EVC) is also available using which you can avoid the signing and sending of the ITR-Verification form to CPC Bangalore. Please refer to the user manual here on how to e-Verify the return.

Needless to mention that the quicker you submit your return and e-Verify using EVC / send the signed ITR-V (ITR-Verification) form to CPC, Bangalore, the faster your refund, if any, would be processed and credited to your bank account.

In case you have already e-Filed for Income Tax Return for AY 2016-17, kindly ignore this email.

Regards,
e-Filing Team,

  

Who should file an income tax return for FY 2015-16?

  • Total income exceeds Rs 2.5lakhs – If your total income for FY 2015-16 is more than Rs 2.5lakhs you should file your income tax return immediately. Its compulsory to file a tax return if your income exceeds this limit irrespective of whether you have paid income tax or not.

  • Excess TDS deducted – If excess TDS has been deducted on your income, the only way to get a tax refund if by filing a return. You must aggregate income from all sources first. Now tax is calculated on the total income. Any TDS which is already deducted can be adjusted from total tax payable. If excess TDS is deducted there will be a refund situation. This usually happens when you forget to claim deductions via your employer and claim them while filing your tax returns.

  • Those with foreign bank accounts, or assets, ESOPs- if you have any foreign bank accounts or have retirement accounts outside India. Or your employer has given you ESOPs for a company which is listed outside India; it is mandatory for you to file your tax return and report them.

 

Steps to take NOW –

  • If you have already filed your income tax return, remember to VERIFY your return. Your return filing process is not complete unless you verify your tax return. Verification can be done via EVC code or aadhaar OTP or through your net banking account. Or by sending the ITR-V by post.

  • If you have not e-filed, FILE SOON to receive refund faster. The income tax department has mentioned in the email that the sooner you file your return and verify it, the faster your refund shall be processed and credited to your bank account.

 







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