Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now

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 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.

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.


Invest Rs 1,50,000 and Save Tax upto Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds

Top 4 Tax Saver Mutual Funds for 2016 - 2017

Best 4 ELSS Mutual Funds to invest in India for 2016 - 2017

1. DSP BlackRock Tax Saver Fund

2. Invesco India Tax Plan

3. Tata India Tax Savings Fund

4. BNP Paribas Long Term Equity Fund

Invest in Best Performing 2016 Tax Saver Mutual Funds Online

Invest Best Tax Saver Mutual Funds Online

Download Top Tax Saver Mutual Funds Application Forms

For further information contact Prajna Capital on 94 8300 8300


Leave your comment with mail ID and we will answer them


You can write to us at

PrajnaCapital [at] Gmail [dot] Com


Call us on 94 8300 8300



Post a Comment
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now
Related Posts Plugin for WordPress, Blogger...

Popular Posts

Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now